Industrie De Nora (DNR) Q2 2026 earnings summary

Executive summary

• Achieved strong H1 2026 results with revenue growth at constant FX, margin expansion, and robust order intake, supported by the strategic acquisition of BW Water and major project wins in green hydrogen and water treatment.

• Completed the acquisition of BW Water and ChlorGuard assets, strengthening the Water Technologies platform and expanding global reach.

• Advanced ESG initiatives, linking sustainability KPIs to financing and progressing on the 2030 decarbonization plan.

• Share price ended H1 2026 at €6.655, down from the start of the year, reflecting sector volatility but outperforming peers over 12 months.

Financial highlights

• H1 2026 revenues were €403.1 million, down 3% year-over-year but up 2.3% at constant FX, with Water Technologies offsetting declines in other segments.

• Adjusted EBITDA reached €81.8 million (20.4% margin), with net profit at €28.8 million and adjusted EBIT at €65.1 million.

• Net financial position shifted to net debt of €30.1 million from net cash at year-end 2025, mainly due to higher working capital and investments.

• Dividend of €0.103/share paid in May 2026, totaling €20.5 million.

Outlook and guidance

• FY 2026 revenue guidance confirmed at €830–850 million, at the upper end of the range, with Water Technologies expected to see low double-digit growth and Electrode Technologies a low single-digit decline.

• Adjusted EBITDA margin guidance raised to 18–20% from prior 15–18%.

• BW Water expected to contribute ~$90 million in H2 2026; Energy Transition revenues forecasted at €15–25 million.