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Industrie De Nora — Earnings Release 2025
Mar 18, 2026
4198_rns_2026-03-18_06bc8b41-76e1-4bd0-bc43-529f2d67f301.pdf
Earnings Release
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DE NORA
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INFO DORAL 2000
PRESS RELEASE
THE BOARD APPROVES THE CONSOLIDATED RESULTS AS OF 31 DECEMBER 2025:
Revenues of euro 875.0 million, up 4.4% at constant exchange rates, Adjusted EBITDA margin at 19.6%, exceeding guidance; positive Net Financial Position up 29% to euro 86.7 million
PROPOSED THE DISTRIBUTION OF A DIVIDEND OF €0.103 PER SHARE
GUIDANCE 2026
Revenues of euro 750–850 million
Adjusted EBITDA margin of 15%–18%
MID-TERM VIEW
Core business growth, with expected revenues rising by 2%–4% annually over the medium term
Group Adjusted EBITDA margin expected to be in the 15%–19% range
DE NORA STRENGTHENS ITS LEADERSHIP IN CHLOR-ALKALI WITH A NEW PROJECT WORTH AROUND 40 MILLION EURO IN THE MIDDLE EAST
Key consolidated results for fiscal year 2025:
- Revenues: euro 875.0 million, +1.4% YoY, +4.4% at constant exchange rates
- Adjusted EBITDA¹: euro 171.8 million, +9.1% YoY
- Adjusted Net Profit²: euro 89.5 million, +0.8% YoY
- Positive Net Financial Position of euro 86.7 million, +29% compared to the 31 December 2024
Mid-Term View - 3-5 years Financial Framework:
- Core Business revenues (Electrode and Water Techs): average annual growth in the 2%–4% range
- Electrode Technologies
- Revenue average annual performance from stable to low single-digit growth
- Adjusted EBITDA margin in the 19%–21% range
- Water Technologies
- Revenue average annual growth between 5% and 8%
- Adjusted EBITDA margin in the 17%–19% annual range
- Energy Transition
- Positive outlook linked to green hydrogen, although with limited visibility on the timeline for the development of projects in the pipeline
- Progressive growth of the lithium refining line
¹ The difference between Adjusted EBITDA and Reported EBITDA in the figures as of 31 December 2025 amounts to approximately €7.7 million and includes non-recurring M&A and corporate reorganization costs of €4.5 million, non-recurring personnel costs of €0.9 million, non-recurring costs related to the disposal of the Fracking business of €1.3 million, non-recurring costs related to the disposal of the Marine Technologies business of €0.7 million, other non-recurring costs of €0.5 million, partially offset by net income of €0.2 million related to IPCEI Gigafactory eligible costs.
The difference between Adjusted EBITDA and Reported EBITDA in the data as of December 31, 2024, amounts to approximately €5.6 m and includes: non-recurring personnel costs of €1.5 m; non-recurring M&A and company reorganization costs of €1 million, non-recurring costs related to a contract with a Russian client of €1.5 million, other non-recurring provisions for risks of €3.1m, other non-recurring costs of €0.6 million, partially offset by a net gain of €2.1 million related to the disposal of the Marine Technologies business.
² Adjusted Net Profit at December 31, 2025 does not take into account, in addition to non-recurring items included in EBITDA, non-recurring depreciation and amortization (€0.2 million), non-recurring financial income (€1 million), provisions for non-recurring tax risks (€2.4 million), reversals of non-current assets (0.3 million); all net of the overall tax effect associated with all non-recurring items, amounting to €2.2 million. Adjusted Net Profit at December 31, 2024 does not include, in addition to the non-recurring items included in EBITDA, write-downs of non-current assets of €1 million, net of the total tax effect associated with all non-recurring items, amounting to €1.1 million.
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- Consolidated Group Adj. EBITDA margin in the 15%-19% annual range
- Operational and maintenance capex between annual euro 35 and 40 million
- Confirmed annual dividend distribution with a payout up to 25%
Milan, 18 March 2026 – The Board of Directors of Industrie De Nora S.p.A. (the "Company" or "De Nora") – an Italian multinational company listed on Euronext Milan, specialized in electrochemistry and a leader in sustainable technologies – met on 17 March 2026 under the chairmanship of Federico De Nora, approved the Integrated Annual Report as of 31 December 2025, the Company's Financial Statements draft as of 31 December 2025, and proposed the distribution of a dividend of euro 0.103 per share.
The Board of Directors also resolved to convene the Ordinary Shareholders' Meeting in a single call on April 29, 2026 to resolve, among other items, on the approval of the Financial Statements 2025 and on the proposal for the allocation of the year's earnings and the dividends distribution, the approval of the Report on the remuneration policy and on compensation paid, as well as the appointment of a member of the Board of Directors pursuant to Article 2386 of the Italian Civil Code.
Paolo Dellachà, Chief Executive Officer of Industrie De Nora, commented:
"2025 was another year of growth for De Nora: we achieved solid results, exceeded our operational profitability targets, and maintained a robust financial structure, confirming the resilience of our industrial model even in a particularly complex geopolitical context. This performance takes on even greater significance in light of the recent evolution of the energy and geopolitical landscape, particularly in the Middle East, where the safety of our people remains our priority and where, to date, no significant impacts on our activities have been recorded.
Over the course of the year, in addition to the continued development of our core businesses and the completion of two global flagship projects in green hydrogen, we entered two new markets: PFAS treatment within the Water Technologies business and the electrochemical refining of lithium within the Energy Transition business, opening a new growth stream linked to circularity.
Looking ahead, we are preparing to face a demanding year, marked by new and complex challenges. We do so with confidence: the work carried out in recent years has equipped us with the structure, skills, and determination needed to manage periods of uncertainty and volatility with discipline.
From a broader perspective, our medium-to-long-term strategy provides a clear direction: strengthening leadership in our core businesses, opening new markets through electrochemistry and water treatment technologies, and supporting growth both organically and through selected external development opportunities. These priorities will guide our actions in the coming months and support the journey of building an increasingly solid and resilient De Nora."
KEY INCOME STATEMENT INDICATORS
| (Euro million) | 2024 | 2025 | Var. % |
|---|---|---|---|
| Revenues | 862.6 | 875.0 | +1.4% |
| Adj. EBITDA | 157.4 | 171.8 | +9.1% |
| Adj. EBITDA Margin | 18.2% | 19.6% | +1.4 p.p. |
| Adj. EBIT | 123.2 | 136.3 | +10.7% |
| Adj. Net Profit | 88.8 | 89.5 | +0.8% |
Revenues as of 31 December 2025 amounted to euro 875.0 million, in line with the guidance for the year and up 1.4% compared to 2024. The result was negatively affected by approximately euro 25.3 million due to the
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evolution of certain currencies, particularly the Euro-Dollar and Euro-Yen exchanges rates; net of these effects, the variation compared to the previous year would have been a positive 4.4%.
The revenue trend mainly reflects the stability of the Electrode Technologies business, which, at constant exchange rates, was essentially in line with 2024, the growth reported by the Water Technologies business (+7.2% year-on-year), and the 6.4% increase recorded by the Energy Transition business.
Adjusted EBITDA as of 31 December 2025 amounted to euro 171.8 million, up 9.1% year-on-year, with a margin on revenues of 19.6% (18.2% in 2024), above the guidance for the year. The growth compared to the previous year reflects the positive performance of the Water Technologies and Energy Transition businesses, which more than offset the slowdown in the profitability of the Electrode Technologies business.
Adjusted EBIT amounted to euro 136.3 million, up 10.7% compared to the euro 123.2 million reported in 2024. The change reflects the evolution of EBITDA against substantially stable depreciation and amortization for the year.
The share of profit from equity-accounted investments, relating to the associate thyssenkrupp nucera AG & Co. KGaA ("thyssenkrupp nucera"), 25.85% held on 31 December 2025, was a negative euro 1.9 million, compared with a positive euro 4.6 million in 2024.
Financial Management has net financial expenses of euro 8.3 million, compared with euro 3.4 million in 2024. The figure mainly reflects the unfavorable trend in the net balance of exchange gains and losses, partially offset by the reduction in net charges resulting from the optimization of financial resource management.
Adjusted Net Profit as of 31 December 2025 amounted to euro 89.5 million, compared with euro 88.8 million in 2024. Including non-recurring income and charges, Net Profit amounted to euro 82.7 million, compared with euro 83.3 million in 2024.
The backlog as of December 31, 2025, amounts to euro 450.3 million, compared with euro 558.0 million as of December 31, 2024. The evolution of the figure reflects a 23% increase in the backlog of the Water Technologies business, which amounted to euro 180 million, offset by a decline in the Energy Transition business (amounting to euro 19.3 million compared with euro 120.3 million in 2024) and in the Electrode Technologies business (amounting to euro 251.0 million compared with euro 291.4 million in 2024).
It should be noted that today De Nora announced a contract for a project relating to the construction of a new Chlor-Alkali plant in the Middle East, with a value of approximately euro 40 million. Taking this project into account, the backlog for the Electrode Technologies business would have amounted to approximately euro 290 million, broadly in line with the previous year.
BREAKDOWN OF REVENUES BY BUSINESS SEGMENT
| (Euro million) | FY 2024 | FY 2025 | % Revenues FY'25 | Var. % FY'25 vs. FY'24 |
|---|---|---|---|---|
| Electrode Technologies | 453.3 | 437.1 | 50.0% | -3.6% |
| Water Technologies | 304.1 | 326.0 | 37.2% | +7.2% |
| Energy Transition | 105.2 | 111.9 | 12.8% | +6.4% |
| Total | 862.6 | 875.0 | +1.4% |
Revenues by business: The Electrode Technologies business recorded revenues of euro 437.1 million (euro 453.3 million in 2024). The figure reflects a negative exchange rate effect of approximately euro 13.4 million, mainly linked to the Euro-Dollar and Euro-Yen exchange rates. Net of this effect, the business would have reported revenues substantially in line with 2024 financial year.
The Water Technologies business reported revenues of approximately euro 326.0 million, up 7.2% compared with euro 304.1 million in 2024. Net of negative impacts arising from certain exchange rates, particularly the Euro-Dollar, growth would have been 11%. The business' performance reflects the expansion of the Pools
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business line, which recorded revenues of approximately euro 125.8 million, up 27.5% year-on-year. The Water Technologies Systems ('WTS') line totaled revenues of approximately euro 200.2 million, compared with euro 205.4 million in 2024, with aftermarket revenues accounting for 42% of the total (38% in 2024). The figure was negatively affected by the performance of certain exchange rates, for approximately euro 7 million, and by the change in scope related to the disposal of the Marine business, which had an impact of euro 4.5 million. Net of these effects, the WTS line would have recorded revenue growth of 3% compared with 2024.
The Energy Transition business recorded revenues of euro 111.9 million, up 6.4% year-on-year. This growth reflects the execution of two global flagship green hydrogen projects completed during the year: Neom in Saudi Arabia and Stegra in Sweden. During 2025, De Nora delivered 1.1 GW of technologies for green hydrogen production, bringing total installed capacity since 2022 to 3.6 GW.
BREAKDOWN OF REVENUES BY GEOGRAPHIC AREA
| (Euro million) | FY 2024 | FY 2025 | % Revenues FY'25 | Var. % FY'25 vs. FY'24 |
|---|---|---|---|---|
| AMS | 257.6 | 277.4 | 31.7% | +7.7% |
| APAC | 300.7 | 294.3 | 33.6% | -2.1% |
| EMEIA | 304.3 | 303.3 | 34.7% | -0.3% |
| Total | 862.6 | 875.0 | +1.4% |
With regard to the breakdown of revenues by geographical area, during 2025 the Group recorded a substantially stable performance in the Europe, Middle East, India & Africa (EMEIA) region, amounting to euro 303.3 million. Revenues in the APAC (Asia-Pacific) amounted euro 294.3 million, down 2.1% year-on-year, mainly attributable to the production mix of the Electrode Technologies business. In the Americas (AMS) region, the Group achieved revenues of euro 277.4 million, representing a 7.7% increase compared with 2024, primarily driven by the Water Technologies business.
ADJUSTED EBITDA AND EBITDA MARGIN BY BUSINESS SEGMENT
| (Euro million) | Adj. EBITDA FY 2024 | Adj. EBITDA Margin FY 2024 | Adj. EBITDA FY 2025 | Adj. EBITDA Margin FY 2025 |
|---|---|---|---|---|
| Electrode Technologies | 101.5 | 22.4% | 87.7 | 20.1% |
| Water Technologies | 50.3 | 16.5% | 68.8 | 21.1% |
| Energy Transition | 5.6 | 5.3% | 15.3 | 13.7% |
| Total | 157.4 | 18.2% | 171.8 | 19.6% |
In 2025, De Nora's business model profitability grew, and reported a consolidated Adjusted EBITDA margin of 19.6% (18.2% in 2024), above the guidance for the year, which stood at 19%.
In detail, the Electrode Technologies business reported Adjusted EBITDA of euro 87.7 million, with a margin on revenues of 20.1% (22.4% in 2024). The change compared with 2024 mainly reflects a different revenue mix, and particularly the decline in the Electrowinning line.
The Water Technologies business recorded Adjusted EBITDA of euro 68.8 million, up 36.8% compared to 2024 (euro 50.3 million), with a margin on revenues of 21.1%, up about 4.6 percentage points compared with 2024 (16.5%), primarily driven by the growth of the Pools line and the development of aftermarket revenues within the Water Technologies Systems line.
Finally, the Energy Transition business reported Adjusted EBITDA of euro 15.3 million, with a margin on revenues of 13.7%, a strong increase compared with 2024 figure of euro 5.6 million, mainly driven by a significant improvement in production process efficiency.
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Financial Position
The Net Financial Position as of 31 December 2025 showed net cash of euro 86.7 million, up 29% compared with 31 December 2024 figure (euro 67.1 million), thanks to excellent operating cash generation of euro 116.6 million which, in addition to funding the year's capital expenditures (amounting to approximately euro 76.0 million), also covered the dividend distribution of euro 20.7 million.
Allocation of profit: proposed dividend distribution
Industrie De Nora S.p.A. closed the year as of December 31, 2025, with a profit of euro 37,704,779.00. The Board of Directors will propose the allocation of this profit to the shareholders' meeting as follows: i) euro 17,233,620.77 to retained earnings reserve; ii) the remaining euro 20,471,158.23 to be available for dividends distribution. Considering the results achieved, the Board of Directors has resolved to propose to the Shareholders' Meeting, convened to approve the financial statements, the distribution to shareholders of a unit dividend of euro 0.103 per eligible share, for a total amount of euro 20,471,158.23, with a dividend date of May 18, 2026, and made payable on May 20, 2026, and with the entitlement date for payment of the dividend (so-called record date), pursuant to Article 83-terdecies of Legislative Decree No. 58 of February 24, 1998, on May 19, 2026.
EVOLUTION OF THE 2030 SUSTAINABILITY PLAN
De Nora's commitment toward sustainability remained central in 2025. During the year, all the activities envisaged in the 2030 Sustainability Plan were completed, and significant progress was recorded across the main KPIs monitored.
The Group's Sustainability Plan, approved in December 2023, includes 48 initiatives developed along the various pillars of the sustainability strategy: Green Innovation, Climate Action & Circular Economy, People Development, Inclusion & Well-being, Community Engagement and Sustainable Supply Chain. As of 31 December 2025, 25 initiatives had been overall completed.
With regard to the Green Innovation pillar, during the year, 11 ESG Product Scorecards were developed and made available for new products, with the aim of illustrating to customers and stakeholders the benefits and environmental impacts of De Nora's technologies based on quantitative KPIs, including carbon footprint (Life Cycle Assessment). De Nora also assessed the positive contribution of its technologies relative to the Sustainable Development Goals (SDGs).
In particular, in 2025:
- annual potential avoided emissions enabled by green hydrogen technologies produced and sold by the De Nora³ amounted to 1.1 million tonnes of CO₂;
- the volume of water treated⁴ annually through the Group's technological solutions reached 246 million cubic meters per day, of which 13% was drinking water;
- 104 square meters of electrodes were reused;
- 100% of R&D spending included initiatives aimed at improving the environmental impact and circularity of products.
With regard to the Climate Action & Circular Economy pillar, Scope 1 and Scope 2 emissions decreased by 17% compared with 2022, while 35% of the energy used was generated from renewable sources. As of today, the total installed photovoltaic capacity at the Group's facilities reached 6.3 GWh.
In terms of circularity, the content of noble metals in the electrodes produced decreased by 7.6% compared with 2022, enabling the Company to bring forward the achievement of the 4% reduction target set for 2026. The percentage of recycled wood in packaging also exceeded the planned target ahead of schedule, standing at over 45% compared with the 2026 target of 40%. Finally, the share of waste not sent to landfill reached
³ The avoided CO₂ emissions refer to the emissions that will be avoided at the end-customer level once De Nora's technologies for green hydrogen production are installed and operational.
⁴ The liters of water treated refer to the volume of water that will be treated by the end customer once De Nora's water treatment technologies are installed and operational.
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61%, surpassing the 2030 target of 55%, confirming the Group's commitment to structurally reducing its environmental impact along the entire value chain.
In 2025, initiatives dedicated to people development and safety and the promotion of an inclusive work environment continued. The InCLUDe upskilling program represented one of the main workstreams in the area of inclusion and development: in Italy, the UK and UAE, Japan and Germany, training programs were organized over multiple days, involving more than 160 managers overall. In parallel, EmpowHer initiative, implemented in collaboration with ValoreD, supported thirty female talents through sessions dedicated to empowerment. Also in 2025, a mental health training module was launched, made available to all Group employees through the corporate training portal. In addition to the core content, supplementary materials were provided and the design of a new Mental Health First Aid program was initiated. The strengthening of affinity networks also continued: during the year, a new community was selected, by entering a new partnership with the Society of Women Engineers (SWE) in the United States, further expanding opportunities for dialogue and professional development.
Finally, continued the engagement with the university ecosystem. DEI-focused initiatives confirmed the objective of ensuring that at least 40% of participants in dedicated events were female students, typically across two to five events per year.
With reference to the Community Engagement and Sustainable Supply Chain pillar, in 2025 the Group continued its activities to develop a sustainable supply chain, assessing from an ESG perspective, through dedicated platforms, approximately 46% of suppliers, which represent 80% of total spend, and conducting two on-site audits at two critical suppliers in Asia, with whom initial engagement activities are already underway.
Finally, during the year, a significant increase in employee volunteering hours was recorded, reaching 1,480 hours, while CSR expenditures dedicated to local communities grew to approximately euro 250 thousand.
GUIDANCE 2026 AND BUSINESS OUTLOOK
In light of the recent geopolitical developments in the Middle East, the Company reports that all personnel are operating in safe conditions and that, at present, projects and activities in the Gulf area are proceeding regularly. The Group promptly activated its security protocols and, in constant dialogue with local authorities and customers, continues to monitor the evolution of the situation.
Based on the information available, De Nora confirms for 2026 the guidance communicated on the occasion of the preliminary results on 24 February, expecting revenues in the range of euro 750 – 850 million.
Regarding the Electrode Technologies business, temporary revenue declines are expected in 2026, linked both to the macroeconomic and geopolitical context, which may delay certain investment decisions by end customers, and to the cyclical dynamics of plant renewal and maintenance. Both factors are considered transitory and expected to normalize over the coming years. Revenues are expected to be down from high to mid single-digit compared with 2025.
In the Water Technologies business, thanks to favorable market prospects and the visibility offered by the order backlog of the WTS (Water Technologies Systems) line, revenue growth from mid single-digit to low double-digit is expected in 2026.
Finally, for the Energy Transition business, revenues are expected to range between 15 million and 60 million euro. The lower end of the range reflects the backlog as of 31 December 2025 and does not include potential new contracts in green hydrogen or lithium refining.
The consolidated Adjusted EBITDA margin is expected to be in the 15% – 18% range. It is also confirmed that the Company is evaluating measures to mitigate the lower absorption of fixed costs resulting from lower volumes and the consequent impact on operating profitability.
Planned investments for 2026 amount to approximately euro 80 million, including approximately euro 40 million relative to the completion of the Gigafactory in Italy, in line with the total amount originally planned.
Finally, with regard to the Net Financial Position (NFP), it is confirmed that normal business operations,
CSR: Corporate Social Responsibility
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together with the planned investments for 2026, would allow to maintain a positive NFP, in line with the average of recent years (mid double-digit). However, the challenging geopolitical environment, further exacerbated by recent developments in the Middle East, is causing significant increases in commodity prices, particularly for certain critical materials. Should these dynamics persist in the coming months, they are expected to significantly affect the components of the Group's Net Working Capital, shifting expectations for the NFP at the end of 2026 from a positive level toward a substantial balance. The Company is closely monitoring developments in the context and will update the market over the course of the year.
MID-TERM VIEW
Expected Business Evolution and Development Paths
The medium- and long-term strategy of De Nora is framed within three global megatrends, water scarcity, circular economy and energy transition, which are profoundly reshaping municipal, industrial and energy markets. These structural forces are generating a growing demand for reliable, scalable and sustainable solutions. Electrochemical technologies, an area in which De Nora boasts recognized leadership, represent a decisive enabler thanks to their ability to make processes more efficient, circular and with lower energy and environmental impact compared to traditional chemical processes. Supported by a consolidated technology portfolio also in the water treatment business, the Group is ideally positioned to transform these megatrends into sustainable growth drivers over the medium to long term.
In this context, the De Nora's strategic vision aims to strengthen leadership in its core business (Electrode Technologies and Water Technologies) and expand into new high-growth-potential markets, through electrochemical solutions and water treatment technologies, as well as circular solutions aimed at enabling the production, enhancement and recovery of scarce critical materials and chemical compounds derived from industrial waste. In 2025, the Group also entered the PFAS treatment market, within the Water Technologies business, and the lithium refining market, within the Energy Transition business.
The strategic lines described will be pursued by leveraging the internal technological development capabilities, supported by its R&D structures, and a global and flexible manufacturing platform that does not require additional expansion or investment, with the exception of the completion of the Gigafactory in Italy. This will be complemented by potential external growth opportunities, fully aligned with the Group's positioning along the value chain.
Medium-Term Financial Framework
With regard to the medium-term economic and financial projections, management has decided to present a Financial Framework relating to an economic cycle of 3–5 years, mainly based on the expected evolution of the core business. The reference markets of this business are supported by solid medium- to long-term growth dynamics, which are closely linked to global macroeconomic cycles.
On the other hand, for the Energy Transition business, visibility remains limited over the coming years due to the timing of the development of the green hydrogen market.
Within the Financial Framework, the core business, which includes the Electrode Technologies and Water Technologies businesses, is expected to deliver an average annual revenue growth in the range of 2% to 4%, excluding potential M&A transactions.
In particular, for the Electrode Technologies business, average annual revenue performance is expected to between stable and low single-digit growth, supported by all product lines (Chlor-alkali, Electronics and Electrowinning). The Adjusted EBITDA margin is forecast to be in the 19%–21% range, depending on sales volumes and the related mix.
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For the Water Technologies business, average annual growth is expected to be between 5% and 8%, supported by the development of the Pools and WTS product lines, including the opportunities linked to the PFAS market. The Adjusted EBITDA margin of the business is expected to be between 17% and 19%, primarily depending on the volume mix.
With regard to the Energy Transition business, no specific revenue guidance is provided, due to limited visibility in the development timeline of the green hydrogen market, which could translate, in the early years of the Financial Framework, into temporary subdued sales volumes. However, the significant growth potential associated with the conversion of the large-scale project pipeline remains confirmed, in addition to further development opportunities in small-scale green hydrogen solutions. An additional potential driver is represented by the progressive expansion of the lithium refining business.
The Group's operating profitability (Adjusted EBITDA margin) is expected to stand, within the Financial Framework, between 15% and 19%. This range reflects different expected revenue levels in the Energy Transition business, the cost-mitigation actions implemented by management depending on the evolution of sales volumes, as well as investments in R&D and in strengthening commercial channels, aimed at supporting the Group's medium- to long-term growth according to the strategic lines outlined above.
Finally, in terms of capital allocation, annual operating and maintenance investments are expected to be approximately 35–40 million euro. The policy of distributing an annual dividend of up to 25% of consolidated net income is confirmed. With regard to the Group's financial structure, from 2027 onward an average positive cash flow generation is expected.
SIGNIFICANT EVENTS OCCURRED DURING THE FOURTH QUARTER OF 2025
Approval of the first cycle of the Performance Shares Plan
On October 7, 2025, the Board of Directors resolved to allocate rights relating to the first cycle of the 2025-2027 Performance Shares Plan ("PSP"). In particular, the Board of Directors resolved to allocate a total of 433,595 rights, which may be increased to 814,303 in the event of maximum over-performance, divided between (i) Chief Executive Officer Paolo Dellachà; (ii) executives with strategic responsibilities; and (iii) other Group executives identified as beneficiaries of the PSP. The Board of Directors also approved an amendment to the regulations of the 2025-2027 Performance Share Plan in order to better align it with the characteristics of the PSP as set out in the Information Document pursuant to Article 84-bis of the Issuers' Regulations (the "Information Document").
Voluntary early partial repayment of senior loan agreement
On October 17, 2025, De Nora proceeded with the voluntary early partial repayment of the outstanding loan agreement named "Senior Facilities Agreement". The repayment concerned an amount of USD 40 million, applied to the disbursed and outstanding amounts under the Facility A2 credit line, which has now been fully repaid. The Company carried out the early repayment of the loan using its own funds, and in particular through the available liquidity.
Financial structure optimization: new revolving credit facility signed and existing senior loan early repaid
On November 25, 2025, De Nora announced the signing of a new Revolving Credit Facility ("the credit facility") of euro 100 million, and the voluntary early repayment of the remaining amount related to the existing financing agreement known as the "Senior Facilities Agreement," equal to euro 80 million. The repayment was made using own funds, through available liquidity. The credit facility includes the option to define certain ESG KPIs that may be incorporated into the financing agreement in the coming months and defined with the support of the Sustainability Coordinator, Crédit Agricole CIB.
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SIGNIFICANT EVENTS OCCURRED AFTER DECEMBER 31, 2025
Strategic collaboration with Advanced Materials for sustainable lithium refining
On January 14, 2026, De Nora announced the signing of a strategic partnership agreement with Reed Advanced Materials ("RAM"), a company specialized in the development of advanced battery materials and sustainable lithium refining technologies. RAM is a joint venture owned 70% by Neometals Ltd, an Australian Securities Exchange-listed company and pioneer in sustainable lithium processing solutions, and 30% by Mineral Resources Limited, a global leader in the mining sector. Under the agreement, De Nora and RAM will collaborate to integrate De Nora's electrolysis systems into ELi™ (Electrolytic Lithium) process, aimed at lithium production. The solution satisfies circularity principles and will enable water and chemical reagent consumption compared to traditional processes resulting in a lower carbon footprint. The ultimate goal is to validate continuous pilot-scale operation under real industrial conditions at the site in Argentina of the multinational company Rio Tinto, one of the major global players in lithium extraction and refining.
Binding agreement with Tuleva to realize one of the largest U.S. electrochemical lithium hydroxide plants
On February 16, 2026, De Nora, through its subsidiary De Nora Permelec Ltd. ("De Nora"), and Tuleva Inc. ("Tuleva") announced the signing of a binding Memorandum of Understanding (MOU) formalizing the terms for the supply of a high-capacity electrolysis system intended for Tuleva's planned lithium hydroxide monohydrate refining facility in the United States. The agreement marks a strategic step toward the construction of one of the largest electrochemical plants in the United States for the production of lithium hydroxide, an essential material for the global rechargeable-battery supply chain. This MOU allows both companies to begin preliminary engineering. At the same time, the parties will continue to work on finalizing the definitive sale and purchase agreement, the signing of which is expected to take place after the completion of the financing process currently underway by Tuleva. The overall contract value is currently estimated at over ten million euros for the systems. Completion of the supply is expected within 15 months from the signing of the definitive agreement.
6.3 GWh/year of installed capacity for renewable energy
On February 19, 2026, De Nora announced to have reached a new milestone in its global project to decarbonize its production sites through the installation of new photovoltaic systems at its plants in Japan and China. The new systems bring the Group's total installed potential capacity to 6.3 GWh/y, contributing to the progressive achievement of the goals of De Nora's Sustainability Plan for 2030.
DE NORA STRENGTHENS ITS CHLOR-ALKALI LEADERSHIP WITH A NEW PROJECT WORTH APPROXIMATELY 40 MILLION EURO IN THE MIDDLE EAST
De Nora announced today that it has received, through its subsidiary De Nora Deutschland GmbH, orders from thyssenkrupp nucera AG & Co. for the supply of electrochemical technologies, specifically for the production of anodic and cathodic elements and related coatings for thyssenkrupp nucera's latest-generation electrolyzers, which will be used in the construction of a new large-scale Chlor-Alkali plant in the Middle East. The contract value amounts to approximately 40 million euro. The entire plant is expected to be completed by the end of the fourth quarter of 2028, while De Nora's production activities are scheduled to take place between 2026 and 2027. The project confirms De Nora's positioning in the Chlor-Alkali segment, highlighting the Group's global leadership, its ability to operate on a large scale, and its ongoing commitment to developing sustainable and efficient industrial solutions.
PERFORMANCE SHARES PLAN 2022-2024
With reference to the second cycle of the "Performance Share Plan 2022-2024", approved by the Shareholders' Meeting on 22 March 2022, on today's date the Board of Directors, upon the positive opinion of the Nomination and Remuneration Committee, resolved to grant (i) to the Chief Executive Officer a total of no. 6,013 shares, of which no. 2,004 have been delivered in the first tranche, in accordance with the terms of the plan; and (ii) to executives with strategic responsibilities, on an aggregate basis, no. 7,757 shares, of which no. 2,586 have been
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delivered in the first tranche.
Within the framework of the first cycle of the "Performance Share Plan 2022–2024", it is also specified that the Board of Directors, upon the positive opinion of the Nomination and Remuneration Committee, has further granted on today's date, in the second tranche, a total of no. 12,600 shares to the Chief Executive Officer and, on an aggregate basis, no. 19,435 shares to executives with strategic responsibilities.
NOTICE OF ORDINARY GENERAL MEETING AND RELATED RESOLUTIONS
The Board of Directors resolved to convene the Shareholders' Meeting, in ordinary session, on 29 April 2026, in a single call. The Shareholders' Meeting will be called to approve the Financial Statements for the year ended 31 December 2025, the Report on the remuneration policy and on compensation paid and to resolve on the proposed allocation of the year's earnings and dividend distribution, as well as the appointment of a member of the Board of Directors pursuant to Article 2386 of the Italian Civil Code.
Pursuant to Article 10.2 of the By-Laws, the participation in the Shareholders' Meeting of those with voting rights will take place exclusively through the Appointed Representative pursuant to Article 135-undecies of the Consolidated Law on Finance. The Shareholders' Meeting will therefore be held without the physical participation of Shareholders.
For all further information, please refer to the Notice of Meeting, accompanied by all the information required by Article 125-bis of the Consolidated Law on Finance, and the documentation that will be submitted to the Shareholders' Meeting pursuant to Articles 125-ter and 125-quater of the Consolidated Law on Finance, which will be made available to the public, within the terms of the law, at the Company's registered office, Via Leonardo Bistolfi 35, 20134 Milan, and on the Company's website www.denora.com, Section "Investors – Governance – Shareholders' Meetings".
The Board of Directors also approved the Report on Corporate Governance and Ownership Structures, pursuant to Article 123-bis of the Consolidated Law on Finance, the Report on Remuneration, pursuant to Article 123-ter of the Consolidated Law on Finance. The Reports will be made available to the public within the terms and in the manner set forth in the applicable regulations.
FILING OF DOCUMENTATION
A copy of the Integrated Annual Report as of December 31, 2025, including the Independent Auditors' Report, will be made available to the public within the terms of the law at the Company's registered office in Milan, as well as by publication on the Company's website www.denora.com, "Investor Relations" section and on the authorized storage mechanism managed by Computershare S.p.A.
CONFERENCE CALL
At 09:00 CET today (March 18, 2026), a video conference will be held to illustrate the results of 2025 and the Group's Mid Term view to financial analysts and investors. The presentation may be followed via video webcast on the Company's website (www.denora.com). The supporting material for the presentation will also be provided at the start of the conference call in the site's Investor Relations/Financial Results section and on the authorized storage mechanism "" at .
The following are some events of interest planned for the coming months:
- March 19, 2026: Roadshow with Mediobanca in Paris – France
- March 23, 2026: Roadshow with Mediobanca in Milan – Italy
- March 26, 2026: Pan-European Mid-Cap Conference with Jefferies in London – UK
- April 29, 2026: Shareholders' Meeting
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For further information, please refer to the Financial Calendar 2025, published on January 23, 2026, and available on the company's website at www.denora.com
This press release presents the consolidated results of 2025 (subject to audit). The full-year results, together with the main business trends, represent a summary of the Integrated Annual Report prepared in accordance with Article 154-ter of the Consolidated Finance Act (TUF), approved by Industrie De Nora's Board of Directors on March 18, 2026.
The Integrated Annual Report as of December 31, 2025, will be made available to the public, at the Company's registered office and at Borsa Italiana, to anyone who requests it, and it will also be available on the Company's website – www.denora.com – as well as on the authorized storage mechanism "" at , in accordance with the law.
The manager in charge of preparing the company's accounting documents, Luca Oglialoro, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance (TUF), that the accounting information contained in this press release corresponds to the documented results, books and accounting records.
This press release contains forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Many of these risks and uncertainties relate to factors that are beyond the company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors. Therefore, Industrie De Nora's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, social, political, economic and regulatory developments or changes in economic or technological trends or conditions in Italy and internationally. Consequently, Industrie De Nora makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward-looking statements. Any forward-looking statements made by or on behalf of Industrie De Nora refer only to the date they are made. Industrie De Nora does not undertake to update forward-looking statements to reflect any changes in Industrie De Nora's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Industrie De Nora may make in documents that it files with CONSOB and the Italian Stock Exchange
Non-GAAP measures
In this document, in addition to the financial measures provided for by International Financial Reporting Standards (IFRS), a number of measures derived from the latter are presented even though they are not provided for by IFRS (Non-GAAP Measures) in line with ESMA's guidelines on Alternative Performance Indicators (ESMA/2015/1415 Guidelines, adopted by Consob with Notice No. 92543 of December 3, 2015) published on October 5, 2015.
These measures are presented to enable a better assessment of the Group's operating performance and should not be regarded as alternatives to IFRS.
Methodological Note
The income statement, balance sheet and financial position information has been prepared in accordance with
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the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union.
Industrie De Nora S.p.A. is an Italian multinational company founded in 1923 and listed on the Euronext Milan stock exchange. A global leader in electrochemical processes and technologies for water management, it provides products and services that enable industrial processes in the chlor-alkali, electronics, battery, water treatment (both municipal and industrial), and green hydrogen sectors. With an operational presence across multiple regions – including the Americas, Europe, the United Arab Emirates, and Asia – De Nora delivers customized solutions, effectively and reliably meeting market demands. Committed to ESG principles, the company integrates environmental sustainability and social responsibility into all its activities.
For further information and to access the Media Kit: Media Kit | De Nora
Investor Relations
Chiara Locati
+39 02 2129 2124
Investor Relations | Overview | De Nora
Media Relations
Barabino & Partners
Ufficio: +39 02/72.02.35.35
Sabrina Ragone – [email protected] +39 338 25 19 534
Elena Magni – [email protected] +39 348 478 7490
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Consolidated Income Statement, Reclassified
| Euro thousands | FY 2024 | FY 2025 |
|---|---|---|
| Revenue | 862,613 | 874,957 |
| YoY Growth (%) | 0.7% | 1.4% |
| Royalties and commissions | (9,281) | (8,905) |
| Cost of goods sold | (574,929) | (562,394) |
| Selling expenses | (31,841) | (31,918) |
| G&A expenses | (50,605) | (52,079) |
| R&D expenses | (14,810) | (14,498) |
| Other operating income (expenses) | 6,381 | 905 |
| Corporate costs | (35,732) | (41,942) |
| EBITDA | 151,796 | 164,126 |
| Margin (%) | 17.6% | 18.8% |
| Depreciation and amortization | (34,300) | (35,595) |
| Impairment | (940) | 291 |
| EBIT | 116,556 | 128,822 |
| Margin (%) | 13.5% | 14.7% |
| Share of profit of equity-accounted investees | 4,579 | (1,893) |
| Net Finance income / (expenses) | (3,372) | (8,280) |
| Profit before tax | 117,763 | 118,649 |
| Income taxes | (34,451) | (35,920) |
| Net Result | 83,312 | 82,729 |
| Attributable to: | ||
| Owners of the parent | 83,376 | 82,338 |
| Non-controlling interests | (64) | 391 |
| EBITDA | 151,796 | 164,126 |
| Non-recurring (costs) income | (5,604) | (7,650) |
| EBITDA Adjusted | 157,400 | 171,776 |
| EBIT | 116,556 | 128,822 |
| Non-recurring (costs) income | (6,608) | (7,517) |
| EBIT Adjusted | 123,164 | 136,339 |
| Net Result | 83,312 | 82,729 |
| Non-recurring (costs) income^{6} | (6,608) | (8,961) |
| Tax effect of non-recurring items | 1,074 | 2,151 |
| Net Result Adjusted | 88,846 | 89,539 |
6 Includes finance income amounting to 952 K € and income tax provision amounting to 2.396 K € considered non-recurring
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Consolidated Statement of Financial Position, Reclassified
| Euro thousands | December 31, 2024 | December 31, 2025 | ||
|---|---|---|---|---|
| % | % | |||
| Trade receivables | 173,522 | 152,948 | ||
| Trade payables | (116,799) | (113,462) | ||
| Inventories | 255,452 | 214,380 | ||
| Construction contracts, net of progress payments and advances | 36,414 | 32,440 | ||
| Net Operating Working Capital | 348,589 | 39.3 | 286,306 | 32.4 |
| Other current assets (liabilities) | (78,243) | (18,716) | ||
| Net Working Capital | 270,346 | 30.5 | 267,590 | 30.3 |
| Goodwill and Intangible assets | 115,959 | 101,427 | ||
| Property, plants and equipment | 291,784 | 315,552 | ||
| Equity-accounted investees | 236,751 | 232,741 | ||
| Non current assets | 644,494 | 72.7 | 649,720 | 73.5 |
| Employee benefits | (25,935) | (2.9) | (24,722) | (2.8) |
| Provision for risk and charges | (19,877) | (2.2) | (24,354) | (2.8) |
| Deferred tax assets (liabilities) | 9,451 | 1.1 | 8,366 | 0.9 |
| Other non current assets (liabilities) | 8,523 | 1.0 | 7,426 | 0.8 |
| Net Invested Capital | 887,002 | 100.0 | 884,026 | 100.0 |
| Financed by: | ||||
| Medium/long term financial indebtedness | (140,638) | (18,848) | ||
| Short-term financial indebtedness | (18,645) | (18,175) | ||
| Financial assets and derivatives | 10,510 | 14,674 | ||
| Cash and cash equivalents | 215,857 | 109,067 | ||
| Net liquidity (net financial indebtedness) - ESMA | 67,084 | 7.6 | 86,718 | 9.8 |
| Fair value of financial instruments | (303) | (142) | ||
| Net liquidity (net financial indebtedness) | 66,781 | 7.5 | 86,576 | 9.8 |
| Equity attributable to minority interests | (7,256) | (0.8) | (11,704) | (1.3) |
| Equity attributable to the Parent | (946,527) | (106.7) | (958,898) | (108.5) |
| Total equity and minority interests | (887,002) | (100.0) | (884,026) | (100.0) |
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Consolidated Statement of Cash Flows
| Euro thousands | FY 2024 | FY 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Profit / (Losses) for the period | 83,312 | 82,729 |
| Adjustments for: | ||
| Amortization and depreciation | 34,300 | 35,595 |
| Impairment losses / (Reinstatements) of property, plant and equipment and intangible assets | 940 | (291) |
| Other Share based payments | 1,036 | 1,185 |
| Finance expenses | 24,468 | 28,677 |
| Finance income | (21,096) | (20,397) |
| Share of profit of equity-accounted investees | (4,579) | 1,893 |
| (Gains) / Losses on the sale of property, plant and equipment and intangible assets | (5,254) | 34 |
| Income tax expense | 34,451 | 35,920 |
| Change in inventory | 5,279 | 23,228 |
| Change in trade receivables and construction contracts | (33,149) | 9,578 |
| Change in trade payables | 9,155 | 3,500 |
| Change in other receivables and payables | 15,806 | (51,048) |
| Change in provisions and employee benefits | 2,641 | 4,054 |
| Cash flows generated by/(used in) operating activities | 147,310 | 154,657 |
| Interest and other finance expenses paid | (19,852) | (19,215) |
| Interest and other finance income collected | 15,426 | 20,312 |
| Income tax paid | (32,163) | (38,248) |
| Net cash flows generated by/(used in) operating activities | 110,721 | 117,506 |
| Cash flows from investing activities | ||
| Sales of property, plant and equipment and intangible assets | 6,590 | 1,686 |
| Investments in property, plant and equipment | (59,188) | (66,109) |
| Investments in intangible assets | (4,679) | (7,175) |
| (Investment in) / Disposal of financial activities | 2,652 | (7,092) |
| Net cash flows generated by/(used in) investing activities | (54,625) | (78,690) |
| Cash flows from financing activities | ||
| Share capital increase / (decrease) | 1,700 | 3,408 |
| Treasury Shares | (26,016) | - |
| New loans | 19,757 | 1,185 |
| (Repayments of loans) | (6,110) | (116,132) |
| Payment of financial leases | (4,188) | (4,069) |
| (Increase) / Decrease in other financial liabilities | (7) | (6) |
| Dividends paid | (24,491) | (20,665) |
| Net cash flows generated by/(used in) financing activities | (39,355) | (136,279) |
| Net increase (decrease) in cash and cash equivalents | 16,741 | (97,463) |
| Opening cash and cash equivalents | 198,491 | 215,857 |
| Exchange rate effect | 625 | (9,327) |
| Closing cash and cash equivalents | 215,857 | 109,067 |