Earnings release
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PRESS RELEASE THE BOD APPROVES THE CONSOLIDATED RESULTS FOR THE FIRST NINE MONTHS OF 2026 Revenues1 of 628.1 million euro, up 2.8% at constant exchange rates, supported by the recovery in Electrode Technologies, growth in the Pools line and the contribution from the new Integrated Water Solutions (IWS) line Organic revenues stable at constant exchange rates compared with the first nine months of 2025 Adjusted EBITDA at 123.2 million euro, with an adjusted EBITDA margin2 of 19.7%, in line with the same period of 2025. Organic profitability at 20.9% Backlog at 723.1 million euro, the highest level in the last three years, up 60.6% compared to year- end 2025, also supported by IWS’s contribution of 186.1 million euro *** 2026 OUTLOOK Organic revenue guidance confirmed, with organic adjusted EBITDA margin expected at 19%-20%, at the upper end of the previously communicated range (18%-20%) For IWS, second-half revenues expected to be between 50 and 60 million euro with a slightly negative EBITDA margin, substantially at break-even excluding one-off effects (previous guidance: revenues of 77 million3 euro and a positive low-single-digit EBITDA margin) 2026 CONSOLIDATED GUIDANCE • Revenues: 880–900 million euro • Adjusted EBITDA margin: 17%–18% • CapEx: approximately 70 million euro (previous guidance: approximately 80 million euro) *** Key consolidated results for the first nine months of 2026: • Revenues4: euro 628.1 million (euro 631.3 million in 9M 2025), -0.5% YoY, +2.8% at constant exchange rates • Organic revenues: 611.7 million euro, +0.1% YoY at constant exchange rates • Adjusted5 EBITDA: euro 123.2 million (euro 124.4 million in 9M 2025), -1% YoY • Organic adjusted EBITDA: 127.1 million euro, +2.2% YoY • Net Income: euro 53.5 million (euro 60.4 million in 9M 2025), -11.4% YoY. Excluding the effects of equity-accounted investments, Net Income would have amounted to 69.4 million euro, up 12.6% YoY 1 The figure includes non-recurring revenues of €2.4 million related to eligible IPCEI Gigafactory costs. The results as of September 30, 2026 include the economic and financial effects of the IWS (Integrated Water Solutions) product line, formerly BW Water, a company acquired with effect from July 1, 2026. The figures as of September 30, 2025 used for year-on-year comparisons do not include the contribution of IWS. Figures referred to as “organic” exclude the contribution of IWS for the first nine months of 2026, therefore allowing for a like-for-like comparison of results. 2 The adjusted EBITDA margin is calculated on recurring revenues of €625.7 million. 3 Previous guidance: USD 90 million, at an EUR/USD exchange rate of 1.161. 4 The figure includes €16.4 million in revenues related to IWS. The year-on-year change in organic revenues, excluding IWS, was -3.1%, and +0.1% at constant exchange rates. 5 The figure includes -€3.9m related to IWS. The difference between adjusted EBITDA and reported EBITDA in the figures as of September 30, 2025 and September 30, 2026 is described in the “Reported EBITDA vs. Adjusted EBITDA” table, at the end of this press release.
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2 • Net Financial Position : negative at euro 94.6 million (negative at euro 30.1 million as of June 30, 2026). Excluding the cash outflow for the acquisition of BW Water and the impact of receivables related to public funding not yet collected, net debt would amount to approximately euro 10 million *** Milan, November 4, 2026 – The Board of Directors of Industrie De Nora S.p.A. (the “Company” or “De Nora”) – an Italian multinational listed on Euronext Milan, specializing in electrochemistry, water treatment systems and sustainable solutions – meeting under the chairmanship of Federico De Nora, approved the financial results as of September 30, 2026 (unaudited). Paolo Dellachà, Chief Executive Officer of Industrie De Nora, commented: “2026 continues to be marked by a particularly complex macroeconomic and geopolitical environment, with different dynamics across geographies and inflationary pressures affecting market trends, supporting certain businesses while, at the same time, putting pressure on operating costs. Against this backdrop, the Group continues to demonstrate the strength of its business model, supported by its geographic and end-market diversification, the strategic nature of the solutions we provide and the expertise of our teams. These factors, together with our leadership positions, enable us to navigate market challeng es while maintaining sound profitability. Backlog reached its highest level in the last three years, supported by order growth across all business units and the contribution of IWS, providing greater visibility on business developments through the remainder of 2026 and into 2027. This result confirms the strength of our diversification strategy and the Group’s positioning in markets with the greatest growth potential. In light of the results achieved, we confirm our full-year organic revenue expectations, with organic profitability expected to reach the upper end of the previously communicated range. This performance is complemented by the contribution of IWS, formerly BW Water, which joined the Group on July 1st, broadening o ur portfolio of activities and contributing to revenue and order growth.” *** KEY INCOME STATEMENT INDICATORS (Euro million) 9M 2025 9M 2026 Var. % Revenues 631.3 628.1 -0.5% Adj. EBITDA 124.4 123.2 -1.0% Adj. EBITDA Margin8 19.7% 19.7% +/-0.0 p.p. Adj. EBIT 97.9 97.7 -0.1% Net Profit 60.4 53.5 -11.4% Revenues6 as of September 30, 2026 amounted to 628.1 million euro, compared to 631.3 million euro as of September 30, 2025. The figure was impacted by 20.6 million euro due to the evolution of certain currencies, particularly the Euro/Dollar and Euro/Yen exchange rates. Net of these effects, revenues increased by 2.8% compared to the first nine months of 2025. Organic revenues, excluding the contribution from IWS 7, amounted to 611.7 million euro (+0.1% YoY at constant exchange rates). Revenue performance on a year-on-year basis reflects the progressive recovery of the Electrode Technologies business in the second and third quarters, the expected decline in the Energy Transition business and growth in the Water Technologies business, which benefited from the performance of the Pools line (+57.8% year- on-year) and the contribution from the new IWS product line. 6 The figure includes non-recurring revenues of €2.4m related to eligible costs for the IPCEI Gigafactory project. 7 IWS, formerly BW Water, acquired with effect from July 1, 2026, contributed €16.4m to consolidated revenues in the third quarter of 2026.
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3 In the third quarter , consolidated revenues amounted to euro 225.0 million , increasing b y 4.3% compared to the same period of 2025 (-3.3% YoY on an organic basis). Adjusted EBITDA as of September 30, 2026 amounted to euro 123.2 million, compared to euro 124.4 million as of September 30, 2025, with an adjusted EBITDA margin8 of 19.7%, in line with the first nine months of 2025. Organic adjusted EBITDA, excluding the IWS line, increased by 2.2%, with an adjusted EBITDA margin of 20.9%. This performance was attributable to the stability of the Electrode Technologies business and the growth of the Pools line, which more than offset the expected performance of the Energy Transition business. Adjusted EBIT amounted to euro 97.7 million , in line with euro 97.9 million as of September 30, 2025. Reported EBIT, which benefited from IPCEI funding, amounted to euro 99.2 million, up 4.6% compared to the first nine months of 2025 (euro 94.8 million). The share of result from equity-accounted investments related to the associate thyssenkrupp nucera AG & Co. KGaA (“thyssenkrupp nucera”), in which the Group held a 25.85% stake as of September 30, 2026, was negative by euro 15.9 million, compared to negative euro 1.2 million as of September 30, 2025. Net financial expenses amounted to euro 3.8 million, improving from euro 7.0 million as of September 30, 2025. This performance reflects the optimization of the Group’s financial structure and the treasury management initiatives implemented during the period, including the reorganization of business -related financial flows. The improvement is particularly significant considering the increase in net financial debt as of September 30, 2026, which reflects both the increase in Net Working Capital related to higher raw material prices and receivables associated with public funding, and the cash outflow related to the acquisition of BW Water. Adjusted Net Income as of September 30, 2026 amounted to euro 53.2 million, compared to euro 64.5 million in the first nine months of 2025. Including non -recurring charges and income, Net Income amounted to euro 53.5 million, compared to euro 60.4 million as of September 30, 2025. Excluding the effects of equity-accounted investments, Net Income would have amounted to euro 69.4 million, representing an increase of approximately 12.6% compared to the corresponding figure in 2025. Backlog as of September 30, 2026 amounted to euro 723.1 million, up 60.6% compared to December 31, 2025, reaching its highest level in the last three years. This performance reflects organic growth of 19.3%, supported by all businesses, combined with the contribution from IWS, amounting to euro 186.1 million. The size and composition of the order backlog currently provides a high degree of visibility on revenue development in 2026 and 2027. BREAKDOWN OF REVENUES BY BUSINESS SEGMENT (Euro million) 9M 2025 9M 2026 % Revenues 9M’26 Var. % 9M’26 vs. 9M’25 Electrode Technologies 326.7 321.4 51.2% -1.6% Water Technologies 226.4 291.1 46.3% +28.6% Energy Transition 78.2 15.6 2.5% -80.1% Total 631.3 628.1 -0.5% Revenues by business The Electrode Technologies business recorded revenues of euro 321.4 million, compared to euro 326.7 million in the first nine months of 2025, with aftermarket revenues accounting for 44.2%, in line with the same period of 2025. The figure includes a negative foreign exchange rate effect of euro 11.1 million. Net of this effect, revenues for the business increased by 1.8% year-on-year. The performance reflects the progress of projects in the order backlog and price increases related to higher critical raw material costs. 8 The adjusted EBITDA margin as of September 30, 2026 is calculated on recurring revenues. Adjusted EBITDA includes a negative contribution of €3.9m from the IWS product line.
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4 During the third quarter, revenues increased by 16%, supported by the positive performance of all product lines. The Water Technologies business reported revenues of euro 291.1 million, up 28.6% compared to euro 226.4 million in the first nine months of 2025. Net of the negative impact of foreign exchange rates, growth amounted to 32.4%. Business performance was primarily driven by the expansion of the Pools line, which generated revenues of 154.2 million, up 57.8% year-on-year, mainly supported by price growth attributable to inflationary pressures on critical raw materials, while sales volumes remained substantially stable. The Water Technologies Systems (“WTS”) line totaled revenues of euro 120.5 million, compared to euro 128.7 million in the first nine months of 2025, with aftermarket revenues accounting for 45.5% (42.6% in the first nine months of 2025). The revenue trend reflects a negative foreign exchange impact of euro 3.0 million, as well as the progress profile of the projects in the backlog, whose execution is expected, as usual, to accelerate in the fourth quarter of the year. The figure was also impacted by delays in the execution of certain projects in the Middle East, related to the geopolitical environment. The new IWS product line contributed euro 16.4 million to revenues for the period . Organic growth in the Water Technologies business, excluding IWS, amounted to 21.3% year-on-year in the first nine months of 2026. In the third quarter, the Water Technologies business recorded 32.7% revenue growth compared to the third quarter of 2025 (organic growth of 11%). The Energy Transition9 business posted revenues of euro 15.6 million, compared to euro 78.2 million in the first nine months of 2025. The figure’s evolution, in line with expectations, reflects the completion in 2025 of two large-scale projects in the green hydrogen market, NEOM in Saudi Arabia and Stegra in Sweden. BREAKDOWN OF REVENUES BY GEOGRAPHIC AREA (Euro million) 9M 2025 9M 2026 % Revenues 9M’26 Var. % 9M’26 vs. 9M’25 AMS 211.1 234.2 37.3% +10.9% APAC 210.0 221.0 35.2% +5.2% EMEIA 210.2 172.9 27.5% -17.7% Total 631.3 628.1 -0.5% With reference to the breakdown of revenues by geographical area, during the reference period the Americas (AMS) region accounted for 37.3% of total revenues, up from 33.4% in the first nine months of 2025, mainly driven by the development of the Water Technologies business. The APAC (Asia-Pacific) region represented 35.2% of consolidated revenues, compared to 33.3% in the same period of 2025. Lastly, the EMEIA (Europe, Middle East, India & Africa) region ’s share decreased to 27.5%, from 33.3% in the first nine months of 2025, mainly reflecting the completion of the NEOM project in 2025 and the aforementioned delays in the Water Technologies business. ADJUSTED EBITDA AND EBITDA MARGIN BY BUSINESS SEGMENT 10 (Euro million) Adj. Ebitda 9M 2025 Adj. Ebitda Margin 9M 2025 Adj. Ebitda 9M 2026 Adj. Ebitda Margin 9M 2026 Electrode Technologies 68.4 20.9% 67.0 20.8% Water Technologies 49.4 21.8% 66.3 22.8% Energy Transition11 6.6 8.4% (10.1) -76.5% Total 124.4 19.7% 123.2 19.7% 9 The figure includes non-recurring revenues of €2.4m related to eligible IPCEI Gigafactory costs. Excluding this item, adjusted revenues amount to €13.2m. 10 The adjusted EBITDA margin is calculated on recurring revenues. 11 The adjusted EBITDA margin is calculated on recurring revenues, which for the Energy Transition business amounted to €13.2m.
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5 Adjusted EBITDA by business The Electrode Technologies business reported adjusted EBITDA of euro 67.0 million, compared to euro 68.4 million in the first nine months of 2025, corresponding to a 20.8% margin on revenues, in line with the previous year (20.9% in the first nine months of 2025). The change on a year-on-year basis mainly reflects lower volumes and a different revenue mix. The Water Technologies business reported adjusted EBITDA of euro 66.3 million, up 34.2% compared to the first nine months of 2025 (euro 49.4 million), with a margin on revenues of 22.8%, an increase of 1 percentage point compared to 21.8% recorded in the same period of 2025. The figure includes the slightly negative contribution from IWS, mainly related to the revision of the margins on certain contracts currently under execution that were signed prior to the acquisition. This revision reflects the alignment of margins with the overall expected profitability of the relevant projects. Excluding these one -off effects, IWS profitability would be substantially positive. Excluding the contribution from IWS, the organic adjusted EBITDA margin amounted to 25.6%. The improvement in organic profitability is mainly attributable to higher revenues and a more favorable business mix, with the Pools line accounting for a larger share of the business revenues. The Energy Transition business reported a negative adjusted EBITDA of euro 10.1 million, compared with a positive result of euro 6.6 million in the first nine months of 2025, in line with the expected reduction in volumes. The figure also includes Research and Development ( R&D) expenses, which during the period accounted for approximately 44%12 of revenues. Net Financial Position Net Financial Position as of September 30, 2026 showed net debt of euro 94.6 million, compared to net cash of euro 86.7 million as of December 31, 2025. The change during the period mainly reflects the cash outflow related to the acquisition of BW Water, amounting to approximately euro 53.3 million, an d the increase in Net Working Capital. The latter was mainly attributable to the sharp increase in prices of critical raw materials, particularly in the first months of 2026, and to the recognition of receivables related to IPCEI public grants amounting to euro 31.5 million, which, as they had not yet been collected as of September 30, resulted in higher cash absorption. Excluding the impact of these receivables and the cash outflow related to the acquisition, the Net Financial Position would have been negative by approximately euro 10 million. SIGNIFICANT EVENTS OCCURRED DURING THE THIRD QUARTER OF 2026 Completion of BW Water acquisition On July 1, 2026, De Nora announced that it ha d completed the acquisition of 100% of BW Water Pte. Ltd. (“BW Water”). The consideration paid at closing amounted to USD 60.8 million . The consideration paid at closing amounted to USD 60.8 million. During the third quarter, the new IWS business line (formerly BW Water) secured new orders totaling approximately 41 million euro in the semiconductor sector, further strengthening the Group’s ability to serve strategic industrial sectors with high growth potential through integrated end -to-end solutions and a strong global presence, in line with our medium- to long-term growth strategy. Final tranche of orders received for Moeve, the largest green hydrogen project in Southern Europe On July 06, 2026, De Nora announced that it has received from the joint venture thyssenkrupp nucera AG & Co. KGaA (“thyssenkrupp nucera ”) the remaining tranche of orders relating to the Moeve project in Andalusia, Spain, dedicated to green hydrogen production. The award completes the orders already received in May and previously disclosed to the market, relating to De Nora’s scope of supply for the project. De Nora’s overall supply for the project includes electrolytic cells featuring high -performance anodic and cathodic coating, for a total capacity of 300 MW and an overall value ranging between 30 and 40 million euro. Award of a contract worth approximately 30 million euro for a water treatment plant serving a semiconductor facility in Southeast Asia 12 Adjusted EBITDA margin calculated on recurring revenues of €13.2m.
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6 On September 4, 2026 De Nora announced that it had been awarded a contract by a leading international player to build an industrial wastewater treatment plant for a new semiconductor facility in Southeast Asia. The contract, valued at about euro 30 million , covers the design, procurement, delivery, installation, testing and commissioning of a Wastewater Treatment Plant ( WWTP) for the treatment and recovery of wastewater generated by production processes, at a new semiconductor advanced packaging facility. Gigafactory project public funding revised to 50.3 million euro On September 21, 2026 De Nora announced that, by Decree No. 2595 of 10 September 2026, the Ministero delle Imprese e del Made in Italy ("MIMIT") revised to euro 50.3 million the total amount of public funding granted to De Nora Italy Hydrogen Technologies S.r.l. ("DNIHT") for the development of the Italian Gigafactory project in Cernusco sul Naviglio. The funding, granted as a contribution towards eligible project costs for a total amount of euro 50,348,569, consists of euro 32,250,000 financed through resources allocated under Italy's National Recovery and Resilience Plan (PNRR) and euro 18,098,569 financed through the IPCEI Fund. With the new decree, following the remodulation of the project and the related eligible costs, the total amount of the funding has been revised to euro 50.3 million, while nonetheless ensuring full coverage, equal to 100%, of the eligible13 costs of the Gigafactory project. The new configuration therefore enables more efficient use of the public resources allocated to the project and, at the same time, ensures full coverage of the eligible costs envisaged under the updated industrial and technological plan. Publication of the updated Articles of Association, conversion of multiple voting shares into ordinary shares and notification of the total number of voting rights On September 29, 2026, De Nora announced that, following the settlement of the accelerated bookbuilding transaction involving shares of the Company held by Asset Company 10 S.r.l. (“AC10”), a wholly owned subsidiary of Snam S.p.A. (“Snam”), the Company’s Articles of Association had been updated. Specifically, as part of the accelerated bookbuilding transaction launched on September 21, 2026 and completed on September 22, 2026, AC10 sold 10,084,258 multiple voting shares of the Company, representing approximately 5% of its share capital. The transfer of the aforementioned shares, settled on September 24, 2026, resulted, pursuant to Article 5.6 of the Company’s Articles of Association, in their automatic conversion, at a conversion ratio of 1:1, into an equivalent number of ordinary shares of the Company, namely 10,084,258, without any change in the amount of share capital or the total number of shares into which it is divided. On September 29, the Company’s Board of Directors acknowledged the automatic conversion of the aforementioned shares and consequently updated Article 5.1 of the Articles of Association to reflect the new breakdown of shares among the different categories. Following the conversion, the Company’s share capital of EUR 18,268,203.90 and the total number of shares, equal to 201,685,174, remained unchanged. The number of ordinary shares increased from 51,203,979 to 61,288,237, while the number of multiple voting shares decreased from 150,481,195 to 140,396,937. Consequently, the total number of voting rights decreased from 502,647,564 to 482,479,048. BUSINESS OUTLOOK Based on the results and backlog as of September 30, 2026, the outlook for its main end markets and the current macroeconomic and geopolitical environment, De Nora expects total revenues for FY 2026 to be in the range of 880-900 million euro. The outlook confirms the organic revenue guidance communicated to the market on July 31, 2026, of 830-850 million euro, and includes the contribution from the new IWS product line, formerly BW Water, whose acquisition was completed on July 1, 2026, with revenues expected in the range of 50-60 million euro in the second half of the year. For IWS, the revision compared to the previous revenue guidance of USD 90 million (approximately 77 million euro) reflects the re-phasing of projects awarded in the second quarter of 2026, agreed with customers following 13 It should be noted that eligible costs mainly include R&D activities and costs associated with achieving the minimum production volumes required to qualify the production lines. The minimum installed capacity required under the PNRR has been demonstrated, while the overall investment in the project remains unchanged, with completion expected by the end of 2026.
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7 the acquisition of BW Water. This re-phasing shifts part of the activities to 2027, increasing revenue visibility for the next financial year. With regard to revenues by business, within Electrode Technologies, a low-single-digit decline is confirmed. For Water Technologies, excluding IWS, low-double-digit organic revenue growth is confirmed; including the contribution from IWS, total revenue growth for the business is expected to be around 35% year-on-year (mid- thirties). Lastly, in Energy Transition, revenues are expected to be approximately 20 million euro (previous guidance: 15-25 million euro). In light of the results for the first nine months, supported by a favorable revenue mix and the operating efficiencies achieved, the Company expects an organic adjusted EBITDA margin of between 19% and 20%, at the upper end of the 18% -20% range communicated to the market on July 31, 2026. Including IWS, the consolidated adjusted EBITDA margin is expected to be between 17% and 18%. For IWS, also in light of the lower volumes expected, profitability is expected to be slightly negative, compared with the previous guidance of a positive low -single-digit adjusted EBITDA margin, substantially at break-even excluding the one-off effects related to the reassessment of the margins of certain ongoing contracts, signed prior to the acquisition. This reassessment, as already described in the comments on the results for the first nine months, reflects the alignment of margins with the overall profitability expected for the relevant projects. Cost synergies resulting from the ongoing integration process are expected to start materializing from 2027. Lastly, total investments ( CapEx) are expected to amount to 70 million euro (previous guidance: 80 million euro), following a revised timeline for the expansion of the Group’s headquarters in Milan. *** CONFERENCE CALL At 16:00 CET today (November 4, 2026), a conference call will be held to illustrate the results of the first nine months of 2026 to financial analysts and investors. The presentation may be followed via webcast on the Company’s website (https://denora.com/en/investors). The supporting material for the presentation will also be provided at the start of the conference call in the site’s Investor Relations/Financial Results & Presentation section and on the authorized storage mechanism “1Info” at www.1Info.it. The following are some events of interest planned for the coming months: • November 10, 2026: Goldman Sachs Carbonomics Conference, London • December 2, 2026: Euronext Tech Leaders Forum, Paris For further information, please refer to the Financial Calendar 2026, published on January 23, 2026, and available on the company's website at www.denora.com. * * * This press release presents the consolidated results of the first nine months of 2026 (not subject to audit). The first nine months results, together with the main business trends, represent a summary of the Condensed Consolidated Interim Financial Statements for the first nine month 2026 prepared in accordance with Article 154- ter of the Consolidated Finance Act (TUF), approved by Industrie De Nora's Board of Directors on November 4, 2026. The Condensed Consolidated Interim Financial Statements as of September 30, 2026, will be made available to the public, at the Company’s registered office and at Borsa Italiana, to anyone who requests it, and it will also be available on the Company’s website – www.denora.com– as well as on the authorized storage mechanism “1Info” at www.1Info.it, in accordance with the law.
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8 The manager in charge of preparing the company's accounting documents, Luca Oglialoro, declares, pursuant to paragraph 2 of Article 154 -bis of the Consolidated Law on Finance (TUF), that the accounting information contained in this press release corresponds to the documented results, books and accounting records. This press release contains forward -looking statements, which are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Many of these risks and uncertainties relate to factors that are beyond the company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and oth er factors. Therefore, Industrie De Nora’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, eco nomic conditions globally, social, political, economic and regulatory developments or changes in economic or technological trends or conditions in Italy and internationally. Consequently, Industrie De Nora makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward-looking statements. Any forward-looking statements made by or on behalf of Industrie De Nora refer only to the date they are made. Industrie De Nora does not undertake to u pdate forward-looking statements to reflect any changes in Industrie De Nora’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Industrie De Nora may make in documents that it files with CONSOB and the Italian Stock Exchange. Non-GAAP measures In this document, in addition to the financial measures provided for by International Financial Reporting Standards (IFRS), a number of measures derived from the latter are presented even though they are not provided for by IFRS (Non -GAAP Measures) in line with ESMA's guidelines on Alternative Performance Indicators (ESMA/2015/1415 Guidelines, adopted by Consob with Notice No. 92543 of December 3, 2015) published on October 5, 2015. These measures are presented to enable a better assessment of the Group's operating performance and should not be regarded as alternatives to IFRS. Methodological Note The income statement, balance sheet and financial position information has been prepared in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union. * * * Industrie De Nora S.p.A. is an Italian multinational company founded in 1923 and listed on the Euronext Milan stock exchange. A global leader in electrochemical processes and technologies for water management, it provides products and services that enable industrial processes in the chlor-alkali, electronics, battery, water treatment (both municipal and industrial), and green hydrogen sectors. With an operational presence across multiple regions – including the Americas, Europe, the United Arab Emirates, and Asia – De Nora delivers customized solutions, effectively and reliably meeting market demands. Committed to ESG principles, the company integrates environmental sustainability and social responsibility into all its activities.
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9 For further information and to access the Media Kit: Media Kit | De Nora Investor Relations Chiara Locati +39 02 2129 2124 ir@denora.com Investor Relations | Overview | De Nora Media Relations Barabino & Partners Ufficio: +39 02/72.02.35.35 Sabrina Ragone – s.ragone@barabino.it +39 338 25 19 534 Elena Magni – e.magni@barabino.it +39 348 478 7490
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10 Consolidated Income Statement, Reclassified14 14 In the first nine months 2026 it includes, beyond the non-recurring items impacting EBITDA, the following non-recurring items: depreciation for €1,398 K, impairment reversal for €48 K, net financial expenses for €511 K and income tax expenses for €151 k. In the fir st nine months 2025 it includes, beyond the non-recurring items impacting EBITDA, the following non-recurring items: tax provision for €2,270 K and net financial income for €827 K. Euro thousands 9M 2025 9M 2026 Revenue 631,343 628,091 YoY Growth (%) 5.0% -0.5% Royalties and commissions (5,409) (4,329) Cost of goods sold (408,873) (406,370) Selling expenses (24,025) (22,897) G&A expenses (38,160) (39,295) R&D expenses (8,660) 5,596 Other operating income (expenses) 2,350 (1,235) Corporate costs (27,184) (33,636) EBITDA 121,382 125,925 Margin (%) 19.2% 20.0% Depreciation and amortization (26,654) (26,813) Impairment 50 48 EBIT 94,778 99,160 Margin (%) 15.0% 15.8% Share of profit of equity-accounted investees (1,233) (15,857) Net Finance income / (expenses) (6,999) (3,814) Profit before tax 86,546 79,489 Income taxes (26,153) (25,962) Net Result 60,393 53,527 Attributable to: Owners of the parent 60,022 53,159 Non-controlling interests 371 368 EBITDA 121,382 125,925 Non-recurring (costs) income (3,075) 2,770 EBITDA Adjusted 124,457 123,155 EBIT 94,778 99,160 Non-recurring (costs) income (3,075) 1,420 EBIT Adjusted 97,853 97,740 Net Result 60,393 53,527 Non-recurring (costs) income 6 (4,518) 758 Tax effect of non-recurring items 394 (384) Net Result Adjusted 64,517 53,153 11
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11 Consolidated Statement of Financial Position, Reclassified Euro thousands FY 2025 9M 2026 % % Trade receivables 152.948 198.318 Trade payables (113.462) (95.826) Inventories 214.380 332.686 Construction contracts, net of progress payments and advances 32.440 4.008 Net Operating Working Capital 286.306 32,4 439.186 39,1 Other current assets (liabilties) (18.716) (32.264) Net Working Capital 267.590 30,3 406.922 36,2 Goodwill and Intangible assets 101.427 185.096 Property, plants and equipment 315.552 341.948 Equity-accounted investees 232.741 217.511 Non current assets 649.720 73,5 744.555 66,3 Employee benefits (24.722) (2,8) (24.446) (2,2) Provision for risk and charges (24.354) (2,8) (20.912) (1,9) Deferred tax assets (liabilities) 8.366 0,9 9.373 0,8 Other non current assets (liabilties) 7.426 0,8 7.263 0,6 Net Invested Capital 884.026 100,0 1.122.755 100,0 Financed by: Medium/long term financial indebtedness (18.848) (60.992) Short-term financial indebtedness (18.175) (101.835) Financial assets and derivatives 14.674 3.656 Cash and cash equivalents 109.067 64.574 Net liquidity (net financial indebtedness) - ESMA 86.718 9,8 (94.597) (8,4) Fair value of financial instruments (142) - Net liquidity (net financial indebtedness) 86.576 9,8 (94.597) (8,4) Equity attributable to minority interests (11.704) (1,3) (12.862) (1,1) Equity attributable to the Parent (958.898) (108,5) (1.015.296) (90,4) Total equity and minority interests (884.026) (100,0) (1.122.755) (100,0)
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12 Consolidated Statement of Cash Flows Euro thousands 9M 2025 9M 2026 Cash flows from operating activities Profit / (Losses) for the period 60,393 53,527 Adjustments for: Amortization and depreciation 26,654 26,813 Impairment losses / (Reinstatements) of property, plant and equipment and intangible assets (51) (48) Other Share based payments 714 1,274 Finance expenses 24,500 16,466 Finance income (17,501) (12,652) Share of profit of equity-accounted investees 1,233 15,857 (Gains) / Losses on the sale of property, plant and equipment and intangible assets (662) 346 Income tax expense 26,153 25,962 Change in inventory 3,256 (107,242) Change in trade receivables and construction contracts 10,060 (37,134) Change in trade payables (24,274) (26,101) Change in other receivables and payables (35,549) 9,460 Change in provisions and employee benefits (1,982) (2,760) Cash flows generated by/(used in) operating activities 72,944 (36,232) Interest and other finance expenses paid (15,180) (12,162) Interest and other finance income collected 16,248 7,232 Income tax paid (32,270) (23,757) Net cash flows generated by/(used in) operating activities 41,742 (64,919) Cash flows from investing activities Sales of property, plant and equipment and intangible assets 1,033 274 Investments in property, plant and equipment (40,727) (34,090) Investments in intangible assets (4,470) (6,319) Acquisitions, net of cash acquired - (50,890) (Investment in) / Disposal of financial activities (1,909) 10,464 Net cash flows generated by/(used in) investing activities (46,073) (80,561) Cash flows from financing activities Share capital increase / (decrease) 2,258 990 New loans 6,959 122,561 (Repayments of loans) (72) (486) Payment of financial leases (2,942) (3,458) (Increase) / Decrease in other financial liabilities (5) (4) Dividends paid (20,665) (20,471) Net cash flows generated by/(used in) financing activities (14,467) 99,132 Net increase (decrease) in cash and cash equivalents (18,798) (46,348) Opening cash and cash equivalents 215,857 109,067 Exchange rate effect (8,782) 1,855 Closing cash and cash equivalents 188,277 64,574
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13 Reported EBITDA vs. Adjusted EBITDA Euro Millions 9M 2025 9M 2026 Revenue 631.3 628.1 EBITDA 121.4 125.9 Margin (%) 19.2% 20.0% Termination costs (Labor, Legal and Other expenses) 0.6 0.6 Revenues related to IPCEI GF Eligible costs - (2.3) IPCEI GF Eligible costs (net of grant) (0.4) (5.0) M&A, integration, and company reorganization costs 1.9 2.9 Marine business divesture 0.7 - Fracking business divesture 0.4 - Other non-recurring costs (0.1) 1.1 EBITDA adj. 124.5 123.2 Margin (%) 19.7% 19.7%