thyssenkrupp nucera (NCH2) Q4 2024 earnings summary

Executive summary

• Achieved record group sales of EUR 862 million in FY 2023-2024, up 30% year-over-year, driven by strong project execution and growth in both green hydrogen and chlor-alkali segments.

• Alkaline water electrolysis (AWE) sales surged 60% to EUR 524 million, with major contributions from NEOM and Stegra projects.

• Chlor-alkali business delivered solid sales and high profit margins, supported by new build and service projects in multiple regions.

• Demonstrated resilience and adaptability amid challenging market conditions and regulatory uncertainties.

• Maintained a strong global team, ramping up organization in key regions and focusing on ESG initiatives.

Financial highlights

• Q4 sales reached a record EUR 250 million, with AWE sales nearly doubling year-over-year.

• EBIT for FY 2023-2024 was negative EUR 14 million, better than expected, mainly due to planned R&D and ramp-up costs.

• Positive EPS of EUR 0.09 for the year, supported by strong financial results and high net cash position.

• Net financial assets stood at EUR 673 million at year-end, providing a strong financial backbone.

• Order intake grew 4% to EUR 636 million, with a robust project pipeline and significant new orders in both segments.

Outlook and guidance

• FY 2024-25 group sales expected between EUR 850 million and EUR 950 million.

• Green hydrogen segment (AWE) sales guidance: EUR 450–550 million; chlor-alkali: EUR 380–420 million.

• Group EBIT expected between -EUR 30 million and +EUR 5 million, with improved margins in AWE and continued profitability in chlor-alkali.

• CapEx and R&D spending to increase, especially for SOEC pilot plant and AWE module development.

• Margin improvement in AWE anticipated, with start-up costs for SOEC technology included.