thyssenkrupp nucera Sees Order Surge
thyssenkrupp nucera reported a sharp rise in new business in the second quarter of fiscal year 2025/2026, with order intake nearly quadrupling to €316 million as the company secured major hydrogen and chlor-alkali contracts despite continued pressure on earnings and revenues.
The electrolyser manufacturer said its order backlog increased to €732 million by the end of March 2026, up from €606 million six months earlier. In the first half of the fiscal year, new orders rose 119% year-on-year to €391 million.
A major contributor was a contract from Spanish energy company Moeve for a 300-MW electrolyser system for the “Andalusian Green Hydrogen Valley” project, described as Southern Europe’s largest green hydrogen development. The company also secured a FEED study contract for a 260-MW hydrogen project in India.
In the chlor-alkali business, thyssenkrupp nucera booked what it described as the largest new order in its history through a chlor-alkali project linked to one of the world’s largest PVC production complexes in the Middle East.
Chief Executive Officer Werner Ponikwar said the company is responding to changing electrolysis market conditions by expanding into higher-margin service offerings and integrated plant solutions.
As part of this strategy, the company introduced a new 360-degree lifecycle service portfolio covering the operation and maintenance of green hydrogen and chlor-alkali systems. It also launched a standardised 120-MW plug-and-play electrolysis plant solution aimed at simplifying project deployment.
Despite the strong order momentum, financial performance remained under pressure. Quarterly revenue fell 77% year-on-year to €50 million due largely to higher project costs and the termination of a pilot project contract in the green hydrogen segment.
EBIT dropped to a loss of €65 million in the quarter, compared with a €4 million loss a year earlier, while first-half EBIT declined to minus €69 million.
The company nevertheless improved free cash flow to €9 million in the quarter and maintained its revised full-year guidance. thyssenkrupp nucera expects full-year order intake between €550 million and €850 million, with revenue forecast between €450 million and €550 million.
H2 Bulletin View: The results highlight the growing divide emerging across the hydrogen sector. While many developers continue to delay final investment decisions due to financing challenges and uncertain demand, large industrial-scale projects are still moving forward, particularly where strong policy support and industrial integration exist. thyssenkrupp nucera’s expanding service business and standardised electrolyser offerings also reflect a broader industry shift away from purely equipment sales toward lifecycle revenue models that could provide more stable long-term margins as the hydrogen market matures.
