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Investing.com -- Industrie de Nora shares dropped 5% following the company’s second quarter earnings report, despite raising its full-year adjusted EBITDA margin guidance.
The electrode and water treatment technology provider reported second quarter sales of €215.2 million, up 1.9% YoY, slightly below analyst expectations of €215.5 million. Adjusted EBITDA rose 6.6% to €42 million, exceeding consensus estimates of €39 million, while adjusted EBIT increased 7.4% to €33.2 million.
Growth in the quarter was primarily driven by the company’s Electrode Technologies segment, which saw a 2.3% increase to €114.7 million, and Water Technologies, which grew 2.2% to €75 million. This was partially offset by a 0.8% decline in the Energy Transition segment to €25.5 million.
The Water Technologies segment performed particularly well, reporting an adjusted EBITDA margin of 20.9% in the second quarter, compared to 15.2% in the same period last year.
Order intake remained flat compared to the previous year but declined 9% quarter-over-quarter to €180.8 million. The company’s backlog stood at €521.8 million, down from €556.2 million in the first quarter.
Net cash position decreased to €12 million from €67.1 million at the end of fiscal year 2024, impacted by working capital seasonality and dividend payments.
Despite the mixed results, Industrie de nora upgraded its full-year 2025 guidance, now expecting low single-digit revenue growth and an adjusted EBITDA margin of 17-18%, up from its previous forecast of 17%. This implies an adjusted EBITDA of approximately €155 million at the midpoint, compared to the current analyst consensus of €148.9 million.
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