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...