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The Board approves the Consolidated Results for Fiscal Year 2023 - Business Plan updated to 2026
03/18/2024 - 03.06 PM
THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS FOR FISCAL YEAR 2023
Net profit up to Euro 231 million, partly due to the listing of thyssenkrupp nucera
Adjusted EBITDA margin at 20%
Revenues up 4% YoY at constant exchange rates.
The Energy Transition Business grows by 140% YoY
PROPOSED DIVIDEND OF EURO 0.123 PER SHARE
BUSINESS PLAN UPDATED TO 2026: Focus on Growth, Profitability and Sustainability
INDUSTRIE DE NORA, IN PARTNERSHIP WITH THYSSENKRUPP NUCERA, PRE-SELECTED FOR $50 MILLION GRANT FROM THE U.S. DEPARTMENT OF ENERGY (DOE) - De Nora is also involved in 5 additional R&D projects selected by the DOE for a total $28.5 million
KEY CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2025:
Revenues: euro 856.4 million (euro 852.8 million in 2022), +0.4% YoY, or +4.0% at constant exchange rates;
Adjusted EBITDA1: euro 171.1 million (euro 190.8 million in 2022), -10.4% YoY;
Net Profit2: euro 231,1 million (euro 89.7 million in 2022), +157.7% YoY;
Positive Net Financial Position at euro 68.2 million up compared to euro 51.3 million on December 31, 2022.
Business Plan update to 2026, growth driven by the Energy Transition Business, focus on profitability and sustainability.
Revenues are growing at an average annual rate (CAGR 2023-2026) high single-digit. Growth is expected to accelerate gradually over the three-year period;
Energy Transition Business, revenues growth at an average annual rate (CAGR 2023-2026) of 40%;
Adj. EBITDA margin 18% - 19% on year basis, excluding the Italian Gigafactory one-off costs.
1 Non-recurring items are non-material on the 2023 financial statements, so EBITDA and Adjusted EBITDA do not differ significantly. In 2022, the EBITDA Adjusted excluded mainly non-recurring items of approximately euro 25 million, of which euro 19.4 million related to the Management Incentive Plan and about euro 4 million for IPO costs.
2 Net income as of December 31, 2023, includes, as a result of the IPO of the associated company thyssenkrupp nucera AG &Co. KGaA, total non-recurring income, included into the financial income, of euro 133 million.
De Nora
Industrie De Nora is an Italian multinational company listed on the Euronext Milan stock exchange specializing in electrochemistry, a leader in sustainable technologies, and plays a vital role in the industrial green hydrogen production chain. The company has a portfolio of products and systems to optimize the energy efficiency of critical industrial electrochemical processes and a range of products and solutions for water treatment. Globally, Industrie De Nora is the world's largest supplier of electrodes for the major industrial electrochemical processes (serving a broad portfolio of customers operating in the fields of chlorine and caustic soda production, components for electronics, and surface finishing). Industrie De Nora is among the world's leading suppliers of water filtration and disinfection technologies (for the industrial, municipal, and swimming pool sectors). Leveraging its well-established electrochemical knowledge and proven manufacturing capability, the Company has developed and qualified a portfolio of electrodes and components to produce hydrogen through the electrolysis of water, which is critical for the energy transition. In this sector, the company holds 25.85% of thyssenkrupp nucera AG &Co, a joint venture formed with thyssenkrupp group. KGaA. Founded in 1923, Industrie De Nora generated total revenues of around EUR 856 million and an Adjusted EBITDA of approximately EUR 171 million in 2023. The Company's growth process has developed organically through its continuous innovation as regards external lines through acquisitions in the U.S., Asia, and Europe. De Nora's intellectual property portfolio currently includes more than 281 patent families with more than 2,800 territorial extensions. The De Nora family owns 53.3% of the company's share capital. Snam S.p.A. is a minority shareholder with about 21.6% of the capital.
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Investor Relations
Chiara Locati
+39 02 2129 2124
ir@denora.com
Media Relations
Barabino & Partners
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Share capital € 18.268.203,90 Fully paid up - Company registration number MI / VAT 03998870962 - REA number MI - 1717984