Thyssenkrupp Nucera experienced a turbulent session as a significant new contract and a sobering profit forecast emerged on the same day. The hydrogen specialist secured a major electrolyzer order in Spain but was forced to slash its annual financial targets, presenting investors with a mixed picture.
Profit Guidance Slashed
The company jolted markets with a profit warning issued just prior to the contract announcement. Management now anticipates revenue for the fiscal year to land between €450 million and €550 million, a reduction from the previous guidance of €500 million to €600 million. More critically, the outlook for earnings has darkened considerably.
Thyssenkrupp Nucera expects its operating result to fall into a range of negative €30 million to negative €80 million. This is a stark revision from prior expectations, which had aimed for, at best, breaking even. The pressure is particularly acute in the Green Hydrogen segment, where an EBIT loss of €90 million to €125 million is now projected.
Company executives cited increased costs associated with optimizing hydrogen modules and the cancellation of a 20-megawatt pilot project by a U.S. customer as the primary reasons for the downgrade. The market reaction was swift: the share price initially plummeted nearly 11 percent. While news of the Spanish contract prompted a partial recovery, the stock still closed the day down approximately 4 percent.
Major Spanish Hydrogen Project Secured
Despite the internal financial pressures, the company’s order book received a substantial boost. Spanish energy provider Moeve has selected Thyssenkrupp Nucera to supply its electrolysis technology for the “Onuba” project in Huelva, Andalusia. The contract involves the planning, procurement, and manufacturing of 15 standardized 20-megawatt electrolyzer modules.
This facility is poised to become one of the largest green hydrogen production sites in Southern Europe. Upon completion, it is designed to yield roughly 45,000 tonnes of green hydrogen annually. The company stated the contract value falls within the low triple-digit million-euro range.
In a further development the same day, Thyssenkrupp Nucera was commissioned to conduct an engineering study for a separate 260-megawatt project in India by Juno Joule Green Energy, which aims to produce green ammonia for export to Europe.
The Growth vs. Profitability Challenge
Collectively, these new orders have led management to raise its forecast for total order intake for the current business year to between €550 million and €850 million. This compares to a previous range of €350 million to €900 million and an actual intake of just €348 million in the prior year.
However, this robust pipeline highlights a central dilemma for the company. While the backlog is growing, the revenue realization from the newly-won Spanish contract is not expected to materially impact the financials until the 2026/27 fiscal year. This creates a profitability gap, as the company must manage current operational costs against future income.
Trading at €8.21, the shares now stand approximately 38 percent below their 52-week high of €13.24. The contrasting news of strong order intake coupled with near-term earnings pressure encapsulates the current investor narrative surrounding Thyssenkrupp Nucera.
