Nel ASA reports third-quarter results as SB1 cuts Nel ASA stock target

Published on 10/18/2026 at 13:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

PEM revenue rose 65 percent in the third quarter. Nel ASA stock now reflects NOK 1,078 million cash and NOK 253 million orders from October 15, 2026.

Orders and losses diverge

Nel reported NOK 253 million of third-quarter order intake on October 15, 2026.
PEM revenue increased 65 percent to NOK 89 million in the third quarter of 2026.
SpareBank 1 Markets cut its target from NOK 0.50 to NOK 0.30 on September 29, 2026.

NEL ASA, NO0010081235, Illustration mit AI erstellt.

Nel ASA (ISIN NO0010081235) reported third-quarter order intake of NOK 253 million on October 15, 2026, up 339 percent from the same quarter a year earlier. The result combined sharper demand for PEM systems with a steep decline in group revenue. Separately, Boerse Express reported that SpareBank 1 Markets had cut its Nel target from NOK 0.50 to NOK 0.30 on September 29, 2026.

Third-quarter figures split

According to Cision, revenue from contracts with customers fell 63 percent year over year to NOK 112 million in the third quarter of 2026. EBITDA was negative NOK 93 million and net loss was NOK 141 million, while cash stood at NOK 1,078 million at quarter end.

The operating split is material. PEM revenue rose 65 percent year over year to NOK 89 million, and PEM order intake reached NOK 245 million. Alkaline revenue fell 91 percent to NOK 23 million, showing why higher orders have not yet translated into group profitability.

What does the order growth mean?

Nel's order backlog increased 34 percent year over year to NOK 1,314 million in the third quarter. PEM represented 97 percent of total order intake, giving the backlog a clear concentration in the division that delivered the stronger revenue trend.

Three dated company events

On September 29, 2026, Nel Hydrogen reported a USD 12 million submarine equipment order. On October 8, 2026, the company announced that its third-quarter report would be published on October 15 at 07:00 CET. On October 15, 2026, Nel reported NOK 253 million of quarterly order intake and a NOK 1,314 million backlog.

Upcoming reporting dates

Nel's investor-relations calendar lists the annual report for February 19, 2027 and the first-quarter report for April 21, 2027. The same calendar states that the shares trade on the Oslo Stock Exchange under ticker NEL.

Cash remains the counterweight

The figures point to a two-speed business: PEM demand and order intake improved, but negative EBITDA of NOK 93 million and a NOK 141 million net loss kept profitability out of reach in the third quarter.

Nel ASA stock is covered by the analyst target cut to NOK 0.30 dated September 29, 2026, while the company's next scheduled reports are dated February 19, 2027 and April 21, 2027. The further course of trading is shown by the continuously updated real-time quote of Nel ASA stock.