Thyssenkrupp nucera (AO) | Buy | Full Q2 numbers released; positive FCF as a surprise (WCR)

Research evidence excerpt

Thyssenkrupp nucera (AO) | Buy | Full Q2 numbers released; positive FCF as a surprise (WCR)

currently executed.

Q2 top line reached EUR50m, and EBIT was negative of EUR65m. See all details in our comment yesterday (link).

Financial result remains slightly positive and the net income is so negative of EUR64m.

Positive FCF (supported by working capital)

Surprisingly to us, the group's FCF is positive at EUR9 m this quarter.

This is supported by a strong positive movement in working capital (EUR55m). This is probably driven by pre-payment on the

moeve contract (300MW hydrogen)

The group's net financial assets remain very strong at EUR655m.

Guidance is confirmed.

The group is confirming the guidance for the FY2025-26. Especially, the company continues to expect 1) a negative EBIT of

EUR90m to EUR125m in the Gh2 division, 2) a positive EBIT in the CA segment of EUR45-65m. At the group level, the sales outlook

is EUR450-550m, while the EBIT is now guided to be negative of EUR30-80m

New solutions

In this Q2 report, the group also underlines new products, especially

– a new 360-degree lifecycle service portfolio; Nucera underlines in the slides that the c.3.5GW of electrolyser under execution

creates a potential for more than EUR2bn over 25years of GH2 services sales

– a new 120-MW plug-and-play electrolyser system solution as a complete plant. The objective is to further improve the

Levelized Cost of Hydrogen based on reduced CAPEX and industry-leading OPEX.

conference call at 9am

At the end, many of the numbers were already known. The surprise to us comes from the positive FCF.

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