Nel ASA's Financial Milestone: Fourth Quarter and Full-Year 2025 Results Await

Nel ASA's Q4 2025 report is crucial for assessing revenue, cash position, and execution of its Herøya expansion following the final investment decision.

This week marks a significant moment for Nel ASA, as the hydrogen technology specialist prepares to release its fourth quarter and full-year 2025 financial statements on Thursday. For shareholders, this report offers the first comprehensive financial overview since the company's pivotal decision in December to advance to the next investment phase at its Herøya facility. Market attention will be intensely focused on whether revenue trends, liquidity, and order intake demonstrate the financial and operational sustainability required to support the ambitious expansion roadmap.

The financial figures are scheduled for release at 07:00 CET on Thursday. A virtual presentation, including a Q&A session, will follow at 08:00 CET. All related documents and the report will be published simultaneously on newsweb.no and nelhydrogen.com. A live webcast will be accessible via the investor relations page, with a recording made available afterward.

Financial Metrics Under the Microscope

Investors are expected to scrutinize several key performance indicators in the upcoming report:

• Revenue Trajectory: In Q3 2025, Nel reported revenue from customer contracts of 303 million NOK. This represented a 17% decline compared to the same period the previous year but a significant 74% sequential increase from Q2. Total revenue and income, which includes other earnings, reached 349 million NOK. The central question for Q4 is whether the company maintained or built upon this level.
• Profitability: The company continues to operate at a loss. Its trailing twelve-month (TTM) earnings per share currently stand at -0.26 NOK.
• Cash Position and Liquidity: According to the Q3 report, cash and cash equivalents totaled approximately 1.76 billion NOK as of the end of September 2025. Given the planned capital expenditures for Herøya, the updated cash position is considered a critical data point.
• Order Backlog: Recent commercial announcements have been positive, including a PEM electrolyzer order for the HyFuel and Kaupanes hydrogen projects valued at over 50 million USD, disclosed on November 5, 2025.

Herøya Investment Decision Sets the Context

The Q4 disclosure is the first annual reporting since Nel's final investment decision in December 2025 to industrialize the next generation of its pressurized alkaline electrolyzer platform at Herøya. The project has received a substantial boost from the EU Innovation Fund, which has committed grant funding of up to 135 million euros.

This decision shifts the primary focus squarely to execution and financing. The project entails clear upcoming requirements for timeline adherence, capital expenditure, and scaling capabilities over the following quarters.

A Year of Operational Volatility and a Narrow Trading Range

Operationally, 2025 has been characterized by notable quarterly fluctuations. The second quarter saw revenue from customer contracts drop to 174 million NOK, a 48% year-over-year decrease. This was followed by a recovery to 303 million NOK in Q3, although this figure still remained below the prior year's comparable period.

This underlying uncertainty is reflected in the equity's trading pattern. The share price has moved within a 52-week range of 1.95 NOK to 3.61 NOK, recently trading around 2.20 NOK. The sessions leading up to the earnings release have shown mixed signals, with a decline of approximately 2.26% one day followed by a modest recovery of about +1.15% in the next.

Thursday's figures will provide a crucial financial benchmark. Subsequent commentary regarding the Herøya implementation schedule, liquidity management, and the pipeline for new orders will likely set the narrative for the coming weeks. The next scheduled corporate events are the annual general meeting on April 10 and the publication of Q1 2026 results on April 22.