Slide 1: Second quarter 2025 results presentation
Second quarter 2025 results presentation 16 July 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. Q2 2025 highlights 3. Commercial update 4. Technology update 5. 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 361 (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: Q2 2025 highlights
Q2 2025 highlights ©2025 Nel – All rights reserved
Slide 7: Quarterly highlights
Q2 2025 Quarterly highlights Financial results and financing Key highlights in Q2 2025 Revenue from contracts with customers • SAMSUNG E&A launches its CompassH2 hydrogen plant solution, utilizing Nel’s alkaline technology NOK 174 million • Statkraft cancelled the 40 MW alkaline electrolyser contrac
Slide 8: Group financials
Q2 2025 Group financials Q2 2025 Q2 2024 YTD 2025 YTD 2024 (NOK million) • Revenues in the second Revenue from contracts with customers 174 332 329 608 quarter declined by 48% YoY EBITDA -86 -79 -201 -48 largely driven by low project activity in the Alkaline segment EBIT -153 -125 -340 -138 • Quarte
Slide 9: Alkaline financials
Q2 2025 Alkaline financials Quarterly Revenue and EBITDA Development in Alkaline Division • Revenues in the quarter (NOK million) Revenue 302 decreased 70% versus last year, 254 262 196 238 224 220 mainly due to few project milestones 70 65 • Quarterly EBITDA decreased by Q2 2023 Q3 2023 Q4 2023 Q1
Slide 10: PEM financials
Q2 2025 PEM financials Quarterly Revenue and EBITDA Development in PEM division (NOK million) Revenue • Revenue in-line with the same 174 quarter last year, mainly driven 153 117 by containerized systems 107 112 108 85 52 64 • EBITDA improved by 5 MNOK YoY due to improved gross margin Q2 2023 Q3 202
Slide 11: Order intake and backlog
Q2 2025 Order intake and backlog Order Intake Order Backlog (NOK million) (NOK million) 500 3 000 450 398 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 1 249 200 161 148 150 131 1 000 100 71 500 50 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 12: Cash burn rate
Q2 2025 Cash burn rate Quarterly cash-burn development* (NOK million) 100 0 - 100 -94 -118 -121 -138 - 200 -210 -209 -209 -207 - 300 -257 -294 -331 - 400 -411 - 500 -477 -464 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 Historical Cash-burn* *Includes purchases of property, plant an
Slide 13: Costs will continue to come down in the second half of 2025
Q2 2025 Costs will continue to come down in the second half of 2025 Employees Personnel expenses (FTEs) (NOKm) 200 450 430 430 190 430 423 409 180 410 394 170 390 160 370 361 150 350 140 330 130 310 120 290 110 270 100 250 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 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 • Quality of projects generally higher than in the past due to stricter FID criterias • Several target projects in the 20-200 MW range expected to take FID in the next quarters • Nel c
Slide 16: Extended visibility and clarity on 45V hydrogen tax credit
COMMERCIAL UPDATE Extended visibility and clarity on 45V hydrogen tax credit • The 45V clean hydrogen production tax credit is now secured through January 1, 2028 • Projects that meet “commence construction” requirements by this date will be eligible for the full credit, worth up to $3/kg • Qualifyi
Slide 17: SAMSUNG E&A unveils the CompassH2
COMMERCIAL UPDATE SAMSUNG E&A unveils the CompassH2 - a 100MW concept powered by Nel Designed to deliver world-class system efficiency, scalability, and cost-competitiveness, combining Nel’s market-leading electrolyser technology with SAMSUNG E&A’s system-level engineering to achieve the lowest LCOH
Slide 18: Technology update
Technology update ©2025 Nel – All rights reserved
Slide 19: First generation technology is proven, but LCOH reduction is needed
TECHNOLOGY UPDATE First generation technology is proven, but LCOH reduction is needed LCOH for US Gulf Coast GW project* CAPEX estimate details (USD/kg) (USD/kW) 400 1800-2200 5.0 90 Financing cost 500 0.8 0.3 O&M 250 2.2 80 130 Electricity 750 1.7 CAPEX LCOH Electrolyzer Other HW Engineering Materi
Slide 20: Nel's approach to lowering LCOH
TECHNOLOGY UPDATE Nel`s approach to lowering LCOH OPEX: • Improved energy efficiency • Wider operating range • Quicker ramp-up and ramp-down CAPEX: • Cheaper modules • Outdoor operation (no building) • Standardization • Smaller footprint and modularization 20 ©2025 Nel – All rights reserved
Slide 21: The next-generation pressurized alkaline system
TECHNOLOGY UPDATE The next-generation pressurized alkaline system 2 x Power supply Process skids 2 x Power supply 2 x Stack skids 2 x Stack skids 10 MTPD / 25 MW in <230 m2 ©2025 Nel – All rights reserved
Slide 22: 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 23: Next steps for pressurized alkaline solution
TECHNOLOGY UPDATE Next steps for pressurized alkaline solution • Validate 6.25 MW prototype in Q3 2025 • Take FID on GW production setup in Q3 2025 • Validate 25 MW customer pilot in 2026 • Launch commercial product and deliver first units in 2026 • Deliver at scale, i.e. 100s of MW, in 2027 23 ©202
Slide 24: The next-generation PEM stack
TECHNOLOGY UPDATE The next-generation PEM stack 24 ©2025 Nel – All rights reserved
Slide 25: The next-generation PEM stack
TECHNOLOGY UPDATE The next-generation PEM stack >140% higher Stack CAPEX Stack energy capacity on reduction* consumption same footprint ~70% <48 kWh/kg 25 ©2025 Nel – All rights reserved
Slide 26: Next steps for next-generation PEM stack
TECHNOLOGY UPDATE Next steps for next-generation PEM stack • Successfully passed a key design review • Initiated procurement of full-scale prototype components • Continued investment in test infrastructure and full- scale test stands to simulate varying duty cycles • Reliability area being expanded
Slide 27: The future belongs to the front runners
The future belongs to the front runners ©2025 Nel – All rights reserved