thyssenkrupp nucera (NCH2) Q2 2025 earnings summary

Executive summary

• Achieved 31% year-over-year sales growth in Q2 2024/25, with both chlor-alkali and green hydrogen segments contributing strongly; EBIT improved due to robust execution and cost discipline.

• Chlor-alkali segment remains a key driver of positive cash flow and financial stability, with strong commercial momentum in new build and service business.

• Green hydrogen project pipeline is substantial, with Europe as the most attractive region for near-term opportunities and major projects like NEOM and Stegra progressing.

• Maintained a strong financial position with net financial assets of EUR 676–680 million and positive free cash flow.

• FY 2024/25 guidance confirmed, supported by a solid order backlog and project execution.

Financial highlights

• Q2 2024/25 group sales: EUR 216 million (+31% YoY); H1/6M sales: EUR 479 million (+29% YoY).

• Q2 EBIT: EUR -4 million (improved from EUR -14 million YoY); H1/6M EBIT: EUR 4 million (up from EUR -15 million YoY).

• Q2 net income: EUR -3 million (up from EUR -10 million YoY); H1/6M net income: EUR 6 million (up from EUR -7 million YoY).

• Q2 EPS: EUR -0.03 (Q2 2023/24: EUR -0.08); H1/6M EPS: EUR 0.05 (H1/6M 2023/24: EUR -0.06).

• Gross margin improved to 9% in Q2 and 10% in H1/6M 2024/25.

Outlook and guidance

• FY 2024/25 group sales expected at EUR 850–950 million; EBIT guidance between EUR -30 million and EUR 5–30 million.

• Green hydrogen sales forecasted at EUR 450–550 million, with EBIT to improve but remain negative.

• Chlor-alkali sales expected at EUR 380–420 million, with positive EBIT likely below last year.

• Up to 60% of actively pursued projects could reach contract date by end of FY 2025/26.