thyssenkrupp nucera (NCH2) Q1 2026 earnings summary

Executive summary

• Q1 performance aligned with expectations, with full-year 2025/26 guidance confirmed despite a challenging market and project delays, particularly in Green Hydrogen.

• Major new contract signed for a large-scale Chlor-Alkali plant in the Middle East, boosting order backlog and to be recognized in Q2.

• Strategic cooperation launched in India to accelerate green hydrogen and Power-to-X markets.

• Project pipeline refocused to 55 GW, with 13 GW at advanced stages, prioritizing high-likelihood opportunities.

• Cost containment and improved project mix supported profitability, though sales and EBIT declined.

Financial highlights

• Q1 sales declined 44% year-on-year to €147 million, with both Green Hydrogen (-50%) and Chlor-Alkali (-35%) segments down.

• Q1 order intake: €75 million, down 21% year-on-year, mainly due to delayed green hydrogen projects.

• EBIT for Q1 at -€4 million, down from €8 million prior year, impacted by lower sales and €2 million negative derivative effects.

• Net income was -€3 million, down from €9 million in the prior year; EPS at -€0.02.

• Gross margin improved to 17% of sales, up 6 percentage points year-on-year.

• Free cash flow was -€5 million; net financial assets stable at €648 million.

Outlook and guidance

• FY 2025/26 order intake expected at €350–900 million, with group sales guidance at €500–600 million.

• Green Hydrogen sales expected at €150–220 million, Chlor-Alkali at €320–400 million.

• EBIT guidance: group level between -€30 million and €0 million; Green Hydrogen EBIT -€80 million to -€55 million, Chlor-Alkali EBIT €40–65 million.

• Cost-saving measures to have full effect from Q3; further efficiencies possible depending on order intake.