(Alliance News) - Industrie De Nora Spa reported Wednesday that it ended 2023 with revenues of EUR856 million compared to EUR853 million in the previous year.

This development mainly reflects the growth reported by the Energy Transition business segment of 140 percent year-on-year, more than tripling the GW of technologies realized, the growth of the Water Technologies Systems product line of 17 percent, and the substantial stability of the Electrode Technologies Business segment -- up 2 percent at constant exchange rates --, which more than offset the normalization of the Pools line.

Net income rose to EUR230 million from EUR90 million, and the development mainly reflects a total nonrecurring income of EUR133 million, related to the listing of the associated company thyssenkrupp nucera on the Frankfurt Stock Exchange and in particular due to the reduction of De Nora's percentage shareholding in thyssenkrupp nucera and the gain from the exercise of the greenshoe option.

Adjusted Ebitda fell to EUR171 million from EUR191 million but the margin is expected to at 20%-from 22% in 2022-that is higher than the guidance of 18% to 19%.

The Net Financial Position as of December 31, 2023 shows net cash and cash equivalents of EUR68 million, an improvement from EUR51 million as of December 31, 2022. In particular, cash generation from operations and the EUR26.4 million proceeds from the exercise of the greenshoe linked to the listing process of thyssenkrupp nucera, in which De Nora holds 25.85% of the capital to date, more than balanced the investments for the period of more than EUR100 million, the distribution of the dividend of EUR24 million and the start of the buyback program of EUR17 million.

Paolo Dellachà, CEO of De Nora, said, "The positive results achieved in 2023, now presented in preliminary form, with revenues growing by 4% at constant exchange rates and solid operating profitability, are further confirmation of the validity and resilience of our business model, which combines technological innovation with sustainability. The development of the Energy Transition business, which recorded 140% revenue growth, continues."

"De Nora, in 2023, realized 1 GW of technologies dedicated to green hydrogen generation, more than tripling 2022 production. The backlog of the Energy Transition division, which was recently enriched by a new order from thyssenkrupp nucera for a project of more than 700 MW in Sweden, supports expectations of business growth in the coming years."

Industrie De Nora's stock is up 1.0 percent at EUR14.88 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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