De Nora (AO) | Hold | Positive Q2 preview on the margin front, still led by Water

Research evidence excerpt

De Nora (AO) | Hold | Positive Q2 preview on the margin front, still led by Water

#EarningsPreview #Positive

Release date: 09 July 2026

Matteo Bonizzoni

Head of Italian Equity Research

+39 02 80 62 83 43

mbonizzoni@keplercheuvreux.com

HoldDe Nora

Italy | Capital goods MCap: EUR1.3bn

Target Price: EUR8.40 Bloomberg: DNR IM Reuters: DNR.MI

Current Price: EUR6.54 Free float 16%

Up/downside: 28.3% Avg. daily volume (EURm) 2.0

YTD abs performance -10.2% Market data: 08 July 2026

52-week high/low (EUR) 8.44/5.43

Positive Q2 preview on the margin front, still led by Water

Key points:

On 30 July, around lunchtime, De Nora is scheduled to release Q2/H1 2026 results, to be followed by a call at 16:00 CET.

We expect the continuation of a very solid trend in Water, driven not only by pools but now also by WTS, with the persistence of

high divisional margin. The trend should instead remain uninspiring in Electrode Technologies and negative in Energy Transition.

Thanks to Water, the 20.3%/20.2% EBITDA margin which we expect in Q2/H1 2026 (+80/60bps YOY), is well above the 17.6%

margin, which we expect in FY2026 (-200bps YOY) or 18.8% at constant perimeter (-80bps YOY), ex BWW . BWW is set to be highly

dilutive on margins, as we project EUR67.8m revenues and EUR2.4m EBITDA in H2 2026 with a 3.6% margin. The guidance ex

BWW is for a 15-18% EBITDA margin, thus the >20% print which we expect in H1 2026 is well above.

We expect the guidance to be updated to reflect the BWW consolidation as of H2 2026, and potentially a margin upgrade at

constant perimeter.

Reporting date 30 July

Conference call 30 July, 16.00 CET

Dial in number TBA

Guidance: excluding the consolidation of BWW, whose acquisition was announced at the end of May post Q1 2026 results, the