lowdown in its Electrode Technologies unit as customer capex turns more cyclical. Currency swings don’t help: it estimates a roughly €25 million FX headwind in 2025, largely tied to the euro–US dollar rate.
Why should I care?
For markets: Hydrogen’s payoff keeps moving further out.
De Nora is often seen as a “picks-and-shovels” way to benefit from clean fuels and electrification, but its guidance is a reminder that the order book can wobble when final investment decisions get delayed. A margin step-down from 19.6% to as low as 15% is a meaningful reset, and if other suppliers echo the same “limited visibility” language, investors may start pricing green-hydrogen exposure more like a stop-start capex cycle than a straight-line growth story.
Zooming out: Green supply chains still follow old industrial rhythms.
Even in energy transition markets, demand often arrives in waves – and when it pauses, margins compress just like in traditional industrials. De Nora’s update also shows how FX can muddy results, especially for European exporters with US-linked revenue. The next key read comes March 18, when the company publishes final 2025 results and a mid-term outlook that should clarify whether this is a brief air pocket or a longer digestion phase.
