Nel ASA stock trades 48.48 percent below its 52-week high

Published on 09/25/2026 at 16:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 order intake reached NOK 230 million, up 224 percent year over year, while the 12-month consensus target stood at NOK 2.18 on September 25, 2026. Revenue was NOK 153 million.

NEL ASA, NO0010081235, Illustration mit AI erstellt.

Nel ASA stock (ISIN NO0010081235) was trading at NOK 2.04 on the Oslo Stock Exchange on September 25, 2026, 48.48 percent below its 52-week high of NOK 3.96. The latest operating figures show a sharp split between new orders and current profitability.

Orders improve while revenue falls

In Q2 2026, order intake reached NOK 230 million, up 224 percent from NOK 71 million in the same quarter of 2025. The order backlog stood at NOK 1.2 billion, while cash totaled NOK 1.3 billion at the end of the quarter, according to Boerse Express.

Revenue from customer contracts fell 12 percent year over year to NOK 153 million in Q2 2026. EBITDA was negative NOK 155 million, compared with negative NOK 86 million in Q2 2025, leaving order growth disconnected from near-term earnings progress, Boerse Express reported.

Hydrogen integration adds capacity

Nel announced a framework agreement with Hydrasun on September 10, 2026, to establish European assembly and integration capabilities for its MC Series PEM electrolyzer platform. The company said stack production would continue at its Wallingford, Connecticut facility, while Hydrasun develops integration capacity in Aberdeen, according to Nel Hydrogen.

The market debate therefore centers on conversion of the NOK 230 million order intake into revenue and margins. Investing.com listed a 12-month average target of NOK 2.18 and an overall Sell consensus on September 25, 2026.

Q3 date sets the next checkpoint

The next scheduled results event is the Q3 2026 earnings release on October 15, 2026, according to MarketScreener. Nel ASA stock was trading at NOK 2.04 on Oslo Stock Exchange on September 25, 2026 at 4:15 p.m. CEST, down 0.24 percent from the prior close of NOK 2.05.