Nel Asa (NLLSF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning from sunny Oslo. We are ready to present Nell's second quarter 2025 results. My name is Håkon Voldahl. I am the CEO. With me today, I have our CFO, Kjell-Christian Bjørnsen, and our head of IR and communication, Vilhelm Flinders. We have the following agenda. I'll skip the nailing brief section today. We will focus on the second quarter 2025 highlights. We'll have a commercial update, a technology update, and as usual at the end, a Q&A session. The quarterly highlights are as follows. We had the revenue from contracts with customers of 174 million NOC. We had a negative EBITDA of 86 million NOC. Order intake, 71 million NOC. Order backlog ended at 1.25 billion NOC. And the cash balance at 1.9 billion NOC. Among the highlights in the second quarter, we, our partners, Samsung E&A, launched its COMPASS H2 hydrogen plant solution with Nel Insight. Statcraft canceled, unfortunately, the 40 megawatt alkaline electrolyzer contract they signed back in 2022. And we also signed an MOU with High Point to co-develop modular hydrogen systems for offshore and nearshore environments. Looking at the group financials, we are more or less spot on. Analyst consensus for the quarter. Deviations of 1% for most items. As I said, revenues from contracts with customers down from 332 million NOC. Last year to 174, the quarterly decline of 48% is largely driven by lower project activity in the alkaline segment and previously announced contract cancellations. EBITDA came in line with the last year, mostly due to higher gross margin on products sold in the quarter. and also reduced costs that we will get back to EBIT ended at minus 153 million NOC pre-tax income minus 132 net income minus 131 cash flow from operating activities was minus 53 million NOC solid cash balance at the end...