Nel ASA’s Upcoming Financial Report in Focus

Nel ASA NO0010081235

Investors in hydrogen technology firm Nel ASA are marking their calendars for a significant date. The company is scheduled to release its fourth-quarter and full-year 2025 financial results on February 26. This disclosure is highly anticipated following a challenging third quarter, with the market keen to assess whether order intake has stabilized and the robustness of the current order backlog.

The third-quarter figures from 2025 underscore the importance of the forthcoming report. During that period, revenue came in at 303 million Norwegian kroner (NOK), representing a 17% year-over-year decline. A more pronounced concern was the sharp contraction in new orders, which plummeted 64% to just 57 million NOK. As of the end of September 2025, Nel's total order backlog stood at 984 million NOK. Consequently, the primary focus on February 26 will be whether business momentum improved in the final quarter and how the backlog evolved through year-end.

Strategic Milestone: The Herøya Platform Initiative

A key strategic development occurred in December when Nel's board approved the final investment decision to industrialize its "Next-Generation Pressurized Alkaline" electrolyzer platform at its Herøya facility. This move concludes a development program initiated back in 2018, spanning seven years.

The project is financially supported by a grant of up to 135 million euros from the EU Innovation Fund. Initial capital expenditures are planned at approximately 300 million NOK to establish an annual production capacity of 1 gigawatt (GW), with the site having a long-term potential to scale up to 4 GW.

Commercial launch for the new platform is targeted for the first half of 2026, with volume deliveries expected to commence from 2027. This next-generation technology is designed to enhance energy efficiency and reduce system costs—two critical factors for driving down the price of green hydrogen.

Contract Wins Amid Sector-Wide Challenges

Despite a difficult market environment, Nel announced several contract awards towards the end of 2025. In November, the company secured an order valued at over $50 million for PEM electrolyzers to be used in the HyFuel and Kaupanes hydrogen projects. Additionally, Nel was selected as the technology supplier for the GreenH projects in Kristiansund and Slagentangen.

However, the broader hydrogen sector continues to face headwinds. High production costs, delays in infrastructure development, and regulatory uncertainties are tempering market growth, which in turn affects the predictability of demand for equipment suppliers like Nel.

Looking Beyond the February Report

The financial update in late February will not be the only event for investors this spring. Nel has scheduled its Annual General Meeting for April 10. Subsequently, the company plans to publish its first-quarter 2026 report on April 22, providing another timely data point on its operational trajectory shortly after the annual results.

Key Data Points:
* Q4 & Annual Report Date: February 26
* Q3 2025 Revenue: 303 million NOK (-17%)
* Q3 2025 Order Intake: 57 million NOK (-64%)
* Order Backlog (Sept 30, 2025): 984 million NOK
* EU Grant Commitment: Up to 135 million euros
* New Platform Market Launch Target: First half of 2026