Nel ASA

Investor Presentation • Oct 29, 2025

Third quarter 2025 results presentation

29 October 2025

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 forward-looking 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 third quarter 2025 results presentation 29 October 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.

• 1. Nel in brief
• 1. Q3 2025 highlights
• 1. Commercial update
• 1. Political update
• 1. Technology update
• 1. Q&A

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

nel•

Q3 2025 highlights

Quarterly highlights

Financial results and financing

Revenue from contracts with customers

NOK 303 million

EBITDA

NOK -37 million

Order intake

NOK 57 million

Order backlog

NOK 984 million

Cash balance

NOK 1 757 million

Key highlights and subsequent events

• Received a follow-on equipment order from H2 Energy for a containerized 2.5 MW electrolyser delivery to Switzerland
• Signed a FEED study for a 100+MW project in Northern Europe
• Signed a pre-feed contract for a 100 MW project in Southern Europe

Group financials

(NOK million)	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Revenue from contracts with customers	303	391	633	974
Total revenue and income	349	391	739	1 044
EBITDA	-37	-90	-238	-137
EBIT	-105	-146	-445	-284
Pre-tax income (loss)	-86	-116	-398	-199
Net income (loss)	-85	-115	-194	-194
Net cash flow from operating activities	-132	-47	-243	-108
Cash and cash equivalents	1 757	1 941

• Nel reported a y/y decrease of 17% in revenues from contracts with customers, while up 74% q/q
• Quarterly EBITDA improved vs the Q2'25 and the same quarter last year, mainly driven by the Alkaline division
• Cash balance at the end of the quarter remained solid

Alkaline financials

• Nel Alkaline Electrolyser reported a 17% decrease in revenue compared to third quarter last year, while up q/q largely due to milestone revenue recognition from customer projects
• EBITDA improved by NOK 22 million compared to third quarter 2024
• Cost reductions and capacity adjustments implemented in H1'25 have started to take effect and will continue to reduce costs into the second half of 2025

PEM financials

• Nel PEM Electrolyser reported a 15% decrease in revenue compared to third quarter last year. Revenue in this quarter is driven by containerized electrolysers.
• EBITDA of NOK -34 million has improved by NOK 23 million compared to same quarter last year.
• Product and project margins are in general up compared to previous quarters due to better project execution.

Order intake and backlog

Cash burn rate

^*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.

YTD'25 personnel expenses down almost NOK 60m vs YTD'24

Commercial update

COMMERCIAL UPDATE

Market perspective

• Pipeline is large and increasing, but FIDs continue to be pushed out in time
• Several target projects in the 20-150 MW range expected to take FID in the next quarters
• Nel currently involved in >500MW of paid FEED studies for large-scale systems, and EPC partners involved in additional studies
• Signed a FEED study for a 100+MW Northern European project in the third quarter of 2025
• Signed a pre-FEED contract for a 100 MW project in Southern Europe

Purchase order for an MC500, the third containerized PEM system for H2 Energy

• Received the third purchase order from H2 Energy for a containerized PEM electrolyser
• To be installed at VfA Buchs hydrogen production and fuelling site in Switzerland, and will supply hydrogen for mobility and industrial applications
• This repeat order confirms customer satisfaction and Nel's PEM track record, and strengthens Nel's position in the Swiss hydrogen infrastructure market

Political update

Electrolyser manufacturers urge EU to adjust hydrogen regulation

• Nel, together with leading European electrolyser manufacturers, has sent a joint letter to the European Commission and President von der Leyen
• Less than 1 GW of capacity has been deployed in Europe, compared to the 6 GW target for 2025
• Current RFNBO rules are delaying project realization and undermining demand - pragmatic adjustments, including extended exemptions and more flexible time-matching rules required
• Regulatory clarity is essential to safeguard Europe's electrolyser industry and hydrogen value chain

Technology update

The next-generation pressurized alkaline system

Next steps for pressurized alkaline solution

• Prototype gas production planned late 2025
• Take FID on GW production before YE 2025
• Validate customer pilot in 2026
• Launch commercial product in 2026
• Deliver at scale, i.e. 100s of MW, in 2027

The future belongs to the front runners