Nel ASA's 2025 Financial Report: A Pivotal Moment for the Hydrogen Pioneer

Nel's 2025 financial report, due Feb 26, 2026, reveals the impact of its final investment decision for a major 1 GW electrolyzer factory backed by EU funds.

All eyes are on Norwegian electrolyzer manufacturer Nel ASA as it approaches a critical financial disclosure. The company is scheduled to release its fourth quarter and full-year 2025 results on February 26, 2026, at 07:00 CET. According to a February 19 announcement, a virtual presentation and Q&A session will follow one hour after the figures are published.

This report is highly anticipated as it will provide the first comprehensive financial snapshot since a major strategic decision in December 2025. At that time, Nel's board gave the final investment decision (FID) to construct a production facility with a capacity of up to 1 GW for its Next Generation Pressurized Alkaline platform at Herøya, Norway. This initiative, backed by the EU Innovation Fund, culminates a seven-year development program that included successful prototype testing.

A Strategic Inflection Point

The December FID represents a significant strategic commitment for Nel. The expansion of the initial 1 GW capacity at Herøya is estimated to require approximately 300 million NOK before grants. These capital expenditures are expected to be spread across 2026 and 2027. The EU Innovation Fund has pledged up to 135 million euros to support the industrialization effort, with the first milestone payment exceeding 10 million euros triggered by the investment decision.

The company is targeting the commercial launch of its pressurized alkaline system for the first half of 2026, with industrial-scale deliveries planned from 2027 onwards. Additionally, Nel intends to review the book values of two decommissioned atmospheric alkaline production lines, each with 500 MW of capacity.

Revenue Volatility and Recent Orders

Nel's recent financial performance has shown considerable fluctuation. For the third quarter of 2025, the company posted revenue of 349 million NOK, a notable increase from the 174 million NOK recorded in the preceding quarter. This followed a challenging second quarter, which saw revenue decline by approximately 48% year-over-year.

As of the end of Q3, Nel's liquidity position stood at roughly 1.76 billion NOK in cash and equivalents. Beyond the quarterly revenue, analysts will scrutinize the order backlog and new order intake figures closely.

Ahead of the Q4 report, Nel secured several significant contracts. In November 2025, it received a PEM electrolyzer order valued at over 50 million USD for the HyFuel and Kaupanes hydrogen projects. This was preceded in October by a third order from H2 Energy for a containerized PEM solution.

Market Context and Share Performance

The broader green hydrogen sector continues to face headwinds, including delayed project timelines and lower order volumes than initially forecast. During the Q3 earnings call, Nel's management noted that near- to medium-term projects are likely to be smaller than previously anticipated.

Nel's share price has traded within a narrow band between 2.20 and 2.50 NOK for several months. As of mid-January 2026, the company's market capitalization was approximately 4.19 billion NOK, with about 1.84 billion shares outstanding.

Key Data Points for February 26

The upcoming presentation is expected to shed light on several crucial questions:
* Did fourth-quarter revenue sustain or build upon the level achieved in Q3?
* How did EBITDA performance evolve across the Alkaline and PEM business segments?
* What was the order backlog and new order intake as 2026 began?

The state of Nel's liquidity relative to the planned Herøya investment will be closely monitored. Furthermore, management commentary on the precise timing for the commercial rollout of the pressurized alkaline platform will be critical for investor sentiment. The virtual presentation will be accessible via nelhydrogen.com, with a recording made available afterward.