Slide 1: Second quarter 2026 results presentation
Second quarter 2026 results presentation 15 July 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. Q2 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: A leading hydrogen technology company
ABOUT NEL A leading hydrogen technology company Founded in 1927, >7 000 electrolyzers sold to ~1 GW atm. AWE capacity 313 employees listed on Oslo Stock >80 countries ~1 GW PA capacity under construction Exchange since 2014 (Norway) ~500 MW PEM manufacturing capacity (USA) Global sales and Preferred
Slide 6: Complete hydrogen production technology portfolio
ABOUT NEL A complete hydrogen production technology portfolio ATMOSPHERIC ALKALINE PRESSURIZED ALKALINE MEGAWATT PEM INDUSTRIAL PRODUCTS, PEM 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
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: Q2 2026 highlights
Q2 2026 highlights ©2026 Nel – All rights reserved
Slide 9: Quarterly highlights
Q2 2026 Quarterly highlights REVENUE FROM CONTRACTS WITH CUSTOMERS NOK 153 million EBITDA NOK -155 million The new pressurized alkaline platform, PA-Series, launched New pressurized alkaline production line progressing on May 6th 2026, setting new efficiency and cost benchmarks according to plan ORD
Slide 10: Group financials
Q2 2026 Group financials NOK million Q2 2026 Q2 2025 FY 2025 FY 2024 • Revenue down 12% YoY. AWE revenue declined by 14% and PEM Revenue from contracts with customers 153 174 963 1,390 revenue decreased by 10% Total revenue and income 182 215 1,100 1,495 • EBITDA at NOK -155m, a reduction of NOK 69m
Slide 11: Alkaline financials
Q2 2026 Alkaline financials Quarterly revenue and EBITDA development in Alkaline division NOK million • Revenue down 14% YoY 302 Revenue 262 249 • EBITDA down NOK 2m vs. Q2’25 220 177 • In the quarter, there was a positive 70 65 75 EBITDA impact of project deliveries 56 on large projects Q2 2024 Q3
Slide 12: PEM financials
Q2 2026 PEM financials Quarterly revenue and EBITDA development in PEM division NOK million • Revenue down 10% YoY, while up 23m Revenue from last quarter. Revenues this 153 153 quarter largely driven by kW-type 112 108 97 electrolysers. EBITDA up NOK 3m and 64 85 74 12m YoY and QoQ, respectively 54
Slide 13: Order intake and backlog
Q2 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 1 213 311 1 113 270 984 230 161 148 71 85 57 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026 2024 2025 2026 PEM Alkaline PEM Alk
Slide 14: Development in personnel expenses
Q2 2026 Development in personnel expenses Number of employees end of quarter Personnel expenses FTEs NOK million 135 430 430 -27% 131 -9% 130 409 394 125 361 -13% 120 119 354 346 115 320 313 110 105 100 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 2025 Q2 2026 2024 2025 2026 15 ©2026 Nel – All rights reserved
Slide 15: Commercial update
Commercial update ©2026 Nel – All rights reserved
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 showing strong momentum: − Projects have become smaller or start with a 1st build-ou
Slide 17: Purchase order for containerized PEM equipment
COMMERCIAL UPDATE 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 in Europe • Synqo Ene
Slide 18: Purchase order from Douglas County, US
COMMERCIAL UPDATE USD 7 million purchase order for containerized PEM equipment from Douglas County, US Client: Douglas County Public Utility District Value: USD ~7 million Delivery: 2027 • The first system sold that will be owned and operated by a public utility • The electrolyser will operate near
Slide 19: Expansion of technology partner network
COMMERCIAL UPDATE Expansion of technology partner network • Power supply: Frame agreement signed with leading power-electronics partner SMA Altenso for PEM, Atmospheric Alkaline and Pressurised Alkaline platforms • PEM integrators: Agreements with integrators across the US and Europe delivering plug
Slide 20: EPC and delivery capabilities
COMMERCIAL UPDATE EPC and delivery capabilities Project remains under Recently completed its 100MW development, with key suppliers wrap for the pressurized alkaline Continued close collaboration, for its production facility solution, the Compass H2-A+ where Saipem is offering its IVHY contracted. Pl
Slide 21: Technology update
Technology update ©2026 Nel – All rights reserved
Slide 22: The PA-Series, what we needed to do
TECHNOLOGY UPDATE The PA-Series, what we needed to do • Improve energy efficiency • Minimize system footprint • Remove the building • Dramatically reduce project engineering hours and site work • Enable a wide operating range • Design for dynamic operations 23 ©2026 Nel – All rights reserved
Slide 23: The Nel PA-Series
TECHNOLOGY UPDATE The Nel PA-Series SMALLER CHEAPER BETTER 24 ©2026 Nel – All rights reserved
Slide 24: Footprint reduction up to 80%
TECHNOLOGY UPDATE Footprint reduction up to 80% 35 m 6.5 m 25 ©2026 Nel – All rights reserved
Slide 25: System CAPEX reduction of 40-60%
TECHNOLOGY UPDATE System CAPEX reduction of 40-60% 26 ©2026 Nel – All rights reserved
Slide 26: System energy consumption of 51-53 kWh/kg
TECHNOLOGY UPDATE System energy consumption of 51-53 kWh/kg 27 ©2026 Nel – All rights reserved
Slide 27: Linear scaling to GW plans
TECHNOLOGY UPDATE Linear scaling to GW plans 40 TPD / 100 MW in 1750 m2 50 m 35 m Plant plot includes transformer, rectifier, electrolyzer, gas management at 15 bar output Excludes sub-station, water purification, coolers, purging and compression above 15 bar ©2026 Nel – All rights reserved
Slide 28: The new system redefines the cost of clean H2
TECHNOLOGY UPDATE The new system redefines the cost of clean H2 Full turnkey system CAPEX comparison LCOH1) comparison USD/kW USD/kg 7.8 3 150 3.1 2 850 4.5 0.4 1 435 2.8 4.3 0.3 1.3 Reference projects (20-30 MW) Pressurized Alkaline (25 MW) Reference projects (20-30 MW) Pressurized Alkaline (25 MW)
Slide 29: Estimated total system price below $1,450/kW
TECHNOLOGY UPDATE Estimated total system price below $1,450/kW HARDWARE AS ILLUSTRATED INCLUDES Normalized to 30 bar(g), 99.99% purity (ex. works) • Stack module • Process module • Power modules (transformer and rectifier) • Standard Nel warranties 25 MW system USDm USD/kW HW as illustrated 24.2 966
Slide 30: The PA-Series, next-generation pressurized alkaline system
TECHNOLOGY UPDATE The PA-Series, Nel’s next-generation Pressurized Alkaline system 31 ©2026 Nel – All rights reserved
Slide 31: New production line at Herøya taking shape with good results
TECHNOLOGY UPDATE New production line at Herøya taking shape with good results • Ongoing tests confirm product quality and exceed prototype production results ✓ Clear quality improvements observed with higher yield and fewer critical defects ✓ Cycle times are coming down and support higher capacity
Slide 32: CEO transition - Strategy and priorities unchanged
LEADERSHIP UPDATE CEO transition - Strategy and priorities unchanged TRANSITION CONTINUITY • Håkon Volldal has decided to step down as President & • The current strategy, including technology and product CEO of Nel to pursue another professional opportunity roadmaps, project scope, target geographie
Slide 33: The future belongs to the front runners
The future belongs to the front runners ©2026 Nel – All rights reserved