Financials Nel ASA

Equities

NEL

NO0010081235

Renewable Energy Equipment & Services

Market Closed - Oslo Bors Other stock markets 09:15:00 11/02/2026 pm IST			5-day change	1st Jan Change
2.170 ^NOK	-1.09%		+0.28%	-2.78%

12/12	Nel Greenlights 1 GW Alkaline Production Plan in Norway	MT
12/12	Nel to industrialize next generation pressurized alkaline platform	RE

Projected Income Statement: Nel ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	651.9	798	993.6	1,773	1,495	987.9	981.1	1,470
Change	-	22.42%	24.51%	78.45%	-15.69%	-33.92%	-0.69%	49.88%
EBITDA ¹	-251.5	-475.2	-779.9	-473.7	-172.9	-362.5	-261.1	-152.8
Change	-	-88.96%	-64.1%	39.26%	63.49%	-109.59%	27.97%	41.49%
EBIT ¹	-414.5	-582.9	-1,279	-699.5	-389.4	-623.7	-529.3	-420.9
Change	-	-40.62%	-119.38%	45.29%	44.33%	-60.16%	15.13%	20.49%
Interest Paid	-8.792	-1,101	-	-173	-	-	-	-
Earnings before Tax (EBT) ¹	1,246	-1,684	-1,187	-872.5	-264.2	-550	-477.4	-384.6
Change	-	-235.19%	29.51%	26.49%	69.72%	-108.19%	13.2%	19.43%
Net income ¹	1,262	-1,667	-1,171	-855.2	-244.3	-546.1	-491.1	-386.7
Change	-	-232.09%	29.74%	26.98%	71.43%	-123.51%	10.08%	21.26%
Announcement Date	18/02/21	16/02/22	28/02/23	28/02/24	26/02/25	-	-	-

¹NOK in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	229.1	156.9	163.7	229.3	248.1	213.1	183.2	183.1	414.1	359	475.1	405.5	533.6	409.1	356.4	391.3	450.5	174.9	215.4	349.1	262.1	191	206.3	235.7	305.5
Change	-	-31.53%	4.38%	40.06%	8.2%	-14.1%	-14.04%	-0.05%	126.11%	-13.3%	32.33%	-14.65%	31.6%	-23.34%	-12.88%	9.79%	15.13%	-61.17%	23.15%	62.07%	-24.93%	-27.12%	8.03%	14.22%	29.63%
EBITDA ¹	-76.2	-74.31	-120.3	-113	-167.7	-152.4	-197	-214	-216.4	-121	-138	-109	-106.3	-15.59	-79	-90	-35.77	-115	-86	-37	-69.95	-69.5	-64	-58.5	-53.5
Change	-	2.48%	-61.84%	6.04%	-48.37%	9.09%	-29.25%	-8.63%	-1.13%	44.09%	-14.05%	21.01%	2.48%	85.33%	-406.74%	-13.92%	60.25%	-221.46%	25.21%	56.98%	-89.05%	0.64%	7.91%	8.59%	8.55%
EBIT ¹	-139.3	-98.15	-149.1	-138.9	-196.7	-186.6	-241	-260.2	-590.9	-174.8	-193.5	-165.1	-166.1	-74.02	-125.4	-145.7	-105.7	-187.1	-153	-104.7	-140.9	-115.9	-114.2	-120.7	-121.5
Change	-	29.54%	-51.87%	6.79%	-41.57%	5.13%	-29.16%	-7.95%	-127.11%	70.41%	-10.71%	14.71%	-0.62%	55.44%	-69.45%	-16.15%	27.42%	-76.96%	18.22%	31.56%	-34.57%	17.73%	1.47%	-5.66%	-0.66%
Charge d'intérêts ¹	-	-	-	-370	-84.24	-	-35.49	-	-	-	-	-63.42	60.94	-	-	-	40.78	-	-	-18	-24	-	-	-	-
Earnings before Tax (EBT) ¹	1,285	-579.9	-314.1	-508.9	-280.9	81.85	-276.5	-261.7	-730.6	-194.3	-344.6	-228.5	-105.2	-24.22	-119.8	-116.5	-64.94	-180.5	-132	-85.73	-111.6	-114.5	-110	-106.5	-103.5
Change	-	-145.13%	45.84%	-62.04%	44.8%	129.14%	-437.82%	5.34%	-179.15%	73.4%	-77.3%	33.69%	53.98%	76.96%	-394.45%	2.74%	44.25%	-177.92%	26.87%	35.05%	-30.16%	-2.61%	3.93%	3.18%	2.82%
Net income ¹	1,295	-578.1	-312.3	-507	-269.5	83.74	-274.5	-259.6	-720.8	-192	-342.3	-226.3	-94.39	-22.02	-43.34	-115.2	-63.82	-179.4	-130.7	-84.7	-111.9	-114.5	-110	-106.5	-103.5
Change	-	-144.63%	45.98%	-62.38%	46.85%	131.07%	-427.81%	5.42%	-177.6%	73.36%	-78.29%	33.9%	58.29%	76.67%	-96.79%	-165.73%	44.58%	-181.05%	27.13%	35.19%	-32.11%	-2.33%	3.93%	3.18%	2.82%
Announcement Date	18/02/21	03/05/21	19/08/21	21/10/21	16/02/22	10/05/22	11/08/22	20/10/22	28/02/23	27/04/23	18/07/23	25/10/23	28/02/24	17/04/24	17/07/24	16/10/24	26/02/25	30/04/25	16/07/25	29/10/25	-	-	-	-	-

¹NOK in Million

Estimates

Forecast Balance Sheet: Nel ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-2,303	-2,700	-	-3,341	-1,616	-1,515	-1,211	-949
Change	-	-17.24%	-	-	51.63%	6.23%	20.07%	21.64%
Announcement Date	18/02/21	16/02/22	28/02/23	28/02/24	26/02/25	-	-	-

¹NOK in Million

Estimates

Cash Flow Forecast: Nel ASA

Fiscal Period: December	2020	2021	2023	2024	2025	2026	2027
CAPEX ¹	232.2	377.2	739.8	680.3	264.1	394.6	369.7
Change	-	62.43%	-	-8.05%	-61.17%	49.4%	-6.31%
Free Cash Flow (FCF) ¹	-448.1	-826.6	-1,409	-823.5	-454.3	-583.2	-704.2
Change	-	-84.48%	-	41.58%	44.83%	-28.36%	-20.75%
Announcement Date	18/02/21	16/02/22	28/02/24	26/02/25	-	-	-

¹NOK in Million

Estimates

Forecast Financial Ratios: Nel ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-38.58%	-59.55%	-78.49%	-26.72%	-11.57%	-36.69%	-26.61%	-10.39%
EBIT Margin (%)	-63.59%	-73.04%	-128.69%	-39.45%	-26.05%	-63.14%	-53.95%	-28.62%
EBT Margin (%)	191.07%	-211.01%	-119.47%	-49.21%	-17.67%	-55.68%	-48.66%	-26.16%
Net margin (%)	193.58%	-208.88%	-117.87%	-48.23%	-16.34%	-55.28%	-50.05%	-26.3%
FCF margin (%)	-68.74%	-103.59%	-	-79.49%	-55.09%	-45.99%	-59.44%	-47.89%
FCF / Net Income (%)	-35.51%	49.59%	-	164.82%	337.02%	83.19%	118.76%	182.12%
Profitability
ROA	-	-27.45%	-	-11.55%	-3.45%	-	-	-
ROE	-11.44%	-31.73%	-	-14.68%	-4.37%	-11.31%	-9.94%	-8.71%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	35.62%	47.26%	-	41.73%	45.51%	26.74%	40.22%	25.14%
CAPEX / EBITDA (%)	-92.33%	-79.36%	-	-156.18%	-393.37%	-72.87%	-151.16%	-242.05%
CAPEX / FCF (%)	-51.82%	-45.63%	-	-52.49%	-82.61%	-58.14%	-67.67%	-52.5%
Items per share
Cash flow per share ¹	-0.1555	-0.3098	-	-0.4054	-0.1446	-0.0784	0.0507	-0.1116
Change	-	-99.2%	-	-	64.34%	45.8%	164.75%	-319.99%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	3.884	3.473	-	3.752	2.979	2.621	2.428	2.259
Change	-	-10.6%	-	-	-20.61%	-12%	-7.37%	-6.96%
EPS ¹	0.91	-1.15	-0.76	-0.52	-0.15	-0.307	-0.2606	-0.2094
Change	-	-226.37%	33.91%	31.58%	71.15%	-104.66%	15.12%	19.63%
Nbr of stocks (in thousands)	14,07,401	14,60,396	15,62,907	16,70,907	16,70,907	18,38,040	18,38,040	18,38,040
Announcement Date	18/02/21	16/02/22	28/02/23	28/02/24	26/02/25	-	-	-