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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS ©2026 Nel – All rights reserved Third quarter 2026 results presentation 15 October 2026 1
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS 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 third quarter 2026 results presentation 15 October 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. 2 Forward-looking information 14.10.2026 ©2026 Nel – All rights reserved
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS ©2026 Nel – All rights reserved 14.10.2026 3 1. Nel in brief 2. Q3 2026 highlights 3. Commercial update 4. Technology update 5. Q&A
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS VISION «Abundant clean energy for all» MISSION «Make renewable hydrogen easy» VALUES Boldness, Honesty, Simplicity ©2026 Nel – All rights reserved
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS 5 ABOUT NEL A leading pure-play hydrogen technology company ~1.1bn NOK in cash reserves PARTNER WITH INDUSTRY LEADERS Preferred partner with e.g. SAMSUNG E&A, RELIANCE, SAIPEM etc. ©2026 Nel – All rights reserved CAPACITY AT SCALE ~1 GW atm. AWE (Norway) ~1 GW PA under construction (Norway) ~500 MW PEM (USA) PROUD HISTORY Founded in 1927 Listed on Oslo Stock Exchange since 2014 PROVEN TRACK RECORD >7 000 electrolyzer stacks sold to >80 countries GLOBAL PRESENCE ~300 employees in total with global sales and office network HEALTHY FINANCIAL POSITION ~1.1 billion NOK in cash reserves
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS 6 ©2026 Nel – All rights reserved ATMOSPHERIC AWE A-Series 2.5 MW stacks, atm. H2 pressure • Proven, mature technology - the “work horse” in the industry • Manufactured in Norway PEM MC-Series 1.25-2.5 MW modules, 30 bar H2 pressure • Containerized turnkey PEM systems • Easily scalable, with wide MW range setup • Manufactured in the USA PRESSURIZED AWE PA-Series 25 MW modules, 15 bar H2 pressure • Market leading efficiency and system cost • Plug-and-play skid-based design for fast deployment, no building required • Stacks manufactured in Norway INDUSTRIAL PRODUCTS S-, H- and C-Series kW systems, 30 bar H2 pressure • Complete small-scale solutions for labs, industry, mobility etc. • Reliable on-site supply • Global service network A complete hydrogen production technology portfolio ABOUT NEL
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS Nel’s value proposition 7 UNRIVALLED TRACK RECORD • A century of experience • >7 000 electrolyzers sold globally • Prestigious references TECHNOLOGY LEADERSHIP • Multiple technology platforms • Proven solutions for today, game-changing solutions for tomorrow • Ecosystem of world-class partners COST AND SCALE LEADERSHIP • Front-runner in cost reductions • Market leading production capabilities ©2026 Nel – All rights reserved
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS ©2026 Nel – All rights reserved Q3 2026 highlights 8
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS 9 Picture Source: Collins Aerospace, Hydrasun Quarterly highlights Q3 2026 REVENUE FROM CONTRACTS WITH CUSTOMERS NOK 112 million EBITDA NOK -93 million CASH BALANCE NOK 1,078 million ORDER BACKLOG NOK 1,314 million ORDER INTAKE NOK 253 million ©2026 Nel – All rights reserved©2026 Nel – All rights reserved USD 20 million order intake from Collins Aerospace for Navy stacks for US, UK and French submarine programs Enters framework agreement with Hydrasun as a European integration partner Signed MoU with Rheinmetall for decentralized synthetic fuel production for defence applications (subsequent) USD 12 million purchase order for MC series from a large US Tech company (subsequent)
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS • Revenue decreased by 63% YoY . While soft for AWE, PEM revenue increased by 65% vs same quarter last year • EBITDA at NOK -93m, a reduction of NOK 56m compared to Q3’25 • Nel continues to invest in next- generation technologies and achieving profitability will require higher revenue and improved capacity utilisation 10 Group financials Q3 2026 NOK million Q3 2026 Q3 2025 FY 2025 FY 2024 Revenue from contracts with customers 112 303 963 1,390 Total revenue and income 138 349 1,100 1,495 EBITDA -93 -37 -275 -173 EBIT -143 -105 -1,365 -389 Pre-tax income (loss) -141 -86 -1,296 -264 Net income (loss) -141 -85 -1,265 -258 Net cash flow from operating activities -197 -132 -253 -83 Cash and cash equivalents 1,078 1,757 1,617 1,874 ©2026 Nel – All rights reserved
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS • Revenue down 91% YoY • EBITDA down NOK 67m vs. Q3’25 • NOK 32 million in research and development expenses in Q3’26 vs NOK 22 million in Q3’25 • Nel has secured paid FEED studies for >100 MW projects. These activities and the launch of the new pressurized alkaline technology lay the foundation for future order • Nel has adjusted its cost base and capacity utilization to lower market demand, however fixed costs will continue to negatively influence results until volumes pick up 11 ©2026 Nel – All rights reserved Alkaline financials Q3 2026 4 19 -52 -26 26 36 -16 -28 -41 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 EBITDA Quarterly revenue and EBITDA development in Alkaline division NOK million 302 262 70 65 249 177 75 56 23 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS 64 153 85 108 54 153 74 97 89 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue • Revenues up 65% YoY . Revenue in this quarter is driven by containerized electrolyser contracts • EBITDA up NOK 10m and 11m YoY and QoQ, respectively • Product and project margins are in general up compared to previous quarters due to better project execution • This quarter included NOK 23m in research and development expenses compared to NOK 27m in Q3 2025 12 ©2026 Nel – All rights reserved PEM financials Q3 2026 Quarterly revenue and EBITDA development in PEM division NOK million -57 -22 -31 -38 -34 -35 -47 -35 -24 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 EBITDA
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS Order intake and backlog Q3 2026 270 161 148 311 71 57 686 85 230 253 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 PEM Alkaline Order intake Q3 2026: NOK 253 million 339 % y/y Alkaline NOK 8 million -49 % y/y PEM NOK 245 million 473 % y/y Order intake expected to vary between quarters as order sizes have increased Order backlog Q3 2026: NOK 1,314 million 34 % y/y Alkaline NOK 198 million -66 % y/y PEM NOK 1,116 million 174 % y/y The order backlog is subject to risks such as delays and/or cancellations 2 071 1 872 1 614 1 460 1 249 984 1 319 1 113 1 213 1 314 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 PEM Alkaline Order intake per quarter NOK million Order backlog end of quarter NOK million ©2026 Nel – All rights reserved
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS ©2026 Nel – All rights reserved Commercial update 14
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS • We continue to see several promising smaller projects, and some larger projects in the 50-150 MW range, that are expected to take FID over the next quarters • Containerized PEM showing strong momentum: − Projects have become smaller or start with a 1st build-out phase in the 10-50 MW range, which fits nicely with containerized PEM systems − Multiple containerized PEM systems offer a proven, efficient and standardized alternative to customized solutions − Significant CAPEX reductions combined with a growing list of references have increased Nel’s competitiveness in this market segment • Pressurized Alkaline has received concrete interest and there are several active customer dialogues, however still early phase • 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 15 Market perspective COMMERCIAL UPDATE ©2026 Nel – All rights reserved
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS Client: Collins Aerospace Value: USD ~20 million Delivery: 2027 and 2028 • The purchase order extends a long- standing cooperation built around reliable oxygen generation for demanding submarine applications • The order reflects growing momentum for Nel’s technology in defence applications, where reliability, operational resilience and a long service life are paramount • In environments where failure is not an option, the continued trust from Collins Aerospace underscores the company's engineering track record and confirms Nel's position as a dependable partner for critical life support systems. 16 USD 20 million order intake from Collins Aerospace for Navy stacks COMMERCIAL UPDATE ©2026 Nel – All rights reserved Picture source: Collins Aerospace
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS • Hydrasun onboarded as Nel’s new European assembly and integration partner for the MC Series. • Nel retains PEM stack production in Wallingford; Hydrasun integrates balance-of-plant and containerized systems. • Aberdeen capacity improves delivery flexibility, scalability and supply-chain resilience across Europe. • Just Transition Fund-backed upgrade may create up to 12 jobs and safeguard 11 roles. 17 Enters framework agreement with Hydrasun as a European integration partner COMMERCIAL UPDATE ©2026 Nel – All rights reserved Picture source: Hydrasun
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS Client: Undisclosed US Tech Value: USD ~12 million Delivery: 2027 • We continue to see strong momentum for the MC platform, including customers with demanding technical and operational requirements • This order underlines the quality and maturity of our MC500 platform, and the confidence leading technology customers place in Nel as a trusted partner • The MC series is designed for scalable, reliable and efficient on-site hydrogen production. Its modular design enables flexible deployment across a broad range of applications 18 ©2026 Nel – All rights reserved USD 12 million Purchase order for MC series from a large US Tech company COMMERCIAL UPDATE - SUBSEQUENT
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS • Signed MoU with Rheinmetall AG, a global leading German defence and industrial technology company • Combining Nel electrolysers and Rheinmetall's Giga PtX concept to explore decentralized synthetic fuel production • Targeting energy security, critical infrastructure and defence applications • Nel and Rheinmetall will jointly assess technical and commercial feasibility, including potential sites, infrastructure requirements, renewable power access, sustainable carbon sources and priority use cases 19 ©2026 Nel – All rights reserved Partners with Rheinmetall on the Giga PtX project for decentralized synthetic fuel production COMMERCIAL UPDATE - SUBSEQUENT Energy security is increasingly becoming a strategic priority as countries seek to reduce dependence on vulnerable fuel supply chains
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS ©2026 Nel – All rights reserved Technology update 20
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS SEA 100MW picture • Prototype testing continues at Herøya, covering operating modes, test protocols and further optimizations • Advanced customer discussions continue for the pressurized alkaline platform • SAMSUNG E&A has developed Compass H2- A+, a 100 MW system concept built around the PA-series, and are involved in several active leads 21 PA-series advances through testing and customer discussions TECHNOLOGY UPDATE ©2026 Nel – All rights reserved
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS • In 1996 Proton Energy Systems was founded with the ambition to make hydrogen available where it was needed by producing it directly from water and electricity • What began with a relatively small team in Connecticut would grow into technology used across industries and countries around the world • The next chapter will be built on everything we have learned – and on the people who continue to challenge what PEM technology can become. 22 Celebrating 30 years of PEM innovation TECHNOLOGY UPDATE 14.10.2026 ©2026 Nel – All rights reserved
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS • The work builds on years of research and previous collaboration with General Motors, combining experience in electrolysis, fuel cells and automotive manufacturing • Designed for increased efficiency and reduced production cost, as well as mass production • Currently ~3,000 hours of subscale stack testing done, taking steps towards full scale • Full stack testing expected to commence in 2027 23 ©2026 Nel – All rights reserved Next-generation PEM stack TECHNOLOGY UPDATE More hydrogen >1,200 kg per day from a 3 MW stack Lower costs ~70% reduction in stack costs Higher efficiency ~48 kWh/kg of hydrogen at stack level Fewer parts ~50% reduction in components used
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Dark Matter Nel Purple GreenBlue GreySalmon Brown ACCENT COLOURS The future belongs to the front runners ©2026 Nel – All rights reserved