thyssenkrupp nucera reports significant new orders and quadruples order intake in the second quarter

• Order intake nearly quadrupled to EUR 316 million; order backlog grows to EUR 732 million
• Moeve commissions thyssenkrupp nucera to build a 300-MW electrolyzer for Southern Europe’s largest hydrogen project 
• Additional growth areas through innovative products: New 360-degree lifecycle service portfolio and 120-MW plug-and-play electrolyzer system solution as a complete plant
• Special items weigh on sales and earnings as previously announced
• Free cash flow significantly improved to EUR 9 million (Q2 2024/2025: EUR –5 million)
• Adjusted full-year forecast for 2025/2026 confirmed: order intake of EUR 550 million to EUR 850 million, sales of EUR 450 million to EUR 550 millions, and EBIT of EUR –80 million to EUR –30 million

Dortmund, May 12, 2026 – In the second quarter of 2025/2026, thyssenkrupp nucera nearly quadrupled the Group’s order intake to EUR 316 million ( Q2 2024/2025: EUR 83 million). Large-volume new orders in the two business segments Green Hydrogen (gH₂) and Chlor-Alkali (CA) drove the order backlog as of March 31, 2026, to EUR 732 million (September 30, 2025: EUR 606 million). In the first six months of the 2025/2026 reporting year, the value of new customer orders rose significantly by 119 percent to EUR 391 million (first half of 2024/2025: EUR 178 million).

“The new construction project by Moeve and the FEED study in India demonstrate the significant market potential and confidence in our hydrogen technology. In the chlor-alkali sector, we also secured the largest new order in our company’s history. This means we have achieved the highest value of new orders since our IPO in July 2023, despite the overall market remaining volatile,” says Dr. Werner Ponikwar, CEO of thyssenkrupp nucera. “thyssenkrupp nucera responds to key developments in the electrolysis market early and consistently, and systematically expands its product portfolio to meet customer requirements. This enables us to tap into additional, high-margin growth areas.”

The electrolysis company offers its customers a new 360-degree service portfolio covering the entire lifecycle of gH₂ and CA systems. The added value lies in comprehensive and cost-optimized lifecycle management, high electrolyzer efficiency while minimizing operational risk, as well as maximized availability and lower operating costs. In addition, thyssenkrupp nucera will support its customers with an integrated and standardized 120-MW plug-and-play electrolysis system solution as a complete plant for the production of green hydrogen. 

In the second quarter of the current fiscal year, consolidated sales declined by 77 percent to EUR 50 million (Q2 2024/2025: EUR 216 million). This decline was primarily driven by a one-time impact on revenue in the gH₂ segment resulting from higher costs associated with ongoing projects and the termination of a pilot project contract. In the first half of the year, the company generated revenue of EUR 197 million (first half of 2024/2025: EUR 479 million).

Earnings before interest and taxes (EBIT) amounted to EUR –65 million in the second quarter (Q2 2024/2025: EUR –4 million). The decline is primarily attributable to the two special items listed, which had a negative impact on earnings. This is due to enhancements that were introduced early on and that the company will implement based on the experience gained so far in the run-up to the upcoming commissioning. In the first half of the year, EBIT fell to EUR –69 million due to lower sales volume and the aforementioned one-time effects (first half of 2024/2025: EUR 4 million).

Lower interest rates caused the financial result to decline to EUR 2 million in the second quarter (Q2 2024/2025: EUR 4 million). In the first six months of 2025/2026, the financial result was EUR 5 million (first half of 2024/2025: EUR 10 million). Earnings from continuing operations after taxes amounted to EUR –64 million in the second quarter (Q2 2024/2025: EUR –3 million) and EUR –66 million in the first six months (first half of 2024/2025: EUR 6 million).

Free cash flow improved significantly in the second quarter of 2025/2026 to EUR 9 million (second quarter of 2024/2025: EUR –5 million) and reached EUR 3 million in the first half of the year (first half of 2024/2025: EUR 25 million).

Research and development expenses amounted to EUR 10 million in the second quarter, compared with EUR 8 million in the same period of the previous year. In the first six months, R&D expenses rose to EUR 18 million (first half of 2024/2025: EUR 15 million).

Significant increase in orders in the Green Hydrogen segment

In the second quarter, thyssenkrupp nucera recorded order intake of EUR 176 million in the gH₂ segment (Q2 2024/2025: EUR 4 million). The Spanish company Moeve has commissioned thyssenkrupp nucera to supply electrolysers with a total capacity of 300 megawatts (MW) for the “Andalusian Green Hydrogen Valley” project – the largest green hydrogen facility in Southern Europe. In addition, the electrolysis specialist has been awarded a contract for a front-end engineering and design (FEED) study for a 260-MW green hydrogen project in India. In the first half of the year, order intake totaled EUR 181 million, compared with EUR 10 million in the same period of the previous year.

Record Order for Chlor-Alkali in the Middle East

In the Chlor-Alkali (CA) segment, order intake nearly doubled in the second quarter of the current fiscal year to EUR 140 million (Q2 2024/2025: EUR 79 million). In December 2025, the company signed a contract for a chlor-alkali project in the Middle East for one of the world’s largest PVC production complexes. In the service business, thyssenkrupp nucera increased order intake through projects in China, the U.S., and Central Europe. In the first six months, the company secured new orders in the CA business totaling EUR 210 million, compared with EUR 169 million in the same period of the previous year.

“Against the backdrop of the challenges in the global hydrogen market, we are maintaining strict cost discipline and continuously reviewing our strategic positioning. At the same time, the strong increase in order intake underscores the currently positive momentum in the hydrogen business and improves its short- to medium-term visibility,” said Dr. Stefan Hahn, CFO of thyssenkrupp nucera.

Forecast

thyssenkrupp nucera confirms the revised forecast for fiscal year 2025/2026, which was updated on March 17, 2026, and March 18. At the Group level, order intake is expected to range between EUR 550 million and EUR 850 million (2024/2025: EUR 348 million), driven by large-scale new construction projects in both segments as well as in the chlor-alkali service business. Consolidated sales is expected to be between EUR 450 million and EUR 550 million (2024/25: EUR 845 million), and consolidated EBIT between EUR –80 million and EUR –30 million (2024/2025: EUR 2 million).

For the gH2 segment, thyssenkrupp nucera expects sales of between EUR 120 million and EUR 170 million (2024/25: EUR 459 million) and EBIT of between EUR –125 million and EUR –90 million (2024/2025: EUR –56 million). In the CA segment, sales is expected to range between EUR 320 million and EUR 400 million (2024/25: EUR 387 million) and EBIT between EUR 45 million and EUR 65 million (2024/2025: EUR 58 million). 

Note on financial figures:

Explanations of the financial performance indicators used can be found on pages 31 to 32 of thyssenkrupp nucera's 2024/2025 annual report.

thyssenkrupp nucera: Key figures for earnings and financial position (in EUR million)

¹Green Hydrogen   ²Chlor-Alkali electrolysis

The signs used to indicate rates of change are based on economic aspects: Deteriorations are shown by a minus (−) sign. Very high positive and negative rates of change (≥ +100% or ≤ -100%) are indicated by ++ and −− respectively.

Further information

Financial information such as the complete financial tables (income statement, balance sheet, cash flow statement) for the second quarter first six month 2025/2026 fiscal year are available here. The presentation, the quarterly report for 2025/2026, the corporate news, a recording of the press conference, and photos are available here.

Conference call for investors and media

As part of the publication of its results for the second quarter and first six months of fiscal year 2025/2026, thyssenkrupp nucera will hold a conference call (in English) for analysts, investors, and journalists on May 12, 2026, from 9:00 a.m. to 10:30 a.m. CEST. An audio recording will be available on our IR website after the conference.

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About thyssenkrupp nucera:  

thyssenkrupp nucera offers world-leading technologies for high-efficiency electrolysis plants. The company has extensive in-depth knowledge in engineering, procurement, and construction of electrochemical plants and a strong track record of more than 600 projects with a total rating of over 10 gigawatts already successfully installed. With its water electrolysis technology to produce green hydrogen, the company offers an innovative solution on an industrial scale for green value chains and an industry fueled by clean energy – a major step towards a climate-neutrality. thyssenkrupp nucera successfully made an IPO in July 2023. The shares are traded on the Frankfurt Stock Exchange. 

www.thyssenkrupp-nucera.com

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