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Milan-based De Nora last month braved volatile markets amid
inflation and interest rate fears in a rare European stock
market listing. Cornerstone investors comprising Italian gas
grid operator Snam and ERG owners the Garrone family supported
the initial public offering (IPO).
The company said adjusted earnings before interest, tax,
depreciation and amortisation (EBITDA) came in at 102 million
euros ($104 million) in the period, up from 45 million last
year.
"The company expects to continue growing across all business
segments, pursuing the challenging new targets for 2022," CEO
Paolo Dellachà said in a statement.
De Nora guided for revenue at around 900 million euros and an
adjusted EBITDA of between 185 million and 195 million euros
It had previously forecast revenue of 830-880 million euros and
an adjusted core profit of 155-165 million euros.
By 0740 GMT shares in De Nora rose more than 5% to 14.49 euros.
That compares with an IPO price of 13.5 euros per share, which
valued the company at 2.72 billion euros.
The group said it is among the six Italian companies selected to
participate in the first important project of common European
interest (IPCEI) on hydrogen approved by the European
Commission.
De Nora's electrode technologies business, which accounts for
55.5% of sales, posted revenue of 228 million euros, up 57.4% in
the period.
Sales at the waste water treatment segment rose 65.9% to 175.7
million euros, accounting for 42.8% of total sales.
The energy transition division recorded a 130% growth in the
first half, with revenue of 6.9 million euros.
($1 = 0.9845 euros)
(Reporting by Francesca Landini and Francesco Zecchini, editing
by Maria Pia Quaglia and Valentina Za)
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