thyssenkrupp nucera (NCH2) Q2 2026 earnings summary

Executive summary

• Q2 order intake surged to EUR 316 million, nearly quadrupling year-over-year, driven by major green hydrogen and chlor-alkali projects, including a 300 MW electrolyzer in Spain and a record Middle East chlor-alkali order.

• Order backlog rose to EUR 732 million as of March 2026, providing improved visibility for future quarters.

• Quarterly financials were negatively impacted by one-time project costs, special items, and a contract termination in green hydrogen, but these are not expected to recur in the second half.

• Innovative offerings launched, including a 120 MW plug-and-play electrolyzer and a 360-degree lifecycle service portfolio.

• Green hydrogen market momentum is increasing, with new commercial wins and expanding service opportunities.

Financial highlights

• Q2 order intake reached EUR 316 million (+279% YoY); H1 order intake EUR 391 million (+119% YoY); order backlog at EUR 732 million.

• Q2 sales declined 77% year-over-year to EUR 50 million, mainly due to one-off costs and technical accounting effects in green hydrogen; H1 sales at EUR 197 million (-59% YoY).

• Q2 EBIT was EUR -65 million (vs. EUR -4 million prior year), mainly due to green hydrogen one-offs; H1 EBIT at EUR -69 million.

• Q2 net income was EUR -64 million; H1 net income EUR -66 million; EPS at EUR -0.50 and EUR -0.53 respectively.

• Free cash flow improved to EUR 9 million in Q2 and EUR 3 million for H1; net financial assets stable at EUR 655 million.

Outlook and guidance

• FY 2025/2026 order intake expected at EUR 550–850 million; sales guidance at EUR 450–550 million.

• Green hydrogen sales expected at EUR 120–170 million; EBIT EUR -125 to -90 million.

• Chlor-alkali sales forecast at EUR 320–400 million; EBIT EUR 45–65 million.

• Group EBIT guidance remains EUR -80 to EUR -30 million; one-time effects from green hydrogen will impact FY results, but operational performance is expected to improve in H2.