Financial
Price sensitive
The Board of Directors approves Preliminary Results as of 31 December 2024
02/18/2025 - 02.44 PM
Full Year Revenues at Euro 863 million, +2.6% at constant exchange rates compared to 2023
Q4 Revenues up 15% vs. Q4 2023
Adj EBITDA margin at 18.2%, above 2024 guidance of 17%
Approximately Euro 118 million cash flow from operating activities1
Solid financial structure: positive NFP at Euro 67.1 million
THE ANNUAL RESULTS REFLECT THE POSITIVE PERFORMANCE OF ALL BUSINESS UNITS:
Adj EBITDA margin of Water Technologies business improved to 16.5%, supported by the 15% Revenues growth in Pools vs 2023
Electrode Technologies business posted stable revenues at constant exchange rates, and Adj EBITDA margin at 22.4%
Energy Transition: 1.1 GW of green hydrogen technologies delivered, revenues up by 2.9%, and positive Adj EBITDA margin at 5.3%
ON 18 MARCH 2025, THE 2025 GUIDANCE AND MID TERM VIEW WILL BE UPDATED, ON THE OCCASION OF THE 2024 FINAL RESULTS APPROVAL
KEY PRELIMINARY CONSOLIDATED RESULTS FOR FISCAL YEAR 2024 (for which the audit is ongoing):
Revenues: approximately euro 862.6 million (euro 856.4 million in 2023) +0.7% year-on-year, or +2.6% at constant exchange rates
Adjusted2 EBITDA: euro 157.4 million (euro 172.7 million in 2023) -8.8% year-on-year
Positive Net Financial Position at euro 67.1 million, substantially stable compared to the 31 December 2023 figure of euro 68.2 million
Milan, 18 February 2025 – The Board of Directors of Industrie De Nora S.p.A. – an Italian multinational listed on Euronext Milan, specialized in electrochemistry, leader in sustainable technologies – met today to examine some of the main preliminary figures as of 31 December 2024 (for which the audit is underway). The final economic-financial full-year results will be approved by the Board of Directors on 18 March 2025.
Paolo Dellachà, Chief Executive Officer of De Nora, commented: “We are particularly proud of the results achieved in 2024, now presented in preliminary form, which reflect revenue growth of 2.6% at constant exchange rates, and an Adj EBITDA margin of 18.2% above the guidance for the year, thanks to the good performance of all Business Units. Especially in the fourth quarter, as expected, the excellent execution of projects in backlog underpinned a 15% revenue increase, driven in particular by the Group's core businesses, Electrode Technologies and Water Technologies, both of which grew by more than 17% compared to the fourth quarter 2023. In 2024, the Energy Transition business recorded successful performances, with about 1.1 GW of produced and sold green hydrogen technologies, +10% compared to FY 2023, a unicum at a global level, revenues up 2.9%, positive EBITDA, and a backlog capable of generating revenues in 2025 for an amount at least in line with 2024.
Lastly, the Group's solid financial structure, which generated an excellent operating cash flow of approximately euro 118 million in 2024, allows De Nora to continue developing R&D activities and optimizing production processes, maintaining and strengthening its competitive advantage in all Business Units, and evaluating external growth opportunities.”
1. Cash Flow from Operating Activities: EBITDA Reported +Changes in NWC - Income Taxes.
2. Starting from the first half of 2024, De Nora, in order to better represent the Group’s operating profitability, decided to change the calculation of EBITDA and Adjusted EBITDA by including Accrual, Utilization, and Release of Provisions for risks and charges, which were previously classified below EBITDA. The figures for 2023 have been amended accordingly. The difference between Adjusted EBITDA and Reported EBITDA in the preliminary data as of December 31, 2024, amounts to approximately €2.5 million and includes: non-recurring personnel costs of €1.5 million; non-recurring M&A and company reorganization costs of €1 million, non-recurring costs related to a contract with a Russian client of €1.5 million, other non-recurring costs of €0.6 million, partially offset by a net gain of €2.1 million related to the disposal of the Marine Technologies business.
De Nora
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 Middle East, 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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Investor Relations
Chiara Locati
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ir@denora.com
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