Business
Nel : Quarterly presentation (2026 Q1 Presentation v.publication)
Nel : Quarterly presentation (2026 Q1 Presentation
About this update from Nel Asa
First quarter 2026 results presentation 22 April 2026 ©2026 Nel - All rights reserved Nel in brief Q1 2026 highlights Commercial update Technology update QCA ©2026 Nel - All rights reserved Vision «Abundant clean energy for all» Mission «Make renewable hydrogen easy» Values Boldness, Honesty, Simplicity ©2026 Nel - All rights reserved 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 5 ©2026 Nel - All rights reserved Q1 2026 highlights ©2026 Nel - All rights reserved Q1 2026 Quarterly highlights The new pressurized alkaline platform to be launched on May 6 th 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 ©2026 Nel - All rights reserved 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 8 ©2026 Nel - All rights reserved Q1 2026 Alkaline financials Quarterly Revenue and EBITDA Development in Alkaline division NOK million Revenue 302 262 224 220 249 177 70 65 75 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 9 ©2026 Nel - All rights reserved 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 85 74 52 64 54 153 153 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 10 ©2026 Nel - All rights reserved Q1 2026 Order intake and backlog Order intake per quarter NOK million 398 270 311 161 148 71 57 85 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 Q1 2026 686 Order backlog end of quarter NOK million 1 872 1 614 1 460 1 249 1 319 984 1 113 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 Q1 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 ©2026 Nel - All rights reserved Q1 2026 Development in personnel expenses Number of employees end of quarter FTEs Personnel expenses NOK million 155 -21% 123 160 150 -26% -19% Q1 2026 2025 Q4 Q3 Q2 Q1 Q4 Q3 2024 Q2 320 346 354 361 394 409 430 430 140 130 120 110 100 Q1 2025 Q1 2026 12 ©2026 Nel - All rights reserved Commercial update ©2026 Nel - All rights reserved 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 2 nd 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 1 st 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 ©2026 Nel - All rights reserved 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 ©2026 Nel - All rights reserved Getting ready for commercial launch on May 6 th 2026 ©2026 Nel - All rights reserved . Need a better picture 20 ©2026 Nel - All rights reserved 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 21 ©2026 Nel - All rights reserved 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 22 ©2026 Nel - All rights reserved The future belongs to the front runners ©2026 Nel - All rights reserved ©2026 Nel - All rights reserved Attention : This is an excerpt of the original content. 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