Slides
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1 9M 2026 Financial Results Milan | November 4th, 2026
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2 With you today With You Today Chiara Locati IR & ESG Executive Director Paolo Dellachà CEO Luca Oglialoro CFO 9M 2026 RESULTS
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3 Agenda • Opening Remarks • 9M 2026 Business Achievements • 9M 2026 Financial Results & Guidance • Sustainability Journey - Update • Final Remarks • Q&A
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4 9M 2026 HIGHLIGHTS Solid set of results and strong order momentum. IWS lifts backlog and revenues 9M 2026 RESULTS Opening RemarksQ3 solid results Revenue growth driven by Electrodes, Pools and IWS¹, stable Adj. EBITDA 9M 2026 KEY RESULTS Including IWS since Q3’26 +2.8% Revenue growth YoY at constant FX 19.7% Adjusted EBITDA margin1 20.9% organic +60.6% Backlog: €723.1m vs 31 Dec. 2025 1 Calculated on recurring revenues. Order momentum: Significant order growth across all BUs, up 30% YoY including IWS¹ projects IWS integration: Activities underway, with benefit from synergies expected in 2027 Gigafactory: Public funding revised to €50m, covering 100% of eligible costs. 2026 guidance: organic revenues confirmed and Adj EBITDA margin toward the upper end of the range. Including IWS¹, revenues €880–€900m, Adj. EBITDA margin 17%–18% +30% YoY Orders: ≈€760m Book-to-bill2 1.2x 2 Book-to-bill = order intake / revenues. Results as of 30 September 2026 include IWS since 1 July 2026. Organic figures exclude IWS effects.
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5 9M 2026 results Solid Q3 supports revenue and adj. EBITDA performance, with strong order momentum Key Figures9M 2026 RESULTS €628.1 m REVENUES1 €123.2 m €53.5 m (€94.6) m (€41.3 m) Excluding M&A €321.4 m 20.8% Adj. EBITDA margin €723.1 mRevenues ADJ. EBITDA2 NET RESULT NFP ELECTRODE TECH BACKLOG €291.1 m 22.8% Adj. EBITDA margin Revenues WATER TECH €15.6 m (10.1) m Adj. EBITDA Revenues ENERGY TRANSITION1 +2.8% YoY constant FX 19.7% Adj. EBITDA margin €20.5 m Dividends distributed +60.6% vs. 31 Dec 2025 1.Results as of 30 September 2026 include IWS (formerly BW Water), consolidated from 1 July 2026 - Organic figures exclude the impact of IWS. The 9M 2026 data includes €2.4m of non-recurring revenues related to the IPCEI project. 2.The Adjusted EBITDA margin is calculated on the recurring revenues (€625.7m). +0.1% YoY organic constant FX 20.9% organic 25.6% organic +19.3% organic €69.4 m Excl. Associates’ result +12.6% YoY
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6 Agenda • Opening Remarks • 9M 2026 Business Achievements • 9M 2026 Financial Results & Guidance • Sustainability Journey - Update • Final Remarks • Q&A
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7 72% 17% 11% Chlor-Alkali Electronics Electrowinning & Specialties 313 384 9M '25 9M'26 28% 47% 25% EMEIA Asia Americas 61% 39% New Applications Aftermarket Electrode Technologies Strong order intake across all product lines drives backlog growth BUs Achievements ORDERS BY GEOGRAPHIES €m BACKLOG: +21% vs. Dec. 2025 ORDER INTAKE: +23% YoY ORDERS BY TYPE 9M 2026 RESULTS €m 272 251 303 30 Sep. '25 31 Dec. '25 30 Sep. '26
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8 152 129 142 186 27 51 53 30 Sep. '25 31 Dec. '25 30 Sep. '26 Pools IWS WTS 165 136 41 98 161 9M '25 9M '26 Pools IWS WTS Water Technologies Strong order intake and backlog is building momentum for 2027 BUs Achievements9M 2026 RESULTS 338 179 180 +7% +64% ORDERS: UP 28% YoY BACKLOG: 2X vs Dec.’25 ORDERS BY GEO: WTS+IWS BACKLOG BY INDUSTRY: WTS+IWS 381 €m €m 263 328 30% 3% 14%18% 35% Municipal Power, Oil&Gas Semiconductors Other industries North America South America Europe Middle East & Africa Asia 28% 14%47% 7% 4% New 64% Aftermarket 36% Desalination
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9 BUs Achievements9M 2026 RESULTS Q3 2026 flagship projects & PFAS contracts 1 WT: Water Treatment 2 AOP: advanced oxidation process • Doubling WT1 capacity by 2030 due to urban expansion • De Nora solution: Cechlo • 440k m3/d WT1 capacity On-site chlorine generation system Ngau Tam Mei WT1 plant Hong Kong Large photovoltaic proj. US - Texas Largest ozone-based AOP2 project • Photovoltaic & semiconductor wastewater treatment • De Nora solution: Capital Controls® ozone • 50 kg/h ozone generation WTSWTS • Scope: design, procurement, delivery to site, installation, testing & commissioning • End-to-end solutions to treat and recover water in 2 semiconductor new plants 2 semiconductor plants Southeast Asia | Europe WT1 and recovery integrated solutions IWS PFAS filtration, SORB FX system Steel industry proj. US - Alabama • Tailored SORB system for the largest worldwide steel rolling and recycling plant • PFAS update: 13 proj. (FY’25, YTD) in US, Italy and Sweden. 10 municipal & 3 industrial SORB FX Contaminant removal systems WTS
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10 ~1.9 GW FEED* – phase green H2 projects involving our jv nucera 10% 90% Lithium Green H2 Energy Transition 9M 2026 RESULTS Advancing energy transition through green hydrogen and lithium refining BUs Achievements ORDERS: MOEVE 300 MW AWARD BACKLOG: €39M NEXT OPPORTUNITES 7 36 9M'25 9M'26 €m Onuba: Andalusian Green H2 Valley, 300 MW Green Hydrogen Large Scale * Front End Engineering Design LITHIUM REFINING/ RECYCLING - Two projects in Japan for lithium recovery from spent batteries nearing completion - Firm commitment to accelerating market penetration in salt splitting - Contract finalization underway with Tuleva for the largest E-chem lithium refining project in the US (€10+m)
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11 Agenda • Opening Remarks • 9M 2026 Business Achievements • 9M 2026 Financial Results & Guidance • Sustainability Journey - Update • Final Remarks • Q&A
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12 +16.0% YoY 2026 Revenue by Quarter • Growth across all lines driven by project execution and prices ELECTRODE TECHNOLOGIES 1. WTS: Water Technologies Systems 2. IWS: Integrated Water Solutions WATER TECHNOLOGIES • +11% organic YoY growth, driven by Pools (+38%YoY ) on price increase due to raw material inflation • WTS¹ affected by project delays in the Middle East • IWS2 contributed €16.4m ENERGY TRANSITION • Revenues in line with expectations, driven by backlog execution Revenues9M 2026 RESULTS 106.8 114.7 105.2 85.6 113.8 122.0 75.9 75.0 75.5 84.9 17.7 25.5 35.0 8.0 4.8 2.8 Q1'25 Q2'25 Q3'25 Q1'26 Q2'26 Q3'26 215.2 200.4 178.5 224.6 215.7 225.0 106.0 83.8 €m +32.7% YoY Electrode Technologies Energy Transition Water Technologies IWS Q3 growth driven by Electrode Technologies, Pools and IWS contribution +4.3% Q3’26 Revenues YoY -3.3% Q3’26 Organic Revenues YoY 16.4 Results as of 30 September 2026 include IWS since Q3’2026. Organic figures exclude the impact of IWS.
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13 326.7 321.4 332.5 226.4 274.7 283.3 78.2 15.6 16.5 9M 2025 9M 2026 9M 2026 Constant FX 16.4 9M 2026 Revenue Electrode Technologies Energy Transition Water Technologies IWS By Type By Geography • In line with guidance • Aftermarket revenues at 44.2% ELECTRODE TECHNOLOGIES WATER TECHNOLOGIES • Pools +58% YoY, driven by price increase due to raw material inflation • WTS¹ expected to accelerate in Q4. Aftermarket revenues 45.5% • IWS2 contributed €16.4m ENERGY TRANSITION • Revenues in line with expectations, driven by backlog 631.3 628.1 +32.4% YoY +1.8% YoY +28.6% YoY -1.6% YoY€m Revenues Revenues growth at constant FX, with Water balancing Energy Transition trend 648.7 9M 2026 RESULTS 1. WTS: Water Technologies Systems 2. IWS: Integrated Water Solutions Americas 37.3% EMEIA 27.5% APAC 35.2% Services 31% New Installations 69% +0.1% Organic Revenues constant fx +2.8% Revenues constant fx 16.4 The 9M 2026 data includes €2.4m of non-recurring revenues related to the IPCEI project.
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14 Backlog expands 2026 38.6% 2027 44.6% 2028 10.6% 2029+ 6.2% Backlog @ 30 Sep. 2026 by Year of Deployment BacklogIWS adds scale and strengthens 2027 revenue visibility 271.9 251.0 303.1 186.0 178.7 180.0 195.0 50.0 19.3 39 30 Sep. 2025 31 Dec. 2025 30 Sep. 2026 500.6 450.3 723.1 Electrode Technologies Energy Transition Water Technologies IWS €m 9M 2026 RESULTS +19.3% Organic Backlog vs Dec. 2025 +60.6% Backlog vs Dec. 2025 Results as of 30 September 2026 include IWS since Q3’2026. Organic figures exclude the impact of IWS.
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15 11.1 11.6 1.8 1.7 9M 2025 9M 2026 recurring costs IPCEI costs 86.8 92.3 9M 2025 9M 2026 410.3 398.4 9M 2025 9M 2026 Operating Costs 9M 2026 operating costs Stable corporate structure and R&D costs 9M 2026 RESULTS COGS (€m)* SG&A and Corporate (€m)* R&D (€m)* 65.0% 63.7% 13.7% 14.7% 2.0% 2.1% As % of sales KEY HIGHLIGHTS COGS • Incidence reduction due to revenue mix SG&A and Corporate • Slight increase due to IWS integration and inflationary effects • IWS cost synergies expected to begin in 2027 R&D • R&D expenses broadly in line with 9M 2025, including IPCEI project costs *Net of non-recurring costs (income): 1) COGS: €12.3m in 9M 26, €3.9m in 9M 25; 2) SG&A and Corporate: €3.6m in 9M 26, €2.6m in 9 M 25; R&D: non recurring income €17.2m in 9M 26, €2.5m in 9M 2025 12.9 13.3
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16 68.4 67.0 49.4 66.3 6.6 (10.1) 9M 2025 9M 2026 124.4 Adjusted EBITDA 9M 2026 9M 2026 RESULTS • Stable margin driven by volumes and a favourable production mix ELECTRODE TECHNOLOGIES WATER TECHNOLOGIES • +42% organic YoY growth, driven by revenue expansion and mix • +34.2% YoY growth including IWS • IWS: soft performance reflecting post-acquisition cost adjustments ENERGY TRANSITION • Profitability trend driven by lower volume • Recurring R&D costs at ~44% of reported revenues Adj. EBITDA* Margin 19.7% 19.7% Electrode Technologies 20.9% 20.8% Water Technologies 21.8% 22.8% (like for like 25.6%) Energy Transition* 8.5% -76.5% 123.2 Adj EBITDA Electrode Technologies Energy Transition Water Technologies €m Water Technologies supports a broadly stable adjusted EBITDA margin 19.7% Adj. EBITDA margin 20.9% Organic Adj. EBITDA margin Results as of 30 September 2026 include IWS since 1 July 2026. Organic figures exclude IWS effects. *The Adjusted EBITDA margin is calculated on the recurring revenues: total recurring revenues €625.7m. Energy Transition recurring revenues:€13.2m.
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17 EBITDA to net income bridge 9M 2026 RESULTS Net Income Bridge9M 2026 9M 2025 EBITDA Amm & Dep EBIT Financial Expenses Share of Associates’ result EBT Taxes NET INCOME NET INCOME excluding Associates’ result 125.9 (26.7) 99.2 (3.8) (15.9) 79.5 53.5 69.4 (26.0) EBITDA Amm & Dep EBIT Financial Expenses Share of Associates’ result EBT Taxes NET INCOME NET INCOME excluding Associates’ result 121.4 (26.6) 94.8 (7.0) (1.2) 86.6 (26.2) 60.4 61.6 +12.6% YoY Net Income up double digits, excluding Associates’ results
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18 86.7 125.9 (136.2) 1.0 (23.7) (20.5) (31.5) (53.3) (42.2) (0.8) -94.6 Net Financial Position 9M 2026 RESULTS Net Financial Position €m Net debt broadly in balance excluding M&A and public funding receivables, despite higher noble metal prices • NWC absorption entirely attributable to higher raw material costs, primarily in Q1 • ≈€32m increase in public funding receivables (IPCEI Project), bringing the total @30 Sep. 2026 to ≈€44m NFP DEC’25 EBITDA 9M’26 Δ NWC OTHER OPERATING TAXES PAID CAPEX NET FINANCIALS AND OTHER DIVIDENDS NFP pre M&A & IPCEI Prj. IPCEI/ PNNR IWS M&A NFP SEP’26 86.7 (9.8) (94.6)
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19 2026 organic EBITDA margin at the upper end of the range, IWS accelerates revenue growth Guidance 20269M 2026 RESULTS REVENUES Adj. EBITDA margin 30 Jul. 2026 Organic Guidance Total guidance Update: 30 Sept. 2026 Organic guidance IWS *v.s. previous positive low single digit. €830m-€850m Electrode Technologies Low single-digit decline Energy Transition €15m-€25m Water Technologies Low double-digit increase 18%-20% €80m CAPEX Confirmed €50–€60m €880m-€900m Confirmed Low single-digit decline ≈€20m ≈€20m Confirmed €50-€60m vs. previous $90m (€77m) Growth in the mid-30% range 19%-20% Slightly negative* ≈ break-even excl. one-off effects 17%-18% €70m €70m
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20 Agenda • Opening Remarks • 9M 2026 Business Achievements • 9M 2026 Financial Results & Guidance • Sustainability Journey - Update • Final Remarks • Q&A
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21 Sustainability Journey Update ESG Journey9M 2026 RESULTS 9M 2026 achievements and progress toward 2026 targets Green Innovation Climate Action & Circular Economy People Communities & Supply Chain Governance 2026 target: Anti-corruption training and monitoring systems across geographies Internal ESG Product Scorecard training ≈35%* of Electrode Techs’ new installation revenues from products designed for a second life 2026 target: disclosure *YTD, data at 30 Sep.2026 ≈41%* renewable energy 2026 target: 40% Wood packaging reused, on track* with target 2026 target: 40% ≈ 10%* less noble metal in products 2026 target: -4% vs 2022 Mental health 1 trained first aider per site ≥25% of workforce trained 2026 targets achieved Inclusive recruitment Strengthen processes for candidates with disabilities 2026 target: 100% of territories Gender pay gap Target: −5% to +5% Each year, 2026–2030 High-risk suppliers 2026 target: 100% engaged Activities underway Event planned for Q1’27 2026 target: 50% of white-collar employees Partnerships to support STEM careers 2026 target: 40% women Visits and professional talks for students 2026 target: held in every major site 50% of revenues >80% of R&D Analysis ongoing Contribution to the SDGs 2026 targets:
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22 Agenda • Opening Remarks • 9M 2026 Business Achievements • 9M 2026 Financial Results & Guidance • Sustainability Journey - Update • Final Remarks • Q&A
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23 Final remarks Order momentum and solid profitability drive the Group’s growth outlook Final Remarks Order momentum continues across all businesses, providing visibility on revenue growth. IWS integration is ongoing, with new orders increasing in the fast- growing semiconductor industry The investment cycle will conclude by year-end, providing ample capacity to support future business growth 2026 revenues expected to grow at a low to mid single-digit rate, supported by resilient Electrode Technologies, growth in Pools and the IWS acquisition, with solid profitability 9M 2026 RESULTS
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24 Q&A
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25 Carbonomics Conference, London – Goldman Sachs UPCOMING EVENTS 2026 Calendar Nov. 10 Dec. 2 Investor Relations – Ready to engage Tech Leaders Forum, Paris – Euronext IR CONTACTS Chiara Locati ir@denora.com Investor | Relations Overview | De Nora Ph: +39 02 21292124 9M 2026 RESULTS
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26 Additional Materials
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27 Income Statements Income StatementsAdditional Materials (€m) Q3 2025 9M 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 H1 2026 Q3 2026 9M 2026 Revenue 215.7 631.3 243.7 875.0 178.5 224.6 403.1 225.0 628.1 YoY Growth (%) 7.4% 5.0% -6.8% 1.4% -10.9% 4.4% -3.0% 4.3% -0.5% Royalties and commissions (1.6) (5.4) (3.5) (8.9) (1.3) (1.5) (2.8) (1.5) (4.3) Cost of goods sold (139.4) (408.8) (153.6) (562.4) (110.4) (143.9) (254.3) (152.2) (406.5) Selling expenses (8.0) (24.0) (7.9) (31.9) (7.4) (7.6) (15.0) (7.9) (22.9) G&A expenses (12.6) (38.2) (13.9) (52.1) (12.1) (12.2) (24.2) (15.1) (39.3) R&D expenses (3.0) (8.7) (5.8) (14.5) (1.8) (2.0) (3.8) 9.4 5.6 Other operating income (expenses) - 2.3 (1.4) 0.9 (0.9) (0.4) (1.3) 0.1 (1.2) Corporate costs (8.6) (27.2) (14.7) (41.9) (10.0) (12.0) (22.0) (11.6) (33.6) EBITDA 42.5 121.3 42.9 164.2 34.6 45.0 79.7 46.2 125.9 Margin (%) 19.7% 19.2% 17.6% 18.8% 19.4% 20.0% 19.8% 20.5% 20.0% Depreciation and amortization (8.8) (26.7) (9.0) (35.7) (8.2) (9.2) (17.4) (9.4) (26.8) Impairment 0.1 0.1 0.2 0.3 - 0.4 0.4 (0.4) - EBIT 33.8 94.7 34.1 128.8 26.4 36.2 62.7 36.4 99.1 Margin (%) 15.7% 15.0% 14.0% 14.7% 14.8% 16.1% 15.6% 16.2% 15.8% Share of profit of equity-accounted investees (0.4) (1.2) (0.7) (1.9) - (16.5) (16.5) 0.7 (15.8) Net Finance income / (expenses) (0.5) (7.0) (1.3) (8.3) (0.7) (0.5) (1.3) (2.5) (3.8) Profit before tax 32.9 86.5 32.1 118.6 25.7 19.2 44.9 34.6 79.5 Income taxes (8.0) (26.1) (9.8) (35.9) (7.7) (8.5) (16.2) (9.8) (26.0) Net Result 24.9 60.4 22.3 82.7 18.0 10.7 28.7 24.8 53.5
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28 Quarterly Revenues and adj. EBITDA by BU Quart. Rev. and Adj. Ebitda By BUAdditional Materials (€m) Q3 ‘25 Q4 ‘25 Q1 ‘26 Q2 ‘26 Q3 ‘26 Q3 ‘26 vs Q3 ‘25 REVENUES 215.7 243.7 178.5 223.6 224.9 4.3% Electrode Technologies 105.2 110.4 85.6 113.8 122.0 16.0% Energy Transition 35.0 33.7 8.0 3.8 2.7 -92.3% Water Technologies 75.5 99.6 84.9 106.0 100.2 32.7% EBITDA Adj. 43.0 47.4 36.0 45.8 41.4 -3.7% EBITDA Adj. Margin 19.9% 19.5% 20.2% 20.5% 18.4% Electrode Technologies 21.0 19.3 17.5 24.2 25.3 20.5% Ebitda Adj. Margin 20.0% 17.5% 20.4% 21.3% 20.7% Energy Transition 5.5 8.7 (3.4) (4.7) (2.0) -136.4% Ebitda Adj. Margin 15.7% 25.8% -42.5% -123.7% -74.1% Water Technologies 16.5 19.4 21.9 26.3 18.1 9.7% Ebitda Adj. Margin 21.9% 19.5% 25.8% 24.8% 18.1%
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29 Income Statement Focus on EBITDA adjustments Income StatementAdditional Materials (€m) 9M 2025 9M 2026 Sales 631.3 628.1 EBITDA 121.4 125.9 Margin (%) 19.2% 20.0% Termination costs (labor + legal expenses) 0.6 0.6 GF Revenues related to IPCEI eligible cost - (2.3) IPCEI GF Eligible costs (net of grant) (0.4) (5.0) Costs for M&A, integration, and company reorganization 1.9 2.9 Marine business divesture 0.7 - Fracking business divesture 0.4 - Other non-recurring costs (0.1) 1.1 Adj. EBITDA 124.5 123.2 Margin (%) 19.7% 19.7%
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30 Balance Sheet Balance SheetAdditional Materials (€m) FY 2025 9M 2026 Intangible assets 101.4 185.1 Property, plant and equipment 315.6 341.9 Equity-accounted investees 232.7 217.5 Fixed asset 649.7 744.6 Inventories 214.4 332.7 Contract work in progress, net of advances from customers 32.4 4.0 Trade receivables 152.9 198.3 Trade payables (113.5) (95.8) Operating working capital 286.3 439.2 Other current assets and liabilities (18.7) (32.3) Net working capital 267.6 406.9 Deferred tax assets 13.3 16.2 Other receivables and non-current financial assets 10.1 11.1 Employee benefits (24.7) (24.4) Provisions for risks and charges (24.4) (20.9) Deferred tax liabilities (4.9) (6.8) Trade payables (0.1) (0.1) Other payables (2.6) (3.7) Other net non current asset and liabilities (33.3) (28.7) Net invested capital 884.0 1,122.8 Net current Liquidity / (Financial Indebtedness) 105.6 (33.6) Non-current Financial Indebtedness (18.8) (61.0) Net Liquidity / (Financial Indebtedness) - ESMA 86.7 (94.6) Fair value of financial instruments (0.1) - Net Liquidity / (Financial Indebtedness) - De Nora 86.6 (94.6) Total Equity (970.6) (1,028.2) Total sources (884.0) (1,122.8)
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31 Cash Flow Statement Cash Flow StatementAdditional Materials (€m) 9M 2025 9M 2026 EBITDA 121.4 125.9 Losses on the sale of property, plant and equipment and intangible assets (0.7) 0.3 Other non-monetary items (1.3) (1.5) Cash flows generated by operating activities before changes in net working capital 119.5 124.8 Change in inventory 3.3 (107.2) Change in trade receivables and construction contracts 10.1 (37.1) Change in trade payables (24.3) (26.1) Change in other receivables/payables (35.5) 9.5 Cash flows generated by changes in net working capital (46.5) (161.0) Cash flows generated by operating activities 72.9 (36.2) Net Interest and Net other financial expense paid 1.1 (4.9) Income taxes paid (32.3) (23.8) Net cash flows generated by operating activities 41.7 (64.9) Sales of property, plant and equipment and intangible assets 1.0 0.3 Investments in tangible and intangible assets (45.2) (40.4) Acquisitions (net of cash acquired) - (50.9) (Investments) Divestments in financial activities (1.9) 10.5 Net cash flows used in investing activities (46.1) (80.6) Share capital increase 2.3 1.0 New loans/(Repayment) of loans 6.9 122.1 Increase (decrease) in other financial liabilities (2.9) (3.5) Dividends paid (20.7) (20.5) Net cash flows generated by financing activities (14.5) 99.1 Net increase (decrease) in cash and cash equivalents (18.8) (46.3) Opening cash and cash equivalents 215.9 109.1 Exchange rate gains/(losses) (8.8) 1.9 Closing cash and cash equivalents 188.3 64.6
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32 Thanks IR CONTACTS ir@denora.com Investor Relations | Overview | De Nora