Nel (NEL.OL): 2Q26 First Take

Research evidence excerpt

Nel (NEL.OL): 2Q26 First Take

Equity Research

15 July 2026 | 8:09AM CEST

Results Michele Della Vigna, CFA

+39(02)8022-2242 |

Nel reported 2Q26 results this morning (July 15), with total revenue and other michele.dellavigna@gs.com

Goldman Sachs Bank Europe SE - Milan

income of NOK 182 mn (+20% qoq), in line with consensus of NOK 177.5mn. 2Q26 branch

EBITDA was reported at NOK -155mn, negatively impacted NOK70 mn cost related Anastasia Shalaeva

to the Iwatani settlement. EBITDA margin was at c.-85% in 2Q26 from -66% in 1Q26, +971(4)214-9908anastasia.shalaeva@gs.com|

with the alkaline division having negative -50% margin, while PEM had -36% margin. Goldman Sachs International

Yulia Bocharnikova

2Q26 order activity was solid: order intake in the quarter amounted to NOK 230 mn +44(20)7051-6299yulia.bocharnikova@gs.com|

and order backlog reached NOK 1213 mn at the end of the quarter. Nel launched a Goldman Sachs International

Quentin Marbachnext‑generation pressurized alkaline platform, redefining simplicity and cost +44(20)7774-7644 |

efficiency in renewable hydrogen production. quentin.marbach@gs.comGoldman Sachs International

Will ChenThe company’s capex this quarter amounted to NOK -75mn. Nel’s cost structure and +971(4)214-9942 | will.y.chen@gs.com

the utilization of the Herøya production capacity are being adjusted to market Goldman Sachs International

demand. Fixed costs from unutilized production and organizational capacity will

continue to negatively impact results until more orders have been secured. This next

generation technology is expected to drive down upfront investment and reduce

space requirements for installation while demonstrating competitive energy

efficiency.

The cash position of the company remains healthy, with the cash balance at the end