Norwegian hydrogen company Nel reported a drop in revenue and a sharply deteriorated result in the fourth quarter of 2025, primarily due to write-downs totaling 799 million Norwegian kroner. At the same time, order intake surged significantly during the period.

Revenue amounted to 330.0 million Norwegian kroner (416.0), a decrease of 20.7 percent.

EBITDA was -36 million Norwegian kroner (-36), corresponding to an EBITDA margin of -10.9 percent (-8.7).

Operating profit came in at -920.0 million Norwegian kroner (-106.0), resulting in an operating margin of -278.8 percent (-25.5).

Pre-tax profit was -898.0 million Norwegian kroner (-65.0) and net profit ended at -870.0 million Norwegian kroner (-64.0).

The result was impacted by write-downs of 799 million Norwegian kroner, of which 439 million Norwegian kroner were attributable to PEM and 361 million Norwegian kroner to Alkaline.

Order intake increased to 686.0 million Norwegian kroner (148.0), a rise of 363.5 percent. The order backlog stood at 1,319.0 million Norwegian kroner (1,614.0), representing a decrease of 18.3 percent compared to the same quarter last year.

Cash flow from operating activities was -10.0 million Norwegian kroner (25.0). Cash and cash equivalents at the end of the period totaled 1,617 million Norwegian kroner (1,876).

Nel states that the company is well positioned within electrolyzers, with global delivery capabilities and partnerships with EPC companies. Investments continue in current and next-generation technology, supported by collaborations with General Motors, Reliance, Samsung E&A, and Saipem.

Delays in government support, higher interest rates, and increased project costs have dampened order intake and led to cancellations. The company highlights its strong cash position and adjusted cost base. Smaller projects are expected in the short term, with profitability anticipated as the market recovers.

Nel, million Norwegian kronerQ4 2025Q4 2024Change
Revenue330.0416.0-20.7 %
EBITDA-36.0-36.00.0 %
Operating profit-920.0-106.0-767.9 %
Pre-tax profit-898.0-65.0-1 281.5 %
Net profit-870.0-64.0-1 259.4 %
Order intake686.0148.0363.5 %
Order backlog1 319.01 614.0-18.3 %
Cash flow from operating activities-10.025.0-140.0 %
Cash and cash equivalents1 617.01 876.0-13.8 %