Brasil
China
Germany
India
JapanCONSOLIDATED RESULTS AS OF 31 DECEMBER 2024
Revenues up 2.6% at constant exchange rates, Adj. EBITDA margin at 18.2%
Order Intake up 15% year-on-year, providing solid visibility on 2025 revenues
Solid cash flow from operating activities of Euro 118 million
Green hydrogen technologies delivered since 2022 totaling 2.4 GW
Adj. Net Profit Euro 88.8 million
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PROPOSED DISTRIBUTION OF A 0.104 EURO PER SHARE DIVIDEND
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GUIDANCE 2025
Low Single-Digit Revenue growth, driven by Water and Energy Transition businesses
High visibility based on solid backlog
Adj. EBITDA margin expected to be around 17%
MID-TERM VIEW 2025 - 2027
Robustness of Core Business1 Revenues growing overall Low Single-Digit
Energy Transition expected to grow in 2025, thanks to a strong backlog, limited visibility in '26-'27
Cash flow from operating activities expected to cover investments and dividends, leading to a stable Positive Net Financial Position at the end of the Plan
Sound financial structure can accommodate M&A opportunities to accelerate top-line growth
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SHAREHOLDERS' MEETING CONVENED FOR 29 APRIL 2025
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Key consolidated results for fiscal year 2024:
• Revenues: 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
• Adjusted3 Net Profit: euro 88.8 million (euro 101.5 million in 2023) -12.4% 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.
Plan update 2025 - 2027:
• Core business (Electrode and Water Technologies) revenues growing at low single-digit (CAGR4 2024-2027)
• Energy Transition revenues growing high single-digit in 2025, limited visibility in 2026 and 2027
• Group revenues stable to up low single-digit (CAGR 2024-2027)
• Annual adj EBITDA margin 2026-2027 in the 15%-17% range
• Positive Net Financial Position in line with 2024 at the end of the Plan
• Dividend distribution confirmed for the Plan period with a Pay Out of up to 25%
1. Core Business: Electrode and Water Technologies.
2. Adjusted EBITDA. 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 €5.6 m and includes: non-recurring personnel costs of €1.5 m; 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 provisions for risks of €3.1m, 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.
3. Adjusted Net Income as of December 31, 2024, excludes, in addition to nonrecurring items included in EBITDA, €1m write-downs of noncurrent assets, net of the total tax effect associated with all nonrecurring items of €1.1m. Adjusted Net Income as of December 31, 2023 excludes, in addition to nonrecurring items included in EBITDA, €6.8m write-downs of noncurrent assets and €133.2m net extraordinary income related to the IPO of the thyssenkrupp nucera jv, net of the total tax effect associated with all nonrecurring items of €0.6m.
4. CAGR: Compound Annual Growth Rate.