Income Statement Nel ASA

Equities

NEL

NO0010081235

Renewable Energy Equipment & Services

Market Closed - Oslo Bors Other stock markets 11:45:00 2026-03-11 am EDT			5-day change	1st Jan Change
2.106 ^NOK	-0.66%		+6.26%	-5.65%

Feb. 26	Nel ASA Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2025	CI
Feb. 26	Nel ASA, Q4 2025 Earnings Call, Feb 26, 2026

257790516523b1e6ca2ff13eea42e1.XWFpPWUlTZyCE84B0K8FJs70LRTmK7uTLfgSa-PEEhY.JRYeDEhDJ8zjQ4dOkpg3UoKee1bSSOGiQ55bXo2sS0QwOQhYV00h6O9gpQ

Published financial data: NEL ASA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	753M	915M	1.68B	1.39B	963M
Other Revenues, Total	-	-	-	-	-
Total Revenues	753M	915M	1.68B	1.39B	963M
Cost of Goods Sold, Total	552M	595M	873M	518M	408M
Gross Profit	201M	319M	808M	872M	555M
Selling General & Admin Expenses, Total	434M	613M	749M	578M	512M
Depreciation & Amortization - (IS)	103M	171M	224M	216M	290M
Other Operating Expenses	244M	486M	537M	467M	339M
Other Operating Expenses, Total	782M	1.27B	1.51B	1.26B	1.14B
Operating Income	-581M	-951M	-702M	-389M	-587M
Interest Expense, Total	-4.03M	-11.17M	-17.57M	-16.48M	-16.67M
Interest And Investment Income	19.74M	72.2M	168M	128M	92.66M
Net Interest Expenses	15.7M	61.04M	150M	111M	75.99M
Income (Loss) On Equity Invest.	-35K	-	-3.71M	-	4.53M
Currency Exchange Gains (Loss)	-3.53M	56.46M	16.43M	13.57M	-16.9M
Other Non Operating Income (Expenses)	63K	4.78M	6.2M	3.04M	11.12M
EBT, Excl. Unusual Items	-568M	-829M	-532M	-262M	-512M
Impairment of Goodwill	-	-296M	-	-	-
Gain (Loss) On Sale Of Investments	-1.11B	-30.61M	-342M	-2.65M	-6.22M
Gain (Loss) On Sale Of Assets	2.25M	-	-	-	-
Asset Writedown	-4.5M	-30.86M	-1.97M	-	-799M
Insurance Settlements	-	-	4.08M	-	21.32M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	-1.68B	-1.19B	-873M	-264M	-1.3B
Income Tax Expense	-16.98M	-15.83M	-17.34M	-6.55M	-31.04M
Earnings From Continuing Operations	-1.67B	-1.17B	-855M	-258M	-1.27B
Earnings Of Discontinued Operations	-	-	-	13.29M	-
Net Income to Company	-1.67B	-1.17B	-855M	-244M	-1.27B
Net Income - (IS)	-1.67B	-1.17B	-855M	-244M	-1.27B
Net Income to Common Incl Extra Items	-1.67B	-1.17B	-855M	-244M	-1.27B
Net Income to Common Excl. Extra Items	-1.67B	-1.17B	-855M	-258M	-1.27B
Per Share Items
Net EPS - Basic	-1.14	-0.76	-0.52	-0.15	-0.7
Basic EPS - Continuing Operations	-1.14	-0.76	-0.52	-0.15	-0.7
Basic Weighted Average Shares Outstanding	1.46B	1.54B	1.65B	1.67B	1.81B
Net EPS - Diluted	-1.14	-0.76	-0.52	-0.15	-0.7
Diluted EPS - Continuing Operations	-1.14	-0.76	-0.52	-0.15	-0.7
Diluted Weighted Average Shares Outstanding	1.46B	1.54B	1.65B	1.67B	1.81B
Normalized Basic EPS	-0.24	-0.34	-0.2	-0.1	-0.18
Normalized Diluted EPS	-0.24	-0.34	-0.2	-0.1	-0.18
American Depositary Receipts Ratio (ADR)	30	30	30	30	30
Supplemental Items
EBITDA	-494M	-801M	-510M	-203M	-328M
EBITA	-515M	-869M	-591M	-309M	-507M
EBIT	-581M	-951M	-702M	-389M	-587M
EBITDAR	-492M	-801M	-508M	-201M	-326M
Total Revenues (As Reported)	798M	994M	1.77B	1.49B	1.1B
Effective Tax Rate - (Ratio)	1.01	1.33	1.99	2.48	2.39
Total Current Taxes	-9.58M	-7.73M	-8.51M	-	-
Total Deferred Taxes	-7.4M	-8.1M	-8.83M	-6.55M	-31.04M
Normalized Net Income	-355M	-518M	-333M	-163M	-320M
Interest Capitalized	5.9M	-	-	-	-
Interest on Long-Term Debt	8.79M	10.47M	14.81M	17.71M	17.9M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	74.3M	143M	150M	114M	122M
Net Rental Expense, Total	2.14M	240K	1.13M	2.1M	2.01M
Imputed Operating Lease Interest Expense	1.22M	113K	656K	1.07M	1.09M
Imputed Operating Lease Depreciation	919K	127K	470K	1.03M	922K
Maintenance & Repair Expenses, Total	-	10.57M	16.28M	13.72M	7.7M
Stock-Based Comp., SG&A Exp. (Total)	8.9M	7.6M	4.2M	2.7M	2M
Stock-Based Comp., Other (Total)	600K	742K	-	-	-
Total Stock-Based Compensation	9.5M	8.34M	4.2M	2.7M	2M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	2.72B	3.14B	3.36B	1.88B	1.62B
Short Term Investments	608M	547M	24.01M	2.26M	11.73M
Total Cash And Short Term Investments	3.33B	3.69B	3.39B	1.88B	1.63B
Accounts Receivable, Total	390M	557M	862M	725M	308M
Other Receivables	7.9M	34.04M	41.62M	32.03M	20.69M
Total Receivables	398M	591M	904M	757M	329M
Inventory	328M	505M	704M	532M	919M
Prepaid Expenses	55.53M	147M	215M	231M	104M
Other Current Assets, Total	31.2M	48.79M	167M	10.5M	5.58M
Total Current Assets	4.14B	4.98B	5.38B	3.41B	2.99B
Gross Property Plant And Equipment	746M	1B	1.63B	2.05B	2.14B
Accumulated Depreciation	-122M	-214M	-329M	-388M	-950M
Net Property Plant And Equipment	624M	785M	1.31B	1.66B	1.19B
Long-term Investments	93.14M	253M	159M	203M	40.16M
Goodwill	615M	366M	375M	412M	61.36M
Other Intangibles, Total	529M	569M	640M	617M	523M
Other Long-Term Assets, Total	2.05M	348K	568K	159K	155M
Total Assets	6.01B	6.95B	7.86B	6.3B	4.96B
Liabilities
Accounts Payable, Total	133M	202M	205M	111M	127M
Accrued Expenses, Total	59.04M	87.34M	141M	140M	123M
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	19.92M	30.44M	38.07M	44.48M	42.96M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	361M	672M	715M	583M	372M
Other Current Liabilities	132M	200M	229M	123M	99.14M
Total Current Liabilities	705M	1.19B	1.33B	1B	765M
Long-Term Debt	23.19M	22.43M	22.46M	-	-
Long-Term Leases	114M	170M	199M	216M	190M
Unearned Revenue Non Current	69.54M	64.05M	66.24M	69.28M	60.49M
Deferred Tax Liability Non Current	48.54M	45.53M	38.44M	34.81M	-
Other Non Current Liabilities	8.45M	7.1M	4.86M	5.26M	8.25M
Total Liabilities	968M	1.5B	1.66B	1.33B	1.02B
Common Stock, Total	292M	313M	334M	334M	368M
Additional Paid In Capital	5.6B	7.1B	8.66B	7.6B	7.91B
Retained Earnings	-972M	-2.14B	-3B	-3.24B	-4.51B
Treasury Stock	-81K	-84K	-84K	-84K	-84K
Comprehensive Income and Other	122M	182M	200M	287M	159M
Total Common Equity	5.04B	5.45B	6.2B	4.98B	3.93B
Total Equity	5.04B	5.45B	6.2B	4.98B	3.93B
Total Liabilities And Equity	6.01B	6.95B	7.86B	6.3B	4.96B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.46B	1.56B	1.67B	1.67B	1.84B
ECS Total Common Shares Outstanding	1.46B	1.56B	1.67B	1.67B	1.84B
Book Value / Share	3.45	3.49	3.71	2.98	2.14
Tangible Book Value	3.89B	4.52B	5.18B	3.95B	3.35B
Tangible Book Value Per Share	2.67	2.89	3.1	2.36	1.82
Total Debt	157M	223M	260M	260M	233M
Net Debt	-3.17B	-3.46B	-3.13B	-1.62B	-1.4B
Debt Equivalent Oper. Leases	17.13M	1.92M	9.01M	16.79M	16.07M
Equity Method Investments, Total	2.3M	2.89M	100K	100K	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	68.43M	51.48M	115M	66.84M	288M
Inventories - Work In Process, Total	92.13M	121M	170M	103M	97.63M
Inventories - Finished Goods, Total	188M	346M	431M	376M	552M
Buildings, Total	120M	125M	135M	39.71M	43.82M
Machinery, Total	125M	560M	653M	1.35B	1.54B
Full Time Employees	500	571	669	397	-
Accumulated Allowance for Doubtful Accounts (Supple)	1.18M	2.27M	31.56M	77.01M	49.5M
Order Backlog	1.23B	2.61B	2.46B	1.61B	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-1.67B	-1.17B	-855M	-244M	-1.27B
Depreciation & Amortization - CF	37.92M	88.86M	113M	136M	211M
Amortization of Goodwill and Intangible Assets - (CF)	65.2M	82.62M	110M	80.01M	79.67M
Depreciation & Amortization, Total	103M	171M	224M	216M	290M
Asset Writedown & Restructuring Costs	4.5M	327M	1.97M	-	799M
Stock-Based Compensation (CF)	9K	8.34M	4.03M	2.77M	2.01M
Other Operating Activities, Total	1.1B	25.95M	340M	12.58M	-8.14M
Change In Accounts Receivable	-110M	145M	-262M	84.12M	206M
Change In Inventories	-91.34M	-176M	-199M	-110M	-387M
Change In Accounts Payable	51.39M	68.78M	3.12M	-68.38M	16.05M
Change in Other Net Operating Assets	160M	-89.73M	73.77M	-135M	93.82M
Cash from Operations	-449M	-691M	-670M	-242M	-253M
Capital Expenditure	-258M	-160M	-574M	-534M	-145M
Sale of Property, Plant, and Equipment	26.06M	-	-	-	-
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-119M	-118M	-166M	-146M	-145M
Investment in Marketable and Equity Securities, Total	-22.52M	-124M	93.02M	98.4M	-48.42M
Other Investing Activities, Total	-	-	-	-	33.45M
Cash from Investing	-374M	-403M	-647M	-582M	-305M
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-19.93M	-16.29M	-27.31M	-24.09M	-29.46M
Total Debt Repaid	-19.93M	-16.29M	-27.31M	-24.09M	-29.46M
Issuance of Common Stock	1.26B	1.55B	1.61B	-	353M
Other Financing Activities, Total	-19.24M	-34.59M	-40.16M	-642M	-20.51M
Cash from Financing	1.22B	1.49B	1.54B	-666M	303M
Foreign Exchange Rate Adjustments	-2.94M	14.46M	-376K	1.63M	-3.05M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	390M	416M	225M	-1.49B	-258M
Supplemental Items
Cash Interest Paid	3.68M	11.17M	15.46M	16.48M	16.67M
Levered Free Cash Flow	-648M	-703M	-1.53B	-588M	-436M
Unlevered Free Cash Flow	-646M	-696M	-1.52B	-577M	-426M
Change In Net Working Capital	18.26M	2.59M	569M	-127M	61.33M
Net Debt Issued / Repaid	-19.93M	-16.29M	-27.31M	-24.09M	-29.46M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-5.98	-9.18	-5.92	-3.44	-6.51
Return on Total Capital	-6.73	-10.94	-7.23	-4.16	-7.8
Return On Equity %	-31.73	-22.33	-14.68	-4.61	-28.4
Return on Common Equity	-31.73	-22.33	-14.68	-4.61	-28.4
Margin Analysis
Gross Profit Margin %	26.74	34.92	48.06	62.75	57.6
SG&A Margin	57.69	67	44.53	41.57	53.12
EBITDA Margin %	-65.55	-87.58	-30.32	-14.58	-34.03
EBITA Margin %	-68.44	-94.96	-35.16	-22.26	-52.63
EBIT Margin %	-77.1	-103.99	-41.74	-28.02	-60.9
Income From Continuing Operations Margin %	-221.33	-128.02	-50.87	-18.54	-131.36
Net Income Margin %	-221.33	-128.02	-50.87	-17.58	-131.36
Net Avail. For Common Margin %	-221.33	-128.02	-50.87	-18.54	-131.36
Normalized Net Income Margin	-47.17	-56.64	-19.8	-11.76	-33.22
Levered Free Cash Flow Margin	-86.07	-76.85	-91.01	-42.28	-45.3
Unlevered Free Cash Flow Margin	-85.74	-76.09	-90.36	-41.54	-44.22
Asset Turnover
Asset Turnover	0.12	0.14	0.23	0.2	0.17
Fixed Assets Turnover	1.5	1.3	1.61	0.94	0.67
Receivables Turnover (Average Receivables)	2.43	1.93	2.37	1.75	1.86
Inventory Turnover (Average Inventory)	1.95	1.43	1.45	0.84	0.56
Short Term Liquidity
Current Ratio	5.88	4.18	4.05	3.4	3.91
Quick Ratio	5.29	3.59	3.23	2.63	2.56
Operating Cash Flow to Current Liabilities	-0.64	-0.58	-0.5	-0.24	-0.33
Days Sales Outstanding (Average Receivables)	150.15	188.96	154.07	208.95	195.73
Days Outstanding Inventory (Average Inventory)	187.1	255.35	252.59	436.82	648.32
Average Days Payable Outstanding	60.89	79.17	69.18	167.19	54.5
Cash Conversion Cycle (Average Days)	276.36	365.14	337.49	478.58	789.55
Long Term Solvency
Total Debt/Equity	3.11	4.09	4.19	5.22	5.93
Total Debt / Total Capital	3.01	3.93	4.02	4.96	5.6
LT Debt/Equity	2.71	3.53	3.58	4.33	4.84
Long-Term Debt / Total Capital	2.63	3.4	3.43	4.12	4.56
Total Liabilities / Total Assets	16.12	21.59	21.12	21.05	20.65
EBIT / Interest Expense	-144.07	-85.2	-39.93	-23.63	-35.18
EBITDA / Interest Expense	-118.48	-69.84	-27.19	-10.49	-17.76
(EBITDA - Capex) / Interest Expense	-182.57	-84.22	-59.84	-42.91	-26.47
Total Debt / EBITDA	-0.33	-0.29	-0.54	-1.5	-0.79
Net Debt / EBITDA	6.65	4.44	6.55	9.35	4.71
Total Debt / (EBITDA - Capex)	-0.21	-0.24	-0.25	-0.37	-0.53
Net Debt / (EBITDA - Capex)	4.31	3.68	2.97	2.29	3.16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	30.22	21.48	83.75	2.97	-30.71
Gross Profit, 1 Yr. Growth %	9.25	63.14	152.88	40.76	-36.39
EBITDA, 1 Yr. Growth %	75.85	62.3	-36.4	-20.26	61.7
EBITA, 1 Yr. Growth %	73.65	68.55	-31.96	-7.83	63.83
EBIT, 1 Yr. Growth %	62.41	63.86	-26.25	-12.72	50.63
Earnings From Cont. Operations, 1 Yr. Growth %	-232.09	-29.74	-26.98	-54.49	391.06
Net Income, 1 Yr. Growth %	-232.09	-29.74	-26.98	-71.43	417.76
Normalized Net Income, 1 Yr. Growth %	69.24	45.86	-35.78	-1.66	95.71
Diluted EPS Before Extra, 1 Yr. Growth %	-225.39	-33.27	-31.71	-55.32	354.45
Accounts Receivable, 1 Yr. Growth %	70.07	42.77	54.77	-15.93	-57.49
Inventory, 1 Yr. Growth %	38.52	53.62	39.52	-24.47	72.79
Net Property, Plant and Equip., 1 Yr. Growth %	64.93	25.98	66.22	27.45	-28.48
Total Assets, 1 Yr. Growth %	-2.11	15.71	13.04	-19.76	-21.37
Tangible Book Value, 1 Yr. Growth %	-11.01	15.93	14.78	-23.82	-15.18
Common Equity, 1 Yr. Growth %	-7.86	8.15	13.73	-19.69	-20.98
Cash From Operations, 1 Yr. Growth %	108.19	53.65	-3.03	-63.93	4.64
Capital Expenditures, 1 Yr. Growth %	73.88	-37.86	257.41	-6.86	-72.47
Levered Free Cash Flow, 1 Yr. Growth %	97.25	8.47	117.61	-57.06	-21.56
Unlevered Free Cash Flow, 1 Yr. Growth %	98.15	7.81	118.22	-57.53	-21.99
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	20.45	25.77	49.41	23.26	-15.53
Gross Profit, 2 Yr. CAGR %	6.77	31.64	103.11	65.23	-5.38
EBITDA, 2 Yr. CAGR %	62.07	68.94	1.6	-49.71	13.55
EBITA, 2 Yr. CAGR %	59.61	71.08	7.09	-40.32	22.88
EBIT, 2 Yr. CAGR %	51.31	63.13	9.93	-36.02	14.66
Earnings From Cont. Operations, 2 Yr. CAGR %	148.6	-3.66	-28.37	-53.1	49.49
Net Income, 2 Yr. CAGR %	148.6	-3.66	-28.37	-54.32	21.63
Normalized Net Income, 2 Yr. CAGR %	42.42	57.12	-3.22	-43.84	38.73
Diluted EPS Before Extra, 2 Yr. CAGR %	125.7	-8.53	-32.49	-55.01	42.5
Accounts Receivable, 2 Yr. CAGR %	33.04	55.82	48.65	14.07	-40.22
Inventory, 2 Yr. CAGR %	26.51	45.87	46.4	2.66	14.24
Net Property, Plant and Equip., 2 Yr. CAGR %	56.01	44.14	44.71	45.55	-4.52
Total Assets, 2 Yr. CAGR %	57.2	6.42	14.37	-4.76	-20.57
Tangible Book Value, 2 Yr. CAGR %	131.21	1.57	15.36	-6.49	-19.62
Common Equity, 2 Yr. CAGR %	65.19	-0.17	10.91	-4.43	-20.34
Cash From Operations, 2 Yr. CAGR %	50.02	78.85	22.06	-40.85	-38.56
Capital Expenditures, 2 Yr. CAGR %	127.48	3.94	49.02	82.45	-49.69
Levered Free Cash Flow, 2 Yr. CAGR %	62.14	46.27	53.64	-8.57	-43.54
Unlevered Free Cash Flow, 2 Yr. CAGR %	62.8	46.16	53.38	-8.93	-44.03
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	18.45	20.79	42.71	22.66	1.73
Gross Profit, 3 Yr. CAGR %	9.21	21.83	63.64	64.53	20.2
EBITDA, 3 Yr. CAGR %	55.38	62.15	21.99	-25.68	-25.77
EBITA, 3 Yr. CAGR %	53.32	62.54	25.81	-15.64	-16.44
EBIT, 3 Yr. CAGR %	43.6	55.38	25.2	-12.46	-14.89
Earnings From Cont. Operations, 3 Yr. CAGR %	106.67	63.15	-12.16	-46.33	2.61
Net Income, 3 Yr. CAGR %	106.67	63.15	-12.16	-47.27	2.61
Normalized Net Income, 3 Yr. CAGR %	42.24	43.56	16.6	-22.8	-14.85
Diluted EPS Before Extra, 3 Yr. CAGR %	85.08	50.36	-17.02	-48.69	-2.74
Accounts Receivable, 3 Yr. CAGR %	49.46	36.21	55.47	22.93	-17.91
Inventory, 3 Yr. CAGR %	34.56	34.97	43.72	17.42	22.11
Net Property, Plant and Equip., 3 Yr. CAGR %	66.38	45.28	51.16	38.71	14.86
Total Assets, 3 Yr. CAGR %	45.64	41.94	8.59	1.62	-10.66
Tangible Book Value, 3 Yr. CAGR %	101.09	83.68	5.8	0.46	-9.48
Common Equity, 3 Yr. CAGR %	47.22	43.44	4.26	-0.41	-10.3
Cash From Operations, 3 Yr. CAGR %	46.54	51.22	45.84	-18.69	-28.47
Capital Expenditures, 3 Yr. CAGR %	74.58	47.6	56.89	27.41	-3.29
Levered Free Cash Flow, 3 Yr. CAGR %	61.72	41.81	66.98	-3.21	-14.7
Unlevered Free Cash Flow, 3 Yr. CAGR %	61.63	41.9	67.05	-3.66	-15.11
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	50.22	27.18	29.98	21.77	10.74
Gross Profit, 5 Yr. CAGR %	39.88	23.46	39.19	37.62	24.65
EBITDA, 5 Yr. CAGR %	61.04	58.07	31.1	1.52	3.14
EBITA, 5 Yr. CAGR %	61.5	49.29	32.82	8.87	11.3
EBIT, 5 Yr. CAGR %	60.03	52.02	29.04	8.96	10.41
Earnings From Cont. Operations, 5 Yr. CAGR %	97.25	86.11	35.27	-0.91	0.05
Net Income, 5 Yr. CAGR %	97.25	86.11	35.27	-1.96	0.05
Normalized Net Income, 5 Yr. CAGR %	55.44	46.12	21.94	-1.37	8.79
Diluted EPS Before Extra, 5 Yr. CAGR %	69.32	64.73	23.64	-7.2	-5.1
Accounts Receivable, 5 Yr. CAGR %	61.68	34.28	49.13	26.88	6.08
Inventory, 5 Yr. CAGR %	55.38	29.47	39.18	20.97	31.11
Net Property, Plant and Equip., 5 Yr. CAGR %	68.57	52.19	57.35	45.39	25.78
Total Assets, 5 Yr. CAGR %	51.09	31.54	32.22	21	-4.18
Tangible Book Value, 5 Yr. CAGR %	70.81	66.57	61.01	40.21	-5.21
Common Equity, 5 Yr. CAGR %	49.65	31.06	31.45	21.93	-6.38
Cash From Operations, 5 Yr. CAGR %	67.42	43.62	36.21	3.88	3.21
Capital Expenditures, 5 Yr. CAGR %	52.64	34.44	63.87	60.66	-0.46
Levered Free Cash Flow, 5 Yr. CAGR %	66.48	35.19	58.44	18.97	5.83
Unlevered Free Cash Flow, 5 Yr. CAGR %	66.61	34.96	58.28	18.84	5.5