Half-Year
Financial
Report
as of June 30, 2026
Industrie De Nora
Director's Report01
0206 — Corporate Bodies 07 — The De Nora Group 10 — Highlights 11 — Events occurred during the first half of 2026 13 — Information for the investors 16 — Business Performance 30 — Outlook 31 — Risks Management, related party transactions and
other information
2 Half-Year Financial Report 2026 Index
Condensed Consolidated
Half Year Financial
Statements03
36 — Interim Condensed Consolidated Half-Year
Financial Statements
41 — Explanatory Notes to the Condensed Consolidated Half-Year Financial Statements 86 — Management’s Attestation of the Condensed Consolidated Half-Year Financial Statements of Industrie De Nora S.p.a. as of June 2026 87 — Independent Auditors’ Report 3 Half-Year Financial Report 2026 Index
4 Half-Year Financial Report 2026 Industrie De Nora
Industrie
De Nora01
06 — Corporate Bodies 07 — The De Nora Group 5 Half-Year Financial Report 2026 Industrie De Nora
Corporate Bodies
Board of Directors1
Chairperson
Federico De Nora Chief Executive Officer Paolo Enrico Dellachà(*)
Directors
Maria Giovanna Calloni(**) Alessandro Garrone (**) Maria Antonietta Giannelli
Michelangelo Mantero
Giorgio Metta (**)
Elisabetta Oliveri(**)
Luca Passa
Anna Chiara Svelto(**)
Alice Vatta(**)
Board of Statutory Auditors
Chairperson
Marcello Del Prete
Standing auditors
Beatrice Bompieri
Eugenio Pinto
Alternate auditors
Carla Bottini
Eugenio Caposeno
Raffaella Piraccini
Audit, Risk and ESG Committee Chairperson - Elisabetta Oliveri
Michelangelo Mantero
Alice VattaAppointments and
Remuneration Committee
Chairperson - Anna Chiara Svelto Maria Giovanna Calloni
Luca Passa
Strategies Committee
Chairperson - Paolo Enrico Dellachà Federico De Nora Maria Antonietta Giannelli
Luca Passa
Related Parties Committee Chairperson - Maria Giovanna Calloni
Elisabetta Oliveri
Anna Chiara Svelto Manager responsible for preparing the Company’s
financial reports
Luca Oglialoro
Independent Auditors
PricewaterhouseCoopers S.p.A.2
Supervisory Body
Chairperson - Gianluca Sardo
Giuliana Converti
Claudio Vitacca
1 Appointed by the Shareholders' Meeting of April 29, 2025. The Board of Directors is in office until the approval of the Financial Statements as at December 31, 2027.
(*) Executive director.
(**) Independent director pursuant to Articles 147 -ter, paragraph 4, and 148, paragraph 3, of the TUF (Consolidated Law on Finance) and Art. 2 of the Corporate Governance Code.
2 Appointed by the Shareholders' Meeting on February 18, 2022 for the period covering 2022 - 2030.
6 Half-Year Financial Report 2026 Industrie De Nora
The De Nora Group
Group Structure
A graphical representation of the Group structure is provided below, with an indication of the com -
panies belonging to the Group and the equity in -
vestment held by the parent company, directly or indirectly, in each of them as at June 30, 2026.
During the first half of 2026, De Nora Glory (Shang -
hai) Co., Ltd. – China was liquidated.
Corporate functions (Corporate Development; AFC & ICT; Legal; People, Organization, Social Commu -
nication, Happiness; Marketing, Business Develop -
ment & Regulatory Affairs; Research & Development and Intellectual Property; Global Procurement) are located at the parent company Industrie De Nora S.p.A., thus ensuring financial, strategic and oper -
ational consistency within the Group. In particular, the Corporate functions:• define the strategic guidelines for the entire Group;• coordinate research and development activi -
ties;• manage the Group's intellectual property; • exercise a coordinating and controlling role through the issuance of policies and guidelines to ensure the compliance of initiatives under -
taken at the local level with the Group's strategy.100%
thyssenkrupp
nucera
HTE GmbH
Germany
100%
thyssenkrupp
nucera
USA Inc.
US
100%
thyssenkrupp
nucera
Portugal
Unipessoal Lda.
Portugal100%
thyssenkrupp
nucera
Japan Ltd.
Japan100%
thyssenkrupp
nucera Arabia
for Contracting
Limited
Saudi Arabia25,85%
thyssenkrupp
nucera
AG & Co. KGaA 2
Germany
Industrie De Nora S.p.A
Italy
100%
De NoraElettrodi
(Suzhou)
Co., Ltd.
China
100%
De Nora
China-Jinan
Co., Ltd.
China De Nora do Brasil Ltda
Brazil
100%
De Nora
Permelec Ltd
Japan53.68%
De Nora
India Ltd. 1
India100%
De Nora
Deutschland
GmbH
GermanyDe Nora
Elettrodi
(Suzhou) Co., Ltd.
Shanghai Pudong
Branch
China
100%
Shotec GmbH
Germany
100%
De Nora Hong
Kong
Ltd
Hong Kong
(China)
4,73%
AZUL Energy Inc.
Japan 490%
De Nora Italy
Hydrogen
Technologies
S.r.l 3
Italy100%
De Nora Italy S.r.l
Italy
De Nora
Italy S.r.l.
Singapore
Branch
Singapore100%
De Nora Water
Technologies
Italy S.r.l.
Italy
100%
De Nora Water
Technologies
FZE
Dubai100%
De Nora Holding
(UK) Limited
UKDe Nora Holding (UK) Limited -
Italy branch
Italy
100%
De Nora
Holdings US Inc.
US
100%
De Nora Tech, LLC
US100%
De Nora Water
Technologies UK
Services Limited
UK
100%
De Nora Water
Technologies, LLC
US
De Nora
Water
Technologies,
LLC - Singapore
Branch
Singapore100%
De Nora Water
Technologies
Limited
UK
De Nora
Water
Technologies
Inc - Abu Dhabi
UAE100%
De Nora Water
Technologies
(Shanghai), Ltd.
China
100%
De Nora Water
Technologies
(Shanghai)
Co. Ltd.
China100%
Capannoni S.r.l.
Italy
100%
Capannoni USA
LLC
US100%
Oronzio De Nora International B.V.
The
Netherlands
89.37%
0,1%99,9%10.63%
100%
thyssenkrupp
nucera
participations
GmbH
Germany100%
thyssenkrupp
nucera
Australia
Pty. Ltd.
Australia
100%
thyssenkrupp
nucera Hydrogen
Technology
(Shanghai)
Co. Ltd.
China100%
thyssenkrupp
nucera
(Shanghai)
Co., Ltd.
Chinathyssenkrupp
nucera
India
India100%
thyssenkrupp
nucera
Italy S.r.l.
ItalyLegal entity
Branch office1 46,32% Indian Stock exchange + promoters 2 50,19% Thyssenkrupp Projekt1 GmbH;
23,96% freefloat
3 10% SNAM S.p.A.
4 95,27% venture capital or corporate venture capital and promoters 7 Half-Year Financial Report 2026 Industrie De Nora
8 Half-Year Financial Report 2026 Director's Group
Director's
Report02
10 — Highlights 11 — Events occurred during the first half of 2026 13 — Information for the investors 16 — Business Performance 30 — Outlook 31 — Risks Management, related party transactions and
other information
9 Half-Year Financial Report 2026 Director's Group
Highlights
Financials
€29 M
€0.14Net profit for the period Basic earnings per share (in Euro)€-30 MNet Financial Position (ESMA)
* at constant exchange rates
€199 M
(-5.0% vs 2025)*
20.9% EBITDA
margin adjustedBusiness Electrode Technologies Business Water Technologies€191 M (+33.2% vs 2025)*
25.2% EBITDA
margin adjusted
€13 M
(-68.5% vs 2025)*
-76.9% EBITDA
margin adjusted
Business Energy Transition (+2.3% vs 2025)*
20.4% EBITDA
magin adjusted€403 MRevenues 10 Half-Year Financial Report 2026 Director's Group
Events occurred
during the first half of 2026 • Industrie De Nora S.p.A. has unveiled Edge, the Innovation Hub by De Nora . The program is dedicated to transforming early-stage tech -
nologies into scalable industrial solutions.
A long-standing pioneer in innovation, the Group is further strengthening its open inno -
vation strategy and collaboration with the in -
ternational startup ecosystem.
Presented during the event “Edge of Tomor -
row – Sparking Innovation,” Edge was creat -
ed to bridge the gap between research and industry by offering Italian and international startups a real-world environment in which to test, industrialize, and accelerate high-po -
tential technologies. The initiative featured participation from Paolo Dellachà, CEO of De Nora, Fausto Boni, Founding Partner of 360 Capital, and other key players in the innova -
tion ecosystem.
The first edition of the program involved start -
ups developing projects focused on trans -
forming and optimizing production processes, digitalizing industrial operations, improving worker safety, and enhancing resource effi -
ciency. Applications, open from May 4 to June 20, 2026, will allow five startups to join an ac -
celeration program that includes validation activities and industrial pilot projects, fully in -
tegrating them into De Nora’s ecosystem and value chain.
Edge marks a significant milestone in De No -
ra’s journey to build a virtuous industrial eco -
system connecting large corporations and emerging startups. This commitment led the Group, in 2024, to become one of the main in -
dustrial investors in 360 Life II, the fund man -
aged by 360 Capital dedicated to the sustain -
able transition in Europe.• The ordinary Shareholders’ Meeting of In -
dustrie De Nora, held on 29 Aprile 2026 chaired by Federico De Nora, approved the Company’s financial statements as of 31 December 2025, as per the draft financial statements approved by the Board of Direc -
tors at the meeting held on 17 March 2026.
The Shareholders’ Meeting also resolved to approve the distribution to Shareholders of a dividend of EUR 0.103 per share, equal to an aggregate amount of EUR 20,471,158.23, gross of withholding taxes, corresponding to a pay-out of approximately 25% of con -
solidated net profit; ex dividend date 18 May 2026, payable on 20 May 2026, with record date, pursuant to Article 83-terdecies of Leg -
islative Decree No. 58 of February 24, 1998 (“TUF”), on 19 May 2026.
The Consolidated Financial Statements and the Management Report, including the Sus -
tainability Report, were also presented.
REPORT ON REMUNERATION POLICY AND
COMPENSATION PAID
The Shareholders’ Meeting approved the Company’s policy on the remuneration of the members of the Board of Directors and managers with strategic responsibilities and of the members of the Board of Statutory Au -
ditors, as set forth in the first section of the Report on Remuneration Policy and Fees Paid drafted Pursuant to Article 125 -ter of the Consolidated Law on Finance and Arti -
cle 84 -ter of the implementing regulation of the Consolidated Law on Finance concerning the discipline of issuers, adopted by CONSOB with Resolution No. 11971 of 14 May 1999 (the “Issuers Regulations”).
11 Half-Year Financial Report 2026 Director's Group
The Shareholders’ Meeting also resolved in favour of the second section of the afore -
mentioned Report, containing, inter alia, the account of remuneration paid for any reason and in any form for the financial year ending 31 December 2025 in favour of the aforemen -
tioned persons.
APPOINTMENT OF A MEMBER OF THE BOARD
OF DIRECTORS PURSUANT TO ARTICLE 2386
OF THE ITALIAN CIVIL CODE
As proposed by the Board of Directors, the Shareholders’ Meeting appointed as new di -
rector of the Company, pursuant to Article 2386 of the Italian Civil Code, Maria Antonietta Giannelli, already co-opted on 31 July 2025, fol -
lowing the resignation of Stefano Venier, ap -
pointed by the Shareholders’ Meeting held on 29 April 2025. The terms of office of Director Giannelli will expire, along with those of the other members of the Board of Directors, on the date of the Shareholders’ Meeting con -
vened to approve the financial statements for the 2027 financial year.• De Nora acquired in June of the ChlorGuard division’s assets from UK-based PSI Global.
ChlorGuard provides safety systems for the management of gases used in water treat -
ment plants. The transaction enables De Nora to integrate ChlorGuard technologies into its Capital Controls® portfolio, which has been a benchmark for over 65 years in chlorine gas dosing and handling for municipal and indus -
trial water treatment plants.
Through this acquisition, De Nora expands its portfolio with solutions focused on the safety, monitoring and containment of toxic gases, strengthening its ability to deliver integrat -
ed systems for their management in water treatment plants and in complex applications across sectors such as Oil & Gas and Pharma.
The integration of ChlorGuard technologies will enable De Nora to offer customers a more comprehensive portfolio, supporting safer in -
frastructures that meet increasingly stringent regulatory requirements and industry stand -
ards.• De Nora has been selected to supply its Senti -
nel® UV technology with upgraded electronic ballast systems for the refurbishment of ultra -
violet disinfection systems at PUB’s Johor Riv -
er Waterworks. The project was awarded by Flotech Controls, PUB’s appointed contractor. Originally commissioned in 2011, the existing UV systems have operated successfully, pro -
viding reliable disinfection as part of a critical asset supporting Singapore’s drinking wa -
ter supply. With the system approaching the later stages of its operational lifespan, PUB commissioned a tender for the replacement or refurbishment of the UV systems to ensure long-term continued reliability.
The appointed contractor, Flotech Controls, proposed a refurbishment and retrofit ap -
proach supported by De Nora, particularly giv -
en the space constraints within the building housing the existing UV systems The project forms part of De Nora’s Sentinel® retrofit pro -
gram, enabling modernization of system per -
formance while retaining core infrastructure.
By allowing reuse of key system components, the retrofit approach also supports more sus -
tainable project delivery through reduced ma -
terial consumption and minimized waste and reduced carbon dioxide footprint.
The upgraded system will deliver enhanced operational performance, including extended lamp life and a reduced footprint, supporting improved efficiency within the existing instal -
lation. The project is scheduled for installation in 2027.
Flotech Controls selected De Nora’s Senti -
nel® UV system due to its proven reliability in medium pressure applications, ease of main -
tenance, and ability to be retrofitted into ex -
isting infrastructure without the need for full system replacement.
The award also reflects the strong preference many water operators place on technologies that combine dependable performance with straightforward operation and serviceability.
De Nora’s established presence in Singapore, including local sales and aftersales support, was also an important factor in the selection.
Designed for demanding drinking water ap -
plications, De Nora’s medium pressure UV technology provides robust disinfection per -
formance while helping operators simplify maintenance planning and extend the value of installed assets through practical retrofit pathways. This approach enables utilities to modernize critical systems efficiently while minimizing disruption.
12 Half-Year Financial Report 2026 Director's Group
Information for
the investors
Industrie De Nora share De Nora shares closed the first half of 2026 at Euro 6.655 per share, down from Euro 7.315 recorded on 2 January 2026. The share’s performance over the period was affected by a market environment characterised by high volatility and a generally cautious stance on the part of investors, against a backdrop of continued geopolitical and macro -
economic uncertainty following the outbreak of the conflict in the Middle East at the end of Feb -
ruary. Adding to this the persistent lack of clarity regarding the short-term outlook for the green hydrogen market and the timeframe for the im -
plementation of related investments, factors which continued to influence sector valuations.
Against this backdrop, De Nora’s share price per -
formed well between April and May, rising from its March low of Euro 5.430 to reach a level close to Euro 7.900.
This recovery was underpinned by the expecta -
tions expressed by management, upon the pub -
lication of the first-quarter results, that revenue and adjusted EBITDA for the current financial year would be at the upper end of the guidance provided to the market in March. The share price also benefited from the announcement of the ac -
quisition of BW Water, a transaction consistent with the Group’s growth strategy and aimed at further strengthening the positioning of the Wa -
ter Technologies business along the value chain.
Looking at the performance over the last twelve months, De Nora’s share price has remained broadly stable (+0.5%). Although it underper -
formed the main Italian share indices, the share price outperformed the median of its main peers (see the chart below), benefiting from solid prof -
itability and favourable growth prospects for its core businesses, as well as the Group’s robust fi -
nancial structure.
During the first half of 2026, average daily trad -
ing volumes (number of shares) stood at approxi -
mately 209,071, with an average daily turnover of approximately Euro 1.42 million.
As at 30 June 2026 , De Nora shares were covered by six financial analysts (2 ‘Buy ’, 4 ‘Neutral ’) from leading national and international brokerages.
The average target price indicated by analysts as at 30 June 2026 was Euro 8.6 .
Industrie De Nora share - Euronext Milan (Euro)* Period 01/01/2026 - 30/06/2026 Beginning of period (January 2, 2026) 7.315 Maximum* (January 26, 2026) 7.925 Minimum (March 20, 2026) 5.430
Average 6.794
End of period price (June 30, 2026) 6.655 Capitalization** as at June 30, 2026 – Euro million 1,342
* Maximum, minimum and average values calculated on the basis of closing prices.
** Total capitalization is calculated as follows: (number of ordinary shares + number of multiple voting shares) multiplied by the price of ordinary shares.
13 Half-Year Financial Report 2026 Director's Group
Performance of Industrie De Nora shares over the last twelve months (30 June 2025 – 30 June 2026), compared with the Italian FTSE Italia Small Cap, S&P Clean Tech, FTSE Water Technologies, FTSE Alternative Energies and MSCI Industrial Capital Goods indices Performance of Industrie De Nora shares over the last twelve months (30 June 2025 – 30 June 2026), compared with key peers De Nora FTSE Italia Small Cap MSCI Industrial CapGoods S&P Clean Tech FTSE Water Technologies FTSE Alternative Energies De Nora Plug Power ITM Power NEL XYLEM Nucera Pentair Fluidra Danaher 310 260 210 160 110 60 30/06/2025 30/09/2025 31/12/2025 31/03/2026 30/06/2026150 140 130 120 110 100 90 80 70 60 30/06/2025 30/09/2025 31/12/2025 31/03/2026 30/06/2026 14 Half-Year Financial Report 2026 Director's Group
Share Capital of Industrie De Nora S.p.A. as at June 30, 2026 Number of shares Number of voting rights Share capital (Euro) 18,268,203.90 18,268,203.90 Total shares 201,685,174 502,647,564 Ordinary shares 51,203,979 51,203,979 Multiple voting shares (*) 150,481,195 451,443,585 (*) Owned by the shareholders Federico De Nora, Federico De Nora S.p.A., Norfin S.p.A. and Asset Company 10 S.r.l. Multiple voting shares are not admitted to trading on Euronext Milan and are not counted in the free float. The multiple voting shares grant 3 votes at the shareholders' meeting.
15 Half-Year Financial Report 2026 Director's Group
Business
Performance
Alternative
Performance Indicators
In this document, in addition to the financial measures provided for by International Finan -
cial Reporting Standards (IFRS), a number of measures derived from the latter are present -
ed even though they are not provided for by IFRS (Non-GAAP Measures) in line with ESMA's guidelines on Alternative Performance Indicators (ESMA/2015/1415 Guidelines, adopted by CONSOB with Communication No. 92543 of December 3, 2015) published on October 5, 2015. These meas -
ures are presented in order to enable a better as -
sessment of the Group's operating performance and should not be regarded as alternatives to IFRS. Specifically, the Non-GAAP Measures used are as follows:
• EBITDA is defined as the profit for the period adding back the following items of the consol -
idated income statement: (i) income taxes; (ii) finance charges; (iii) finance income; (iv) share of profit of equity-accounted investees; (v) amortization/depreciation; (vi) impairment and write-back of property, plant and equipment;
(vii) impairment of goodwill and other intangi -
ble assets.
• Adjusted EBITDA is defined as EBITDA adjust -
ed for: i) charges/(income) of a non-recurring nature; ii) accrual of provisions for risks and charges net of related utilizations and releases of a non-recurring nature.
• EBITDA Margin is calculated as the ratio of EBITDA to Revenues.
• Adjusted EBITDA Margin is calculated as the ratio of Adjusted EBITDA to Revenues.• Adjusted EBIT is defined as EBIT adjusted for: i) charges/(income) of a non-recurring nature; ii) accrual of provisions for risks and charges net of related utilizations and releases of a non-re -
curring nature; iii) impairment and write-back of tangible and intangible assets.
• Adjusted Net Result is defined as Net Profit/ (Loss) of the period adjusted for:
(i) charges/(income) of a non-recurring nature;
(ii) accrual of provisions for risks and charges net of related utilizations and releases of a
non-recurring nature;
(iii) impairment and write-back of tangible and
intangible assets,
all net of the related tax effects.
• Net operating working capital: is determined as the algebraic sum of the following items con -
tained in the Statement of financial position:
°Inventory
°Trade receivables (current portion) °Trade payables (current portion) °Construction contracts assets and liabilities • Net working capital: is determined as the alge -
braic sum of Net operating working capital and the following items included in the Statement of financial position:
°Other receivables (current portion) °Current tax assets (current portion) °Other payables (current portion) °Current income tax payables 16 Half-Year Financial Report 2026 Director's Group
• Net invested capital: is determined as the alge -
braic sum of:
°the Net working capital °the Non-current asset °net of Employee benefits, Provisions for risks and charges, Deferred tax liabilities, Trade payables (non-current portion), Income tax payables, and Other payables (non-current portion). • Net Liquidity / (Net Financial Indebtedness)
- ESMA is determined in accordance with CONSOB Communication DEM/6064293 of July 28, 2006, as amended by CONSOB Com -
munication No. 5/21 of April 29, 2021 and in accordance with ESMA Recommendations contained in Guidelines 32-382-1138 of March 4, 2021 on disclosure requirements under the Prospectus Regulation.• Net Liquidity / (Net Financial Indebtedness)
- De Nora as monitored by the Group's man -
agement. This indicator differs from Net Li -
quidity / (Net Financial Indebtedness) - ESMA in that it includes the fair value of financial instruments entered into for the purpose of hedging exchange rate fluctuations.
Currencies
The following table summarizes the main refer -
ence foreign currencies of De Nora Group (trans -action currency or functional currencies of foreign entities belonging to the Group) for the reporting period and the corresponding period of 2024 and the relative foreign exchange rates:
In addition to the Euro, the most important cur -
rencies for the Group are the U.S. dollar and the Yen: the U.S. dollar appreciated by approximate -
ly 3% in the first half of 2026, while the Japanese Yen remained relatively stable. Also impacting the Group’s performance, albeit to a lesser ex -tent, were the appreciations of the Chinese Yuan Renminbi (approximately +6%), the Brazilian Real (approximately +8.3%), and the British Pound (ap -
proximately +1.2%), as well as the depreciation of the Indian Rupee (approximately -2%).Average exchange rate for the Exchange rate at CurrencyFirst Half-Year ended June 30, 2026First Half-Year ended June 30, 2025June 30, 2026 December 31, 2025 US Dollar 1.1666 1.0928 1.1394 1.1750 Japanese Yen 184.4587 162.1195 185.0800 184.0900 Indian Rupee 108.5944 94.0693 107.8565 105.5965 Chinese Yuan Renminbi 8.0073 7.9238 7.7314 8.2262 Brazilian Real 6.0127 6.2913 5.9003 6.4364 GB Pound 0.8672 0.8423 0.8618 0.8726 UAE Dirham 4.2843 4.0131 4.1844 4.3152 Hong Kong Dollar 9.1274 8.5168 8.9350 9.1464 17 Half-Year Financial Report 2026 Director's Group
Comments on the economic and financial results of the Group Revenue for the first half of the year - excluding approximately Euro 2.3 million in revenue related Gigafactory project, which are considered non-re -
curring - totaled Euro 400.8 million, of which ap -
proximately Euro 199.4 million were attributable to the Electrode Technologies segment, Euro 190.9 million to the Water Technologies segment, and Euro 10.5 million to the Energy Transition segment, representing an overall decrease of 3.6% com -
pared to the Euro 415.6 million reported in the first half of 2025.
Taking into account the aforementioned non-re -
curring revenues, the overall decrease in revenues amounts to approximately 3%; however, at con -
stant exchange rates, the Group’s 2026 revenues would instead amount to approximately Euro 425.1 million, representing a 2.3% increase compared to the figure for the comparable half-year.
Adjusted EBITDA was just under Euro 81.8 million (equal to 20.4% of revenue, compared to 19.6% in the comparable half-year), a slight increase from the Euro 81.4 million reported in the first half of 2025; while EBITDA, at Euro 79.8 million, was up 1.2% from the Euro 78.8 million reported in the first half of 2025.
Adjusted EBIT amounted to Euro 65.1 million, rep -
resenting an increase from the Euro 63.5 million in the comparable half-year (+2.5%), while EBIT, at Euro 62.7 million in the half-year just ended, in -
creased from Euro 60.9 million in the first half of 2025 (+3.1%).
The Share of profit of equity-accounted investees relates to tk nucera, an associated company in which De Nora holds a 25.85% stake, and amount -
ed to a loss of Euro 16.5 million (compared to a loss of Euro 0.8 million in the comparable half-year).
This figure corresponds to De Nora’s share of tk nucera’s consolidated net income for the quarter ended March 31, 2026, in the absence of financial data for a more recent date; the associated com -
pany’s net loss reflects a one-time negative impact on revenue in the gH2 segment resulting from higher costs associated with ongoing projects and the termination of a pilot project contract.Financial income / (expenses) show net expens -
es of Euro 1.3 million, an improvement of approxi -
mately Euro 5 million compared to the net expens -
es of Euro 6.4 million in the first half of 2025, due primarily to a more favorable net foreign exchange rate balance, as well as a more favorable balance between interest expense on debt and interest in -
come.
After income taxes for the period, the first half of the fiscal year closed with an Adjusted Net Profit of Euro 30.7 million, compared to Euro 39.7 million in the first half of 2025. Consolidated net income, on the other hand, amounted to Euro 28.8 million (0.14 euros per share), almost entirely attributable to the shareholders of the parent company.
On the balance sheet, net invested capital of Euro 1,027 million (up Euro 143 million compared to the end of 2025) corresponds to shareholders’ equity of Euro 996.9 million (an increase of Euro 26.3 mil -
lion compared to December 31, 2025) and net fi -
nancial debt of Euro 30.1 million (a deterioration of 116.7 million compared to the net liquidity position of Euro 86.6 million at the end of 2025).
The increase in net invested capital is primarily at -
tributable to the rise in net working capital (Euro 404.3 million as of June 30, 2026, an increase of Euro 136.7 million compared to December 31, 2025), primarily due to the rise in the value of inventory, which resulted from higher prices for noble metals (particularly iridium and ruthenium), affecting the value of purchases and inventory of raw materials and work-in-progress.
The cash outflow resulting from the increase in net working capital, in addition to investments during the period in property, plant, and equipment and intangible assets totaling Euro 28.4 million and the Euro 20.5 million dividend distributed by the par -
ent company, account for the deterioration in the net financial position described above, despite the company’s strong economic performance during the period.
18 Half-Year Financial Report 2026 Director's Group
Consolidated Reclassified Income Statement For the Half-year ended June 30
2026 2025
(in € thousands) Revenues 400,811 100.0% 415,610 100.0% Royalties and commissions (2,800) -0.7% (3,816) -0.9% Cost of goods sold (248,820) -62.1% (266,266) -64.1% Selling expenses (14,872) -3.7% (16,045) -3.9% G&A expenses (23,825) -5.9% (24,656) -5.9% R&D expenses (7,884) -2.0% (7,305) -1.8% Other operating income (expenses) (568) -0.1% 1,245 0.3% Corporate costs (20,283) -5.1% (17,375) -4.2% Adjusted EBITDA 81,759 20.4% 81,392 19.6% Depreciation and amortization (16,673) -4.2% (17,914) -4.3% Adjusted Operating Profit (EBIT) 65,086 16.2% 63,478 15.3% Share of profit of equity-accounted investees (16,464) -4.1% (830) -0.2% Net Finance income / (expenses) (1,329) -0.3% (6,370) -1.5% Profit before tax 47,293 11.8% 56,278 13.5% Income taxes (16,565) -4.1% (16,589) -4.0% Adjusted Net Result 30,728 7.7% 39,689 9.5% Adjusted EBITDA 81,759 20.4% 81,392 19.6% Non-recurring (costs) income (2,007) (2,614)
EBITDA 79,752 19.9% 78,778 19.0%
Adjusted Operating Profit (EBIT) 65,086 16.2% 63,478 15.3% Non-recurring (costs) income * (2,747) (2,614) Impairment 398 -
Operating Profit (EBIT) 62,737 15.7% 60,864 14.6% Adjusted Net Result 30,728 7.7% 39,689 9.5% Non-recurring (costs) income ** (2,964) (4,974) Impairment 398 -
Tax effect of non-recurring items 581 757 Net Result 28,743 7.2% 35,472 8.5%
Attributable to:
Owners of the parent 28,751 7.2% 35,194 8.5% Non-controlling interests (8) - 278 0.1% *The value for the six-month period ended June 30, 2026, also includes non-recurring depreciation and amortization (740 thousand euros), as these costs are eligible for IPCEI grants for the GigaFactory project.
**The value for the six-month period ended June 30, 2026, also includes non-recurring financial expenses (15 thousand euros) and taxes (202 thousand euros); the figures for the six-month period ended June 30, 2025, also include non-recurring financial expenses (90 thousand euros) and provisions for tax risks (2,270 thousand euros).
19 Half-Year Financial Report 2026 Director's Group
Consolidated Reclassified Statement of Financial Position As of June 30, 2026 At December 31, 2025 (in € thousands) Trade receivables 183,254 152,948 Trade payables (92,776) (113,462) Inventory 313,060 214,380 Construction contracts, net of progress pay -
ments and advances35,757 32,440 Net Operating Working Capital 439,295 42.8% 286,306 32.4% Other current assets/(liabilities) (34,950) (18,716) Net Working Capital 404,345 39.4% 267,590 30.3% Goodwill and intangible assets 104,603 101,427 Property, plant and equipment 330,481 315,552 Equity-accounted investees 216,956 232,741 Non-current assets 652,040 63.5% 649,720 73.5% Employee benefits (23,914) -2.3% (24,722) -2.8% Provisions for risks and charges (20,898) -2.0% (24,354) -2.8% Deferred tax assets/(liabilities) 7,706 0.8% 8,366 0.9% Other non-current assets/(liabilities) 7,769 0.8% 7,426 0.8% Net Invested Capital 1,027,048 100.0% 884,026 100.0%
Covered by:
Medium/long term financial debt (59,814) (18,848) Short-term financial debt (115,262) (18,175) Financial assets and derivatives 5,695 14,674 Cash and cash equivalents 139,261 109,067 Net Liquidity / (Net Financial Indebtedness) —
ESMA(30,120) -2.9% 86,718 9.8%
Fair value of financial instruments (exchange rate hedges)- (142) Net Liquidity / (Net Financial Indebtedness) (30,120) -2.9% 86,576 9.8% Equity attributable to minority interests (12,538) -1.2% (11,704) -1.3% Equity attributable to the Group (984,390) -95.8% (958,898) -108.5% Total Equity and Minority interests (1,027,048) -100.0% (884,026) -100.0% 20 Half-Year Financial Report 2026 Director's Group
Revenues by business
segmentFirst Half-Year
2026% of total
revenueFirst Half-
Year 2026
at constant
exchange
ratesFirst Half-Year
2025∆ First Half-
Year 2026 vs 2025∆ First Half-
Year 2026
vs 2025 at
constant
exchange
rates
(in € thousands) Electrode Technologies 199,385 49.4% 210,433 221,467 (22,082) (11,034) Water Technologies 190,928 47.4% 201,080 150,978 39,950 50,102 Energy Transition 12,786 3.2% 13,605 43,165 (30,379) (29,560) Total Revenue 403,099 100% 425,118 415,610 -12,511 9,508 Revenues by geographical area and by business segmentFirst Half-Year 2026% of revenuesFirst Half-Year 2025% of revenues (in € thousands) Electrode Technologies 199,385 49% 221,467 53%
EMEIA 53,599 13% 46,762 11%
AMS 50,188 13% 57,481 14%
APAC 95,598 24% 117,224 28%
Water Technologies 190,928 47% 150,978 36%
EMEIA 56,380 14% 47,965 11%
AMS 99,570 24% 78,782 19%
APAC 34,978 9% 24,231 6%
Energy Transition 12,786 4% 43,165 11%
EMEIA 6,812 2% 40,595 10%
AMS 53 - 465 -
APAC 5,921 1% 2,105 1%
Total Revenue 403,099 100% 415,610 100%Revenues and EBITDA by Business Segment Revenues by Business Segment The Group is organized into three business seg -
ments each with its own portfolio of specific pro -
ducts and services:• Electrode Technologies business; • Water Technologies business; • Energy Transition business.
The following tables show the Group's revenues for each business segment, for the two financial half-years ended June 30, 2026 and 2025.
21 Half-Year Financial Report 2026 Director's Group
The following table show Group revenues for first half of 2026 and 2025, broken down by new instal -
lations or new plants (“ New Installations ”) and pe -riodic maintenance or upgrades of the plants and of the existing installations (“ Services ”):
EBITDA by Business SegmentFirst Half-Year 2026 % of revenues First Half-Year 2025 % of revenues (in € thousands) New installations 276,973 69% 278,148 67% Services 126,126 31% 137,462 33% Total Revenue 403,099 100% 415,610 100% Adjusted EBITDA by business segmentFirst Half-Year 2026% of totalFirst Half-Year 2025% of total (in € thousands) Electrode Technologies 41,656 51% 47,408 58% Water Technologies 48,173 59% 32,942 41% Energy Transition (8,070) -10% 1,042 1% Total 81,759 100% 81,392 100%
Non-recurring
costs (income)
by business
segment with
impact on
EBITDAFirst Half-Year 2026 First Half-Year 2025
Electrode
TechnologiesWater
TechnologiesEnergy
TransitionTotalElectrode
TechnologiesWater
TechnologiesEnergy
TransitionTotal
(in € thousands)
Termination costs
- Labor, Legal and Other expenses322 120 - 442 233 164 4 401
M&A, integration,
and company
reorganization
costs354 1,436 15 1,805 475 679 92 1,246
Revenues related
to IPCEI GF
Eligible costs- - (2,288) (2,288) - - - -
IPCEI GF Eligible costs (net of grant)- - 1,140 1,140 - - (235) (235)
Marine business
divesture- - - - - 801 - 801
Fracking business
divesture- - - - - 304 - 304
Other non-
recurring costs119 789 - 908 54 43 - 97 Total 795 2,345 (1,133) 2,007 762 1,991 (139) 2,614 22 Half-Year Financial Report 2026 Director's Group
Adjusted EBITDA increased by Euro 0.4 million (+0.5%), rising from Euro 81.4 million in the first half of 2025 to Euro 81.8 million in the first half of 2026.
The adjusted EBITDA margin increased accordin -
gly, rising from 19.6% to 20.4% (the latter calculated excluding Euro 2,288 thousand in revenue related to eligible IPCEI Gigafactory costs incurred during the first half of 2026 and considered non-recur -
ring).
The Group’s EBITDA, which also includes the non-recurring items described in the table, incre -
ased by Euro 1 million (+1.2%), rising from Euro 78.8 million in the first half of 2025 to Euro 79.8 million in the first half of 2026.
Electrode Technologies
business
Electrode Technologies' core business is the pro -
duction and sale mainly of:
• electrodes used for the production of (a) basic chemicals (chlorine, caustic soda and their de -rivatives), (b) printed circuits for the electronics industry and critical components for the ma -
nufacture of lithium batteries such as copper foil;• catalytic coatings that use noble metals such as iridium, ruthenium, platinum, palladium and rhodium, the formulations of which, many of them patented, have been developed by the Group and differ according to the many appli -
cations in electrochemical processes;• electrolytic cells for chlorine and caustic soda production, as well as their components and other accessories, and anode structures com -
plete with accessories for the production of non-ferrous metals (nickel, cobalt).
In the first six months of 2026, the Electrode Te -
chnologies business accounted for 49.4% of the Group's revenues.
The table below shows the revenues generated by the Electrode Technologies business for the first six months of 2026 and 2025, broken down by bu -
siness line.
Revenues for the Electrode Technologies segment decreased by Euro 22,082 thousand (-10.0%), from Euro 221,467 thousand in 2025 to Euro 199,385 thousand in 2026. The decline was primarily due to the Chlor-Alkali business, which experienced a significant decline in Asia.At constant exchange rates, revenue from the Electrode Technologies segment would have de -
creased by Euro 11,034 thousand (-5.0%), from Euro 221,467 thousand in 2025 to Euro 210,433 thou -
sand in 2026.EBITDA by business segmentFirst Half-Year 2026% of totalFirst Half-Year 2025% of total (in € thousands and as a percentage of segment revenues) Electrode Technologies 40,861 51% 46,646 59% Water Technologies 45,828 57% 30,951 39% Energy Transition (6,937) -8% 1,181 2% Total 79,752 100% 78,778 100% Revenue by business
line Electrode
TechnologiesFirst Half-Year
2026% of total
revenueFirst Half-
Year 2026
at constant
exchange
ratesFirst Half-Year
2025∆ First Half-
Year 2026 vs 2025∆ First Half-
Year 2026
vs 2025 at
constant
exchange
rates
(in € thousands and as a percentage of segment revenues) Chlor-alkali 142,025 71% 150,369 162,568 (20,543) (12,199) Electronics 36,210 18% 37,746 33,830 2,380 3,916 Specialties and New Applications21,150 11% 22,318 25,069 (3,919) (2,751)
Total Electrode
Technologies199,385 100% 210,433 221,467 (22,082) (11,034) 23 Half-Year Financial Report 2026 Director's Group
Chlor-alkali
Revenues from the chlor-alkali business segment decreased by Euro 20,543 thousand (-12.6%), from Euro 162,568 thousand in 2025 to Euro 142,025 thousand in 2026. This change is primarily attribu -
table to:• a decline in Membrana sales in Asia, primarily attributable to the completion in 2025 of seve -
ral major projects, which were not repeated in 2026;• lower sales of Diaphragms, particularly in the Americas, due in part to the temporary slow -
down in separator conversion projects caused by the geopolitical and macroeconomic con -
text;• exchange rates, with the average Euro for the period strengthening against major foreign cur -
rencies compared with the prior half-year, parti -
cularly the U.S. Dollar and the Japanese Yen.
At constant exchange rates, revenues from the chlor-alkali business line would have decreased by Euro 12,199 thousand (-7.5%), from Euro 162,568 thousand in 2025 to Euro 150,369 thousand in 2026.
In 2026, the chlor-alkali business line accounted for 71% of the Electrode Technologies segment’s re -
venue and approximately 35% of the Group’s total revenue.
Electronics
Revenues from the electronics segment increased by Euro 2,380 thousand (+7.0%), from Euro 33,830 thousand in 2025 to Euro 36,210 thousand in 2026.
This increase is due to rising demand, primarily dri -
ven by the Asian market and is driven by the growth of applications related to Artificial Intelligence, data centers, and high-speed networks. Growth in the printed circuit board (PCB) market is increasingly concentrated in the most technologically advan -
ced segments, such as highly complex multilayer boards and High Density Interconnect (HDI) solu -
tions. There has also been an increase in demand for copper foil, driven both by high-end electronic applications related to Artificial Intelligence and ad -
vanced networking infrastructure, and by the mar -
ket for electric vehicle batteries and energy storage systems.
At constant exchange rates, revenue from the electronics business line would have increased by Euro 3,916 thousand (+11.6%).
For 2026, the electronics business line accounts for 18% of the Electrode Technologies segment’s reve -
nue and approximately 9% of the Group’s total re -
venue.
Specialties and new applications Revenues from the Specialties and New Applica -
tions segment decreased by Euro 3,919 thousand (-15.6%), from Euro 25,069 thousand in 2025 to Euro 21,150 thousand in 2026.
This change in revenues is primarily attributable to:• lower sales of Euro 3,730 thousand in the Electrowinning product line, primarily due to a temporary slowdown in clients' final invest -
ment decisions, caused by the macroecono -
mic environment;• lower sales of electrodes in the specialty electrodes business line across most markets.
At constant exchange rates, revenue from the Spe -
cialties and New Applications line would have de -
creased by Euro 2,751 thousand (-11.0%), from Euro 25,069 thousand in 2025 to Euro 22,318 thousand in 2026.
For 2026, the Specialties and New Applications bu -
siness line accounts for 11% of the Electrode Tech -
nologies segment’s revenue and 5% of the Group’s total revenue, respectively.
The following table shows the revenues generated by the Electrode Technologies business for the first half of 2026 and 2025, broken down by new installa -
tions or newly constructed facilities (“New Installa -
tions”) and periodic maintenance or modernization services for existing plants and facilities (“Services”).
First Half-Year 2026 % of total revenue First Half-Year 2025 % of total revenue (in € thousands and as a percentage of segment revenues) New installations 111,821 56% 122,656 55% Services 87,564 44% 98,811 45% Total Revenue 199,385 100% 221,467 100% 24 Half-Year Financial Report 2026 Director's Group
New installations accounted for 56% of the seg -
ment’s revenue in 2026, a slight increase compa -
red to 2025.
Services accounted for 44% of the segment’s revenue in 2026, a slight decrease compared to 2025; the related activities include the periodic maintenance of the electrodes or replacement with new products and/or latest generation pro -
ducts capable of improving the performance of the process for which they are intended, supply of spare parts, design and re-engineering of the electrodes, technical assistance, lease contracts, performance monitoring, laboratory analysis.
In particular, the electrodes at the end of their useful life must be replaced or suitably treated in order to restore the catalytic coating through a process called re-coating or reactivation. The re-coating process allows the metal structure of the electrode, whether titanium or nickel, to be preserved and a new coating to be reapplied, thus allowing the initial characteristics of the electrode to be restored.
The continuous improvement of the product portfolio allows the Group to offer customers technologies capable of responding to new pro -
cess targets and market demands also in terms of sustainability. In particular, in the Electrode Technologies business, the extension of the cu -
stomer base is a significant growth factor for services sales.
The table below shows the EBITDA and Adjusted EBITDA figures generated by the Electrode Te -
chnologies business for the first six months of 2026 and 2025.
Adjusted EBITDA for the Electrode Technolo -
gies business decreased by Euro 5,752 thousand (-12.1%), from Euro 47,408 thousand in 2025 to Euro 41,656 thousand in 2026, with its share of the seg -
ment’s revenue decreasing from 21.4% in 2025 to 20.9% in 2026.The Electrode Technologies business segment’s adjusted EBITDA as a percentage of the Group’s total revenue declines from 11.4% in 2025 to 10.3% in 2026.
The decline in EBITDA is primarily due to lower chlor-alkali volumes in Asia.First Half-Year 2026 First Half-Year 2025∆ First Half-Year 2026 vs 2025 (in € thousands) Electrode Technologies Adjusted EBITDA 41,656 47,408 (5,752) Electrode Technologies EBITDA 40,861 46,646 (5,785) 25 Half-Year Financial Report 2026 Director's Group
Water Technologies
business
The main activity of the Water Technologies bu -
siness is the manufacture and sale of equipment, systems and technologies used in the water treat -
ment industry. The Group has long experience in the water treatment sector and a broad portfolio of products and solutions that meet a wide range of requirements for the treatment of various types of water.
In particular, the Group develops, manufactures, and sells systems and technologies for swimming pool disinfection, electrochlorination of seawater and brine for on-site production of low concen -
tration sodium hypochlorite, disinfection and fil -tration of drinking water and wastewater; on the other hand, the production and sale of water treat -
ment systems in marine applications was progres -
sively abandoned during 2024.
In addition to supplying equipment, products, and systems for new installations or newly constructed facilities (“New Installations”), the Group provides after-sales services for maintenance, supply of spare parts, re-engineering of existing systems, on-site or remote monitoring activities, and other services that maintain product performance, en -
suring consistency in treated water quality (“Ser -
vices”).
The table below shows the revenues generated by the Water Technologies business for the first six months of 2026 and 2025, broken down by busi -
ness lines.
Revenues from the Water Technologies business segment increased by Euro 39,950 thousand, cor -
responding to a 26.5% increase, from Euro 150,978 thousand in the six-month period ended June 30, 2025, to Euro 190,928 thousand in the six-month period ended June 30, 2026. This increase in re -
venue is primarily attributable to a rise in revenue from the Swimming pools business lines, amoun -
ting to approximately 68%. The electrochlorina -
tion and disinfection and filtration business lines, on the other hand, were essentially in line with the revenue levels of the first half of 2025, recor -
ding percentage changes of just -4% and -3%, re -
spectively (at constant exchange rates, however, both business segments would have posted slight growth). The marine technologies business line, on the other hand, experienced a further decline (approximately -50%) compared to the revenue le -
vel of the first half of 2025 as a natural consequen -
ce of the decision - approved in December 2023 by the Board of Directors of Industrie De Nora S.p.A.
- to exit the marine technologies business in order to focus the company’s growth strategy on the key municipal and industrial markets.At constant exchange rates, revenue from the Wa -
ter Technologies business segment would have increased by 33.2%, amounting to Euro 50,102 thousand, rising from Euro 150,978 thousand in the six-month period ended June 30, 2025, to Euro 201,080 thousand in the six-month period ended June 30, 2026.
The share of revenue from the Water Technologies business in total Group revenue increased, rising from 36.3% in the six-month period ended June 30, 2025, to 47.4% in the six-month period ended June 30, 2026.
Swimming pools
Revenues from the swimming pool business line increased by Euro 43,843 thousand (+67.9%), from Euro 64,526 thousand in 2025 to Euro 108,369 thousand in 2026. This increase is primarily due to rising raw material prices.
At constant exchange rates, revenue from the swimming pools business line would have incre -Revenue by business line Water TechnologiesFirst Half-Year 2026% of total
revenueFirst Half-
Year 2026
at constant
exchange
ratesFirst Half-Year
2025∆ First Half-
Year 2026 vs 2025∆ First Half-
Year 2026
vs 2025 at
constant
exchange
rates
(in € thousands and as a percentage of segment revenues) Swimming pools 108,369 57% 114,569 64,526 43,843 50,043 Electrochlorination 48,111 25% 50,356 50,233 (2,122) 123 Disinfection and filtration 33,796 18% 35,460 34,900 (1,104) 560 Marine technologies 652 - 695 1,319 (667) (624) Total Water Technologies 190,928 100% 201,080 150,978 39,950 50,102 26 Half-Year Financial Report 2026 Director's Group
ased by Euro 50,043 thousand (+77.6%), from Euro 64,526 thousand in 2025 to Euro 114,569 thousand in 2026.
In the first half of 2026, the swimming pools bu -
siness segment accounted for approximately 57% of the Water Technologies business’s revenue -up from 2025 - and approximately 27% of the Group’s total revenue.
Electrochlorination
Revenues from the electrochlorination business line decreased slightly Euro by 2,122 thousand (-4.2%), from Euro 50,233 thousand in the six-mon -
th period ended June 30, 2025, to Euro 48,111 thou -
sand in the six-month period ended June 30, 2026.
This decrease is attributable to the combined ef -
fect of the following factors:
• a complete elimination of revenue from hy -
draulic fracturing systems (so-called fracking)
- as a natural consequence of the Group’s de -
cision to exit this business and its subsequent goal of focusing the company’s growth strate -
gy on the key municipal and industrial markets
- compared to Euro 2,444 thousand for the six-month period ended June 30, 2025;• a decrease in revenue of Euro 2,218 thousand from sales of electrolytic water treatment sy -
stems (Omnipure), with negative performance in both the services segment and new instal -
lations, which recorded declines of 21% and 33%, respectively, compared to revenue for the six-month period ended June 30, 2025;• a decrease of Euro 776 thousand (approxima -
tely -28%) in revenue attributable to IEM tech -
nology (Brine Electrochlorination Plants), cau -
sed primarily by the decline in sales related to new installations - down by Euro 625 thousand compared to revenue recorded in the six-mon -
th period ended June 30, 2025;• a slight decrease in revenue from the OSHG product line (on-site hypochlorite generation), with the services segment showing the oppo -
site trend compared to that of new installa -
tions; compared to the revenue trend recorded in the six-month period ended June 30, 2025, revenue from services decreased by 26%, whi -
le revenue from new installations increased by 13%;• an increase of Euro 3,613 thousand in revenue from sales of the seawater electrochlorination (SWEC) product line, with the services seg -
ment showing the opposite trend compared to that of new installations; compared to the re -
venue trend recorded in the six-month period ended June 30, 2025, revenue from services in -
creased by 65% (with revenue growth primarily in Europe and the Middle East), while revenue from new installations decreased by 19%.
At constant exchange rates, the electrochlorina -
tion business line would instead have recorded a slight increase in revenue - amounting to Euro 123 thousand, rising from Euro 50,233 thousand in the six-month period ended June 30, 2025, to Euro 50,356 thousand in the six-month period ended June 30, 2026. For the six-month period ended June 30, 2026, the electrochlorination business line accounted for 25% of the Water Technologies business’s revenue and nearly 12% of the Group’s total revenue.
Disinfection and Filtration Revenues from the disinfection and filtration bu -
siness line showed a slight decrease of Euro 1,104 thousand (-3.2%), from Euro 34,900 thousand in the six-month period ended June 30, 2025, to Euro 33,796 thousand in the six-month period en -
ded June 30, 2026. This change is primarily attri -
butable to:
• a decrease of Euro 2,044 thousand in revenue from the ozone technology systems segment, attributable to the lack of significant progress on projects in the first half of 2026, particularly in the Asian region;• a decrease of Euro 1,183 thousand in revenue from the Deep Bed Filtration, with the seg -
ment related to services showing the opposi -
te trend compared to that of new installations:
compared to the revenue trend recorded in the six-month period ended June 30, 2025, revenue from new installations decreased by 16%, while revenue from services increased by 41%;• a decrease of approximately Euro 618 thou -
sand in revenue related to gas feed techno -
logy, caused primarily by the decline in sales from new installations - down Euro 621 thou -
sand compared to revenue recorded in the six-month period ended June 30, 2025;• an increase of Euro 1,281 thousand in revenue from the ultraviolet disinfection product line.
This technology is specific to the U.S. subsi -
diary, where revenue from new installations increased by Euro 1,692 thousand compared to that generated during the six-month pe -
riod ended June 30, 2025;• revenue generated from new installations re -
lated to the line of systems for the capture and removal of “per- and polyfluoroalkyl” substan -
ces (so-called PFAS), amounting to approxi -
mately Euro 1,359 thousand; this product line is based on recently developed technologies, which began generating revenue starting in the current fiscal year.
27 Half-Year Financial Report 2026 Director's Group
At constant exchange rates, revenue from the di -
sinfection and filtration business line would have increased by Euro 560 thousand (2%), from Euro 34,900 thousand in the six-month period ended June 30, 2025, to Euro 35,460 thousand in the six-month period ended June 30, 2026. For the six-month period ended June 30, 2025, the di -
sinfection and filtration business line accounted for approximately 18% of the Water Technologies business’s revenue and approximately 8% of the Group’s total revenue.The following table shows the revenues genera -
ted by the Water Technologies business for the first half of 2026 and 2025, broken down by new installations or newly constructed facilities (“New Installations”) and periodic maintenance or mo -
dernization services for existing plants and facili -
ties (“Services”).
For the six-month period ended June 30, 2025, new installations accounted for 80% of the Water Tech -
nologies segment’s revenue, up by approximately 5 percentage points compared to the first half of the prior fiscal year. Revenue from the swimming pool product line is fully included in this category.
Services cover the entire product portfolio and, for the six-month period ended June 30, 2026, ac -
counted for 20% of the segment’s revenue, down by approximately 5 percentage points compared to the first half of the previous fiscal year. These activities include the replacement or reactivation of electrodes for the electrochlorination business line, maintenance of installed equipment and systems, supply of replacement parts, and tech -
nological improvements (including automation) aimed at maximizing performance and ensuring optimal product operation throughout their entire lifecycle. In addition to these activities, the Group offers on-site technical support services, training programs, and testing agreements.
The table below shows the EBITDA and Adjusted EBITDA figures generated by the Water Techno -
logies business for the first six months of 2026 and 2025.
Adjusted EBITDA for the Water Technologies segment rose sharply to Euro 15,231 thousand (+46.2%), increasing from Euro 32,942 thousand in the six-month period ended June 30, 2025, to Euro 48,173 thousand in the six-month period ended June 30, 2026. This increase is primarily attributable to the combined effect of the following factors:
• an increase in sales volumes of Euro 39,950 thousand (+26.5%);• a generally rising direct margin totaling nearly 2 percentage points;• an operating cost structure that, although hi -
gher than in the six-month period ended June 30, 2025, is more efficient and represents a per -
centage of revenue that decreased by more than 1 percentage point (from 18.4% in the first half of 2025 to 17.1% in the first half of 2026).
The ratio of Adjusted EBITDA for the Water Tech -
nologies business segment to the segment’s reve -
nue rose from 21.8% in the six-month period ended June 30, 2025, to 25.2% in the six-month period en -
ded June 30, 2026.
The ratio of the Water Technologies business seg -
ment’s Adjusted EBITDA to the Group’s total reve -
nue rose from 7.9% for the six-month period ended June 30, 2025, to approximately 12% for the six-mon -
th period ended June 30, 2026.First Half-Year 2026 % of total revenue First Half-Year 2025 % of total revenue (in € thousands) New installations 152,379 80% 112,888 75% Services 38,549 20% 38,090 25% Total Revenue 190,928 100% 150,978 100% First Half-Year 2026 First Half-Year 2025∆ First Half-Year 2026 vs 2025 (in € thousands) Water Technologies Adjusted EBITDA 48,173 32,942 15,231 Water Technologies EBITDA 45,828 30,951 14,877 28 Half-Year Financial Report 2026 Director's Group
Energy Transition
business
The Energy Transition business includes high-per -
formance electrodes (anodes and cathodes), electrochemical cells, stacks, and turnkey systems for the production of green hydrogen through alka -
line water electrolysis processes. The product por -
tfolio also includes gas diffusion electrodes (GDEs), which are used in high-temperature fuel cells, in long-duration energy storage systems such as re -
dox flow batteries, and in other industrial decarbo -
nization processes.Recently, the Energy Transition portfolio has been expanded with new technologies: Enso, a solution for industrial salt separation processes (salt split -
ting), enables the electrochemical purification and refining of industrial salts - both organic and inor -
ganic -such as lithium, sodium, and ammonium.
This enables the implementation of closed-loop processes capable of recovering value from resour -
ces and/or waste, while eliminating the need to di -
spose of large quantities of industrial effluents.
The table below shows the revenues generated by the Energy Transition business for the first six mon -
ths of 2026 and 2025.
Revenues from the Energy Transition business re -
late primarily to the execution of projects throu -
gh the affiliate tk nucera and decreased by Euro 30,379 thousand (-70.4%), from Euro 43,165 thou -
sand in 2025 to Euro 12,786 thousand in 2026, due to the reduction in the number of units sold as a result of projects completed in 2025.
At constant exchange rates, revenue from the Energy Transition business would have decrea -
sed by Euro 29,560 thousand (-68.5%), from Euro 43,165 thousand in 2025 to Euro 13,605 thousand in 2026.
The following table shows the revenues generated by the Energy Transition business for the first six months of 2026 and 2025, broken down by new installations or newly constructed facilities (“New Installations”) and periodic maintenance or mo -
dernization services for existing plants and facili -
ties (“Services”).
As a result of the overall decline in revenue descri -
bed above, Adjusted EBITDA for the Energy Tran -
sition business segment in the first half of 2026 was negative, amounting to Euro -8,070 thousand, compared with a positive figure for the compa -
rable half-year period. The table below shows the EBITDA and Adjusted EBITDA figures generated by the Energy Transi -tion business for the first six months of 2026 and 2025.
First Half-Year 2026 First Half-Year 2025∆ First Half-Year 2026 vs 2025 (in € thousands) Energy Transition Adjusted EBITDA (8,070) 1,042 (9,112) Energy Transition EBITDA (6,937) 1,181 (8,118)Revenue by business line Energy TransitionFirst Half-Year
2026First Half-
Year 2026
at constant
exchange ratesFirst Half-Year 2025∆ First Half-Year 2026 vs 2025∆ First Half-Year 2026 vs 2025
at constant
exchange rates
(in € thousands) Energy Transition 12,786 13,605 43,165 (30,379) (29,560)
First Half-Year
2026% of total revenueFirst Half-Year 2025% of total revenue (in € thousands and as a percentage of segment revenues) New installations 12,772 100% 42,604 99% Services 14 - 561 1% Total Revenue 12,786 100% 43,165 100% 29 Half-Year Financial Report 2026 Director's Group
Outlook
For the remainder of the year, based on the backlog as of June 30, the outlook for its main tar -
get markets, and the current macroeconomic and geopolitical landscape, the Group confirms its or-
ganic guidance for revenue , which is expected to be in the upper end of the range between E uro 750 million and Euro 850 million , driven in particu -
lar by the Electrode Technologies and Water Tech -
nologies business segments.In light of the favorable results achieved in the first half of the year in terms of operating margins— driven by a positive shift in the revenue mix and operational efficiencies achieved during the pe -
riod—the organic guidance for the adjusted EBI -
TDA margin has been revised upward and is now expected to be in the 18%–20% range , compared to the previous guidance, which placed it at the upper end of the 15%–18% range.
30 Half-Year Financial Report 2026 Director's Group
Risks Management,
related party
transactions and
other information
Risks
Relating to strategic, operational, climate, legal and non-compliance risks, please refer to 2025 Annual Financial report.
For financial risks, please refer to the Notes to the condensed consolidated half-yearly financial sta -
tements as of June 30, 2026.
Related Party
Transactions
With regard to transactions carried out with rela -
ted parties, it should be noted that they cannot be classified as atypical or unusual, as they fall within the normal course of business of the Group com -
panies. These transactions are settled at market conditions, taking into account the characteristics of the goods and services provided.
Information on transactions with related parties, including that required by CONSOB Communica -
tion of July 28, 2006, is included in the Notes to the condensed consolidated half-yearly financial statements as of June 30, 2026.
It should be noted that in the reference period:• no significant transactions were concluded with related parties;• no transactions were concluded with related parties that significantly affected the financial position or results of the companies;• there were no changes or developments in the related party transactions described in the last annual report that had a material effect on the companies' financial position or results.
On July 5, 2022, the Board of Directors of Industrie De Nora S.p.A. approved a procedure for related parties transactions (“RPT Procedure”), subject to the favorable opinion of the Related Parties Com -
mittee, in line with the provisions on related party transactions adopted by CONSOB . Subsequently, the RPT Procedure was amended by the Board of Directors on May 10, 2023, following the favorable opinion of the Related Parties Committee. The RPT Procedure was finally amended, most recent -
ly, by resolution of the Board of Directors on July 31, 2025, subject to the opinion of the Related Parties Committee issued on July 28, 2025 and subject to assessment by the Company's Board of Statutory Auditors of the Procedure's compliance with the principles set out in the RTP Regulations.
The RPT Procedure can be consulted, together with the other documents on corporate governan -
ce, on the website www.denora.com .
31 Half-Year Financial Report 2026 Director's Group
Atypical and/or unusual
transactions
Pursuant to CONSOB Communication No.
DEM/6064293 of July 28, 2006, it should be noted that there were no atypical and/or unusual tran -
sactions, as defined in the Communication.
Other Information
As regards the main corporate information of the legal entities that make up the Group, please re -
fer to the Consolidation area section included in the Explanatory Notes to the condensed consoli -
dated half-yearly financial statements as of June 30, 2026.
As of June 30, 2026, the parent company does not hold directly or through trustees or nominees, any shares of parent companies, nor has it acquired or sold such shares or quotas during the financial year. Regarding Treasury shares, reference is made to what disclosed in the Notes to the condensed consolidated interim financial statements.
The employees of the De Nora Group companies are bound by the Code of Ethics, which establi -
shes the ethical and behavioral standards to be followed in the conduct of day-to-day activities.
The Group is committed to maintaining a consi -
stent standard of ethical conduct at a global level, with respect for the cultures and the commercial practices of the countries and communities in which it operates.
Compliance with the Code by directors, managers and employees, as well as by all those who work to achieve the Group’s objectives, each within their own area of responsibility, is fundamentally impor -
tant to De Nora’s efficiency, reliability and reputa -
tion, factors that play a crucial role in the Group’s success.The principles and guidelines set out in the Code are addressed and analyzed in further detail in other policies and business procedures.
The corporate governance system adopted by Industrie De Nora S.p.A. complies with the indi -
cations contained in the Corporate Governance Code published by Borsa Italiana S.p.A. In com -
pliance with regulatory obligations, the Report on corporate governance and ownership structures (the “CG Report”) is drafted on a yearly basis and contains a general description of the corporate governance system adopted by the Group and contains information on the ownership structure and compliance with the Corporate Governance Code, including the main governance practices applied and the characteristics of the internal con -
trol and risk management system also in relation to the financial reporting process.
The aforementioned CG Report is available on the website www.denora.com in the “Governance -
Shareholders’ Meetings” section.
The Corporate Governance Code is available on the Borsa Italiana S.p.A. website www.borsaitalia -
na.it .
On an annual basis, the Board of Directors, on the proposal of the Appointments and Remuneration Committee, defines the remuneration policy, in compliance with the regulatory provisions and the recommendations of the Corporate Governance Code. Pursuant to the law, the remuneration and compensation paid policy constitutes the first section of the Remuneration Report, which is also available on the website www.denora.com in the “Governance - Shareholders’ Meetings” section.
Milan, July 30, 2026 On behalf of the Board of Directors The Chief Executive Officer Paolo Enrico Dellachà 32 Half-Year Financial Report 2026 Director's Group
33 Half-Year Financial Report 2026 Director's Group
34 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Condensed
Consolidated
Half Year
Financial
Statements03
36 — Interim Condensed Consolidated Half-Year
Financial Statements
41 — Explanatory Notes to the Condensed Consolidated Half-Year Financial Statements 86 — Management’s Attestation of the Condensed Consolidated Half-Year Financial Statements of Industrie De Nora S.p.a. as of June 2026 87 — Independent Auditors’ Report 35 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Interim consolidated statement of
financial position
Assets NotesAs of June 30, 2026Of which
Related
partiesAs of
December
31, 2025Of which
Related
parties
(in € thousands) Goodwill and other intangible assets 16 104,603 101,427 Property, plant and equipment 17 330,481 315,552 Equity-accounted investees 18 216,956 232,741 Financial assets, including derivatives 19 6,329 5,276 Deferred tax assets 13,885 13,265 Other receivables 24 4,804 52 4,829 52 Total non-current assets 677,058 673,090 Inventory 20 313,060 214,380 Financial assets, including derivatives 19 5,695 14,674 Current tax assets 21 7,147 8,579 Construction contracts assets 22 45,290 28 41,758 157 Trade receivables 23 183,254 18,561 152,948 25,244 Other receivables 24 84,668 1 57,524 1 Cash and cash equivalents 25 139,261 109,067 Total current assets 778,375 598,930 Total assets 1,455,433 1,272,020
Liabilities
Equity attributable to the parent 984,390 958,898 Equity attributable to non-controlling interests 12,538 11,704 Total Equity 26 996,928 970,602 Employee benefits 27 23,914 24,722 Provisions for risks and charges 28 2,514 2,444 Deferred tax liabilities 6,179 4,899 Financial liabilities, net of current portion 29 59,814 18,848 Trade payables 30 122 56 Other payables 32 3,242 42 2,623 42 Total non-current liabilities 95,785 53,592 Provisions for risks and charges 28 18,384 21,910 Financial liabilities, current portion 29 115,262 18,317 Construction contracts liabilities 22 9,533 356 9,318 368 Trade payables 30 92,776 2,325 113,462 957 Income tax payable 31 14,956 12,176 Other payables 32 111,809 45,047 72,643 19,251 Total current liabilities 362,720 247,826 Total equity and liabilities 1,455,433 1,272,020 36 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Interim consolidated income
statement
First Half-Year ended June 30 Notes 2026Of which
Related
parties2025Of which
Related
parties
(in € thousands) Revenues 4 403,099 63,392 415,610 107,648 Change in inventory of finished goods and work in progress5 38,971 (2,157) Other income 6 7,479 235 8,462 345 Costs for raw materials, consumables, supplies and goods7 (205,407) (1,323) (167,342) (1,787) Personnel expenses 8 (78,885) (4,225) (79,509) (4,023) Costs for services 9 (77,338) (2,627) (87,905) (1,163) Other operating expenses 10 (4,368) (5,341) Amortization and depreciation 16 – 17 (17,412) (17,914) (Impairment)/write-backs of non-current assets and net accrual of provisions for risks and charges11 (3,402) (3,040) Operating profit 62,737 60,864 Share of profit of equity-accounted investees (16,464) (830) Finance income 12 9,282 12,751 Finance expenses 13 (10,627) (19,210) Profit before tax 44,928 53,575 Income tax expense 14 (16,185) (18,103) Profit for the period 28,743 35,472
Attributable to:
Owners of the parent 28,751 35,194 Non-controlling interests (8) 278 Basic earnings per share (in Euro) 15 0.14 0.18 Diluted earnings per share (in Euro) 15 0.14 0.18 37 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Interim consolidated statement of
comprehensive income
First Half-Year ended June 30
2026 2025
(in € thousands) Profit for the period 28,743 35,472 Items that will not be reclassified to profit or loss:
Revaluation of net (liabilities)/assets on defined benefit obligations 562 1,297 Tax effect on items that will not be reclassified to profit and loss (174) (461) Total items that will not be reclassified to profit or loss, net of the tax effect (A) 388 836 Items that may be reclassified subsequently to profit or loss:
Effective portion of the change in fair value of financial instruments hedging cash flows 237 25 Change in fair value of financial assets 64 (148) Translation reserve 15,649 (40,668) Tax effect on items that may be reclassified subsequrently to profit and loss (107) 32 Total items that may be reclassified subsequently to profit or loss, net of the tax effect
(B)15,843 (40,759)
Total other comprehensive income net of the tax effects (A) + (B) 16,231 (39,923) Total comprehensive income 44,974 (4,451)
Attributable to:
Owners of the parent 45,130 (3,809) Non-controlling interests (156) (642) 38 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Interim consolidated statement of cash flows First Half-Year ended June 30 Notes 2026Of which
Related
parties2025Of which
Related
parties
(in € thousands) Cash flows from operating activities Profit for the period 26 28,743 35,472
Adjustments for:
Amortization and depreciation 16-17 17,412 17,914 Impairment/(write-back) of property, plant and equipment and intangible assets11- 16-
1774 -
Finance expenses 13 10,627 19,211 Finance income 12 (9,282) (12,751) Share of profit of equity-accounted investees 16,464 16,464 830 830 (Gains) losses on the sale of property, plant and equipment and intangible assets16-17 64 (700) Income tax expense 14 16,185 18,103 Share based payments 8 - 26 788 657 518 384 Change in inventory 20 (93,116) (8,180) Change in trade receivables and construction contracts 22-23 (28,199) 6,800 5,881 16,998 Change in trade payables 30 (22,723) 1,368 (20,206) 192 Change in other receivables/payables 24-32 12,770 25,796 (36,850) (16,164) Change in provisions and employee benefits 27-28 (2,656) (2,595) Cash flows generated (used in) by operating activities (52,849) 16,647 Interest and other finance expenses paid 13 (8,477) (9,110) Interest and other finance income collected 12 5,455 12,278 Income taxes paid 14 (12,814) (23,467) Net cash flows generated by (used in) operating activities (68,685) (3,652) Cash flows from investing activities Sale of property, plant and equipment and intangible assets 16-17 793 1,140 Investments in property, plant and equipment 16-17 (23,766) (25,757) Investments in intangible assets 16-17 (4,644) (2,636) (Investment in)/Disposal of financial activities 19 8,359 227 Net cash flows generated by (used in) investing activities (19,258) (27,026) Cash flows from financing activities Share capital increase 26 990 990 1,400 1,400 New loans 29 138,788 -
Repayments of loans 29 (355) (6,588) Lease payments 29 (2,224) (1,896) Increase (decrease) in other financial liabilities 29 (3) (3) Dividends paid 26 (20,471) (15,781) (20,665) (15,958) Net cash flows generated by (used in) financing activities 116,725 (27,752) Net increase (decrease) in cash and cash equivalents 28,782 (58,430) Cash and cash equivalents as of January 1 109,067 215,857 Exchange rate gains/(losses) 1,412 (7,860) Cash and cash equivalents as of June 30 25 139,261 149,567 39 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Interim statement of changes in the net
consolidated equity
(in € thousands)Share
capitalLegal
reser-
veShare
premiumRetai-
ned
earningsTran-
slation
reserveOther
reservesProfit
for the
periodEquity
attribu-
table
to the
parentEquity
attribut-
able to
non-con -
trolling
interestsTotal
Equity
Balance as of December 31, 202418,268 3,654 223,405 657,919 (9,696) (30,399) 83,376 946,527 7,256 953,783
Transactions with
shareholders:
Share capital increase - - - - - - - - 1,400 1,400 Allocation of profit for 2024- - - 83,376 - - (83,376) - - -
Distribution of Dividends - - - (20,665) - - - (20,665) - (20,665) Buy of Treasury Shares - - 28 - - 73 - 101 - 101 Other movements – Share based payments- - - - - 518 - 518 - 518 Other movements - - - - - (1,602) - (1,602) 1,547 (55)
Comprehensive income
statement:
Profit for the period - - - - - - 35,194 35,194 278 35,472 Revaluation of net
(liabilities)/assets
on defined benefit obligations- - - - - 840 - 840 (4) 836 Effective portion of the change in fair value of
financial instruments
hedging cash flows- - - - - 20 - 20 - 20 Change in fair value of financial assets- - - - - (111) - (111) - (111) Translation reserve - - - - (39,752) - - (39,752) (917) (40,669) Balance as of June 30, 202518,268 3,654 223,433 720,630 (49,448) (30,661) 35,194 921,070 9,560 930,630 Balance as of December 31, 202518,268 3,654 223,433 720,630 (59,697) (29,728) 82,338 958,898 11,704 970,602
Transactions with
shareholders:
Share capital increase - - - - - - - - 990 990 Allocation of profit for 2025 - - - 82,338 - - (82,338) - - -
Distribution of Dividends - - - (20,471) - - - (20,471) - (20,471) (Increase) / Decrease of Treasury Shares- - - - - 45 - 45 - 45 Other movements – Share based payments- - - - - 788 - 788 - 788 Other movements - - - - - - - - (33) (33)
Comprehensive income
statement:
Profit for the period - - - - - - 28,751 28,751 (8) 28,743 Revaluation of net (liabilities)/assets on defined benefit obligations- - - - - 385 - 385 3 388 Effective portion of the change in fair value of
financial instruments
hedging cash flows- - - - - 158 - 158 - 158 Change in fair value of financial assets- - - - - 37 - 37 (1) 36 Translation reserve - - - - 15,799 - - 15,799 (117) 15,682 Balance as of June 30, 202618,268 3,654 223,433 782,497 (43,898) (28,315) 28,751 984,390 12,538 996,928 40 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Explanatory Notes
to the Condensed
Consolidated
Half-Year Financial
Statements
42 A. — General information 49 B. — Notes to the main Financial Statement items – Income Statement 56 C. — Notes to the main Financial Statement items – Statement of financial position - Assets 65 D. — Notes to the main Financial Statement items – Statement of financial position – Equity and liabilities 73 E. — Financial Risks 75 F. — Segment reporting 79 G. — Related Party Transactions 82 H. — Non-recurring events 83 I. — Commitments and contingent liabilities 84 J. — Events after the reporting date 41 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
A. General information 1. General information Industrie De Nora S.p.A. (hereinafter the "Com -
pany" or "IDN" and together with its subsidiaries the "Group" or the "De Nora Group") is a joint-stock company incorporated and registered in Italy at the Companies Register Office of Milan, with regi -
stered office at Via Bistolfi 35 - Milan, Italy.
The Group was founded by the engineer Oronzio De Nora and prides itself of more than 100 years in the electro-chemical industry. Today it is known as a world leader in supplying electrodes for the electrochemical industry. The Group is also active in the design and supply of technologies for wa -
ter treatment and disinfection and is committed to developing solutions for the energy transition, particularly holding a prominent position in sup -
plying technologies for hydrogen production through water electrolysis.
Please note that these Condensed Consolidated Interim Financial Statements for the six months ended June 30, 2026 (hereinafter the "Condensed Consolidated Interim Financial Statements") were approved by the Company's Board of Directors on July 30, 2026.
The Company has been listed on Euronext Milan since June 30, 2022. 2. Summary of the
accounting principles
adopted and of the criteria adopted for the preparation of the
condensed consolidated
interim financial
statements
2.1 Criteria for the preparation of the Condensed Consolidated Interim Financial Statements The De Nora Group has prepared these Conden -
sed Consolidated Interim Financial Statements in accordance with IAS 34 - Interim Financial Repor -
ting by applying the same accounting standards adopted in the preparation of the Consolidated Financial Statements as of December 31, 2025 and in effect as of June 30, 2026, in accordance with In -
ternational Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union, hereinafter the "IFRS". The IFRS have been applied consistently in all the periods presented.
These Condensed Consolidated Interim Financial Statements have been prepared in "condensed" form, i.e., with a significantly lower level of disclo -
sure than required by IFRS, as permitted by IAS 34, and should therefore be read in conjunction with the Group's consolidated financial statements for the year ending December 31, 2025, prepared in accordance with IFRS and approved by the Board of Directors on March 17, 2026.
The Condensed Consolidated Interim Financial Statements consist of the interim consolidated statement of financial position, the interim conso -
lidated income statement, the interim consolida -
ted statement of comprehensive income, the inte -
rim statement of changes in the net consolidated equity, and the interim consolidated statement of cash flows, as well as the explanatory notes.
42 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Assets and liabilities as of June 30, 2026 are com -
pared with the consolidated statement of financial position as of December 31, 2025. The amounts in the consolidated income statement, consolidated statement of comprehensive income, statement of changes in the net consolidated equity, and consolidated statement of cash flows for the six months ended June 30, 2026, are compared with the respective amounts for the six months ended June 30, 2025.
The Group has chosen to present the consolida -
ted income statement by the nature of the expen -
ses, highlighting the interim results relating to the operating result and the result before tax.
The statement of financial position is prepared using the format whereby assets and liabilities are presented on a "current/non-current" basis. An as -
set is classified as current when:• it is assumed that such asset is carried out, or is held for sale or consumption, in the normal course of the operating cycle;• it is mainly owned for trading purposes;• it is assumed that it will be realized within twel -
ve months from the closing date of the period;• it consists of cash and cash equivalents (unless it is forbidden to exchange it or use it to settle a liability for at least twelve months from the closing date of the period).
All other assets are classified as non-current. In particular, IAS 1 includes property, plant and equi -
pment, intangible assets and long-term financial assets among non-current assets.
A liability is classified as current when:• it is expected to be settled in the normal opera -
ting cycle;• it is mainly owned for trading purposes;• it will be settled within twelve months from the closing date of the period;• there is no unconditional right to defer its sett -
lement for at least twelve months after the end of the period. The clauses of a liability that could, at the option of the counterparty, give rise to its settlement through the issue of equi -
ty instruments, do not affect its classification.
All other liabilities are classified by the company as non-current.
The operating cycle is the time that elapses betwe -
en the acquisition of assets for the production process and their realization in cash or cash equi -
valents. When the normal operating cycle is not clearly identifiable, its duration is assumed to be twelve months.The consolidated statement of cash flows is prepa -
red using the indirect method.
The statement of changes in the consolidated equity shows the changes in shareholders' equity items related to:• the recognition of the result for the period and allocation of the result of the previous period;• amounts relating to transactions with sha -
reholders;• all gains and losses, net of tax, which, as requi -
red by IFRS, are accounted for directly in equity (actuarial gains and losses arising from defined benefit plans and hedging reserves);• changes in the fair value reserves relating to cash flow hedges, net of taxes;• changes in the consolidation scope;• the effect of the differences from the conver -
sion of the financial statements of foreign com -
panies;• changes in accounting principles.
The consolidated statement of comprehensive income presents, on a separate basis, the profit/ (loss) for the period and any income and expen -
se not recognized in the income statement, but recognized directly in equity, in accordance with specific IFRS principles.
The Condensed Consolidated Interim Financial Statements have been drawn up in Euro, the Com -
pany's functional currency. The financial position and income statements, the explanatory notes and the tables are expressed in thousands of Euro, unless otherwise indicated.
The Condensed Consolidated Interim Financial Statements were prepared:• on a going concern basis, as the Directors ve -
rified the absence of financial, management or other indicators that could indicate signifi -
cant uncertainties about the Group's ability to meet its obligations in the foreseeable future and, in particular, in the 12 months following the closing date, as compared to the date of these interim financial statements. The assessments made confirm that the Group is able to operate in compliance with the going concern assump -
tion and in compliance with financial covenants;• on an accrual basis of accounting, in complian -
ce with the principle of relevance and signifi -
cance of the information, of the prevalence of substance over form and with a view to favo -
ring consistency with future presentations.
The assets and liabilities, costs and revenues are not offset against each other, unless this is permitted or required by IFRS;
43 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
• on the basis of the conventional historical cost criterion, except for the valuation of financial assets and liabilities in cases where the appli -
cation of the fair value criterion is mandatory.
2.2 Changes in accounting
principles
With regard to the accounting standards and amendments applicable from January 1, 2026 and to the accounting standards and amendments that are not yet applicable, they are already de -
scribed in the Consolidated Financial Statements at 31 December 2025 to which reference should be made.
In addition, it should be noted that: • on February 13, 2026, IFRS 18 Presentation and Disclosure in Financial Statements was en -
dorsed: De Nora is currently conducting the necessary assessments regarding the applica -
tion and impact of this standard, which will be effective as of January 1, 2027;• IFRS 20 - Regulatory Assets and Regulatory Liabilities - was issued on May 27, 2026; it has not yet been endorsed by the European Union, and its effective date is scheduled for January 1, 2029;• Amendments to the Fair Value Option in IAS 28 Investments in Associates and Joint Ventures -
was issued on 26 June 2026; it has not yet been endorsed by the European Union, and its effec -
tive date is scheduled for January 1, 2027.2.3 Structure and content of the Consolidated Financial
Statements
The Condensed Consolidated Interim Financial Statements include the economic and financial position of the Company and its subsidiaries, pre -
pared based on the related accounting situations and, where applicable, appropriately adjusted to make them compliant with IFRS.
As of June 30, 2026, the financial statements of the companies in which the Company directly or in -
directly has control have been consolidated using the "full consolidation method", by fully including the assets and liabilities and the costs and reve -
nues of the subsidiaries.
Companies in which the Group exercises signi -
ficant influence are measured using the "equity method", which foresees the initial recognition of the equity investment at cost and the subsequent adjustment of the carrying amount to reflect the investor’s share of the related company’s profits or losses after the acquisition date.
The companies included in the consolidation sco -
pe as of June 30, 2026 are as follows:
44 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
CompanyRegistered
officeFunctional
currencyShare Capital as of 30.06.2026Interest % De Nora GroupConsolidation
method
in currency in EuroAs of
30.06.2026As of
31.12.2025
Oronzio
De Nora
International
BV –
NETHERLANDS:Basisweg, 10
- Amsterdam -
NETHERLANDSEuro 4,500,000.00 4,500,000.00 100% 100% line-by-line
*De Nora
Deutschland
GmbH -
GERMANYIndustriestrasse
17 63517
Rodenbach-
GERMANYEuro 100,000.00 100,000.00 100% 100% line-by-line
*Shotec Gmbh
- GERMANYAn der
Bruchengrube
5, 63452 Hanau -
GERMANYEuro 40,000.00 40,000.00 100% 100% line-by-line *De Nora India Ltd - INDIAPlot Nos. 184, 185 & 189 Kundaim
Industrial Estate
Kundaim 403 115, Goa, INDIAINR 53,086,340.00 492,194.17 53.68% 53.68% line-by-line
*De Nora
Permelec Ltd
– JAPAN:2023-15 Endo,
Fujisawa City -
Kanagawa Pref.
252 - JAPANJPY 90,000,000.00 486,276.20 100% 100% line-by-line
*De Nora
Hong Kong
Limited -
HONG KONGUnit D-F 25/F
YHC Tower 1
Sheung YUET
Road Kowllon
Bay KL - HONG
KONGHKD 100,000.00 11,191.94 100% 100% line-by-line De Nora do Brasil Ltda -
BRASILAvenida Jerome
Case No. 1959
Eden -CEP
18087-220 -
Sorocoba/SP -
BRASILBRL 9,662,257.00 1,637,587.41 100% 100% line-by-line
De Nora
Elettrodi
(Suzhou) Co.,
Ltd – CHINA:No. 113 Longtan
Road,Suzhou
Industrial Park
215126, CHINACNY 171,399,492.46 22,169,269.79 100% 100% line-by-line
*De Nora
China - Jinan Co Ltd -
CHINA:Building 3,
No.5436,
Wenquan
Rd., Lingang
Development
Zone, Licheng
District, Jinan
City. Shandong
Province PR
CHINACNY 15,000,000.00 1,940,140.21 100% 100% line-by-line De Nora Italy S.r.l. - ITALYVia L.Bistolfi, 35 - 20134 Milan
- ITALYEuro 5,000,000.00 5,000,000.00 100% 100% line-by-line De Nora Wa -
ter Technolo -
gies Italy S.r.l.
– ITALYVia L.Bistolfi, 35 - 20134 Milan
- ITALYEuro 78,000.00 78,000.00 100% 100% line-by-line
*De Nora
Water Techno -
logies FZE – DUBAIOffice No: 614, Le
Solarium Tower,
Dubai Silicon Oa -
sis - DUBAIAED 250,000.00 59,745.72 100% 100% line-by-line De Nora Italy
Hydrogen
Technologies
S.r.l. - ITALYVia L.Bistolfi, 35 - 20134 Milan
- ITALYEuro 7,508,000.00 7,508,000.00 90% 90% line-by-line 45 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
CompanyRegistered
officeFunctional
currencyShare Capital as of 30.06.2026Interest % De Nora GroupConsolidation
method
in currency in EuroAs of
30.06.2026As of
31.12.2025
De Nora
Holding UK
Ltd. – UNITED
KINGDOM:c/o Pirola Pennu -
to Zei & Associati
Limited, 5th
Floor, Alderma -
ry House, 10-15
Queen Street,
London EC4N
1TX - UNITED
KINGDOMEuro 19.00 19.00 100% 100% line-by-line
*De Nora
Water Te -
chnologies
UK Services
Ltd. – UNITED
KINGDOMDaytona House
Amber Close,
Amington,
Tamworth B77
4RP - UNITED
KINGDOMGBP 7,597,918.00 8,816,540.18 100% 100% line-by-line
*De Nora
Holding US
Inc. – USA:7590 Discovery Lane , Concord, OH 4407 - U.S.A.USD 10.00 8.78 100% 100% line-by-line *De Nora Tech LLC – USA7590 Discovery Lane , Concord, OH 4407 - U.S.A.USD - - 100% 100% line-by-line
*De Nora
Water Techno -
logies LLC –
USA:3000 Advance
Lane 18915 - Col -
mar - PA - U.S.A.USD 968,500.19 850,008.94 100% 100% line-by-line
*De Nora
Water Te -
chnologies
(Shanghai) Co.
Ltd - CHINA2277 Longyang Road, Unit 305 Yongda Inter -
national Plaza -
201204 - Pudong
Shanghai -
CHINACNY 16,780,955.00 2,170,493.70 100% 100% line-by-line
*De Nora
Water Te -
chnologies
Ltd. – UNITED
KINGDOM:c/o Pirola Pennu -
to Zei & Associati Limited, 5th Flo -
or, Aldermary
House, 10-15
Queen Street,
London EC4N
1TX - UNITED
KINGDOMGBP 1.00 1.16 100% 100% line-by-line
*De Nora
Water Te -
chnologies
(Shanghai) Ltd
- CHINANo 96 Street
A0201 Lingang
Marine Science
Park, Pudong
New District,
Shanghai -
CHINACNY 7,757,786.80 1,003,412.94 100% 100% line-by-line
Capannoni
S.r.l.- ITALY:Via L.Bistolfi, 35 - 20134 Milan
- ITALYEuro 8,500,000.00 8,500,000.00 100% 100% line-by-line
*Capannoni
LLC - USA7590 Discovery Lane , Concord, OH 4407 - U.S.A.USD 3,477,750.00 3,052,264.35 100% 100% line-by-line
thyssenkrupp
nucera AG & Co. KGaAGERMANY Euro 126,315,000.00 126,315,000.00 25.85% 25.85% equity
*Thyssen -
krupp Nucera
Italy S.r.l.ITALY Euro 1,080,000.00 1,080,000.00 25.85% 25.85% equity 46 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
CompanyRegistered
officeFunctional
currencyShare Capital as of 30.06.2026Interest % De Nora GroupConsolidation
method
in currency in EuroAs of
30.06.2026As of
31.12.2025
*Thyssen -
Krupp Nucera
Australia Pty.AUSTRALIA AUD 500,000.00 302,224.37 25.85% 25.85% equity
*thyssenkrupp
nucera Arabia
for Con -
tracting LLCSAUDI ARABIA SAR 2,000,000.00 477,965.78 25.85% 25.85% equity
*Thyssen -
krupp Nucera
Japan Ltd.JAPAN JPY 150,000,000.00 810,460.34 25.85% 25.85% equity
*Thyssen -
krupp nucera
(Shanghai)
Co., LtdCHINA CNY 20,691,437.50 2,676,285.99 25.85% 25.85% equity
*Thyssen -
Krupp Nucera
Hydrogen
Energy
Technology
(Shanghai)
Co., Ltd.CHINA USD 10,000,000.00 8,776,549.06 25.85% 25.85% equity
*thyssen -
krupp nucera
Participations
GmbHGERMANY Euro 25,000.00 25,000.00 25.85% 25.85% equity
*Thyssen -
krupp Nucera
USA Inc.U.S.A. USD 700,000.00 614,358.43 25.85% 25.85% equity
*thyssen -
krupp nucera
India Private
LimitedINDIA INR 71,940.00 667.00 25.85% 25.85% equity
*thyssenkrupp
nucera HTE
GmbHGERMANY Euro 25,000.00 25,000.00 25.85% 25.85% equity
*thyssenkrupp
nucera Portu -
gal Unipessoal
Lda.PORTUGAL Euro 700.00 700.00 25.85% - equity
TK Nucera
Management
AGGERMANY Euro 50,000.00 50,000.00 34% 34% equity (*): indirect stake of Industrie De Nora S.p.A.
47 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
It should be noted that during the first half of 2026, De Nora Glory (Shanghai) Co., Ltd. – China was liq -
uidated.The following table summarises the exchange rates used to convert the financial statements of companies with functional currency other than the Euro for the periods indicated.
2.4 Accounting standards and
measurement criteria
The main recognition, classification and valuation criteria and accounting policies adopted for the preparation of the Condensed Consolidated Inter -
im Financial Statements are consistent to those adopted for the preparation of the Consolidated Financial Statements as of December 31, 2025 to which reference is therefore made, except for the adjustments required by the nature of the interim reporting.
The Group has not early adopted any standard, in -
terpretation or improvement issued but not yet in effect.
Estimates and assumptions used to draw up these Condensed Consolidated Interim Financial State -ments are consistent with the ones used for the preparation of the Consolidated Financial State -
ments as of December 31, 2025 to which reference is therefore made.
Furthermore, income taxes for the period are de -
termined based on the best possible estimate in relation to the available information and on the reasonable expectation of the year's performance until the end of the tax period.
3. Other information
Seasonality
The Group’s activities show no significant seasonal or cyclical variations. Average exchange rate for the Exchange rate at CurrencyFirst Half-Year ended June 30, 2026First Half-Year ended June 30, 2025June 30, 2026 December 31, 2025 US Dollar 1.1666 1.0928 1.1394 1.1750 Japanese Yen 184.4587 162.1195 185.0800 184.0900 Indian Rupee 108.5944 94.0693 107.8565 105.5965 Chinese Yuan Renminbi 8.0073 7.9238 7.7314 8.2262 Brazilian Real 6.0127 6.2913 5.9003 6.4364 GB Pound 0.8672 0.8423 0.8618 0.8726 UAE Dirham 4.2843 4.0131 4.1844 4.3152 Hong Kong Dollar 9.1274 8.5168 8.9350 9.1464 48 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
B. Notes to the main
Financial Statement
items – Income Statement 4. Revenues The following table details revenues from con -
tracts with customers by type for the three-month periods ended June 30, 2026 and 2025:
Revenue for the first six months of 2026 totaled Euro 403,099 thousand (Euro 415,610 thousand for the first six months of 2025), a decrease of Euro 12,511 thousand (-3%). However, at constant exchange rates - that is, by converting the figures in currencies other than the Euro for the first six months of 2026 using the historical exchange rates from the first six months of 2025 - revenue would have increased by 2.3%.The decline in revenue was recorded in the Elec -
trode Technologies and Energy Transition seg -
ments, only partially offset by higher revenue in the Water Technologies segment, thanks to the significant contribution from the Swimming Pools business line.
Revenue is analyzed in detail, by geographical area, here below:
For the six month periods ended June 30, 2026, almost all of the obligations to be fulfilled by the Group refer to contracts with a duration of less than 12 months. First Half-Year ended June 30
2026 2025
(in € thousands) Sales of electrodes 224,435 226,136 Sales of systems 8,779 9,690 After-market and other sales 128,209 139,013 Change in construction contracts 41,676 40,771 Total 403,099 415,610 First Half-Year ended June 30
2026 2025
(in € thousands) Europe, Middle East, India and Africa (EMEIA) 116,791 135,322 North and Latin Americas (AMS) 149,811 136,728 Asia and South Pacific (APAC) 136,497 143,560 Total 403,099 415,610 49 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
5. Change in inventory of finished goods and work in progress For the first six months of 2026, the Group report -
ed a positive change in inventories of semi-fin -
ished and finished products of Euro 38,971 thou -sand, compared with a negative change of Euro 2,157 thousand in the first six months of 2025.
6. Other income The table below shows the detail of other income for the six month periods ended June 30, 2026 and
2025:
Other income mainly refers to income from ancil -
lary operations.
R&D grants include those recognised by De Nora Italy Hydrogen Technologies S.r.l. relating to IPCEI funds from the Ministry of Enterprise and Made in Italy in respect of work in progress on the con -
struction of the Italian Gigafactory (Euro 5,889 thousand in the first six months of 2026, compared with Euro 3,130 thousand in the first six months of 2025).7. Raw materials,
ancillary materials,
consumables and
goods
The table below shows the cost for raw materials, consumables, supplies and goods for the six mon -
ths ended June 30, 2026 and 2025:
Costs for raw materials, consumables, supplies and goods for the six months ended 30 June 2026 amounted to Euro 205,407 thousand, represent -
ing an overall increase of Euro 38,065 thousand compared with Euro 167,342 thousand for the six months ended 30 June 2025.The significant increase in the value of raw materi -
al purchases is due to the rise in noble metal prices (particularly Iridium and Ruthenium) compared to the prior-year period.First Half-Year ended June 30
2026 2025
(in € thousands) Sundry income 1,030 3,597 R&D grants 6,240 3,852 R&D income 136 57 Gain on sale of non-current assets 11 856 Insurance refund 62 100 Total 7,479 8,462 First Half-Year ended June 30
2026 2025
(in € thousands) Purchase of raw materials 211,252 133,688 Change in inventory (58,091) (14,245) Purchase of semi-finished and finished goods 42,479 37,978 Purchase of consumables and supplies 8,962 8,635 Purchase of packaging material 798 1,250 Other purchases and related charges 7 36 Total 205,407 167,342 50 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
8. Personnel expensesThe table below shows the detail of personnel expenses for the six months ended June 30, 2026
and 2025:
Personnel costs amounted to Euro 78,885 thou -
sand for the six months ended June 30, 2026, rep -
resenting a decrease of Euro 624 thousand com -
pared to the first six months ended June 30, 2025 (Euro 79,509 thousand for the first six months ended June 30, 2025). The following table shows the average number of Group employees for the six months ended June 30, 2026 and 2025.
The overall stability of personnel expenses, de -
spite a reduction in the average headcount of approximately 2.6%, is the result of both salary re -
views and an increase in variable compensation components.
The item Wages and Salaries includes also the cost for the Performance Share Plan (PSP), a reg -
ulation accounted for on the basis of IFRS 2 (ap -
proved by the Company’s corporate bodies) that provides for the assignment to a certain number of beneficiaries, identified in the regulation itself, of rights of subscription of ordinary shares of the Company based on the achievement of perfor -
mance objectives. The cost posted in the income statement in the six months ended June 30, 2026 under personnel expenses amounts to Euro 788 thousand, (Euro 518 thousand for the same pe -
riod of the previous year) recognized with a cor -
responding balancing entry in Other reserves in Equity."Other personnel net expenses/(income)" amounting to Euro 1,442 thousand for the six months ended June 30, 2026 (Euro 1,469 thou -
sand for the six months ended June 30, 2025), are mainly related to charges and incentives for termination of personnel, costs for medical and insurance coverage, and expatriate benefits.First Half-Year ended June 30
2026 2025
(in € thousands) Wages and salaries 61,169 61,764 Social security contributions 14,722 14,742 Post-employment benefits and other pension plans 1,743 1,534 Curtailment on Defined Benefit Obligations (191) -
Other personnel net (income)/expenses 1,442 1,469 Total 78,885 79,509 First Half-Year ended June 30
2026 2025
Average number of employees 2,014 2,068 51 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
9. Service costsThe table below shows the detail of costs for ser -
vices for the six months ended June 30, 2026 and
2025:
Costs for services amounted to Euro 77,338 thou -
sand in the first six months of 2026, representing an overall decrease of Euro 10,567 thousand com -pared with the first six months of 2025, primarily due to a decrease in outsourced work, reflecting the mix of activities.First Half-Year ended June 30
2026 2025
(in € thousands) Outsourcing expenses 23,014 32,657
Consultancies:
- Production and technical assistance 6,486 7,095
- Selling 84 141
- Legal, tax, administrative and ICT 9,076 7,230
- M&A and Business development 45 -
Maintenance expenses 10,401 10,512 Freight and other charges on purchases 8,733 8,441 Utilities/Phone expenses 4,288 5,316 Travel expenses 3,811 4,584 Insurance 1,930 2,092 Waste disposal, office cleaning and security 1,973 2,214 Commissions and royalties 1,721 2,047 Rents and other lease expenses 1,230 1,510 Canteen, training and other personnel expenses 2,066 2,005 R&D expenses 679 450 Patents and trademarks 553 520 Promotional, advertising and marketing expenses 539 355 Board of Directors’ fees 641 663 Statutory auditors’ fees 68 73 Total 77,338 87,905 52 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
10. Other operating expensesThe table below shows the detail of other operat -
ing expenses for the six months ended June 30, 2026 and 2025:
Other operating expenses amounted to Euro 4,368 thousand for the six months ended June 30, 2026 (Euro 5,341 thousand for the six months ended June 30, 2025).11. (Impairment) /write back of non-current assets and net accrual of provisions for risk
and charges
The following table shows the detail of the item impairment (losses)/revaluations of non-current assets and provisions for the six months ended June 30, 2026 and 2025:
The item amounted to Euro 3,402 thousand for the first six months ended June 30, 2026, slightly higher than the figure for the comparable half-
year period (Euro 3,040 thousand).First Half-Year ended June 30
2026 2025
(in € thousands) Net accrual/(release) of provisions for risks and charges 3,228 2,205 Net accrual/(relesae) of bad debt provision 100 835 Impairment/(Write back) of Intangible Assets - Property, Plant and Equipment 74 -
Total 3,402 3,040First Half-Year ended June 30
2026 2025
(in € thousands) Indirect taxes and duties 3,050 4,048 Losses on sale of non-current assets 75 157 Losses on receivables (not covered by utilization of bad debt provision) 8 13 Other expenses 1,235 1,123 Total 4,368 5,341 53 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Financial income for the six months ended June 30, 2026, amounted to Euro 9,282 thousand, down overall from Euro 12,751 thousand in the prior-year period, primarily due to lower foreign exchange gains and lower financial income from banks and financial receivables, reflecting changes in the management of financial resources.13. Finance expenses The table below shows the detail of finance ex -
penses for the six months ended June 30, 2026 and 2025:12. Finance incomeThe table below shows the detail of finance in -
come for the six months ended June 30, 2026 and
2025:
Financial expenses for the six months ended June 30, 2026, totaled Euro 10,627 thousand, rep -
resenting an overall decrease of Euro 8,583 thou -
sand, primarily due to lower foreign exchange losses, but also to lower interest expense on loans and borrowings, as part of efforts to optimize the management of financial resources.First Half-Year ended June 30
2026 2025
(in € thousands) Bank interest and interest on loans and borrowings 488 2,497 Exchange rate losses 8,605 15,162 Fair value adjustment on financial instruments 7 1 Finance expenses on personnel costs 325 542 Bank fees 373 410 Other finance expenses 829 598 Total 10,627 19,210First Half-Year ended June 30
2026 2025
(in € thousands) Exchange rate gains 8,172 10,061 Fair value adjustment on financial instruments 142 455 Income from non-current financial assets 1 203 Interest from banks/financial receivables 563 1,731 Interest on trade receivables 11 -
Other finance income 393 301 Total 9,282 12,751 54 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
14. Income tax expense The table below shows the detail of income tax expense for the six months ended June 30, 2026
and 2025:
15. Earnings per share The following table show the basic and diluted earnings per share for the six months ended June 30, 2026 and 2025.First Half-Year ended June 30
2026 2025
(in € thousands) Current taxes 15,495 15,995 Deferred taxes 669 100 Prior years taxes 2,277 (259) Net accrual/(release) of provisions for tax risks (2,256) 2,267 Total 16,185 18,103 First Half-Year ended June 30
2026 2025
Profit for the period attributable to the owners of the parent distributable to sharehol -
ders (in Euro thousand)28,751 35,194 Weighted average number of shares for basic earnings per share 198,755,757 198,697,825 Basic earnings per share (in Euro) 0.14 0.18 Weighted average number of shares for diluted earnings per share 198,891,280 198,785,705 Diluted earnings per share (in Euro) 0.14 0.18 55 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
16. Goodwill and intangible assets The table below shows the breakdown and changes in intangible assets for the six months ended June 30, 2026:C. Notes to the main Financial Statement items – Statement of financial position - Assets
GoodwillIndustrial
patents and
intellectual
property
rightsConces-
sions
licens-
es and
trade-
marksKnow
- how
and
Techno-
logiesCusto-
mer
relation
-shipsDevelo-
pment
costsOtherAssets
under
constru-
ction and
advance
paymentsTotal
intangible
assets
(in € thousands) Historical cost at December 31, 202561,037 16,989 39,609 40,785 47,403 20,129 8,716 4,364 239,032 Increase - 295 2,479 290 196 - - 1,384 4,644 Decrease - (10) - - - - - (36) (46) Impairment - - - - - - - - -
Reclassifications/other
changes- 137 314 - - 160 24 (426) 209 Translation differences 1,828 (11) 822 560 1,220 552 156 28 5,155 Historical cost at June 30, 202662,865 17,400 43,224 41,635 48,819 20,841 8,896 5,314 248,994
Accumulated
amortization as at December 31, 2025- 15,552 34,060 32,129 38,226 11,610 6,028 - 137,605 Increase - 422 1,084 523 545 1,105 253 - 3,932 Decrease - (1) - - - - - - (1)
Reclassifications/other
changes- - - - - 160 6 - 166 Translation differences - (9) 689 525 1,055 318 111 - 2,689
Accumulated
amortization as at June 30, 2026- 15,964 35,833 33,177 39,826 13,193 6,398 - 144,391 Net carrying value as at December 31, 202561,037 1,437 5,549 8,656 9,177 8,519 2,688 4,364 101,427 Net carrying value as at June 30, 202662,865 1,436 7,391 8,458 8,993 7,648 2,498 5,314 104,603 56 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Investments in intangible assets for the first six months 2026 amounted to Euro 4,644 thousand and mainly refer to:
(i) industrial patent rights and intellectual prop -
erty rights for Euro 295 thousand mainly at -
tributable to the registration and acquisition of industrial patents by the Parent company Industrie De Nora S.p.A.;
(ii) concessions, licenses and trademarks for Euro 2,479 thousand primarily related to ongoing developments in the SAP system and the im -
plementation of other ICT systems;
(iii) know-how, technologies, and customer rela -
tionships totaling 486 Euro thousand, assets related to the ChlorGuard division acquired by De Nora in June of this year from the British company PSI Global;
(iv) intangible assets in progress for Euro 1,384 thousand relating to: for Euro 144 thousand to industrial patent rights and intellectual prop -erty rights mainly attributable to the regis -
tration and acquisition of industrial patents by the Japanese subsidiary De Nora Permel -
ec Ltd., for Euro 10 thousand to concessions, licenses and trademarks and for Euro 1,230 thousand to other intangible assets mainly re -
lated to product development costs pertain -
ing to the Water Technologies business seg -
ment.
Based on available internal and external sources of information, no impairment indicators were identified in relation to intangible assets.
17. Property, Plant and
Equipment
The following table shows the breakdown and changes in property, plant and equipment for the six months ended June 30, 2026:
Land BuildingsPlant
and Ma -
chineryOther
assetsLeased
assetsRight of
use of
PPE:- of
which
Buil-
dings- of
which
Other
assetsAssets
under
con-
struction
and
advance
paymentsTotal
property,
plant and
equip-
ment
(in € thousands) Historical cost as of December 31, 202540,241 109,415 159,542 21,098 111,798 28,740 25,935 2,805 75,915 546,749 Increase 1,046 1,755 636 165 4,401 1,595 1,169 426 15,764 25,362 Decrease (521) (65) (448) (573) (2,422) (922) (879) (43) (68) (5,019) Impairment - - - - (74) - - - - (74)
Reclassifications/
other changes- 789 9,123 261 - - - - (10,257) (84)
Translation
differences57 2,456 3,053 340 367 430 397 33 402 7,105 Historical cost at June 30, 202640,823 114,350 171,906 21,291 114,070 29,843 26,622 3,221 81,756 574,039
Accumulated
depreciation as at December 31, 20258 43,237 70,884 15,477 90,780 10,811 9,712 1,099 - 231,197 Increase - 2,106 5,843 865 2,602 2,064 1,696 368 - 13,480 Decrease - (64) (243) (559) (2,422) (922) (879) (43) - (4,210)
Reclassifications/
other changes- - - - - - - - - -
Translation
differences- 929 1,487 244 174 257 238 19 - 3,091
Accumulated
depreciation as at June 30, 20268 46,208 77,971 16,027 91,134 12,210 10,767 1,443 - 243,558 Net carrying value as at December 31, 202540,233 66,178 88,658 5,621 21,018 17,929 16,223 1,706 75,915 315,552 Net carrying value as at June 30, 202640,815 68,142 93,935 5,264 22,936 17,633 15,855 1,778 81,756 330,481 57 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Additions to property, plant and equipment amounted to Euro 25,362 thousand for the first six months 2026. In particular, investments in property, plant and equipment excluding incre -
ases in right of use of property, plant and equi -
pment amounted to Euro 9,344 thousand and mainly refer to:
(i) land for Euro 1,046 thousand, held by the Ger -
man subsidiary De Nora Deutschland GmbH;
(ii) leased assets for Euro 4,401 thousand related to anodes to be leased within the Electrode Technologies business segment;
(iii) plant and machinery for Euro 636 thousand mainly attributable to the plants in Italy and
Germany;
(iv) buildings for Euro 1,755 thousand, almost en -
tirely at the German subsidiary De Nora Deut -
schland GmbH;
(v) other tangible assets for Euro 165 thousand;
(vi) assets under construction and advance pay -
ments amounting to Euro 15,764 thousand, which refer for Euro 5,645 thousand to plant and machinery and Euro 8,917 thousand to buildings primarily in Italy for the construction and commissioning of the Gigafactory and the modernisation of production sites, for Euro 560 thousand to other tangible assets under construction and for Euro 642 thousand to ad -
vance payments.
The impairment loss of Euro 74 thousand reco -
gnized during the first half of 2026 relates to le -
ased anodes of the subsidiary De Nora Italy S.r.l., following the termination of a lease agreement with a customer.
Based on available internal and external sources of information, no additional indicators of im -
pairment were identified with respect to proper -
ty, plant, and equipment.
18. Equity-accounted
investees
This item refers to the investment in the asso -
ciated company Thyssenkrupp nucera AG & Co.
KGaA (“tk nucera”). At June 30, 2026, the value of equity-accounted investees is equal to Euro 216,956 thousand, compared to Euro 232,741 thousand at December 31, 2025.
For the purpose of measuring the investment using the equity method, the results for the quarter ending as of March 31, 2026 were used in the absence of tk nucera financial figures refer -
ring to a more recent date, taking into account any transactions or events that had a significant impact on the associated company in the April-
June 2026 period, in accordance with IFRS (IAS 28, paragraph 34).As of June 30, 2026 (in € thousands) Opening balance 232,741 Share of profit (16,464)
(Dividends) -
Other increases (decreases) 679 Closing balance 216,956 Investment % 25.85% 58 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
The following table shows the consolidated statement of financial position and income statement figures for tk nucera for the 3-month period ended March 31, 2026 (a period that rep -resents the second quarter of operations of the associate company since the business year of tk nucera group companies runs from October 1 to September 30).
The associated company’s net loss reflects a one-time negative impact on revenue in the gH2 segment resulting from higher costs associated with ongoing projects and the termination of a pilot project contract.As of March 31, 2026 (in € million) Intangible assets 89 Property, plant and equipment 51 Deferred tax assets 17 Other non-current assets 4
Inventory 157
Trade receivables 63 Financial assets, other current receivables and construction contracts 70 Cash and cash equivalent 684 Total assets 1,135 Share Capital 126
Reserves 561
Deferred tax liabilities -
Financial liabilities 24 Other non-current payables 10 Trade payables 81 Construction contracts and other current payables 333 Total liabilities and equity 1,135 For the period of thre months ended March 31, 2026 (in € million)
Revenues 50
Operating costs (115) Finance income/(expense) 2 Income tax expense (1) Net result for the period (64) Other components of the comprehensive income statement 3 Net result of the comprehensive income statement for the period (61) 59 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
19. Financial assets, including derivativesThe table below shows the breakdown of non-current financial assets as of June 30, 2026 and December 31, 2025.
Investments in financial assets mainly refer to some pension funds and supplementary com -
pany funds for employees, in addition to the par -
ent company’s investment in the Fund 360 Life II, whose fair value as of June 30, 2026, is approxi -
mately Euro 2.2 million. This fund supports start-
ups operating in the climate tech sector and ad -dressing the challenges of the climate transition through innovative technologies.
The table below shows the breakdown of current financial assets as of June 30, 2026 and Decem -
ber 31, 2025.
Investments in financial assets, equal to Euro 5,540 thousand at June 30, 2026 (Euro 14,536 thousand at December 31, 2025) relate primarily to investments in money market funds. As of June 30, 2026 As of December 31, 2025 (in € thousands)
Non-current
Financial receivables - 19 Investments in financial assets 6,329 5,257 Total 6,329 5,276 As of June 30, 2026 As of December 31, 2025 (in € thousands)
Current
Financial receivables 155 138 Investments in financial assets 5,540 14,536 Total 5,695 14,674 60 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
20. InventoryThe table below shows the breakdown of inven -
tories as of June 30, 2026 and December 31, 2025:
Inventories, amounting to Euro 313,060 thou -
sand as at June 30, 2026 (Euro 214,380 thousand as at 31 December 2025), increased by a total of Euro 98,680 thousand, mainly due to the rise in noble metal prices (particularly Iridium and Ru -
thenium), which affected the value of purchases and stocks of raw materials and work in progress.Inventory is shown net of the write down provi -
sion equal to Euro 25,919 thousand at June 30, 2026 (Euro 26,128 at December 31, 2025). Chang -
es in Inventory write-down provision are the fol -
lowing:
21. Current tax assets Current tax assets amounted to Euro 7,147 thou -
sand as at June 30, 2026 (Euro 8,579 thousand as at 31 December 2025) and relate primarily to advances on income taxes paid by certain Group companies, net of the corresponding liability.As of June 30, 2026 As of December 31, 2025
Gross valueInventory
write-down
reserveNet value Gross valueInventory
write-down
reserveNet value
(in € thousands) Raw materials and consu -
mables148,983 (4,164) 144,819 91,862 (5,561) 86,301 Work in progress and semi-fi -
nished products117,464 (11,185) 106,279 86,049 (10,963) 75,086 Finished products and goods 64,822 (10,570) 54,252 57,139 (9,614) 47,525 Goods in transit 7,710 - 7,710 5,468 - 5,468 Total 338,979 (25,919) 313,060 240,518 (26,138) 214,380 Raw materials and consumablesWork in progress
and semi-finished
productsFinished products
and goodsTotal
(in € thousands) Balance as of December 31, 2025 5,562 10,963 9,613 26,138 Accruals 2,501 2,623 3,996 9,120 Utilization and release (2,216) (2,694) (4,825) (9,735) Reclassifications/other changes (1,784) 176 1,608 -
Exchange rate difference 102 116 178 396 Balance as of June 30, 2026 4,165 11,184 10,570 25,919 61 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
22. Construction
contractsThe following tables provides a breakdown of Construction contracts classified as current as -
sets and current liabilities as of June 30, 2026 and December 31, 2025.
Construction contracts (net of contractual ad -
vances) stood at Euro 35,757 thousand as at June 30, 2026, a slight increase compared with Euro 32,440 thousand as at 31 December 2025, and refer mainly to contracts relating to the Water Technologies business segment.23. Trade receivables The table below shows the detail of trade receiv -
ables as of June 30, 2026 and December 31, 2025.
Trade receivables, which are recognised in full under current assets, arise from sales and the provision of services and amounted to Euro 183,254 thousand as at June 30, 2026, an in -
crease from Euro 152,948 thousand as at 31 De -
cember 2025.As of June 30, 2026 As of December 31, 2025 (in € thousands)
Current assets
Construction contracts 185,761 182,013 Progress payments (140,433) (140,219) Provision for losses on construction contracts (38) (36) Total 45,290 41,758 As of June 30, 2026 As of December 31, 2025 (in € thousands)
Current
Receivables from third parties 173,577 136,316 Receivables from related parties 18,561 25,244 Bad debt reserve (8,884) (8,612) Total 183,254 152,948As of June 30, 2026 As of December 31, 2025 (in € thousands)
Current liabilities
Construction contracts 93,712 62,570 Progress payments and Advances (102,323) (71,345) Provision for losses on construction contracts (922) (543) Total (9,533) (9,318) Total Construction contracts (net of advances) 35,757 32,440 62 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
The carrying amount of trade receivables, net of the bad debt provision, is deemed to approxi -
mate its fair value.Following are the movements in the bad debt
reserve:
24. Other receivablesThe following table shows the detail of the oth -
er receivables as of June 30, 2026 and Decem -
ber 31, 2025, broken down between current and non-current amounts:As of June 30, 2026 (in € thousands)
Current
Balance as of December 31, 2025 8,612 Accrual of the period 635 Utilisation and release of the period (538) Exchange rate difference 174 Balance as of June 30, 2026 8,884 As of June 30, 2026 As of December 31, 2025 (in € thousands)
Non-current
Tax receivables 1,678 1,702 Other receivables from third parties 3,074 3,075 Receivables from related parties 52 52 Total 4,804 4,829 As of June 30, 2026 As of December 31, 2025 (in € thousands)
Current
Tax receivables 31,305 24,155 Advances to suppliers 11,166 8,799 Other receivables from third parties 42,196 24,569 Receivables from related parties 1 1 Total 84,668 57,524 63 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
As of June 30, 2026, other receivables, compris -
ing both current and non-current components, amounted to Euro 89,472 thousand (Euro 62,353 thousand as at 31 December 2025).
Non-current tax receivables relate to withhold -
ing taxes incurred mainly by the parent compa -
ny in collecting receivables from foreign subsid -
iaries.
The other non-current receivables from third parties are mainly attributable to the contribu -
tions paid by the Italian companies of the Group to existing supplementary pension funds as a counter-entry of the contribution due by the employer.
Current tax receivables, which increased by Euro 7,150 thousand, relate mainly to VAT receivables, as well as the current portion of withholding tax -
es incurred by the parent company in respect of receipts of receivables from foreign subsidiaries. Other receivables from third parties, amount -
ing to Euro 42,196 thousand as at June 30, 2026 (an increase of Euro 17,627 thousand compared to 31 December 2025), include, amongst others, receivables for R&D grants progressively recog -
nised by De Nora Italy Hydrogen Technologies S.r.l. relating to IPCEI funds from the Ministry of Enterprise and Made in Italy in connection to the construction of the Italian Gigafactory.
25. Cash and cash
equivalents
The table below provides a breakdown of cash and cash equivalents as of June 30, 2026 and De -
cember 31, 2025.
Cash and cash equivalents are made up of effec -
tively available values and deposits. As regards the amounts on deposits and current accounts, the related interests have been recognized on accrual basis.Cash and cash equivalents, amounting to Euro 139,261 thousand as at June 30, 2026, have in -
creased by Euro 30,194 thousand compared with Euro 109,067 thousand as at 31 December 2025;
for details regarding cash and cash equivalents generated and used during the period, please refer to Interim consolidated statement of cash flows. As of June 30, 2026 As of December 31, 2025 (in € thousands) Bank and postal accounts 138,923 103,592 Cash on hand 30 30 Deposit accounts 308 5,445 Cash and cash equivalents 139,261 109,067 64 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
26. Equity
Equity as at June 30, 2026 stood at Euro 996,928 thousand, up from Euro 970,602 thousand as at 31 December 2025.
The shares issued are fully paid up and have no nominal value.
Changes in equity for the six month periods end -
ed June 30, 2026 and June 30, 2025 are shown in the “Consolidated statement of changes in equity”, while the “Consolidated statement of comprehensive income” sets out the other com -
ponents of the statement of comprehensive in -
come for the period, net of the tax effects.
Equity attributable to the shareholders of the parent
company
At June 30, 2026 the amount of share capital of Industrie De Nora S.p.A. and its composition is unchanged compared to December 31, 2025:
Based on the program communicated to the market by Industrie De Nora S.p.A. on Novem -
ber 8, 2023 and launched on November 9, 2023, the Company acquired 3,000,000 treasury sha -
res. The residual treasury shares in portfolio at June 30, 2026 are 2,887,936, equal to 1,432% of the share capital, decreased by 48,129 compared with December 31, 2025; these were used to co -
ver existing incentive plans.Legal reserve Legal reserve as at June 30, 2026 amounts to Euro 3,654 thousand, unchanged compared to December 31, 2025.
Share premium reserves Share premium reserve as at June 30, 2026 amounts to Euro 223,433 thousand, unchanged compared to December 31, 2025.D. Notes to the main
Financial Statement
items – Statement of financial position – Equity and liabilities Share Capital as of June 30, 2026 Euro Number of shares Total, of which: 18,268,203.90 201,685,174 Ordinary Shares (regular entitlements) 4,637,944.92 51,203,979 Multiple voting shares (*) 13,630,258.98 150,481,195 (*) Owned by the shareholders Federico De Nora, Federico De Nora S.p.A., Norfin S.p.A. and Asset Company 10 S.r.l. Multiple voting shares are not admitted to trading on Euronext Milan and are not counted in the free float and market capitalization value.
65 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Retained earnings, Translation reserve and other
reserves
Retained earnings, translation reserve and other reserves as at June 30, 2026 overall amount to Euro 710,284 thousand (Euro 631,205 thousand as at 31 December 2025), representing a net in -
crease of Euro 79,079 thousand compared with 31 December 2025, of which:• Euro 82,338 thousand increase due to the allo -
cation of the previous year's results pertaining to the parent company shareholders;• Euro 20,471 thousand in dividends distributed by the parent company• Euro 833 thousand increase in Other Reserves, of which Euro 788 thousand related to the PSP Incentive Plan, the charge for which was recor -
ded in the income statement under personnel expenses;• A net increase of Euro 16,379 thousand resul -
ting from other components of comprehensi -
ve income for the period, including Euro 15,799 thousand euros attributable to differences ari -
sing from the translation of the financial state -
ments of foreign subsidiaries.
Equity attributable to non controlling interests The table below shows the breakdown of minor -
ity interests as of June 30, 2026 and December
31, 2025:
The item Share capital and reserves as at June 30, 2026 includes, among other, Euro 990 thou -
sand related to the contribution made during the first six months 2026 to De Nora Italy Hydro -
gen Technologies S.r.l by the minority sharehol -
der Snam S.p.A.
27. Employee benefits Employee benefits as at June 30, 2026 amount to Euro 23,914 thousand (Euro 24,722 thousand as at 31 December 2025).
28. Provisions for risks
and charges
The following table shows the composition and movements of the provisions for risks and char -
ges as of June 30, 2026 and December 31, 2025.As of June 30, 2026 As of December 31, 2025 (in € thousands) Share capital and reserves 12,694 12,212 Profit (Loss) for the period (8) 391 Other comprehensive income (148) (899) Total 12,538 11,704 As of June 30, 2026 As of December 31, 2025 (in € thousands)
Non-current
Provision for contractual warranties 802 812 Provision for other risks 1,712 1,632 Total 2,514 2,444
Current
Provision for contractual warranties 13,426 15,132 Provision for other risks 4,958 6,778 Total 18,384 21,910 Total provisions for risks and charges 20,898 24,354 66 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Provisions for risks and charges mainly include:
(i) the provision for contractual warranties risks, which represents an estimate of the costs for contractually stipulated warranties in connection with the supply of products and plants; and (ii) the provision for other risks, mainly related to accruals to cover environmental risks, legal disputes or tax risks.
The provision for risks for contractual warranties amounts to Euro 14,228 thousand as at June 30, 2026 (Euro 15,944 thousand as at 31 December 2025). Meanwhile, the provision for other risks amounts to Euro 6,670 thousand as at June 30, 2026, down from Euro 8,410 thousand as at 31 De -
cember 2025, mainly due to the utilisation during the first half of 2026 of the tax-related provisions accrued in the previous financial year.
Changes for the period ended June 30, 2026 were
as follows:
29. Financial liabilitiesThe following table shows the detail of financial liabilities as of June 30, 2026 and December 31, 2025.Provision for contractual warranties Provision for other risks (in € thousands) Balance as of December 31, 2025 15,944 8,410 Accrual of the period 2,803 1,104 Utilization and release of the period (4,732) (2,944) Exchange rate differences 213 100 Balance as of June 30, 2026 14,228 6,670 As of June 30, 2026 As of December 31, 2025 (in € thousands)
Non-current
Bank loans and borrowings 45,202 3,881 Lease payables 14,612 14,967 Total 59,814 18,848
Current
Bank overdrafts 48 46 Bank loans and borrowings 111,407 14,233 Lease payables 3,807 3,896 Fair value of derivatives - 142 Total 115,262 18,317 Total financial liabilities 175,076 37,165 67 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Bank loans and borrowings The table below shows the details of bank loans and borrowings and bank overdrafts:
As of June 30, 2026 and December 31, 2025, the fair value of bank loans and borrowings approximates the book value using amortized cost method.
Pool Financing – Industrie De Nora S.p.A.
On November 24, 2025, Industrie De Nora S.p.A.
signed a Revolving Credit Facility for Euro 100 million. The credit facility, with a duration of five years, was granted by a pool of five leading bank -
ing groups, namely: Unicredit Spa as Global Coor -
dinator, Banca Nazionale del Lavoro S.p.A., Crédit Agricole Corporate and Investment Bank, Crédit Agricole Italia S.p.A., Intesa Sanpaolo S.p.A. and Mediobanca – Banca di Credito Finanziario S.p.A.
The total value is Euro 100 million, with a spread of 65 bps above Euribor and a non-utilisation fee of 35% of the spread.
As at June 30, 2026, Industrie De Nora S.p.A. had not utilised the aforementioned credit line.
Also on November 24, 2025, Industrie De Nora S.p.A. had agreed with the same pool of banks to a term credit line (Facility A) to be used for potential acquisitions. This facility was drawn upon starting on June 29, 2026, in the amount of Euro 54 mil -
lion, in preparation for the acquisition of 100% of BW Water Pte. Ltd., which was completed on July 1, 2026. The financial liability was recognized using the amortized cost method, net of upfront fees and other charges directly related to the origina -
tion of this loan. This credit facility, with a spread of 95 bps above Euribor, matures in November 2030 and provides for semiannual repayments of Euro 6 million beginning on December 31, 2026.The “leverage ratio”, given by the ratio of consol -
idated net debt to consolidated EBITDA, is the only financial covenant provided for in the loan agreement governing the credit lines described above. The value of the ratio cannot exceed 3.5, throughout the term of the agreement. Failure to comply with the financial covenant is considered an event of default or non-performance. Specif -
ically, an event of default or non-performance would result in the banks’ discretion to require immediate repayment of funds unless the situa -
tion is remedied, pursuant to and in accordance with the terms and conditions set forth in the loan agreement, within 20 business days of the submission of the certification of such financial covenant.
As of June 30, 2026, the covenant is being fully complied with.
Both the Revolving Credit Facility and Facility A which were provided to support the acquisition of BW Water, included the option to define cer -
tain ESG Key Performance Indicators (KPIs) to be subsequently incorporated into the loan agree -
ment; these KPIs were defined by Industrie De Nora S.p.A. on June 30, 2026, and were included in the loan agreement on July 29, 2026.
The KPIs, defined with the support of Crédit Agri -
cole CIB acting as Sustainability Coordinator and in line with the 2030 Sustainability Plan, will con -
tribute to adjusting the margin applicable to the aforementioned loans.As of June 30, 2026 As of December 31, 2025 Non Current Current Total Non Current Current Total (in € thousands) Industrie De Nora S.p.a. - Pool Financing41,686 11,813 53,499 - - -
Industrie De Nora S.p.a. - Other short term credit lines- 65,000 65,000 - - -
De Nora Permelec Ltd (Japan) 3,516 31,928 35,444 3,881 14,174 18,055 De Nora Elettrodi (Suzhou) Co, Ltd. (China)- 2,468 2,468 - - -
Overdrafts and accrued finance expenses- 246 246 - 105 105 Total 45,202 111,455 156,657 3,881 14,279 18,160 68 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Specifically, these KPIs pertain to the reduction of Scope 1 and Scope 2 emissions and the intensity of Scope 3 emissions, in line with the Group’s decar -
bonization plan and the climate targets validated by the Science Based Targets initiative (SBTi), as well as maintaining a positive level of the Gender Pay Gap.
Other short-term facilities – Industrie De Nora S.p.A.
As at June 30, 2026, the parent company had drawn down a total of Euro 65 million from other available short-term credit facilities (“hot money”) to meet cash requirements linked to working cap -
ital movements.
Loans to De Nora Permelec Ltd and De Nora Elettrodi (Suzhou) Co, Ltd.
The subsidiaries De Nora Permelec Ltd (Japan) and De Nora Elettrodi (Suzhou) Co, Ltd. (China) have utilised certain available short-term credit fa -
cilities granted by various local banks. As at June 30, 2026, the total facilities utilised amounted to Euro equivalent of 37,912 thousand.Lease payables These represent the financial liabilities recognized in accordance with IFRS 16 "Leasing"; in particu -
lar, the payable is the obligation to make the pay -
ments foreseen over the duration of the contract.
Lease payables as at June 30, 2026, comprising both current and non-current portions, amount to Euro 18,419 thousand (Euro 18,863 thousand as at 31 December 2025).
Net financial indebtedness The following table details the composition of the Group's net financial indebtedness determined in accordance with the provisions of the CON -
SOB Communication DEM/6064293 of July 28, 2006, as amended by CONSOB Communication No. 5/21 of April 29, 2021 and in accordance with ESMA Recommendations contained in Guidelines 32-382-1138 of March 4, 2021 on disclosure require -
ments under the Prospectus Regulation (the "Net Financial Indebtedness - ESMA"). The table below includes figures as of June 30, 2026 and as of De -
cember 31, 2025:
As of June 30, 2026As of December
31, 2025
(in € thousands) A Cash 138,953 103,622 B Cash equivalents 308 5,445 COther current financial assets 5,695 14,674 D Liquidity (A + B + C) 144,956 123,741 ECurrent financial debt 111,455 14,279 FCurrent portion of non-current financial debt 3,807 3,896 GCurrent financial indebtedness (E + F) 115,262 18,175
- Of which secured - -
- Of which unsecured 115,262 18,175 HNet current financial indebtedness/(Net current Liquidity) (G - D) (29,694) (105,566) INon-current financial debt 59,814 18,848 J Debt instruments - -
K Non-current trade and other payables - -
LNon-current financial indebtedness (I + J + K) 59,814 18,848
- Of which secured - -
- Of which unsecured 59,814 18,848 M Net Financial Indebtedness/(Net Liquidity) - ESMA (H + L) 30,120 (86,718) 69 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
The reconciliation between the Net Financial In -
debtedness - ESMA and the net financial indebt -
edness of the Group as monitored by the Group (hereinafter the "Net Financial Indebtedness - De Nora") as of June 30, 2026 and December 31, 2025, is shown below:
In the first six months of 2026, net liquidity (ESMA) of Euro 86,718 thousand turned into net financial indebtedness (ESMA) of Euro 30,120 thousand. The decrease of Euro 116,838 thousand is primarily at -
tributable to the combined effect of the following
factors
(i) cash absorbed by operating activities amoun -
ting to Euro 68,685 thousand, following the significant increase in net working capital du -
ring the quarter;
(ii) investments in Property, plant and equipment and in Intangible assets equal to Euro 28,410 thousand. excluding right of use, in part coun -
terbalanced by proceeds from disposals of fixed assets for Euro 793 thousand;
(iii) the distribution of dividend for Euro 20,471 thousand by the parent company.
For further details on the cash flows for the period, please refer to the interim consolidated cash flow statement.
The following table shows an analysis of the ma -
turity of the Group's financial payables as of June 30, 2026: As of June 30, 2026As of December
31, 2025
(in € thousands) Net Financial Indebtedness/(Net Liquidity) - ESMA 30,120 (86,718) Fair value of derivatives covering currency risks - 142 Net Financial Indebtedness/(Net Liquidity) – De Nora 30,120 (86,576)
* The difference between the book value of total bank loans and borrowings and bank overdrafts and the related contractual cash flows is due to the interest foreseen on the existing credit lines.
* The difference between the book value of lease payables and the related contractual cash flows is the expected future inter -
est due on existing leases outstanding at the end of the period.As of June 30, 2026
Due date
Carrying
amountContractual
cash flows (*)0-12
months1-2
years2-3
years3-4 yearsOver 4
years
(in € thousands)
Financial liabilities
Bank loans and overdrafts 156,657 164,560 115,960 16,997 12,974 12,542 6,087 Lease payables 18,419 20,642 4,406 3,743 3,112 2,412 6,969 Trade payables 92,898 92,898 92,776 122 - - -
Other payables 115,051 115,051 111,809 3,242 - - -
Total financial liabilities 383,025 393,151 324,951 24,104 16,086 14,954 13,056 70 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
30. Trade payablesThe table below shows the detail of trade payables as of June 30, 2026 and December 31, 2025.
Trade payables as at June 30, 2026, comprising both current and non-current portions, amounted to Euro 92,898 thousand, down from Euro 113,518 thousand as at 31 December 2025, following the peak in invoices received at the end of the previ -
ous financial year.
This item mainly includes payables related to the purchase of goods and services, which are due within twelve months. It should be noted that the carrying amount of trade payables is close to their fair value.31. Income tax payables Income tax payables, current, as at June 30, 2026 amounted to Euro 14,956 thousand (Euro 12,176 thousand as at 31 December 2025).As of June 30, 2026 As of December 31, 2025 (in € thousand)
Non-current
Payables to third parties 122 56 Total non-current payables 122 56
Current
Payables to third parties 90,451 112,505 Payables to related parties 2,325 957 Total current payables 92,776 113,462 Total payables 92,898 113,518 71 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
32. Other payablesThe table below shows the detail of other payables as of June 30, 2026 and December 31, 2025.
Other payables as at June 30, 2026, comprising both current and non-current portion, amount -
ed to Euro 115,051 thousand, up from Euro 75,266 thousand as at 31 December 2025, mainly due to higher advance payments received, particularly from the associated company tk nucera.Payables to employees relate to amounts ac -
crued but not yet liquidated, such as vacations and bonuses. As of June 30, 2026 As of December 31, 2025 (in € thousands)
Non-current
Payables to employees 2,462 2,077 Other payables to third parties 738 504 Other payables to related parties 42 42 Total 3,242 2,623
Current
Advances from customers 20,317 11,315 Advances from related parties 42,571 14,284 Payables to employees 15,100 19,761 Social security payables 3,077 3,212 Withholding tax payables 2,250 3,883 VAT payables 2,332 3,332 Other tax payables 2,618 1,623 Other payables to third parties 22,951 14,674 Other payables to related parties 593 559 Total 111,809 72,643 Total Other payables 115,051 75,266 72 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
33. Financial Risks In the context of business risks, the main risks identified, monitored and, as specified below, actively managed by the Group, are the follow -
ing:
• credit risk, deriving from the possibility of de -
fault of a counterparty; • liquidity risk, deriving from the lack of financial resources to meet financial commitments;• market risk;• climate risks.
The Group's objective is to maintain, over time, a balanced management of its financial expo -
sure, in order to guarantee a liability structure that is balanced with the composition of the as -
sets on the statement of financial position and able to ensure the necessary operating flexibili -
ty through the use of the liquidity generated by current operations and the use of bank loans.
The Group considers risk monitoring and control systems a top priority to guarantee an efficient risk management. In line with this objective, the Group has adopted a risk management system with formalized strategies, policies and proce -
dures to ensure the identification, measurement and control of individual risks at centralized level for the entire Group.
The purpose of the Group’s risk management policies is to:
• identify and analyze the risks to which the Group is exposed;• define the organizational structure with the identification of the organizational units invol -
ved, responsibilities assigned and the system of proxies;• identify the risk management criteria on which the operational management of risks is based;• identify the types of transactions for which ri -
sks can be hedged.
The Condensed Consolidated Interim Financial Statements do not include all of the risk man -
agement disclosures mentioned above, required by IFRS. For a detailed description of this infor -
mation, please refer to Note "E – Financial risks" in the 2025 Consolidated Financial Statements.
Classification and fair value The tables below indicate the carrying amount of each financial asset and liability recognised in the statement of financial position.
In addition, the following table classifies the fi -
nancial assets and liabilities, designated at fair value, on the basis of the specific measurement method used. The different levels have been de -
fined as described below:
• Level 1: listed prices (unadjusted) on active markets for identical assets or liabilities;• Level 2: input data other than the listed prices in level 1, which can be observed for the asset or liability either directly or indirectly;• Level 3: input data relating to the asset or liabili -
ty that is not based on observable market data.
In the periods reported the Group has not changed the valuation techniques of the finan -
cial instruments accounted for at fair value; the financial instruments in these condensed con -
solidated interim financial statements belong to all three levels.E. Financial Risks 73 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Classification and fair value as of December 31, 2025Carrying amount Fair Value
NotesLoans and
receiva-
blesInvestments
in financial
assets - Fair
valueDerivatives
at fair
valueOther
financial
liabilitiesTotal Level 1 Level 2 Level 3 (in € thousands)
Financial assets
Cash and cash equivalents 25 109,067 - - - 109,067 - - -
Trade and other receivables 23/24 223,880 - - - 223,880 - - -
Financial assets including derivatives19 157 19,793 - - 19,950 7,560 - 12,233 333,104 19,793 - - 352,897 7,560 - 12,233
Financial liabilities
Bank loans and borrowings, and bank overdrafts29 - - - 18,160 18,160 - - -
Lease payables 29 - - - 18,863 18,863 - - -
Derivatives 32 - - 142 - 142 - 142 -
Trade and other payables 30/31/32 - - - 200,960 200,960 - - -
- - 142 237,983 238,125 - 142 -Classification and fair value as of June 30, 2026Carrying amount Fair Value
NotesLoans and
receiva-
blesInvestments
in financial
assets - Fair
valueDerivatives
at fair
valueOther
financial
liabilitiesTotal Level 1 Level 2 Level 3 (in € thousands)
Financial assets
Cash and cash equivalents 25 139,261 - - - 139,261 - - -
Trade and other receivables 23/24 279,873 - - - 279,873 - - -
Financial assets including derivatives19 155 11,869 - - 12,024 4,937 - 6,932 419,289 11,869 - - 431,158 4,937 - 6,932
Financial liabilities
Bank loans and borrowings, and bank overdrafts29 - - - 156,657 156,657 - - -
Lease payables 29 - - - 18,419 18,419 - - -
Trade and other payables 30/31/32 - - - 222,905 222,905 - - -
- - - 397,981 397,981 - - -
74 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
34. Segment reporting The information relating to business segments was prepared in accordance with the provisions of IFRS 8 "Operating segments" (hereinafter "IFRS 8"), which require that the provided infor -
mation is consistent with the reports submitted to the highest operational decision-making level for the purpose of making decisions regarding the resources to be allocated to the sector and assessing the related results. In particular, the Group identifies the following three operational business segments:• Electrode Technologies: this includes the of -
fering of metal electrodes (anodes and catho -
des) coated with special catalysts, electrolyzer components and systems, with multiple ap -
plications, in particular (i) for the production processes of chlorine and caustic soda; (ii) for the electronics industry and in the production of components for lithium battery production;
(iii) for the refining of non-ferrous metals (nickel and cobalt); (iv) for the galvanic finishing indu -
stry; (v) for the cellulose and paper industry;
and (vi) for the infrastructure sector for corro -
sion prevention of reinforced concrete and me -
tal structures;• Water Technologies: this includes offerings re -
lated to water treatment systems, which inclu -
des electrodes, equipment, systems and faci -lities for disinfection and filtration of drinking, wastewater and processing water; the main applications are residential swimming pool disinfection, municipal water disinfection and filtration, and industrial and marine water tre -
atment;• Energy Transition: this includes high-perfor -
mance electrodes (anodes and cathodes), electrochemical cells, stacks, and turnkey sy -
stems for the production of green hydrogen through alkaline water electrolysis processes.
The product portfolio also includes gas dif -
fusion electrodes (GDEs), which are used in high-temperature fuel cells, in long-duration energy storage systems such as redox flow batteries, and in other industrial decarboni -
zation processes. Recently, the Energy Tran -
sition portfolio has been expanded with new technologies: Enso, a solution for industrial salt separation processes (salt splitting), enables the electrochemical purification and refining of industrial salts – both organic and inorga -
nic – such as lithium, sodium, and ammonium.
This enables the implementation of closed-lo -
op processes capable of recovering value from resources and/or waste, while eliminating the need to dispose of large quantities of industrial effluents.
In support of these business segments there are the so-called Corporate activities which costs are fully allocated to the segments.F. Segment reporting 75 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
The following tables show the economic infor -
mation by business segment for the six month periods ended June 30, 2026 and 2025:
First Half-Year ended June 30, 2026
GroupSegment
Electrode
TechnologiesSegment Water
TechnologiesSegment Energy
Transition
(in € thousands) Revenue 403,099 199,385 190,928 12,786 Royalties and commissions (2,800) (1,132) (1,612) (56) Cost of goods sold (254,279) (129,524) (108,611) (16,144) Selling expenses (15,049) (4,809) (9,488) (752) G&A expenses (24,191) (10,908) (11,406) (1,877) R&D expenses (3,776) (1,562) (2,055) (159) Other operating income (expenses) (1,294) (674) (610) (10) Corporate costs allocation to business segments (21,958) (9,915) (11,318) (725)
EBITDA 79,752 40,861 45,828 (6,937)
Depreciation and amortization (17,412)
Impairment 397
Operating profit - EBIT 62,737 Share of profit of equity-accounted investees (16,464) Finance income 9,282 Finance expenses (10,627) Profit before tax 44,928 Income tax expense (16,185) Profit for the period 28,743 76 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
The following table shows investments by business segment for the six month periods ended June 30, 2026:First Half-Year ended June 30, 2025
GroupSegment
Electrode
TechnologiesSegment Water
TechnologiesSegment Energy
Transition
(in € thousands) Revenue 415,610 221,467 150,978 43,165 Royalties and commissions (3,816) (2,139) (1,597) (80) Cost of goods sold (269,446) (146,236) (89,831) (33,379) Selling expenses (16,047) (5,107) (9,714) (1,226) G&A expenses (25,569) (10,658) (11,804) (3,107) R&D expenses (5,658) (2,299) (1,198) (2,161) Other operating income (expenses) 2,331 1,125 1,298 (92) Corporate costs allocation to business segments (18,627) (9,507) (7,181) (1,939)
EBITDA 78,778 46,646 30,951 1,181
Depreciation and amortization (17,914) Operating profit - EBIT 60,864 Share of profit of equity-accounted investees (830) Finance income 12,751 Finance expenses (19,210) Profit before tax 53,575 Income tax expense (18,103) Profit for the period 35,472
GroupSegment
Electrode
TechnologiesSegment
Water
TechnologiesSegment
Energy
TransitionNot Allocated
(in € thousands) As of June 30, 2026 Property, plant and equipment 23,766 16,085 583 6,813 285 Intangible assets 4,644 151 1,653 4 2,836 Total Investments 2026 28,410 16,236 2,236 6,817 3,121 (*) It does not include increases related to the rights of use of Property, Plant and Equipment.
77 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
In accordance with the provisions of IFRS 8, par -
agraph 34, it should also be noted that for the six month periods ended June 30, 2026 and 2025, there was only one customer (tk nucera) be -
longing to the Electrode Technologies business and Energy Transition business segments that generated revenues exceeding 10% of the total, amounting to Euro 62,792 thousand and Euro 106,299 thousand, respectively.The table below shows the non-current assets, other than financial assets and deferred tax as -
sets, by geographical area at June 30, 2026 and at December 31, 2025, allocated on the basis of the country in which the assets are located.
As of June 30, 2026
ItalyEMEIA,
excluding ItalyAPAC AMS Total (in € thousands) Intangible assets 9,232 4,953 9,724 80,694 104,603 Property, plant and equipment 116,000 60,389 76,617 77,475 330,481 Other receivables 3,622 71 890 221 4,804 Total 128,854 65,413 87,231 158,390 439,888 As of December 31, 2025
ItalyEMEIA,
excluding ItalyAPAC AMS Total (in € thousands) Intangible assets 7,074 5,157 10,408 78,788 101,427 Property, plant and equipment 105,086 59,678 75,418 75,370 315,552 Other receivables 3,663 71 902 193 4,829 Total 115,823 64,906 86,728 154,351 421,808 78 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
35. Related Party
Transactions
Transactions with related parties, as defined by IAS 24 - Related Party Disclosures, mainly re -
late to commercial, administrative and financial transactions. They are carried out as part of or -
dinary operations, within the scope of the core business of each party and take place on an arm’s length basis. In particular, the Group has relations with the following related parties:• the direct parent company, Federico De Nora S.p.A. (the "parent company");• the associated company tk nucera and its sub -
sidiaries (the "Associates"); • minority shareholders and related companies, also through key executives (the "Other Rela -
ted Parties"); • executives with strategic responsibilities ("Top Management").
The table below details the statement of finan -
cial position values referring to the related party transactions at June 30, 2026 and December 31, 2025:G. Related Party
Transactions
Parent
CompanyAssociatesOther -
related
partiesTotalTotal
statement of
financial
position itemAs percent -
age of Total
statement of
financial
position item
(in € thousands) Other non-current receivables As of June 30, 2026 - - 52 52 4,804 1.1% As of December 31, 2025 - - 52 52 4,829 1.1% Construction contracts - assets As of June 30, 2026 - - 28 28 45,290 0.1% As of December 31, 2025 - - 157 157 41,758 0.4% Construction contracts - assets As of June 30, 2026 - - 356 356 9,533 3.7% As of December 31, 2025 - - 368 368 9,318 3.9% Current trade receivables As of June 30, 2026 33 17,799 729 18,561 183,254 10.1% As of December 31, 2025 21 24,128 1,095 25,244 152,948 16.5% Other current receivables As of June 30, 2026 - - 1 1 84,668 -
As of December 31, 2025 - - 1 1 57,524 -
Other non-current payables As of June 30, 2026 - 42 - 42 3,242 1.3% As of December 31, 2025 - 42 - 42 2,623 1.6% Current trade payables As of June 30, 2026 45 2,181 99 2,325 92,776 2.5% As of December 31, 2025 54 716 187 957 113,462 0.8% Other current payables As of June 30, 2026 - 43,011 153 43,164 111,809 38.6% As of December 31, 2025 - 14,697 146 14,843 72,643 20.4% 79 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Among balance sheet amounts with related par -
ties the main portion is related to amounts with Associates: they consist of current trade receiv -
ables amounting to Euro 17,799 thousand as at June 30, 2026 compared to Euro 24,128 thousand as at December 31, 2025 mainly related to the sale of electrodes under the supply "Toll Manu -
facturing and Services Agreement" initially stip -
ulated on April 1, 2015 with tk nucera and subse -
quently amended.
Other current payables to Associates amount -
ing to Euro 43,011 thousand as of June 30, 2026, compared to Euro 14,697 thousand as of De -
cember 31, 2025, essentially related to advances obtained with reference to the aforementioned supply contract, while trade payables of Euro 2,181 thousand as of June 30, 2026 compared to Euro 716 thousand as at December 31, 2025 are related to the supply of goods and services by tk nucera.
The table below shows the detail of the econom -
ic values relating to transactions with related parties for the six month periods ended June 30, 2026 and 2025:
The economic relations with the Associates main -
ly relate to revenues, amounting to Euro 62,792 thousand for the six month periods ended June 30, 2026, compared to Euro 106,299 thousand for the six month periods ended June 30, 2025, arising from the sale of electrodes under the “Toll Manufacturing and Services Agreement” supply contract mentioned above; there are also in the first six months of 2026 purchases from tk nucera for supplies of materials and services for Euro 1,318 and 1,777 thousand respectively.Parent
CompanyAssociatesOther
related
partiesTotalTotal income
statement
itemAs
percentage
of Total
income
statement
item
(in € thousands)
Revenue
Six months ended June 30, 2026 - 62,792 600 63,392 403,099 15.7% Six months ended June 30, 2025 - 106,299 1,349 107,648 415,610 25.9%
Other income
Six months ended June 30, 2026 42 193 - 235 7,479 3.1% Six months ended June 30, 2025 36 309 - 345 8,462 4.1% Costs for raw materials, consu -
mables, supplies and goods Six months ended June 30, 2026 - 1,318 5 1,323 205,407 0.6% Six months ended June 30, 2025 - 1,787 - 1,787 167,342 1.1% Costs for services Six months ended June 30, 2026 45 1,777 96 1,918 77,338 2.5% Six months ended June 30, 2025 45 161 220 426 87,905 0.5%
Personnel expenses
Six months ended June 30, 2026 - - 1 1 78,885 -
Six months ended June 30, 2025 - - 2 2 79,509 -
80 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Transactions with Top Management, Directors’ and Statutory Auditors’ fees In addition to the balance sheet and income statement values with related parties present -
ed in the tables above, the Group has recog -
nized compensation to Top Management for the amount of Euro 3,566 thousand and Euro 3,503 thousand for the six month periods ended June 30, 2026 and 2025, respectively, of which Euro 1,676 thousand not yet paid as at June 30, 2026.
The table below shows the breakdown of the aforementioned benefits under the cost catego -
ries identified by IAS 24:
Top Management compensation represents 4.5% of the total personnel expenses for the six month period ended June 30, 2026 (4.4% for the first six months of 2025).Fees related to the directors and statutory au -
ditors for the first six months of 2026 amount to Euro 641 thousand and Euro 68 thousand re -
spectively (Euro 663 thousand and Euro 73 thou -
sand in the first six months of 2025).First Half-Year ended June 30
2026 2025
(in € thousands) Short-term employee benefits 2,806 2,883 Post-employment benefits 101 233 Other long-term benefits 2 3 Termination benefits - -
Share-based payment 657 384 Total 3,566 3,503 81 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
36. Non-recurring
eventsThere aren’t, in the period under analysis, non-recurring events and operations for which information are required according to CONSOB Communication n. DEM/6064293 del 28 July 2006. H. Non-recurring events 82 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
37. Commitments and
contingent liabilities
Commitments
The Company has not undertaken any commit -
ments that have not been recorded in the state -ment of financial position, except for some orders for the purchase of capital expenditures amount -
ing to around Euro 12 million at June 30, 2026.
Contingent liabilities
The Group has not assumed any contingent liabili -
ties that have not been recognised in the financial statements.I. Commitments and
contingent liabilities
83 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
38. Events after the
reporting date
• Industrie De Nora S.p.A. has completed the ac -
quisition of 100% of BW Water Pte. Ltd. (“BW Water”), is a fast-growing global player in the water treatment solutions segment.
The transaction, already announced on 26 May 2026, became effective on 1 July 2026 following the satisfaction of the conditions precedent set out in the Share Purchase Agreement. The consideration paid at closing amounted to USD 60.8 million. The final consideration and the Enterprise Value (EV) will be determined in the third quarter, following adjustments related to the completion of the financial statements as of the closing date. The EV will, in any case, not exceed USD 66.5 million.
The acquisition will enable De Nora to create a solution-driven platform to address global water challenges related to scarcity and secu -
rity, strengthening its position along the value chain and enhancing proximity to customers.
By combining De Nora’s technological exper -
tise with BW Water’s engineering and system integration capabilities, the Group will be able to improve the execution of large-scale pro -
jects, offer comprehensive turnkey solutions, access new high-growth markets, including semiconductors, mining, pharmaceuticals, food & beverage and desalination.
The transaction will also enable De Nora to strengthen its presence in key geographic ar -
eas, including Southeast Asia, and to develop commercial and operational synergies, includ -
ing cross-selling opportunities and access to projects and tenders requiring end-to-end solutions.• De Nora has received from the joint venture thyssenkrupp nucera AG & Co. KGaA (“thyssen -
krupp nucera”) the remaining tranche of or -
ders relating to the Moeve project in Andalusia, Spain, dedicated to green hydrogen produc -
tion. This award completes the orders already received in May relating to De Nora’s scope of supply for the project. The supply includes electrolytic cells featuring high -performance anodic and cathodic coating, for a total capac -
ity of 300 MW and an overall value ranging be -
tween 30 and 40 million euro.
De Nora’s technologies will be employed in the first phase of the project, named Onuba, within Moeve’s Andalusian Green Hydrogen Valley, which is expected to become the larg -
est alkaline water electrolysis (Water Electroly -
sis – AWE) project for green hydrogen produc -
tion in Southern Europe. Once operational, the facility will have a production capacity of ap -
proximately 45,000 tons of hydrogen per year, contributing to a reduction in CO₂ emissions of around 250,000 tons annually.
• Industrie De Nora has been selected by the Hampton Roads Sanitation District (HRSD) to provide its SORB FX Ion Exchange (IX) PFAS removal system for the SWIFT advanced water treatment facility at HRSD’s Nansemond Treat -
ment Plant, a centerpiece of HRSD's Sustaina -
ble Water Infrastructure for Tomorrow (SWIFT) program. The Nansemond facility is central to HRSD’s indirect potable reuse program, treat -
ing municipal wastewater to drinking water standards before recharging it into the Po -
tomac Aquifer, the primary underground water supply for eastern Virginia. The SWIFT program is designed to reverse declining groundwater levels and combat saltwater intrusion, two crit -
ical threats to the region’s long-term drinking water supply. J. Events after the
reporting date
84 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
The project, designed by Tetra-Tech and Car -
ollo Engineers and constructed by renowned water and wastewater contractor Garney adds to De Nora's growing portfolio of deployed PFAS treatment systems, further establishing the company as a proven provider of contam -
inant removal solutions for municipal water systems with ten PFAS project awards in re -
cent months.
De Nora's SORB FX PFAS removal system is designed to treat up to 34 million gallons of water per day (MGD) and consists of eleven 14-foot-diameter IX vessels operating in paral -
lel, with one additional vessel on standby. The vessels are also designed to be easily modifia -
ble for different media, allowing the system to accept future improved media.
The system incorporates a patent-pending inlet distributor and SORB OTTO underdrain with a custom over-drain/under-drain configu -
ration, enabling maximum media bed exhaus -
tion prior to changeout. The result is longer system life, reduced media replacement fre -quency, lower long-term operating costs, and a fully externally serviceable design that elimi -
nates confined space requirements.
The SORB FX system selection builds on nearly 20 years of partnership between De Nora and HRSD, reinforcing confidence in De Nora’s abil -
ity to deliver high-performance treatment sys -
tems. HRSD currently operates nine DE NORA TETRA® Denite® biological filters, including a unique operating mode developed by HRSD that has further enhanced nutrient removal for the community and the environment.
The Nansemond installation is expected to become a flagship reference as utilities na -
tionwide face increasing regulatory and public health pressure to address PFAS contamina -
tion. Awarded in December 2025, delivery of De Nora’s SORB FX System is expected by the end of 2027.
These events occurring after the end of the repor -
ting period have no impact on the financial state -
ments.
Milan, July 30, 2026 On behalf of the Board of Directors The Chief Executive Officer Paolo Enrico Dellachà 85 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
(Pursuant to Article 154- bis, paragraph 5 of Legislative Decree 58/98 - Testo Unico della Finanza) The undersigned Paolo Enrico Dellachà and Luca Oglialoro respectively Chief Executive Officer and Manag -
er responsible for preparing the financial reporting of Industrie De Nora S.p.A. declare, also considering the provisions of Article 154 -bis, paragraphs 3 and 4, of Legislative Decree No. 58 of February 24, 1998:• the adequacy in relation to the company's characteristics, and• the operating effectiveness of the financial and accounting procedures for the preparation of the Condensed consolidated half-year financial statements as of June 30, 2026 of Industrie De Nora S.p.A., during the first half of 2026.
No significant issues have arisen in this regard.
The undersigned also certify that the Condensed consolidated half-year financial statements as of June 30, 2026:• have been prepared in accordance with International Financial ReportingStandards as endorsed by the European Community pursuant to Regulation (EC)no. 1606/2002 of the European Parliament and of the Council of 19 July 2002;• corresponds to the results in the books and records;• are suitable for giving a true and fair view of the financial and economic positionof the issuer and the companies included in the scope of consolidation.
The interim management report provides a reliable analysis of the significant events occurred in the first six months of the year and their incidence on the Condensed consolidated half-year financial statements, as well as a description of the principal risks and uncertainties for the remaining six months of the year. The interim management report also includes a reliable analysis of the information regarding relevant transac -
tions with related parties.
Milan, July 30, 2026 Paolo Enrico Dellachà Chief Executive Officer Luca Oglialoro Manager responsible for preparing the Company’s financial reportsManagement’s Attestation of the Condensed
Consolidated Half-Year
Financial Statements of Industrie De Nora S.p.a. as of June 2026 INDUSTRIE DE NORA S.P.A.
Via Bistolfi, 35 – 20134 Milan, Italy Cap.Soc. €18.268.203,90 i.v. – R.I. della CCIAA di Milano, Monza Brianza, Lodi C.F./P.I. 03998870962 industriedenora@denora.com
www.denora.com
ph +39 02 21291
fax +39 02 2129363 ATTESTAZIONE DEL MANAGEMENT AL BILANCIO CONSOLIDATO SEMESTRALE ABBREVIATO DI
INDUSTRIE DE NORA S.P.A. AL 30 GIUGNO 2026
AI SENSI DELL ’ART. 154-BIS, COMMA 5 DEL D.LGS. 58/98 (TESTO UNICO DELLA FINANZA )
I sottoscritti Paolo Enrico Dellachà e Luca Oglialoro, in qualità rispettivamente, di Amministratore Delegato e di Dirigente Preposto alla redazione dei documenti contabili societari di Industrie De Nora S.p.A. attestano, tenuto anche conto di quanto previ sto dall'articolo 154 -bis, commi 3 e 4, del D.lgs. n.58 del 24 febbraio 1998:
•l'adeguatezza in relazione alle caratteristiche dell'impresa, e
•l'effettiva applicazione
delle procedure amministrativo -contabili per la formazione del Bilancio consolidato semestrale abbreviato al 30 giugno 2026, nel corso del primo semestre 202 6.
Al riguardo non sono emersi aspetti di rilievo.
Si attesta inoltre che il Bilancio consolidato semestrale abbreviato al 30 giugno 202 6:
•è redatto in conformità ai principi contabili internazionali applicabili riconosciuti nella Comunità europea ai sensi del Regolamento (CE) n. 1606/2002 del Parlamento Europeo e del Consiglio del 19 luglio 2002;
•corrisponde alle risultanze dei libri e delle scritture contabili; e d •è idone o a fornire una rappresentazione veritiera e corretta della situazione patrimoniale ed economica dell’emittente e delle società incluse nel perimetro di consolidamento.
La relazione intermedia sulla gestione comprende un’analisi attendibile dei riferimenti agli eventi importanti che si sono verificati nei primi sei mesi dell’esercizio e alla loro incidenza sul Bilancio consolidato semestrale abbreviato, unitamente a una descrizione dei principali rischi e incertezze per i sei mesi restanti dell’esercizio. La relazione intermedia sulla gestione comprende, altresì, un’analisi attendibile delle informazioni sulle operazioni rilevanti con parti correlate.
Milano, 3 0 luglio 202 6 Paolo Enrico Dellachà Amministratore Delegato Luca Oglialoro Dirigente Preposto alla redazione dei documenti c ontabili s ocietari INDUSTRIE DE NORA S.P.A.
Via Bistolfi, 35 – 20134 Milan, Italy Cap.Soc. €18.268.203,90 i.v. – R.I. della CCIAA di Milano, Monza Brianza, Lodi C.F./P.I. 03998870962 industriedenora@denora.com
www.denora.com
ph +39 02 21291
fax +39 02 2129363 ATTESTAZIONE DEL MANAGEMENT AL BILANCIO CONSOLIDATO SEMESTRALE ABBREVIATO DI
INDUSTRIE DE NORA S.P.A. AL 30 GIUGNO 2026
AI SENSI DELL ’ART. 154-BIS, COMMA 5 DEL D.LGS. 58/98 (TESTO UNICO DELLA FINANZA )
I sottoscritti Paolo Enrico Dellachà e Luca Oglialoro, in qualità rispettivamente, di Amministratore Delegato e di Dirigente Preposto alla redazione dei documenti contabili societari di Industrie De Nora S.p.A. attestano, tenuto anche conto di quanto previ sto dall'articolo 154 -bis, commi 3 e 4, del D.lgs. n.58 del 24 febbraio 1998:
•l'adeguatezza in relazione alle caratteristiche dell'impresa, e
•l'effettiva applicazione
delle procedure amministrativo -contabili per la formazione del Bilancio consolidato semestrale abbreviato al 30 giugno 2026, nel corso del primo semestre 202 6.
Al riguardo non sono emersi aspetti di rilievo.
Si attesta inoltre che il Bilancio consolidato semestrale abbreviato al 30 giugno 202 6:
•è redatto in conformità ai principi contabili internazionali applicabili riconosciuti nella Comunità europea ai sensi del Regolamento (CE) n. 1606/2002 del Parlamento Europeo e del Consiglio del 19 luglio 2002;
•corrisponde alle risultanze dei libri e delle scritture contabili; e d •è idone o a fornire una rappresentazione veritiera e corretta della situazione patrimoniale ed economica dell’emittente e delle società incluse nel perimetro di consolidamento.
La relazione intermedia sulla gestione comprende un’analisi attendibile dei riferimenti agli eventi importanti che si sono verificati nei primi sei mesi dell’esercizio e alla loro incidenza sul Bilancio consolidato semestrale abbreviato, unitamente a una descrizione dei principali rischi e incertezze per i sei mesi restanti dell’esercizio. La relazione intermedia sulla gestione comprende, altresì, un’analisi attendibile delle informazioni sulle operazioni rilevanti con parti correlate.
Milano, 3 0 luglio 202 6 Paolo Enrico Dellachà Amministratore Delegato Luca Oglialoro Dirigente Preposto alla redazione dei documenti c ontabili s ocietari 86 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
Review report on condensed consolidated half year financial statements To the Shareholders of Industrie De Nora SpA
Foreword
We have reviewed the accompanying condensed consolidated half year financial statements of Industrie De Nora SpA (the “Company”) and its subsidiaries (the “De Nora Group ” ) as of 30 June 2026 , comprising the interim consolidated statement of financial position , interim consolidated income statement , interim consolidated statement of comprehensive income , interim statement of changes in the net consolidated equity , interim consolidated statement of cash flow s and related explanatory notes. The directors of Industrie De Nora SpA are responsible for the preparation of the condensed consolidated half year financial statements in accordance with the accounting standard IAS 34 as issued by the International Accounting Standards Board and adopted by the European Union applicable to interim financial reporting. Our responsibility is to express a conclusion on these condensed consolidated half year financial statements based on our review.
Scope of review We conducted our work in accordance with the criteria for a review recommended by Consob in Resolution 10867 /1997. A review of condensed consolidated half year financial statements consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than a full -scope audit conducted in accordance with Internat ional Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the condensed consolidated half year financial statements .
87 Half-Year Financial Report 2026Condensed Consolidated Half Year
Financial Statements
2 of 2
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated half year financial statements of Industrie De Nora SpA as of 30 June 2026 are not prepared, in all material respects, in accordance with the accounting standard IAS 34 as issued by the International Accounting Standards Board and adopted by the European Union applicable to interim financial reporting.
Turin , 30 July 2026
PricewaterhouseCoopers SpA
Signed by
Filippo Cafaro
(Partner)
This review report has been translated into the English language solely for the convenience of international readers. Accordingly, only the original text in Italian language is authoritative.
Review report on condensed consolidated half year financial statements To the Shareholders of Industrie De Nora SpA
Foreword
We have reviewed the accompanying condensed consolidated half year financial statements of Industrie De Nora SpA (the “Company”) and its subsidiaries (the “De Nora Group ” ) as of 30 June 2026 , comprising the interim consolidated statement of financial position , interim consolidated income statement , interim consolidated statement of comprehensive income , interim statement of changes in the net consolidated equity , interim consolidated statement of cash flow s and related explanatory notes. The directors of Industrie De Nora SpA are responsible for the preparation of the condensed consolidated half year financial statements in accordance with the accounting standard IAS 34 as issued by the International Accounting Standards Board and adopted by the European Union applicable to interim financial reporting. Our responsibility is to express a conclusion on these condensed consolidated half year financial statements based on our review.
Scope of review We conducted our work in accordance with the criteria for a review recommended by Consob in Resolution 10867 /1997. A review of condensed consolidated half year financial statements consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than a full -scope audit conducted in accordance with Internat ional Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the condensed consolidated half year financial statements .
88 Half-Year Financial Report 2026Condensed Consolidated Half Year