Nel ASA — Earnings Release 2025

Feb 26, 2026

Nel ASA: Fourth quarter 2025 financial results

Nel ASA: Fourth quarter 2025 financial results

(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.