Thyssenkrupp Nucera’s second-quarter net loss widens – Image for illustrative purposes only (Image credits: Pexels)
Thyssenkrupp Nucera reported preliminary results for the second quarter of its 2025/26 fiscal year that showed a marked widening in operating losses alongside a steep decline in revenue. The German electrolysis specialist, focused on green hydrogen and chlor-alkali technologies, recorded an expected EBIT of negative 65 million euros compared with negative 4 million euros a year earlier. Sales dropped to 50 million euros from 216 million euros in the prior-year period. Despite the weaker top-line performance, order intake surged to 316 million euros, more than tripling the 83 million euros booked in the same quarter last year.
Order Momentum Signals Longer-Term Confidence
The strong order intake reflects continued interest in the company’s core offerings even as near-term execution faces headwinds. A major 300-megawatt green-hydrogen project in Spain contributed significantly to the quarterly total. The order backlog stood at approximately 730 million euros at the end of March 2026, providing visibility into future revenue. Management noted that the intake figure exceeded both internal expectations and the previous year’s level.
One-Time Effects Drive Sales and Earnings Shortfall
Much of the sales contraction stemmed from technical adjustments in the green-hydrogen segment, where revenue turned negative at 33 million euros. Higher costs for optimization measures on previously delivered modules and the cancellation of a U.S. pilot project weighed on the figures. The chlor-alkali segment proved more stable, generating 83 million euros in sales, down only modestly from 97 million euros. These one-off items also pushed the group EBIT deeper into negative territory.
Full-Year Outlook Remains Unchanged
Thyssenkrupp Nucera reaffirmed its existing guidance for the full 2025/26 fiscal year despite the quarterly miss. The company continues to target group sales between 500 million and 600 million euros and an EBIT range of negative 30 million to zero euros. Order intake is still expected between 350 million and 900 million euros. The preliminary numbers will be confirmed when full audited results are released later on May 12.
Market Context and Next Steps
The mixed quarterly performance highlights the execution risks inherent in scaling large hydrogen projects while the broader market for green-hydrogen equipment remains in an early phase. Investors will watch the upcoming detailed report for any additional color on project timelines and cost management. The elevated order book suggests that demand fundamentals have not eroded, even as short-term profitability faces pressure from project-specific adjustments.
