Revenue fell 17.2 percent to NOK 303 million (366), surpassing the company's analyst consensus estimate of NOK 226 million.
The EBITDA result was NOK -37 million (-90), compared to an expected NOK -81 million.
The operating result was NOK -105 million (-146), better than the anticipated NOK -147 million.
Net result after tax was NOK -85 million (-115), with analyst consensus at NOK -125 million.
Order intake amounted to NOK 57 million (161).
"Following the spin-off of the former fuel division (now Cavendish Hydrogen), Nel's operational cash consumption has decreased significantly. Investments are expected to be reduced by about 50 percent in 2025 compared to 2024, following last year's expansion of the PEM plant in Wallingford, USA," Nel commented on its outlook.
| Nel, MNOK | Q3-2025 | Consensus | Change vs. Consensus | Q3-2024 | Change |
| Order intake | 57 | 161 | -64.6% | ||
| Net revenue | 303 | 226 | 34.1% | 366 | -17.2% |
| EBITDA | -37 | -81 | -90 | ||
| Operating result | -105 | -147 | -146 | ||
| Net result | -85 | -125 | -115 |
