thyssenkrupp nucera has reported a sharp increase in green hydrogen orders during the first nine months of its 2025/2026 financial year, driven largely by a major 300 MW electrolyser project for Moeve in Spain. At the same time, the German electrolyser manufacturer is narrowing its technology strategy as slower-than-expected hydrogen market development weighs on parts of the business.
Group order intake reached €471 million during the first nine months, up 96% from €241 million in the same period a year earlier. Green hydrogen was the main contributor to that increase, with order intake in the segment rising from €23 million to €184 million.
A major driver was thyssenkrupp nucera’s contract for Moeve’s 300 MW green hydrogen project, which is planned as part of the Andalusian Green Hydrogen Valley in southern Spain. The order also includes a long-term service package covering digital technologies such as digital twins, intelligent load management and operational simulations.
The contract gives thyssenkrupp nucera a significant role in what the company describes as Southern Europe’s largest green hydrogen production project.
Green hydrogen market remains challenging
Despite the strong nine-month order intake, thyssenkrupp nucera’s latest results also illustrate the uneven development of the European and global hydrogen market.
Green hydrogen order intake amounted to just €3 million in the third quarter, compared with €13 million a year earlier. Segment sales dropped to €36 million from €103 million, while EBIT deteriorated to a loss of €17 million from a €13 million loss in the comparable period.
Across the first nine months, green hydrogen sales declined from €377 million to €80 million. The company attributed much of the reduction to lower revenue contributions from major reference projects, including the NEOM green hydrogen project in Saudi Arabia, where a substantial portion of revenue has already been recognised as construction has progressed.
The green hydrogen business recorded an EBIT loss of €107 million for the nine-month period, compared with a €39 million loss a year earlier. This included negative one-time effects associated with higher costs on new-build projects.
CEO Werner Ponikwar said the company is taking a selective approach to green hydrogen projects, focusing on technological standards, project discipline and sustainable value creation.
Expansion into India’s hydrogen market
Alongside the Moeve project, thyssenkrupp nucera is seeking additional growth opportunities internationally.
In July, the company entered into a strategic partnership with BHEL in India, expanding its access to the country’s developing hydrogen market. The companies also plan to cooperate on gradually localising production of hydrogen electrolyser modules in India.
However, thyssenkrupp nucera is simultaneously adjusting its technology portfolio in response to slower hydrogen market development.
Following a strategic review, the company has decided to stop pursuing plans to establish its own mass-production capacity for solid oxide electrolysis cell (SOEC) stacks.
The company said delayed hydrogen market growth and continuing uncertainty over investment conditions for project developers have reduced expected demand and changed the economics of establishing dedicated SOEC manufacturing capacity.
The decision is expected to result in approximately €30 million of negative one-time EBIT effects, primarily related to impairment of the pilot plant and capitalised development expenditure.
Instead, thyssenkrupp nucera plans to concentrate its resources on industrial-scale alkaline water electrolysis (AWE), its established chlor-alkali activities and, in the near future, high-pressure water electrolysis.
Hydrogen outlook lowered
The strategic change and current market conditions have also prompted thyssenkrupp nucera to revise its financial outlook.
For fiscal 2025/2026, the company now expects green hydrogen sales of €100 million to €130 million, compared with its previous forecast of €120 million to €170 million.
Green hydrogen EBIT is expected to come in between minus €155 million and minus €135 million, including the effects of the SOEC decision.
At Group level, expected order intake has been narrowed to €550 million–€670 million, while projected sales have been reduced to €450 million–€500 million.
Despite the pressures facing the hydrogen business, thyssenkrupp nucera maintains a substantial financial cushion. As of June 30, 2026, the company reported €627 million in net financial assets and a Group order backlog of €638 million.
The results highlight two contrasting trends in today’s green hydrogen industry. Large industrial projects such as Moeve’s 300 MW development are beginning to generate significant electrolyser orders, but project delays, investment uncertainty and slower market growth continue to create challenges for technology suppliers.
For thyssenkrupp nucera, the response is increasingly clear: concentrate investment on its established alkaline electrolysis platform and large-scale green hydrogen projects, while stepping away from areas where the expected commercial market has not developed quickly enough.