Nel ASA: Third quarter 2026 financial results

NEL ASA (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.”