Interim report
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Nel ASA Q3 2026 report
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Nel ASA Q3 2026 report © 2026| www.nelhydrogen.com 1 of 21 Nel – All rights reserved Contents Highlights 2 Key figures 2 Financial development 4 Group 4 Nel Alkaline Electrolyser 5 Nel PEM Electrolyser 6 Finance 7 Cash 8 Risks and uncertainty 9 Outlook 9 Condensed interim financial statements 11 Notes to the interim financial statements 15 Alternative Performance Measures 20
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Nel ASA Q3 2026 report © 2026| www.nelhydrogen.com 2 of 21 Nel – All rights reserved 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) Key figures (Amounts in NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Revenue 112 303 413 633 963 EBITDA -93 -37 -348 -238 -275 Operating loss -143 -105 -499 -445 -1 365 Pre-tax income (loss) -141 -86 -473 -398 -1 296 Net income (loss) -141 -85 -473 -395 -1 265 Net cash flow from operating activities -197 -132 -361 -243 -253 Cash balance end of period 1 078 1 757 1 078 1 757 1 617 Order intake 253 57 568 440 1 126 Order backlog 1 314 984 1 314 984 1 319
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 3 of 21 Nel – All rights reserved Key press releases during the quarter and subsequent events Nel PEM Electrolyser • Enters framework agreement with Hydrasun as a European integration partner • Received purchase orders for approximately USD 20 million from Collins Aerospace for PEM electrolyser stacks used in submarine life-support systems. • Received purchase order for approximately USD 12 million for containerized PEM solutions from a leading U.S. technology customer The complete list of press releases is available at Nel’s website Press releases | Nel Hydrogen
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 4 of 21 Nel – All rights reserved Financial development Group Key figures (Amounts in NOK million) Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change 2025 Revenue 112 303 -63% 413 633 -35% 963 EBITDA -93 -37 -348 -238 -275 Order intake 253 57 339% 568 440 29% 1 126 Order backlog 1 314 984 34% 1 319 Employees 309 354 -13% 346 Total assets 4 412 5 881 -25% 4 957 Revenue & Order intake, order backlog and employees Revenue decreased by 63% compared with the third quarter of 2025. Alkaline revenue decreased by 91%, while PEM revenue increased by 65% compared to the same quarter last year. Management has implemented cost reduction and capacity adjustment measures to adapt to the current market conditions. The number of employees has been reduced by 13% compared to the same quarter last year. The reported EBITDA was NOK -93 million, a decrease of NOK 56 million compared to the same quarter last year. Nel continues to invest in next- generation technologies in order to r emain at the forefront of the industry. Achieving profitability will require higher revenue and improved capacity utilisation. Nel reported an order intake of NOK 253 million in the quarter, of which 97% related to the PEM segment. 303 330 148 153 112 0 200 400 600 800 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue Order intake 984 1 319 1 113 1 213 1 314 500 1 000 1 500 2 000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Order backlog 354 346 320 313 309 200 300 400 500 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Employees
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 5 of 21 Nel – All rights reserved Nel Alkaline Electrolyser Key figures (Amounts in NOK million) Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change 2025 Revenue 23 249 -91% 153 385 -60% 562 EBITDA -41 26 -85 -52 -16 Order intake 8 15 -49% 34 48 -29% 99 Order backlog 198 577 -66% 440 Employees 157 189 -17% 184 Total assets 2 010 2 293 -12% 2 048 Revenue & Order intake, order backlog and employees Nel Alkaline Electrolyser reported a 91% decline in revenue compared to third quarter last year. In total, EBITDA decreased by NOK 67 million compared to third quarter 2025. This quarter included NOK 32 million in research and development expenses compared to NOK 22 million in Q3 2025. The order backlog for Alkaline Electrolyser at the end of the quarter totalled NOK 198 million. This was down NOK 25 million from the end of Q2 2026, driven by project delivery in excess of order intake. Nel has secured paid front-end engineering and development studies for projects above 100 MW. These activities and the launch of the new pressurized alkaline technology lay the f oundation for future order intake of firm equipment orders. Nel’s cost structure and the utilization of the Herøya production capacity are being adjusted to market demand, while still retaining critical competencies. F ixed costs from unutilized production and organizational capacity will continue to negatively impact results until more orders have been secured. Testing of the next-generation pressurised alkaline electrolyser prototype continues to show encouraging results. Following the commercial launch in May 2026, work is progressing on the planned 1 GW production line at Herøya. The new technology is designed to reduce upfront investment and installation footprint while maintaining competitive energy efficiency and support future Alkaline order intake. 249 177 75 56 230 100 200 300 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue Order intake 577 440 270 224 198 0 200 400 600 800 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Order backlog 189 184 167 160 157 50 100 150 200 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Employees
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 6 of 21 Nel – All rights reserved Nel PEM Electrolyser Key figures (Amounts in NOK million) Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change 2025 Revenue 89 54 65% 260 247 5% 401 EBITDA -24 -34 -106 -103 -138 Order intake 245 43 473% 534 392 36% 1 027 Order backlog 1 116 407 174% 878 Employees 131 142 -8% 139 Total assets 1 186 1 619 -27% 1 149 Revenue & Order intake, order backlog and employees Nel PEM Electrolyser reported a 65% increase in revenue compared to third quarter last year. Revenue in this quarter is driven by containerized electrolyser contracts. The reported EBITDA of NOK - 24 million improved by NOK 10 million compared to same quarter last year. This quarter included NOK 23 million in research and development expenses compared to NOK 27 million in Q3 2025. Product and project margins are general ly up compared to previous quarters due to better project execution. The PEM segment reported an order backlog of NOK 1 116 million, up NOK 126 million from the end of Q2 2026. The note on Alternative Performance Measures quantifies the risk in and distribution over time of the backlog. Product development for a next- generation PEM electrolyser with significantly lower material cost and improved energy efficiency is progressing according to plan. As part of the verification and preparation for industrialisation, a smaller-scale test electrolyser is being built. 54 153 74 97 89 0 100 200 300 400 500 600 700 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue Order intake 407 878 843 990 1 116 0 200 400 600 800 1 000 1 200 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026Order backlog 142 139 132 132 131 50 100 150 200 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Employees
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 7 of 21 Nel – All rights reserved Finance (Amounts in NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Finance income Interest income 14 22 49 69 93 Change in fair value financial instruments 0 0 0 0 0 Other 2 5 4 10 12 Interest income and other finance income 16 28 53 79 105 Finance costs Interest expense -4 -4 -11 -13 -17 Net foreign exchange gain (loss) -7 -2 -15 -18 -17 Change in fair value financial instruments -2 -3 -1 -5 -6 Other -1 0 0 -1 -1 Interest expense and other finance costs -14 -10 -28 -36 -41 Net finance income (cost) 3 18 26 42 64 Nel reported finance income of NOK 16 million (Q3 2025: 28) in the quarter , driven by interest income of NOK 14 million (Q3 2025: 22) from cash and cash equivalents . The decrease in interest income can be attributed to the lower cash amount in the period. Finance costs in the quarter were NOK 14 million, compared with NOK 10 million in the same quarter last year, mainly comprising a net foreign exchange loss of NOK 7 million and interest expense of NOK 4 million. This quarter includes a decrease in fair value of shareholdings in Cavendish Hydrogen ASA of NOK 2 million, compared to a decrease of NOK 3 million in same quarter last year. During the quarter, Nel sold its remaining shares in Cavendish Hydrogen ASA for approximately NOK 8 million.
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 8 of 21 Nel – All rights reserved Cash (Amounts in NOK million) Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change 2025 Net cash flow from operating activities -197 -132 -361 -243 -253 Net cash flow from investing activities -40 -28 -150 -187 -305 Net cash flow from financing activities -11 -12 -34 315 303 Foreign currency effects on cash -1 0 5 -3 -3 Net change in cash -250 -171 -539 -119 -258 0 0 Cash and cash equivalents OB 1 328 1 928 -31% 1 617 1 876 -14% 1 876 Cash and cash equivalents 1 078 1 757 -39% 1 078 1 757 -39% 1 617 Cash and cash equivalents, operating activities and investing activities Cash flow from operating activities was negative NOK -197 million this quarter (Q3 2025: -132). Changes in net working capital impacted cash by NOK -31 million (Q3 2025: -153) in the quarter. Since Nel has a limited set of large -scale projects, temporary mismatches between cash inflows and outflows on individual projects can have a significant effect on working capital. In addition, the Iwatani settlement from the second quarter 2026 resulted in a cash outflow of approximately NOK 75 million in the quarter. Investing activities in the third quarter of 2026 included purchases of property, plant and equipment totalling NOK 32 million (Q3 2025: 38), mainly related to next-generation pressurised alkaline electrolyser equipment. In addition, investing activities are impacted by a net decrease of NOK -0.3 million (Q3 2025: 40) in restricted cash. Other investing activities in the quarter included capitalised internal development of next-generation electrolysers totalling NOK 16 million (Q3 2025: 31) and sale of shares for approximately NOK 8 million. Foreign currency effect on cash was limited as Nel holds a significant portion of cash in NOK, which is also the presentation currency of Nel. 1 757 1 617 1 443 1 328 1 078 0 500 1 000 1 500 2 000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Cash and cash equivalents -132 -10 -165 2 -197 -200 -150 -100 -50 0 50 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating activities -28 -118 -1 -109 -40 -250 -200 -150 -100 -50 0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Investing activities
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 9 of 21 Nel – All rights reserved Risks and uncertainty Nel is exposed to significant risk and uncertainty factors, which may affect some or all of the group’s activities. Nel is exposed to operational, financial, market, regulatory and climate-related risk. These risks could occur individually or simultaneously. There are no significant changes in the risk and uncertainty factors described in our Annual Report 2025. Outlook Nel’s strategy is to deliver reliable and energy-efficient electrolyser stacks and balance of stack systems to customer projects globally . To handle the scope Nel does not cover, Nel has partnered with world -class EPC companies. This approach allows Nel to focus its efforts and resources on improving its core technology. The company is well positioned to maintain a leading role among electrolyser manufacturers. A proven track record of delivering working electrolyser systems over several decades, a diverse product portfolio covering both alkaline and PEM solutions, and automated GW -scale production facilities are important differentiating factors. Nel continues to make significant investments in improving the performance of current technology and maturing next- generation technologies . Nel’s industrial and technological development is strengthened by its strategic collaborations with partners such as Reliance, Samsung E&A and Saipem. Delays in and cancellations of announced government incentives, higher interest rates, and higher than expected costs for building and operating hydrogen facilities (outside of Nel’s core scope) have led to lower than expected order intake for the industry as a whole and for Nel in the last years , as well as delays and cancellations of already signed projects. Nel has a cash balance that, in combination with adjustments to the cost base and capacity utilization, is expected to allow the company to fund its operations, investment in technology development and to be ready to return to its growth strategy when the market returns. 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. Nel has for years served various applications for local hydrogen production, defence and other specialty segments, and thes e 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.
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 10 of 21 Nel – All rights reserved Oslo, 14 October 2026 The Board of Directors Arvid Moss Chair (Electronically signed) Beatriz Malo de Molina Board member (Electronically signed) Charlotta Falvin Board member (Electronically signed) Jens Bjørn Staff Board member (Electronically signed) Hanne Blume Board member (Electronically signed) Hans Erik Vatne Board member (Electronically signed) Gyu Yeon Kang Board member (Electronically signed) Håkon Volldal CEO (Electronically signed)
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 11 of 21 Nel – All rights reserved Condensed interim financial statements Consolidated statement of comprehensive income (unaudited) (Amounts in NOK thousands) Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Revenue and income Revenue from contracts with customers 3 111 652 303 373 413 158 632 631 963 114 Other income 26 465 45 723 58 517 106 762 137 074 Total revenue and income 138 117 349 096 471 675 739 393 1 100 188 Operating expenses Raw materials 41 110 132 611 165 085 263 203 400 626 Personnel expenses 108 069 134 960 349 411 421 181 569 244 Depreciation, amortisation and impairment 4, 5 50 072 67 702 150 677 206 347 1 089 880 Other operating expenses 82 142 118 542 305 241 293 385 405 105 Total operating expenses 281 393 453 815 970 414 1 184 116 2 464 855 Operating loss -143 276 -104 719 -498 739 -444 723 -1 364 667 Finance income 16 182 27 799 53 428 78 642 105 015 Finance cost -13 586 -9 596 -27 659 -36 429 -41 027 Share of loss from associates and joint ventures 0 783 0 4 527 4 527 Net financial items 2 596 18 986 25 769 46 740 68 515 Pre-tax income (loss) -140 680 -85 733 -472 970 -397 983 -1 296 152 Tax expense (income) 0 -1 032 0 -3 217 -31 035 Net income (loss) for the period -140 680 -84 701 -472 970 -394 766 -1 265 117 Items that are or may subsequently be reclassified to income statement: Currency translation differences -23 568 -10 191 -27 222 -143 629 -133 829 Cash flow hedges, effective portion of changes in fair value 731 -5 004 1 577 -4 700 2 821 Cash flow hedges, reclassified -124 3 835 200 7 997 809 Other comprehensive income -22 961 -11 360 -25 445 -140 332 -130 199 Total comprehensive income -163 641 -96 061 -498 415 -535 098 -1 395 316 Basic EPS (figures in NOK) 1) -0.08 -0.05 -0.26 -0.22 -0.70 Diluted EPS (figures in NOK) 1)2) -0.08 -0.05 -0.26 -0.22 -0.70 Weighted average number of outstanding shares (million) 1 838 1 838 1 838 1 795 1 806 1) Basic earnings per share are computed using the weighted average number of ordinary shares outstanding. 2) Diluted earnings per share are computed using the weighted average number of ordinary shares outstanding adjusted for performance share units (PSUs). The number of PSUs outstanding in Q3, as potential shares, was 13.5 million shares. Potential ordinary shares relating to PSUs have not been included in diluted earnings per share, as their inclusion would be anti-dilutive The accompanying notes are an integral part of the condensed consolidated financial statements (unaudited).
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 12 of 21 Nel – All rights reserved Consolidated statement of financial position (unaudited) (Amounts in NOK thousands) Note 30.09.2026 30.06.2026 31.12.2025 ASSETS Intangible assets 4 635 122 631 582 584 451 Property, plant and equipment 5 1 130 551 1 157 468 1 190 233 Restricted cash and cash equivalents 144 163 143 841 155 027 Other non-current assets 43 589 42 537 40 303 Total non-current assets 1 953 425 1 975 428 1 970 014 Inventories 925 141 889 505 918 794 Trade receivables 6 199 123 226 923 240 913 Contract assets 108 954 105 631 67 204 Other current assets 146 537 113 944 142 449 Restricted cash and cash equivalents 0 0 0 Cash and cash equivalents 1 078 407 1 328 048 1 617 458 Total current assets 2 458 162 2 664 051 2 986 818 TOTAL ASSETS 4 411 587 4 639 479 4 956 832 EQUITY AND LIABILITIES Shareholders' equity 3 441 009 3 601 586 3 933 183 Total equity 3 441 009 3 601 586 3 933 183 Lease liabilities 170 182 177 753 190 185 Other non-current liabilities 195 675 193 870 68 739 Total non-current liabilities 365 857 371 623 258 924 Trade payables 105 500 47 439 126 796 Lease liabilities 39 032 40 700 42 961 Contract liabilities 344 992 370 405 372 420 Other current liabilities 115 197 207 726 222 548 Total current liabilities 604 721 666 270 764 725 Total liabilities 970 578 1 037 893 1 023 649 TOTAL EQUITY AND LIABILITIES 4 411 587 4 639 479 4 956 832 The accompanying notes are an integral part of the condensed consolidated financial statements (unaudited).
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 13 of 21 Nel – All rights reserved Consolidated statement of cash flows (unaudited) (Amounts in NOK thousands) Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Cash flow from operating activities Pre-tax income (loss) 1) -140 680 -85 733 -472 970 -397 983 -1 296 152 Depreciation, amortisation and impairment 50 072 67 702 150 677 206 347 1 089 880 Change in net working capital 2) -31 145 -152 741 -149 427 -40 728 -69 185 Other adjustments 5) -75 190 38 826 111 219 -10 554 22 662 Net cash flow from operating activities -196 943 -131 946 -360 501 -242 918 -252 795 Cash flow from investing activities Purchases of property, plant and equipment -31 586 -38 175 -91 742 -113 828 -145 159 Payments for capitalised technology -16 228 -30 509 -79 058 -82 835 -145 248 Cash flows from (used in) decrease (increase) in restricted cash 4) -322 40 148 10 864 57 780 33 451 Purchase of other investments 0 0 0 -17 952 -17 952 Investments in other financial assets 0 0 0 -35 000 -35 000 Investments in associates and joint ventures 0 783 0 4 527 4 527 Proceeds from sales of other investments 7 880 0 10 276 0 0 Net cash flow from investing activities -40 256 -27 752 -149 660 -187 308 -305 381 Cash flow from financing activities Interest paid 3) -3 612 -4 091 -11 177 -12 695 -16 672 Gross cash flow from share issues 0 0 0 353 070 353 070 Transaction costs connected to share issues 0 0 0 -3 840 -3 840 Payment of lease liabilities -7 628 -7 453 -22 441 -21 889 -29 455 Net cash flow from financing activities -11 240 -11 544 -33 618 314 646 303 103 Foreign currency effects on cash -1 202 -53 4 728 -3 386 -3 049 Net change in cash and cash equivalents -249 641 -171 295 -539 051 -118 966 -258 122 Cash and cash equivalents beginning of period 1 328 048 1 927 909 1 617 458 1 875 580 1 875 580 Cash and cash equivalents 1 078 407 1 756 614 1 078 407 1 756 614 1 617 458 1) Q3 2026 includes interests received of NOK 14 (22) million. 2) Change in net working capital comprises changes in inventories, trade receivables, contract asset s, contract liabilit ies, trade payable s and prepayment to suppliers. 3) Interest paid includes interest expense on lease liabilities. 4) Cash flow change s in restricted bank deposits and collateral relate to bank guarantees with a maturity exceeding three months at the date of purchase. Bank guarantee products primarily comprise performance bonds and advance payment guarantees issued in connection with customer contracts. 5) Other adjustments include the Iwatani settlement of approximately NOK 75 million this quarter.
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 14 of 21 Nel – All rights reserved Consolidated statement of changes in equity (unaudited) (Amounts in NOK thousands) Share capital Share premium Treasury shares Other component of equity Retained earnings Total equity Equity as of 31.12.2024 334 265 7 598 563 -84 218 228 -3 173 696 4 977 276 Net loss -1 265 117 -1 265 117 Currency translation differences -133 829 -133 829 Hedging reserve 3 630 3 630 Capital increase 33 427 315 804 349 231 Options and share program 1 992 1 992 Equity as of 31.12.2025 367 692 7 914 367 -84 88 029 -4 436 821 3 933 183 Net loss -472 970 -472 970 Currency translation differences -27 222 -27 222 Hedging reserve 1 777 1 777 Capital increase 0 Options and share program 6 241 6 241 Equity as of 30.09.2026 367 692 7 914 367 -84 62 584 -4 903 550 3 441 009
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 15 of 21 Nel – All rights reserved Notes to the interim financial statements Note 1 Organisation and basis for preparation Corporate information Nel is a global, dedicated hydrogen electrolyser technology company, delivering solutions to efficiently produce hydrogen from renewable energy. The company serves industries, energy, and gas companies with leading technology making it possible to decarbonize various sectors such as transportation, refining, steel and ammonia. The history of the company dates to 1927, and has since then continuously developed and improved its hydrogen production technology offering . Today, its solutions cover the only industrially relevant and commercially ready electrolyser platforms ; alkaline and PEM . The company continues to invest in current offering as well as develop next-generation technologies. Nel currently has two divisions: Nel Alkaline Electrolyser and Nel PEM Electrolyser. Nel (org. no 979 938 799) was formed in 1998 and is a Norwegian public limited company listed on the Oslo Stock Exchange under the ticker “NEL” . The group's head office is in Karenslyst allé 49, N -0278 Oslo, Norway. Basis for preparation The financial information is prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34). This financial information should be read together with the annual report for the year ended 31 December 202 5 prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). The accounting policies adopted in the preparation of the condensed interim consolidated financial statements are consistent with those used in the preparation of the group's annual consolidated financial statements for the year ended 31 December 2025. As a result of rounding differences, numbers or percentages may not add up to the total.
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 16 of 21 Nel – All rights reserved Note 2 Significant estimates, judgements and assumptions The preparation of the interim financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent liabilities at the date of the interim financial statements. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of the interim financial statements, deviate from the actual circumstances, the original estimates and assumptions will b e modified as appropriate in the period in which the circumstances change. In the process of applying the group’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the condensed interim financial statements: Judgements • Revenue recognition • Deferred tax asset • Development costs • Leases, incremental borrowing rates and lease terms Assumptions and estimation uncertainty • Revenue recognition • Share-based payments • Impairment of goodwill and intangible assets • Inventories net realisable value The estimates and underlying assumptions are reviewed on an ongoing basis, considering the current and expected future market conditions. Changes in accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Refer to the annual report of 2025 for more details related to key judgements and estimation. Note 3 Segments Nel identifies its reportable segments and discloses segment information under IFRS 8 Operating Segments. This standard requires Nel to identify its segments according to the organisation and reporting structure used by management. See Nel's Annual Report 2025 note 2.3 Segment information for a description of Nel's management model and segments, including a description of Nel's segment measures and accounting principles used for segment reporting. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. Nel operates within two operating segments, Nel Alkaline Electrolyser and Nel PEM Electrolyser. Billing of goods and services between operating segments are effected on an arm’s length basis.
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 17 of 21 Nel – All rights reserved The following table includes information about Nel's operating segments. (Amounts in NOK thousands) Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change Revenue Nel Alkaline Electrolyser 22 522 249 492 -91% 153 102 385 229 -60% Nel PEM Electrolyser 89 130 53 881 65% 260 056 247 402 5% Total 111 652 303 373 -63% 413 158 632 631 -35% EBITDA Nel Alkaline Electrolyser -41 078 25 916 -85 458 -51 716 Nel PEM Electrolyser -24 034 -33 681 -105 839 -102 502 Corporate 1) -28 092 -29 252 -156 765 -84 158 Total -93 204 -37 017 -348 062 -238 376 Investments 2) Nel Alkaline Electrolyser 36 821 35 096 5% 117 112 117 191 0% Nel PEM Electrolyser 10 993 33 588 -67% 53 688 79 472 -32% Total 47 814 68 684 -30% 170 800 196 663 -13% Total assets 3) Nel Alkaline Electrolyser 2 010 193 2 293 237 -12% Nel PEM Electrolyser 1 186 480 1 619 398 -27% Corporate 1 214 914 1 968 857 -38% Total 4 411 587 5 881 492 -25% 1) Corporate comprises parent company and other holding companies. 2) Investments comprise intangible assets and property, plant and equipment. 3) Total assets per segment includes excess values on intangible assets derived from the consolidation of the financial statements. Property, plant and equipment by geographical area (Amounts in NOK thousands) 30.09.2026 30.09.2025 Change 31.12.2025 Change Norway 719 923 1 098 208 -34% 726 788 -1% USA 410 628 471 971 -13% 463 445 -11% Total 1 130 551 1 570 179 -28% 1 190 233 -5%
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 18 of 21 Nel – All rights reserved Note 4 Intangible assets (Amounts in NOK thousands) Goodwill Technology Total Carrying value of 01.01.2026 61 364 523 087 584 451 Additions 0 79 058 79 058 Amortisation 0 -21 974 -21 974 Currency translation differences 0 -6 413 -6 413 Carrying value as of 30.09.2026 61 364 573 758 635 122 Intangible assets are reviewed each quarter for impairment indicators, including market changes, technological development, order backlog and other changes that might potentially reduce the value of the assets. For goodwill, impairment tests are performed annually at year -end, and if impairment indicators are identified. Goodwill is tested using the ‘value in use’ approach determined by discounting expected future cash flows. If the impairment test reveals that an asset's carrying amount is higher than its value in use, an impairment loss will be recognised. Impairment tests are performed on two Cash Generating Units (CGUs). Book value goodwill end of period is related to CGU Alkaline Electrolyser. Note 5 Property, plant and equipment Property, plant and equipment comprise owned and leased assets (Amounts in NOK thousands) Land, buildings and equipment Right-of-use assets Total Carrying value of 01.01.2026 1 001 800 188 433 1 190 233 Additions 91 742 0 91 742 Remeasurements 0 1 231 1 231 Depreciation -106 129 -22 574 -128 703 Currency translation differences -21 421 -2 531 -23 952 Carrying value as of 30.09.2026 965 992 164 559 1 130 551
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 19 of 21 Nel – All rights reserved Note 6 Trade receivables The following table provides information about the exposure to credit risk and expected credit losses for trade receivables from individual customers at the end of this quarter. (Amounts in NOK thousands) Weighted average loss rate1) Gross carrying amount Loss allowance Current (not past due) 0.1 % 38 343 57 1-30 days past due 0.2 % 12 311 31 31-60 days past due 1.0 % 12 390 124 61-90 days past due 5.0 % 2 767 138 91 days to one year past due 11.9 % 60 693 7 235 More than one year past due 35.0 % 123 392 43 187 Carrying value as of 30.09.2026 20.3 % 249 896 50 773 1) Loss rates are based on actual credit loss experience over the past two years. These rates are multiplied by a factor to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and Nel’s view of economic conditions over the expected lives of the receivables.
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 20 of 21 Nel – All rights reserved Alternative Performance Measures Nel discloses alternative performance measures (APMs) in addition to those normally required by IFRS. This is based on the group’s experience that APMs are frequently used by analysts, investors and other parties as supplemental information. The purpose of APMs is to provide an enhanced insight into the operations, financing and future prospect of the group. Management also uses these measures internally to drive performance in terms of monitoring operating performance and long -term target setting. APMs are adjusted IFRS measures that are defined, calculated and used in a consistent and transparent manner over the years and across the group where relevant. Financial APMs should not be considered as a substitute for measures of performance in accordance with the IFRS. Nel’s financial APMs EBITDA: is defined as earnings before interest, tax, depreciation, amortisation and impairment. EBITDA corresponds to operating profit/(loss) plus depreciation, amortisation and impairment. EBITDA margin: is defined as EBITDA divided by revenue and income. Equity ratio: is defined as total equity divided by total assets. Order intake: is defined as firm purchase orders with agreed price, volume, timing, terms and conditions entered within a given period. The order intake includes both contracts and change orders. For service contracts and contracts with uncertain transaction price, the order intake is based on estimated revenue. The measure does not include potential change orders. Order backlog: is order intake where revenue is yet to be recognised. The following table shows details of reported order backlog. Planned delivery is subject to change due to circumstances outside Nel’s control: (Amounts in NOK million) Alkaline PEM SUM Planned delivery 2026 60 174 234 Delivery 2027 or later 104 408 513 Significant risk of delay or cancellation 34 534 568 Order backlog as of 30.09.2026 198 1116 1314 The Hyds Projects remain delayed in the initial phase, but the customer plans to proceed. The increased uncertainty results in about NOK 500 million of the PEM backlog being classified as significant risk of delay or cancellation.
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Nel ASA Q3 2026 report © 20266 | www.nelhydrogen.com 21 of 21 Nel – All rights reserved Title: Q3 2026 Report Published date: 15.10.2026 info@nelhydrogen.com +47 23 24 89 50 Karenslyst allé 49, PB 199 Skøyen, 0212 Oslo, Norway The publication can be downloaded on nelhydrogen.com