Explore our Sustainability strategy.

Dear Shareholders and Stakeholders,
2025 was another year full of achievements and satisfaction for De Nora, both in economic and financial terms and in terms of business development. During the year, we entered new segments with high growth potential, completed the delivery of two flagship projects in the green hydrogen sector and recorded significant growth in turnover and new orders in the Water Technologies segment. These results are even more valuable in light of a particularly complex macroeconomic and geopolitical context.

In 2025, revenues increased by 4.4% year-on-year (at constant exchange rates), with operating profitability exceeding 19%, well above the guidance communicated at the beginning of the year. The performance was mainly driven by the Water Technologies segment: the Pools line recorded a 27.5% increase in turnover, while the Water Technology Systems line further expanded its order book, reaching approximately Euro 129 million, up 8% compared to 2024. This was complemented by excellent execution of orders in the Energy Transition portfolio, which contributed significantly to the overall results.

Operating management generated over Euro 116 million in cash, enabling us to finance significant investments, including those related to the construction of the new Gigafactory in Italy, which we expect to complete by the first half of 2026, distribute over Euro 20 million in dividends and, at the same time, strengthen our net cash position, which increased by approximately Euro 20 million compared to 2024. Finally, the positive performance of net profit allows us to propose the distribution of a dividend totalling Euro 21 million for this year as well.

2025 marked De Nora's entry into two new strategic market segments: PFAS capture, mainly in drinking water, and electrochemical lithium refining, both of which are set to play an important role in the development of De Nora's business. PFAS, known as forever chemicals, are highly persistent and harmful to human health and are now the focus of international regulatory attention. In the United States, the EPA has set a maximum limit of 4 parts per trillion in drinking water for 2024, with an adjustment period of five to seven years; similar regulations are also emerging in Europe and the Middle East. With over twenty years of experience in the removal of contaminants, including arsenic, and a well-established relationship with US municipalities in particular, we were able to seize this opportunity promptly, signing eight industrial-scale contracts, six of which in America in Pennsylvania, Massachusetts, Washington and Virginia, and two in Northern Italy in Lombardy and Piedmont.
At the same time, we have established a presence in the lithium refining market, a sector characterised by extremely dynamic and sustained growth prospects. By the end of 2024, we had already begun to move strategically in this direction, signing a partnership with Mangrove Lithium, a Canadian company specialising in electrochemical technologies for lithium refining, with the aim of developing our technological solutions.

In 2025, we reached a milestone by signing our first contract with a Japanese customer for the construction of a plant dedicated to the recovery of lithium from spent batteries. Our technological solution, based on advanced electrolysis systems and closed-loop processes, increases the efficiency of refining operations, almost completely eliminates chemical reagents and significantly reduces CO₂ emissions, water consumption and environmental impact compared to traditional methods.

Thanks to our electrochemical technology, it is possible to produce battery-grade lithium compounds from conventional raw materials, but also to recover the lithium contained in end-of-life batteries, enabling a truly circular production model.

In the green hydrogen market, in 2025 we delivered approximately 1.1 GW of technology for two global projects developed over the last two years. The first is NEOM, in Saudi Arabia, one of the world's largest green hydrogen production projects, with a total electrolytic capacity of approximately 2.2 GW for the production of green ammonia. The second is Stegra in Sweden, Europe's largest project dedicated to green steel production (740 MW). In both cases, De Nora's technological contribution has played an essential enabling role. The execution of these two projects has further consolidated our position as a global leader in advanced AWE technologies, contributing to the spread of low-emission hydrogen and the decarbonisation of hard-to-abate industrial sectors. From 2022 to date, we have delivered a total of 3.6 GW of technologies dedicated to green hydrogen generation.

Work also continued on the construction of the new Gigafactory in Cernusco sul Naviglio (Milan), which is scheduled to open by the end of the first half of 2026. The site will serve as a hub for the optimisation of production activities in Italy, hosting our core business lines and becoming the production centre for small-scale green hydrogen solutions, with a gradual ramp-up in line with market developments.

Our commitment to sustainability remained central in 2025: we completed all the activities set out in the ESG Plan for 2030, including the creation of Sustainability Product Scorecards dedicated to illustrating the environmental benefits of our technologies to customers. We have achieved approximately 6.3 GWh of installed photovoltaic capacity across eleven facilities worldwide, thanks to new systems in China and Japan that were completed in early 2026. Most of our environmental KPIs show significant progress, with several targets achieved ahead of schedule. On the social front, employees dedicated over 1,400 hours to social and community activities, and donations to local communities doubled compared to 2024. Our supply chain has also made significant progress: approximately 67% of spending was made locally in the areas where we operate, and 46% of suppliers were assessed according to ESG criteria. Our technologies and products continue to generate a positive impact in terms of sustainability, particularly environmental sustainability. In 2025, revenues from the Water Technologies Systems line will translate, once projects are completed, into approximately 246 million cubic metres of treated water per day, 13% of which will be used for drinking water. The green hydrogen technologies developed during the year will also enable the avoidance of approximately 1.1 million tonnes of CO₂ emissions per year. In addition, 100% of research and development expenditure was dedicated to initiatives aimed at improving the environmental impact and circularity of our products.

Looking ahead, 2026 promises to be a complex and challenging year, not least in light of the evolving global geopolitical landscape. We will continue to develop our technologies, strengthen our role in electrochemical innovation and seize new growth opportunities. At the same time, we will take the necessary steps to optimise our cost structure and maintain a solid financial position, even in a volatile environment that could lead to a temporary slowdown in sales volumes.

We do so with confidence: the work carried out in recent years has equipped us with the structure, skills and determination necessary to manage periods of uncertainty and volatility with discipline. Our medium- and long-term strategy offers a clear direction: to strengthen our leadership in our core businesses, open up new markets through electrochemistry and water treatment solutions, and support growth both organically and through selected external development opportunities.
These priorities will guide our actions in the coming quarters and accompany us on our journey to build an increasingly solid and resilient De Nora. We will face these challenges by teaming up with our stakeholders and always putting our people first, as they are the driving force behind our success and our ability to innovate.

- Paolo Dellachà, CEO