Nel ASA's PEM Business Grows 65% While Alkaline Revenue Collapses 91%
Published on 11/01/2026 at 03:10 | Editorial boerse-global.de
Nel ASA closed the third quarter of 2026 with a split-screen set of numbers: orders surging at group level, revenue from customer contracts in freefall, and a leadership transition now tasked with converting one into the other. The Norwegian hydrogen specialist published the figures on 15 October, roughly two weeks before confirming who will run the company through the transition.
Revenue from customer contracts fell 63% year on year to NOK 112 million, a decline the company attributed to lower activity in its alkaline segment. Total revenue and income came to NOK 138 million. The gap between the two figures matters — the larger headline number does nothing to soften the contraction in actual customer business.
Order intake at group level climbed 339% to NOK 253 million, and the backlog rose 34% to NOK 1.314 billion. Those are the bright spots. They are also not revenue. New orders expand the base for future billings; they do not represent work already booked, nor do they indicate when Nel might exit the loss column.
Two segments, two directions
The divergence inside the portfolio is stark. PEM revenue advanced 65% to NOK 89 million in the quarter, while alkaline revenue dropped 91%. A single glance at the growing PEM franchise therefore tells only half the story — its gains sit alongside a collapse in the other segment. Management's operational task is to build on the PEM momentum while offsetting the alkaline shortfall.
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Earnings remain under pressure. EBITDA came in at minus NOK 93 million, and the net loss reached NOK 141 million. The cash position stood at NOK 1.078 billion. Liquidity is a separate matter from operating performance: it cushions the ongoing losses but does not substitute for an improvement in the underlying result.
Leadership handover lands mid-transition
The announced management change arrives against this mixed backdrop. Morten Holum is to succeed Håkon Volldal as CEO, taking the post no later than 1 May 2027. Until then, CFO Kjell Christian Bjørnsen becomes interim CEO from 1 November 2026, with Torbjørn Berg, previously VP Finance, stepping in as interim CFO.
One item that should not be lumped in with the order book: the letter of intent signed with Rheinmetall a little over three weeks ago. It covers a review of possible cooperation on the Giga-PtX concept for decentralized, low-carbon synthetic fuels. It is not a confirmed order and does not belong in the same category as binding bookings.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
For investors, the yardstick is straightforward. The pickup in orders has to show up in the running business. Only when higher revenue arrives alongside better earnings will the case for an operational recovery rest on something firmer than a swelling backlog.
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