Nel Asa (NLLSF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning from Oslo, Norway. We are ready to present our second quarter 2026 results. My name is Hakon Volldal. I am the CEO of Nell, and I'm joined today by our CFO, Kjell Christian Bjornsen, and our Head of Communication, Marketing, and Investor Relations, Wilhelm Flinder. We have the following agenda. Nell in brief, we will skip and we will go to the second quarter highlights, followed by a commercial update, a technology update, and as usual, end with the Q&A session. In the second quarter, we generated 153 million NOK from contracts with customers. We ended the quarter with a negative EBITDA of 155 million. The order intake ended at 230 million NOK, order backlog at 1.2 billion NOK, and the cash balance at 1.3 billion NOK. Some of the highlights in the quarter were the following. We launched our new pressurized out-of-line platform, what we call the PA series, on May 8th. We'll come back to that later. We also progressed the new manufacturing line for this technology at Herøya, according to plan, and we received two purchase orders for containerized PEM solutions, each worth approximately $7 million. Looking at the group financials, revenue from contracts with customers, $163 million knockdown, 12% year-on-year. Outline revenues declined by 14%, whereas PEM revenues were down by 10%. Total revenue and income, 182 versus 215 last year. Ivita ended at 155 versus 86 last year, and this is driven by the settlement with Iwatani. If we adjust for the 70 million nok, Ivita was... Flat versus second quarter last year. And of course, this also impacts EBIT and pre-tax income, etc. So adjusting for the one-off settlement with Ivatani, all figures were actually in line or better than last year. Looking at alkaline financials, there has been a decline in revenues on the ...