Nel ASA's Alkaline Slump Masks a Tripling Order Book as Interim Boss Steps In
Published on 10/29/2026 at 15:50 | Editorial boerse-global.de
Nel ASA's third-quarter report, released on 15 October, lays out a split-screen picture: orders surging, revenue retreating, and a management handover arriving before the underlying operating question is answered. Revenue from customer contracts came in at NOK 112 million, down 63 percent year on year, while EBITDA landed at minus NOK 93 million and the net loss reached NOK 141 million.
The divergence has a segment story behind it. A sharp weakening in the alkaline business was set against stronger PEM orders, which means the order growth should not be read as a completed recovery of the wider group. It brightens the outlook without repairing the weakness in current earnings.
What the backlog does and does not prove
Order intake hit NOK 253 million in the third quarter of 2026, a rise of 339 percent, and the order backlog stood at NOK 1,314 million at period end. Total revenue and income amounted to NOK 138 million. Those figures describe contracted business — not revenue already booked, and certainly not profit. Anyone reading the order numbers alone is skipping a substantial part of the economic picture.
Liquidity at quarter end was NOK 1,078 million. That cash position matters for how the balance sheet is judged, but it does not offset the negative result. The yardstick for any improvement stays the same: stronger orders only count once they show up in revenue and earnings.
Should investors sell immediately? Or is it worth buying Nel ASA?
A US order with a 2027 delivery date
One concrete data point came roughly two weeks ago, when Nel Hydrogen US won an order from an unnamed US-based global technology company. The contract covers several containerised PEM electrolysers plus associated services and is worth about USD 12 million, with delivery expected in 2027. It is more tangible than a statement of intent, yet the timing separates it from the results already reported.
A separate agreement signed around the same period with Rheinmetall carries a different weight. That non-binding letter of intent covers possible decentralised plants for synthetic fuel production, with both companies to examine sites and pilot projects. It is a business prospect, not a confirmed supply order.
Bjørnsen takes the helm on 1 November
The leadership transition runs alongside these operating tasks. About a week ago Nel named Morten Holum to succeed Håkon Volldal as CEO, with Holum due to take up the post no later than 1 May 2027. Until then, CFO Kjell Christian Bjørnsen will lead the group on an interim basis from 1 November 2026, while Torbjørn Berg steps in as interim finance chief.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
None of that changes the test investors face. The backlog provides a foundation for future revenue; the published losses show Nel has yet to turn it into a more durable operating result.
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