Profit statements

Italy’s De Nora raises 2022 forecast after core earnings rise

The De Nora logo is displayed on a smartphone in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration

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MILAN, Aug 4 (Reuters) – Newly listed Italian electrode maker Industrie De Nora (DNR.MI) on Thursday revised its forecast for this year’s earnings and sales after its adjusted core profit more than doubled in first semester.

Last month, Milan-based De Nora braved volatile markets amid inflation and interest rate fears in a rare European stock market listing. read more Leading investors including Italian gas network operator Snam (SRG.MI) and ERG (ERG.MI) owners, the Garrone family, have backed the initial public offering (IPO).

The company said adjusted earnings before interest, tax, depreciation and amortization (EBITDA) were 102 million euros ($104 million) in the period, compared with 45 million a year ago.

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“The company expects to continue growing across all business segments, pursuing the ambitious new targets for 2022,” CEO Paolo Dellachà said in a statement.

De Nora expects revenue of around €900 million and adjusted EBITDA of between €185 and €195 million

He had previously forecast revenue of 830-880 million euros and adjusted core profit of 155-165 million euros.

At 07:40 GMT, De Nora shares rose more than 5% to 14.49 euros. This compares to an IPO price of 13.5 euros per share, which valued the company at 2.72 billion euros. Read more

The group said it was one of six Italian companies selected to participate in the first Important Project of Common European Interest (IPCEI) on hydrogen approved by the European Commission.

De Nora’s electrode technologies activity, which represents 55.5% of sales, generated sales of 228 million euros, up 57.4% over the period.

Sales in the wastewater treatment segment increased by 65.9% to €175.7 million, representing 42.8% of total sales.

The energy transition division recorded a growth of 130% in the first half, with a turnover of 6.9 million euros.

($1 = 0.9845 euros)

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Reporting by Francesca Landini and Francesco Zecchini, editing by Maria Pia Quaglia and Valentina Za

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