Industrie De Nora

Investor Presentation • Mar 19, 2025

FY 2024 Financial Results & Mid-Term View Milan | March 19th, 2025

© 2025 De Nora

Paolo Dellachà CEO

Luca Oglialoro CFO

Chiara Locati Head of IR & ESG

2024 Business Achievements

2024 Financial Results Review

Sustainability Journey

Mid- term View

Final Remarks

Q&A

F L A W L E S S E X E C U T I O N D R I V E S S T R O N G G R O W T H I N Q 4

Changes vs Q4 2023

K E Y H I G H L I G H T S 2 0 2 4 S o l i d s e t o f r e s u l t s e x c e e d i n g e x p e c t a t i o n s

SOLID SET OF RESULTS, Adj EBITDA MARGIN EXCEEDED GUIDANCE….

• +2.6% Revenues (constant fx), 18.2% Adj EBITDA¹ margin
• € 820 m order intake + 15.4% YoY
• €118 m Operating cash flow generation

…DRIVEN BY ALL BUs SOLID PERFORMANCES

• Electrodes: +0.6% Revenues (constant fx), 22.4% EBITDA margin
• Water: +5% Revenues, 16.5% (+190 bps vs '23) EBITDA margin
• Energy Transition: 1.1GW realized, +2.9% Revenues, positive EBITDA

LAYING THE FOUNDATIONS FOR FUTURE GROWTH

• Optimized Production set-up in Asia and Germany
• Keep developing Italian Gigafactory, Dragonfly® solution launched
• Strategic partnerships in the Middle East and Asia

FIRST YEAR OF THE ESG PLAN, TARGETS ACHIEVED

CONSISTENT SHARHOLDERS' REMUNERATION

• Enhancing our positive impact through the ESG Plan execution

• €0.104 dividend per share proposed ( ~€20.7m)
• Buy-Back program completed, about 3m treasury shares since 2023

F Y 2 0 2 4 K E Y R E S U L T S

S o l i d s e t o f r e s u l t s d r i v e n b y a l l B U s p e r f o r m a n c e s

REVENUES

€862.6 m +2.6% @ constant fx

ELECTRODE TECH

€453.3 m Revenues In line YoY @ constant fx 22.4% Adj.Ebitda margin

WATER TECH

€304.1 m Revenues +4.9% YoY 16.5% Adj.Ebitda margin

ENERGY TRANSITION

€105.2 m Revenues +2.9% YoY 5.3% Adj.Ebitda margin

BACKLOG

2.8%+180 bps

€558 m €820 m Order Intake , + 15.4% YoY EBITDA ADJUSTED*

€157 m 18.2%Adj Ebitda margin

NET RESULT

€83.3 m 9.7% net margin

NET CASH POSITION

€67 m €118€€118 m Operating Cash Flow in FY'24

E L E C T R O D E T E C H N O L O G I E S B U S I N E S S

O r d e r I n t a k e a n d R e v e n u e s a c c e l e r a t e d i n Q 4

2024 ORDERS BY GEO

BACKLOG Q4'24 EXECUTION BOOSTED THE FULL YEAR RESULTS

• Order Intake accelerated in Q4, driven by the chlor-alkali line, bringing the FY Orders in line with 2023.
• The backlog does not reflect the true revenue growth potential due to the rapid in-out dynamics of certain contracts, particularly aftermarket projects

W A T E R T E C H N O L O G I E S B U S I N E S S

S u p p o r t i v e m a r k e t m o m e n t u m

Backlog POOLS FY ORDERS WTS FY ORDERS 95.3 109.8 90.2 93.7 76 +44% 110 203 €m +10% 186 Industrial Municipal 2023 2024 2023 2024

ROBUST ORDER INTAKE PROVIDES REVENUE VISIBILITY

• WTS: +20% YoY Orders , which more than covered revenue of the period (book to bill 1+). Main geographies: North America, the Middle East, and Asia
  -
• Pools: Switching gears in 2024, revenues reached €99M (+15% YoY), with orders up by 44%, driven by the American and EU markets.

8 © 2025 De Nora FLAGSHIP PROJECTS COMMISSIONED IN 2024 • Al Jubail, Saudi Arabia – Phase II World's largest Seawater Reverse Osmosis desalination plant • Tubli, Bahrain – Phase IV One of the largest wastewater treatment plants in the Middle East N

1. WTS: Water Treatment Systems

F l a g s h i p O r d e r s a c h i e v e d i n Q 4 2 0 2 4 & D e p l o y i n g P F A S P i l o t s i n 2 0 2 4 W A T E R T E C H N O L O G I E S B U S I N E S S

SELECTED NEW CONTRACTS IN Q4 2024 PFAS WORK IN PROGRESS 2024

COBB COUNTY, ATLANTA USA ClorTec® Systems Drinking Water Water production capacity: 330k m3/d New installation

CMP, USA

Ozone® System Industrial | Semi-conductor Water Treatment capacity: 128 m3/h New installation

TOPOLOBAMPO, MEXICO Seaclor® Industrial | Ammonia Water Treatment capacity: 31.8k m3/d New installation

• Benchtop treatability studies in R&D:
• 4 completed, 3 ongoing
• Field pilots in US for municipal drinking water :
  • 1 completed (Pacific Northwest US)
  • 3 underway (Ohio, Southeastern US and Southwestern US)

Pilot in Italy, for a relevant Industrial / Chemical customer

Pilot in Saudia Arabia, for the Saudi Water Autorithy

E N E R G Y T R A N S I T I O N B U S I N E S S

F Y 2 0 2 4 , i m p r e s s i v e p e r f o r m a n c e i n a n i n c r e a s i n g l y c h a l l e n g i n g s c e n a r i o

MW¹ REALIZED / TO BE REALIZED

REVENUE GROWTH AND POSITIVE EBITDA

• FY 2024 Revenues were €105 m, +2.9% YoY, in line with guidance, positive Adj. EBITDA margin at 5.9%
• New Orders mainly include the STEGRA project in Sweden
• The backlog covers 2025 production, providing 100% visibility on revenues at least in line with 2024

MAIN PROJECTS IN BACKLOG

• NEOM, Saudi Arabia, > 2 GW tot project H2 to Ammonia
• STEGRA project, Sweden 700+ MW

H2 to Steel • LITHIUM Recovery from spent batteries (JP)

N

1. MW Megawatt, GW Gigawatt of Equiv. Technologies for the Green Hydrogen generation.

D R A G O N F L Y ® | S M A L L - S C A L E G R E E N H Y D R O G E N S O L U T I O N

S u c c e s s f u l l y l a u n c h e d i n 2 0 2 4

5 Projects in Backlog - 8 MW

HyTecHeat - Snam e Tenova 1MW low carbon H² for steel production Funded by EU " Horizon Europe"

CRAVE H2 - Crete Hydrogen Valley (Crete) 4 MW - 500 tons/y of Green H² co-funded by the EU Commission

Maffei Sarda Silicati – Sassari (ITA) 1 MW ~50 tons/y of Green H² financed through PNRR funds.

Duferco– Sicily 1 MW Green H2 as a fuel Funded by EU Commission

Confidential Customer– EU 1 MW Green H2 Mobility / automotive

2024 Business Achievements

Financial Results Review

Sustainability Journey

Mid- term View

Final Remarks

Q&A

Q 4 R E V E N U E S

R o b u s t e x e c u t i o n u n d e r p i n n i n g s t r o n g Q 4

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• +17.5% YoY growth driven by Chlor-alkali project execution
• Electronics expected to recover in 2025

WATER TECHNOLOGIES

• +20% YoY Pools, healthy positive trend continues
• +16% WTS, sound revenue recovery driven by project execution in line with scheduling

ENERGY TRANSITION

• Robust execution recovery after Q3 supply chain issues

Q 4 A D J U S T E D E B I T D A

P r o f i t a b i l i t y c l i m b e d t h a n k s t o v o l u m e s a n d i n e f f i c i e n c i e s r e a b s o r p t i o n

KEY HIGHLIGHTS Q4

ELECTRODE TECHNOLOGIES

• The evolution vs 2023 mainly reflects the different revenue mix
• EBITDA exceeded expectations due to the faster resolution of production inefficiencies

WATER TECHNOLOGIES

• Best Q of the year thanks to the recovery of the WTS line and the increasing weight of the Pools
• +8% YoY Adj EBITDA

ENERGY TRANSITION

• Double-digit Ebitda margin, supported by higher volumes and the resolution of inefficiencies.

*Starting from H1'24 De Nora management, to better represent operational profitability of the Group, decided to change its presentation of EBITDA, including in the EBITDA and Adj EBITDA Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related 2023 figures have been restated accordingly.

F Y 2 0 2 4 R E V E N U E S

L o w s i n g l e d i g i t g r o w t h @ c o n s t a n t F X , i n l i n e w i t h g u i d a n c e

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Revenues driven by Chlor-alkali projects in Asia and the US. Electrowinning was positive, while Electronics was still in destocking phase
• Japanese YEN impact about €14 m
• Aftermarket Revenues at 45.4%

WATER TECHNOLOGIES

• WTS¹broadly flat as expected, despite some one-off effects which impacted the first half
• WTS After Market revenues 38%
• Pools +14.7% YoY, positive momentum confirmed

ENERGY TRANSITION

• Low single digit growth, as expected, driven by Neom project execution and , the launch of STEGRA project in Q4.

O r d e r s i n W a t e r a n d E n e r g y T r a n s i t i o n e n h a n c e 2 0 2 5 v i s i b i l i t y

ELECTRODE TECHNOLOGIES

• Recovered in Q4 vs Q3, thanks to robust order intake and despite accelerated project execution
• The backlog is not indicative of revenue growth prospects due to the high turnover of orders

WATER TECHNOLOGIES

• + 5.4% vs. FY 2023 thanks to robust order intake both in WTS and Pools, which more than off-set project executions

ENERGY TRANSITION

• Solid backlog, which is providing visibility on 2025 revenues at least in line with 2024

S c a l i n g C o r p o r a t e S t r u c t u r e f o r t h e f u t u r e F Y 2 0 2 4 O P E R A T I N G C O S T S

KEY HIGHLIGHTS

• COGS: increase mainly reflecting product mix and some inefficiencies related to production set-up optimization

• G&A: and Corporate costs increased mainly due to corporate structure enhancement and some inflationary effects
• R&D: slight reduction driven by fixed cost efficiencies, despite work force increase

*Net of non-recurring costs/(income): 1) COGS: € 2.6m in FY 24; € 3.5m in FY 23; 2) SG&A: € 1.3 m in FY 24; € 1.3m in FY 23; 3) R&D: € 0.4m in FY 23; 4) Corporate: € 0.9 m in FY 24; € 2m in FY 23 (o/w € 0.7m for IPO); 5) Other Income and Expenses: € 0.8m in FY 24; € (11m) in FY 23;

F Y A D J U S T E D E B I T D A F Y 2 0 2 4

A d j u s t e d E B I T D A M a r g i n 1 8 % , a b o v e t h e F Y g u i d a n c e

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• The trend vs.2023 reflects a different revenue mix, and some inefficiencies related to the production capacity scale-up, mainly in H1
• Q4 was better than expected due to faster inefficiency absorption and volume increase

WATER TECHNOLOGIES

• +19% Adj EBITDA: strong execution drove profitability performance
• +190 bps Adj EBITDA margin reflects Pools' volume increase coupled with WTS stable high single-digit margins, in line with 2023.

ENERGY TRANSITION

• Changes vs. FY'23 reflect a different project mix and some temporary inefficiencies
• Q4 benefitted by volumes and lower than expected Gigafactory costs
• R&D costs were 10% of Revenues

Adj. EBITDA* Margin	20.2%	18.2%
Electrode Technologies	25.5%	22.4%
Water Technologies	14.6%	16.5%
Energy Transition	11.6%	5.3%

R o b u s t O p e r a t i n g C a s h F l o w C o v e r e d C a p e x , D i v i d e n d s a n d B u y B a c k

2024 Business Achievements

Financial Results Review

Sustainability Journey

Mid- term View

Final Remarks

Q&A

A L L A R O U N D S U S T A I N A B I L I T Y 2 0 2 4 A c h i e v e m e n t s , o n t r a c k w i t h t h e P l a n

CLICK HERE TO PLAY THE VIDEO

A L L A R O U N D S U S T A I N A B I L I T Y 2 0 2 4 A c h i e v e m e n t s , o n t r a c k w i t h t h e P l a n

CLIMATE ACTION & CIRCULAR ECONOMY

CLIMATE

• Decarbonization Plan for main Plants defined
• 29% Renewable Energy used
• 3.6 GWh Photovoltaic Panels installed
• 15% reduction (vs. 2022) in GHG emissions Scope 1,2
• SBTi validated De Nora's climate targets

CIRCULAR

• 1.7% Nobel Metal re-used
• 16% Wood Packaging re-used
• 40% Waste diverted from disposal
• New Target 2030: 55% waste diverted by disposal

GREEN INNOVATION

• Circular Design Guidance adopted by R&D
• Product Sustainability Scorecard defined
• Vitality index 2024: 21% (1)

1.The calculation is derived from the total revenue of "new" products vs. the overall relevant turnover. A product is considered "new" until 5 years since its market introduction . 2. Pay gap between women and men performing similar jobs in a comparable organization. 3. Non-manufacturing white collar.

PEOPLE

• DE&I Policy Adopted

  • Parental and Relocation Policies ugraded
  • 0% Pay Equity Gap²
  • Affinity Networks activated

• 2025-2027: 40% on new hires³ to be women

• 21 Gembla Walks

COMMUNITIES & SUPPLY CHAIN

• 36 CSR Activities worldwide
• 570+ Volunteering hrs
• 21% Suppliers ESG assessed
• 71% Local Spend

OUTSTANDING EXTERNAL RECOGNITION

A L L A R O U N D S U S T A I N A B I L I T Y

E U T a x o n o m y a n d C o n t r i b u t i o n t o S D G s

2024 Business Achievements

Financial Results Review

Sustainability Journey

Mid- term View

Final Remarks

Q&A

G L O B A L L E A D E R I N E L E C T R O C H E M I S T R Y

O u r K e y C o m p e t i t i v e S t r e n g t h s a c r o s s o u r B u s i n e s s U n i t s

L e a d e r s h i p a n d B a l a n c e d E n d - m a r k e t E x p o s u r e E L E C T R O D E T E C H N O L O G I E S | M A R K E T A N A L Y S I S A N D P O S I T I O N I N G

	Chlor-alkali	Electronics	Metal Refining
DE NORA EXPOSURE*	71%	14%	15%
POSITIONING**	>50% mkt share	>50% mkt share	~50% mkt share
END MARKET	• Chlorine • Plastics/Chemicals	• Printed Circuit Board • Lithium Batteries	• Nickel - Cobalt
MKT CAGR 2024-2027
GROWTH DRIVERS	• Aftermarket services • Tech Upgrade, GDP growth	• Tech Trend • Electrification incentives	• Aftermarket services • Tech Upgrade, ESG

KEY GEOGRAPHIES

W A T E R T E C H N O L O G I E S | M A R K E T T R E N D S A N D P O S I T I O N I N G

D i v e r s i f i e d T e c h n o l o g y P o r t f o l i o t o c a p i t a l i z e o n M a r k e t M o m e n t u m

		Water Technology Systems
	Pools	Electro-chlorination	Disinfection & Filtration
EXPOSURE*	33%	34%	34%
POSITIONING	~80% market share	within the TOP 3	within the TOP 3 in municipal
END MARKET	• Residential Pools	• Industry: Power, Petchem,etc • Municipal Utilities	• Municipal and Industrial markets
MKT CAGR 2024-2027
GROWTH DRIVERS	• Technology switch led by ESG and Chlorin Costs • Aftermarket	• Regulations on disinfection by-products • Lower transportation impact & supply chain risks • Desalination vs. water scarcity	• Tightening water quality regulations • Incentives for zero-liquid discharge process • Public funding on PFAS
KEY GEOGRAPHIES

Mid-single-digit

G R E E N H Y D R O G E N M A R K E T P E R S P E C T I V E

U n c e r t a i n s h o r t - t e r m s c e n a r i o b u t p r o m i s i n g m i d - l o n g - t e r m o u t l o o k

CAGR24-30 +57%

30 GW installed by 2030

END MARKET

• Short-term scenario is uncertain, driven by regulation and electricity costs.
• Mid Term outlook is positive, 30GW expected to be installed globally by 2030, in a conservative scenario
• Small size market will develop in EU Italy at about 0.4GW by 2030
• Hard to Abate (steel, refining, chemicals, and heavy transport).
• Ammonia as a carrier

GROWTH DRIVERS

• .. allowing growth to take shape
• Regulation simplification and certainty
• Low energy costs
• Push on clean tech and infrastructure
• Climate change mitigation

TECHNOLOGIES

• Alkaline Water Electrolysis (AWE) is projected to capture approximately 50% of the market share by 2030

D E N O R A A S S E T S T O L E A D I N G R E E N H ²

Unmatched Technological Expertise

• From catalyst to complete system
• Leveraging on 100 yrs+ chlor-alkali plant expertise and leadership

Ongoing development of successful R&D projects

Guaranteed Performance & Cost Control

• High current density → 3x to 5x more efficient and cost-effective electrolyser
• Guaranteed durability & aftermarket → optimized CAPEX/OPEX ratio over time

Global Presence & Scalability

• Global manufacturing facilities, with maintenance close to plants
• Flexible Production footprint shared with the other BUs

Strong & Reliable Partnerships with key players

E N E R G Y T R A N S I T I O N P I P E L I N E @ 3 1 D E C E M B E R 2 0 2 4

COMMERCIAL PIPELINE

S t r o n g C o m m e r c i a l P i p e l i n e , w h i l e n e w F I D s a r e t a k i n g l o n g e r t h a n e x p e c t e d

DE NORA BACKLOG

@ 31 December 2024

BACKLOG	~1.1 GW	~120 €M
YEARS OF	93%	7%
DEPLOYMENT	2025	2026+

*Actively pursued projects in which our partners, and especially those with whom we are closely cooperating, have been having active interactions

R E G U L A T I O N S & S T R A T E G I E S A C R O S S D I F F E R E N T G E O G R A P H I E S . .

… t o u n l o c k G r e e n H y d r o g e n M a r k e t G r o w t h

46 countries worldwide published their national GreenH² strategies and 20 more are in progress

EUROPE, next step in 2025

• Clean Industrial Deal (Feb. '25), key measures:
• ✓ Third European Hydrogen Bank (EHB) auction in Q3 2025 : €1bn. Results from II auction (~€1.2bn on top of €700m+) in Q2'25
• ✓ New Hydrogen Mechanism (Q2 2025) to link suppliers and offtakers.
• ✓ New Low-Carbon Hydrogen Delegated Act (Mar.'25) to clarify lowcarbon hydrogen rules.
• REDIII: by 2030 42% of H₂ used in industry must be RFNBO
• Innovation Fund: additional €2.4bn for decarb. (Q3 '25)
• IPCEI initiative across Europe
• Infrastructure development advance, allocated €1.25 bn to 41 cross-border initiatives, such as SouthH2 Corridor (part of PCI, by 2030) and H2 MED
• Germany to invest ~€20 bn by 2032

USA, wait and see

• 45V released in Jan. 2025, final rules looser than the December 2023 draft, enabling easier qualification for the tax credit.
• However, uncertainty under the new Presidency is stalling new projects.

SPAIN moving ahead

• €1.3bn announced for hydrogen hubs, after windfall tax removal.

GERMANY / NETHERLANDS supporting H2 Global

• H2 Global launched the II Green Hydrogen procurement auction, €2.5bn to be financed by Germany and the Netherlands. This follows the first auction of €900 m.

ITALY issued new strategy

• 3 GW installed by 2030 to support Green Hydrogen Valleys developments.

D I S T I N C T I V E P R O D U C T I O N F O O T P R I N T

C a p a c i t y i n P l a c e f i r s t w a v e o f e x p a n s i o n c o m p l e t e d , o n g o i n g G i g a f a c t o r y P r o j e c t

32 © 2025 De Nora

2 0 2 5 G U I D A N C E A n o t h e r Y e a r o f G r o w t h s u p p o r t e d b y h i g h r e v e n u e v i s i b i l i t y

REVENUES

Electrode Technologies Slightly below 2024

Technologies Mid Single-Digit Growth

High Single Digit Growth

LOW SINGLE-DIGIT GROWTH ADJ. EBITDA MARGIN

Excluding non-recurring Gigafactory net costs*

M I D T E R M V I E W | 2 0 2 5 - 2 0 2 7

C o r e B u s i n e s s P r o v i d i n g R e s i l i e n c e , L o w V i s i b i l i t y i n E n e r g y T r a n s i t i o n

2 0 2 5 – 2 0 2 7 | O T H E R F I N A N C I A L S O p t i m i z e d C a p e x a n d C a s h G e n e r a t i o n

Capex 2025-2027* ~€ 190m

Plant & Operation Maintenance

NPF 2027 vs 2024 BROADLY STABLE

€75 TOTAL 2025-2027

Extraordinary (Gigafactory and HQ)

UP TO 25% ANNUAL DIVIDEND PAY – OUT

O U R C O M M I T M E N T T O G R O W T H O V E R T H E N E X T Y E A R S

I n t h e 2 0 2 5 – 2 0 2 7 w e w i l l e x p l o r e M & A n o t c u r r e n t l y i n c l u d e d i n o u r M i d - T e r m V i e w …

W e a r e e x p l o r i n g m a r k e t o p p o r t u n i t i e s t o d r i v e b o l t - o n g r o w t h a n d u n l o c k n e w v a l u e - c r e a t i o n a v e n u e s

We are focused on M&A opportunities that drive expansion, leveraging on our optimal positioning in the market: • Robust Financial Foundation: our strong balance sheet provides significant financial flexibility

• Preferred Partner for M&A: our unparalleled Tech leadership across our divisions positions us as a highly attractive and respected collaboration partner for target companies

• Deep Expertise in Creating Value: with our 100 years track record in industrial excellence, we are able to drive growth, generate synergies, and extract operational efficiencies and margin improvements

… w e a r e w o r k i n g t o u n l o c k n e w r e v e n u e s t r e a m s

D r i v i n g s u s t a i n a b l e p e r f o r m a n c e b y c a p i t a l i z i n g o n u n t a p p e d m a r k e t s a n d i n n o v a t i v e t e c h n o l o g i e s

We are preparing for the next phase of expansion by leveraging:

• Strategic Partnerships: extending our global reach and diversifying across product categories

• Innovative Edge: applying our electrochemistry expertise to emerging opportunities, such as circularity (e.g., lithium recovery)

• Leadership in Green Hydrogen: building on our proven track record as a pioneer, ready to lead the next wave of green hydrogen innovation

2024 Business Achievements

Financial Results Review

Sustainability Journey

Mid- term View

Final Remarks

Q&A

F I N A L R E M A R K S D r i v i n g S u s t a i n a b l e P e r f o r m a n c e

Exceptional execution in Q4 leading to above guidance profitability

2024 order intake provides strong revenue visibility for 2025

2025 will be another year of growth and solid cash generation

The mid-term outlook for our core businesses remains robust

The mid-term outlook for Energy Transition is uncertain. Acceleration in regulatory certainty could provide upside

Beyond 2027, strategic alliances, technology development and potential external growth will drive performance

W e h a v e a c l e a r a m b i t i o n t o d r i v e f u t u r e v a l u e

"To pioneer clean solutions for water, circularity,

hydrogen and electrochemical processes, enabling

customers transition to sustainable operations"

2024 Business Achievements

Financial Results Review

Sustainability Journey

Mid- term View

Final Remarks

Q&A

Q&A

I N V E S T O R R E L A T I O N S – R E A D Y T O E N G A G E

UPCOMING EVENTS 2025

• Mar. 20 Global Industrials Conference, London – BofA
• Mar. 21 Milano Roadshow Kepler
• Frankfurt and Stockholm Roadshow –Goldman Sachs Apr. 1-2
• Energy Transition Conference, Paris – Mediobanca Apr. 9

FINANCIAL CALENDAR

• May 14 Q1 2025 Results Conference Call Jul. 31 H1 2025 Results Conference Call
• Nov. 4 9M 2025 Results Conference Call

IR CONTACTS

ir@denora.com Investor Relations | Overview | De Nora ph: +39 02 2129 2124

(€m)	Q1 2023	Q2 2023	H1 2023	Q3 2023	9M 2023	Q4 2023	FY 2023	Q1 2024	Q2 2024	H1 2024	Q3 2024	9M 2024	Q4 2024	FY 2024
Revenue	216 9	203 5	420 4	209 4	629 8	226 6	856 4	189 1	211 2	400 3	200 9	601 2	261 4	862 6
Growth (%) YoY	8 6%	-4 8%	2 4%	1 6%	2 1%	-4 1%	0 4%	-12 8%	3 8%	-4 8%	-4 1%	-4 5%	15 4%	0 7%
Royalties and commissions	(2 2)	(2 7)	(4 9)	(2 3)	(7 2)	(2 3)	(9 5)	(2 0)	(2 5)	(4 5)	(1 9)	(6 4)	(2 9)	(9 3)
of goods sold Cost	(138 4)	(131 3)	(269 7)	(140 0)	(409 7)	(146 0)	(555 7)	(120 7)	(140 6)	(261 3)	(137 4)	(398 7)	(176 2)	(574 9)
Selling expenses	(7 5)	(7 5)	(15 0)	(7 5)	(22 5)	(7 6)	(30 1)	(8 1)	(7 5)	(15 6)	(7 6)	(23 2)	(8 6)	(31 8)
G&A expenses	(11 7)	(12 6)	(24 3)	(13 4)	(37 7)	(14 2)	(51 9)	(12 0)	(12 5)	(24 5)	(12 2)	(36 7)	(13 9)	(50 6)
R&D expenses	(3 5)	(3 3)	(6 8)	(3 4)	(10 2)	(5 8)	(16 0)	(4 0)	(4 0)	(8 0)	(4 1)	(12 1)	(2 7)	(14 8)
Other (expenses) operating income	0 5	(0 9)	(0 4)	0 9	0 5	14 5	15 0	0 9	6 0	6 9	0 6	7 5	(1 2)	6 3
Corporate costs	(7 2)	(9 0)	(16 2)	(7 2)	(23 4)	(8 4)	(31 8)	(7 5)	(9 2)	(16 7)	(8 1)	(24 8)	(10 9)	(35 7)
EBITDA	46 9	36 2	83 1	36 5	119 6	56 8	176 4	35 7	40 9	76 6	30 2	106 8	45 0	151 8
(%) Margin	21 6%	17 8%	19 8%	17 4%	19 0%	25 1%	20 6%	18 9%	19 4%	19 1%	15 0%	17 8%	17 2%	17 6%
and Depreciation amortization	(7 2)	(7 2)	(14 4)	(7 4)	(21 8)	(8 8)	(30 6)	(8 2)	(8 0)	(16 2)	(8 2)	(24 4)	(9 9)	(34 3)
Impairment	-	(1 3)	(1 3)	-	(1 3)	(7 6)	(8 9)	-	-	-	-	-	(0 9)	(0 9)
EBIT	39 7	27 7	67 4	29 1	96 5	40 4	136 9	27 5	32 9	60 4	22 0	82 4	34 2	116 6
(%) Margin	18 3%	13 6%	16 0%	13 9%	15 3%	17 8%	16 0%	14 5%	15 6%	15 1%	11 0%	13 7%	13 1%	13 5%
Share of profit of equity-accounted investees	-	1 5	1 5	2 1	3 6	1 8	4 5	-	(1 9)	(1 9)	1 5	(0 4)	0 5	4 6
/ (expenses) Net Finance income	(3 9)	(0 6)	(4 5)	131 4	126 9	(4 0)	122 9	(0 3)	(1 9)	(2 2)	(4 3)	(6 5)	3 1	(3 4)
Profit before tax	35 8	28 6	64 4	162 6	227 0	38 2	265 2	27 2	29 1	56 3	19 2	75 5	42 3	117 8
Income taxes	(10 7)	(7 0)	(17 7)	(10 7)	(28 4)	(5 8)	(34 2)	(9 2)	(7 1)	(16 3)	(6 7)	(23 0)	(11 5)	(34 5)
Result Net	25 1	21 6	46 7	9 151	198 6	32 4	231 0	18 0	22 0	40 0	12 5	52 5	30 8	83 3

Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly.

Q U A R T E R L Y R E V E N U E S A N D A D J . E B I T D A B Y D I V I S I O N

(€m)	'23	'23 Q2	'23	'23	'24	'24 Q2	'24 Q3	'24	'24 Q1 vs	'24 Q2 vs	'24 Q3 vs	'24 Q4 vs
	Q1		Q3	Q4	Q1			Q4	'23 Q1	'23 Q2	'23 Q3	'23 Q4
REVENUES	216 9	203 5	209 4	226 6	189 1	211 2	200 9	261 4	8% -12	8% 3	1% -4	4% 15
Electrode Technologies	118 9	112 8	121 0	111 5	92 7	112 1	117 5	131	0% -22	6% -0	9% -2	5% 17
Energy Transition	26 6	20 7	21 3	33 6	26 6	25 7	17 9	35 0	0% 0	2% 24	0% -16	1% 4
Technologies Water	71 4	70 0	67 1	81 5	69 8	73 4	65 5	95 4	-2 2%	4 9%	-2 4%	17 1%
Adj EBITDA	47 0	37 4	37 6	50 7	36 4	38 9	32 0	50 1	-22 6%	4 0%	-14 9%	-1 2%
Adj EBITDA Margin	21 7%	18 4%	18 0%	22 4%	19 2%	18 4%	15 9%	19 2%
Electrode Technologies	31 0	29 7	28 1	29 8	25 3	23 9	25 3	27 0	-18 4%	-19 5%	-10 0%	-9 4%
Ebitda Adj Margin	26 1%	26 3%	23 2%	26 7%	27 3%	21 3%	21 5%	20 6%
Energy Transition	5 0	0 6	1 5	4 8	(0 6)	4 0	(3 5)	5 7	-112 0%	566 7%	-333 3%	18 8%
Ebitda Adj Margin	18 8%	2 9%	0% 7	14 3%	-2 3%	15 6%	-19 6%	16 3%
Technologies Water	11 0	1 7	8 0	16 1	11 7	11 0	10 2	17 4	6 4%	54 9%	27 5%	8 1%
Ebitda Adj Margin	4% 15	10 1%	9% 11	19 8%	16 8%	0% 15	6% 15	18 2%

Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly.

F o c u s o n E B I T D A A d j u s t m e n t s I N C O M E S T A T E M E N T

(€m)	FY 2023	FY 2024
Sales	856 4	862 6
EBITDA	176 5	151 8
(%) Margin	20 6%	17 6%
(labor legal expenses) Termination costs +	1 3	1 5
relative Costs IPO to process	0 7	-
for M&A , and Costs integration reorganization company ,	0 8	1 0
business divesture Marine	(1 6)	(2 1)
Employee credit (COVID related) retention -19	(6 4)	-
100 years	0 8	-
down Inventory write - Russian customer	-	1 5
Other (tax) non-recurring provisions	-	3 1
Other recurring costs non	0 6	0 6
Adj EBITDA	172 7	157 4
(%) Margin	20 2%	18 2%

Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The 2023 figures have been restated accordingly.

B A L A N C E S H E E T

(€m)	FY 2024	FY 2023
Intangible assets	116 0	115 8
, plant and Property equipment	291 8	254 3
Equity-accounted investees	236 8	231 5
Fixed asset	644 5	601 6
Inventories	255 5	257 1
work of advances from in Contract net customers progress,	36 4	31 7
Trade receivables	173 5	141 9
payables Trade	(116 8)	(106 8)
working capital Operating	348 6	324 1
Other and liabilities current assets	(78 2)	(59 4)
working capital Net	270 3	264 6
Deferred tax assets	15 5	16 2
Other receivables and financial non-current assets	11 4	10 5
Employee benefits	(25 9)	(21 8)
for risks and charges Provisions	(19 9)	(18 0)
Deferred liabilities tax	(6 0)	(8 9)
Trade payables	(0 0)	(0 1)
Other payables	(2 9)	(2 2)
Other and liabilities net current asset non	(27 8)	(24 8)
invested capital Net	887 0	841 4
/ Liquidity (Financial Indebtedness) Net current	207 7	201 9
Financial Indebtedness Non-current	(140 6)	(133 7)
/ Liquidity (Financial Indebtedness) Net - ESMA	67 1	68 2
value of financial Fair instruments	(0 3)	0 5
/ Liquidity (Financial Indebtedness) Net - De Nora	66 8	68 8
Total Equity	(953 8)	(910 2)
Total sources	(887 0)	(841 4)

C A S H F L O W S T A T E M E N T

(€m)	2024 FY	2023 FY
EBITDA	151 8	176 5
on the sale of plant and and intangible Losses equipment property, assets	(5 3)	0 6
Other items non-monetary	3 7	(3 1)
Cash flows generated by before changes working capital operating activities in net	150 2	174 0
Change in inventory	5 3	28 8
Change trade receivables and in construction contracts	(33 1)	(38 6)
Change trade payables in	9 2	29 6
receivables/payables Change other in	15 8	(18 6)
Cash flows generated by changes working capital in net	(2 9)	1 2
Cash flows generated by operating activities	147 3	175 2
and other financial expense paid Net Interest Net	(4 4)	(6 2)
paid Income taxes	(32 2)	(28 8)
cash flows generated by Net operating activities	110 7	140 3
Sales of plant and and intangible equipment property, assets	6 6	1 1
tangible and intangible Investments in assets1	(63 9)	(88 5)
(Investments) Associated Divestment in companies	-	26 4
(net of cash acquired) Acquisitions	-	(2 0)
(Investments) financial Divestments in activities	2 7	144 6
cash flows used Net in investing activities	(54 6)	81 6
Share capital increase	1 7	1 3
Shares Treasury	(26 0)	(17 0)
loans/(Repayment) of loans New	9 5	(153 5)
(decrease) other financial liabilities Increase in	(0 0)	(0 0)
(Increase) decrease financial in assets	-	-
Dividends paid	(24 5)	(24 3)
cash flows generated by financing Net activities	(39 4)	(193 5)
(decrease) cash and cash equivalents Net increase in	16 7	28 4
cash and cash equivalents Opening	198 5	174 1
gains/(losses) Exchange rate	0 6	(4 0)
Closing cash and cash equivalents	215 9	198 5

Thank you

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