Hakon Volldal
Chief Executive Officer

Good morning from Oslo. Welcome to Nel's First Quarter 2026 Results Presentation. My name is Hakon Volldal, I am the CEO. With me today, I have our CFO, Kjell Christian Bjornsen; and our Head of IR, Marketing, Communications and Miscellaneous functions, Wilhelm Flinder.

We have the following agenda. I'll skip the Nel in brief and jump straight to the highlights for Q1. We have a short commercial update covering the most important commercial events in the first quarter and one subsequent event, a short technology update and then we will, as usual, end with questions and answers.

Quarterly highlights. Revenues came in at NOK 148 million. We had a negative EBITDA of NOK 100 million. Order intake at NOK 85 million. Order backlog ended at NOK 1.1 billion, and our cash balance ended at NOK 1.4 billion. A pretty quiet start to the year.

First quarter is always a bit slow. What we are focusing on is the launch of the new pressurized alkaline platform that will happen at Heroya on May 6 this year. In connection with that, we have been busy in the first quarter testing out new pressurized alkaline production line technology that is progressing according to plan. We also opened Korea's first off-grid green hydrogen production facility. That was commissioned in late March. And in April, we received a $7 million purchase order for containerized PEM equipment.

Looking at more detailed numbers. Revenue from contracts with customers down 5% year-on-year. Revenues from alkaline division increased by 6%, but we