(April 30, 2025 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) reported revenues from
contracts with customers of NOK 155 million in the first quarter of 2025, down
from NOK 276 million the same quarter last year. Total revenue and income was
175 million (Q1 2024: 297). EBITDA in the quarter was NOK -115 million. As a
result of the temporary production halt at Herøya, the Alkaline division
contributed negatively with a reported EBITDA of NOK -52 million, while the PEM
division reported an EBITDA of NOK -31 million. Order intake for the quarter was
NOK 311 million, positively impacted by a record-high quarterly order intake for
the PEM division of NOK 290 million. At the end of the quarter the order backlog
stood at NOK 1 460 million, and the cash balance at NOK 2 059 million.

Quarterly highlights

  · Revenue from contracts with customers in the first quarter 2025 was NOK 155
million, a 44% reduction compared to the first quarter 2024 (Q1 2024: 276).
  · Total revenue and income in the first quarter 2025 was 175 million (Q1 2024:
297)
  · EBITDA in the quarter was NOK -115 million (Q1 2024: 32).
  · Net income (loss) was NOK -179 million (Q1 2024: 39). The development was
mainly explained by decreased EBIT of NOK -174 million, and in addition NOK 43
million decreased net financial items.
  · Order intake in the quarter amounted to NOK 311 million, a 22% decrease from
the corresponding quarter last year (Q1 2024: 398).
  · Order backlog was NOK 1 460 million at the end of the quarter, down 31% from
the first quarter of 2024 and down 10% from the previous quarter.
  · Cash balance was NOK 2 059 million at quarter end (Q1 2024: 3 260).

"We are making steady operational progress where it matters most. Costs are
coming down, technology development is advancing, and our strategic focus
remains sharp," says Håkon Volldal, President & CEO of Nel. "Despite external
factors impacting the overall results, we have built a strong foundation with
real production capacity already in place, a continued strong balance sheet, and
limited need for additional growth capex."

"With a solid cash position, proven production capabilities, and a portfolio of
disruptive technologies under development, we are uniquely positioned in the
market. The continued interest from leading strategic and industrial investors,
such as SAMSUNG E&A, is a clear validation of the company's long-term
potential," Volldal says

Nel reported a decrease of 44% in revenue compared to first quarter last year.
While alkaline revenues declined by 69% quarter on quarter, PEM revenues
increased by 64%. The alkaline segment had few project milestones in this
quarter, while the PEM segment increased revenue from containerized
electrolysers compared to same quarter last year.

Having sufficient scale is key to winning new orders and reaching profitability.
Nel has therefore over the last years invested in increased production and
organizational capacity. Final investment decisions on large target customer
projects were pushed to the coming quarters and existing orders were delayed or
became at risk of cancellation. During the quarter, cost reduction and capacity
adjustment measures were announced. These measures include a temporary shut-down
of the Herøya facility. As a result of implementation time, including notice
periods for terminations and temporary lay-offs, the cost reduction measures
will reduce the cost base gradually over the first half 2025.

Nel PEM Electrolyser reported 64% increase in revenue compared to the same
quarter last year. The increased revenue in this quarter is driven by
containerized electrolysers. The PEM segment reported an order backlog of NOK
495 million, up NOK 171 million from the previous quarter mainly driven by
strong order intake in the quarter.

Nel Alkaline Electrolyser reported a 69% decrease in revenue compared to first
quarter last year. Revenue and EBITDA same quarter last year included NOK 54
million from renegotiation of the Nikola supply agreement. In total, EBITDA
decreased by NOK 158 million compared to first quarter 2024, mainly because of
lower volume sold.

The first quarter 2025 report and presentation are enclosed and available on
newsweb.no (http://www.newsweb.no) (Ticker: NEL) and
nelhydrogen.com (http://www.nelhydrogen.com). The presentation will be a virtual
event only, followed by a Q&A session, and can be accessed on the company's
website www.nelhydrogen.com/quarterly-presentation/ or by following this
link (https://events.teams.microsoft.com/event/008bd923-eebe-4f40-a12f
-b2dc0ba7acec@76311e5d-2c31-404e-a148-a4c38d285e9e). A recording of the
presentation will be made publicly available following the event.

ENDS


For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02 097
Wilhelm Flinder, Head of IR, Communications & Marketing, +47 936 11 350

About Nel ASA | www.nelhydrogen.com
Nel has a history tracing back to 1927 and is today a leading pure play hydrogen
technology company with a global presence. The company specializes in PEM and
Alkaline electrolyser technology for production of renewable hydrogen. Nel's
product offerings are key enablers for a green hydrogen economy, making it
possible to decarbonize various industries such as transportation, refining,
steel, and ammonia.

This information is subject to a duty of disclosure pursuant to Section 5-12 of
the Norwegian Securities Trading Act. This information was issued as inside
information pursuant to the EU Market Abuse Regulation, and was published by
Wilhelm Flinder, Head of Investor Relations, at NEL ASA on the date and time
provided.