Financials Nel ASA

Equities

NEL

NO0010081235

Renewable Energy Equipment & Services

Market Closed - Oslo Bors Other stock markets 10:45:00 2025-07-17 am EDT			5-day change	1st Jan Change
2.622 ^NOK	-0.08%		-5.68%	-3.03%

Jul. 17	Kepler Cheuvreux Raises Target Price for Nel to NOK 1.70 (1.60), Reiterates Reduce	FW
Jul. 16	NEL : Order scarcity continues as revenue runway shortens further

Projected Income Statement: Nel ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	651.9	798	993.6	1,773	1,495	843.9	1,279	1,565
Change	-	22.42%	24.51%	78.45%	-15.69%	-43.55%	51.52%	22.42%
EBITDA ¹	-251.5	-475.2	-779.9	-473.7	-172.9	-349.1	-208.3	-87.76
Change	-	-88.96%	-64.1%	39.26%	63.49%	-101.84%	40.32%	57.87%
EBIT ¹	-414.5	-582.9	-1,279	-699.5	-389.4	-604.5	-443	-349.5
Change	-	-40.62%	-119.38%	45.29%	44.33%	-55.22%	26.71%	21.11%
Interest Paid ¹	-8.792	-1,101	-	-173	-	-11	-11	-
Earnings before Tax (EBT) ¹	1,246	-1,684	-1,187	-872.5	-264.2	-550.8	-390.9	-308.8
Change	-	-235.19%	29.51%	26.49%	69.72%	-108.5%	29.04%	21.01%
Net income ¹	1,262	-1,667	-1,171	-855.2	-244.3	-532.5	-387.2	-318.4
Change	-	-232.09%	29.74%	26.98%	71.43%	-117.94%	27.29%	17.77%
Announcement Date	2/18/21	2/16/22	2/28/23	2/28/24	2/26/25	-	-	-

¹NOK in Million

Estimates

Fiscal Period: December	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	147.7	229.1	156.9	163.7	229.3	248.1	213.1	183.2	183.1	414.1	359	475.1	405.5	533.6	409.1	356.4	391.3	450.5	174.9	-	224.6	231.9	215.5	234.5	252.5	282
Change	-	55.09%	-31.53%	4.38%	40.06%	8.2%	-14.1%	-14.04%	-0.05%	126.11%	-13.3%	32.33%	-14.65%	31.6%	-23.34%	-12.88%	9.79%	15.13%	-61.17%	-	-	3.27%	-7.09%	8.82%	7.68%	11.68%
EBITDA ¹	-42.1	-76.2	-74.31	-120.3	-113	-167.7	-152.4	-197	-214	-216.4	-121	-138	-109	-106.3	-15.59	-79	-90	-35.77	-115	-86	-85.05	-60.65	-82	-69.5	-65	-57
Change	-	-81%	2.48%	-61.84%	6.04%	-48.37%	9.09%	-29.25%	-8.63%	-1.13%	44.09%	-14.05%	21.01%	2.48%	85.33%	-406.74%	-13.92%	60.25%	-221.46%	25.21%	1.11%	28.69%	-35.21%	15.24%	6.47%	12.31%
EBIT ¹	-116.3	-139.3	-98.15	-149.1	-138.9	-196.7	-186.6	-241	-260.2	-590.9	-174.8	-193.5	-165.1	-166.1	-74.02	-125.4	-145.7	-105.7	-187.1	-153	-149.5	-131.8	-140.5	-128.5	-123.5	-115
Change	-	-19.78%	29.54%	-51.87%	6.79%	-41.57%	5.13%	-29.16%	-7.95%	-127.11%	70.41%	-10.71%	14.71%	-0.62%	55.44%	-69.45%	-16.15%	27.42%	-76.96%	18.22%	2.32%	11.82%	-6.62%	8.54%	3.89%	6.88%
Charge d'intérêts	-512.4	-	-	-	-370	-84.24	-	-35.49	-	-	-	-	-63.42	60.94	-	-	-	40.78	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-628.6	1,285	-579.9	-314.1	-508.9	-280.9	81.85	-276.5	-261.7	-730.6	-194.3	-344.6	-228.5	-105.2	-24.22	-119.8	-116.5	-64.94	-180.5	-132	-131.9	-91.28	-118	-106.5	-103	-96
Change	-	304.42%	-145.13%	45.84%	-62.04%	44.8%	129.14%	-437.82%	5.34%	-179.15%	73.4%	-77.3%	33.69%	53.98%	76.96%	-394.45%	2.74%	44.25%	-177.92%	26.87%	0.1%	30.77%	-29.27%	9.75%	3.29%	6.8%
Net income ¹	-626.7	1,295	-578.1	-312.3	-507	-269.5	83.74	-274.5	-259.6	-720.8	-192	-342.3	-226.3	-94.39	-22.02	-43.34	-115.2	-63.82	-179.4	-	-125.7	-100.7	-118	-106.5	-103	-96
Change	-	306.7%	-144.63%	45.98%	-62.38%	46.85%	131.07%	-427.81%	5.42%	-177.6%	73.36%	-78.29%	33.9%	58.29%	76.67%	-96.79%	-165.73%	44.58%	-181.05%	-	-	19.92%	-17.21%	9.75%	3.29%	6.8%
Announcement Date	11/5/20	2/18/21	5/3/21	8/19/21	10/21/21	2/16/22	5/10/22	8/11/22	10/20/22	2/28/23	4/27/23	7/18/23	10/25/23	2/28/24	4/17/24	7/17/24	10/16/24	2/26/25	4/30/25	7/16/25	-	-	-	-	-	-

¹NOK in Million

Estimates

Forecast Balance Sheet: Nel ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-2,303	-2,700	-	-3,341	-1,616	-1,601	-1,174	-1,028
Change	-	-17.24%	-	-	51.63%	0.9%	26.67%	12.44%
Announcement Date	2/18/21	2/16/22	2/28/23	2/28/24	2/26/25	-	-	-

¹NOK in Million

Estimates

Cash Flow Forecast: Nel ASA

Fiscal Period: December	2020	2021	2023	2024	2025	2026	2027
CAPEX ¹	232.2	377.2	739.8	680.3	261	406.6	514.8
Change	-	62.43%	-	-8.05%	-61.63%	55.79%	26.6%
Free Cash Flow (FCF) ¹	-448.1	-826.6	-1,409	-823.5	-743.9	-371.4	-379.5
Change	-	-84.48%	-	41.58%	9.67%	50.08%	-2.19%
Announcement Date	2/18/21	2/16/22	2/28/24	2/26/25	-	-	-

¹NOK in Million

Estimates

Forecast Financial Ratios: Nel ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-38.58%	-59.55%	-78.49%	-26.72%	-11.57%	-41.36%	-16.29%	-5.61%
EBIT Margin (%)	-63.59%	-73.04%	-128.69%	-39.45%	-26.05%	-71.62%	-34.64%	-22.32%
EBT Margin (%)	191.07%	-211.01%	-119.47%	-49.21%	-17.67%	-65.27%	-30.57%	-19.72%
Net margin (%)	193.58%	-208.88%	-117.87%	-48.23%	-16.34%	-63.1%	-30.28%	-20.34%
FCF margin (%)	-68.74%	-103.59%	-	-79.49%	-55.09%	-88.14%	-29.04%	-24.24%
FCF / Net Income (%)	-35.51%	49.59%	-	164.82%	337.02%	139.69%	95.91%	119.19%
Profitability
ROA	-	-27.45%	-	-11.55%	-3.45%	-5.41%	-3.41%	-
ROE	-11.44%	-31.73%	-	-14.68%	-4.37%	-11.02%	-7.89%	-7.32%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	35.62%	47.26%	-	41.73%	45.51%	30.93%	31.8%	32.88%
CAPEX / EBITDA (%)	-92.33%	-79.36%	-	-156.18%	-393.37%	-74.77%	-195.18%	-586.54%
CAPEX / FCF (%)	-51.82%	-45.63%	-	-52.49%	-82.61%	-35.09%	-109.48%	-135.64%
Items per share
Cash flow per share ¹	-0.1555	-0.3098	-	-0.4054	-0.1446	-0.16	-	0.3
Change	-	-99.2%	-	-	64.34%	-10.67%	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	3.884	3.473	-	3.752	2.979	2.662	2.481	2.308
Change	-	-10.6%	-	-	-20.61%	-10.62%	-6.82%	-6.95%
EPS ¹	0.91	-1.15	-0.76	-0.52	-0.15	-0.3068	-0.2138	-0.1676
Change	-	-226.37%	33.91%	31.58%	71.15%	-104.52%	30.31%	21.63%
Nbr of stocks (in thousands)	1,407,401	1,460,396	1,562,907	1,670,907	1,670,907	1,838,040	1,838,040	1,838,040
Announcement Date	2/18/21	2/16/22	2/28/23	2/28/24	2/26/25	-	-	-