Nel AsaOSL: NEL

Quarterly presentation (2026 Q1 Presentation v.publication)

Apr 22, 2026 at 5:06 AM UTC · MarketScreener

Watch Nel Asa explain itNel Asa (NLLSF) Q2 2026 Earnings Call · Replay · Jul 15

First quarter 2026 results presentation

22 April 2026

Nel in brief
Q1 2026 highlights
Commercial update
Technology update
QCA

Vision

«Abundant clean energy for all»

Mission

«Make renewable hydrogen easy»

Values

Boldness, Honesty, Simplicity

NEL IN BRIEF

A leading hydrogen technology company

Founded in 1527, listed on Oslo Stock Exchange since 2014

>7 000 electrolyzers sold to

>80 countries

~1 GW of AWE manufacturing capacity

(Norway)

~500 MW of PEM manufacturing capacity

(USA)

320 employees

Global sales and office network

Preferred partner with industry leaders

~1.4 billion NOK in

cash reserves

Q1 2026 highlights

Q1 2026

Quarterly highlights

The new pressurized alkaline platform to

be launched on May 6th 2026

Revenue from contracts with customers

NOK 148 million

EBITDA

New pressurized alkaline production line

progressing according to plan

NOK -100 million

Order intake

Korea's first off-grid green hydrogen production facility commissioned

NOK 85 million

Order backlog

NOK 1 113 million

USD 7 million purchase order for containerized PEM equipment in April

Cash balance

NOK 1 443 million

7 Picture Source: SAMSUNG CCT

Q1 2026

Group financials

NOK million	Q1 2026	Q1 2025	FY 2025	FY 2024
Revenue from contracts with customers	148	155	963	1 390
Total revenue and income	152	175	1 100	1 495
EBITDA	-100	-115	-275	-173
EBIT	-150	-187	-1 365	-389
Pre-tax income (loss)	-144	-180	-1 296	-264
Net income (loss)	-144	-179	-1 265	-258
Net cash flow from operating activities	-165	-58	-253	-83
Cash and cash equivalents	1 443	2 059

Revenue down 5% YoY. AWE revenue increased by 6%, PEM revenue decreased by 14%
EBITDA at NOK -100 million, an improvement of NOK 15 million compared to Q1-25.
Nel continues to invest in next generation technologies and needs higher revenues to become profitable
Cash balance at the end of the quarter remained solid, EUR 11m from the EU grant expected to be received in Q2-26

Q1 2026

Alkaline financials

Quarterly Revenue and EBITDA Development in Alkaline division

NOK million

Revenue

302

262

224

220

249

177

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

106

-3

4 19

EBITDA

-52

-26

26 36

-16

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Revenue up 6% YoY
EBITDA up NOK 35 million vs. Q1-25 due to positive impact of project deliveries
Nel has adjusted its cost base and capacity utilization to lower market demand, however fixed costs will continue to negatively influence results until volumes pick up

Q1 2026

PEM financials

Quarterly Revenue and EBITDA Development in PEM division

NOK million

Revenue

112

108

153

Revenue down 14% YoY amid limited MW project deliveries in the quarter
EBITDA down 16 MNOK YoY largely due to delayed or cancelled research grants in the US
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
EBITDA
- Product development for a next-generation PEM electrolyser with significantly improved LCOH offering is progressing well

-43 -43

-57

-22

-31 -38 -34 -35

-47

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Q1 2026

Order intake and backlog

Order intake per quarter

NOK million

398

270

311

161

148

2024 2025

2026

686

Order backlog end of quarter

NOK million

1 872

1 614

1 460

1 249

1 319

984

1 113

2024

2025

2026

2 115 2 071

PEM Alkaline PEM Alkaline

Order intake Q1 2026:

Alkaline PEM

NOK

NOK NOK

85 million

18 million

67 million

-73% y/y

-11% y/y

-77% y/y

Order intake expected to vary between quarters as order sizes have increased

Order backlog Q1 2026:

Alkaline PEM

NOK

NOK NOK

1 113 million

270 million

843 million

-24% y/y

-72% y/y

70% y/y

The order backlog is subject to risks such as delays and/or cancellations

Q1 2026

Development in personnel expenses

Number of employees end of quarter

FTEs

Personnel expenses

NOK million

155

-21%

123

160

150

-26%

-19%

2026

2025

2024

320

346

354

361

394

409

430

140

130

120

110

100

Q1 2025 Q1 2026

Commercial update

COMMERCIAL UPDATE

Korea's first off-grid green hydrogen production facility commissioned

Samsung C&T has completed Korea's first off-grid
green hydrogen facility
A 10 MW alkaline system from Nel is supplied by a solar power plant - no reliance on power grid
The project validates large-scale off-grid hydrogen production as a model for future domestic and international projects
Strong execution through full EPC delivery and
close collaboration with SAMSUNG C&T
14 Source: SAMSUNG CCT
©2026 Nel - All rights reserved

COMMERCIAL UPDATE - SUBSEQUENT
USD 7 million purchase order for containerized PEM equipment from repeat customer
Client: Mesure Process Value: USD ~7 million Delivery: 2027
2nd purchase order from this client
Equipment will supply hydrogen refuelling stations and industrial applications
Synqo Energies will act as EPC and deliver the full hydrogen refuelling package
The MC platform has strong momentum across a wide range of applications with its fully modular design , which enables rapid project execution

15
©2026 Nel - All rights reserved

COMMERCIAL UPDATE
Market perspective
We continue to see several promising smaller projects, and some larger projects in the 50-150 MW range, that are expected to take FID over the next quarters
Containerized PEM has strong momentum:
- Projects have become smaller or start with a 1st build-out phase in the 10-50 MW range, which fits nicely with containerized PEM systems
- Multiple containerized PEM systems offer a proven, efficient and standardized alternative to customized solutions
- Significant CAPEX reductions combined with a growing list of references have increased Nel's competitiveness in this market segment
Europe is currently the most active and promising region for Nel, but some projects are also progressing in North America, the Middle East and Asia
16 Picture source: H2 Energy
©2026 Nel - All rights reserved

COMMERCIAL UPDATE
Energy resilience to play a key part of electrolyser demand
Fossil energy is repeatedly subsidized to manage short-term shocks, while long-term investments in renewables face higher scepticism
Renewable energy can reduce exposure to sudden
price spikes and geopolitical dependency
Intermittency from wind and solar is a known challenge, but electrolytic hydrogen enables longterm energy storage and system flexibility beyond what batteries can provide
Investing in renewable energy and green hydrogen is cheaper than repeat short-term subsidy programs for fossil energy (and also reduces emissions)

17 Picture source: Everfuel

Everfuel is operating a large-scale electrolyser plant, HySynergy, to provide balancing services to the power grid while simultaneously producing certified green hydrogen

Technology update

TECHNOLOGY UPDATE

Nel has spent eight years developing a brand-new electrolyser…

2026

2018

2019

2020

2023

2025

Commercialization

Full-length stack 230-cell

Small cell-stack

Short stack 10-cell

Short stack 50-cell

19 Small single-cell

Getting ready for commercial launch on May 6th 2026

Need a better picture

TECHNOLOGY UPDATE

New production line at Herøya taking shape with good results

CAPEX per MW significantly lower than for

atmospheric alkaline and PEM
Ongoing tests confirm product quality and exceed prototype production results
- Clear quality improvements observed with higher
  yield and fewer critical defects
- Cycle times are coming down and support higher capacity and improved efficiency
Strong process understanding established; baseline production run planned to lock in learnings with further improvement expected
500MW of production capacity to be installed by end of 2026

Nel's value proposition

Unrivalled track record

A century of experience
>7 000 electrolyzers sold globally
Prestigious references
Technology leadership
Multiple technology platforms
Proven solutions for today,
game-changing solutions for tomorrow
Ecosystem of world-class partners
Cost and scale leadership
Front-runner in cost reductions
Market leading production capabilities

The future belongs to the front runners

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