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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
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Nel
Nel (NEL) investor relations material
Nel Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Q4 2025 revenue was NOK 330 million, up 9% sequentially but down 20% year-over-year; full-year revenue was NOK 963 million, down from NOK 1,390 million in 2024.
EBITDA for Q4 was NOK -36 million, flat year-over-year; net loss for Q4 was NOK -870 million, and full-year net loss was NOK -1,296 million.
Order intake in Q4 reached NOK 686 million, the second-best in company history, with PEM orders from HyFuel, Kaupanes, HYDS, and GreenH; order backlog at Q4 was NOK 1,319 million, down 18% year-over-year but up 34% sequentially.
Major contracts included PEM orders valued at over USD 50 million and a partnership with Samsung E&A; chosen as technology provider for GreenH and launched Electrolyzers for Europe initiative.
Cash balance at year-end was NOK 1,617 million, down from NOK 1,900 million at end of 2024.
Financial highlights
Q4 EBIT was NOK -920 million, mainly due to NOK 799–800 million in impairment losses related to next-generation technology.
Full-year EBITDA loss was NOK -10,275 million, driven by reduced revenue.
Alkaline segment revenue dropped from NOK 1 billion in 2024 to NOK 562 million in 2025; EBITDA fell from NOK 127 million to NOK -16 million.
PEM segment 2025 revenue was NOK 381 million, with EBITDA at NOK -165 million.
Personnel expenses reduced by 12% to NOK 569 million in 2025.
Outlook and guidance
Order intake increased 15% year-over-year, with strong Q4 performance and several projects in the 20–150 MW range expected to take FID in upcoming quarters.
Commercial launch of next-generation pressurized alkaline technology set for H1 2026, with scale deliveries in 2027.
Short-term market remains volatile due to delays and higher costs, but mid- to long-term outlook is positive, especially for PEM solutions.
Focus on reducing cash burn and optimizing cost structure.
Profitability expected once market growth and capacity utilization improve.
Impact of next-gen alkaline on current platforms
Quantify order backlog at risk of delay/cancellation
What drives overall business profitability?
How new alkaline tech beats China on total cost?
Rationale for maintaining PEM vs new alkaline tech?
Strategy to manage working capital and cash burn?
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Next Nel earnings date
Q1 202622 Apr, 2026
Nel
Next Nel earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Nel ASA, a hydrogen company, delivers various solutions to produce, store, and distribute hydrogen from renewable energy in Norway, the United States, Denmark, and South Korea. The company's production of hydrogen solutions comprises electrolyzers for clean onsite hydrogen production; compact hydrogen generators; and fish farm applications. Its Hydrogen refuelling station offers mobile and onsite solution for the transport industry. The company also provides methanol reformers that converts methanol into hydrogen in the fuel cell vehicles; and water electrolysis systems to provide sustainability or zero emission energy generation, as well as liquid natural gas to pre-methanol reforming LNG. Nel ASA was founded in 1927 and is headquartered in Oslo, Norway.
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