Slide 1: First quarter 2023 results presentation
First quarter 2023 results presentation 27 April 2023
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. Q1 2023 highlights 3. Commercial developments 4. Strategy update 5. Summary 6. Q&A 3
Slide 4: This is Nel
This is Nel Leading pure play hydrogen technology company with a global presence, specializing in electrolyser technology and hydrogen fueling equipment We unlock the potential of renewables and enable global decarbonization 4
Slide 5: Leading pure play hydrogen technology company with a global footprint
NEL IN BRIEF Leading pure play hydrogen technology company with a global footprint Listed on the Oslo Stock Exchange World’s largest electrolyser manufacturer, Leading manufacturer of Manufacturing facilities in (NEL.OSE) since 2014 with >3 500 units delivered in 80+ hydrogen fueling stations, with
Slide 6: 2. Q1 2023 highlights
~. Q1 2023 highlights nel°
Slide 7: Q1 2023 Highlights
Q1 2023 Highlights Financial results and financing Key developments in Q1 2023 Revenues NOK 359 million • NOK ~125m purchase order from HyCC for a project in the Netherlands • NOK ~360m purchase order from HH2E for projects in Germany EBITDA • Investment decision to automate and expand PEM productio
Slide 8: Financial highlights
Q1 2023 Financial highlights NOK million Q1 2023 Q1 2022 FY 2022 Revenue and operating income 359 213 994 EBITDA -121 -152 -780 EBIT -175 -187 -1 279 Pre-tax income (loss) -194 82 -1 187 Net income (loss) -192 84 -1 171 Net cash flow from operating activities -29 -159 -691 Cash balance at end of per
Slide 9: Segment Financials
Q1 2023 Segment Financials Electrolyser division Q1 2023 Q1 2022 Change Fueling division Q1 2023 Q1 2022 Change (NOK million) (NOK million) Revenue and operating income 278 159 75% Revenue and operating income 81 54 50% EBITDA -34 -60 EBITDA -57 -60 Order intake 555 213 161% Order intake 25 70 -64%
Slide 10: Order intake and backlog
Q1 2023 Order intake and backlog Order intake Order backlog NOK million 982 NOK million 2 913 1 000 3 000 2 613 900 775 2 500 800 2 103 700 580 2 000 600 1 439 500 418 1 500 1 230 1 289 400 1 085 1 078 1 014 263 283 1 000 300 236 200 147 139 500 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 11: Successful private placement completed, raising NOK 1.6 billion of new equity
Q1 2023 Successful private placement completed, raising NOK 1.6 billion of new equity • On 6 March 2023 Nel raised NOK 1.6 billion through the NOKm largest private placement in Nel’s history 5 000 • Nel will continue to invest in technology development and 4 000 in scaling up the organization and pr
Slide 12: 3. Commercial developments
3. Commercial developments 12
Slide 13: 40 MW purchase order from HyCC for production of Sustainable Aviation Fuel (SAF)
COMMERCIAL DEVELOPMENTS 40 MW purchase order from HyCC for production of Sustainable Aviation Fuel (SAF) • Client: HyCC • Value: NOK ~125 million • Size: 40 MW • HyCC is a Dutch company specialising in hydrogen production • The client has received environmental permit for a project in Delfzijl and i
Slide 14: Firm contract with HH2E for 120 MW of alkaline equipment in Germany
COMMERCIAL DEVELOPMENTS Firm contract with HH2E for 120 MW of alkaline equipment in Germany • Client: HH2E • Size: 2x60 MW plants • HH2E is a German hydrogen production company • The firm order is for two of Germany’s largest electrolyser projects announced to date • HH2E has an ambition to reach 4
Slide 15: Great interest in Nel as renewable hydrogen is seen as key to a society with low emissions
COMMERCIAL DEVELOPMENTS Great interest in Nel as renewable hydrogen is seen as key to a society with low emissions • Politicians from Australia, Europe, and the US travel to Norway to see our manufacturing facility and learn about our technology • Nel is invited to discussions with policymakers and
Slide 16: 4. Strategy update
-. Strategy update nel°
Slide 17: BIGGER • BETTER • FOCUSED
BIGGER » BETTER » FOCUSED nel°
Slide 18: The preferred high-capacity hydrogen fueling equipment provider with a 15% market share in 2025
S TRATEGY U PDATE The preferred high-capacity hydrogen fueling equipment provider with a 15% market share in 2025 BIGGER BETTER FOCUSED • Develop a High-Capacity hydrogen filling station for • Improve performance to reduce ongoing • Phase out selected legacy product variants sales and supply from 20
Slide 19: The leading electrolyser provider with 20-30% market share (ex China) in 2025
S TRATEGY U PDATE The leading electrolyser provider with 20-30% market share (ex China) in 2025 BIGGER BETTER FOCUSED • Go from small to large-scale projects • Develop the most efficient and reliable Alkaline • Reduce scope of supply to stack and balance of • Aggressively scale up production capacit
Slide 20: Capacity expansion plans in progress
S TRATEGY U PDATE Capacity expansion plans in progress • Construction of line 2 (~500 MW) at Herøya started in January and is progressing according to plan • Production of PEM electrolysers in Wallingford to be automated and capacity increased to ~500 MW by 2025 20
Slide 21: The site selection process for US Gigafactory has been concluded
S TRATEGY U PDATE The site selection process for US Gigafactory has been concluded • Announcement will be made shortly together with the selected state • Nel aims to build a factory with 4 GW of production capacity, split between PEM and Alkaline • The factory will be built in phases to match supply
Slide 22: 5. Summary
5. Summary nel°
Slide 23: First quarter 2023 summary
S U MMARY First quarter 2023 summary Continued strong order intake and Successful private placement, record-high order backlog raising NOK 1.6bn of new equity Significant revenue growth and Line two at Herøya on track 1 GW positive margin impact from large- Wallingford expansion decided 500 MW s
Slide 24: number one by nature
number one by nature.