thyssenkrupp nucera AG & Co. KGaA
thyssenkrupp nucera builds industrial electrolysers that chemical companies and hydrogen producers use to turn water or salt water into useful gases and chemicals, using electricity.
Overview
Latest results
Oct 2025–Jun 2026 · Reported in EUR
Latest financial publication
Q3 and nine-month results 2025/26
Investment Thesis
Industrial electrolysis, with a difficult hydrogen expansion
European Tech Equities analysis ·
The investment case
The business combines established chemical equipment with the possibility of much larger hydrogen demand. If industrial customers replace fossil-based hydrogen, nucera can supply the electrolysers. Yet the current results show that building a hydrogen business costs money before customers order enough equipment to support it.
Orders and deliveries
Nine-month orders rose to €471 million from €241 million, helped by Moeve’s 300 MW project. However, revenue fell to €354 million from €663 million as earlier large projects contributed less. The November start-up at Kutch Chemical also shows the chlor-alkali business continuing to deliver while the hydrogen order cycle remains uneven.
Customer demand
Steelmakers, refiners and chemical producers need both affordable hydrogen and dependable supply. Therefore, interest in cleaner production does not automatically become an electrolyser order. Electricity costs, permits, funding and buyers willing to pay for the end product determine whether a project moves ahead. Existing chemical plants also create demand for maintenance and replacement equipment.
Financial position
For October 2025–June 2026, operating losses reached €69 million and net losses €64 million. Cash was €655 million at June, against €28 million of leases, but cash also supports project obligations. Management’s August outlook put full-year revenue at €450–500 million and EBIT at a loss of €75–105 million. This remains a loss-reduction story despite the order recovery.
Valuation context
A conventional price-to-earnings ratio is not useful against the current losses. The share price instead reflects expectations for future hydrogen projects, alongside the chemical business and cash balance. Cash is not all surplus capital: project advances and future costs matter. The investment case depends on profitable delivery, not simply a growing number of announced hydrogen projects.
What would weaken the case
- Hydrogen customers can postpone investment even after technical preparation.
- Project costs and underused capacity can outweigh new orders.
- thyssenkrupp and De Nora together hold a controlling majority.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; EPS in EUR. Fiscal year ends in September. The August 2026 report includes corrections to the earlier half-year figures; its restated nine-month and quarterly comparisons are used. Debt includes leases. Cash capex combines payments for equipment and intangible assets. Interim figures are rounded to whole millions. Rounded headline EBITDA is not substituted for a separate comparable series.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; EPS in EUR. Fiscal year ends in September. The August 2026 report includes corrections to the earlier half-year figures; its restated nine-month and quarterly comparisons are used. Debt includes leases. Cash capex combines payments for equipment and intangible assets. Interim figures are rounded to whole millions. Rounded headline EBITDA is not substituted for a separate comparable series.
Quarterly
Income statement
| For the periodEUR million | Q3 2024/25 | Q3 2025/26 |
|---|---|---|
| Revenue | 184.00 | 145.00 |
| Gross profit | 26.00 | 24.00 |
| Gross margin | 14.1% | 16.6% |
| Operating profit (EBIT) | 0.00 | -2.00 |
| Operating margin | 0.0% | -1.4% |
| Net income | -2.00 | 0.00 |
| Earnings per share (EUR) | -0.01 | 0.00 |
Cash flow
| For the periodEUR million | Q3 2024/25 | Q3 2025/26 |
|---|---|---|
| Operating cash flow | -3.00 | -18.00 |
| Capital expenditure | 7.00 | 12.00 |
| Free cash flow | -10.00 | -30.00 |
Balance sheet
| At period endEUR million | Q3 2024/25 | Q3 2025/26 |
|---|---|---|
| Cash & cash equivalents | 688.00 | 655.00 |
| Total debt | 29.00 | 28.00 |
| Net debt / (net cash) | -659.00 | -627.00 |
| Total assets | 1,247.00 | 1,122.00 |
| Total liabilities | 493.00 | 432.00 |
| Total equity | 754.00 | 690.00 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; EPS in EUR. Fiscal year ends in September. The August 2026 report includes corrections to the earlier half-year figures; its restated nine-month and quarterly comparisons are used. Debt includes leases. Cash capex combines payments for equipment and intangible assets. Interim figures are rounded to whole millions. Rounded headline EBITDA is not substituted for a separate comparable series.
Year to date
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; EPS in EUR. Fiscal year ends in September. The August 2026 report includes corrections to the earlier half-year figures; its restated nine-month and quarterly comparisons are used. Debt includes leases. Cash capex combines payments for equipment and intangible assets. Interim figures are rounded to whole millions. Rounded headline EBITDA is not substituted for a separate comparable series.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
thyssenkrupp nucera Commissions Major Chlor-Alkali Plant for Kutch Chemical in India
thyssenkrupp nucera Establishes Its First Company-Operated Electrolyzer Cell Assembly Hub in Europe
thyssenkrupp nucera Secures New Chlor-Alkali Order From Hongniu Lanzhou in China
thyssenkrupp nucera Doubles Order Intake in the First Nine Months of 2025/2026
Q3 and nine-month results 2025/26
Interviews
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Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
9M2024/25 · Published Aug 12, 2026 · Checked Nov 6, 2026
9M2025/26 · Published Aug 12, 2026 · Checked Nov 6, 2026
Q3 2024/25 · Published Aug 12, 2026 · Checked Nov 6, 2026
Q3 2025/26 · Published Aug 12, 2026 · Checked Nov 6, 2026
FY2023/24 · Published Dec 17, 2025 · Checked Nov 6, 2026
FY2024/25 · Published Dec 17, 2025 · Checked Nov 6, 2026
Checked 2026-11-06
Checked 2026-11-06
Checked 2026-11-06
Checked 2026-11-06
Checked 2026-11-06