Revenue dropped by 47.6 percent to NOK 174 million (332), falling short of the company's analyst consensus of NOK 220 million.
EBITDA stood at minus NOK 86 million (-79), slightly better than the expected minus NOK 91 million.
Operating profit came in at minus NOK 153 million (-125), compared to an expected minus NOK 151 million.
Net profit after tax was minus NOK 131 million (-118), close to the analyst consensus of minus NOK 129 million.
Order intake landed at NOK 71 million (270).
Nel stated that, following weaker order intake due to delayed support programs, higher interest rates, and cost pressures within the hydrogen industry, it has adjusted both its investment level and capacity utilization downward compared to the previous year.
The investment level is expected to be halved compared to 2024, and the alkaline production facility in Herøya is temporarily closed pending increased demand.
Following the spin-off of its Fueling business (now Cavendish Hydrogen), cash burn has decreased significantly.
At the same time, the company notes that several mature projects with reputable customers are approaching investment decisions.
Nel expects short-term projects to be smaller than previously anticipated but considers itself well-positioned to scale up in step with market growth. Profitability at group level is seen as possible when the market returns to stable growth.
The company warns, however, that increasing macroeconomic risks could lead to a prolonged downturn.
| Nel, MNOK | Q2-2025 | Consensus | Change vs. Consensus | Q2-2024 | Change |
| Order intake | 71 | 270 | -73.7% | ||
| Net revenue | 174 | 220 | -20.9% | 332 | -47.6% |
| EBITDA | -86 | -91 | -79 | ||
| Operating profit | -153 | -151 | -125 | ||
| Net profit | -131 | -129 | -118 |
