Slide 1: Third Quarter 2022 Results Presentation
Third Quarter 2022 Results Presentation 20 October 2022
Slide 2: Forward-looking information
Forward-looking information This Presentation includes and is based, inter alia, on forward-looking Although Nel ASA believes that its expectations, estimates and projections information and statements relating to the business, financial performance are based upon reasonable assumptions, it can give
Slide 3: Agenda
Agenda 1. Nel in brief 2. Q3 2022 highlights 3. Political events 4. Commercial developments 5. Summary and outlook 6. Q&A 3
Slide 4: This is Nel
This is Nel Nel is a global, dedicated hydrogen technology company that delivers optimal solutions to produce, store and distribute hydrogen from renewable energy We unlock the potential of renewables and enable global decarbonization 4
Slide 5: Leading pure play hydrogen technology company with a global footprint
THIS IS NEL Leading pure play hydrogen technology company with a global footprint Pure play hydrogen technology company World’s largest electrolyser manufacturer, Leading manufacturer of Manufacturing facilities in listed on the Oslo Stock Exchange (NEL.OSE) with >3,500 units delivered in 80+ hydrog
Slide 6: 2. Q3 2022 highlights
©. Q3 2022 highlights nel:
Slide 7: Highlights
Q3 2022 Highlights Financial results and financing Key developments in Q3 2022 Revenues • Received purchase orders for: NOK 183 million • 200 MW of alkaline stacks from a US client. Value approx. EUR 45m Electrolyser: NOK 148 million (flat vs. Q3 2021) • An alkaline electrolyser in Denmark from Skov
Slide 8: Financial highlights
Q3 2022 Financial highlights NOK million Q3 2022 Q3 2021 YTD 2022 YTD 2021 2021 Operating revenue 183 229 579 550 798 Total operating expenses 443 368 1 267 936 1 381 EBITDA -214 -113 -563 -308 -475 EBIT -260 -139 -688 -386 -583 Pre-tax income (loss)* -262 -509 -456 -1 403 -1 684 Net income (loss)*
Slide 9: Segment Financials
Q3 2022 Segment Financials Electrolyser division Q3 Q3 Change YTD YTD Change Fueling division Q3 Q3 Change YTD YTD Change (NOK million) 2022 2021 2022 2021 (NOK million) 2022 2021 2022 2021 Revenue and operating Revenue and operating 148 148 1% 437 289 51% 35 82 -57% 143 261 -45% income income Opera
Slide 10: Order intake and backlog
Q3 2022 Order intake and backlog Order intake Order backlog NOK million NOK million 775 3,000 800 ~2,700 700 2,500 >600 2,103 600 2,000 500 418 1,439 400 1,500 1,289 1,230 283 1,085 1,078 1,014 300 263 236 1,000 200 147 139 500 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 TD* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 TD* * 2021 2
Slide 11: 3. Political events
" °. Political events nel:
Slide 12: IPCEI second wave likely to accelerate project FIDs in Europe
POLITICAL EV ENTS IPCEI second wave likely to accelerate project FIDs in Europe • The Important Projects of Common European Interests will likely have substantial effects on project FIDs • For the second wave, Nel is involved in several of the projects, though with substantial commercial uncertainti
Slide 13: Inflation Reduction Act has a direct positive impact on Nel
POLITICAL EV ENTS Inflation Reduction Act has a direct positive impact on Nel • Nel’s two largest orders both US based • Nel is well positioned for a number of solid, high- quality projects with manageable risk profile • Site selection process for a 4 GW location in the US continues. Expected to be
Slide 14: 4. Commercial developments
4. Commercial developments 14
Slide 15: Record size purchase order received in Q3
COMMERCIAL DEVELOPMENTS Record size purchase order received in Q3 - the start of Nel’s large-scale era • Client: Undisclosed, USA • Delivery: Mid-24 • Value: EUR 45 million • Purchase order includes 200MW of alkaline electrode stacks • The client has secured a 20-year green power purchase agreement
Slide 16: Purchase order for the world's first dynamic green ammonia plant
COMMERCIAL DEVELOPMENTS Purchase order for electrolyser equipment to the world’s first dynamic green ammonia plant • Client: Skovgaard Energy • Delivery: Q3-2023 • Value: EUR 4 million • The project in Denmark will be the world’s first dynamic green ammonia plant where renewable electricity from win
Slide 17: Two containerized systems sold in Q3, one in US and one in Australia
COMMERCIAL DEVELOPMENTS Two containerized systems sold in Q3, one in US and one in Australia • Client 1: Viva Energy • Delivery: Q3-2023 • Value: EUR 4 million • Project will supply fuel cell grade hydrogen directly on site to the dedicated fueling station • Client 2: LanzaJet • Delivery: Q3-2023 •
Slide 18: Purchase order for several fueling stations
COMMERCIAL DEVELOPMENTS Purchase order for several fueling stations • Client: Undisclosed • Delivery: Early 2023 • Value: EUR 8 million • The contract is a firm purchase order from an undisclosed European client for the delivery of several H2Station™ units for fueling of light- and heavy-duty fuel c
Slide 19: Receives Funding for accelerating advanced PEM electrolyser stack development
COMMERCIAL DEVELOPMENTS - S U BSEQUENT Receives Funding for accelerating advanced PEM electrolyser stack development • Funding from: US DoD, ERDC- CERL • Project duration: 19 months • Amount: USD 5.6 million • Aim to accelerate PEM electrolyser development to reduce operating and capital costs • Act
Slide 20: Woodside Energy H2OK project, Nel's largest contract so far
COMMERCIAL DEVELOPMENTS - S U BSEQUENT Woodside Energy H2OK project, Nel’s largest contract so far • Client: Woodside Energy • Delivery: 2024 • Value: NOK 600 million • Liquid hydrogen production in Oklahoma for major transport companies • Contract includes stack, BoS, and engineering • Will have a
Slide 21: 5. Summary and outlook
5. Summary and outlook nel:
Slide 22: We deliver on our promises
SUMMARY AND OUTLOOK We deliver on our promises Q1 presentation: Q2 presentation: Q3 presentation: “The pipeline grows “The 200 MW order NOK 600 million “More large-scale and projects are 200 MW order is not a one-off” contract orders are coming” getting bigger” 22
Slide 23: More large-scale orders are coming
SU MMARY AND OU TLOOK More large-scale orders are coming Very positive market outlook: • Nel’s pipeline continues to improve and mature • Customers concerned about near-term industry supply • Nel continues to secure high quality, large-scale orders with attractive margins • Order intake expected to
Slide 24: Increased threshold for what is regarded as insider information
S U MMARY AND OU TLOOK Increased threshold for what is regarded as insider information • The threshold for what is seen as insider information, and thus must be disclosed to the market, has been increased from about EUR 2 million to about EUR 5 million • Nel’s equity story is all about larger projec
Slide 25: Nel is uniquely positioned to capitalize on increasing market demand
S U MMARY AND OU TLOOK Nel is uniquely positioned to capitalize on increasing market demand Unrivalled track record • Decades of experience • Largest installed base • Proven technology with performance guarantees Technology leadership • Broad product portfolio • High system efficiency and durabilit
Slide 26: number one by nature
number one by nature |