Nel Asa · OSL:NEL
Nel Asa — Q3 2026 Earnings Presentation
24 slides from Nel Asa's earnings presentation, Oct 15, 2026
Slide 1: Third quarter 2026 results presentation
Third quarter 2026 results presentation 15 October 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. Q3 2026 highlights 3. Commercial update 4. Technology update 5. Q&A ©2026 Nel – All rights reserved
Slide 4: Vision, mission and values
VISION «Abundant clean energy for all» MISSION «Make renewable hydrogen easy» VALUES Boldness, Honesty, Simplicity ©2026 Nel – All rights reserved
Slide 5: About Nel
ABOUT NEL A leading pure-play hydrogen technology company ~1.1bn PROUD HISTORY PROVEN TRACK RECORD NOK in cash reserves CAPACITY AT SCALE Founded in 1927 >7 000 electrolyzer stacks sold to ~1 GW atm. AWE (Norway) Listed on Oslo Stock Exchange since 2014 >80 countries ~1 GW PA under construction (Nor
Slide 6: A complete hydrogen production technology portfolio
ABOUT NEL A complete hydrogen production technology portfolio ATMOSPHERIC AWE PRESSURIZED AWE PEM INDUSTRIAL PRODUCTS A-Series PA-Series MC-Series S-, H- and C-Series 2.5 MW stacks, atm. H2 pressure 25 MW modules, 15 bar H2 pressure 1.25-2.5 MW modules, 30 bar H2 pressure kW systems, 30 bar H2 press
Slide 7: Nel's value proposition
Nel’s value proposition UNRIVALLED TRACK RECORD • A century of experience • >7 000 electrolyzers sold globally • Prestigious references TECHNOLOGY LEADERSHIP • Multiple technology platforms • Proven solutions for today, game-changing solutions for tomorrow • Ecosystem of world-class partners COST AN
Slide 8: Q3 2026 highlights
Q3 2026 highlights ©2026 Nel – All rights reserved
Slide 9: Quarterly highlights
Q3 2026 Quarterly highlights REVENUE FROM CONTRACTS WITH CUSTOMERS NOK 112 million EBITDA NOK -93 million USD 20 million order intake from Collins Aerospace for Navy Enters framework agreement with Hydrasun stacks for US, UK and French submarine programs as a European integration partner ORDER INTAK
Slide 10: Group financials
Q3 2026 Group financials NOK million Q3 2026 Q3 2025 FY 2025 FY 2024 • Revenue decreased by 63% YoY. While soft for AWE, PEM revenue Revenue from contracts with customers 112 303 963 1,390 increased by 65% vs same quarter last year Total revenue and income 138 349 1,100 1,495 • EBITDA at NOK -93m, a
Slide 11: Alkaline financials
Q3 2026 Alkaline financials Quarterly revenue and EBITDA development in Alkaline division NOK million • Revenue down 91% YoY 302 Revenue 262 249 • EBITDA down NOK 67m vs. Q3’25 177 • NOK 32 million in research and 75 development expenses in Q3’26 vs 70 65 56 23 NOK 22 million in Q3’25 Q3 2024 Q4 202
Slide 12: PEM financials
Q3 2026 PEM financials Quarterly revenue and EBITDA development in PEM division NOK million • Revenues up 65% YoY. Revenue in this Revenue quarter is driven by containerized 153 153 electrolyser contracts 108 97 85 74 89 • EBITDA up NOK 10m and 11m YoY 64 54 and QoQ, respectively • Product and proje
Slide 13: Order intake and backlog
Q3 2026 Order intake and backlog Order intake per quarter Order backlog end of quarter NOK million NOK million 686 2 071 1 872 1 614 1 460 1 249 1 319 1 314 1 213 311 1 113 270 253 984 230 161 148 71 85 57 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 2024 2025 2026 PEM
Slide 14: Commercial update
Commercial update ©2026 Nel – All rights reserved
Slide 15: Market perspective
COMMERCIAL UPDATE Market perspective • We continue to see several promising smaller projects, and some larger projects in the 50-150 MW range, that are expected to take FID over the next quarters • Containerized PEM showing strong momentum: − Projects have become smaller or start with a 1st build-ou
Slide 16: USD 20 million order intake from Collins Aerospace for Navy stacks
COMMERCIAL UPDATE USD 20 million order intake from Collins Aerospace for Navy stacks Client: Collins Aerospace Value: USD ~20 million Delivery: 2027 and 2028 • The purchase order extends a long- standing cooperation built around reliable oxygen generation for demanding submarine applications • The o
Slide 17: Enters framework agreement with Hydrasun as European integration partner
COMMERCIAL UPDATE Enters framework agreement with Hydrasun as a European integration partner • Hydrasun onboarded as Nel’s new European assembly and integration partner for the MC Series. • Nel retains PEM stack production in Wallingford; Hydrasun integrates balance-of-plant and containerized system
Slide 18: USD 12 million purchase order for MC series from a large US Tech company
COMMERCIAL UPDATE - SUBSEQUENT USD 12 million Purchase order for MC series from a large US Tech company Client: Undisclosed US Tech Value: USD ~12 million Delivery: 2027 • We continue to see strong momentum for the MC platform, including customers with demanding technical and operational requirement
Slide 19: Partners with Rheinmetall on the Giga PtX project
COMMERCIAL UPDATE - SUBSEQUENT Partners with Rheinmetall on the Giga PtX project for decentralized synthetic fuel production • Signed MoU with Rheinmetall AG, a global leading German defence and industrial technology company • Combining Nel electrolysers and Rheinmetall's Giga PtX concept to explore
Slide 20: Technology update
Technology update ©2026 Nel – All rights reserved
Slide 21: PA-series advances through testing and customer discussions
SEA 100MW picture TECHNOLOGY UPDATE PA-series advances through testing and customer discussions • Prototype testing continues at Herøya, covering operating modes, test protocols and further optimizations • Advanced customer discussions continue for the pressurized alkaline platform • SAMSUNG E&A has
Slide 22: Celebrating 30 years of PEM innovation
TECHNOLOGY UPDATE Celebrating 30 years of PEM innovation • In 1996 Proton Energy Systems was founded with the ambition to make hydrogen available where it was needed by producing it directly from water and electricity • What began with a relatively small team in Connecticut would grow into technolog
Slide 23: Next-generation PEM stack
TECHNOLOGY UPDATE Next-generation PEM stack More hydrogen >1,200 kg per day from a 3 MW stack • The work builds on years of research and previous collaboration with General Motors, combining experience in electrolysis, fuel cells and Lower costs automotive manufacturing ~70% reduction in stack costs
Slide 24: The future belongs to the front runners
The future belongs to the front runners ©2026 Nel – All rights reserved