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Nel ASA: loss and revenue decline in Q2 weigh on stock

Nel ASA reported a drop in revenue from customer contracts to NOK 153m in Q2 2026 (-12% y/y) and reported EBITDA of minus NOK 155m, while adjusted EBITDA—after excluding a NOK 70m payment—remained stable. Total income fell to NOK 182m from NOK 215m a year earlier, while order intake rose to NOK 230m and the order backlog reached NOK 1.2bn. Management is banking on the new pressure-alkali platform to cut costs (CapEx reduction 40–60%) and, with NOK 1.3bn in cash, sees no immediate financing need. The stock fell about 2.25% in early trading to USD 2.17, and investors remain cautious due to slow revenue growth and a profitability shortfall. » More on de.investing.com
Nel records 224% increase in orders, but remains deep in the red

Nel reports Q2 order growth of 224% to NOK 230m, but the order backlog fell 3% to NOK 1.21bn. Revenue fell 12% to NOK 153m and EBITDA showed a loss of NOK 155m; EBIT lost NOK 205m, thereby exceeding market expectations. Liquid funds stand at NOK 1.33bn; CEO Håkon Volldal is leaving the company and will join Elopak by January 2027 at the latest. Overall, the quarterly report shows no turnaround and the cost base remains too high. » More on deraktionaer.de
Nel misses Q2 revenue forecasts and widens loss

Nel reported Q2 revenue of NOK 182 million, missing the consensus estimate of NOK 186.67 million. Net operating loss was NOK 189 million, and EBITDA loss widened to NOK 155 million, weighed down by a NOK 70 million settlement related to Iwatani. Order intake rose 224% year-on-year to NOK 230 million, and order backlog increased to NOK 1.21 billion (+9% versus Q1). Nel commercially launched the PA series of pressure-alkaline electrolyzers but did not provide a concrete financial outlook for the coming quarters. » More on de.investing.com

Historical dividends Dividends

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In 2003, NEL ASA has already paid 7,14€ in dividends. The last payout was in June 2003.

Financials

In the last quarter, NEL ASA had revenue of 13.56m€ and net profit of −16.67m€

(EUR)	Jun 2026	YoY
Revenue	+13.56m	7,35%
Gross profit	+7.33m	54,88%
Net profit	−16.67m	51,54%
EBITDA	−11.90m	131,16%

Fundamentals

Metric	Value
Market capitalization	+348.42m€
Number of shares	1.84b
52-week high/low	+0,36€ - +0,18€
Dividends	No
Beta	1,46
P/E ratio	−2,97
PEG ratio	+0,02
P/B ratio	+1,05
P/S ratio	+4,05

Company profile

Nel ASA, ein Wasserstoffunternehmen, bietet verschiedene Lösungen zur Herstellung, Speicherung und Verteilung von Wasserstoff aus erneuerbaren Energien in Norwegen, den Vereinigten Staaten, Dänemark und Südkorea an. Das Unternehmen ist in zwei Segmenten tätig: Nel Hydrogen Fueling und Nel Hydrogen Electrolyser. Das Segment Nel Hydrogen Fueling produziert H2Station-Wasserstofftankstellen, die Brennstoffzellen-Elektrofahrzeuge mit der gleichen Betankung und Reichweite wie herkömmliche Fahrzeuge mit fossilen Brennstoffen versorgen, einschließlich Autos, Busse, Lastwagen, Gabelstapler und andere Anwendungen. Das Segment Nel Hydrogen Electrolyser produziert und installiert Elektrolyseure für die Wasserstoffproduktion, die auf der alkalischen und Protonenaustauschmembran-Wasserelektrolyse-Technologie basieren. Es beliefert Industrie-, Energie- und Gasunternehmen. Das Unternehmen war früher unter dem Namen DiaGenic ASA bekannt und änderte im Oktober 2014 seinen Namen in Nel ASA. Nel ASA wurde 1927 gegründet und hat seinen Hauptsitz in Oslo, Norwegen.

Name	NEL ASA
CEO	Hakon Rypern Volldal
Headquarters	Oslo, ps Norway
Website	nelhydrogen.com
Sector	Energy
Industry	Energy Equipment & Services
IPO	02/05/2020
Employees	313