Nel ASA
ASAActiveOrg 979938799Karenslyst Allé 49, 0279 OsloManufacture of other special-purpose machinery n.e.c.· NACE 2899Est. 1998 · 28 years old26 employeeshttps://www.nelhydrogen.com
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Overview
Nel ASA is a Norwegian ASA based in Oslo, operating in the Manufacture of other special-purpose machinery n.e.c. sector. Incorporated in 1998, the company has 26 employees and reported revenue of NOK 103.5m in its latest annual filing.
Revenue 2025
0.1B NOK
−2% vs 2024
EBITDA margin
−33.7 %
+1% vs 2024
Net profit 2025
-0.8B NOK
-7% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
95.1 %
Very strongAmong the 10% highest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
12.2×
Very strongAmong the 10% highest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
-13.2 %
Very weakAmong the 20% lowest rated companies in the industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 0.1B NOK | -2% |
| EBITDA | -0B NOK | +1% |
| Net profit | -0.8B NOK | -7% |
| Total assets | 5.7B NOK | -6% |
| Equity | 5.4B NOK | -7% |
| Employees | 26 | — |
Company information
Legal name
NEL ASA
Org number
979938799
Legal form
Allmennaksjeselskap
NACE code
Founded
3 June 1998 · 28 years
Share capital
NOK 367,691,566
Employees
26 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Ett styremedlem og daglig leder i fellesskap eller to styremedlemmer i fellesskap.
Company purpose
Å, direkte eller indirekte, gjennom investeringer eller eierskap, å drive virksomhet tilknyttet produksjon og salg av hydrogenanlegg og/eller andre hydrogenrelaterte produkter eller tjenester, eller tilknyttede aktiviteter.
(no translation available)
Contact
Address
Karenslyst Allé 49, 0279 Oslo
Phone
+47 23 24 89 50
Email
info@nelhydrogen.com
Website
https://www.nelhydrogen.com
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Financial development
In its most recent annual report (2025), Nel ASA reported revenue of NOK 103.5m, a decrease of 2% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net loss of NOK 758.3m, and the EBITDA margin stood at -33.7%.
At the end of 2025, equity financed 95.1% of the balance sheet, and current assets covered short-term debt 12.2 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 103,455 | 105,588 | 79,767 | 89,947 | 75,649 |
| Staff expenses | -75,372 | -75,715 | -67,541 | -69,070 | -52,032 |
| EBITDA | -34,887 | -35,407 | -40,197 | -36,374 | -18,434 |
| Depreciation & amort. | -4,028 | -4,102 | -4,089 | -3,463 | -2,645 |
| EBIT | -38,915 | -39,509 | -44,286 | -39,837 | -21,079 |
| Net financials | -704,748 | -671,059 | 37,334 | -1,412,107 | -3,377 |
| Profit before tax | -743,663 | -710,568 | -6,952 | -1,451,944 | -24,456 |
| Tax | 14,648 | -0 | -0 | -0 | -0 |
| Net profit | -758,311 | -710,568 | -6,952 | -1,451,944 | -24,456 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 5,725,133 | 6,119,526 | 7,784,776 | 6,125,950 | 6,017,742 |
| Equity | 5,445,241 | 5,852,330 | 7,622,706 | 6,040,992 | 5,962,151 |
| Long-term debt | 133,299 | 190,554 | 72,447 | 16,098 | 1,555 |
| Short-term debt | 146,593 | 76,642 | 82,598 | 57,046 | 46,889 |
| Total debt | 279,892 | 267,196 | 155,045 | 73,144 | 48,444 |
Financial ratios
5-year trendEBITDA margin
-33.7 %
20212025
Equity ratio
95.1 %
Very strongAmong the 10% highest rated companies in the industry
20212025
Return on equity
-13.9 %
Very weakAmong the 20% lowest rated companies in the industry
20212025
Net profit margin
-733.0 %
Very weakAmong the 10% lowest rated companies in the industry
20212025
Asset turnover
0.02×
WeakAmong the 30% lowest rated companies in the industry
20212025
Debt / equity
0.05×
Very strongAmong the 10% highest rated companies in the industry
20212025
Sector performance
27 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginVery strong
Among the 20% highest rated companies in the industry
The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.
Operating marginVery weak
Among the 20% lowest rated companies in the industry
EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.
Net profit marginVery weak
Among the 10% lowest rated companies in the industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Very weak
Among the 20% lowest rated companies in the industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Very weak
Among the 20% lowest rated companies in the industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Very weak
Among the 20% lowest rated companies in the industry
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
Basic earning power (BEP)Weak
Among the 40% lowest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioWeak
Among the 40% lowest rated companies in the industry
Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.
Liquidity
Current ratioVery strong
Among the 10% highest rated companies in the industry
Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.
Quick ratioVery strong
Among the 10% highest rated companies in the industry
Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.
Cash ratioVery strong
Among the 10% highest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityVery strong
Among the 20% highest rated companies in the industry
Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.
Fixed assets to long-term capitalAverage
Around the average of companies in the same industry
Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.
Cash conversion ratioVery weak
Among the 20% lowest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioVery strong
Among the 10% highest rated companies in the industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioVery strong
Among the 10% highest rated companies in the industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityVery strong
Among the 10% highest rated companies in the industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityVery strong
Among the 20% highest rated companies in the industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtVery weak
Among the 10% lowest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtWeak
Among the 30% lowest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageWeak
Among the 40% lowest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtVery weak
Among the 10% lowest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginVery weak
Among the 10% lowest rated companies in the industry
The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.
Efficiency & development
Asset turnoverWeak
Among the 30% lowest rated companies in the industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Equity to contributed capitalStrong
Among the 40% highest rated companies in the industry
Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.
One-year change in equityWeak
Among the 30% lowest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtAverage
Around the average of companies in the same industry
The size of this year's increase or decrease in the company's debt.
Inventory turnoverNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.
Annual reports & filings
- Annual report 2025Filed via Brønnøysundsregistrene · Period 2025-01-01 – 2025-12-31
- Annual report 2024Filed via Brønnøysundsregistrene · Period 2024-01-01 – 2024-12-31
- Annual report 2023Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-12-31
- Annual report 2022Filed via Brønnøysundsregistrene · Period 2022-01-01 – 2022-12-31
- Annual report 2021Filed via Brønnøysundsregistrene · Period 2021-01-01 – 2021-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (1) | ||
HR Chief Executive Officer | Chief Executive Officer | 2022 |
Former (1)
JA Chief Executive Officer | Chief Executive Officer | 2016 – 2022 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (7) | ||
JB Board of Directors | Board of Directors | 2023 |
AM Chairman | Chairman | 2025 |
GY Board of Directors | Board of Directors | 2025 |
HE Board of Directors | Board of Directors | 2026 |
HL Board of Directors | Board of Directors | 2020 |
BM Board of Directors | Board of Directors | 2020 |
AC Board of Directors | Board of Directors | 2020 |
Former (4)
OE Chairman | Chairman | 2020 – 2025 |
JA Board of Directors | Board of Directors | 2022 – 2023 |
FM Board of Directors | Board of Directors | 2020 – 2023 |
TR Board of Directors | Board of Directors | 2020 – 2026 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 69.25% | 69.25% | 2025 | |
| Company | 9.09% | 9.09% | 2025 | |
| Company | 1.57% | 1.57% | 2025 | |
| Company | 1.21% | 1.21% | 2025 | |
| Individual | 0.01% | 0.01% | 2025 | |
Caceis Bank | Company | 0.72% | 0.72% | 2024 |
Deutsche Bank Aktiengesellschaft | Company | 0.12% | 0.12% | 2024 |
Ubs Switzerland Ag | Company | 1.23% | 1.23% | 2024 |
J.P. Morgan Bank Luxembourg S.A. | Company | 2.5% | 2.5% | 2020 |
Citibank Europe Plc | Company | 0.48% | 0.48% | 2024 |
Clearstream Banking S.A. | Company | 66.89% | 66.89% | 2024 |
| Individual | 0.01% | 0.01% | 2023 | |
Nordnet Bank Ab | Company | 1.02% | 1.02% | 2024 |
State Street Bank And Trust Comp | Company | 3.41% | 3.41% | 2024 |
Caceis Bank | Company | 1.14% | 1.14% | 2024 |
The Bank Of New York Mellon Sa/Nv | Company | 1.82% | 1.82% | 2024 |
The Bank Of New York Mellon | Company | 0.41% | 0.41% | 2024 |
Société Générale | Company | 0.03% | 0.03% | 2024 |
Six Sis Ag | Company | 1.42% | 1.42% | 2024 |
Citibank, N.A. | Company | 0.97% | 0.97% | 2024 |
Jpmorgan Chase Bank, N.A., London | Company | 1.37% | 1.37% | 2024 |
Avanza Bank Ab | Company | 0.59% | 0.59% | 2024 |
| Company | 0.38% | 0.38% | 2024 | |
Bnp Paribas Securities Services | Company | 1.46% | 1.46% | 2021 |
Skandinaviska Enskilda Banken Ab | Company | 0.27% | 0.27% | 2024 |
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Company hierarchy
Clearstream Banking S.A.69.2503%Caceis Bank1.57%Six Sis Ag1.21%Deutsche Bank Aktiengesellschaft0.12%Ubs Switzerland Ag1.23%J.P. Morgan Bank Luxembourg S.A.2.5%Citibank Europe Plc0.48%Nordnet Bank Ab1.02%State Street Bank And Trust Comp3.41%The Bank Of New York Mellon Sa/Nv1.82%The Bank Of New York Mellon0.41%Société Générale0.03%Citibank, N.A.0.97%Jpmorgan Chase Bank, N.A., London1.37%Avanza Bank Ab0.59%Folketrygdfondet0.38%Bnp Paribas Securities Services1.46%Skandinaviska Enskilda Banken Ab0.27%
Nel ASA (this company)Nel Hydrogen Electrolyser AS100% ownedNel Fuel As100% ownedBoard network connections
Board members of Nel ASA also hold positions in 167 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Ole Enger | Chairman | 44 companiesMany roles |
| Jens Bjørn Staff | Board of Directors | 37 companiesMany roles |
| Finn Marum Jebsen | Board of Directors | 28 companiesMany roles |
| Tom Røtjer | Board of Directors | 23 companiesMany roles |
| Hans Erik Vatne | Board of Directors | 15 companiesMany roles |
| Jon Andre Løkke | Chief Executive Officer | 6 companiesMany roles |
| Arvid Moss | Chairman | 6 companiesMany roles |
| Beatriz Malo De Molina Laborde | Board of Directors | 5 companies |
| Håkon Rypern Volldal | Chief Executive Officer | 3 companies |
Frequently asked questions
What is the Org number of Nel ASA?
Nel ASA is registered with Brønnøysundsregistrene under Org 979938799.
What is the revenue of Nel ASA?
Nel ASA reported revenue of NOK 103.5m in 2025.
How many employees does Nel ASA have?
Nel ASA employs 26 people as of the latest annual report.
Who is the CEO of Nel ASA?
Håkon Rypern Volldal is the CEO of Nel ASA, in role since 2022.
Who is the chairman of Nel ASA?
Arvid Moss chairs the board of Nel ASA, in role since 2025.
Where is Nel ASA headquartered?
Nel ASA's registered address is Karenslyst Allé 49.