thyssenkrupp nucera Doubles Order Intake in the First Nine Months of 2025/2026
Order intake rose by 29 percent in the third quarter, bringing new business in the first nine months of fiscal year 2025/2026 to nearly double (+96%)
Moeve also secures a service package for operating the 300-MW electrolyzer for Southern Europe’s largest hydrogen project
Strong Chlor-Alkali business and an improved gross margin nearly fully offset lower sales volume in the green hydrogen segment
Update to the outlook for fiscal year 2025/2026 following strategic SOEC decision
Dortmund, August 12, 2026 – thyssenkrupp nucera increased its order intake in the third quarter of fiscal year 2025/2026 by 29 percent to 81 million euros (Q3 2024/2025: 63 million euros). At the same time, operating earnings remained largely stable despite lower sales volume. The Chlor-Alkali (CA) segment significantly increased its new business. The Green Hydrogen (gH2) segment experienced the usual volatility in the project business.
In the first nine months of the current fiscal year, the company nearly doubled its order intake from 241 million euros to 471 million euros. The main driver was the significant increase in order intake in the gH2 segment. In this segment, thyssenkrupp nucera won the contract for Moeve’s 300-megawatt new-build project to construct Southern Europe’s largest green hydrogen production plant, including a comprehensive service package. The long-term service package includes advanced digital solutions utilizing digital twins, intelligent load management, and realistic operational simulations.
Additional Growth Areas Tapped in the Hydrogen Segment
thyssenkrupp nucera has also expanded its access to India’s rapidly growing hydrogen market through a strategic partnership with India’s BHEL in July. The two companies will also collaborate on the gradual relocation of production of modules for hydrogen electrolyzers to India.
thyssenkrupp nucera’s Group sales in the third quarter, at 145 million euros, fell short of the high figure from the prior year (Q3 2024/2025: 184 million euros). Sales in the gH2 segment did not reach the prior-year level. The CA segment, on the other hand, posted a significant increase in sales. The main reason for this is an increase in the new build and service business, which, in the case of new build business, is partly attributable to timing-related pull forward effects.
The past quarter also proved robust in terms of earnings: An improved gross margin and proactive cost management nearly fully offset the lower sales volume, limiting the expected decline in earnings before interest and taxes (EBIT) for this three-month period to –2 million euros (Q3 2024/2025: 0 million euros).
In the first nine months of 2025/2026, Group sales reached 354 million euros (9 months of 2024/2025: 663 million euros). Group EBIT decreased to –69 million euros in the first nine months (9 months of 2024/2025: 4 million euros). This decline is primarily attributable to one-time costs incurred in the second quarter in connection with new build projects, as well as the termination of a contract for a project in the U.S. in the gH2 segment.
“thyssenkrupp nucera demonstrates operational strength in the third quarter: A robust order intake, a strong chlor-alkali business, an improved gross margin, and consistent cost management are stabilizing our earnings. In the green hydrogen sector, we are taking a deliberately selective approach – with high technological standards, project discipline, and a clear focus on sustainable value creation. The chlor-alkali division is consistently expanding its leading market position with proven technology and strong execution capabilities,” says Dr. Werner Ponikwar, CEO of thyssenkrupp nucera.
Expenses for research and development amounted to approximately 10 million euros in the third quarter (Q3 2024/2025: 10 million euros). In the first nine months, R&D expenses rose by 19 percent to 29 million euros (first nine months of 2024/2025: 24 million euros).
The financial result amounted to 3 million euros in the third quarter (Q3 2024/2025: 3 million euros). In the first nine months of 2025/2026, it stood at 8 million euros (first nine months of 2024/2025: 13 million euros). Earnings after taxes improved to 0 million euros in the third quarter (Q3 2024/2025: –2 million euros). In the first nine months, earnings after taxes amounted to –64 million euros (first nine months of 2024/2025: 4 million euros).
Chlor-Alkali: Sustained Strong Business Momentum and Proven Execution Capabilities
In the Chlor-Alkali segment (CA), order intake rose by 57 percent to 78 million euros in the third quarter of 2025/2026 (Q3 2024/2025: 50 million euros). Both the new build and service businesses contributed to this growth. Sales in the CA segment rose by 34 percent to 109 million euros in the third quarter (Q3 2024/2025: 81 million euros). EBIT improved by 14 percent to 15 million euros (Q3 2024/2025: 13 million euros).
In the first nine months, the segment’s order intake rose by 32 percent to 288 million euros (9 months 2024/2025: 218 million euros). Sales for the first nine months totaled 273 million euros (9 months 2024/2025: 286 million euros). EBIT for this nine-month period was 38 million euros (9 months 2024/2025: 43 million euros).
In the Green Hydrogen (gH2) segment, order intake in the third quarter was 3 million euros, down from the same quarter of the previous year (Q3 2024/2025: 13 million euros). Sales in the gH2 segment totaled 36 million euros in the third quarter (Q3 2024/2025: 103 million euros). EBIT for this period was –17 million euros (Q3 2024/2025: –13 million euros).
In the first nine months, gH2 order intake rose to a robust 184 million euros (9 months 2024/2025: 23 million euros). Sales for the first nine months totaled 80 million euros (9 months 2024/2025: 377 million euros). EBIT fell to –107 million euros in the nine-month period (9 months 2024/2025: –39 million euros). The decline in sales was primarily driven by lower sales contributions from the NEOM project in Saudi Arabia and other major reference projects. As project progress is proceeding according to plan, the majority of sales from these projects has already been recognized. This was compounded by negative one-time effects on earnings resulting from higher costs associated with new build projects in the second quarter.
Strategic Adjustments to SOEC Activities
Following a comprehensive strategic review of market readiness, investment requirements and economic prospects, the company has decided to no longer pursue its activities aimed at establishing its own capacities for the mass production of Solid Oxide Electrolysis Cells (SOEC) stacks. Under the current circumstances, investing in the independent development of SOEC production capacity does not offer an economically attractive business model. The delayed ramp-up of the hydrogen market and the continuing uncertainty surrounding investment conditions for project developers have significantly impacted expected demand, thereby altering the economic prospects for commercialization on the scale originally planned. In connection with this decision, there will be negative one-time impacts on EBIT of approximately 30 million euros, primarily resulting from an impairment of the pilot plant and capitalized development costs. In the interest of strict cost discipline, thyssenkrupp nucera will in the future consistently focus its resources on its established Chlor-Alkali business, industrial-scale alkaline water electrolysis (AWE), and, in the near future, high-pressure water electrolysis. The company is currently examining how its existing expertise and the Arnstadt site can be further utilized as part of the ongoing strategic review.
Solid Balance Sheet Position Supports Strategic Flexibility
As of June 30, 2026, thyssenkrupp nucera had net financial assets of 627 million euros (September 30, 2025: 656 million euros). The company’s asset and financial position thus remain solid and continue to provide financial flexibility for implementing its strategic priorities. Free cash flow for the first nine months of the current 2025/2026 fiscal year was –26 million euros (9 months of 2024/2025: 15 million euros). The order backlog at the Group level totaled 638 million euros as of June 30, 2026 (September 30, 2025: 606 million euros). The number of employees worldwide stood at 1,076 as of June 30, 2026, slightly below the previous year’s figure (1,093 employees).
“We continue to operate in a challenging and volatile market environment, particularly in the green hydrogen sector. “That is why our focus is clearly on cost control, risk-based management, and safeguarding our financial flexibility,” says Dr. Stefan Hahn, CFO of thyssenkrupp nucera.
Outlook: Update to the Outlook for Fiscal Year 2025/2026 Following Strategic SOEC Decision
The Management has updated the outlook for fiscal year 2025/2026, which was revised in March. With this step, the company is taking into account the one-time impact on earnings resulting from the discontinuation of efforts to establish its own SOEC mass manufacturing capacities, as well as current business developments.
The Management Board now expects order intake to range between 550 million euros and 670 million euros. Previously, the outlook range was between 550 million euros and 850 million euros. The specified outlook for Group sales is between 450 million euros and 500 million euros, to which projects that have already been contractually agreed upon are expected to contribute. The previous outlook range was between 450 million euros and 550 million euros. For Group EBIT, management expects a figure between –105 million euros and –75 million euros due to one-time effects resulting from the strategic SOEC decision. Previously, Group EBIT was expected to range between –80 million euros and –30 million euros.
For the gH2 segment, thyssenkrupp nucera now expects sales for the 2025/2026 fiscal year to range between 100 million euros and 130 million euros. Previously, the sales expectation for this business segment ranged from 120 million euros to 170 million euros. In the gH2 segment, management now expects EBIT to range from –155 million euros to –135 million euros. The one-time effects resulting from the strategic SOEC decision have been factored in accordingly. The previous outlook range was between –125 million euros and –90 million euros.
The outlook for the CA segment remains unchanged. thyssenkrupp nucera continues to expect sales to range between 320 million euros and 400 million euros. EBIT is expected to be between 45 million euros and 65 million euros.
