Industrie De Nora SpA
5.36
EUR
-0.20
(-3.69%)
Industrie De Nora SpA
LSE:0ABI
(London Stock Exchange)
Recent
price
5.36
P/E
ratio
18.91
div
yld
- -
ROIC.AI
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- Business
- Industrie De Nora S.p.A. (DNR.MI) manufactures electrodes, coatings, and electrochemical systems for industrial applications, water treatment, and energy transition technologies. Founded in 1923 and headquartered in Milan, Italy, the company operates worldwide through 24 subsidiaries in 10 countries including the United States, Brazil, China, Japan, Germany, the United Arab Emirates, India, and Singapore, serving markets such as chlor-alkali production, electronics, batteries, municipal and industrial water treatment, green hydrogen generation, mining, marine, power generation, pulp and paper, and steel manufacturing; it provides Dimensionally Stable Anodes (DSA), gas diffusion electrodes, membrane electrode assemblies (MEA), catalysts, analyzers, detectors, disinfection systems including electrochlorination units like CECHLO and ClorTec, filtration solutions such as DE NORA TETRA and SORB for PFAS removal, ozone generators, UV systems, cathodic protection electrodes like ELGARD, recoating and repair services, spare parts, and training, marketed under brands including Capital Controls, LIDA, MIOX, OMNIPURE, SANILEC, and SEACLOR, with aftermarket services comprising up to 47% of certain segment revenues. The company divides operations into Electrode Technologies for chlorine/oxygen evolution anodes, hydrogen evolution cathodes, and plating anodes like DENORA DT for copper foil in printed circuit boards and semiconductors; Water Technologies Systems (WTS) for on-site hypochlorite generation, contaminant removal, and pools disinfection; and Energy Transition for alkaline water electrolyzers including the Dragonfly decentralized system, fuel cells, and components supporting over 2.6 GW of green hydrogen production since 2022, bolstered by five R&D centers, 278 patent families, and a 2,000+ employee workforce focused on decarbonization, hydrogen economy, and clean water. Recent developments include signing a EUR 100 million five-year revolving credit facility in November 2025 with banks led by UniCredit while repaying an EUR 80 million senior loan early to optimize its financial structure and enhance treasury flexibility with ESG KPI integration planned; launching the Dragonfly electrolyzer in 2024 for small-scale on-site hydrogen; commencing construction of a 2 GW Gigafactory in Cernusco sul Naviglio, Italy, via subsidiary De Nora Italy Hydrogen Technologies with IPCEI funding up to EUR 63 million and operations starting in 2026; forming partnerships such as MOUs with Asahi Kasei for containerized electrolyzers, Duferco Energia for Italian green hydrogen projects, Mangrove Lithium for CECHLO-based lithium recovery from batteries and mines, ACWA Power and Saudi Water Authority for circular economy and hydrogen in Saudi Arabia, and contracts like lithium recovery plants in Japan; divesting the Marine business (Hyde Marine/Guardian UV ballast water systems) to Optimarin AS and Fracking assets to focus on municipal/industrial water; opening facilities including an electrode maintenance plant in Vadodara, India, production expansions in China/Japan/Germany, a Sorocaba, Brazil solar plant (1.3 GWh capacity contributing to 29% Group renewable energy use), and a North America Innovation Center in Mentor, Ohio for DSA, GDE, fuel cells, and electrolysis; securing orders like tk nucera electrolytic cells for a 700 MW Swedish project, T.EN/CCC electrochlorination for Qatar LNG expansion, and HyTecHeat/X-SEED EU projects; achieving SBTi-validated 2030 climate targets (50% Scope 1/2 and 52% Scope 3 intensity reductions), MSCI AA ESG rating, and SME status under expanded EU capitalization thresholds; and reporting Q1 2025 revenues of EUR 200.4 million (+6%), adjusted EBITDA of EUR 39.4 million (+8.2%, 19.7% margin), with EUR 862.6 million 2024 revenues, confirming 2025 guidance of low-single-digit revenue growth and 17% adjusted EBITDA margin. Industrie De Nora S.p.A. functions as a subsidiary of Federico De Nora S.p.A., maintains a 25.85% stake in thyssenkrupp nucera, and reported 2024 net profit of EUR 83 million with EUR 304.1 million net financial position.