The 2024/25 fiscal year at Thyssenkrupp Nucera covers the period from October 2024 to September 2025. Group revenue in the third quarter – that is, from April to June 2025 – fell to €184 million (previous year: €237 million). Fewer new orders were received than completed. In the green hydrogen (gH2) segment, the large-scale NEOM project had a particularly strong impact, as it is already at an “advanced stage of completion.” Revenue in this segment declined to €103 million (previous year’s quarter: €134 million). In the chlor-alkali electrolysis (CA) segment, revenue dropped by a similar margin to a slightly lower level of €81 million (previous year’s quarter: €103 million). The decline affected both new projects and service orders. The company thus confirms the preliminary figures from mid-July, which were also reported by H2international.
EBIT: Green hydrogen delivers better margins than chlor-alkali electrolysis
Earnings before interest and taxes (EBIT) fell in the third quarter of 2024/2025 from €2 million in the previous year’s quarter to €0 million. EBIT in the green hydrogen segment improved, but still ended in negative territory at –€13 million (same period last year: –€23 million). The company attributes this to a better project mix, which allows for higher margins. In the CA segment, however, EBIT declined to €13 million (same period last year: €25 million). However, the previous year had also included a one-off effect.
Many hydrogen projects are being postponed
The order situation remains difficult, with projects being postponed. The volume of new orders fell to €63 million in the third quarter (same period last year: €271 million). The decline is unevenly distributed. For chlor-alkali electrolysers, which are established for chlorine production and generate hydrogen more as a by-product, revenue from April to June remained almost constant compared to the previous year. According to the company, this is partly due to service orders for already sold systems. Looking at the first three quarters of the 2024/25 fiscal year, the order volume for chlor-alkali electrolysis even increased by nearly one quarter. Conversely, this means that the decline in the green hydrogen (gH2) business is correspondingly greater.
Order processing is proceeding according to plan, so the order backlog had decreased to €0.7 billion as of June 30 (previous year: €1.3 billion). The backlog of customer orders in the gH2 segment amounted to €0.3 billion (June 30, 2024: €0.9 billion), and in the CA segment to €0.3 billion (June 30, 2024: €0.4 billion).
First nine months of the fiscal year better than previous year
At least: Looking at the first nine months of the fiscal year – that is, up to June 2025 – both revenue and profit increased compared to the same period last year. EBIT turned positive, reaching €4 million (same period last year: –€13 million).
In the first nine months of 2024/2025, group EBIT rose from –€13 million to €4 million. EBIT in the business with alkaline water electrolysis (AWE) technology improved significantly to –€39 million, compared to –€61 million in the same period last year. The cash-generating chlor-alkali electrolysis segment continued to make a positive contribution with €43 million in the first nine months, although this was lower than in the same period last year (€47 million).
Overall, cash flow remained positive, meaning that business operations can be financed from operating activities. The company attributes this to “strict cost management.” It states that it is on track to meet its targets for the full fiscal year. Group revenue currently stands at €663 million (same period last year: €609 million). The main revenue drivers are progress in project execution. Revenue in the gH2 segment grew by 8 percent to €377 million (same period last year: €350 million). In the CA segment, revenue increased by 11 percent to €286 million (same period last year: €259 million) – each referring to the current 2024/25 fiscal year.
Share price down, full-year result still uncertain
The company slightly reduced its investment in research and development in the third quarter to €10 million (previous year’s quarter: €11 million).
Interest income declined due to lower interest rates.
The number of employees increased to 1,093 (as of June 30, previous year: 944 employees).
As a result, Thyssenkrupp Nucera reports a financial result of €3 million for the first three quarters (previous year’s quarter: €7 million). After income and earnings taxes, the result even slipped into negative territory at –€2 million (previous year’s quarter: €7 million). This corresponds to a loss of €0.01 per share (previous year’s quarter: €0.05).
Thyssenkrupp Nucera last slightly lowered its forecast for the 2024/25 fiscal year in July and is maintaining it. Revenue is expected to land between €850 million and €920 million, and EBIT between –€7 million and +€7 million (previous year: –€14 million). To move into positive territory, the trend would have to reverse – so the outcome remains uncertain.
