Nel ASA: Fourth quarter 2025 financial results

26 Feb 2026 07:00 CET

(February 26, 2026 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) reported revenues
from contracts with customers of NOK 330 million in the fourth quarter of 2025,
down 20% versus the same quarter last year. Total revenue and income was NOK 361
million (Q4 2024: 450) and EBITDA in the quarter came in at NOK -36 million,
flat vs last quarter and the corresponding quarter last year. The PEM division
continues to show promising signs with improved financials and substantial
uptick in order intake. Order intake for the quarter was NOK 686 million, and at
the end of the quarter the order backlog stood at NOK 1,319 million, up 34% from
Q3'25. The company reported a healthy cash balance of about NOK 1.6 billion.

Quarterly highlights

· Revenue from contracts with customers in the fourth quarter 2025 was NOK 330
million, a 20% reduction compared to the fourth quarter 2024 (Q4 2024: 416)
· Total revenue and income in the fourth quarter 2025 was NOK 361 million (Q4
2024: 450)
· EBITDA in the quarter was NOK -36 million (Q4 2024: -36)
· Net loss was NOK -870 million (Q4 2024: -64). The loss was mainly explained
by an impairment of NOK 799 million, of which NOK 439 million in PEM and NOK 361
million in Alkaline
· Order intake in the quarter amounted to NOK 686 million, a 364% increase
from the corresponding quarter last year (Q4 2024: 148)
· Order backlog was NOK 1 319 million at the end of the quarter, down 18% from
the fourth quarter of 2024 and up 34% from the previous quarter
· Cash balance was NOK 1 617 million at quarter end (Q4 2024: 1 876)

"2025 was a demanding year. Yet it was far from a lost year. In many respects it
became a turning point. In Nel we saw steady progress where it mattered, closer
collaboration with key partners, and technology advances that bring competitive
clean hydrogen within reach." Håkon Volldal says.

"Final investment decisions took longer, project milestones shifted, and
revenues declined compared to last year," says Håkon Volldal, President and CEO
of Nel. "At the same time, production capacity and operating expenses were
reduced early on so we ended the year with a solid cash position and good cash
control, something that allows us to stay focused on monetizing our innovations
rather than adapting to short term market fluctuations."

"2025 was a year with steady, disciplined work. Much of it invisible. Much of it
not fun. But all of it necessary for long-term success," he says.

Nel's focus on commercializing new technologies continues to drive progress
across the organization. Prototype testing of the next-generation pressurized
alkaline platform has advanced well this quarter, showing very promising results
and confirming the platform's potential to deliver both lower investment costs
and higher energy efficiency. Building on this momentum, Nel has reached the
final investment decision for the new production line, supported by funding from
the EU Innovation Fund. With these milestones now in place, the platform is
being commercialized May 6[th] 2026, marking a significant step toward bringing
a more efficient and cost-effective hydrogen production solution to the market.
Nel is well positioned to strengthen its role further in the electrolyser
industry.

"The next generation pressurized alkaline prototype performs well beyond
expectations and gives me confidence in the platform itself. It also highlights
the exceptional quality and dedication of Nel's employees", Volldal says.

Order intake was a highlight in the fourth quarter of 2025. The PEM division
secured its largest purchase order to date when HYDS signed a 40 MW contract
worth more than USD 50 million. H2 Energy in Switzerland also placed an order
for one MC500, the third MC unit the company has purchased, which further
strengthens confidence in the quality and reliability of the technology Nel
delivers.

Nel PEM Electrolyser reported revenues in-line with fourth quarter last year.
Revenue in this quarter is driven by containerized electrolysers. EBITDA for PEM
was NOK -35 million, down from NOK -22 million the same quarter last year. The
PEM segment reported a strong order backlog of NOK 878 million.

Nel's Alkaline Electrolyser reported a 33% decrease in revenue compared to
fourth quarter last year. EBITDA of NOK 36 million was an improvement compared
to both last quarter and the fourth quarter of 2024. Backlog for the division
came in at NOK 440 million.

The fourth quarter 2025 report and presentation are enclosed and available on
newsweb.no (http://www.newsweb.no) (Ticker: NEL) and
nelhydrogen.com (http://www.nelhydrogen.com). The presentation will be a virtual
event only, followed by a Q&A session, and can be accessed on the company's
website www.nelhydrogen.com/quarterly-presentation/ or by following this
link (https://events.teams.microsoft.com/event/1487219b-754f-441d-bfe5
-15e89bee6380@76311e5d-2c31-404e-a148-a4c38d285e9e). A recording of the
presentation will be made publicly available following the event.

ENDS


For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02 097
Wilhelm Flinder, Head of IR, Communications & Marketing, +47 936 11 350

About Nel ASA | www.nelhydrogen.com
Nel has a history tracing back to 1927 and is today a leading pure play hydrogen
technology company with a global presence. The company specializes in PEM and
Alkaline electrolyser technology for production of renewable hydrogen. Nel's
product offerings are key enablers for a green hydrogen economy, making it
possible to decarbonize various industries such as transportation, refining,
steel, and ammonia.

This information is subject to a duty of disclosure pursuant to Section 5-12 of
the Norwegian Securities Trading Act. This information was issued as inside
information pursuant to the EU Market Abuse Regulation, and was published by
Wilhelm Flinder, Head of Investor Relations, Communications and Marketing, at
Nel ASA on the date and time provided.

More information:
Access the news on Oslo Bors NewsWeb site

666865_Q4_presentation_2025.pdf
666865_Release.pdf
666865_Q4_report_2025.pdf