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Q2/6M 2024/25 Results Presentation May 15, 2025
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Dr. Stefan Hahn (CFO)Dr. Werner Ponikwar (CEO) With you today Dr. Hendrik Finger (Head of IR) 22
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera This presentation has been prepared by thyssenkrupp nucera AG & Co. KGaA (“thyssenkrupp nucera”) and comprises the written materials/slides for a presentation concerning thyssenkrupp nucera. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation is for information purposes only and the information contained herein (unless otherwise indicated) has beenprovided by thyssenkrupp nucera. It does not constitute an offer to sell or the solicitation, inducement or an offer to buy shares in thyssenkrupp nucera or any other securities. Further, it does not constitute a recommendation by thyssenkrupp nucera or any other party to sell or buy shares in thyssenkrupp nucera or any other securities and should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice. This presentation has been prepared without reference to any particular investment objectives, financial situation, taxation position and particular needs. In case of any doubt in relation to these matters, you should consult your stockbroker, bank manager, legal adviser, accountant, taxation adviser or other independent financial adviser. The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. To the extent permitted by applicable law, none of thyssenkrupp nucera or any of its affiliates, advisers, connected persons or any other person accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. No representation or warranty, either express or implied, is provided in relation to the accuracy, completenessor reliability of the information contain herein. This presentation contains forward-looking statements that are subject to risks and uncertainties. Statements contained herein that are not statements of historical fact may be deemed to be forward-looking information. When we use words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may” or similar expressions, we are making forward-looking statements. You should not rely on forward-looking statements because they are subject to a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from those indicated. Any assumptions, views or opinions (including statements, projections, forecasts or other forward-looking statements) contained in this presentation represent the assumptions, views or opinions of thyssenkrupp nucera as of the date indicated and are subject to change without notice. Thyssenkrupp nucera neither intends, nor assumes any obligation, unless required by law, to update or revise these assumptions, views or opinions in light of developments which differ from those anticipated. All information not separately sourced is from internal company data and estimates. Any data relating to past performance contained herein is no indication as to future performance. The information in this presentation is not intended to predict actual results, and no assurances are given with respect thereto. This presentation contains certain supplemental financial or operative measures that are not calculated in accordance with IFRS and are therefore considered as non-IFRS measures. We believe that such non-IFRS measures used, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flow. There are, however, material limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS measures used by us may differ from, and not be comparable to, similarly titled measures usedby other companies. All numbers shown are as reported, unless otherwise stated. All amounts are stated in million euros (mn €) unless otherwise indicated. Amounts below 0.5mn € are rounded and reported as 0. Rounding differences may occur. Disclaimer 33
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 44 Q2 Highlights gH2 sales growth +23% Total sales 216mn € Total order backlog ~0.8bn € Guidance for FY 2024/25 confirmed Sound financial performance: dynamic increase in sales (+31% yoy) due to successful execution of backlog; EBIT improvement driven by positive sales development and diligent cost containment Strong financial foundation with net financial assets of ~680mn € and positive cash flow development; well positioned for future growth and enduring market weakness Chlor-Alkali with continued commercial momentum both in New Build and Service business
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 5 1. Business update
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera • Execution of large new build projects in the Americas progressing as planned, e.g. the OxyChem Battleground conversion project exceeded 50% completion for equipment production and delivery • Three-year trial started at Formosa Plastics Corporation, USA to assess the performance of eBiTAC technology upgrades and to gather further insights • Very limited financial risks from tariffs in the US for contractually agreed projects New Build • Strong order intake in Q2 driven by projects in the US, Saudi Arabia and South America • Attractive pipeline, including large projects in the Middle East and China Service • Continuous strong demand across the value chain • Biggest service markets continue to be Central Europe, the US, China and the Middle East 6 Project executionSales Pipeline New Build and Service CA business continues to demonstrate sound commercial momentum Strong Chlor-Alkali business thanks to reliable and efficient electrolyzer plants and unique service knowhow Strong pipeline in place driving CA New Build and Service Order Intake in 6M Execution of projects well on track, driving strong sales development
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera gH2 project execution well on track 7 Construction site of Stegra’s green steel project in Sweden NEOM • More than 80 modules handed over to customer • Delivery of equipment continues Stegra • First 20 MW module on its way to construction site • Cell fabrication in full swing Shell • Final assembly of all 10 electrolyzer modules ongoing
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Project pipeline confirms significant growth opportunity 8 As of May 2025. Number in brackets: Data as of previous quarter, February 2025. No. of projects Actively pursued projects Substantial pipeline Pursue #155 (#156) Projects where we had first interactions with and that are being monitored closely Definition Projects which already passed the pursue / non-pursue gate Aggregated sizeMedian size Contract value #40 (#41) 360 MW (320 MW) ~580 MW (~600 MW) ~90 GW (~94 GW) ~22 GW (>25 GW) ~46bn € (>46bn €) ~12bn € (>12bn €)
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 9 Europe currently most attractive region for green hydrogen projects 4% 9% 11% 12% 18% 46% Other Africa Middle East Australia North America Europe ~12bn € aggregated contract value Shifting project pipeline with an even stronger focus on Europe, accounting for almost 50% of the actively pursued projects – in the mid- to long-term, significant market potential also in other regions Up to 60% of the actively pursued projects could reach effective contract date by the end of FY 2025/26 – we have already been named preferred technology provider for European projects >1 GW As of May 2025. 1. Projects which already passed the pursue / non-pursue gate. Regional distribution of actively pursued projects1
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Hard to abate industries GermanyEU Support Schemes EU policy developments aim to stimulate clean hydrogen demand 10 • RED III RFNBO industry quota implementation delayed across EU-Member States with policy mix expected to include company level and national level targets • Strong push by 12 EU Member States to simplify RFNBO-h2 electricity sourcing criteria ahead of the planned review in 2028 • EU Clean Industrial Deal introduces Clean Lead Markets as a concept to ensure demand for clean products, including hydrogen, with simplified regulatory requirements • Both the EU Commission’s proposals for Low-Carbon Delegated Act and State Aid Rules under the Clean Industrial Deal (CISAF) show clear commitment to clean hydrogen and include challenging (emission) standards for blue hydrogen • New German Federal Government commits to “a long-term transition to climate-neutral hydrogen, based on a growing share of renewable energy from domestic sources and imports” • First two segments of Germany's national hydrogen core network started operations EU regulatory outlook points to electrolysis as the key technology for clean hydrogen scale up • The International Maritime Organization has approved net-zero regulations for global shipping resulting in sector-wide mandatory emissions limits and GHG pricing and creating significant demand for hydrogen or its derivatives
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 11 The mid-term gH2 outlook remains positive with an expected installed capacity of ~50-80 GW by 2030 Key factors for gH2 market ramp-up Awarded project volume (in operation, in construction, FID)1 Offtake agreements2 gH2 cost competitiveness (LCOH gH2 vs. low-carbon-hydrogen)3 Regulation & funding schemes 4 Infrastructure deployment5 Market outlook (Installed gH2 electrolysis capacity by 2030) End markets Refining Ammonia SteelHard to abate industries Sources: Market assessment based on company analysis and FIDs in Q4 FY 23/24 and Q1 FY 24/25; qualitative assessment based on Hydrogen Council (Hydrogen Insights 2024, September 2024). LCOH = Levelized cost of hydrogen >25x capacity growth expected until 2030 2024 2030 ~2 GW ~80 GW Conservative scenario ~50GW Key markets for green hydrogen
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 12 2. Update on Q2/6M 2024/25 financials Note: The comparison figures for Q2/6M 2023/24 have been retrospectively adjusted in accordance with IAS 8.41.
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Sound financial performance – strong sales growth and EBIT above PY 13 Order intake (mn €) Sales (mn €) EBIT (mn €) 75 271 114 95 83 Q2 2023/24 Q3 2023/24 Q4 2023/24 Q1 2024/25 Q2 2024/25 • Growing order intake (+11% yoy) due to strong CA New Build business; gH2 business below PY 165 236 250 262 216 Q2 2023/24 Q3 2023/24 Q4 2023/24 Q1 2024/25 Q2 2024/25 -14 1 -3 8 -4 Q2 2023/24 Q3 2023/24 Q4 2023/24 Q1 2024/25 Q2 2024/25 • Dynamic increase in sales (+31% yoy) across both technologies, driven by the high rate of execution of the existing order backlog • Above PY (+10mn €) largely driven by sales growth, an improved gross margin and stringent cost discipline
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 14 Growing order intake in Q2 driven by strong CA New Build business Q2 6M Order intake (mn €) +11% -29% 64 79 12 2023/24 4 2024/25 75 83 CA gH2 121 130 169 2023/24 10 2024/25 251 178 Order intake Q2 • CA increase (+25% yoy) driven by New Build business, mainly in the US, Saudi-Arabia and South America • gH2 impacted by usual volatility in the project business and project shifts • Order backlog (31 Mar 2025) of ~0.8bn €, thereof ~0.4bn € gH2 Order intake 6M • Increase in CA business thanks to new service orders • gH2 business below PY, which included ~100mn € from Stegra
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 15 Dynamic sales growth driven by high rate of execution of backlog Sales (mn €) +31% +29% 97 120 68 97 2023/24 2024/25 165 216 CA gH2 216 274 156 205 2023/24 2024/25 372 479 Sales Q2 • Strong sales growth across both segments, CA and gH2 • CA (+42% yoy) due to New Build projects in Brazil and the US and service business in Germany, China and the Middle East • gH2 (+23% yoy) driven by NEOM & Stegra project; NEOM sales below last quarters reflecting high percentage of completion Sales 6M • Sales growth due to successful execution of gH2 and CA order backlog Q2 6M
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 16 EBIT increase thanks to sales and margin effect and lower cost ratio Q2 6M EBIT (mn €) +10mn € +19mn € 23 30 -38 -26 2023/24 2024/25 -15 4 8 14 -22 -18 2023/24 2024/25 -14 -4 CA gH2 EBIT Q2 • EBIT increase largely due to positive sales and margin effect coupled with slightly declining OpEx in gH2 segment; sales growth in CA segment also had a positive impact • Gross margin on group level increased slightly to 9% of sales EBIT 6M • Sales growth and improved project mix in gH2 driving EBIT • Strong yoy EBIT increase as expected, development in line with assumptions for FY guidance
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Declining operating expenses (in % of sales) support profitability 17 COGS • Slight improvement in % of sales driven by improved project mix in gH2 segment SG&A • Strong focus on costs leading to slightly declining expenses in gH2 business R&D • R&D efforts increased but have partially been capitalized • Continued focus on product development, mainly for AWE and SOEC technology, which is also benefitting from available funding 6M 37 37 15 15 2023/24 2024/25 337 429 COGS SG&A R&D 91% 8%10% 4% 3% 90% Operating costs (mn €) % of sales
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Improved net income and EPS driven by EBIT increase 18 EBIT to EPS (mn €) Q2 2023/24 Q2 2024/25 EBIT -14 -4 Financial income /(expense), net 6 4 Income tax expense -2 -3 Net income -10 -3 Earnings per share (EPS) (€) -0.08 -0.03 6M 2023/24 6M 2024/25 EBIT -15 4 Financial income /(expense), net 12 10 Income tax expense -3 -8 Net income -7 6 Earnings per share (EPS) (€) -0.06 0.05 EBIT to EPS Q2 • Slight decline in financial result partly due to lower interest income resulting from lower interest rates • Net income and EPS increase largely driven by EBIT improvement EBIT to EPS 6M • Positive financial income due to interest earned on cash position • Increase in net income and EPS due to EBIT increase
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 19 Positive Free Cash Flow as integral element of financial independence Change in NWC1 Free Cash Flow Cash flow (mn €) -8mn € +34mn € 36 -5 -11-4 6M 2023/24 6M 2024/25 -9 25 -6 -14 6M 2023/24 6M 2024/25 Change in NWC • Positive contribution from change in contract assets compensated by lower contract liabilities as well as trade payables & receivables • Higher inventory Free Cash Flow • Operating CF: Negative change in NWC more than offset by lower advance payments to suppliers and higher EBT • Investing CF: Higher cash outflow due to higher investments in intangible assets (esp. R&D) and higher PPE expenditures Operating CF Investing CF 1. As per Cash Flow Statement and defined as: Changes in assets and liabilities, inventories, trade accounts receivable, contract assets, trade accounts payable, contract liabilities. 2. As per Cash Flow Statement, excluding non-cash investments.
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 20 Substantial cash reserve set us apart from many competitors and provides security during market ramp-up 1. Net financial assets are calculated as balance of recognized cash, cash equivalents and time deposits, as well as short-term debt instruments and non-current and current financial liabilities.2. As per Cash Flow Statement and defined as: Changes in assets and liabilities, inventories, trade accounts receivable, contract assets, trade accounts payable, contract liabilities. 3. As per Cash Flow Statement, excluding non-cash investments. Net financial assets development (mn €) 6M 673 6769 19 Net financial assets Sept 24 EBITDA ΔNWC CAPEX Other Net financial assets March 25 -14 -11 CAPEX increased year-on- year, mainly in R&D 1 12 3
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 21 Outlook for FY 2024/25 confirmed Group sales 850 to 950mn € FY 2023/24: 862mn € Group EBIT Sales 450 to 550mn € FY 2023/24: 524mn € EBIT Improve to negative mid double-digit mn € figure FY 2023/24: -76mn € gH2 -30 to 5mn € FY 2023/24: -14mn € Sales 380 to 420mn € FY 2023/24: 338mn € EBIT Positive mid double-digit mn € figure FY 2023/24: 62mn € CA Includes start-up costs for SOEC technology But likely lower than PY Increase driven by AWE margin improvement
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 22 Key messages Green hydrogen pipeline maturing towards further project FIDs with Europe offering the largest potential in the short-term Proven track record of continuous focus on cost containment and cash management Our business model is characterized by a high degree of flexibility when ramping up – a major advantage in uncertain times Substantial cash reserve set us apart from many competitors
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 23 Questions & Answers
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 24 Events & Financial Calendar IR Contact Upcoming events thyssenkrupp nucera AG & Co. KGaA Investor Relations +49 231 229 724 347 ir@thyssenkrupp-nucera.com investors.thyssenkrupp-nucera.com Financial calendar Aug 14 Q3/9M 2024/25 Dec 17 Q4/FY 2024/25 May 28 DB European Champions Conference (Frankfurt) June 12 ODDO BHF Nextcap Forum 2025 (virtual) June 26 RBC Energy Transition Conference (London)
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 25 Appendix Note: The comparison figures for Q2/6M 2023/24 have been retrospectively adjusted in accordance with IAS 8.41.
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera New segment reporting (IFRS 8) as of FY 2024/25 26 Germany Italy Japan China Rest of World NCA group Green Hydrogen (gH2)1 Chlor-Alkali (CA) NCA group until Sept. 30, 2024 from Oct. 1, 2024 From regional steering… …to product steering FY 23/24 Sales: 524mn € EBIT: -76mn € Changed segment structure from Oct 1, 2024 FY 23/24 Sales: 338mn € EBIT: 62mn € 1. Includes AWE and SOEC business.
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera 27 EBITDA (in mn €) Q2 2023/24 Q2 2024/25 EBITDA -12 -2 EBITDA margin (in %) -7% -2% (in mn €) 6M 2023/24 6M 2024/25 EBITDA -13 9 EBITDA margin (in %) -3% 2%
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera External sales by region 28 The allocation of sales is based on the location of the construction site of each project. (in mn €) Q2 2023/24 Q2 2024/25 6M 2023/24 6M 2024/25 Europe 28 48 48 122 North America 11 24 26 54 South America 22 17 46 48 Asia / Pacific 10 5 21 11 Greater China 13 16 36 29 India 7 6 10 7 Middle East & Africa 73 101 184 207 Total 165 216 372 479
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Group | Summary income statement Q2 29 (in mn €) Q2 2023/24 Q2 2024/25 Sales 165 216 Cost of sales -153 -197 Gross profit 13 20 % margin 8% 9% R&D -9 -8 SG&A -20 -19 Other income /(expense), net 2 3 EBIT -14 -4 % margin -8% -2% Financial income /(expense), net 6 4 Income tax expense -2 -3 Net income -10 -3 Earnings per share (EPS) (in €) -0.08 -0.03
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Group | Summary income statement 6M 30 (in mn €) 6M 2023/24 6M 2024/25 Sales 372 479 Cost of sales -337 -429 Gross profit 35 50 % margin 9% 10% R&D -15 -15 SG&A -37 -37 Other income /(expense), net 1 5 EBIT -15 4 % margin -4% 1% Financial income /(expense), net 12 10 Income tax expense -4 -8 Net income -7 6 Earnings per share (EPS) (in €) -0.06 0.05
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Group | Summary balance sheet assets 31 1. Includes Other financial assets, Other non-financial assets and Deferred tax assets 2. Includes Other non-financial assets, Current income tax assets (in mn €) Sept 30, 2024 Mar 31, 2025 Property, plant and equipment 14 38 Goodwill 55 54 Intangible assets other than goodwill 7 13 Other non-current assets1 33 33 Total non-current assets 108 138 Inventories 147 180 Trade accounts receivable 63 68 Contract assets 122 108 Other financial assets 3 2 Cash and cash equivalents 680 702 Other current assets2 138 109 Total current assets 1,153 1,168 Total assets 1,261 1,306
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Group | Summary balance sheet equity and liabilities 32 1. Includes Accrued pension and similar obligations and Provisions for other non-current employee benefits 2. Includes Provisions for current employee benefits, Other provisions, Current income tax liabilities and Other non-financial liabilities (in mn €) Sept 30, 2024 Mar 31, 2025 Equity attributable to equity holders 754 760 Accrued pension and similar obligations1 9 9 Other provisions 1 0 Deferred tax liabilities 13 13 Lease liabilities and other financial liabilities 4 23 Total non-current liabilities 27 46 Trade accounts payable 163 160 Contract liabilities 225 237 Lease liabilities and other financial liabilities 7 5 Other current liabilities2 86 99 Total current liabilities 480 501 Total liabilities 507 546 Total equity and liabilities 1,261 1,306
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Group | Summary cash flow statement Q2 33 1. As per Cash Flow Statement and defined as: Changes in assets and liabilities net of non-cash effects in - Inventories, Trade accounts receivable, Contract assets, Trade accounts payable, Contract liabilities 2. Includes Deferred income taxes, net, Changes in assets and liabilities, net of non-cash effects in - Accrued pension and similar obligations and Other provisions, Other assets/liabilitiesnot related to investing financing activities (in mn €) Q2 2023/24 Q2 2024/25 Net income -10 -3 Depreciation & amortisation 2 2 Change in NWC1 2 -31 Other operating cash flow2 -7 31 Cash flow from operating activities -14 0 Expenditures for acquisitions -3 0 Capital expenditures -1 -5 Proceeds from disposals 0 0 Cash flow from investing activities -4 -5 Dividends paid to equity holders 0 0 Other financing cash flow -1 -1 Cash flow from financing activities -1 -1 Effect of exchange rate changes -2 -1 Increase/(decrease) in cash and cash equivalents -19 -6
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15 May 2025 | Q2/6M 2024/25 Results Presentation | thyssenkrupp nucera Group | Summary cash flow statement 6M 34 1. As per Cash Flow Statement and defined as: Changes in assets and liabilities net of non-cash effects in - Inventories, Trade accounts receivable, Contract assets, Trade accounts payable, Contract liabilities 2. Includes Deferred income taxes, net, Changes in assets and liabilities, net of non-cash effects in - Accrued pension and similar obligations and Other provisions, Other assets/liabilitiesnot related to investing financing activities (in mn €) 6M 2023/24 6M 2024/25 Net income -7 6 Depreciation & amortisation 3 5 Change in NWC1 -6 -14 Other operating cash flow2 7 38 Cash flow from operating activities -4 36 Expenditures for acquisitions -3 0 Capital expenditures -2 -11 Proceeds from disposals 0 0 Cash flow from investing activities -5 -11 Dividends paid to equity holders 0 0 Other financing cash flow -5 -2 Cash flow from financing activities -5 -2 Effect of exchange rate changes -2 0 Increase/(decrease) in cash and cash equivalents -15 22
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