Nel ASA's Order Book Surges 224% — But the CEO's Exit Casts a Long Shadow
Published on 08/24/2026 at 07:30 | Redaktion boerse-global.de
The numbers tell two very different stories at Nel ASA right now. On one hand, the Norwegian hydrogen company's order intake exploded by 224 percent in the second quarter, reaching 230 million Norwegian kroner, driven largely by its PEM electrolyser business. On the other, revenue from customer contracts fell 12 percent to 153 million kroner, while the EBITDA loss widened to 155 million kroner from 86 million kroner a year earlier.
That gap between pipeline and conversion is now the central tension for investors — and it's playing out against the backdrop of a leadership vacuum at the top of the company.
A CEO exit that changes the timeline
Håkon Volldal, who currently serves as president and CEO of Nel ASA, will step down to take the helm at packaging group Elopak ASA no later than January 1, 2027. Elopak announced the move last Tuesday, though Volldal's resignation from Nel had already been submitted back in June. His successor at Nel has yet to be named, leaving a strategic question mark hanging over the company's next phase.
The timing is far from ideal. Nel's cash position has thinned to 1.33 billion kroner from 1.93 billion kroner year-over-year, and the company is still digesting a 70 million kroner settlement with Iwatani Corporation of America. That legal expense weighed on the last reported quarter, and the shares have drifted 0.9 percent since those results were published.
Where the stock stands now
The share price closed Friday at 0.1960 euros, up 0.2 percent on the day but down 1.7 percent on the week. That sideways drift reflects a market that has largely priced in the sector's structural headwinds — the stock sits well below its late-May high of 0.3655 euros.
Should investors sell immediately? Or is it worth buying Nel ASA?
Momentum metrics point to continued softness: the shares are trading roughly 4.3 percent beneath their 50-day moving average of 0.2049 euros and about 8.5 percent below the 200-day average. Still, the year-to-date picture is not entirely bleak — Nel has managed to hold onto a 3.8 percent gain since January.
Automated analysis systems have tagged the stock with a "Hold/Accumulate" rating, though they've also flagged a sell signal from a pivot high recorded on August 19. Given the short-term technical nature of that call, its predictive value is limited.
Institutional positioning and a growing share count
Behind the price action, a structural shift is underway in the shareholder base. Institutional investors now hold 21.63 percent of Nel's 1.84 billion outstanding shares, a figure that reflects ongoing capital measures — the total share count has grown by 6.74 percent over the past year. That dilution is part of the reason the stock's recovery from the summer turbulence has been so measured.
A market that rewards patience — for now
Nel's position in the European hydrogen landscape remains a key pillar of the bull case. Industry analyses continue to identify the company as a dominant electrolyser manufacturer in a European green hydrogen market projected to reach 41.6 billion US dollars by 2033. The company is also cited as a technology partner for regional hydrogen hub projects in California and Texas.
But the contrast between short-term momentum and the longer-term order base is stark. While the Q2 intake surge was dramatic, the overall backlog remains slightly below last year's level — a nuance that suggests the 224 percent jump may have been flattered by a weak comparison period.
The next real test comes on October 21, when Nel reports its third-quarter numbers. That release will show whether the order acceleration has legs or was a one-off spike — and it may also shed light on how the impending leadership transition will shape the company's strategic direction. For now, the market is watching, waiting, and keeping its powder dry.
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