Industrie De Nora (DNR) investor relations material

Executive summary

• Q1 2026 performance was resilient with solid profitability and a record backlog, driven by strong new orders in core businesses despite geopolitical and macroeconomic uncertainty.

• New orders increased 33% year-over-year, pushing the core business backlog to its highest level in two years.

• The business model is positioned to benefit from energy transition, circular economy, and critical raw material optimization trends.

• Significant contracts were secured in water technologies, energy transition, and lithium refining, including the Moeve green hydrogen project in Spain.

• Strategic partnerships and innovation initiatives, such as the Edge Innovation Hub and agreements in lithium refining, were launched.

Financial highlights

• Q1 2026 revenues were €178.5M, down 10.9% YoY, or 3.6% at constant FX, mainly due to currency headwinds and declines in Electrode Technologies and Energy Transition.

• Adjusted EBITDA was €36.0M (vs. €39.4M in Q1 2025), with a margin of 20.2%, up 50 bps YoY.

• Net result for Q1 2026 was €18.0M, up 12.4% YoY; adjusted net profit was €19.1M.

• Net cash position at March 31, 2026, was €2.5M, reflecting working capital seasonality and higher raw material costs.

• Backlog grew to €506.6M, up 12.5% versus December 31, 2025.

Outlook and guidance

• FY2026 guidance confirmed: revenues expected at the upper end of €750M–€850M, with adjusted EBITDA margin at the upper end of 15%–18%.

• Margin normalization in Water Technologies is expected in H2 2026 due to a shift in sales mix.

• Energy Transition revenues are expected toward the lower end of the range, while Water and Electrode Technologies are expected to drive growth.

• CAPEX for 2026 is expected to be ~€80M, split evenly between maintenance/operations and gigafactory/real estate.