Slide 1: Third quarter 2025 results presentation
Third quarter 2025 results presentation 29 October 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. Q3 2025 highlights 3. Commercial update 4. Political update 5. Technology 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 354 (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: Q3 2025 highlights
Q3 2025 highlights ©2025 Nel – All rights reserved
Slide 7: Quarterly highlights
Q3 2025 Quarterly highlights Financial results and financing Key highlights and subsequent events Revenue from contracts with customers • Received a follow-on equipment order from H2 Energy for a containerized 2.5 MW electrolyser delivery to Switzerland NOK 303 million EBITDA • Signed a FEED study f
Slide 8: Group financials
Q3 2025 Group financials Q3 2025 Q3 2024 YTD 2025 YTD 2024 (NOK million) • Nel reported a y/y decrease of 17% Revenue from contracts with customers 303 391 633 974 in revenues from contracts with customers, while up 74% q/q Total revenue and income 349 391 739 1 044 • Quarterly EBITDA improved vs th
Slide 9: Alkaline financials
Q3 2025 Alkaline financials Quarterly Revenue and EBITDA Development in Alkaline Division (NOK million) Revenue • Nel Alkaline Electrolyser reported a 302 17% decrease in revenue compared 238 262 249 to third quarter last year, while up q/q 224 220 196 largely due to milestone revenue recognition fr
Slide 10: PEM financials
Q3 2025 PEM financials Quarterly Revenue and EBITDA Development in PEM division (NOK million) • Nel PEM Electrolyser reported a 15% Revenue 174 decrease in revenue compared to 153 third quarter last year. Revenue in 107 112 108 this quarter is driven by 64 85 containerized electrolysers. 52 54 • EBI
Slide 11: Order intake and backlog
Q3 2025 Order intake and backlog Order Intake Order Backlog (NOK million) (NOK million) 500 3 000 450 398 2 329 400 2 500 338 2 093 2 115 2 071 350 311 1 872 2 000 300 270 1 614 1 460 250 1 500 1 249 200 161 984 148 150 131 1 000 100 71 57 500 50 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 12: Cash burn rate
Q3 2025 Cash burn rate Quarterly cash-burn development* (NOK million) 100 0 - 100 -94 -118 -121 -138 - 200 -210 -209 -209 -207 -201 - 300 -257 -294 -331 - 400 -411 - 500 -477 -464 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 Historical Cash-burn* *Includes purchases of property,
Slide 13: YTD'25 personnel expenses down almost NOK 60m vs YTD'24
Q3 2025 YTD’25 personnel expenses down almost NOK 60m vs YTD’24 Employees Personnel expenses (FTEs) (NOKm) 450 170 430 430 430 423 160 409 410 394 150 390 370 361 140 354 350 130 330 310 120 290 110 270 250 100 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Runra
Slide 14: Commercial update
Commercial update ©2025 Nel – All rights reserved
Slide 15: Market perspective
COMMERCIAL UPDATE Market perspective • Pipeline is large and increasing, but FIDs continue to be pushed out in time • Several target projects in the 20-150 MW range expected to take FID in the next quarters • Nel currently involved in >500MW of paid FEED studies for large-scale systems, and EPC part
Slide 16: Purchase order for an MC500, the third containerized PEM system for H2 Energy
COMMERCIAL UPDATE - SUBSEQUENT 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 hy
Slide 17: Political update
Political update ©2025 Nel – All rights reserved
Slide 18: Electrolyser manufacturers urge EU to adjust hydrogen regulation
POLITICAL UPDATE Electrolyser manufacturers urge EU to adjust hydrogen regulation • Nel, together with leading European electrolyser manufacturers, has sent a joint letter to the European Commission and President von der Leyen • Less than 1 GW of capacity has been deployed in Europe, compared to the
Slide 19: Technology update
Technology update ©2025 Nel – All rights reserved
Slide 20: The next-generation pressurized alkaline system
TECHNOLOGY UPDATE The next-generation pressurized alkaline system System System CAPEX System energy footprint reduction* consumption reduction* ~40-60% <50 kWh/kg ~80% * Vs. Nel’s atmospheric alkaline solution ©2025 Nel – All rights reserved
Slide 21: Next steps for pressurized alkaline solution
TECHNOLOGY UPDATE Next steps for pressurized alkaline solution • Prototype gas production planned late 2025 • Take FID on GW production before YE 2025 • Validate customer pilot in 2026 • Launch commercial product in 2026 • Deliver at scale, i.e. 100s of MW, in 2027 21 ©2025 Nel – All rights reserved
Slide 22: The future belongs to the front runners
The future belongs to the front runners ©2025 Nel – All rights reserved