Business Segments Nel ASA

Equities

Real-time Oslo Bors Other stock markets 11:49:34 15/04/2026 BST			5-day change	1st Jan Change
2.275 ^NOK	+4.84%		+7.06%	+1.93%

04-10	Nel ASA - Shareholder/Analyst Call
03-18	NEL ASA : Berenberg is Neutral	ZD

Breakdown by Business Segment (NOK)

Fiscal Period: December	2021	2022	2023	2024	2025
Power Generation Equipment
Nel Alkaline Electrolyser	-	-	-	1.01B	562M
Total Assets	-	-	-	2.51B	2.05B
Interest Expense	-	-	-	-6.57M	-16.77M
CAPEX	-	-	-	-421M	-
EBITDA	-	-	-	127M	-15.61M
D&A	-	-	-	110M	166M
Operating Income	-	-	-	16.48M	-535M
Net Income	-	-	-	10.69M	-551M
Nel Pem Electrolyser	-	-	-	381M	401M
Total Assets	-	-	-	1.76B	1.15B
Interest Expense	-	-	-	-3.66M	-4.83M
Income Tax Expense	-	-	-	-5.86M	-31.04M
CAPEX	-	-	-	-226M	-
EBITDA	-	-	-	-165M	-138M
D&A	-	-	-	99.04M	120M
Operating Income	-	-	-	-264M	-704M
Net Income	-	-	-	-261M	-678M
Nel Hydrogen Fueling	317M	208M	331M	-	-
Total Assets	1.04B	1.01B	811M	-	-
Interest Expense	-5.39M	3.42M	-	-	-
Income Tax Expense	-10.18M	-8.32M	-9.18M	-	-
CAPEX	-	-54.37M	-48.92M	-	-
EBITDA	-169M	-352M	-202M	-	-
D&A	39.89M	47.45M	53.55M	-	-
Operating Income	-209M	-726M	-256M	-	-
Net Income	-204M	-715M	-289M	-	-
Electrolyser	436M	707M	1.35B	-	-
Total Assets	1.84B	2.43B	3.62B	-	-
Interest Expense	-240K	-16.8M	-	-	-
Income Tax Expense	-5.88M	-6.59M	-7.24M	-	-
CAPEX	-	-230M	-691M	-	-
EBITDA	-210M	-304M	-159M	-	-
D&A	56.38M	116M	162M	-	-
Operating Income	-271M	-420M	-322M	-	-
Net Income	-265M	-425M	-343M	-	-
Corporate	-	-	-	-	-
Total Assets	3.13B	3.52B	3.43B	2.04B	1.76B
Interest Expense	-1.12B	7.41M	-	3.4M	-19.43M
Income Tax Expense	-924K	-924K	-924K	-693K	-
CAPEX	-	-1.16M	-	-	-
EBITDA	-96.59M	-124M	-113M	-135M	-121M
D&A	6.84M	7.66M	8.29M	7.25M	4.03M
Operating Income	-103M	-132M	-122M	-142M	-125M
Net Income	-1.2B	-31.23M	-223M	-6.94M	-36.82M

Geographical breakdown of sales (NOK)

Fiscal Period: December	2021	2022	2023	2024	2025
USA	366M	441M	890M	156M	505M
Total Assets	49.92M	108M	283M	517M	-
Total Assets	5.34M	3.54M	2.49M	-	-
Europe Ex Norway	269M	268M	481M	415M	191M
Norway	5.02M	6.5M	44.12M	36.74M	97.75M
Total Assets	462M	563M	906M	1.15B	-
Asia	81.16M	137M	159M	196M	78.04M
Oceania	5.77M	1.51M	6.56M	52.21M	54.04M
Africa	1.66M	13.21M	12.58M	8.34M	13.51M
South America	2.08M	3.49M	9.26M	7.93M	10.21M
North America (Ex United States)	13.56M	17.89M	32.53M	509M	8.44M
Middle East	9.22M	26.22M	45.72M	9.77M	4.59M
North America	-	-	-	-	-
Europe	-	-	-	-	-
Germany	-	-	-	-	-
Turkey	-	-	-	-	-
Ireland	-	-	-	-	-
Saudi Arabia	-	-	-	-	-
Denmark	-	-	-	-	-
Total Assets	106M	111M	114M	-	-
Other Countries	-	-	-	-	-