Nel ASA

Earnings Release • Apr 17, 2024

First quarter 2024 results presentation 17 April 2024

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 first quarter 2024 presentation 17 April 2024. 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.

Agenda 1. Nel in brief 2. Q1 2024 highlights 3. Commercial developments 4. Fueling presentation 5. Summary 6. Q&A

NEL IN BRIEF

Leading pure play hydrogen technology company with a global footprint

2. Q1 2024 highlights

Q1 2024

Quarterly highlights

Financial results and financing

Revenue NOK 387 million

EBITDA NOK -16 million

Order intake NOK 459 million

Order backlog NOK 2 437 million

Cash balance NOK 3 260 million

Key developments in Q1 2024

• 10 MW electrolyser equipment purchase order from Samsung C&T
• Renewed relationship with Nikola
• Partnership with Fortescue on 80 MW Phoenix Hydrogen Hub
• Exploring spin-off and separate listing of the Fueling division
• Received USD 75 million in funding for the planned Michigan facility
• Nel and partners received USD 90 million in funding for several R&D projects

Subsequent events

• USD 41 million in additional tax credit for manufacturing expansion in Michigan

Q1 2024

Group Financials

(NOK million)	Q1 2024	Q1 2023	FY 2023
Revenue	387	341	1 681
EBITDA	-16	-121	-474
EBITDA margin	-4%	-34%	-28%
EBIT	-74	-175	-700
Pre-tax income (loss)	-24	-194	-873
Net income (loss)	-22	-192	-855
Net cash flow from operating activities	-62	-29	-670
Cash balance at end of period	3 260	4 621	3 363

• Revenue recognition depends on contract milestones, of which there were few significant in the quarter
• Revenue and EBITDA include NOK 96 million from renegotiated Nikola supply agreement
• Nel has a solid cash position and no immediate need to raise additional equity
• The expansion programs for Herøya and Wallingford remain on plan, capacity utilization will be adjusted to match demand

Q1 2024 - SEGMENT FINANCIALS

Alkaline Electrolyser financials

ALKALINE ELECTROLYZER REVENUE AND EBITDA (NOK million)

• 20% YoY revenue growth

• NOK 118 million YoY EBITDA improvement amid NOK 54 million in positive impact from renegotiated Nikola supply agreement
• Business model proven with clear scale effects

Q1 2024 - SEGMENT FINANCIALS

PEM Electrolyser financials

PEM ELECTROLYSER REVENUE AND EBITDA (NOK million)

• -33% YoY revenue growth due to phasing of project revenues
• NOK 20 million YoY EBITDA reduction amid reduced revenue

Q1 2024 - SEGMENT FINANCIALS

Fueling financials

FUELING REVENUE AND EBITDA (NOK million) 76 78 80 94 111 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 REVENUE

• 45% YoY revenue growth

• NOK 10 million YoY EBITDA improvement due to NOK 42 million from renegotiated Nikola supply agreement, partly offset by inventory adjustments for discontinued products and provisions

Order intake and backlog

ORDER INTAKE (NOK million)

Order intake Q1 2024:	NOK	459 million	-2%	y/y
- Alkaline electrolyser - PEM electrolyser - Fueling:	NOK NOK NOK	270 million 128 million 61 million	-29% 104% 149%	y/y y/y y/y

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

ORDER BACKLOG (NOK million)

Order backlog Q1 2024:	NOK	2 437 million	-13%	y/y
- Alkaline electrolyser - PEM electrolyser - Fueling:	NOK NOK NOK	1667 million 448 million 322 million	-15% -8% -10%	y/y y/y y/y

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

3. Commercial developments

10 MW order from Samsung C&T

• Client: Samsung C&T
• Size: 10 MW
• Value: EUR ~5 million
• Location: South Korea
• This is the clients first off-grid green hydrogen production project
• Samsung C&T will do the EPC work internally
• Samsung C&T has a significant pipeline of electrolyser projects

Renewed relationship with Nikola

• Old supply agreement from 2018 has been cancelled
• Will enter into a new supply agreement for 110 stacks (~275MW)
  • Not a firm order, and thus not in the order backlog
  • Aligned with Nel's preferred scope of supply (Stacks + BoS)
• Nel has received USD 9 million in compensation for the reduced commitment

Partnering with Fortescue on its Phoenix Hydrogen Hub

• Client: Fortescue

• Scope: BoS equipment for an 80 MW electrolyser system and updated warrantees and guarantees for already delivered stacks
• Value: USD 11 million
• Location: Phoenix, USA
• Fortescue has taken over the Phoenix Hydrogen Hub from Nikola, including stacks already delivered by Nel
• The project has taken FID and will become one of North America's largest electrolyser systems

Additional USD 116 million support for the planned electrolyser facility in Michigan

• On 13 March, Nel was awarded USD 50 million from the US Department of Energy (DoE) and USD 25 million in direct investment support from the State of Michigan
• On 4 April, Nel was awarded USD 41 million in tax credits through the Qualifying Advanced Energy Project Tax Credit (48C) program
• All in all, Nel has secured close to USD 170 million in accumulated support and roughly half is cash incentives
• In the planned 4 GW facility, Nel will manufacture its next-generation technologies
• FID not yet taken

Nel and partners granted USD ~90 million in support for R&D projects

• U.S. Department of Energy has granted Nel and partners approximately USD 90 million in support for seven R&D projects
• Nel is the leading partner on one of the projects, which is related to lowcost, clean AEM electrolysis
• Nel will undertake about 10% of the work under the seven R&D programs

4. Fueling presentation

Nel Fueling

140+ station modules sold globally 20 years of experience

Stations delivered: ~120

History: 16 years

Production capacity: 300 station modules/year

Fueling's executive management

Fueling ASA CEO

Fueling ASA CFO

This is Fueling – 20 years of experience developing fueling solutions

Uniquely positioned to capture the hydrogen opportunity

Geographical presence in key markets

USA South Korea Poland France Germany Netherlands Canada Iceland United Kingdom Denmark Sweden Norway Latvia Belgium

Fueling plays a critical role in the hydrogen value chain, enabling applications in transport

Offering fueling equipment and full scope of services from installation to operations

Supply source

Advantages of hydrogen mobility

No emissions

An obvious prerequisite for all modern vehicles, making all fossil fueled vehicles obsolete

Long driving range

A well-functioning truck must be able to drive 800 km on one tank

Fueling time

Where the battery electric vehicle can not compete with a traditional fossil fueled vehicle on charging time, the fuel cell electric vehicle can

Grid connection

Battery charging a truck would require a 6-10,000 kW grid connection – hydrogen fueling only 900 kW

HYDROGEN MARKET

Overall hydrogen market set to grow three-fold by 2050 with mobility being a key driver

26

House Gas

Regulatory momentum is creating strong tailwinds for hydrogen adoption in mobility

Source: 1) Hydrogen Europe; Note: AFIR – Alternative Fuel Infrastructure Regulation, JTF – Just Transition Fund, CEC – California Energy Comission, CFI – Charging and Fueling Infrastrcture Program, LCFS & HRI – Low Carbon Fuel Standard and Hydrogen Refueling Infrastructure, ZE – Zero-Emission, RFNBO – Renewable Fuels of Non-Biological Origin, HRS – Hydrogen Refueling Station, GHG – Green

TECHNOLOGY

Nel Fueling has the experience and building blocks needed to succeed

Long history in a young market

• 20 years of experience and learnings accumulated to propel product development and capture market share

Technology protected by patents

• Current technology and innovations are both protected by +75 patents1 worldwide

Strong R&D division

• ~60 research and development professionals globally developing the next generation of fueling solutions

MARKET POSITION

Well-invested production facilities with option to expand capacity if required

All-in-one facility – the complete value chain under the same roof

+190 full-time employees

7 years in operation

One of the world's largest HRS production facilities

TECHNOLOGY

29

Developing the next generation hydrogen fueling concept for heavyduty vehicles

Current target values

• Fueling capacity: ~260kg per hour (>3.200km range for heavy trucks)
• Filling time: 65kg in 10 min (~800km in 10 min)
• Dispensers: Up to 6 dispensers
• Standardization: Compliant with SAE J2601-5 and future ISO standards

STRATEGY

Fueling's roadmap and ambitions

Capitalize on insights derived from the light-duty market to standardize products and de-risk the high-capacity fueling business case

The next-generation hydrogen fueling stations are expected to be commercialized in 2025

Ambition to capture 15% of the high-capacity market for hydrogen fueling outside China

Summary

Positive EBITDA in Alkaline Electrolyser segment

Highest quarterly order intake since Q1-23

NOK 3.3bn in cash reserves, no near-term need to raise additional cash

USD 170 million in accumulated support for the planned electrolyser facility in Michigan

Exploring spin-off and separate listing of Fueling division

number one by nature