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The Board approves the Consolidated Results for the First 9 Months of 2026
11/04/2026 - 12.45 PM
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 9 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
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 challenges 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 our portfolio of activities and contributing to revenue and order growth.”
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.
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.
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 | De Nora
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