Nel Asa · OSL:NEL

Nel Asa — Q1 2026 Earnings Presentation

23 slides from Nel Asa's earnings presentation, Apr 22, 2026

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 5: A leading hydrogen technology company
NEL IN BRIEF A leading hydrogen technology company Founded in 1927, >7 000 electrolyzers sold to ~1 GW of AWE manufacturing capacity 320 employees listed on Oslo Stock (Norway) >80 countries Exchange since 2014 ~500 MW of PEM manufacturing capacity (USA) Global sales and Preferred partner with ~1.4
Slide 7: Quarterly highlights
Q1 2026 Quarterly highlights Revenue from contracts with customers NOK 148 million EBITDA NOK -100 million The new pressurized alkaline platform to New pressurized alkaline production line Order intake be launched on May 6th 2026 progressing according to plan NOK 85 million Order backlog NOK 1 113 m
Slide 8: Group financials
Q1 2026 Group financials NOK million Q1 2026 Q1 2025 FY 2025 FY 2024 • Revenue down 5% YoY. AWE revenue increased by 6%, PEM Revenue from contracts with customers 148 155 963 1 390 revenue decreased by 14% Total revenue and income 152 175 1 100 1 495 • EBITDA at NOK -100 million, an improvement of N
Slide 9: Alkaline financials
Q1 2026 Alkaline financials Quarterly Revenue and EBITDA Development in Alkaline division NOK million • Revenue up 6% YoY Revenue • EBITDA up NOK 35 million vs. Q1- 302 25 due to positive impact of 262 249 224 220 project deliveries 177 • Nel has adjusted its cost base and 75 70 65 capacity utilizat
Slide 10: PEM financials
Q1 2026 PEM financials Quarterly Revenue and EBITDA Development in PEM division NOK million • Revenue down 14% YoY amid Revenue limited MW project deliveries in 153 153 the quarter 112 108 85 74 • EBITDA down 16 MNOK YoY largely 64 52 54 due to delayed or cancelled research grants in the US Q1 2024
Slide 11: Order intake and backlog
Q1 2026 Order intake and backlog Order intake per quarter Order backlog end of quarter NOK million NOK million 686 2 115 2 071 1 872 1 614 398 1 460 1 249 1 319 311 1 113 270 984 161 148 71 85 57 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 2024 2025 2026 PEM Alkaline PEM Alk
Slide 12: Development in personnel expenses
Q1 2026 Development in personnel expenses Number of employees end of quarter Personnel expenses FTEs NOK million 160 -26% 155 -21% 430 430 409 150 394 -19% 140 361 354 346 130 123 320 120 110 100 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 2025 Q1 2026 2024 2025 2026 12 ©2026 Nel – All rights reserved
Slide 14: Korea's first off-grid green hydrogen production facility commissioned
COMMERCIAL UPDATE Korea’s first off-grid green hydrogen production facility commissioned • Samsung C&T has completed Korea’s first off-grid green hydrogen facility • A 10 MW alkaline system from Nel is supplied by a solar power plant - no reliance on power grid • The project validates large-scale of
Slide 15: USD 7 million purchase order for containerized PEM equipment
COMMERCIAL UPDATE - SUBSEQUENT USD 7 million purchase order for containerized PEM equipment from repeat customer Client: Mesure Process Value: USD ~7 million Delivery: 2027 • 2nd purchase order from this client • Equipment will supply hydrogen refuelling stations and industrial applications • Synqo
Slide 16: 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 has strong momentum: − Projects have become smaller or start with a 1st build-out ph
Slide 17: Energy resilience to play a key part of electrolyser demand
COMMERCIAL UPDATE Energy resilience to play a key part Everfuel is operating a large-scale electrolyser plant, of electrolyser demand HySynergy, to provide balancing services to the power grid while simultaneously producing certified green hydrogen • Fossil energy is repeatedly subsidized to manage
Slide 19: Nel has spent eight years developing a brand-new electrolyser
TECHNOLOGY UPDATE Nel has spent eight years developing a brand-new electrolyser… 2026 2025 2023 2020 2019 Commercialization 2018 Full-length stack 230-cell Short stack Short stack 50-cell 10-cell Small cell-stack Small single-cell 19 ©2026 Nel – All rights reserved
Slide 20: Getting ready for commercial launch on May 6 2026
Getting … and now we are here. ready for commercial launch on May 6 2026 th Need a better picture 20 ©2026 ©2026 Nel Nel –– All All rights rights reserved reserved
Slide 21: New production line at Herøya taking shape with good results
TECHNOLOGY UPDATE New production line at Herøya taking shape with good results • CAPEX per MW significantly lower than for atmospheric alkaline and PEM • Ongoing tests confirm product quality and exceed prototype production results ✓Clear quality improvements observed with higher yield and fewer cri
Slide 22: 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

Nel — Q1 2026 Earnings Presentation on 6ix

Nel Asa — Q1 2026 Earnings Presentation

Slide 1: First quarter 2026 results presentation

Slide 2: Forward-looking information

Slide 3: Agenda

Slide 4: Abundant clean energy for all

Slide 5: A leading hydrogen technology company

Slide 6: Q1 2026 highlights

Slide 7: Quarterly highlights

Slide 8: Group financials

Slide 9: Alkaline financials

Slide 10: PEM financials

Slide 11: Order intake and backlog

Slide 12: Development in personnel expenses

Slide 13: Commercial update

Slide 14: Korea's first off-grid green hydrogen production facility commissioned

Slide 15: USD 7 million purchase order for containerized PEM equipment

Slide 16: Market perspective

Slide 17: Energy resilience to play a key part of electrolyser demand

Slide 18: Technology update

Slide 19: Nel has spent eight years developing a brand-new electrolyser

Slide 20: Getting ready for commercial launch on May 6 2026

Slide 21: New production line at Herøya taking shape with good results

Slide 22: Nel's value proposition

Slide 23: The future belongs to the front runners