thyssenkrupp nucera: Update post Q2

Research evidence excerpt

thyssenkrupp nucera: Update post Q2

Deutsche Bank

Research

Rating Company Date

Hold thyssenkrupp 13 May 2026

Results

Europe nucera

Germany

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 8.18

NCH2.DE NCH2 GR GER NCH2

Price Target (EUR) 10.00

Capital Goods

52-week range (EUR) 11.65 - 7.38

Electrical Equipment

Update post Q2

Valuation & Risks

Michael Kuhn

Mixed Q2: Record Order Intake Overshadowed by Deep EBIT Loss Research Analyst

thyssenkrupp nucera (NCH2) reported a starkly mixed second quarter, with a +49-69-910-46002

record-high order intake overshadowed by a very weak P&L due to significant one-

Manuela Stuerzer

time charges in the green hydrogen (gH2) segment. Management confirmed the Research Associate

full-year guidance updated in March and provided additional color on the +49-69-9101-1086

operational performance and strategic measures during its conference call.

Key changes

Conference Call Takeaways: One-Offs Explained, Backlog Strengthens DB EPS (EUR) -0.25 to -0.30 ↓ -18.4%

On the call, management's central message was that the deep Q2 EBIT loss of €-65 Source: Deutsche Bank

million was "temporarily distorted" by one-time effects totaling approximately €50

million. These costs were related to proactive technical upgrades on already-

delivered gH2 modules ahead of commissioning. While the charge was larger than

initially anticipated, the company stressed that this was a one-time event that de-

risks future quarters and that the underlying operational performance remains

sound. The highlight was the record order intake of €316 million, driven by the

earlier-than-expected booking of the 300 MW Moeve project in Spain and a large

Chlor-Alkali (CA) order in the Middle East. This increased the order backlog to a now