The Dortmund-based electrolysis specialist Thyssenkrupp Nucera achieved a revenue of 147 million euros in the first quarter of the fiscal year 2025/2026. This corresponds to a 44 percent decline compared to the previous year. Order intake fell by 21 percent to 75 million euros. The operating result (EBIT) dropped from plus eight million to minus four million euros. Nevertheless, the company confirms its annual forecast.
Thyssenkrupp Nucera cites the high completion rate of ongoing customer projects as the main reason for the revenue decline. In the Green Hydrogen segment, revenue halved to 77 million euros. This is mainly because the Neom project in Saudi Arabia is largely completed. The largest revenue driver was the Stegra project in Sweden, for which Thyssenkrupp Nucera supplies electrolysers with more than 700 megawatts of capacity.
Largest Chlor-Alkali Order in Company History
In December 2025, the company signed a major order in the high double-digit million range for a chlor-alkali project in the Middle East. According to the company, this is the largest chlor-alkali order for a new construction project in the history of Thyssenkrupp Nucera. The order is to be booked in the order intake in the second quarter.
“Even though the market environment remains challenging, we are seeing increasingly positive market impulses, especially in the area of green hydrogen," says Dr. Werner Ponikwar, CEO of Thyssenkrupp Nucera.
Investments in New Technologies
Despite weaker revenue, the company increased its spending on research and development by 31 percent to nine million euros. Thyssenkrupp Nucera is expanding its portfolio to include high-temperature electrolysis (Solid Oxide Electrolysis Cell, SOEC) and a modular high-pressure electrolysis solution. Additionally, the company introduced a new generation of its bipolar membrane (BM) electrolysers and further developed BiTAC electrolysers.
In January 2026, Thyssenkrupp Nucera entered into a partnership with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). The aim is to develop the market for green hydrogen and Power-to-X (PtX) in India. The company already employs more than 80 people there.
Annual Forecast Confirmed
For the fiscal year 2025/2026, Thyssenkrupp Nucera expects an order intake between 350 and 900 million euros. Revenue is expected to be between 500 and 600 million euros. According to the company, EBIT is expected to be between minus 30 and zero million euros. At the end of the first quarter, the company employed 1,089 people – 145 more than a year earlier.
