Nel ASA: Third quarter 2026 financial results

(October 15, 2026 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) reported strong
momentum in its PEM segment in the third quarter of 2026, with revenue
increasing 65% year-on-year to NOK 89 million and order intake rising 473% to
NOK 245 million. For the group, order intake was NOK 253 million, up 339% year
-on-year, while the order backlog increased 34% to NOK 1,314 million. Group
revenue from contracts with customers was NOK 112 million, down 63% from the
same quarter last year, reflecting lower activity in the Alkaline segment. Total
revenue and income was NOK 138 million, EBITDA was NOK -93 million and net loss
was NOK -141 million. The cash balance was NOK 1,078 million at quarter end.

Quarterly highlights

  - Revenue from contracts with customers in the third quarter 2026 was NOK 112
million, a 63% reduction compared to the third quarter 2025 (Q3 2025: 303)
  - Total revenue and income in the third quarter 2026 was NOK 138 million (Q3
2025: 349)
  - EBITDA in the quarter was NOK -93 million (Q3 2025: -37).
  - Net loss was NOK -141 million (Q3 2025: -85). The loss was mainly explained
by the operating loss of NOK -143 million.
  - Order intake in the quarter amounted to NOK 253 million, a 339% increase
from the corresponding quarter last year (Q3 2025: 57)
  - Order backlog was NOK 1 314 million at the end of the quarter, up 34% from
the third quarter of 2025 and up 8% from the previous quarter
  - Cash balance was NOK 1 078 million at quarter end (Q3 2025: 1 757), in the
quarter the settlement of 75 MNOK agreed in Q2 2006 was paid.

"Strong growth in PEM revenue and order intake in the quarter, continuing into
Q4, reflects improved project execution and a competitive product," says Håkon
Volldal, President and CEO of Nel. "The quarter demonstrates that we are making
progress on the factors we can control, while maintaining financial discipline
and investing for future growth."

Several high-quality projects with reputable clients continue to mature and get
closer to final investment decisions. Nel is well-positioned to capture
opportunities and scale with the market as it grows. The company has for years
served various applications for local hydrogen production, defence and other
specialty segments, and these remain viable segments. Nel has demonstrated
segment profitability in quarters with solid capacity utilisation, and expects
to achieve profitability for the whole business once the market develops into
robust growth.

Nel continues to improve the performance of its commercial technology while
maturing next-generation solutions. The company's strategy is to deliver
reliable, energy-efficient electrolyser systems to customer projects globally,
supported by partnerships with world-class EPC companies. Strategic
collaborations with companies such as Reliance, SAMSUNG E&A and Saipem further
strengthen Nel's industrial and technological development.

To strengthen its delivery capabilities, Nel is onboarding additional
integration partners for its standardised modular solutions, including Hydrasun.
Hydrasun brings integration experience in Europe, complementing Nel's existing
integration setup in the US and expanding its delivery capabilities in the
European market. These partnerships expand Nel's manufacturing flexibility,
strengthen supply chain resilience and bring production capabilities closer to
key growth markets. Nel's PEM stacks will continue to be produced at its
facility in Wallingford, Connecticut, US.

Nel PEM Electrolyser reported revenue of NOK 89 million in the quarter, up 65%
from the third quarter last year. Revenue was driven by containerized
electrolyser contracts. EBITDA improved by NOK 10 million year-on-year to NOK
-24 million, supported by better project execution and generally higher product
and project margins.

Nel Alkaline Electrolyser reported revenue of NOK 23 million, down 91% from the
third quarter last year. EBITDA decreased by NOK 67 million year-on-year to NOK
-41 million. Testing of the next-generation pressurised alkaline electrolyser
continues to show encouraging results, and work is progressing on the planned 1
GW production line at Herøya following the commercial launch in May 2026.

In Q3 2026, Nel reported order intake of NOK 253 million, of which 97% related
to the PEM segment. PEM order intake was NOK 245 million and the segment's order
backlog was NOK 1 116 million, up NOK 126 million from the end of Q2 2026.
Alkaline order intake was NOK 8 million and its order backlog was NOK 198
million at quarter end.

The third quarter 2026 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 Håkon
Volldal's final quarterly presentation as President and CEO of Nel.

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.
suant to the EU Market Abuse Regulation\, and was published by\
Wilhelm Flinder\, Head of Investor Relations\, Communications and Marketing\, at\
Nel ASA.\