Nel ASA

Investor Presentation • Apr 30, 2025

First quarter 2025 results presentation

30 April 2025

©2025 Nel - All rights reserved

Forward-looking information

This Presentation includes and is based, inter alia, on forward-looking information and statements relating to the business, financial performance and results of Nel ASA and/or industry and markets in which it operates that are subject to risks and uncertainties that could cause actual results to differ materially from the statements expressed or implied in this Presentation by such forward-looking statements. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Nel ASA and Nel ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" , "aims", "anticipates", "intends", "plans", "projects", "targets" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Nel ASA's businesses, raw material prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and other factors.

Although Nel ASA believes that its expectations, estimates and projections are based upon reasonable assumptions, it can give no assurance that these will be achieved or that forecasted results will be as set out in the Presentation, and you are cautioned not to place any undue reliance on any forwardlooking statements. Nel ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Nel ASA nor any of its, or its subsidiaries' directors, officers or employees will have any liability to you or any other persons resulting from your use of this Presentation. This presentation was prepared in connection with the Nel ASA first quarter 2025 results presentation 30 April 2025. Information contained in this Presentation is subject to change without notice and will not be updated. This Presentation should be read and considered in connection with the information given orally during the presentation. The Nel ASA shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

nel •

• 1. Nel in brief
• 1. Q1 2025 highlights
• 1. Commercial update
• 1. Technology update
• 1. Partnership update
• 1. Q&A

NEL IN BRIEF

A fully dedicated electrolyser technology company

Nel's value proposition

Unrivalled track record

• Decades of experience
• Large installed base

Technology leadership

• Multiple technology platforms (AWE+PEM)
• Guaranteed and proven performance
• Game-changing next-generation solutions

Cost and scale leadership

• Front-runner in cost reductions
• Market leading production capabilities

Q1 2025 highlights

©2025 Nel - All rights reserved

Quarterly highlights Q1 2025

Financial results and financing

Revenue from contracts with customers NOK 155 million

EBITDA NOK -115 million

Order intake NOK 311 million

Order backlog NOK 1 460 million

Cash balance NOK 2 059 million

Key highlights in Q1 2025

• Received a purchase order for about USD 7 million from steel producer in the US
• Received a purchase order for one 2.5 containerized PEM unit in Scotland
• Received a purchase order for about USD 6 million from Collins Aerospace to be used by the U.S. Navy
• Awarded additional USD 29 million in tax credits from the 48C program funded by the Inflation Reduction Act for manufacturing expansion in Michigan, US.
• Signed collaboration agreement and conducted a NOK 353 million private placement with Samsung E&A

Group financials Q1 2025

(NOK million)	Q1 2025	Q1 2024 (restated)	FY 2024
Revenue from contracts with customers	155	276	1 390
EBITDA	-115	32	-173
EBIT	-187	-13	-389
Pre-tax income (loss)	-180	37	-264
Net income (loss)	-179	39	-258
Net cash flow from operating activities	-58	-37	-83
Cash and cash equivalents*	2 059	3 260*	1 876

• Alkaline revenues declined by 69% quarter on quarter, PEM revenues increased by 64%
• Alkaline segment had few project milestones in this quarter, while the PEM segment increased revenue from containerized electrolysers compared to same quarter last year
• Cost reduction and capacity adjustment measures were announced and implemented in Q1'25, including a temporary halt of the Herøya facility. This will reduce the cost base gradually over the first half 2025

Alkaline financials Q1 2025

• Alkaline reported a 69% decrease in revenue compared to first quarter last year, largely impacted by a lower activity level
• EBITDA decreased by NOK 158m compared to first quarter 2024
• Q1'25 results included NOK 23m in net research and development expenses compared to NOK 21m in Q1 2024

PEM financials Q1 2025

• PEM division reported 64% increase in revenue YoY, primarily driven by containerized deliveries
• Q1'25 EBITDA of NOK -31m up NOK 12m compared to same quarter last year
• This quarter included NOK 22m in net research and development expenses compared to NOK 30m in Q1 2024
• Product and project margins are in general higher compared to previous quarters due to more favourable terms and conditions and better execution

Q1 2025

Order intake and backlog

	PEM	Alkaline
Order intake Q1 2025:	NOK	311 million	-22%	y/y
- Alkaline - PEM	NOK NOK	21 million 290 million	-92% +127%	y/y y/y

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

Order Backlog (NOK million) 2 443 2 375 2 329 2 093 2 115 2 071 1 872 1 610 1 460 0 500 1 000 1 500 2 000 2 500 3 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025

	PEM		Alkaline
Order backlog Q1 2025:	NOK	1 460 million	-31%	y/y
- Alkaline - PEM	NOK NOK	965 million 495 million	-42% +11%	y/y y/y

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

Q1 2025 Cash burn

Historical Cash-burn*

*Includes purchases of property, plant and equipment, payments for capitalised technology and net cash flow from operating activities. Excludes financing activities and other investing activity comprising change in investments in equity instruments, associates, joint ventures, loans, disposal of fixed assets and change in restricted cash.

Q1 2025

Burn-rate reduced through downsizing and harvesting of past investments

*PE (Pressurized Alkaline) 2025 includes NOK 21m related to testing facilities,

13 and is gross of any potential grants from EU Innovation Fund for industrialization of the platform

Commercial update

©2025 Nel - All rights reserved

MARKET

Policy-driven markets set to lead early clean hydrogen uptake

• EU, US, Japan, and Korea projected to represent ~30% of global hydrogen demand by 2030 driven by supportive policy frameworks
  • EU Renewable Energy Directive (REDIII)
  • Japan's Contracts for Difference (CfD)
  • South Korea's Clean Hydrogen Portfolio Standard (CHPS)
  • US Inflation Reduction Act (IRA)
• Applications such as refining, ammonia, and methanol production are expected to make up ~75% of demand
• Emerging applications, such as power generation, heavy transport, aviation, and maritime, could contribute ~25% of demand by 2030, but progress will depend on further regulatory support

Annual H2 demand where existing policy initiatives enable a positive business case by 2030

MARKET

Futher volumes can be unlcoked with modest cost reductions

16 Source: Hydrogen Council and McKinsey, Hydrogen: Closing the Cost Gap, 2025

Market perspective MARKET

• Healthy demand for the containerized PEM solutions, where Nel delivers more of the total scope compared to its alkaline solutions.
• For large-scale systems more clarity around EU and US regulations in combination with national hydrogen auctions will help demand
• Several of Nel's target projects are expected to take FID in the next quarters, projects are generally in the 20-200 MW range
• Order intake is expected to be higher in 2025 than in 2024. The quality of the projects is also generally higher given more rigid and demanding qualification processes and FID requirements

MARKET

Record high PEM order intake in the quarter

• Order intake for the quarter reached record levels
• Nel continues to see good momentum for containerized PEM solutions, the MC-series, and expect additional near-term contract wins
• The MC series offers an unrivalled track record for the segment, with proved field experience and market leading reliability
• Modular system, easy transportation and installation makes it easy for the client

COMMERCIAL

The third purchase order from a major US steel producer signed

• Client: Undisclosed Size: 5 MW Value: USD ~7 million
• The undisclosed customer, one of the largest US steel producers, already uses Nel's PEM electrolysers to generate hydrogen at two other sites in the US
• Nel continues to see an increasing demand for containerized PEM electrolysers for smaller installations as this reliable turn-key concept offers easy outdoor installation and operation

COMMERCIAL

2.5 MW containerized PEM unit for the Aberdeen Hydrogen Hub project in Scotland

• Client: Hydrasun, delivering H2 through a JV between bp and Aberdeen City Council
• Size: 2.5 MW
• Nel will deliver its standardized containerized PEM unit, the MC 500, for this storage and distribution facility powered by renewable energy

COMMERCIAL

Purchase order from Collins Aerospace for U.S. Navy stacks

• Client: Collins Aerospace Value: USD ~6 million
• The stacks will be used by the U.S. Navy to produce oxygen for critical life support onboard submarines
• This order is the most recent in a series of deliveries to the client, where Nel has a long track record of developing and delivering equipment for this application where quality and durability is key
• The stacks will be delivered over several years, with initial deliveries in late 2025

Technology update

©2025 Nel - All rights reserved

Flexible portfolio with exposure to all market segments

Signed MoU with HydePoint for offshore and nearshore projects

• The project aims to enable scalable green hydrogen production in offshore, nearshore, and other harsh environments
• The collaboration will focus on the integration of Nel's PEM electrolyser stacks into HydePoint's modular hydrogen production systems
• By focusing on system efficiency, modularity, and operational resilience in offshore and nearshore environments, the collaboration will look at solutions to significantly improve the Levelized Cost of Hydrogen (LCOH)

©2025 Nel

Next generation platforms under development

units

Nel provides 24 MW stack skids, EPC partners provide BoP + system PFGs

Pressurized alkaline (PE) development underway

• Development of the prototype is according to plan with promising results
  • Broken ground at Herøya test site
  • Gas skid at final construction phase
  • Stacks being assembled
• Started to prepare for industrial manufacturing at Herøya
  • Production concept verified significantly lower CAPEX and footprint per MW vs atm. AWE
  • FID for equipment related to key process steps taken
• €135m grant contract for industrialisation of the PE platform signed with EU Innovation Fund

Norwegian Hydrogen takes FID

• 31/3-2025, Norwegian Hydrogen announced it had taken FID for its Rjukan project, where Nel has been selected to deliver a 25 MW Pressurized Alkaline (PE) pilot
• From Rjukan, Norwegian Hydrogen will supply green hydrogen to both existing and new customers in southern Norway and parts of Sweden, offering predictable and competitive terms
• The facility is projected to be completed at the end of 2027
• The company is also considering starting production ahead of full completion

Partnership update

©2025 Nel - All rights reserved

PARTNERSHIP UPDATE

Signed collaboration agreement and conducted a private placement with SAMSUNG E&A

Signed an EPC collaboration agreement allowing SAMSUNG E&A to offer complete hydrogen plants using Nel's electrolysers

With this agreement, Nel continues to widen its global delivery capabilities and strengthen its overall competitiveness

In a separate transaction, Nel raised NOK 353m in a direct private placement as SAMSUNG E&A became Nels largest shareholder with a post-transaction ownership of 9.1%

PARTNERSHIP UPDATE

30

Nel has become a preferred partner for global industry leaders

©2025 Nel – All rights reserved

PARTNERSHIP UPDATE

Nel now has a large ecosystem of world-class partners

©2025 Nel - All rights reserved

The future belongs to the front runners