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Investing.com -- Shares of De Nora climbed 4% as the company reported a solid performance in the first quarter of 2025, with financial figures surpassing consensus estimates.
The company’s sales saw a 6% increase to €200.4 million, slightly above the expected €200 million. Adjusted EBITDA and EBIT also exceeded forecasts, coming in at €39.4 million and €30.3 million, respectively, against consensus estimates of €35.2 million and €25.7 million.
The growth during the quarter was mainly attributed to notable advancements in Electrode Technologies, which surged 15.2% to €106.8 million, and Water Technologies, which rose 8.7% to €75.9 million. However, these gains were partially offset by a 33.5% decline in the Energy Transition segment, which fell to €17.7 million.
Despite this, the Water Technologies segment achieved a robust adjusted EBITDA margin of 22.7%, a significant improvement from 16.8% in the first quarter of 2024. In contrast, the Energy Transition segment faced challenges due to lower volumes and provisions.
Order intake, however, decreased by 16.6% year-over-year and 20.5% quarter-over-quarter to €198.6 million, with a Book to Bill ratio of 1.0x in the first quarter. The company’s backlog also dipped slightly to €556.2 million from €558 million at the end of fiscal year 2024. Net cash stood at €27.8 million in the first quarter of 2025, down from €67.1 million at the end of the previous fiscal year, impacted by working capital movements.
Despite the mixed results in order intake and backlog, De Nora confirmed its full-year 2025 guidance for low single-digit revenue growth and an adjusted EBITDA margin of 17%, aligning with the Value Added (VA) consensus of a 2.4% increase to €884 million in revenue and an adjusted EBITDA of €149.7 million, or a 16.9% margin.
Jefferies commented on the significance of future order intake, stating, "Commentary on order intake for the remainder of the year will be key to set the tone. Note that expectations are already quite low for De Nora following the recent medium-term guidance cut."
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