DORTMUND (dpa-AFX) - The growth course of electrolysis specialist Thyssenkrupp Nucera is increasingly faltering. Customers are increasingly reluctant to invest in "green hydrogen", partly because the conditions for regulation and demand remain unclear. The company, which is part of the industrial group Thyssenkrupp, therefore canceled its sales and earnings forecast for the hydrogen business for the coming 2024/25 financial year (as of the end of September) on Friday evening after the close of trading.

"Unfortunately, the known braking factors, such as the uncertainties surrounding regulation and demand, have not lost any of their negative force," commented Group CEO Werner Ponikwa. Although progress on the regulatory side is discernible, it is not yet sufficient to accelerate investment momentum again. "The result is further delays to new projects on the customer side."

The share was punished on the stock market on Monday morning - it fell by more than six percent to a record low. Bankhaus Metzler withdrew its buy recommendation for Nucera. Analyst Guido Hoymann wrote that it was disappointing that the hydrogen specialist's niche - decarbonization in the industrial sector - was also losing ground again. In the wake of Nucera, the Thyssenkrupp share lost almost one percent.

Thyssenkrupp Nucera recently announced sales of 700 to 800 million euros for the alkaline water electrolysis (AWE) business for 2024/25. The company had already lowered its outlook for the previously rapidly growing business in both the current and the coming financial year in mid-May with the figures for the second financial quarter.

At the time, the company had already criticized the discrepancy in Europe and North America between originally planned projects and final investment decisions. Nucera also criticized the speed at which commitments were made and called for such "barriers to investment" to be removed.

In contrast, the company is making progress in reducing existing orders and, according to preliminary calculations, performed better than expected by the market in the third quarter. The Group's turnover increased by more than a quarter to 236 million euros. Earnings before interest and taxes (EBIT) fell by six million to one million euros. Nucera is currently investing a lot of money in the ramp-up of its hydrogen business, which is putting pressure on results. On average, analysts had expected an operating loss.

The company has therefore confirmed its forecast for the current financial year and continues to expect sales of 820 million to 900 million euros and an operating loss in the mid double-digit million euro range. The sales forecast for the hydrogen business of 500 to 550 million euros was also confirmed.

The company plans to present its full results for the third quarter on August 13./nas/mne/mis