Full Year 2022 Results & Strategic Plan update to 2025

Milan, 23 March 2023

BOARD OF DIRECTORS APPROVES CONSOLIDATED RESULTS FOR FISCAL YEAR 2022: Revenue growth of more than 30% over 2021 in all business segments. Energy Transition division revenues exceed 4.5 times the 2021 figure, with positive EBITDA

PROPOSED DIVIDEND OF EURO 24,2 MILLION

VOLUNTARY PARTIAL EARLY REPAYMENT OF SENIOR LOAN AGREEMENT

 STRATEGIC PLAN UPDATE TO 2025 APPROVED

Key consolidated results for 2022:
• Consolidated revenues of Euro 852.8 million for 2022 (Euro 615.9 million in 2021, +38.5%) 
• Adjusted EBITDA : Euro 190.8 million (Euro 126.7 million in 2021, +50.6%) 
• Net profit: Euro 89.7 million (+34.9% compared to 2021)
• Positive cash and cash equivalents of Euro 51.3 million, an improvement over net financial indebtedness of Euro 187.9 million as of December 31, 2021.

2022-2025 Strategic Plan Update, strategic lines confirmed, targets to 2025:
• Revenues at Euro 1,350-1,500 million
• Adj. EBITDA at Euro 250-280 million (Adj. EBITDA margin 18%-20%).
 

Paolo Dellachà, Chief Executive Officer of Industrie De Nora, commented:
"Our first annual financial statements since listing on Euronext Milan show record results in line with announced guidance. The year 2022 marked a decisive ramp-up of the energy transition segment, which to date represents a best-in-class example in terms of production capacity of technologies dedicated to green hydrogen generation. This has led De Nora to play a leading role in terms of market share of projects in operation or under construction in the market to date. Thanks to the orders collected, the current backlog also provides perfect visibility into the Energy Transition division's production activity for the current year.In terms of backlog and technology, De Nora's Energy Transition division is a unique player in the panorama of green hydrogen production solutions.
In recent years, Italy has developed a national hydrogen strategy  and initiated a series of major investments to develop an Italian supply chain. A step forward was taken in April 2021 with the publication of the final text of the National Recovery Plan, which is expected to invest a large amount of money (around 3.19 billion euros ) in hydrogen-related projects. We hope that our country will be able to take full advantage of this crucial opportunity to compete effectively with other countries in Europe and beyond, and not remain at the tail end of this ongoing process".