Slide 1: Fourth quarter and full year 2025 results presentation
Fourth quarter and full year 2025 results presentation 26 February 2026 ©2026 Nel – All rights reserved
Slide 2: Forward-looking information
Forward-looking information This Presentation includes and is based, inter alia, on forward-looking information and statements relating to the business, financial performance and results of Nel ASA and/or industry and markets in which it operates that are subject to risks and uncertainties that coul
Slide 3: Agenda
1. Nel in brief 2. Q4 and FY 2025 highlights 3. Commercial update 4. Technology update 5. Q&A ©2026 Nel – All rights reserved
Slide 4: Q4 2025 and full year highlights
Q4 2025 and full year highlights ©2026 Nel – All rights reserved
Slide 5: Quarterly highlights
Q4 2025 Quarterly highlights Revenue from contracts with customers NOK 330 million EBITDA NOK -36 million Received PEM purchase orders from the Received H2 Energy’s third containerized HyFuel and Kaupanes hydrogen projects PEM order, their fourth electrolyser contract Order intake valued at more tha
Slide 6: Group financials
Q4 2025 Group financials NOK million Q4 2025 Q4 2024 FY 2025 FY 2024 • 9% increase QoQ in revenues from customers, 20% decline YoY Revenue from contracts with customers 330 416 963 1 390 • Quarterly EBITDA flat QoQ and YoY Total revenue and income 361 450 1 100 1 495 • ~800 MNOK in impairment losses
Slide 7: Group financials 2020-2025
Q4 2025 Group financials 2020-2025 Revenue and EBITDA development NOK million 1,350 1,390 963 708 436 279 -145 -173 -306 -272 -275 -428 2020 2021 2022 2023 2024 2025 Revenue EBITDA 10 ©2026 Nel – All rights reserved
Slide 8: Alkaline financials 2020-2025
Q4 2025 Alkaline financials 2020-2025 Revenue and EBITDA development NOK million 1,009 876 562 339 127 72 53 (40) (29) (16) (144) (184) 2020 2021 2022 2023 2024 2025 Revenue EBITDA 11 ©2026 Nel – All rights reserved
Slide 9: PEM financials 2020-2025
Q4 2025 PEM financials 2020-2025 Revenue and EBITDA development NOK million 474 401 382 369 381 207 (44) (66) (120) (130) (138) (165) 2020 2021 2022 2023 2024 2025 Revenue EBITDA 12 ©2026 Nel – All rights reserved
Slide 10: Order intake and backlog
Q4 2025 Order intake and backlog Order intake per quarter Order backlog end of quarter NOK million NOK million 686 2 093 2 115 2 071 1 872 1 614 398 1 460 1 249 1 319 311 270 984 161 148 131 71 57 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 2023 2024 2025 PEM Alkaline PEM Al
Slide 11: Order intake 2020-2025
Q4 2025 Order intake 2020-2025 Order intake NOK million 1,978 1,140 1,126 977 791 763 2020 2021 2022 2023 2024 2025 AWE PEM 14 ©2026 Nel – All rights reserved
Slide 12: Cash burn rate 2020-2025
Q4 2025 Cash burn rate 2020-2025 Annual cash-burn development for ongoing operations* NOK million 1,409 -35% 969 922 -41% 827 543 448 2020 2021 2022 2023 2024 2025 *Includes purchases of property, plant and equipment, payments for capitalised technology and net cash flow from operating activities. E
Slide 13: Development in personnel expenses
Q4 2025 Development in personnel expenses Number of employees end of quarter Personnel expenses FTEs NOK million 430 430 409 646 -12% 394 361 569 354 346 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2024 2025 16 ©2026 Nel – All rights reserved
Slide 14: Impairments of NOK 799m in Q4'25
Q4 2025 Impairments of NOK 799m in Q4’25 - reflecting optimism on the next generation technology platforms • Due to the anticipated impact the next-generation pressurized alkaline technology will have on the market outlook for existing platforms, Nel has recognised an impairment loss on its atmosphe
Slide 15: Commercial update
Commercial update ©2026 Nel – All rights reserved
Slide 16: Selected highlights 2025
25/02/2026 COMMERCIAL UPDATE Selected highlights 2025 Nel selected by SAMSUNG Received the third purchase One MC 500 PEM unit for the Purchase order from Collins E&A as its preferred global order from a major US steel Aberdeen Hydrogen Hub in Aerospace for U.S. Navy stacks partner producer Scotland.
Slide 17: Purchase order for an MC500, the third containerized PEM system for H2 Energy
COMMERCIAL UPDATE Q4’25 Purchase order for an MC500, the third containerized PEM system for H2 Energy • Received the third purchase order from H2 Energy for a containerized PEM electrolyser • To be installed at VfA Buchs hydrogen production and fuelling site in Switzerland, and will supply hydrogen
Slide 18: Purchase order for 40 MW from HYDS, to be deployed in Norway
COMMERCIAL UPDATE Q4’25 Purchase order for 40 MW from HYDS, to be deployed in Norway • The HyFuel and Kaupanes hydrogen projects will jointly deploy 40 MW of the MC 500 containerized PEM systems, supplied to project developer HYDS • Both projects have secured Norwegian state funding from Enova • The
Slide 19: Will deliver more than 20 MW to GreenH for two projects in Norway
COMMERCIAL UPDATE Q4’25 Will deliver more than 20 MW to GreenH for two projects in Norway • The minimum scope agreed for the two projects is more than 10 MW per site (total > 20 MW) for electrolyser equipment plus engineering and technical support Nel • The sites are designed to supply clean hydroge
Slide 20: Nel's involvement in building Norway's maritime hydrogen infrastructure
COMMERCIAL UPDATE Nel’s involvement in building Norway’s maritime hydrogen infrastructure Kristiansund >10MW Developer: GreenH Florø 20MW Rjukan Developer: HYDS Developer: Norwegian Hydrogen Egersund 20MW Slagentangen Developer: HYDS >10MW Developer: GreenH 23 Picture source: HYDS, GreenH, Norwegian
Slide 21: Electrolysers for Europe (E4E) launched in February
POLITICAL UPDATE - SUBSEQUENT Electrolysers for Europe (E4E) launched in February • Europe has >10 GW of annual electrolyzer manufacturing capacity but <1 GW of deployed capacity, thus lagging EU’s target of 40 GW in 2030 • Slow deployment is due to unclear and/or too rigid regulations, insufficient
Slide 22: Market perspective
COMMERCIAL UPDATE Market perspective • Order intake in 2025 increased by 15% YoY, with Q4’25 accounting for ~60% of Nel’s total for the year • We continue to see several promising projects in the 20-150 MW range that are expected to take FID over the next quarters • Containerized PEM has strong mome
Slide 23: Technology update
Technology update ©2026 Nel – All rights reserved
Slide 24: Nel has spent seven years developing a brand-new electrolyser…
TECHNOLOGY UPDATE Nel has spent seven years developing a brand-new electrolyser… 2025 2023 2020 2019 2018 Full-length stack 230-cell Short stack Short stack 50-cell 10-cell Small cell-stack Small single-cell 27 ©2026 Nel – All rights reserved
Slide 25: … and now we are here!
… and now we…and are here. now we are here! Need a better picture 28 ©2026 ©2026 Nel Nel –– All All rights rights reserved reserved
Slide 26: The new pressurized alkaline solution to set new industry benchmarks
TECHNOLOGY UPDATE The new pressurized alkaline solution to set new industry benchmarks System System CAPEX System energy footprint reduction* consumption reduction* ~40-60% <50 kWh/kg ~80% * Vs. Nel’s atmospheric alkaline solution ©2026 Nel – All rights reserved
Slide 27: … and deliver significant LCOH reductions
TECHNOLOGY UPDATE … and deliver significant LCOH reductions OPEX (system efficiency) CAPEX (investment cost) • Improved energy efficiency • Fewer and cheaper modules • Wider operating range • Outdoor installation (no electrolyser building required) • Quicker ramp-up and –down • Smaller footprint • S
Slide 28: 'First gas' completed with solid results confirming business case
TECHNOLOGY UPDATE ‘First gas’ completed with solid results confirming business case and the Board of Directors has given green light for building 1 GW of stack production capacity at Herøya. 31 ©2026 Nel – All rights reserved
Slide 29: The Way Ahead
TECHNOLOGY UPDATE the Way Ahead ✓ Produce gas on protype plant in 2025 ✓ Take FID on GW production line in Q4 2025 • Launch product commercially in H1 2026 • Validate customer pilot in H2 2026 • Deliver at scale, i.e. 100s of MW, in 2027 €135m grant awarded for industrialisation 32 ©2026 Nel – All r
Slide 30: The future belongs to the front runners
The future belongs to the front runners ©2026 Nel – All rights reserved