Italy's De Nora slumps, Jefferies says mid-term outlook offers limited upside
18/03/2026 09:49
** Shares in Industrie De Nora DNR.MI slump as much as 9.2%, after the Italian electrode maker presented its final 2025 results and targets for the next 3-5 years ** De Nora's mid-term strategy will focus on opening new markets through electrochemistry and water treatment technologies, aiming for an annual adjusted EBITDA margin in a range between 15% and 19% ** Brokerage Jefferies says limited visibility in the hydrogen business is weighing on the 2026 and mid-term outlook, and expects its share performance to remain weak given a slowdown in orders and unappealing balance sheet outlook ** "De Nora looks well-positioned to benefit from a potential pick-up in the hydrogen market, though until then, we see limited upside potential," it adds ** The stock is down almost 20% YTD (Mirko Miorelli, Enrico Sciacovelli) ((mirko.miorelli@thomsonreuters.com))