The Board of Directors approves Preliminary Results as of 31 December 2025

Milan, 24 February 2026 – 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 review some of the main preliminary figures as of 31 December 2025 (for which the audit is underway). The final economic-financial full-year results will be approved by the Board of Directors on 17 March 2026 and published on 18 March 2026 before market opening.

Paolo Dellachà, Chief Executive Officer of De Nora, commented: “The preliminary results for 2025 confirm the soundness of our growth trajectory and the quality of our execution: we recorded increasing revenues and margins, with an adjusted EBITDA margin above guidance, supported by solid operating cash flow generation. Results were driven by the Energy Transition and Water Technologies businesses. The latter benefited from significant growth in Pools and solid order intake development in the Water Technologies Systems.

In the Energy Transition business, in 2025 we delivered approximately 1.1 GW of technologies for green hydrogen, dedicated to two major flagship projects at a global level developed over the past two years: NEOM in Saudi Arabia (2.2 GW) and Stegra in Sweden (over 700 MW), substantially completed in the fourth quarter. These projects have positioned us as a global leader in the supply of advanced AWE technologies.

At the same time, we are expanding the scope of our applications in high-growth-potential markets, such as lithium refining and recycling, and solutions for PFAS removal. These initiatives reflect a strategy aimed at pioneering new industrial trends and leveraging our electrochemical leadership in value chains that are critical for resource security and environmental sustainability.

2026 is expected to be a challenging year, marked by limited visibility in the green hydrogen market and a potential temporary slowdown in the Electrode Technologies business, linked to the macroeconomic environment and the cyclical nature of investments. For the Water business, we expect a continuation of the development already started in 2025. In this context, we continue to rely on a flexible business model, a solid technological base and a diversified global presence, while also evaluating targeted actions to mitigate the impact of lower cost absorption due to a temporary potential decline in volumes.

We look to the medium term with confidence: all our sectors present solid fundamentals and, in addition to the expected growth in Water and the progressive development of the hydrogen market, we also see significant opportunities in new business areas. We are also actively evaluating external growth opportunities, with a particular focus on the water treatment systems business, to further strengthen our strategic positioning.”

<sup>1. The difference between Adjusted EBITDA (Adj.) and Reported EBITDA in the preliminary data as of December 31, 2025, amounts to approximately €7.7 m and includes non-recurring personnel costs of €0.9 m, non-recurring M&A and company reorganization costs of €4.5 m, non-recurring costs related to the disposal of the Marine Technologies business and the Fracking business line amounting to €2 m, and other non-recurring costs of €0.6 m, partially offset by income of €0.3 m related to the net value between eligible IPCEI GF costs and the related contributions.
2. Cash flow from Operating Activities: Reported EBITDA + change in Net Working Capital – Income Taxes.</sup>