Industrie De Nora

Investor Presentation • Nov 4, 2025

Paolo Dellachà CEO

Luca Oglialoro CFO

Chiara Locati Head of IR & ESG

9M 2025 Business Achievements

9M 2025 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

P r o f i t a b l e g r o w t h b e y o n d e x p e c t a t i o n s

• +5.0% YoY Revenues (+7.0% @ constant fx)
• +15.9% YoY Adj EBITDA | +22.1% YoY Adj Net Income

• Core Business: Electrode and Water Techs, achieved double-digit growth in order intake and improved backlog compared to 9M'24
• Energy Transition: ~820 MW realized, NEOM project completed

• Adj EBITDA margin upgraded to ~19% (vs ~previous range 17% 18%)
• Revenues: Low single-digit growth confirmed

• Solid Q3 FCF drove Net Cash Position improvement on Sept 30, 2025
• The optimization of treasury and financial management activities continues to strengthen FCF and reduce debt costs

• 5.1GWh PV plants up and running at our facilities worldwide to accelerate our decarbonization plan

• 40% Suppliers ESG assessed

S t r o n g p e r f o r m a n c e a c r o s s a l l c o r e f i n a n c i a l m e t r i c s

REVENUES

€631.3 m

+5.0% YoY

+7.0% @ constant fx

ADJ. EBITDA

€124.4 m

+15.9% YoY 19.7% Adj Ebitda margin

ADJ. NET RESULT

€64.5 m

+22.1% YoY 10.2% Adj. Net margin

NET CASH POSITION

€38.8 m

€118€ €29.7 m @30 September 2024

ELECTRODE TECH

€326.7 m Revenues

+1.4% YoY

20.9% Adj.Ebitda margin

ENERGY TRANSITION

€78.2 m Revenues

+11.4% YoY

8.4% Adj.Ebitda margin

WATER TECH

€226.4 m Revenues

+8.5% YoY

21.8% Adj.Ebitda margin

BACKLOG

€500.6 m

€558.0 m @31 Dec. 2024

~€584 m Order Intake

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

• 6 0 % O r d e r I n t a k e i n Q 3 ' 2 5

ORDER INTAKE: Q3 boosted YTD growth 9M 2025 ORDERS by Type

BACKLOG in line with 9M 2024

9M 2025 ORDERS by Geographies

Backlog growth enhances business visibility

9M 2024 WTS Orders by Type

BACKLOG: up 22% vs the end of 2024

9M 2025 ORDERS by Geographies

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

F l a g s h i p O r d e r s a c h i e v e d i n 3 Q 2 0 2 5

Chlorum Solutions- Pirapama & Tapacurà, Brasil

CechloTM

Municipal | Water Treatment

Serving ~10 m population

New installation

• Scope: provide 2 large municipalities with clean water
• Environmentally friendly onsite generation of disinfectant
• Why De Nora: Unparalleled Reliability, Technology leadership, fast execution

CechloTM

Qatar Facility E - Qatar

DE NORA TETRA® Filtration Industrial | Water & Power 16 k m³ /h Water Treatment capacity 2,300 MW Power generation New installation

Rock Hall WWTP - USA

DE NORA TETRA® Filtration Municipal | Water Treatment 240 m³ /h Water Treatment capacity Retrofit

Hammerhead – Guyana, UK

Seaclor® Industrial | Energy Hypochlorite production New installation

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

P F A S m a r k e t p e n e t r a t i o n c o n t i n u e s w i t h S O R B l i n e e x p a n s i o n

Launch of SORB FX Pak

• Compact pre-engineered, skidded PFAS treatment system
• Designed for small and rural water systems
• Aimed at helping small communities achieve PFAS removal goals

SORB FX Pak Contaminant removal systems

PFAS: Three Projects awarded in 9M'25

Washington, US

SORB FX Municipal | Drinking water

PFAS removal: 3 k m³ /d To be delivered in 2026

Pennsylvania, US

SORB FX

Municipal | Drinking water

PFAS removal: 2.9k m³ /d To be delivered in 2026

Massachusetts, US

SORB FX Municipal | Drinking water

PFAS removal: 4.5k m³ /d To be delivered in 2026

12 Field Pilots and 2 EU funded R&D Projects

• 9 Field Pilots in US for Municipal Drinking
• 2 Pilot in Italy Chemical Customer
• 1 Pilot in Saudi Arabia for the Saudi Water Authority

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

O u r c u t t i n g - e d g e t e c h n o l o g y a t t h e h e a r t o f N E O M p r o j e c t

NEOM, Saudi Arabia

H2 to green ammonia

• DE NORA SCOPE 100% COMPLETED IN AUG. 2025
• E-CHEM CELLS ~33,000 DELIVERED 110 ELECTROLYZERS - 20 MW each

INSTALLING

2.2 GW ELECTROLYSERS

PRODUCING UP TO 600 TONNES OF GREEN HYDROGEN PER DAY

SAVING THE PLANET UP TO

5 M TONNES

OF CO2EVERY YEAR

DE NORA BACKLOG @ 30 Sept. 2025

~320 MW Green H²

>700 MW Progress >60%

Lithium Recovery JP customer

Delivery 2026

TRACK RECORD: ~ 3.2 GW Green H2delivered so far

HYDROGEN COMMERCIAL PIPELINE

ACTIVELY PURSUED ¹

21 GW

€ BN 2.3

~ 3 GW

Projects² in which our jv nucera has been preselected as preferred technology provider

Moeve 600 MW 500 MW 300 MW 100 MW 1.4 GW Spain Europe Europe Australia

9M 2025 Business Achievements

9M 2025 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

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

Q 3 | A n o t h e r q u a r t e r o f g r o w t h w i t h r e c o r d p r o f i t a b i l i t y

o/w Pools +40% Adj. Ebitda Margin 15.6% 18.2% 22.7% 20.9% 21.9% (19.6%) 16.3% (10.2%) 11.4% 15.7% +21.7% @ constant fx WATER TECHNOLOGIES (€m / % YoY) 24 24 33 32 33

Margin

KEY HIGHLIGHTS

ELECTRODES TECHNOLOGIES

• Quarter swings driven by project scheduling and ~€5m negative fx effect
• Volumes and Revenue mix lead profitability

WATER TECHNOLOGIES

• Pools line leads growth, accounting for 44% of BU Revenues
• Profitability supported by Pools and WTS aftermarket Revenues

ENERGY TRANSITION

• Revenue surge powered by production planning
• Profitability underpinned by volumes and production set-up efficiencies

9 M 2 0 2 5 R E V E N U E S

R e v e n u e s i n l i n e w i t h G u i d a n c e , b o o s t e d b y P o o l s a n d E n e r g y T r a n s i t i o n

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Revenue growth driven by Chlor Alkali and Electronics lines, despite €6.3m negative fx impact
• Aftermarket Revenues at 44.8%

WATER TECHNOLOGIES

• Pools +30% YoY
• WTS¹: Revenues down slightly due to Marine disposal² and €3.3m fx impact, ~+2% excl. these effects . Aftermarket Revenues at 42.6%

ENERGY TRANSITION

• Solid Backlog execution fuels Revenue growth

9 M 2 0 2 5 B A C K L O G

C o r e b u s i n e s s B a c k l o g g r e w a c r o s s l a s t 4 q u a r t e r s

16

F l e x i b l e c o s t s t r u c t u r e t o s u p p o r t f u t u r e g r o w t h

KEY HIGHLIGHTS

• COGS: the decrease in incidence on Revenues is due to improved operating efficiency and revenues mix
• G&A and Corporate cost increased mainly due to corporate structure enhancement and some inflationary effects
• R&D: Further strengthening the R&D team with over 20 new researchers to accelerate the development of our technologies

^* Net of non-recurring costs (income): 1) COGS: € 3.9 m in 9M 25; € 1.8 m in 9M 24; 2) SG&A and Corporate: € 2.6 m in 9M 25; € 1.2 m in 9M 24.

^** Non-recurring R&D costs eligible for the IPCEI grant.

A D J U S T E D E B I T D A 9 M 2 0 2 5

W a t e r a n d E n e r g y T r a n s i t i o n d r i v e m a r g i n i m p r o v e m e n t s

Adj. EBITDA* Margin	17.8%	19.7%
Electrode Technologies	23.1%	20.9%
Water Technologies	15.8%	21.8%
Energy Transition	(0.1%)	8.4%

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Healthy profitability in line with expectations, the trend vs 9M'24 mainly reflects a different 2025 product mix

WATER TECHNOLOGIES

• +50% Adj EBITDA underpinned by:
• Strong Pools Revenue growth and higher incidence on BU's revenues
• WTS healthy operating profitability and ~€1 m positive one-off from fracking business disposal

ENERGY TRANSITION

• Good profitability driven by volume and production process efficiencies, despite ~€2.0m provisions accounted in Q1
• R&D costs were ~8% of Revenues (not considering non-recurring R&D costs funded by IPCEI)

NET FINANCIAL POSITION @ 30 SEPTEMBER 2025

REVENUES

LOW SINGLE-DIGIT GROWTH - Confirmed

Slightly below 2024

Mid Single-Digit Growth

High Single-Digit Growth

ADJ. EBITDA MARGIN*

~ 19%

Upgraded from previous range 17% -18%

9M 2025 Business Achievements

9M 2025 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

SUSTAINABILITY JOURNEY YTD 2025 update

YTD POSITIVE IMPACT

850k tonnes CO2

Emission Avoided

171m m3/d

water treated*

85k m2

Electrodes re-used, 17% on total

DECARB.PLAN

~5.1 GWh PV installed

• Colmar, US
• Mentor, US
• Tamworth, UK
• Rodenbach, DE

• Sorocaba, BR

• Cologno, IT

• Milano, IT
• Fujisawa, JP
• Jinan, China

PEOPLE & SUPPLY CHAIN

Great Place to Work certification in 6 countries

DE&I affinity networks,

Society of Woman Engineers

40% of Supplier ESG assessed*

9M 2025 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

P r o f i t a b l e g r o w t h i n c h a l l e n g i n g s c e n a r i o s

Solid operating and financial performance from Revenues to Net Income and robust FCF generation in Q3

Core Business is growing in volumes and profitability with double digit increase in Order Intake

Energy Transition projects are on time, NEOM project completed. We are ready to seize near future opportunities and continue to advance our technologies

Financial Structure is strong: the Optimization of Treasury and Financial management activities continues to strengthen FCF and lower debt costs

Focus on external growth by leveraging M&A opportunities in the Water sector to strengthen vertical integration and expand into new markets

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

Nov. 12 Carbonomics Conference, London – Goldman Sachs

Nov. 17, 18 Italian Champions in UAE, Dubai&Abu Dhabi – Equita

Nov. 20 ESG Stakeholder Engagement, Milan

Nov. 26 Forum Euronext Tech Leaders, Paris – Euronext

ir@denora.com Investor Relations | Overview | De Nora

ph: +39 02 2129 2124

I N C O M E S T A T E M E N T S

(€m)	Q1 2024	Q2 2024	H1 2024	Q3 2024	9M 2024	Q4 2024	FY 2024	Q1 2025	Q2 2025	H1 2025	Q3 2025	9M 2025
Revenue	189 1	211 2	400 3	200 9	601 2	261 4	862 6	200 4	215 2	415 6	215 7	631 3
Growth (%) YoY	-12 8%	3 8%	-4 8%	-4 1%	-4 5%	15 4%	0 7%	6 0%	1 9%	3 8%	4% 7	0% 5
Royalties and commissions	(2 0)	(2 5)	(4 5)	(1 9)	(6 4)	(2 9)	(9 3)	(1 8)	(2 0)	(3 8)	(1 6)	(5 4)
of goods sold Cost	(120 7)	(140 6)	(261 3)	(137 4)	(398 7)	(176 2)	(574 9)	(129 5)	(139 9)	(269 4)	(139 4)	(408 8)
Selling expenses	(8 1)	(7 5)	(15 6)	(7 6)	(23 2)	(8 6)	(31 8)	(8 0)	(8 0)	(16 0)	(8 0)	(24 0)
G&A expenses	(12 0)	(12 5)	(24 5)	(12 2)	(36 7)	(13 9)	(50 6)	(12 8)	(12 8)	(25 6)	(12 6)	(38 2)
R&D expenses	(4 0)	(4 0)	(8 0)	(4 1)	(12 1)	(2 7)	(14 8)	(3 0)	(2 7)	(5 7)	(3 0)	(8 7)
Other (expenses) operating income	0 9	6 0	6 9	0 6	7 5	(1 2)	6 3	(0 4)	2 7	2 3	-	2 3
Corporate costs	(7 5)	(9 2)	(16 7)	(8 1)	(24 8)	(10 9)	(35 7)	(8 9)	(9 7)	(18 6)	(8 6)	(27 2)
EBITDA	35 7	40 9	76 6	30 2	106 8	45 0	151 8	36 0	42 8	78 8	42 5	121 3
(%) Margin	18 9%	19 4%	19 1%	15 0%	17 8%	17 2%	17 6%	18 0%	19 9%	19 0%	19 7%	19 2%
and Depreciation amortization	(8 2)	(8 0)	(16 2)	(8 2)	(24 4)	(9 9)	(34 3)	(9 1)	(8 8)	(17 9)	(8 8)	(26 7)
Impairment	-	-	-	-	-	(0 9)	(0 9)	-	-	-	0 1	0 1
EBIT	27 5	32 9	60 4	22 0	82 4	34 2	116 6	26 9	34 0	60 9	33 8	94 7
(%) Margin	14 5%	15 6%	15 1%	11 0%	13 7%	13 1%	13 5%	13 4%	15 8%	14 7%	15 7%	15 0%
Share of profit of equity-accounted investees	-	(1 9)	(1 9)	1 5	(0 4)	0 5	6 4	-	(0 8)	(0 8)	(0 4)	(1 2)
/ (expenses) Finance income Net	(0 3)	(1 9)	(2 2)	(4 3)	(6 5)	3 1	(3 4)	(2 2)	(4 3)	(6 5)	(0 5)	(7 0)
Profit before tax	27 2	29 1	56 3	19 2	75 5	42 3	117 8	24 7	28 9	53 6	32 9	86 5
Income taxes	(9 2)	(7 1)	(16 3)	(6 7)	(23 0)	(11 5)	(34 5)	(8 7)	(9 4)	(18 1)	(8 0)	(26 1)
Result Net	18 0	22 0	40 0	12 5	52 5	30 8	83 3	16 0	19 5	35 5	24 9	60 4

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)	'24	'24	'24	'24	'25	'25	'25 Q3	'25 Q1 vs	'25 Q2 vs	'25 Q3 vs
	Q1	Q2	Q3	Q4	Q1	Q2		'24 Q1	'24 Q2	'24 Q2
REVENUES	189 1	211 2	200 9	261 4	200 4	215 2	215 7	6 0%	1 9%	7 4%
Electrode Technologies	92 7	112 1	117 5	131	106 8	114 7	105 2	15 2%	2 3%	-10 5%
Energy Transition	26 6	25 7	17 9	35 0	17 7	25 5	35 0	-33 5%	-0 8%	95 5%
Technologies Water	69 8	73 4	65 5	95 4	75 9	75 0	75 5	8 7%	2 2%	15 3%
Adj EBITDA	36 4	38 9	32 0	50 1	39 4	42 0	43 0	8 2%	8 0%	34 4%
Adj EBITDA Margin	2% 19	4% 18	9% 15	2% 19	7% 19	5% 19	9% 19
Electrode Technologies	25 3	23 9	25 3	27 0	24 0	23 4	21 0	1% -5	1% -2	0% -17
Ebitda Adj Margin	3% 27	3% 21	5% 21	6% 20	5% 22	4% 20	0% 20
Energy Transition	(0 6)	4 0	(3 5)	5 7	(1 8)	2 9	5 5	200 0%	-27 5%	257 1%
Ebitda Adj Margin	-2 3%	15 6%	-19 6%	16 3%	-10 2%	11 4%	15 7%
Technologies Water	11 7	11 0	10 2	17 4	17 2	15 7	16 5	47 0%	42 7%	61 8%
Ebitda Adj Margin	16 8%	15 0%	15 6%	18 2%	22 7%	20 9%	21 9%

I N C O M E S T A T E M E N T

F o c u s o n E B I T D A a d j u s t m e n t s

(€m)	9M 2024	9M 2025
Sales	601 2	631 3
EBITDA	106 8	121 4
(%) Margin	17 8%	19 2%
(labor expenses) legal Termination costs +	0 8	0 5
Eligible (net of grant) IPCEI GF costs	-	(0 4)
for M&A , and Costs integration reorganization company ,	0 2	1 9
business divesture Marine	(2 3)	0 7
down Inventory write - Russian customer	1 5	-
Fracking business divesture	-	0 4
Other non-recurring costs	0 3	(0 1)
Adj EBITDA	107 3	124 4
(%) Margin	8% 17	7% 19

(€m)	FY 2024	9M 2025
Intangible assets	116 0	101 8
, plant and equipment Property	291 8	302 0
Equity-accounted investees	236 8	234 2
Fixed asset	644 5	637 9
Inventories	255 5	236 2
of from work in advances Contract progress, net customers	36 4	18 3
Trade receivables	173 5	167 3
Trade payables	(116 8)	(86 6)
working capital Operating	348 6	335 2
Other and liabilities current assets	(78 2)	(32 4)
working capital Net	270 3	302 8
Deferred tax assets	15 5	14 9
Other receivables and financial non-current assets	11 4	10 5
Employee benefits	(25 9)	(24 6)
for risks and charges Provisions	(19 9)	(19 4)
Deferred liabilities tax	(6 0)	(5 2)
Trade payables	-	(0 1)
Other payables	(2 9)	(3 2)
Other liabilities and net non current asset	(27 8)	(27 0)
invested capital Net	887 0	913 7
/ Liquidity (Financial Indebtedness) Net current	207 7	174 4
Financial Indebtedness Non-current	(140 6)	(135 6)
/ (Financial Indebtedness) Liquidity - ESMA Net	67 1	38 8
value of financial Fair instruments	(0 3)	0 4
/ Liquidity (Financial Indebtedness) Net - De Nora	66 8	39 2
Total Equity	(953 8)	(953 0)
Total sources	(887 0)	(913 7)

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

(€m)	9M 2024	9M 2025
EBITDA	106 8	124 9
on the sale of , plant intangible and equipment and Losses property assets	(5 6)	(0 7)
Other items non-monetary	(3 9)	(4 8)
Cash flows generated by before changes working capital operating activities in net	97 3	119 5
Change in inventory	(14 0)	3 3
Change trade receivables and in construction contracts	(5 4)	10 1
Change trade payables in	(19 2)	(24 3)
receivables/payables Change other in	19 2	(35 5)
Cash flows generated by changes working capital in net	(19 3)	(46 5)
Cash flows generated by operating activities	78 0	72 9
and other financial expense paid Net Interest Net	(3 5)	1 1
paid Income taxes	(22 8)	(32 3)
cash flows generated by Net operating activities	51 7	41 7
Sales of , plant and and intangible equipment property assets	6 1	1 0
tangible and intangible Investments in assets	(43 3)	(45 2)
(Investments) financial Divestments in activities	4 4	(1 9)
cash flows used in investing activities Net	(32 8)	(46 1)
Share capital increase	1 1	2 3
Shares Treasury	(25 9)	-
loans/(Repayment) of loans New	10 1	9 6
(decrease) financial other liabilities Increase in	(3 0)	(2 9)
Dividends paid	(24 4)	(20 7)
cash flows generated by financing Net activities	(42 2)	(14 5)
(decrease) cash and cash equivalents Net increase in	(23 3)	(18 8)
cash and cash equivalents Opening	198 5	215 9
gains/(losses) Exchange rate	(2 6)	(8 8)
Closing cash and cash equivalents	172 6	188 3