Nel (NEL.OL) Updating estimates post 2Q26 results

Research evidence excerpt

Nel (NEL.OL) Updating estimates post 2Q26 results

Equity Research

16 July 2026 | 8:09AM CEST

(NEL.OL)Nel

Updating estimates post 2Q26 results

NEL.OL 12m Price Target: Nkr1.90 Price: Nkr2.22 Downside: 14.2% NEUTRAL

Michele Della Vigna, CFA

Nel reported 2Q26 results on July 15, with total revenue and other +39(02)8022-2242 | michele.dellavigna@gs.com

Goldman Sachs Bank Europe SE - Milan branch

income of NOK 182m (+20% qoq) slightly above GSe. EBITDA was

Anastasia ShalaevaNOK -155m, including a NOK 70m one-off cost related to the +971(4)214-9908 | anastasia.shalaeva@gs.com

Iwatani settlement. Excluding this item, underlying profitability was Goldman Sachs International

still weak, reflecting low capacity utilization. Quarterly order intake Yulia+44(20)7051-6299Bocharnikova| yulia.bocharnikova@gs.com

reached NOK 230m, up 171% qoq and 224% yoy, while the order Goldman Sachs International

backlog increased to NOK 1.2bn. Importantly, 96% of order intake

Key Data _____________________________________came from PEM, highlighting continued customer demand for Nel’s

Market cap: Nkr3.7bn / $382.1mn

PEM offering despite a challenging hydrogen market. Enterprise value: Nkr3.1bn / $317.2mn

3m ADTV: Nkr21.0mn / $2.2mn

Market demand remains the key challenge. Management Europe Energy and CleanNorwayTech

continues to resize costs and production capacity to current market M&A Rank: 3 Leases incl. in net debt & EV?: Yes

conditions. Fixed costs associated with underutilized Herøya GS Forecast __________________________________

capacity remain a significant drag on earnings until larger project 12/25 12/26E 12/27E 12/28E

awards accelerate. RevenueRevenue (Nkr(Nkrmn)mn)OldNew 1,100.21,100.2 718.8759.1 1,174.51,147.2 1,432.41,407.5

EBIT (Nkr mn) (1,364.7) (655.1) (527.0) (338.4)