Industrie De Nora (DNR) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered solid profitability and a record core business backlog, driven by strong new orders despite geopolitical and macroeconomic uncertainty.

• New orders increased 33% YoY, pushing backlog to its highest level since 2023.

• Progress in energy transition initiatives, including the first order for the 300 MW Moeve green hydrogen project in Spain and major lithium refining contracts.

• Water Technologies led growth, offsetting declines in Electrode and Energy Transition segments.

• Adjusted EBITDA margin improved to 20.2%, reflecting business model resilience.

Financial highlights

• Q1 2026 revenues were €178.5M, down 3.6% YoY at constant FX, with Water Technologies up 22% at constant FX and Electrode Technologies down 19.9%.

• Adjusted EBITDA was €36.0M (margin 20.2%), down from €39.4M in Q1 2025.

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

• Net cash position at March 31, 2026, was €2.5M, down from €86.7M at year-end due to working capital expansion and 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%.

• Revenue growth to be driven by Electrode and Water Technologies; Energy Transition revenues expected at the lower end of the range.

• Margin normalization expected in Water Technologies in H2 due to mix shift toward lower-margin water systems.

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