Nel Asa (NLLSF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to Nell's fourth quarter and fall year 2025 results presentation. My name is Håkon Voldahl. I am the CEO. With me today, I have our CFO, Kjell Christian Bjørnson, and our Head of Investor Relations, Marketing and Communications, Lillen Flinders. Today we have the following agenda. We will skip the Nelling brief section and go straight to the fourth quarter and fiscal financial year 2025 highlights. We will have a commercial update. We will talk about our new technology that we are about to launch, and we will, as usual, end with a Q&A session. Quarterly highlights. Revenue from contracts with customers came in at 330 million NOC in the quarter. We had an EBITDA of minus 36 million NOC. Solid order intake. I think it's the second best order intake in Nell's history of 686 million NOC. Order backlog increased to 1.3 billion NOC. And we ended the year with a cash balance of 1.6 billion NOC. In the quarter, we had several highlights. Among them, the PEM purchase orders from High Fuel and Kaupanes from Hydrogen Solutions in Norway together combined value of more than $50 million. We were chosen as a technology provider for Green8 projects in Kristiansund and Slagentangen in Norway, and we received a third order for containerized PEM solutions from H2 Energy in Switzerland. We also took a final investment decision on industrializing the next generation pressurized alkaline platform, coming back to that a bit later in the presentation. Looking at the fourth quarter results. Revenue, as I said, came in at 330 million NOC. That's a 9% increase quarter on quarter and a 20% decline year on year from the fourth quarter last year. EBITDA, flat versus last year and also flat quarter on quarter. The big difference versus last year is actually on the EBIT l...