Q2 2024 Industrie De Nora SpA Earnings Call Transcript
Key Points
- Industrie De Nora SpA (HAM:M3D) reported a 3.8% year-on-year revenue increase in Q2 2024, or 6.1% at constant exchange rates, indicating a recovery across all business units.
- The company delivered 588 megawatts of green hydrogen technologies in the first half of 2024, driving a 10.6% year-on-year revenue growth in the energy transition business.
- Water technologies and energy transition businesses reported significant growth in Q2, with increases of 4.9% and 24.2%, respectively.
- The backlog improved by 3% compared to December 2023, reflecting strong order intake and future growth potential.
- Industrie De Nora SpA (HAM:M3D) expanded its global manufacturing footprint, including a new innovation center in the US and a groundbreaking for an Italian giga factory, supporting future growth and backlog execution.
- Delays in final investment decisions (FIDs) for green hydrogen projects due to regulatory and funding uncertainties are impacting the energy transition business.
- The electronics division remains in a soft phase, affecting overall revenue growth.
- The company experienced a slowdown in production scheduling due to supply chain issues, impacting Q3 2024 revenues.
- The EBITDA margin is expected to be affected by costs related to the Italian giga factory and production setup optimization.
- The energy transition business faces challenges due to high interest rates and recurring inflation, causing delays in project development.
Good afternoon. This is the conference call operator. Welcome and thank you for joining the Industrie De Nora first half 2024 financial results conference call. At this time, I would like to turn the conference over to Ms. Chiara Locati, Head of Investor Relations and ESG. Please go ahead, madam.
Thank you. Good afternoon, ladies and gentlemen, and welcome to our first half 2024 financial results conference call. I'm Chiara Locati, Head of Investor Relations and ESG. With me on the call today are Paolo Dellachà , CEO of the group and Luca Oglialoro, our CFO at his first conference call in De Nora. He will drive you through the main achievements and financial results of the first half, and then we will open up the Q&A session.
I would like to remind you that the slides of this presentation have been made available in the Investor Relations section of our website.
With that, I would like to then hand it over to Paolo. Paolo, the floor is yours.
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