In the gH2 segment, new orders rose to 184 million euros in the first nine months of the year, up from 23 million euros in the same period last year. The largest single order came from the 300-MW project of the Spanish oil company Moeve. The project aims to build what the company says will be the largest green hydrogen production facilities in Southern Europe. The contract also includes a long-term service package, featuring the use of digital twins and realistic operational simulations.
Revenue in the gH2 segment, however, showed a decline: Over the first nine months, it fell to 80 million euros, down from 377 million euros in the same period last year. According to the company, this is because the majority of revenue from major reference projects has already been recognized . One of these projects is NEOM in Saudi Arabia. In 2021, Thyssenkrupp Nucera was commissioned to install an electrolysis plant for the project. EBIT (earnings before interest and taxes) for the first nine months of 2025/2026 was -107 million euros. In the same period of the previous year, it was -39 million euros.
In July, Thyssenkrupp Nucera expanded its access to the Indian hydrogen market through a strategic partnership with the state-owned company Bharat Heavy Electricals Ltd. The two companies also plan to collaborate on the gradual relocation of electrolyzer module production to India.
SOEC mass production will not be pursued
Following a strategic review, Thyssenkrupp Nucera has decided not to proceed with establishing its own series production facility for solid oxide electrolysis cells (SOEC). The delayed ramp-up, particularly at HTE, as well as uncertain investment conditions, have altered the economic prospects for commercialization on the scale originally planned.
This decision would result in one-time negative impacts on EBIT of approximately 30 million euros, stemming primarily from impairment charges related to the pilot plant and capitalized development costs. The company is currently exploring how the Arnstadt site can be utilized in the future instead of for series production.
Thyssenkrupp Nucera plans to focus in the future on the chlor-alkali (CA) segment, alkaline water electrolysis (AWE), and high-pressure water electrolysis.
New Orders in the CA Segment Are Growing
In the CA segment, new orders rose by 32 percent to 288 million euros in the first nine months of 2025/2026. Revenue for this period totaled 273 million euros. By comparison, revenue in 2024/2025 was 286 million euros. While EBIT for the first nine months of fiscal year 2024/2025 amounted to approximately 43 million euros, it stood at 38 million euros in the comparable period of 2025/2026.
Revenue Remains Below the Previous Year's Level
In the third quarter of fiscal year 2025/2026, orders received at the Group level rose by 29 percent compared with the same period a year earlier, to 81 million euros. Revenue for the entire nine-month period totaled 354 million euros, falling short of the prior-year figure of 663 million euros.
EBIT decreased to -69 million euros in the first nine months compared with the previous year. According to the company, this was due to one-time extraordinary costs related to new construction projects, as well as the termination of a contract for a project in the U.S. in the gH2 segment.
Research and development expenses totaled 29 million euros in the first nine months. This represents an increase of 19 percent compared to the 2024/2025 period. The financial result for the first nine months of 2025/2026 was approximately 8 million euros. In fiscal year 2024/2025, it amounted to 13 million euros.
