Slide 1: First quarter 2025 results presentation
First quarter 2025 results presentation 30 April 2025 ©2025 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. Q1 2025 highlights 3. Commercial update 4. Technology update 5. Partnership update 6. Q&A ©2025 Nel – All rights reserved
Slide 4: A fully dedicated electrolyser technology company
NEL IN BRIEF A fully dedicated electrolyser technology company Listed on the Oslo Stock Exchange Leading pure-play electrolyser ~1 GW of ALK manufacturing capacity 394 (NEL.OSE) since 2014 manufacturer with >7 000 stacks (Norway) employees delivered to more than 80 countries ~500 MW of PEM manufactu
Slide 5: Nel's value proposition
Nel’s value proposition Unrivalled track record • Decades of experience • Large installed base Technology leadership • Multiple technology platforms (AWE+PEM) • Guaranteed and proven performance • Game-changing next-generation solutions Cost and scale leadership • Front-runner in cost reductions • M
Slide 6: Q1 2025 highlights
Q1 2025 highlights ©2025 Nel – All rights reserved
Slide 7: Quarterly highlights
Q1 2025 Quarterly highlights Financial results and financing Key highlights in Q1 2025 Revenue from contracts with customers • Received a purchase order for about USD 7 million from steel producer in the US NOK 155 million • Received a purchase order for one 2.5 containerized PEM unit in Scotland EB
Slide 8: Group financials
Q1 2025 Group financials Q1 2025 Q1 2024 FY 2024 (NOK million) (restated) • Alkaline revenues declined by Revenue from contracts with customers 155 276 1 390 69% quarter on quarter, PEM revenues increased by 64% EBITDA -115 32 -173 • Alkaline segment had few project milestones in this quarter, while
Slide 9: Alkaline financials
Q1 2025 Alkaline financials Quarterly Revenue and EBITDA Development in Alkaline Division (NOK million) Revenue • Alkaline reported a 69% 302 decrease in revenue compared 254 238 262 to first quarter last year, largely 187 196 224 220 impacted by a lower activity level 70 • EBITDA decreased by NOK 1
Slide 10: PEM financials
Q1 2025 PEM financials Quarterly Revenue and EBITDA Development in PEM division (NOK million) Revenue • PEM division reported 64% 174 increase in revenue YoY, primarily 153 driven by containerized deliveries 117 107 112 77 85 • Q1’25 EBITDA of NOK -31m up 64 52 NOK 12m compared to same quarter last
Slide 11: Order intake and backlog
Q1 2025 Order intake and backlog Order Intake Order Backlog (NOK million) (NOK million) 500 3 000 443 450 2 443 398 2 375 2 329 400 2 500 338 2 093 2 115 2 071 350 311 1 872 2 000 300 270 1 610 229 1 460 250 1 500 200 161 148 150 131 1 000 100 500 50 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2
Slide 12: Cash burn
Q1 2025 Cash burn Quarterly Cash-burn* Development (NOK million) 100 0 - 100 -52 -95 -94 -110 -118 -138 - 200 -173 -190 -202 -200 -210 -209 -209 -207 - 300 -251 -257 -294 -331 - 400 -411 - 500 -477 -464 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 2024 2025 Hist
Slide 13: Burn-rate reduced through downsizing and harvesting of past investments
Q1 2025 Burn-rate reduced through downsizing and harvesting of past investments CAPEX Employees (NOK million) (FTEs) 700 423 429 430 418 409 600 396 394 Other 365 350 500 Next generation 334 technology 306 development 288 274 400 Wallingford factory Other 300 Next generation 200 technology Herøya fa
Slide 14: Commercial update
Commercial update ©2025 Nel – All rights reserved
Slide 15: Policy-driven markets set to lead early clean hydrogen uptake
MARKET Policy-driven markets set to lead early clean hydrogen uptake Annual H2 demand where existing policy initiatives enable a positive business case by 2030 • EU, US, Japan, and Korea projected to represent ~30% of global hydrogen demand by 2030 driven by supportive policy frameworks • EU Renewab
Slide 16: Further volumes can be unlocked with modest cost reductions
MARKET Futher volumes can be unlcoked with modest cost reductions <0.5 $/kg gap ~0.5-5 $/kg gap 8 Mt 13 Mt 13 Mt 16 Source: Hydrogen Council and McKinsey, Hydrogen: Closing the Cost Gap, 2025 ©2025 Nel – All rights reserved
Slide 17: Market perspective
MARKET Market perspective • Healthy demand for the containerized PEM solutions, where Nel delivers more of the total scope compared to its alkaline solutions. • For large-scale systems more clarity around EU and US regulations in combination with national hydrogen auctions will help demand • Several
Slide 18: Record high PEM order intake in the quarter
MARKET Record high PEM order intake in the quarter Order intake (NOK million) 300 290 • Order intake for the quarter reached record levels 250 • Nel continues to see good momentum for 229 containerized PEM solutions, the MC-series, and 200 expect additional near-term contract wins 161 150 • The MC s
Slide 19: The third purchase order from a major US steel producer signed
COMMERCIAL The third purchase order from a major US steel producer signed • Client: Undisclosed Size: 5 MW Value: USD ~7 million • The undisclosed customer, one of the largest US steel producers, already uses Nel’s PEM electrolysers to generate hydrogen at two other sites in the US • Nel continues t
Slide 20: 2.5 MW containerized PEM unit for the Aberdeen Hydrogen Hub project in Scotland
COMMERCIAL 2.5 MW containerized PEM unit for the Aberdeen Hydrogen Hub project in Scotland • Client: Hydrasun, delivering H2 through a JV between bp and Aberdeen City Council • Size: 2.5 MW • Nel will deliver its standardized containerized PEM unit, the MC 500, for this storage and distribution faci
Slide 21: Purchase order from Collins Aerospace for U.S. Navy stacks
COMMERCIAL Purchase order from Collins Aerospace for U.S. Navy stacks • Client: Collins Aerospace Value: USD ~6 million • The stacks will be used by the U.S. Navy to produce oxygen for critical life support onboard submarines • This order is the most recent in a series of deliveries to the client, w
Slide 22: Technology update
Technology update ©2025 Nel – All rights reserved
Slide 23: Flexible portfolio with exposure to all market segments
TECHNOLOGY UPDATE Flexible portfolio with exposure to all market segments 2.5MW AWE @ 1 bar 10-80 MW X*100 MW Nel provides stack+BoS+BoSyS Nel provides stack+BoS, EPC partners provide BoP EPC partners provide BoP + system PFGs 1.25MW PEM @ 30 bar 1-30 MW 30-100 MW Nel provides full BoP solution with
Slide 24: Signed MoU with HydePoint for offshore and nearshore projects
Source: HydePoint TECHNOLOGY UPDATE Signed MoU with HydePoint for offshore and nearshore projects • The project aims to enable scalable green hydrogen production in offshore, nearshore, and other harsh environments • The collaboration will focus on the integration of Nel’s PEM electrolyser stacks in
Slide 25: Next generation platforms under development
TECHNOLOGY UPDATE Next generation platforms under development LOW CAPEX MEDIUM OPEX 10 → X*100 MW Nel provides stack+BoS, OEM/EPC partners provide BoP Next iteration of 2.5 MW AWE MEDIUM CAPEX LOW OPEX 6.25 MW AWE 25 → X*100 MW Nel provides stack+BoS, OEM/EPC partners provide BoP LOW CAPEX LOW OPEX
Slide 26: Pressurized alkaline (PE) development underway
TECHNOLOGY UPDATE Pressurized alkaline (PE) development underway • Development of the prototype is according to plan with promising results • Broken ground at Herøya test site • Gas skid at final construction phase • Stacks being assembled • Started to prepare for industrial manufacturing at Herøya
Slide 27: Norwegian Hydrogen takes FID
TECHNOLOGY UPDATE Norwegian Hydrogen takes FID • 31/3-2025, Norwegian Hydrogen announced it had taken FID for its Rjukan project, where Nel has been selected to deliver a 25 MW Pressurized Alkaline (PE) pilot • From Rjukan, Norwegian Hydrogen will supply green hydrogen to both existing and new custo
Slide 28: Partnership update
Partnership update ©2025 Nel – All rights reserved
Slide 29: Signed collaboration agreement and conducted a private placement with SAMSUNG E&A
PARTNERSHIP UPDATE Signed collaboration agreement and conducted a private placement with SAMSUNG E&A Signed an EPC collaboration agreement allowing SAMSUNG E&A to offer complete hydrogen plants using Nel’s electrolysers With this agreement, Nel continues to widen its global delivery capabilities and
Slide 30: Nel has become a preferred partner for global industry leaders
PARTNERSHIP UPDATE Nel has become a preferred partner for global industry leaders 30 ©2025 Nel – All rights reserved
Slide 31: Nel now has a large ecosystem of world-class partners
29.04.2025 PARTNERSHIP UPDATE Nel now has a large ecosystem of world-class partners 31 ©2025 Nel – All rights reserved
Slide 32: The future belongs to the front runners
The future belongs to the front runners ©2025 Nel – All rights reserved