Electrochemical group De Nora shares increase on positive first-quarter earnings

Italian electrochemical company Industrie De Nora reported a successful start to the new year on Wednesday, thanks to a solid performance in its electrode and Water Technology businesses.

The Milanese company reported an 8.2% increase in its adjusted first-quarter earnings before interest taxes, depreciation, and amortization (EBITDA), which came in at $44,09 million.

The group's shares rose by 6% at the opening of trading, and then climbed 2.5% to 0833 GMT. This outperformed a flat Milan All-Shares Index.

The CEO of Dellacha Group, Paolo Dellacha, said that the first quarter ended positively, with all economic results increasing, and the performance of our core business was particularly good. This allowed us to confirm the guidance we have set for 2025.

The largest global supplier of electrodes used in industrial applications reported a 6% increase in revenue for the first quarter compared to last year. This was due to a 15% growth in electrode sales and an 8.7% rise in water technologies.

Energy transition, which saw a 33% drop in sales, was awarded a contract for the supply of electrolysers that will produce green hydrogen as part of Saudi Arabia's NEOM Project.

De Nora stated that the completion of their 2024 plant expansion and optimization plan has contributed to revenue growth and high operational efficiency of production processes.

(source: Reuters)