Brasil
China
Germany
India
JapanGROWTH ACROSS ALL KEY ECONOMIC- FINANCIAL INDICATORS
Revenues at euro 631.3 million, up 5.0%
Adjusted EBITDA margin at 19.7%, up approximately 1.9 percentage points
Adjusted Net Profit up 22.1%
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Double-digit order growth in core businesses: Electrode Technologies and Water Technologies
Over 820 MW of green hydrogen technologies delivered in the first nine months
About 2.2 GW supply completed for the NEOM project (Saudi Arabia), the world’s largest green hydrogen plant
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2025 GUIDANCE
Revenues: Low Single-Digit growth expectations confirmed
Adjusted EBITDA Margin: new upgrade to approximately 19% (previous range: 17% - 18%)
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Key consolidated results for the first nine months of 2025:
• Revenues: euro 631.3 million (euro 601.2 million in 9M 2024) +5.0% year-on-year, +7.0% at constant exchange rates
• Adjusted1 EBITDA: euro 124.4 million (euro 107.3 million in 9M 2024) +15.9% year-on-year
• Adjusted2 Net Income: euro 64.5 million (euro 52.8 million in 9M 2024) +22.1% year-on-year
• Positive Net Financial Position of euro 38.8 million (euro 12.0 million as of June 30, 2025).
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Milan, November 04, 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 financial results as at September 30, 2025 (not subject to audit).
Paolo Dellachà, Chief Executive Officer of Industrie De Nora, commented:
“During the first nine months of the fiscal year, the Group recorded significant growth across its key economic and financial indicators, despite the persistence of an unfavorable currency environment. Operating margin showed particularly strong performance, supported by high operational efficiency – linked to the Energy Transition business – and a favorable production mix. In particular, the Pools line reported a 30% revenue increase year-on-year, making a decisive contribution to the overall improvement in profitability. These results enabled us to revise upward – for the second time in a row – our guidance on the EBITDA margin, now set at 19%. The Group’s core businesses – Electrode Technologies and Water Technologies – posted double-digit growth in new orders, confirming our strong competitive positioning and ability to capture expansion trends in our reference markets.”
“In August 2025, we completed the delivery of about 2.2 GW of technologies for green hydrogen production for the NEOM project in Saudi Arabia. This milestone marks the achievement of a journey that began in 2023 and evolved steadily over more than two years. Once fully operational, the site will be capable of generating up to 600 tons of green hydrogen per day, powered exclusively by renewable sources. The hydrogen produced will be converted into green ammonia and distributed globally, contributing to the decarbonization of hard-to-abate sectors and fostering international clean energy trade. The project is expected to avoid approximately 5 million tons of CO₂ emissions per year, representing a concrete step toward global decarbonization.
We are extremely proud to have supplied the critical technologies for this globally unique initiative, positioning ourselves as a key player in the green hydrogen industry – a market expected to experience significant growth in the medium term, despite short-term volatility. Leveraging its strong competitive positioning and solid financial structure, the Group continues to pursue its development path with determination, exploring new growth opportunities both organically and through M&A, with the goal of further accelerating its expansion trajectory.”
1. The difference between Adjusted (Adj.) EBITDA and Reported EBITDA in the data as of September 30, 2025, amounts to euro 3.1 m and includes nonrecurring M&A and company reorganization costs of euro 1.9 m, costs related to the divestment of the Marine Technologies business of euro 0.7 m, non-recurring personnel-related costs of euro 0.6 m, costs related to the divestment of the Fracking business of euro 0.4 m, net IPCEI Gigafactory project income of euro 0.4 m, other net non-recurring income of euro 0.1 m. The difference between EBITDA Adj. and EBITDA Reported in the figures as of September 30, 2024 amounts to approximately euro 0.5 m includes non-recurring costs of euro 1.5m related to a contract with a Russian customer, non-recurring personnel-related costs of euro 0.8 m, non-recurring M&A and company reorganization costs of euro 0.2 m, other non-recurring costs of euro 0.3 m. partially off-set by the net income of euro 2.3 m related to the disposal of the Marine Technologies business.
2. Adjusted Net Income as of September 30, 2025, excludes, in addition to non-recurring items included in EBITDA, net finance income (euro 0.8m) and income tax provision (euro 2.3m) considered non-recurring, and the overall tax effect on non-recurring item amounting to euro 0.4m. Adjusted Net Income as of September 30, 2024 excludes, in addition to non-recurring items included in EBITDA, the related tax effect of euro 0.1m.