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Fourth quarter and full year 2025 results presentation

26 February 2026

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 fourth quarter and full year 2025 results presentation 26 February 2026. 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.

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Nel in brief
Q4 and FY 2025 highlights
Commercial update
Technology update
Q&A

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Q4 2025 and full year highlights

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Q4 2025

Quarterly highlights

Revenue from contracts with customers
NOK 330 million

EBITDA
NOK -36 million

Order intake
NOK 686 million

Order backlog
NOK 1 319 million

Cash balance
NOK 1 617 million

Received PEM purchase orders from the HyFuel and Kaupanes hydrogen projects valued at more than USD 50 million

Chosen as technology provider for GreenH projects in Kristiansund and Slagentangen

Received H2 Energy's third containerized PEM order, their fourth electrolyser contract with Nel in total

Took FID on industrializing the Next Generation Pressurized Alkaline platform

Picture Source: HYDS, GreenH, H2Energy

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Q4 2025

Group financials

NOK million	Q4 2025	Q4 2024	FY 2025	FY 2024
Revenue from contracts with customers	330	416	963	1 390
Total revenue and income	361	450	1 100	1 495
EBITDA	-36	-36	-275	-173
EBIT	-920	-106	-1 365	-389
Pre-tax income (loss)	-898	-65	-1 296	-264
Net income (loss)	-870	-64	-1 265	-258
Net cash flow from operating activities	-10	25	-253	-83
Cash and cash equivalents	1 617	1 876

9% increase QoQ in revenues from customers, 20% decline YoY
Quarterly EBITDA flat QoQ and YoY
~800 MNOK in impairment losses as Nel's next-generation technology is likely to influence the potential for current platforms
361 MNOK related to part of the atmospheric alkaline production line
439 MNOK related to goodwill and technology intangibles from the PEM division acquisition in 2016
Cash balance at the end of the quarter remained solid

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Q4 2025

Group financials 2020-2025

Revenue and EBITDA development

NOK million

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Q4 2025

Alkaline financials 2020-2025

Revenue and EBITDA development

NOK million

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Q4 2025

PEM financials 2020-2025

Revenue and EBITDA development

NOK million

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Q4 2025

Order intake and backlog

Order intake per quarter

NOK million

Order intake Q4 2025:	NOK	686 million	364%	y/y
Alkaline	NOK	51 million	-41%	y/y
PEM	NOK	635 million	939%	y/y
Order intake expected to vary between quarters as order sizes have increased

Order backlog end of quarter

NOK million

Order backlog Q4 2025:	NOK	1 319 million	-18%	y/y
Alkaline	NOK	440 million	-66%	y/y
PEM	NOK	878 million	171%	y/y

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

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Q4 2025

Order intake 2020-2025

Order intake

NOK million

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Q4 2025

Cash burn rate 2020-2025

Annual cash-burn development for ongoing operations*

NOK million

*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.

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Q4 2025

Development in personnel expenses

Number of employees end of quarter
FTEs

Personnel expenses
NOK million

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Q4 2025

Impairments of NOK 799m in Q4'25

reflecting optimism on the next generation technology platforms
Due to the anticipated impact the next-generation pressurized alkaline technology will have on the market outlook for existing platforms, Nel has recognised an impairment loss on its atmospheric alkaline production assets amounting to NOK 361 million
Also, NOK 439 million related goodwill and intangible technology assets resulting from the acquisition of the PEM division back in 2016 has been impaired in the quarter

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Commercial update

COMMERCIAL UPDATE

Selected highlights 2025

Nel selected by SAMSUNG E&A as its preferred global partner

Received the third purchase order from a major US steel producer

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

One MC 500 PEM unit for the Aberdeen Hydrogen Hub in Scotland.

Received PEM purchase orders from HYDS valued at more than USD 50 million

Received the 3rd containerized PEM order from H2Energy, their fourth in total

Tech provider for GreenH's projects in Kristiansund and Slagentangen

Picture Source: HYDS, GreenH, H2Energy, Collins Aerospace

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COMMERCIAL UPDATE Q4'25

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

Picture source: H2 Energy

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COMMERCIAL UPDATE Q4'25

Purchase order for 40 MW from HYDS, to be deployed in Norway

The HyFuel and Kaupanes hydrogen projects will jointly deploy 40 MW of the MC 500 containerized PEM systems, supplied to project developer HYDS
Both projects have secured Norwegian state funding from Enova
The contract value exceeds USD 50 million, making it Nel’s largest order for PEM equipment and its second-largest firm purchase order overall
Production will take place at Nel’s automated Wallingford facility

Picture source: HYDS

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COMMERCIAL UPDATE Q4'25

Will deliver more than 20 MW to GreenH for two projects in Norway

The minimum scope agreed for the two projects is more than 10 MW per site (total > 20 MW) for electrolyser equipment plus engineering and technical support Nel
The sites are designed to supply clean hydrogen to industrial and maritime users, forming part of GreenH’s network of distributed regional hydrogen production facilities
The agreement covers projects supported by Enova SF and will see Nel act as technology provider, with final scope, size and delivery schedules to be confirmed at a later date

Picture source: GreenH

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COMMERCIAL UPDATE

Nel's involvement in building Norway's maritime hydrogen infrastructure

Picture source: HYDS, GreenH, Norwegian Hydrogen

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POLITICAL UPDATE - SUBSEQUENT

Electrolyers for Europe (E4E) launched in February

Europe has >10 GW of annual electrolyzer manufacturing capacity but <1 GW of deployed capacity, thus lagging EU's target of 40 GW in 2030
Slow deployment is due to unclear and/or too rigid regulations, insufficient offtake, and cancellations across early-stage hydrogen project developments
E4E unites Europe’s leading OEMs to push for clearer frameworks, predictable demand signals, and faster policy execution
By presenting a unified industry voice, the initiative aims to protect Europe’s technological leadership, strengthen competitiveness versus subsidized imports, and accelerate large-scale hydrogen deployment

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COMMERCIAL UPDATE

Market perspective

Order intake in 2025 increased by 15% YoY, with Q4'25 accounting for ~60% of Nel's total for the year
We continue to see several promising projects in the 20-150 MW range that are expected to take FID over the next quarters
Containerized PEM has strong momentum:
Projects have become smaller or start with a 1st build-out phase in the 10-50 MW range
Multiple containerized PEM modules offer a proven, efficient and standardized alternative to customized solutions
Redundancy and easy to scale over time
Significant CAPEX reductions over the past couple of years
Europe is currently the most active and promising region for Nel, but some projects are also progressing in North America, the Middle East and Asia

Picture source: H2 Energy

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Technology update

TECHNOLOGY UPDATE

Nel has spent seven years developing a brand-new electrolyser…

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2025

...and now
we are here!

TECHNOLOGY UPDATE

The new pressurized alkaline solution to set new industry benchmarks

Vs. Nel's atmospheric alkaline solution

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TECHNOLOGY UPDATE

... and deliver significant LCOH reductions

OPEX (system efficiency)

Improved energy efficiency
Wider operating range
Quicker ramp-up and –down

CAPEX (investment cost)

Fewer and cheaper modules
Outdoor installation (no electrolyser building required)
Smaller footprint
Significantly reduced engineering, construction and commissioning cost

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TECHNOLOGY UPDATE

'First gas' completed with solid results confirming business case

and

the Board of Directors has given green light for building 1 GW of stack production capacity at Herøya.

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TECHNOLOGY UPDATE

the Way Ahead

Produce gas on prototype plant in 2025
Take FID on GW production line in Q4 2025
Launch product commercially in H1 2026
Validate customer pilot in H2 2026
Deliver at scale, i.e. 100s of MW, in 2027

Funded by the European Union

Emissions Trading System

Innovation Fund

€135m grant awarded for industrialisation

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The future belongs to the front runners

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AI assistant

Nel ASA Earnings Release 2025

3670_rns_2026-02-26_1f02df00-a6c9-42d9-ac0b-13cf463eb507.pdf

Forward-looking information

nel

Q4 2025 and full year highlights

Quarterly highlights

Group financials

Group financials 2020-2025

Revenue and EBITDA development

Alkaline financials 2020-2025

Revenue and EBITDA development

PEM financials 2020-2025

Revenue and EBITDA development

Order intake and backlog

Order intake per quarter

Order backlog end of quarter

Order intake 2020-2025

Order intake

Cash burn rate 2020-2025

Annual cash-burn development for ongoing operations*

Development in personnel expenses

Impairments of NOK 799m in Q4'25

Selected highlights 2025

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

Purchase order for 40 MW from HYDS, to be deployed in Norway

Will deliver more than 20 MW to GreenH for two projects in Norway

Nel's involvement in building Norway's maritime hydrogen infrastructure

Electrolyers for Europe (E4E) launched in February

Market perspective

Nel has spent seven years developing a brand-new electrolyser…

The new pressurized alkaline solution to set new industry benchmarks

... and deliver significant LCOH reductions

OPEX (system efficiency)

CAPEX (investment cost)

the Way Ahead

Funded by the European Union

The future belongs to the front runners

AI assistant

Nel ASA — Earnings Release 2025

3670_rns_2026-02-26_1f02df00-a6c9-42d9-ac0b-13cf463eb507.pdf

Forward-looking information

nel

Q4 2025 and full year highlights

Quarterly highlights

Group financials

Group financials 2020-2025

Revenue and EBITDA development

Alkaline financials 2020-2025

Revenue and EBITDA development

PEM financials 2020-2025

Revenue and EBITDA development

Order intake and backlog

Order intake per quarter

Order backlog end of quarter

Order intake 2020-2025

Order intake

Cash burn rate 2020-2025

Annual cash-burn development for ongoing operations*

Development in personnel expenses

Impairments of NOK 799m in Q4'25

Selected highlights 2025

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

Purchase order for 40 MW from HYDS, to be deployed in Norway

Will deliver more than 20 MW to GreenH for two projects in Norway

Nel's involvement in building Norway's maritime hydrogen infrastructure

Electrolyers for Europe (E4E) launched in February

Market perspective

Nel has spent seven years developing a brand-new electrolyser…

The new pressurized alkaline solution to set new industry benchmarks

... and deliver significant LCOH reductions

OPEX (system efficiency)

CAPEX (investment cost)

the Way Ahead

Funded by the European Union

The future belongs to the front runners

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Nel ASA Earnings Release 2025