Brasil
China
Germany
India
JapanTHE BOARD APPROVES THE CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2025
Growing Revenues and operating margins driven by the core business, especially Water Technologies, which reported a 45% increase in Adjusted EBITDA
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Revenues at euro 415.6 million up 3.8% year-on-year, +4.6% at constant exchange rates
Adjusted EBITDA up 8.1% at euro 81.4 million, Adjusted EBITDA Margin at 19.6%
Adjusted Net Profit up 2.5% year-on-year at euro 39.7 million
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Guidance 2025
Revenues: Low Single-Digit growth expectations confirmed
Adjusted EBITDA Margin: upgraded to 17% - 18% (versus previous 17%)
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THE BOARD OF DIRECTORS APPOINTS MARIA ANTONIETTA GIANNELLI AS NON-EXECUTIVE DIRECTOR
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Key consolidated results for the first half of 2025:
• Revenues: euro 415.6 million (euro 400.3 million in H1 2024) +3.8% year-on-year, or +4.6% at constant exchange rates
• Adjusted1 EBITDA: euro 81.4 million (euro 75.3 million in H1 2024) +8.1% year-on-year
• Adjusted2 Net Income: euro 39.7 million (euro 38.7 million in H1 2024) +2.5% year-on-year
• Positive Net Financial Position of euro 12.0 million compared to euro 14.2 million as of June 30, 2024 (euro 67.1 million as of December 31, 2024).
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Milan, July 31, 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 – met under the chairmanship of Federico De Nora, approved the Half-Yearly Consolidated Financial Report as at June 30, 2025 (subject to limited audit).
Paolo Dellachà, Chief Executive Officer of Industrie De Nora, commented:
“The first six months of the year unfolded in a complex and continuously evolving macroeconomic and geopolitical environment, marked by growing market volatility and new sources of global uncertainty. In this scenario, our business model – built on a strong competitive positioning and broad geographic and sector diversification – has proven highly resilient, enabling us to achieve significant growth in both revenues and operating margins.”
“The Water Technologies business remains a key driver of our growth, supported by global structural trends such as water scarcity, regulatory developments and increasing environmental awareness. The Pools line, in particular, has continued its highly positive trend, marking five consecutive quarters of double-digit growth and exceeding our expectations, thanks to the reference market fundamentals. We are actively pursuing new opportunities for external expansion as well, and especially in the Water Technologies Systems space, with the aim of strengthening our positioning along the value chain and delivering integrated solutions ever closer to end customers. The Electrode Technologies and Energy Transition business have also performed in line with our expectations.”
“The results achieved in the first half strengthen our confidence in the growth trajectory outlined for the year. De Nora Group has a long-term vision based on the resilience of its industrial model and its ability to seize opportunities offered by the energy transition and the increasing focus on water resources. In this context, the revenue guidance for 2025, as previously communicated in March, is confirmed, with expected growth at a low single-digit rate compared to 2024. The solid performance in terms of profitability achieved in the first six months of the year also allows us to upgrade the guidance on the Adjusted EBITDA margin, now forecasted in the range between 17% and 18%, compared to the previous indication of 17%.”
1. The difference between Adjusted (Adj.) EBITDA and Reported EBITDA in the data as of June 30, 2025, amounts to euro 2.6 m and includes non-recurring M&A and company reorganization costs of euro 1.2 m, costs related to the divestment of the Marine Technologies business of euro 0.8 m, non-recurring personnel-related costs of euro 0.4 m, costs related to the divestment of the Fracking business of euro 0.3 m, net IPCEI Gigafactory project income of euro 0.2 m, other non-recurring costs of euro 0.1 m. The difference between EBITDA Adj. and EBITDA Reported in the figures as of June 30, 2024 amounts to approximately euro 1.3 m and includes net proceeds related to the divestment of the Marine Technologies business of euro 2.3 m, non-recurring personnel-related costs of euro 0.5 m, and non-recurring M&A and company reorganization costs of euro 0.1 m and other non-recurring costs of euro 0.4 m.
2. Adjusted Net Income as of June 30, 2025, excludes, in addition to non-recurring items included in EBITDA, finance expenses (90 K euro) and income tax provision (2,270 K euro) considered non-recurring and the related tax effect on non-recurring item (excluding income tax provision) amounting to 757 K euro. Adjusted Net Income as of June 30, 2024 excludes, in addition to non-recurring items included in EBITDA, the related tax effect of approximately 16 K euro.