De Nora expects 'challenging' 2026 to result in lower margins
24/02/2026 13:51
Feb 24 (Reuters) - Italy's Industrie De Nora DNR.MI, a global leader in industrial electrodes, forecast an adjusted core profit margin between 15% and 18% for 2026 on Tuesday, saying it would be a challenging year due to limited visibility in the green hydrogen market. "2026 is expected to be a challenging year, marked by limited visibility in the green hydrogen market and a potential temporary slowdown in the Electrode Technologies business, linked to the macroeconomic environment and the cyclical nature of investments," says CEO Paolo Dellachà. It sees 2026 revenue in a range of 750 million to 850 million euros ($883 million to $1 billion). De Nora's preliminary 2025 sales rose 4.4% at constant exchange rates to 875 million euros. It estimates a negative currency impact of 25 million euros for 2025, largely tied to the euro-U.S. dollar exchange rate. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were 171.8 million euros last year, with a margin of 19.6% slightly exceeding its outlook of around 19%. The group will provide a mid-term outlook on March 18, when it releases its final results for 2025. ($1 = 0.8493 euros) (Reporting by Enrico Sciacovelli, editing by Milla Nissi-Prussak) ((Enrico.Sciacovelli@thomsonreuters.com; +48587720309;))