thyssenkrupp nucera (NCH2) Status update summary

Commercial momentum and project pipeline

• Secured a 300 MW green hydrogen project in Spain, the largest in Southern Europe, expected to produce 45,000 tons of green hydrogen annually and avoid 250,000 tons of CO2 emissions, with order intake in H2 FY 2025/26 and major revenue recognition in FY 2026/27.

• Awarded a 260 MW FEED study in India, targeting integration of alkaline water electrolysis and aiming for a final investment decision in FY 26/27.

• Large-scale Chlor-Alkali project in the Middle East signed in December 2025, booked in Q2 2025/26.

• Recent partnerships in India, including with GIZ, aim to accelerate green hydrogen and Power-to-X markets.

• Termination of a 20 MW US pilot project due to insufficient return expectations.

Financial outlook and guidance update

• Group order intake guidance for FY 2025/26 raised to €550–850 million, reflecting major project wins in Spain and the Middle East.

• Group sales guidance lowered to €450–550 million (previously €500–600 million); EBIT guidance now at €-80 to €-30 million (from €-30 to €0 million).

• Green hydrogen segment sales guidance reduced to €120–170 million; EBIT guidance to €-125 to €-90 million due to higher project costs and contract termination.

• Chlor-Alkali segment sales guidance unchanged at €320–400 million; EBIT guidance raised to €45–65 million.

• Q2 2025/26 group order intake expected to exceed €150 million, but green hydrogen segment sales may be around zero due to technical revenue recognition effects.

Project-related financial impacts and cost drivers

• Higher implementation costs for green hydrogen projects stem from module optimization, safety, reliability, and regulatory compliance measures.

• Technical, accounting-related effects (IFRS 15) and timing of revenue recognition for the Spanish project will mainly impact FY 2026/27, with minor impact in FY 2025/26.

• Termination of the US pilot project and higher project-related costs will increase EBIT loss at group level in Q2.

• Additional costs will be spread over the next two to three quarters, with no significant one-off cash impact in Q2.

• Cost-sharing with clients is expected for enhancements, and newer contracts have improved terms to mitigate future risks.