Nel ASA (NLLSY) Q3 2026 Earnings Call Transcript
Hakon Volldal
Good morning from Oslo, and welcome to Nel’s third quarter 2026 results presentation. My name is Hakon Volldal. I am the CEO, and I will be joined today by our CFO, Kjell Christian Bjornsen, to answer difficult questions that I don’t want to answer, and also Wilhelm Flinder, Head of Investor Relations, Communications, Marketing, and everything else. We are ready to start and let’s get to it. We will cover the following agenda topics. We will skip the Nel in brief section. Most of you probably know Nel already, and if you don’t, feel free to read through the first introduction slides. We will have the Q3 highlights, commercial update, technical update, and of course, as always, end with a Q&A session. On to the highlights. In the third quarter of 2026, we delivered NOK 112 million in revenues. Our EBITDA ended at negative NOK 93 million.
Our order intake was NOK 253 million, which gave an order backlog at the end of September of NOK 1.314 billion. Our cash balance at the end of the third quarter was close to NOK 1.1 billion. In terms of the highlights, we had some nice order wins. We booked a USD 20 million order from Collins Aerospace for Navy stacks for the U.S., U.K., and French submarine programs. We entered a framework agreement with a supplier in the U.K. as an integrator of our PEM electrolyzers. We signed an MOU with Rheinmetall for decentralized synthetic fuel production for defense applications, and subsequent to the third
