Nel ASA: First quarter 2026 financial results

22 Apr 2026 07:00 CEST

(April 22, 2026 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) reported revenues from
contracts with customers of NOK 148 million in the first quarter of 2026, down
5% versus the same quarter last year. Total revenue and income was NOK 152
million (Q1 2025: 175) and EBITDA in the quarter came in at NOK -100 million, a
NOK 15 million improvement from corresponding quarter last year. Total order
intake for the quarter was NOK 85 million, and the PEM division signed a USD 7
million purchase order subsequent to the quarter. At the end of the quarter the
order backlog stood at NOK 1,113 million, down 24% from Q1'25. The company
reported a healthy cash balance of about NOK 1.4 billion.

Quarterly highlights

· Revenue from contracts with customers in the first quarter 2026 was NOK 148
million, a 5% reduction compared to the first quarter 2025 (Q1 2025: 155)
· Total revenue and income in the first quarter 2026 was NOK 152 million (Q1
2025: 175)
· EBITDA in the quarter was NOK -100 million (Q1 2025: -115)
· Net loss was NOK -144 million (Q1 2025: -179). The loss was mainly explained
by the operating loss of NOK -150 million.
· Order intake in the quarter amounted to NOK 85 million, a 73% decrease from
the corresponding quarter last year (Q1 2025: 312)
· Order backlog was NOK 1 113 million at the end of the quarter, down 24% from
the first quarter of 2025 and down 16% from the previous quarter
· Cash balance was NOK 1 443 million at quarter end (Q1 2025: 2 059)

"The first quarter of the year was rather quiet on order intake, but momentum
continues for the PEM division with a good purchase order signed in Q2 and high
expectations of a couple of more before we conclude first half of the year,"
says Håkon Volldal, CEO and President of Nel ASA.

Following recent energy market volatility, discussions around new markets and
applications are beginning to emerge. Debates are increasingly focused on
resilience, security and decentralised energy solutions, with defence related
applications also attracting attention. Together, these developments support
technologies that enable flexible, local energy production and consumption where
renewable electrolytic hydrogen will act as an important enabler.

"I don't think it is very controversial to state that we need to take a fresh
look at our energy system," Volldal says. "A stronger focus on resilience and
security should play out favourably for the electrolyser industry, as renewable
hydrogen can be produced locally and close to end-users, reducing reliance on
centralised and volatile energy supplies while supporting both industrial demand
and the energy transition."

Nel reported an order intake of NOK 85 million in the quarter, of which 78% is
related to the PEM segment. Nel PEM Electrolyser reported 14% decrease in
revenue compared to first quarter last year. Revenue in this quarter is driven
by small-scale, kW-type hydrogen electrolysers. The reported EBITDA of NOK -47
million declined by NOK 16 million compared to same quarter last year. Product
and project margins are in general up compared to previous quarters due to
better project execution. The PEM segment reported an order backlog of NOK 843
million, down NOK 35 million from the end of Q4-25.

Nel Alkaline Electrolyser reported 6% increase in revenue compared to first
quarter last year. In total, EBITDA improved by NOK 35 million compared to first
quarter 2025. The order backlog for Alkaline Electrolyser ended at NOK 270
million.

"The new technology platform, a groundbreaking pressurized alkaline system, will
be launched and commercialized on May 6[th]. It represents a step change for Nel
and is believed to set new benchmarks for what an electrolyser can deliver. We
are already in close dialogue with several clients regarding equipment
deliveries," Volldal says

The first quarter 2026 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/a3ab557a-4648-4467-9800
-84476eaa199f@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

671135_Q1_report_2026.pdf
671135_Q1_presentation_2026.pdf
671135_Release.pdf