(Reuters) – Italian electrochemistry group Industrie De Nora on Wednesday reported a 12% drop in its 2024 adjusted net profit to 88.8 million euros ($97.0 million).
In its 2025-2027 business plan, it forecast low single-digit revenue growth, annual core profit margins between 15% and 17% and a positive net financial position in line with 2024.
Revenue growth for 2025 is supported by the high visibility offered by the backlog, particularly related to the Water Technologies business and Energy Transition business, the company said in its statement.
The two business units accounted for 35% and 12% of 2024 total revenue respectively, while the Electrode Technologies unit – company’s main business – generated 53% of total revenue.
Industrie De Nora began constructing Italy’s largest electrolyser manufacturing plant in June to meet the expected increase in demand for green hydrogen, which the European Union has included in its energy plans to replace fossil fuels in energy-intensive industries.
Green hydrogen, produced by splitting water through electrolysis, is also seen by some as a potential solution to the problem of storing excess renewable energy, such as solar or wind.
However, the company said the green hydrogen market presented a “short-term scenario that remains uncertain,” mainly due to factors such as delays in the definition of national and international regulations to support the market, which cause a slowdown in final investment decisions.
The group has proposed a dividend of 0.104 euro per share, down from last year’s dividend of 0.123 euro per share.
($1 = 0.9151 euros)
(Reporting by Alberto Chiumento; Editing by Tom Hogue and Janane Venkatraman)
