Brasil
China
Germany
India
JapanGrowing results vs. Q1'24 driven by Core Business: Revenues up 6.0% to euro 200 million, Adj. EBITDA up 8.2%
Electrode Technologies: Revenues +15.2%, Adj. EBITDA margin at 22.5%
Water Technologies: Revenues +8.7%, Adj. EBITDA +47% with an Adj. EBITDA margin of 22.7%, growth mainly related to the performance of the Pools line
Energy Transition: about 200 MW of green hydrogen technologies delivered, revenues down to euro 17.7 million (euro 26.6 million in Q1’24) but in line with the production schedule planned for the first quarter
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Guidance 2025 confirmed
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Key consolidated results for the first quarter 2025:
• Revenues: euro 200.4 million (euro 189.1 million in Q1 2024) +6.0% year-on-year
• Adjusted1 EBITDA: euro 39.4 million (euro 36.4 million in Q1 2024) +8.2% year-on-year
• Adjusted2 Net Income: euro 18.9 million (euro 18.6 million in Q1 2024) +1.7% year-on-year
• Positive Net Financial Position of euro 27.8 million compared to euro 9.4 million as of March 31, 2024 (euros 67.1 million as of December 31, 2024).
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Milan, May 14, 2025 – The Board of Directors of Industrie De Nora S.p.A. (the “Company” or “De Nora”) – Italian multinational listed on the Euronext Milan, specialized in the electrochemical industry and leader in sustainable technologies and in the green hydrogen industry – under the chairmanship of Federico De Nora, approved the consolidated results of the Company as of March 31, 2025 (unaudited).
Paolo Dellachà, Chief Executive Officer of Industrie De Nora, commented:
“The first quarter closes positively with all the main economic results growing, supported by the particularly satisfactory performance of the core business, allowing us to confirm our guidance for 2025, despite the macroeconomic and geopolitical scenario remaining volatile. Revenues from the core business, Electrode Technologies and Water Technologies, grew by about 12% overall, compared to the first quarter of 2024, reflecting excellent execution of orders in the portfolio and a positive trend in the main reference markets. Revenue development and the return to high operating efficiency of production processes, following the expansion and optimization of plants completed in 2024, contributed to the growth of Adj. EBITDA, which reported a 19.7% margin on revenues.
The Water business continues to experience a positive momentum, with order backlog up 17% from the end of 2024. In particular, the Pools division posted a new quarterly revenue record for the past two years, marking a 32% increase over the first quarter of 2024. The development of the Electrode Technologies business also continues in line with expectations, showing the first signs of recovery in the Electronics line. On the Energy Transition front, during the quarter, we realized about 200 MW of green hydrogen generation technologies, production volumes for fiscal year 2025 are fully covered by the orders currently in our portfolio, and revenue development in the first quarter is in line with the planning agreed with customers.
In the short term, the green hydrogen market is influenced by evolving regulations and funding policies at the government level. The protracted market development timeline is beginning to put pressure, even in financial terms, on pure players, initiating a first phase of selection. Nonetheless, the medium-term market outlook remains positive, and hydrogen continues to be a critical element of the global energy system, with significant growth prospects during this decade, and opportunities for some relevant projects to materialize even closer. De Nora, characterized by good profitability and a solid economic-financial structure, remains focused and concentrated on developing strategic partnerships and advanced technological solutions capable of serving not only the green hydrogen market, where we aim to maintain our leadership position, but also other areas related to the Energy Transition, leveraging our ultra-centennial technological expertise in electrochemistry.”
1. Starting from the first half of 2024, De Nora, in order to better represent the Group’s operating profitability, decided to change the calculation of EBITDA and Adjusted EBITDA by including Accrual, Utilization, and Release of Provisions for risks and charges, which were previously classified below EBITDA. The figures for Q1'24 have been amended accordingly. The difference between Adjusted EBITDA and Reported EBITDA in the data as of March 31, 2025, amounts to approximately €3.4 m and includes: non-recurring provisions for tax risks of €1.5 m; non-recurring M&A and company reorganization costs of €0.5 million, costs related to the divestment of the Marine Technologies business of € 0.7 m, costs related to the divestment of the Fracking business of € 0.2 m, net IPCEI Gigafactory project costs of € 0.2 m, and other nonrecurring costs of € 0.3 m. The difference between EBITDA Adj. and EBITDA Reported in the figures as of March 31, 2024 amounts to approximately euro 0.7 m and includes nonrecurring personnel-related costs of euro 0.4 m and costs related to the divestment of the Marine Technologies business of euro 0.3 m.
2. Adjusted Net Income as of March 31, 2025, excludes, in addition to nonrecurring items included in EBITDA, the related total tax effect of approximately euro 0.5m. Adjusted Net Income as of March 31, 2024 excludes, in addition to nonrecurring items included in EBITDA, the related total tax effect of approximately euro 0.2m.