Thyssenkrupp Nucera Returns to Profit Amid Green Hydrogen Market Headwinds

Ever wondered whether Green Hydrogen can really weather a storm? Well, Thyssenkrupp Nucera just quietly proved it can—sort of. On November 24, 2025, the Dortmund-based electrolysis specialist shared preliminary 2024/25 results showing a modest €2 million positive EBIT, even though sales dipped slightly to €845 million. Talk about resilience.

The Big Picture

This isn’t your run-of-the-mill quarterly update. It’s a window into a market doing the tango. After chalking up a €14 million loss in 2023/24, Thyssenkrupp Nucera bounced back thanks to tighter margins, leaner cost controls and a rock-solid Chlor-Alkali division. But don’t let that green sheen fool you—its core green hydrogen arm is still treading water.

Inside the Numbers

Here’s the kicker: total revenues slid 2% year-on-year to €845 million, yet they flipped a loss into a small win. Breaking it down:

• Green Hydrogen: Sales cooled off to €459 million from €524 million, but the EBIT loss narrowed to €–56 million (versus €–76 million last year).
• Chlor-Alkali: Sales jumped 14% to €386 million, with EBIT holding strong at €58 million (down just a hair from €62 million).

And yes, they’ve got positive free cash flow, better operational efficiency and active cost-cut programs in place.

Order Intake Warning Signs

Now for the red flag: new Order Intake plunged from €636 million to €348 million. Even more alarming, Green Hydrogen orders nosedived by 93%—from €356 million to a mere €26 million—shrinking the backlog from €1.1 billion to €0.6 billion. Future revenue? Up in the air.

Strategic Moves & Financial Guidance

Management isn’t twiddling their thumbs. They’ve:

• Slashed costs across manufacturing and R&D.
• Secured strong liquidity to weather the downturn.
• Pushed forward new Electrolysis Technology stack designs to boost efficiency when demand picks up.

Looking at their Financial Guidance for 2025/26, they’re bracing for sales around €500–600 million and an EBIT of €–30 to €0 million—so buckle up for another bumpy ride.

Zooming Out: What’s Next?

Thyssenkrupp Nucera’s story mirrors the broader green hydrogen saga: big climate targets vs. delayed customer decisions. Governments may be shouting about hydrogen hubs, but private players are tightening their belts. The saving grace? A healthy chlor-alkali backbone and self-funded operations that keep the lights on.

Why It Matters

1. Proves Electrolysis Technology can survive lean times.
2. Highlights how a mixed portfolio builds stability.
3. Signals a shift from hype to disciplined investment.
4. Underscores the critical need for cost efficiency in green hydrogen.

So yeah, the green hydrogen rollercoaster isn’t slowing down. Thyssenkrupp Nucera may have dodged a bullet this year, but the next twist is already around the corner. Will they turn the tide? Only time—and fresh orders—will tell.