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"2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f0__s7__6__5": { "value": "1.1 Corporate information Nel ASA (Nel) is a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. The company is domiciled in Norway. The company specializes in electrolyser technology for production of renewable hydrogen. Nel\u2019s product offerings are key enablers for a renewable hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia. The group has two divisions: Nel Alkaline Electrolyser and Nel PEM Electrolyser. The ultimate parent of the group Nel ASA (org. no 979 938 799) was formed in 1998, incorporated in Norway. Nel ASA is a Norwegian public limited liability company listed on the Oslo Stock Exchange. The group's head office is in Karenslyst all\u00e9 49, N-0279 Oslo, Norway.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__12": { "value": "Nel ASA (Nel) is a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__14": { "value": "Nel ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__13": { "value": "Nel ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__6": { "value": "Nel ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__8": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__9": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__7": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__11": { "value": "Oslo", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__10": { "value": "Karenslyst all\u00e9 49, N-0279 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__15": { "value": "1.2 Basis of preparation The group's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). Accounts are based on the principle of historical cost, except for certain financial instruments, which are measured at fair value. The consolidated financial statements are presented in Norwegian kroner (NOK). The functional currency of Nel ASA is NOK. All values are rounded to the nearest thousand, unless when indicated otherwise. As a result of rounding differences numbers or percentages may not add up to the total. The financial statements are prepared based on a going concern assumption. The consolidated financial statements were approved by the Board of Directors and the Chief Executive Officer on February 25, 2026. Definition and applying of materiality judgements in preparation of these consolidated financial statements These consolidated financial statements aim to provide useful financial information which increase the understandability of Nel and its performance. To meet the information needs of its primary users, Nel apply materiality judgments which are necessary to meet this objective, and Nel has made such judgments related to recognition, measurement, presentation and disclosures. Within these consolidated financial statements information is considered material if omitting, misstating or obscuring it could reasonably be expected to influence decisions taken by primary users based on the information provided. In practice this will lead to Nel omitting certain information if it is assessed it will obscure the material information. The materiality judgments are reassessed at each reporting date and updated based on changed facts and Nel specific circumstances. Basis of consolidation The consolidated financial statements comprise the financial statements of the parent company and its subsidiaries as of 31 December 2024. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Control is achieved if, and only if, the group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the group has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising from other contractual arrangements and iii) The group\u2019s voting rights and potential voting rights. The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the group gains control until the date the group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the group. There are no non-controlling interests in the Group as all subsidiaries are 100 % owned. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are fully eliminated upon consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in the statement of comprehensive income. Foreign exchange and currency Transactions in foreign currencies are converted to functional currency to the exchange rate on the transaction date. Exchange rate gains and losses arerecognised within \u2018finance cost\u2019 in the profit or loss. Foreign currency monetary items are translated into functional currency using the balance sheet closingrates. Non-monetary items that are measured in terms of historical cost in a foreign currency continue to be translated using the exchange rate that prevailedat the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates that prevailedat the date when the fair value was measured. All foreign currency translations are recognised in profit or loss as finance cost except for foreign currency translations where a hedging relationship exists,and hedge accounting has been applied. Additional information is provided in note 6.2 and 6.5. Consolidation of subsidiaries The individual financial statements of a subsidiary are prepared in the subsidiary\u2019s functional currency. In preparing the consolidated financial statements,the statement of comprehensive income items from the subsidiaries are converted to NOK using the respective monthly average exchange rates, whilestatement of financial position items is converted using the rate at year-end. Exchange rate gains and losses are recognised net within Other comprehensiveincome and accumulated in Currency translation differences in \u2018Other components of equity\u2019. Statement of comprehensive income The Group present a single statement of \u2018Consolidated statement of comprehensive income\u2019 which comprise all components of profit or loss, OCI and the comprehensive income for the period. Statement of cash flows The Group uses the indirect method for the presentation of the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__16": { "value": "The group's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__17": { "value": "The consolidated financial statements are presented in Norwegian kroner (NOK). The functional currency of Nel ASA is NOK.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__18": { "value": "The consolidated financial statements were approved by the Board of Directors and the Chief Executive Officer on February 25, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__20-1": { "value": "Basis of consolidation The consolidated financial statements comprise the financial statements of the parent company and its subsidiaries as of 31 December 2024. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Control is achieved if, and only if, the group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the group has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising from other contractual arrangements and iii) The group\u2019s voting rights and potential voting rights. The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the group gains control until the date the group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the group. There are no non-controlling interests in the Group as all subsidiaries are 100 % owned. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are fully eliminated upon consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in the statement of comprehensive income.Goodwill Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units. Useful life, amortisation plan \u2022 Technology has a useful life of 3-7 years \u2022 Goodwill has indefinite life Significant accounting judgements - Development costs Development expenditures on an individual project are recognised as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development To demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a successful pilot is demonstrated, and the asset is available for use. After a successful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2025 was NOK 380 (365) million, of which NOK 145 (136) million and NOK 235 (229) million has been capitalised and expensed, respectively.(Amounts in NOK thousands) Technology Customer Goodwill TOTAL relationship Acquisition cost as of 01.01.2024 1 041 094 100 234 672 210 1 813 538 Additions from internal development 119 194 0 0 119 194 Discontinued operation -210 341 -3 011 0 -213 352 Currency effects 46 194 121 36 448 82 763 Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143 Additions from internal development 82 238 0 0 82 238 Additions acquired separately 63 010 0 0 63 010 Currency effects -47 081 0 -39 327 -86 408 Acquisition cost as of 31.12.2025 1 094 309 97 343 669 330 1 860 983 Accumulated amortisation and impairment as of 01.01.2024 409 572 92 013 296 905 798 491 Amortisation 72 167 7 843 0 80 010 Discontinued operation -113 234 -2 513 0 -115 747 Currency effects 10 215 0 0 10 215 Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970 Amortisation 79 668 0 0 79 668 Impairment 127 547 0 311 061 438 608 Currency effects -14 714 0 0 -14 714 Accumulated amortisation and impairment as of 31.12.2025 571 222 97 343 607 966 1 276 532 Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173 Carrying value as of 31.12.2025 523 087 0 61 364 584 451 Impairment loss NOK 439 (0) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. As the next generation pressurized alkaline technology is likely to negatively influence the market outlook for current platforms, Nel recognized impairment losses of NOK 439 million in the period related goodwill and intangible technology assets resulting from the acquisition of what is now Nel PEM electrolyser in 2016. Refer to section \u2018Annual impairment test \u2013 results and sensitivity\u2019 below for details of current year\u2019s impairment test. (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 430 221 0 430 221 Acquired separately disclosed and further explained in this note.92 866 0 92 866 Acquired through business combinations 0 61 364 61 364 Carrying value as of 31.12.2025 523 087 61 364 584 451 (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 415 880 0 415 880 Acquired separately 35 763 0 35 763 Acquired through business combinations 165 777 411 753 577 530 Carrying value as of 31.12.2024 617 420 411 753 1 029 173ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__19": { "value": "Basis of consolidation The consolidated financial statements comprise the financial statements of the parent company and its subsidiaries as of 31 December 2024. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Control is achieved if, and only if, the group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the group has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising from other contractual arrangements and iii) The group\u2019s voting rights and potential voting rights. The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the group gains control until the date the group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the group. There are no non-controlling interests in the Group as all subsidiaries are 100 % owned. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are fully eliminated upon consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__22": { "value": "Foreign exchange and currency Transactions in foreign currencies are converted to functional currency to the exchange rate on the transaction date. Exchange rate gains and losses arerecognised within \u2018finance cost\u2019 in the profit or loss. Foreign currency monetary items are translated into functional currency using the balance sheet closingrates. Non-monetary items that are measured in terms of historical cost in a foreign currency continue to be translated using the exchange rate that prevailedat the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates that prevailedat the date when the fair value was measured. All foreign currency translations are recognised in profit or loss as finance cost except for foreign currency translations where a hedging relationship exists,and hedge accounting has been applied. Additional information is provided in note 6.2 and 6.5.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__21-1": { "value": "Foreign exchange and currency Transactions in foreign currencies are converted to functional currency to the exchange rate on the transaction date. Exchange rate gains and losses arerecognised within \u2018finance cost\u2019 in the profit or loss. Foreign currency monetary items are translated into functional currency using the balance sheet closingrates. Non-monetary items that are measured in terms of historical cost in a foreign currency continue to be translated using the exchange rate that prevailedat the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates that prevailedat the date when the fair value was measured. All foreign currency translations are recognised in profit or loss as finance cost except for foreign currency translations where a hedging relationship exists,and hedge accounting has been applied. Additional information is provided in note 6.2 and 6.5.Currency risk Nel operates internationally and is subject to currency risks arising from foreign currency transactions and exposures. As the group presents its consolidated results in NOK, any change in exchange rates between NOK and its subsidiaries\u2019 functional currencies, primarily with respect to changes in USD, affects its consolidated statement of income and consolidated statement of financial position. As the group expands its operations with projects in new markets the currency risk exposure increases. The group is on an overall level managed as a NOK company for currency risk management purposes with primary focus on NOK cash flow. The group\u2019s gross foreign currency risk exposure is significant, with the majority of revenue and expenses denominated in foreign currency. The group mitigates the currency risk exposure by entering into forward currency contracts with financial institutions. The group has a residual net currency risk exposure considering hedging which is considered low to medium. Currency fluctuation effects on net profit of the year: Profit and loss Changes in exchange rate NOK/foreign currencies Net profit in foreign currencies Value in Value in NOK -10% -5% +5% +10% currency DKK -1 668 -2 600 260 130 -130 -260 USD -11 569 -124 293 12 429 6 215 -6 215 -12 429 SEK -74 101 -75 390 7 539 3 770 -3 770 -7 539 GBP 1 183 16 256 -1 626 -813 813 1 626 EUR -939 -10 915 1 091 546 -546 -1 091 Effect on net income (loss) 19 694 9 847 -9 847 -19 694 Profit and loss Changes in exchange rate NOK/foreign currencies Statement of financial position Net receivables/liabilities in foreign currencies USD 1 029 11 684 -1 168 -584 584 1 168 SEK -3 273 -3 369 337 168 -168 -337 GBP 263 3 738 -374 -187 187 374 EUR 11 664 137 581 -13 758 -6 879 6 879 13 758 Effect on net income (loss) -14 960 -7 480 7 480 14 960 Total effect on Net income (loss) and Equity 4 735 2 367 -2 367 -4 735 The table shows the gross foreign currency exposure based on each entity in the group\u2019s functional currency, before hedging. Nel\u2019s hedging strategy and designated instruments are elaborated and disclosed in note 6.5. The figures exclude translation of intercompany loans in Nel ASA.Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss. The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__23": { "value": "Consolidation of subsidiaries The individual financial statements of a subsidiary are prepared in the subsidiary\u2019s functional currency. In preparing the consolidated financial statements,the statement of comprehensive income items from the subsidiaries are converted to NOK using the respective monthly average exchange rates, whilestatement of financial position items is converted using the rate at year-end. Exchange rate gains and losses are recognised net within Other comprehensiveincome and accumulated in Currency translation differences in \u2018Other components of equity\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__24": { "value": "Statement of cash flows The Group uses the indirect method for the presentation of the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__25-1": { "value": "1.3 Significant accounting policies Accounting policies and estimate uncertainty are largely incorporated into the individual notes as listed in table of contents below. Revenue from contracts with customers 2.1 Research and development 3.1 Goodwill 3.1 Property, plant and equipment 3.2 Leases 3.3 Inventories 4.1 Trade receivables 4.2 Government grants 5.3 Provisions 5.5 Derivative financial instruments and hedge accounting 6.52.1 Revenue from contracts with customers The revenue in Nel is from sale of hydrogen electrolyser equipment including installation, commissioning, and long-term service agreements. Additionally, Nel earns revenue from replacement parts and accessories in the aftermarket, and from engineering studies. Project execution is key in Nel\u2019s large construction projects. The group\u2019s revenues result from the sale of goods or services and reflect the consideration to which the group is and expect to be entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognises the revenue when (or as) the performance obligations are satisfied. Revenue recognition is determined on a contract-by-contract basis by determining the terms and performance obligations given in a specific contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognised at a point in time or over time, 28% (31%) and 72% (69%) of revenue in 2025 (2024), respectively. Revenue is recognised over-time using the method that best depicts the pattern of the transfer of control over time. The method applied is the cost-to-cost input method, adjusted as time and goods are delivered to the customer. Contract costs are expensed as incurred.Contract balances Equipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when certain criteria are met. A typical payment structure could be at the milestones; contract acceptance, placement of major supplier purchases, prior to delivery/shipment of equipment and complete installation and commissioning. The payment structure of the contracts typically results in advance payments and progress billings exceed the satisfaction of performance obligations in progress. Consequently, creating a net contract liability. In certain circumstances based on the order value, credit worthiness of geographic location, the group may require payment in advance of shipment. Expect for performance requirements, agreed liquidated damages and warranty, the group does not accept returns of product or provide customers refunds or other similar concessions. Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the advances and progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed advances and progress billings, the balance is presented as due from customers on construction contracts within \u201ccontract assets\u201d. When the contract assets become an unconditional right to consideration they are reclassified and presented separately as trade receivables, usually when invoices are issued to the customers. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d.3.1 Intangible assets Research and development Research Research activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred. Development Capitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. Technology As an indication of the level of internal technology costs, Nel currently has 62 and 53 full time employees working directly with R&D in the Alkaline and PEM division, respectively. Nel invests in development of large-scale industrialisation of Electrolyser products. ALKALINE In its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system. The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 375 (311) million as of 31.12.2025. PEM In the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series. The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 55 million and acquired separately of NOK 93 million, as of 31.12.2025. Contractual commitments for the acquisition of intangible assets from the General Motors development agreement beyond 2025 are about NOK 50 million. The expected timing of cash outflow is beginning of 2026Useful life, amortisation plan \u2022 Technology has a useful life of 3-7 years \u2022 Goodwill has indefinite lifeGoodwill and intangible assets with indefinite useful lives - impairment considerations Goodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The Group recognised an impairment loss on goodwill of NOK 311 million in 2025 related to the PEM US CGU. The remaining goodwill as of 31 December 2025 relates to the Alkaline Norway CGU and no further impairment was recognised on this remaining goodwill. Annual impairment test - assumptions CGU The annual impairment test is performed for all the Group' Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs.3.2 Property, plant and equipment Property, plant and equipment comprise owned and leased assets. Property, plant and equipment are measured using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The assets are depreciated using the straight-line method over the expected useful life of the asset. Costs of direct maintenance on the operating assets are expensed as incurred. Additional investments and improvements are added to the asset\u2019s cost price and depreciated in line with the remaining useful life of the asset.Useful life, depreciation plan \u2022 Office machines and other equipment have a useful life of 3-5 years \u2022 Production equipment has a useful life of 3-8 years \u2022 Buildings have a useful life of 30-40 years \u2022 Technical installations have a useful life of 10-15 years \u2022 Right of use assets has a useful life of 2-10 yearsImpairment An assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Due to the anticipated impact of next-generation technology on the market outlook for existing platforms, the likelihood of restarting line 1 or constructing line 3 has become unlikely by the end of 2025. Consequently, Nel has recognised a full impairment loss on assets associated with line 1 at Her\u00f8ya, amounting to NOK 291 million, as these assets became idle during the year. Furthermore, the planned expansion of line 3 - which currently comprises acquired long-lead items not yet installed and classified under assets under construction - has been fully impaired in the amount of NOK 70 million. The total impairment loss is allocated to Property, plant, and equipment as follows: NOK 70 million to assets under construction, NOK 275 million to production equipment, and NOK 16 million to office and other technical installations. Property, plant and equipment post impairment of idle assets is included in 'other invested capital' allocated to the respective CGU's for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.3.3 Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. As a lessee At commencement date or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Group has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are treated separately in other standards than IFRS 16. The group recognise a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borrowing rate (IBR) for additional information. Lease payments included in the measurement of the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Payments for insurance, property tax and VAT are excluded from the lease payments amount as they are defined as variable lease payments. The Group presents right-of-use assets in 'property, plant and equipment' and the lease liabilities within \u2018lease liabilities\u2019, divided into current and non-current portions. Short-term leases and leases of low value assets Nel have elected the practical expedient of treating short-term leases and low value assets outside the scope of IFRS 164.1 Inventories Inventories comprise purchased raw materials, work in progress and finished goods. Inventories are measured at the lower of cost and net realisable value (NRV) in accordance with IAS\u202f2 Inventories. Cost comprises costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price in the ordinary course of business, less estimated costs of completion and costs necessary to make the sale. Where inventories are expected to be sold over an extended period, expected cash inflows are assessed considering the timing of sales and, where material, the time value of money. At each reporting date, inventories are reviewed for indicators of impairment. Any write\u2011down to NRV is recognised as an expense in the period in which the write\u2011down occurs. Reversals of previous write\u2011downs are recognised when the circumstances that caused the impairment no longer exist.4.2 Trade receivables Trade receivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or services to the customer. Trade receivables are subsequently accounted for at amortised cost and are reviewed for impairment on an ongoing basis. Trade receivables are generally not discounted. Trade receivables are presented net of expected credit losses. Changes in the expected credit loss are recognised within other operating expenses in the statement of comprehensive income.Nel recognises loss allowances for \u2018Expected Credit Loss\u2019 (ECL) on: a) Financial assets measured at amortised cost; and b) Contract assets Loss allowance for trade receivables and contract assets is always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment, that includes forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive). Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.Government grants Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants received that relate to an acquisition or development of assets has been presented \"gross\" in Nel's financial statements. A gross presentation entails that the grant received is presented separately as deferred income. The deferred income is presented as a non-current liability and is amortised over the useful life of the related asset. The amortised part of the deferred income is presented as other operating income in the statement of comprehensive income.Provisions, contingent liabilities and contingent assets The group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense. Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.Accrued warranty The groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%. Employee benefits Nel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2025 to be finally measured and paid in 2026 is 37 NOK (36) million. Provision for termination benefits included amounts to NOK 7 million as of 31.12.2025. In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program. Settlement and claims Settlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2025, Nel have no provisions for settlement and claims. Onerous contracts An onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss. The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__27": { "value": "1.4 Changes in accounting policies A few amendments to IFRS have been issued and effective January 1, 2025. These are implemented for the first time in the current year: Amendments to IAS 21\u2014 The effects of Changes in Foreign Exchange Rates The amendments to IAS 21 clarify when a currency is exchangeable into another currency and how a company estimates a spot rate when a currency lacks exchangeability. The adoption of the amendments to IAS 21 did not have any material impact in the group consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__26": { "value": "1.4 Changes in accounting policies A few amendments to IFRS have been issued and effective January 1, 2025. These are implemented for the first time in the current year: Amendments to IAS 21\u2014 The effects of Changes in Foreign Exchange Rates The amendments to IAS 21 clarify when a currency is exchangeable into another currency and how a company estimates a spot rate when a currency lacks exchangeability. The adoption of the amendments to IAS 21 did not have any material impact in the group consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__28-1": { "value": "1.5 Significant accounting judgements and estimation uncertainty The preparation of financial statements requires management to make judgements and estimates that influence amounts recognised in certain accounts for assets, liabilities, income and expenses. The actual results may deviate from such assumptions. Estimates and underlying assumptions are subject to continuous assessment. Judgements The following are Nel's accounting policies that involves significant judgement and complexity which have most significant effect on the amounts recognised in the consolidated financial statements, including reference to where it is discussed: Revenue recognition 2.1 Deferred tax assets 2.8 Development costs 3.1 Leases 3.3 Assumptions and estimation uncertainty Revenue recognition 2.1 Share-based payments 2.5 Impairment of goodwill and intangible assets 3.1 Inventories 4.1Significant accounting judgements \u2013 revenue recognition The Group applied the following judgements that significantly affect the determination of the timing of revenue from contracts with customers: Performance obligations In determining whether revenue from a specific contract can be classified as customised and in turn recognised using a progress-based measurement, several criteria must be evaluated. The first criterion is related to alternative use. Manufacturing a customised product or piece of equipment for a specific customer that would require significant cost to modify to be able to transfer it to another customer, then the contract would likely meet the criteria of no alternative use. The other important criterion is that an enforceable right to payment exists in the contract between the group and the customer. Right to payment entails that the group has a right to receive payment from the customer if the contract would be terminated. Upon termination at a certain time, the group should be able to recover costs incurred and a reasonable margin. Determining whether revenue from a contract should be recognised over time or at point in time could have a significant effect on the financial statements and is to some extent dependent upon judgements from management. Estimation uncertainty \u2013 revenue recognition The Group applied the following estimations that significantly affect the determination of the i) timing and ii) amount of revenue from contracts with customers: i) Timing Total contract costs In a customised customer project, Nel uses cost-to-cost input method when measuring progress; thus, the total cost estimates can significantly impact measured progress and revenue recognition. The total project cost comprises estimates on the ability to execute the planned engineering and design phase, the availability of skilled resources, performance of subcontractors, commodity prices, foreign currency and Nel\u2019s manufacturing capacity, productivity and quality. ii) Amount Liquidated damages (LDs) LDs are pre-defined penalties for breaches of contract. LDs are most commonly used with respect to delay. As the payment to the customer is not in exchange for a distinct good or service that transfers to Nel, LD\u2019s must be accounted for as a reduction of revenue. If a project does not meet the defined milestone in a contract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The estimated LD provision is highly judgmental. The assessment of the LD provision is based on experience from similar LD situations in addition to client relationship, contractual position and status on negotiations. Nel estimates variable consideration using the most likely amount.ESTIMATION UNCERTAINTY - Share-based payments Estimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled share-based payments are measured at fair value at the grant date.Significant accounting judgements - Deferred tax assets Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. The group has NOK 2 615 million of tax amounts from tax losses carried forward (2 300 in 2024). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 668 million in 2025 (516 in 2024).Significant accounting judgements - Development costs Development expenditures on an individual project are recognised as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development To demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a successful pilot is demonstrated, and the asset is available for use. After a successful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2025 was NOK 380 (365) million, of which NOK 145 (136) million and NOK 235 (229) million has been capitalised and expensed, respectively.(Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 430 221 0 430 221 Acquired separately disclosed and further explained in this note.92 866 0 92 866 Acquired through business combinations 0 61 364 61 364 Carrying value as of 31.12.2025 523 087 61 364 584 451 (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 415 880 0 415 880 Acquired separately 35 763 0 35 763 Acquired through business combinations 165 777 411 753 577 530 Carrying value as of 31.12.2024 617 420 411 753 1 029 173ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are Significant accounting judgements - Estimating the incremental borrowing rate (IBR) The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its IBR to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group 'would have to pay', which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incremental borrowing rate by considering various interest rates (risk free rate as 10-year government bonds, and risk premiums) and makes certain adjustments to reflect the terms of the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiary's stand-alone credit rating).Significant accounting judgements - Determining the lease term of contracts with renewal and termination options - Group as a lessee. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate. In general, the renewal periods for leases of manufacturing facilities, offices, warehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as part of the lease term as these are not reasonably certain to be exercised. In addition, the renewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not more than three years and, hence is not exercising any renewal options. The periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised.ESTIMATION UNCERTAINTY \u2013 Net realisable value of inventories The valuation of inventories represents a key source of estimation uncertainty at the reporting date. Actual outcomes may differ from the estimates applied, particularly if market conditions, sales prices or order intake timing develop differently than expected. The most significant assumptions affecting NRV are: Sales prices Estimated selling prices are based on current market prices, recent transactions and expected discount levels required to secure future orders. A reduction in achievable sales prices would result in a lower NRV and may trigger inventory write\u2011downs. Timing of order intake and sales For inventories not covered by firm sales contracts as of 31 December 2025, management estimates the expected timing of order intake and delivery. Delays in order intake or extended sales periods increase the risk that inventories may need to be sold at lower prices or that expected cash inflows should be discounted, negatively impacting NRV. Discount rates and time value of money Where inventories are expected to be sold over an extended timeframe, expected future cash inflows are assessed considering the time value of money. Discount rates applied reflect current market\u2011based rates consistent with the risk profile of the expected cash flows. Changes in discount rates or in the expected sales horizon may materially affect the calculated NRV.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__32-1": { "value": "2.1 Revenue from contracts with customers The revenue in Nel is from sale of hydrogen electrolyser equipment including installation, commissioning, and long-term service agreements. Additionally, Nel earns revenue from replacement parts and accessories in the aftermarket, and from engineering studies. Project execution is key in Nel\u2019s large construction projects. The group\u2019s revenues result from the sale of goods or services and reflect the consideration to which the group is and expect to be entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognises the revenue when (or as) the performance obligations are satisfied. Revenue recognition is determined on a contract-by-contract basis by determining the terms and performance obligations given in a specific contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognised at a point in time or over time, 28% (31%) and 72% (69%) of revenue in 2025 (2024), respectively. Revenue is recognised over-time using the method that best depicts the pattern of the transfer of control over time. The method applied is the cost-to-cost input method, adjusted as time and goods are delivered to the customer. Contract costs are expensed as incurred.Contract balances Equipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when certain criteria are met. A typical payment structure could be at the milestones; contract acceptance, placement of major supplier purchases, prior to delivery/shipment of equipment and complete installation and commissioning. The payment structure of the contracts typically results in advance payments and progress billings exceed the satisfaction of performance obligations in progress. Consequently, creating a net contract liability. In certain circumstances based on the order value, credit worthiness of geographic location, the group may require payment in advance of shipment. Expect for performance requirements, agreed liquidated damages and warranty, the group does not accept returns of product or provide customers refunds or other similar concessions. Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the advances and progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed advances and progress billings, the balance is presented as due from customers on construction contracts within \u201ccontract assets\u201d. When the contract assets become an unconditional right to consideration they are reclassified and presented separately as trade receivables, usually when invoices are issued to the customers. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__30-1": { "value": "2.1 Revenue from contracts with customers The revenue in Nel is from sale of hydrogen electrolyser equipment including installation, commissioning, and long-term service agreements. Additionally, Nel earns revenue from replacement parts and accessories in the aftermarket, and from engineering studies. Project execution is key in Nel\u2019s large construction projects. The group\u2019s revenues result from the sale of goods or services and reflect the consideration to which the group is and expect to be entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognises the revenue when (or as) the performance obligations are satisfied. Revenue recognition is determined on a contract-by-contract basis by determining the terms and performance obligations given in a specific contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognised at a point in time or over time, 28% (31%) and 72% (69%) of revenue in 2025 (2024), respectively. Revenue is recognised over-time using the method that best depicts the pattern of the transfer of control over time. The method applied is the cost-to-cost input method, adjusted as time and goods are delivered to the customer. Contract costs are expensed as incurred. Significant accounting judgements \u2013 revenue recognition The Group applied the following judgements that significantly affect the determination of the timing of revenue from contracts with customers: Performance obligations In determining whether revenue from a specific contract can be classified as customised and in turn recognised using a progress-based measurement, several criteria must be evaluated. The first criterion is related to alternative use. Manufacturing a customised product or piece of equipment for a specific customer that would require significant cost to modify to be able to transfer it to another customer, then the contract would likely meet the criteria of no alternative use. The other important criterion is that an enforceable right to payment exists in the contract between the group and the customer. Right to payment entails that the group has a right to receive payment from the customer if the contract would be terminated. Upon termination at a certain time, the group should be able to recover costs incurred and a reasonable margin. Determining whether revenue from a contract should be recognised over time or at point in time could have a significant effect on the financial statements and is to some extent dependent upon judgements from management. Estimation uncertainty \u2013 revenue recognition The Group applied the following estimations that significantly affect the determination of the i) timing and ii) amount of revenue from contracts with customers: i) Timing Total contract costs In a customised customer project, Nel uses cost-to-cost input method when measuring progress; thus, the total cost estimates can significantly impact measured progress and revenue recognition. The total project cost comprises estimates on the ability to execute the planned engineering and design phase, the availability of skilled resources, performance of subcontractors, commodity prices, foreign currency and Nel\u2019s manufacturing capacity, productivity and quality. ii) Amount Liquidated damages (LDs) LDs are pre-defined penalties for breaches of contract. LDs are most commonly used with respect to delay. As the payment to the customer is not in exchange for a distinct good or service that transfers to Nel, LD\u2019s must be accounted for as a reduction of revenue. If a project does not meet the defined milestone in a contract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The estimated LD provision is highly judgmental. The assessment of the LD provision is based on experience from similar LD situations in addition to client relationship, contractual position and status on negotiations. Nel estimates variable consideration using the most likely amount.Type of goods or services The group generates revenue from customer contracts from two principal sources: i) Equipment and projects and ii) Service and aftermarket. The equipment and projects sales are generated from both standard and customised equipment. Standard equipment The group recognises revenue at the point in time at which it satisfies a performance obligation by transferring the control of a good or service to the customer, generally this upon agreed incoterms, which is mainly at shipment. The customer has control of a good or service when it has the ability to direct the use of and obtain substantially all of the remaining benefits from the good or service. If customer acceptance of products is not assured, revenue is recorded only upon formal customer acceptance. The point in time measurement basis for standard equipment has been the main method of recognising revenue in PEM US division and the aftermarket segment in the Electrolyser Norway division. Customised equipment Most of Nel\u2019s revenue stems from standard equipment, however, in certain contracts the customisation required qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as revenue over-time if Nel has an enforceable right to payment for performance completed to date. Projects The project contracts typically comprise \u2022 equipment (standard product or customised), \u2022 supervision of installation and commissioning of the equipment \u2022 engineering services, sold separately or part of the project Most projects are determined to be a bundle of goods where all of the components constitute the combined output, i.e. one performance obligation. The performance obligation is satisfied over time and Nel recognise revenue over the period the performance obligation is satisfied, using a cost-to-cost input method that best depicts the pattern of the transfer of control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally, contracts usually include service agreement and extended warranty for a specific period. Both service and extended warranty are separate performance obligations satisfied over 12 months or more, refer service and aftermarket. The progress-based measurement of revenue has been the main method of recognising revenue from electrolyser projects of large-scale electrolyser systems. Service and aftermarket Service and aftermarket comprise operations and maintenance (O&M), extended warranty, repair, replacement parts and accessories. For separately sold operating and maintenance contracts where the group has agreed to provide routine maintenance services over a period of time for a fixed price, revenue is recognised on a straight-line basis over the contract period as the stand-ready obligation is time elapsed. For sales of replacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon delivery of the replacement parts and accessories. The following table show the revenue from contracts with customers by type of goods or service: 2025 2024 Segments PEM Alkaline Total PEM Alkaline Total Type of goods or service Equipment and projects 332 425 493 357 825 782 315 593 970 461 1 286 054 Service and aftermarket 68 406 68 926 137 332 64 956 38 898 103 855 TOTAL Revenue from contracts with customers 400 831 562 283 963 114 380 549 1 009 360 1 389 909 Timing of revenue recognition Revenue recognised at point in time 204 956 68 926 273 882 252 419 181 731 434 150 Revenue recognised over time 195 875 493 357 689 232 128 130 827 629 955 759 TOTAL Revenue from contracts with customers 400 831 562 283 963 114 380 549 1 009 360 1 389 909 Onerous contracts. In the circumstance that the unavoidable costs directly related to project is expected to exceed the economic benefits expected to be received under the contract, the estimated loss on the contract will be recognised in its entirety in the period when such loss is identified. Additional information for onerous contracts is disclosed in note 5.5 \u2018Provisions\u2019. Contract balances Equipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when certain criteria are met. A typical payment structure could be at the milestones; contract acceptance, placement of major supplier purchases, prior to delivery/shipment of equipment and complete installation and commissioning. The payment structure of the contracts typically results in advance payments and progress billings exceed the satisfaction of performance obligations in progress. Consequently, creating a net contract liability. In certain circumstances based on the order value, credit worthiness of geographic location, the group may require payment in advance of shipment. Expect for performance requirements, agreed liquidated damages and warranty, the group does not accept returns of product or provide customers refunds or other similar concessions. Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the advances and progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed advances and progress billings, the balance is presented as due from customers on construction contracts within \u201ccontract assets\u201d. When the contract assets become an unconditional right to consideration they are reclassified and presented separately as trade receivables, usually when invoices are issued to the customers. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d. 2025 2024 CONTRACT BALANCES CONTRACT CONTRACT Total CONTRACT CONTRACT Total ASSETS LIABILITIES ASSETS LIABILITIES Rights to consideration on contracts in progress 186 504 778 952 965 456 381 457 1 392 099 1 773 556 Less - advances and progress billings -119 301 -1 151 372 -1 270 673 -357 303 -1 975 491 -2 332 794 TOTAL Contract assets (liabilities) 67 204 -372 420 24 155 -583 392 CONTRACT LIABILITIES 2025 2024 Balance as of 01.01. -583 392 -715 288 Revenue from amounts included in contract liabilities at the beginning of the period 381 591 419 690 Billings and advances received not recognised as revenue in the period -173 480 -460 192 Discontinued operation 0 119 764 Basis adjustment - effect of hedge accounting 2 861 52 634 Balance as of 31.12. -372 420 -583 392 CONTRACT ASSETS 2025 2024 Balance as of 01.01. 24 155 49 767 Transfers from contract assets recognised at the beginning of the period to receivables -13 695 -35 778 Increases due to measure of progress in the period 57 705 22 175 Revenue recognised in the period from performance obligations satisfied in previous periods 0 -4 312 Discontinued operation 0 -10 325 Revaluation -961 2 627 Balance as of 31.12. 67 204 24 155 Order backlog The performance obligations in contracts with customers vary from a few months to 4 years. The order backlog as of December 31, 2025, was NOK 1 319 (1 614) million. The order backlog in Alkaline and PEM is NOK 440 million and NOK 878 million, respectively. Refer to the \u201cAlternative performance measures\u201d section for full definitions of backlog and reconciliations. The transaction price allocated to the remaining performance obligations is illustrated in table below: as of 31.12.2025 2026 2027 2028 Total backlog PEM Alkaline Partly unsatisfied performance obligations 283 748 731 128 7 664 1 022 540 782 152 240 388 Unsatisfied performance obligations 96 223 75 570 124 485 296 278 96 223 200 055 TOTAL backlog 379 972 806 698 132 148 1 318 818 878 375 440 443 as of 31.12.2024 2025 2026 2027 or later Total backlog PEM Alkaline Partly unsatisfied performance obligations 484 893 361 123 446 173 1 292 189 208 770 1 083 419 Unsatisfied performance obligations 115 408 0 206 413 321 821 115 408 206 413 TOTAL backlog 600 301 361 123 652 586 1 614 010 324 178 1 289 8325.5 Provisions Provisions, contingent liabilities and contingent assets The group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense. Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group. (Amounts in thousands) Accrued warranty Employee benefits Onerous contracts TOTAL As of 01.01.2024 59 812 46 458 25 446 131 717 Additions 24 562 26 602 7 518 58 682 Used during the year -15 721 -22 904 -18 818 -57 443 Reversal of unused provisions 0 -1 519 0 -1 519 Discontinued operation -24 355 -14 640 -6 164 -45 159 Foreign currency translation 1 180 1 517 674 3 371 As of 31.12.2024 45 478 35 515 8 657 89 650 Additions 14 205 41 993 6 909 63 108 Used during the year -1 238 -30 496 -4 766 -36 500 Reversal of unused provisions -15 089 -1 549 -927 -17 565 Foreign currency translation -1 207 -1 552 -690 -3 448 As of 31.12.2025 42 149 43 912 9 183 95 244 Accrued warranty The groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%. Employee benefits Nel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2025 to be finally measured and paid in 2026 is 37 NOK (36) million. Provision for termination benefits included amounts to NOK 7 million as of 31.12.2025. In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program. Settlement and claims Settlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2025, Nel have no provisions for settlement and claims. Onerous contracts An onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__29": { "value": "2.1 Revenue from contracts with customers The revenue in Nel is from sale of hydrogen electrolyser equipment including installation, commissioning, and long-term service agreements. Additionally, Nel earns revenue from replacement parts and accessories in the aftermarket, and from engineering studies. Project execution is key in Nel\u2019s large construction projects. The group\u2019s revenues result from the sale of goods or services and reflect the consideration to which the group is and expect to be entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognises the revenue when (or as) the performance obligations are satisfied. Revenue recognition is determined on a contract-by-contract basis by determining the terms and performance obligations given in a specific contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognised at a point in time or over time, 28% (31%) and 72% (69%) of revenue in 2025 (2024), respectively. Revenue is recognised over-time using the method that best depicts the pattern of the transfer of control over time. The method applied is the cost-to-cost input method, adjusted as time and goods are delivered to the customer. Contract costs are expensed as incurred. Significant accounting judgements \u2013 revenue recognition The Group applied the following judgements that significantly affect the determination of the timing of revenue from contracts with customers: Performance obligations In determining whether revenue from a specific contract can be classified as customised and in turn recognised using a progress-based measurement, several criteria must be evaluated. The first criterion is related to alternative use. Manufacturing a customised product or piece of equipment for a specific customer that would require significant cost to modify to be able to transfer it to another customer, then the contract would likely meet the criteria of no alternative use. The other important criterion is that an enforceable right to payment exists in the contract between the group and the customer. Right to payment entails that the group has a right to receive payment from the customer if the contract would be terminated. Upon termination at a certain time, the group should be able to recover costs incurred and a reasonable margin. Determining whether revenue from a contract should be recognised over time or at point in time could have a significant effect on the financial statements and is to some extent dependent upon judgements from management. Estimation uncertainty \u2013 revenue recognition The Group applied the following estimations that significantly affect the determination of the i) timing and ii) amount of revenue from contracts with customers: i) Timing Total contract costs In a customised customer project, Nel uses cost-to-cost input method when measuring progress; thus, the total cost estimates can significantly impact measured progress and revenue recognition. The total project cost comprises estimates on the ability to execute the planned engineering and design phase, the availability of skilled resources, performance of subcontractors, commodity prices, foreign currency and Nel\u2019s manufacturing capacity, productivity and quality. ii) Amount Liquidated damages (LDs) LDs are pre-defined penalties for breaches of contract. LDs are most commonly used with respect to delay. As the payment to the customer is not in exchange for a distinct good or service that transfers to Nel, LD\u2019s must be accounted for as a reduction of revenue. If a project does not meet the defined milestone in a contract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The estimated LD provision is highly judgmental. The assessment of the LD provision is based on experience from similar LD situations in addition to client relationship, contractual position and status on negotiations. Nel estimates variable consideration using the most likely amount.Type of goods or services The group generates revenue from customer contracts from two principal sources: i) Equipment and projects and ii) Service and aftermarket. The equipment and projects sales are generated from both standard and customised equipment. Standard equipment The group recognises revenue at the point in time at which it satisfies a performance obligation by transferring the control of a good or service to the customer, generally this upon agreed incoterms, which is mainly at shipment. The customer has control of a good or service when it has the ability to direct the use of and obtain substantially all of the remaining benefits from the good or service. If customer acceptance of products is not assured, revenue is recorded only upon formal customer acceptance. The point in time measurement basis for standard equipment has been the main method of recognising revenue in PEM US division and the aftermarket segment in the Electrolyser Norway division. Customised equipment Most of Nel\u2019s revenue stems from standard equipment, however, in certain contracts the customisation required qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as revenue over-time if Nel has an enforceable right to payment for performance completed to date. Projects The project contracts typically comprise \u2022 equipment (standard product or customised), \u2022 supervision of installation and commissioning of the equipment \u2022 engineering services, sold separately or part of the project Most projects are determined to be a bundle of goods where all of the components constitute the combined output, i.e. one performance obligation. The performance obligation is satisfied over time and Nel recognise revenue over the period the performance obligation is satisfied, using a cost-to-cost input method that best depicts the pattern of the transfer of control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally, contracts usually include service agreement and extended warranty for a specific period. Both service and extended warranty are separate performance obligations satisfied over 12 months or more, refer service and aftermarket. The progress-based measurement of revenue has been the main method of recognising revenue from electrolyser projects of large-scale electrolyser systems. Service and aftermarket Service and aftermarket comprise operations and maintenance (O&M), extended warranty, repair, replacement parts and accessories. For separately sold operating and maintenance contracts where the group has agreed to provide routine maintenance services over a period of time for a fixed price, revenue is recognised on a straight-line basis over the contract period as the stand-ready obligation is time elapsed. For sales of replacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon delivery of the replacement parts and accessories. The following table show the revenue from contracts with customers by type of goods or service: 2025 2024 Segments PEM Alkaline Total PEM Alkaline Total Type of goods or service Equipment and projects 332 425 493 357 825 782 315 593 970 461 1 286 054 Service and aftermarket 68 406 68 926 137 332 64 956 38 898 103 855 TOTAL Revenue from contracts with customers 400 831 562 283 963 114 380 549 1 009 360 1 389 909 Timing of revenue recognition Revenue recognised at point in time 204 956 68 926 273 882 252 419 181 731 434 150 Revenue recognised over time 195 875 493 357 689 232 128 130 827 629 955 759 TOTAL Revenue from contracts with customers 400 831 562 283 963 114 380 549 1 009 360 1 389 909 Onerous contracts. In the circumstance that the unavoidable costs directly related to project is expected to exceed the economic benefits expected to be received under the contract, the estimated loss on the contract will be recognised in its entirety in the period when such loss is identified. Additional information for onerous contracts is disclosed in note 5.5 \u2018Provisions\u2019. Contract balances Equipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when certain criteria are met. A typical payment structure could be at the milestones; contract acceptance, placement of major supplier purchases, prior to delivery/shipment of equipment and complete installation and commissioning. The payment structure of the contracts typically results in advance payments and progress billings exceed the satisfaction of performance obligations in progress. Consequently, creating a net contract liability. In certain circumstances based on the order value, credit worthiness of geographic location, the group may require payment in advance of shipment. Expect for performance requirements, agreed liquidated damages and warranty, the group does not accept returns of product or provide customers refunds or other similar concessions. Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the advances and progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed advances and progress billings, the balance is presented as due from customers on construction contracts within \u201ccontract assets\u201d. When the contract assets become an unconditional right to consideration they are reclassified and presented separately as trade receivables, usually when invoices are issued to the customers. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d. 2025 2024 CONTRACT BALANCES CONTRACT CONTRACT Total CONTRACT CONTRACT Total ASSETS LIABILITIES ASSETS LIABILITIES Rights to consideration on contracts in progress 186 504 778 952 965 456 381 457 1 392 099 1 773 556 Less - advances and progress billings -119 301 -1 151 372 -1 270 673 -357 303 -1 975 491 -2 332 794 TOTAL Contract assets (liabilities) 67 204 -372 420 24 155 -583 392 CONTRACT LIABILITIES 2025 2024 Balance as of 01.01. -583 392 -715 288 Revenue from amounts included in contract liabilities at the beginning of the period 381 591 419 690 Billings and advances received not recognised as revenue in the period -173 480 -460 192 Discontinued operation 0 119 764 Basis adjustment - effect of hedge accounting 2 861 52 634 Balance as of 31.12. -372 420 -583 392 CONTRACT ASSETS 2025 2024 Balance as of 01.01. 24 155 49 767 Transfers from contract assets recognised at the beginning of the period to receivables -13 695 -35 778 Increases due to measure of progress in the period 57 705 22 175 Revenue recognised in the period from performance obligations satisfied in previous periods 0 -4 312 Discontinued operation 0 -10 325 Revaluation -961 2 627 Balance as of 31.12. 67 204 24 155 Order backlog The performance obligations in contracts with customers vary from a few months to 4 years. The order backlog as of December 31, 2025, was NOK 1 319 (1 614) million. The order backlog in Alkaline and PEM is NOK 440 million and NOK 878 million, respectively. Refer to the \u201cAlternative performance measures\u201d section for full definitions of backlog and reconciliations. The transaction price allocated to the remaining performance obligations is illustrated in table below: as of 31.12.2025 2026 2027 2028 Total backlog PEM Alkaline Partly unsatisfied performance obligations 283 748 731 128 7 664 1 022 540 782 152 240 388 Unsatisfied performance obligations 96 223 75 570 124 485 296 278 96 223 200 055 TOTAL backlog 379 972 806 698 132 148 1 318 818 878 375 440 443 as of 31.12.2024 2025 2026 2027 or later Total backlog PEM Alkaline Partly unsatisfied performance obligations 484 893 361 123 446 173 1 292 189 208 770 1 083 419 Unsatisfied performance obligations 115 408 0 206 413 321 821 115 408 206 413 TOTAL backlog 600 301 361 123 652 586 1 614 010 324 178 1 289 832", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__37": { "value": "2.2 Other income (Amounts in NOK thousands) 2025 2024 Government grants 15 005 4 570 Research and design study reports 93 887 93 593 Insurance compensation 21 321 0 Other income 6 861 6 861 TOTAL Other income 137 074 105 024 Research and design study reports comprise contracts with Department of Energy in the PEM electrolyser segment. The performance is delivery of research reports and has been assessed as not part of ordinary course of business selling electrolyser equipment. While the income from such services can increase and decrease based on contracts and has been somewhat recurring over several years, it does not have the same characteristics as equipment sale and related services. Therefore, the income is reported as other income. Government grants within 'other operating income' Segment Country 2025 2024 Nel Alkaline Electrolyser Norway 15 005 4 570 TOTAL 15 005 4 570 Government grants related to assets, amortised 15 005 4 570 TOTAL 15 005 4 570", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__36-1": { "value": "2.2 Other income (Amounts in NOK thousands) 2025 2024 Government grants 15 005 4 570 Research and design study reports 93 887 93 593 Insurance compensation 21 321 0 Other income 6 861 6 861 TOTAL Other income 137 074 105 024 Research and design study reports comprise contracts with Department of Energy in the PEM electrolyser segment. The performance is delivery of research reports and has been assessed as not part of ordinary course of business selling electrolyser equipment. While the income from such services can increase and decrease based on contracts and has been somewhat recurring over several years, it does not have the same characteristics as equipment sale and related services. Therefore, the income is reported as other income. Government grants within 'other operating income' Segment Country 2025 2024 Nel Alkaline Electrolyser Norway 15 005 4 570 TOTAL 15 005 4 570 Government grants related to assets, amortised 15 005 4 570 TOTAL 15 005 4 5702.6 Other operating expenses (Amounts in NOK thousands) 2025 2024 Research and development expenditure 42 164 41 589 Utilities 25 669 21 344 Professional fees 50 735 98 919 Travel expenses 18 463 24 554 IT and communication costs 47 237 45 252 Changes in provisions 11 889 63 450 Repair and maintenance 7 696 13 724 Premises costs 18 691 20 125 Sub supplier services 31 345 127 699 Freight 10 219 19 433 Other expenses 140 997 42 224 TOTAL Other operating expenses 405 105 518 313", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__39": { "value": "2.3 Segment information Nel operates within two operating segments, Nel Alkaline Electrolyser and Nel PEM Electrolyser. The identification of segments in the group is made based on the different products the division offers as well as geographical areas the divisions have their production facilities and majority of employees in. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. Billing of goods and services between operating segments are effected on an arm\u2019s length basis. Nel Alkaline Electrolyser The Nel Alkaline Electrolyser division is a global supplier of hydrogen production equipment based on alkaline water electrolysis technology. Nel Alkaline Electrolyser currently has production facilities in Her\u00f8ya, Norway. Nel PEM Electrolyser The Nel PEM Electrolyser division is a global supplier of hydrogen production equipment based on PEM water electrolysis technology. Nel PEM Electrolyser currently has production facilities in Wallingford, Connecticut, USA. 2025 Operating segments 1)(Amounts in NOK thousands) PEM Alkaline Other Total Revenues by geographic region based on customer location Norway 2 916 94 835 0 97 752 United States 193 146 312 088 0 505 234 North America ex United States 8 440 0 0 8 440 Asia 33 723 44 321 0 78 044 Europe ex Norway 100 739 90 560 0 191 299 Middle East 4 591 0 0 4 591 Africa 2 747 10 763 0 13 510 South America 491 9 716 0 10 207 Oceania 54 038 0 0 54 038 TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 400 831 562 283 0 963 114 Other operating income 104 416 16 059 16 599 137 074 Operating expenses excluding depreciation, amortisation and impairment -643 206 -593 951 -137 818 -1 374 975 EBITDA -137 959 -15 609 -121 219 -274 787 Depreciation and amortisation -120 209 -166 233 -4 028 -290 470 Impairment of tangible and intangible assets -445 983 -353 427 0 -799 410 OPERATING LOSS -704 151 -535 269 -125 247 -1 364 667 Finance income 178 728 104 109 105 015 Finance costs -4 826 -16 772 -19 429 -41 027 Share of loss from associates and joint ventures 0 783 3 744 4 527 Tax income (expense) 31 035 0 0 31 035 NET INCOME (LOSS) -677 764 -550 530 -36 823 -1 265 117 TOTAL ASSETS 1 149 377 2 048 170 1 759 285 4 956 832 TOTAL LIABILITIES 387 387 580 141 56 121 1 023 649 Capital expenditures 126 412 163 995 0 290 407 1) Other comprises parent company, holding entity, excess values on intangible assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments. In 2025, revenue from single customers above 10% of total revenues include NOK 264 million in revenues from a single customer, related to delivery of Alkaline Electrolysers. In 2024, the group recognised revenue from three single customers which individually each is above 10% of total revenues. The amounts recognised from the three customers are NOK 339 million, NOK 145 million and NOK 144 million, all related to delivery of Alkaline Electrolysers. 2024 Operating segments 1)(Amounts in NOK thousands) PEM Alkaline Other Total Revenues by geographic region based on customer location Norway 1 983 34 759 0 36 743 United States 155 866 0 0 155 866 North America ex United States 8 245 500 262 0 508 507 Asia 52 935 142 621 0 195 556 Europe ex Norway 95 604 319 380 0 414 984 Middle East 9 771 0 0 9 771 Africa 1 798 6 544 0 8 341 South America 2 136 5 793 0 7 930 Oceania 52 210 0 0 52 210 TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 380 549 1 009 360 0 1 389 909 Other operating income 99 655 3 177 2 192 105 024 Operating expenses excluding depreciation, amortisation and impairment -645 088 -885 865 -136 922 -1 667 875 EBITDA -164 884 126 672 -134 730 -172 942 Depreciation and amortisation -99 045 -110 188 -7 253 -216 486 Impairment of tangible and intangible assets 0 0 0 0 OPERATING LOSS -263 929 16 484 -141 983 -389 428 Finance income 354 775 130 947 132 076 Finance costs -3 662 -6 572 3 401 -6 833 Share of loss from associates and joint ventures 0 0 0 0 Tax income (expense) 5 861 0 693 6 554 NET INCOME (LOSS) -261 376 10 687 -6 942 -257 631 TOTAL ASSETS 1 755 003 2 508 284 2 040 925 6 304 212 TOTAL LIABILITIES 404 971 854 859 67 106 1 326 936 Capital expenditures 225 506 421 038 0 646 544 1) Other comprises parent company, holding entity, excess values on intangible assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__38": { "value": "2.3 Segment information Nel operates within two operating segments, Nel Alkaline Electrolyser and Nel PEM Electrolyser. The identification of segments in the group is made based on the different products the division offers as well as geographical areas the divisions have their production facilities and majority of employees in. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. Billing of goods and services between operating segments are effected on an arm\u2019s length basis. Nel Alkaline Electrolyser The Nel Alkaline Electrolyser division is a global supplier of hydrogen production equipment based on alkaline water electrolysis technology. Nel Alkaline Electrolyser currently has production facilities in Her\u00f8ya, Norway. Nel PEM Electrolyser The Nel PEM Electrolyser division is a global supplier of hydrogen production equipment based on PEM water electrolysis technology. Nel PEM Electrolyser currently has production facilities in Wallingford, Connecticut, USA. 2025 Operating segments 1)(Amounts in NOK thousands) PEM Alkaline Other Total Revenues by geographic region based on customer location Norway 2 916 94 835 0 97 752 United States 193 146 312 088 0 505 234 North America ex United States 8 440 0 0 8 440 Asia 33 723 44 321 0 78 044 Europe ex Norway 100 739 90 560 0 191 299 Middle East 4 591 0 0 4 591 Africa 2 747 10 763 0 13 510 South America 491 9 716 0 10 207 Oceania 54 038 0 0 54 038 TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 400 831 562 283 0 963 114 Other operating income 104 416 16 059 16 599 137 074 Operating expenses excluding depreciation, amortisation and impairment -643 206 -593 951 -137 818 -1 374 975 EBITDA -137 959 -15 609 -121 219 -274 787 Depreciation and amortisation -120 209 -166 233 -4 028 -290 470 Impairment of tangible and intangible assets -445 983 -353 427 0 -799 410 OPERATING LOSS -704 151 -535 269 -125 247 -1 364 667 Finance income 178 728 104 109 105 015 Finance costs -4 826 -16 772 -19 429 -41 027 Share of loss from associates and joint ventures 0 783 3 744 4 527 Tax income (expense) 31 035 0 0 31 035 NET INCOME (LOSS) -677 764 -550 530 -36 823 -1 265 117 TOTAL ASSETS 1 149 377 2 048 170 1 759 285 4 956 832 TOTAL LIABILITIES 387 387 580 141 56 121 1 023 649 Capital expenditures 126 412 163 995 0 290 407 1) Other comprises parent company, holding entity, excess values on intangible assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments. In 2025, revenue from single customers above 10% of total revenues include NOK 264 million in revenues from a single customer, related to delivery of Alkaline Electrolysers. In 2024, the group recognised revenue from three single customers which individually each is above 10% of total revenues. The amounts recognised from the three customers are NOK 339 million, NOK 145 million and NOK 144 million, all related to delivery of Alkaline Electrolysers. 2024 Operating segments 1)(Amounts in NOK thousands) PEM Alkaline Other Total Revenues by geographic region based on customer location Norway 1 983 34 759 0 36 743 United States 155 866 0 0 155 866 North America ex United States 8 245 500 262 0 508 507 Asia 52 935 142 621 0 195 556 Europe ex Norway 95 604 319 380 0 414 984 Middle East 9 771 0 0 9 771 Africa 1 798 6 544 0 8 341 South America 2 136 5 793 0 7 930 Oceania 52 210 0 0 52 210 TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 380 549 1 009 360 0 1 389 909 Other operating income 99 655 3 177 2 192 105 024 Operating expenses excluding depreciation, amortisation and impairment -645 088 -885 865 -136 922 -1 667 875 EBITDA -164 884 126 672 -134 730 -172 942 Depreciation and amortisation -99 045 -110 188 -7 253 -216 486 Impairment of tangible and intangible assets 0 0 0 0 OPERATING LOSS -263 929 16 484 -141 983 -389 428 Finance income 354 775 130 947 132 076 Finance costs -3 662 -6 572 3 401 -6 833 Share of loss from associates and joint ventures 0 0 0 0 Tax income (expense) 5 861 0 693 6 554 NET INCOME (LOSS) -261 376 10 687 -6 942 -257 631 TOTAL ASSETS 1 755 003 2 508 284 2 040 925 6 304 212 TOTAL LIABILITIES 404 971 854 859 67 106 1 326 936 Capital expenditures 225 506 421 038 0 646 544 1) Other comprises parent company, holding entity, excess values on intangible assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__40": { "value": "Nel operates within two operating segments, Nel Alkaline Electrolyser and Nel PEM Electrolyser. The identification of segments in the group is made based on the different products the division offers as well as geographical areas the divisions have their production facilities and majority of employees in. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. Billing of goods and services between operating segments are effected on an arm\u2019s length basis. Nel Alkaline Electrolyser The Nel Alkaline Electrolyser division is a global supplier of hydrogen production equipment based on alkaline water electrolysis technology. Nel Alkaline Electrolyser currently has production facilities in Her\u00f8ya, Norway. Nel PEM Electrolyser The Nel PEM Electrolyser division is a global supplier of hydrogen production equipment based on PEM water electrolysis technology. Nel PEM Electrolyser currently has production facilities in Wallingford, Connecticut, USA.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__42-1": { "value": "2.4 Raw materials (Amounts in NOK thousands) 2025 2024 Raw material 400 080 503 355 Freight expense 546 572 Other consumables 0 48 TOTAL 400 626 503 976 In addition to products produced internally, Nel also delivers equipment produced using Nel\u2019s design or sourced based on a functional design. The ratio of raw material expense to revenues will depend not only on improvements leading to lower raw material spend or on the cost price of raw materials used in production, but also on the share of revenue generated by equipment sourced from third parties.2.5 Personnel expenses (Amounts in NOK thousands) 2025 2024 Salaries 489 117 545 753 Social security tax 57 668 67 757 Pension expense 23 443 26 710 1)Other payroll expenses39 117 34 925 Capitalised salary to technology development -40 101 -29 559 TOTAL 569 244 645 586 Average number of full time employees 370 423 Hereof women 86 90 1) Expenses of NOK 2.0 million (2.7 in 2024) related to the Group\u2019s share option program are included in \u2018other payroll expenses\u2019. 2.6 Other operating expenses (Amounts in NOK thousands) 2025 2024 Research and development expenditure 42 164 41 589 Utilities 25 669 21 344 Professional fees 50 735 98 919 Travel expenses 18 463 24 554 IT and communication costs 47 237 45 252 Changes in provisions 11 889 63 450 Repair and maintenance 7 696 13 724 Premises costs 18 691 20 125 Sub supplier services 31 345 127 699 Freight 10 219 19 433 Other expenses 140 997 42 224 TOTAL Other operating expenses 405 105 518 313", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__41-1": { "value": "2.4 Raw materials (Amounts in NOK thousands) 2025 2024 Raw material 400 080 503 355 Freight expense 546 572 Other consumables 0 48 TOTAL 400 626 503 976 In addition to products produced internally, Nel also delivers equipment produced using Nel\u2019s design or sourced based on a functional design. The ratio of raw material expense to revenues will depend not only on improvements leading to lower raw material spend or on the cost price of raw materials used in production, but also on the share of revenue generated by equipment sourced from third parties.4.1 Inventories Inventories comprise purchased raw materials, work in progress and finished goods. Inventories are measured at the lower of cost and net realisable value (NRV) in accordance with IAS\u202f2 Inventories. Cost comprises costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price in the ordinary course of business, less estimated costs of completion and costs necessary to make the sale. Where inventories are expected to be sold over an extended period, expected cash inflows are assessed considering the timing of sales and, where material, the time value of money. At each reporting date, inventories are reviewed for indicators of impairment. Any write\u2011down to NRV is recognised as an expense in the period in which the write\u2011down occurs. Reversals of previous write\u2011downs are recognised when the circumstances that caused the impairment no longer exist. ESTIMATION UNCERTAINTY \u2013 Net realisable value of inventories The valuation of inventories represents a key source of estimation uncertainty at the reporting date. Actual outcomes may differ from the estimates applied, particularly if market conditions, sales prices or order intake timing develop differently than expected. The most significant assumptions affecting NRV are: Sales prices Estimated selling prices are based on current market prices, recent transactions and expected discount levels required to secure future orders. A reduction in achievable sales prices would result in a lower NRV and may trigger inventory write\u2011downs. Timing of order intake and sales For inventories not covered by firm sales contracts as of 31 December 2025, management estimates the expected timing of order intake and delivery. Delays in order intake or extended sales periods increase the risk that inventories may need to be sold at lower prices or that expected cash inflows should be discounted, negatively impacting NRV. Discount rates and time value of money Where inventories are expected to be sold over an extended timeframe, expected future cash inflows are assessed considering the time value of money. Discount rates applied reflect current market\u2011based rates consistent with the risk profile of the expected cash flows. Changes in discount rates or in the expected sales horizon may materially affect the calculated NRV.(Amounts in NOK thousands) 2025 2024 Finished goods 552 059 66 842 Work in progress 97 627 102 787 Raw materials 288 304 375 919 Allowance for obsolete inventory -19 196 -13 799 Balance as of 31.12. 918 794 531 748 The amount of inventories recognised as an expense was NOK 365 (584) million during the period. A customer defaulted on its payment, so Nel accepted the goods as settlement for the outstanding receivables. This reduced trade receivables and increased inventory by approximately NOK 362 million. These goods remain unsold and are still held in inventory at the end of 2025. Under normal circumstances, the turnover rate for inventories is considerably shorter than twelve months, as Nel operates on a produce-to-order basis and does not manufacture goods for stock. However, due to market challenges and customer default in 2025, inventory levels have increased while order intake has remained low. Inventories in PEM equals NOK 275 million and inventory in Alkaline equals NOK 644 million. The majority of Alkaline inventory consists of finished goods, in the form of electrolyser cells and diaphragms. The inventory level differs by component, but as an order of magnitude, the Alkaline inventory at hand is equivalent to about 350 MW. Nel has conducted assessments comparing net realisable value less costs to sell against the carrying value, including consideration of the time value of money by discounting from the expected point of sale. In both 2025 and 2024, all items of inventories are measured at cost. Sensitivity analysis for the inventory in Alkaline The inventory valuation is sensitive to reasonably possible changes in the key assumptions described above: \u2022 A decrease in estimated sales prices, or an increase in required discounting to secure orders, would reduce net realisable value and could lead to write\u2011downs. A decrease in estimated sales price of about 20% would result in zero headroom, all else equal. \u2022 A delay in expected order intake or delivery compared with management\u2019s assumptions would increase the impact of discounting and may result in a lower NRV. A delay of 12 months compared to estimated timing of sale would result in zero headroom, all else equal. \u2022 An increase in the discount rate applied to expected future cash inflows would reduce the present value of those cash flows and negatively impact inventory valuation. The discount rate used in the analysis equals the post-tax WACC used in the annual impairment test of CGUs for Alkaline Electrolyser of 13.6%. An increase in discount rate of about 5%-points compared to estimates would result in zero headroom, all else equal. Market developments, customer demand and order intake patterns are continuously monitored. Where assumptions change, inventory valuations are updated accordingly in the period in which new information becomes available.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__48-1": { "value": "2.5 Personnel expenses (Amounts in NOK thousands) 2025 2024 Salaries 489 117 545 753 Social security tax 57 668 67 757 Pension expense 23 443 26 710 1)Other payroll expenses39 117 34 925 Capitalised salary to technology development -40 101 -29 559 TOTAL 569 244 645 586 Average number of full time employees 370 423 Hereof women 86 90 1) Expenses of NOK 2.0 million (2.7 in 2024) related to the Group\u2019s share option program are included in \u2018other payroll expenses\u2019. 2.6 Other operating expenses (Amounts in NOK thousands) 2025 2024 Research and development expenditure 42 164 41 589 Utilities 25 669 21 344 Professional fees 50 735 98 919 Travel expenses 18 463 24 554 IT and communication costs 47 237 45 252 Changes in provisions 11 889 63 450 Repair and maintenance 7 696 13 724 Premises costs 18 691 20 125 Sub supplier services 31 345 127 699 Freight 10 219 19 433 Other expenses 140 997 42 224 TOTAL Other operating expenses 405 105 518 3132.7 Finance income and cost (Amounts in NOK thousands) 2025 2024 Interest income 92 661 127 764 Other finance income 12 354 4 312 Finance income 105 015 132 076 Interest expense lease liabilities 16 672 16 481 Net foreign exchange loss 16 897 -13 566 Change in fair value financial instruments 6 219 2 650 Other finance cost 1 239 1 269 Finance cost 41 027 6 833 Net finance income (cost) 63 988 125 243", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__43-1": { "value": "2.5 Personnel expenses (Amounts in NOK thousands) 2025 2024 Salaries 489 117 545 753 Social security tax 57 668 67 757 Pension expense 23 443 26 710 1)Other payroll expenses39 117 34 925 Capitalised salary to technology development -40 101 -29 559 TOTAL 569 244 645 586 Average number of full time employees 370 423 Hereof women 86 90 1) Expenses of NOK 2.0 million (2.7 in 2024) related to the Group\u2019s share option program are included in \u2018other payroll expenses\u2019. Pensions The group has defined contribution pension scheme for its employees. This scheme is funded through payments to insurance companies. A defined contribution plan is one under which the group pays fixed contributions to a separate legal entity. The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the group pays contribution to publicly or privately administered pension insurance plans on an obligatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as a salary expense when they fall due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. The parent company and the Norwegian subsidiaries have pension plans that meet the requirements of the Pension Act of Norway. The US subsidiary have pension plans that meet their respective requirements.5.5 Provisions Provisions, contingent liabilities and contingent assets The group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense. Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group. (Amounts in thousands) Accrued warranty Employee benefits Onerous contracts TOTAL As of 01.01.2024 59 812 46 458 25 446 131 717 Additions 24 562 26 602 7 518 58 682 Used during the year -15 721 -22 904 -18 818 -57 443 Reversal of unused provisions 0 -1 519 0 -1 519 Discontinued operation -24 355 -14 640 -6 164 -45 159 Foreign currency translation 1 180 1 517 674 3 371 As of 31.12.2024 45 478 35 515 8 657 89 650 Additions 14 205 41 993 6 909 63 108 Used during the year -1 238 -30 496 -4 766 -36 500 Reversal of unused provisions -15 089 -1 549 -927 -17 565 Foreign currency translation -1 207 -1 552 -690 -3 448 As of 31.12.2025 42 149 43 912 9 183 95 244 Accrued warranty The groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%. Employee benefits Nel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2025 to be finally measured and paid in 2026 is 37 NOK (36) million. Provision for termination benefits included amounts to NOK 7 million as of 31.12.2025. In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program. Settlement and claims Settlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2025, Nel have no provisions for settlement and claims. Onerous contracts An onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__45": { "value": "Average number of full time employees 370 423 Hereof women 86 90 1) Expenses of NOK 2.0 million (2.7 in 2024) related to the Group\u2019s share option program are included in \u2018other payroll expenses\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__50-1": { "value": "Share option program All options have only service-time based vesting conditions. Vesting requires the option holder still to be an employee in the company. Specifically, options do not vest after the date the employee serves his or her notice to terminate the engagement with the company or has been notified in writing of the termination of employment by the company. The strike price is a premium of 8 % over the highest of the closing share price on grant date and the volume-weighted average price over the past 5 preceding trading days. Options granted 2023: Options were awarded in 2023 based on 2022 employment for a selection of employees. A total of 1.4 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2024: Options were awarded in 2024 based on 2023 employment for a selection of employees. A total of 1.65 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2025: Options were awarded in 2025 based on 2024 employment for a selection of employees. A total of 3.05 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. CEO options The CEO was awarded 500.000 options in each of 2023, 2024 and 2025. Each option vests after three years of grant and may, subject to continued employment, be exercised over a two-year period thereafter. Each option entitles him to acquire one new share of the Company at an exercise price equal to the listed price at the date of grant plus 10%. A maximum profit level has been implemented which limits the accumulated profit for all options to NOK 25 million, and to NOK 30 per option. Assumptions, costs and social security provisions The Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022 the company's share price \u2022 the strike price of the options \u2022 the expected lifetime of the options \u2022 the risk-free interest rate equalling the expected lifetime \u2022 the volatility associated with the historical price development of the underlying share As all employee options granted are \"non-transferable\", and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored and expected option lifetime for future grants will reflect exercise behaviour. To estimate the volatility in the option pricing model comparable companies have been used. Nel has been through a rapid development in recent years, and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies. Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified. Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the gain on the share-based instruments multiplied with the relevant social security tax rate. The total expense recognised for the share-based programs, excluding social security, during 2025 was NOK 2 (3) million. The total social security accruals at the end of the year are NOK 0 (0) million (social security costs are zero because none of the options are in-the-money at the end of 2025). The total intrinsic value of the company's share-based instruments is NOK 0 (0) million as of 31 December 2025.5.5 Provisions Provisions, contingent liabilities and contingent assets The group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense. Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group. (Amounts in thousands) Accrued warranty Employee benefits Onerous contracts TOTAL As of 01.01.2024 59 812 46 458 25 446 131 717 Additions 24 562 26 602 7 518 58 682 Used during the year -15 721 -22 904 -18 818 -57 443 Reversal of unused provisions 0 -1 519 0 -1 519 Discontinued operation -24 355 -14 640 -6 164 -45 159 Foreign currency translation 1 180 1 517 674 3 371 As of 31.12.2024 45 478 35 515 8 657 89 650 Additions 14 205 41 993 6 909 63 108 Used during the year -1 238 -30 496 -4 766 -36 500 Reversal of unused provisions -15 089 -1 549 -927 -17 565 Foreign currency translation -1 207 -1 552 -690 -3 448 As of 31.12.2025 42 149 43 912 9 183 95 244 Accrued warranty The groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%. Employee benefits Nel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2025 to be finally measured and paid in 2026 is 37 NOK (36) million. Provision for termination benefits included amounts to NOK 7 million as of 31.12.2025. In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program. Settlement and claims Settlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2025, Nel have no provisions for settlement and claims. Onerous contracts An onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__49-1": { "value": "Share option program All options have only service-time based vesting conditions. Vesting requires the option holder still to be an employee in the company. Specifically, options do not vest after the date the employee serves his or her notice to terminate the engagement with the company or has been notified in writing of the termination of employment by the company. The strike price is a premium of 8 % over the highest of the closing share price on grant date and the volume-weighted average price over the past 5 preceding trading days. Options granted 2023: Options were awarded in 2023 based on 2022 employment for a selection of employees. A total of 1.4 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2024: Options were awarded in 2024 based on 2023 employment for a selection of employees. A total of 1.65 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2025: Options were awarded in 2025 based on 2024 employment for a selection of employees. A total of 3.05 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. CEO options The CEO was awarded 500.000 options in each of 2023, 2024 and 2025. Each option vests after three years of grant and may, subject to continued employment, be exercised over a two-year period thereafter. Each option entitles him to acquire one new share of the Company at an exercise price equal to the listed price at the date of grant plus 10%. A maximum profit level has been implemented which limits the accumulated profit for all options to NOK 25 million, and to NOK 30 per option. Assumptions, costs and social security provisions The Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022 the company's share price \u2022 the strike price of the options \u2022 the expected lifetime of the options \u2022 the risk-free interest rate equalling the expected lifetime \u2022 the volatility associated with the historical price development of the underlying share As all employee options granted are \"non-transferable\", and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored and expected option lifetime for future grants will reflect exercise behaviour. To estimate the volatility in the option pricing model comparable companies have been used. Nel has been through a rapid development in recent years, and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies. Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified. Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the gain on the share-based instruments multiplied with the relevant social security tax rate. The total expense recognised for the share-based programs, excluding social security, during 2025 was NOK 2 (3) million. The total social security accruals at the end of the year are NOK 0 (0) million (social security costs are zero because none of the options are in-the-money at the end of 2025). The total intrinsic value of the company's share-based instruments is NOK 0 (0) million as of 31 December 2025.5.5 Provisions Provisions, contingent liabilities and contingent assets The group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense. Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group. (Amounts in thousands) Accrued warranty Employee benefits Onerous contracts TOTAL As of 01.01.2024 59 812 46 458 25 446 131 717 Additions 24 562 26 602 7 518 58 682 Used during the year -15 721 -22 904 -18 818 -57 443 Reversal of unused provisions 0 -1 519 0 -1 519 Discontinued operation -24 355 -14 640 -6 164 -45 159 Foreign currency translation 1 180 1 517 674 3 371 As of 31.12.2024 45 478 35 515 8 657 89 650 Additions 14 205 41 993 6 909 63 108 Used during the year -1 238 -30 496 -4 766 -36 500 Reversal of unused provisions -15 089 -1 549 -927 -17 565 Foreign currency translation -1 207 -1 552 -690 -3 448 As of 31.12.2025 42 149 43 912 9 183 95 244 Accrued warranty The groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%. Employee benefits Nel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2025 to be finally measured and paid in 2026 is 37 NOK (36) million. Provision for termination benefits included amounts to NOK 7 million as of 31.12.2025. In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program. Settlement and claims Settlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2025, Nel have no provisions for settlement and claims. Onerous contracts An onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__46": { "value": "Share option program All options have only service-time based vesting conditions. Vesting requires the option holder still to be an employee in the company. Specifically, options do not vest after the date the employee serves his or her notice to terminate the engagement with the company or has been notified in writing of the termination of employment by the company. The strike price is a premium of 8 % over the highest of the closing share price on grant date and the volume-weighted average price over the past 5 preceding trading days. Options granted 2023: Options were awarded in 2023 based on 2022 employment for a selection of employees. A total of 1.4 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2024: Options were awarded in 2024 based on 2023 employment for a selection of employees. A total of 1.65 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2025: Options were awarded in 2025 based on 2024 employment for a selection of employees. A total of 3.05 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. CEO options The CEO was awarded 500.000 options in each of 2023, 2024 and 2025. Each option vests after three years of grant and may, subject to continued employment, be exercised over a two-year period thereafter. Each option entitles him to acquire one new share of the Company at an exercise price equal to the listed price at the date of grant plus 10%. A maximum profit level has been implemented which limits the accumulated profit for all options to NOK 25 million, and to NOK 30 per option. Assumptions, costs and social security provisions The Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022 the company's share price \u2022 the strike price of the options \u2022 the expected lifetime of the options \u2022 the risk-free interest rate equalling the expected lifetime \u2022 the volatility associated with the historical price development of the underlying share As all employee options granted are \"non-transferable\", and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored and expected option lifetime for future grants will reflect exercise behaviour. To estimate the volatility in the option pricing model comparable companies have been used. Nel has been through a rapid development in recent years, and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies. Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified. Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the gain on the share-based instruments multiplied with the relevant social security tax rate. The total expense recognised for the share-based programs, excluding social security, during 2025 was NOK 2 (3) million. The total social security accruals at the end of the year are NOK 0 (0) million (social security costs are zero because none of the options are in-the-money at the end of 2025). The total intrinsic value of the company's share-based instruments is NOK 0 (0) million as of 31 December 2025. Key assumptions option pricing model per share option program 2025 2024 Volatility 66.41% 65.86% Interest rate 3.57% 3.72% Dividend 0.00 0.00 ESTIMATION UNCERTAINTY - Share-based payments Estimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled share-based payments are measured at fair value at the grant date.Overview of share options per program, as potential shares, outstanding as of 31 December 2025 1)Share option program Opening Granted Exercised Forfeited Closing Strike price ValueRemaining balance balance contractual life 2021 Share Option Plan 3 405 0 0 -3 405 0 15.13 0 0 2023 Share Option Plan 730 0 0 -190 540 17.02 0 2.17 2024 Share Option Plan 1 200 0 0 -200 1 000 5.32 0 3.16 2025 Share Option Plan 0 3 050 0 -600 2 450 2.60 0 4.16 2023 CEO 500 0 0 0 500 13.85 0 2.50 2024 CEO 500 0 0 0 500 6.16 0 3.50 2025 CEO 0 500 0 0 500 2.77 0 4.50 TOTAL 6 335 3 550 0 -4 395 5 490 1) The value of the share options equals share price less strike price, capped at NOK 10 for 2023. 2024, 2025 and NOK 30 for CEO program. 2)All share options are granted, vested and expired at the beginning of March in a given fiscal year, except for and CEO program which is July. 3) Cost of period does not include social security. The total social security accruals at the end of the year are NOK 0 (0) million as none of the options are in-the-money.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__55": { "value": "2.6 Other operating expenses (Amounts in NOK thousands) 2025 2024 Research and development expenditure 42 164 41 589 Utilities 25 669 21 344 Professional fees 50 735 98 919 Travel expenses 18 463 24 554 IT and communication costs 47 237 45 252 Changes in provisions 11 889 63 450 Repair and maintenance 7 696 13 724 Premises costs 18 691 20 125 Sub supplier services 31 345 127 699 Freight 10 219 19 433 Other expenses 140 997 42 224 TOTAL Other operating expenses 405 105 518 313", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__61": { "value": "2.7 Finance income and cost (Amounts in NOK thousands) 2025 2024 Interest income 92 661 127 764 Other finance income 12 354 4 312 Finance income 105 015 132 076 Interest expense lease liabilities 16 672 16 481 Net foreign exchange loss 16 897 -13 566 Change in fair value financial instruments 6 219 2 650 Other finance cost 1 239 1 269 Finance cost 41 027 6 833 Net finance income (cost) 63 988 125 243", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__60": { "value": "2.7 Finance income and cost (Amounts in NOK thousands) 2025 2024 Interest income 92 661 127 764 Other finance income 12 354 4 312 Finance income 105 015 132 076 Interest expense lease liabilities 16 672 16 481 Net foreign exchange loss 16 897 -13 566 Change in fair value financial instruments 6 219 2 650 Other finance cost 1 239 1 269 Finance cost 41 027 6 833 Net finance income (cost) 63 988 125 243", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__59": { "value": "2.7 Finance income and cost (Amounts in NOK thousands) 2025 2024 Interest income 92 661 127 764 Other finance income 12 354 4 312 Finance income 105 015 132 076 Interest expense lease liabilities 16 672 16 481 Net foreign exchange loss 16 897 -13 566 Change in fair value financial instruments 6 219 2 650 Other finance cost 1 239 1 269 Finance cost 41 027 6 833 Net finance income (cost) 63 988 125 243", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__58": { "value": "2.7 Finance income and cost (Amounts in NOK thousands) 2025 2024 Interest income 92 661 127 764 Other finance income 12 354 4 312 Finance income 105 015 132 076 Interest expense lease liabilities 16 672 16 481 Net foreign exchange loss 16 897 -13 566 Change in fair value financial instruments 6 219 2 650 Other finance cost 1 239 1 269 Finance cost 41 027 6 833 Net finance income (cost) 63 988 125 243", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__57": { "value": "2.7 Finance income and cost (Amounts in NOK thousands) 2025 2024 Interest income 92 661 127 764 Other finance income 12 354 4 312 Finance income 105 015 132 076 Interest expense lease liabilities 16 672 16 481 Net foreign exchange loss 16 897 -13 566 Change in fair value financial instruments 6 219 2 650 Other finance cost 1 239 1 269 Finance cost 41 027 6 833 Net finance income (cost) 63 988 125 243", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__56": { "value": "2.7 Finance income and cost (Amounts in NOK thousands) 2025 2024 Interest income 92 661 127 764 Other finance income 12 354 4 312 Finance income 105 015 132 076 Interest expense lease liabilities 16 672 16 481 Net foreign exchange loss 16 897 -13 566 Change in fair value financial instruments 6 219 2 650 Other finance cost 1 239 1 269 Finance cost 41 027 6 833 Net finance income (cost) 63 988 125 243", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__68": { "value": "2.8 Income taxes Tax The tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset. Significant accounting judgements - Deferred tax assets Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. The group has NOK 2 615 million of tax amounts from tax losses carried forward (2 300 in 2024). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 668 million in 2025 (516 in 2024).Calculations of the tax base for the year 2025 2024 Income (loss) before tax -1 296 152 -264 185 Permanent differences 542 399 69 312 Change in temporary differences 416 398 -170 210 Use of tax losses carried forward -14 539 -143 540 The year's taxable income -351 894 -508 623 Reconciliation of tax expense to Norwegian nominal statutory tax rate 2025 2024 Nominal tax rate 22% 22% Income (loss) before tax -1 296 152 -264 185 Tax this year\u2019s income (loss), estimated -285 153 -58 121 Tax effect of: Tax rates different from Norway 2 796 2 863 Permanent differences 103 547 11 549 Change in deferred tax -31 035 -6 554 Change in not recognized deferred tax assets (tax liabilities) 146 303 33 474 Other differences 32 507 10 235 Income tax expense -31 035 -6 554 Income tax expense comprises 2025 2024 Income tax payable 0 0 Change in deferred tax -31 035 -6 554 Total income tax expense (income) -31 035 -6 554 Tax effects of temporary differences 2025 2024 Trade receivables and customers contracts -10 809 -16 989 Intangible assets 43 539 1 158 Property, plant and equipment -39 144 46 962 Inventories -833 -206 Accrued warranty -9 747 -13 217 Leases -9 837 -9 755 Deferred income -16 888 -17 374 Other accruals -45 245 13 000 Tax losses carry forward -579 303 -519 562 Deferred tax asset, net -668 267 -515 983 Reconciliation to statement of financial position 2025 2024 Deferred tax asset, net -668 267 -515 983 Deferred tax asset not recognised in statement of financial position 668 267 550 796 Deferred tax liability in the statement of financial position 0 34 813 Changes in recognised deferred tax liability 2025 2024 Balance as of 01.01. 34 813 38 436 Recognised in the income statement -31 035 -6 554 Translation differences on deferred taxes -3 778 3 652 Discontinued operation 0 -721 Balance as of 31.12. 0 34 813 Table below show net operating losses carried forward by country multiplied with the tax rate, the deferred tax asset from historical losses not recognised. Tax losses carry forward by country 2025 2024 Norway 286 633 283 092 United States 292 670 236 471 Balance as of 31.12. 579 303 519 562", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__66": { "value": "2.8 Income taxes Tax The tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__65": { "value": "2.8 Income taxes Tax The tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__64": { "value": "2.8 Income taxes Tax The tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset. Significant accounting judgements - Deferred tax assets Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. The group has NOK 2 615 million of tax amounts from tax losses carried forward (2 300 in 2024). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 668 million in 2025 (516 in 2024).Calculations of the tax base for the year 2025 2024 Income (loss) before tax -1 296 152 -264 185 Permanent differences 542 399 69 312 Change in temporary differences 416 398 -170 210 Use of tax losses carried forward -14 539 -143 540 The year's taxable income -351 894 -508 623 Reconciliation of tax expense to Norwegian nominal statutory tax rate 2025 2024 Nominal tax rate 22% 22% Income (loss) before tax -1 296 152 -264 185 Tax this year\u2019s income (loss), estimated -285 153 -58 121 Tax effect of: Tax rates different from Norway 2 796 2 863 Permanent differences 103 547 11 549 Change in deferred tax -31 035 -6 554 Change in not recognized deferred tax assets (tax liabilities) 146 303 33 474 Other differences 32 507 10 235 Income tax expense -31 035 -6 554 Income tax expense comprises 2025 2024 Income tax payable 0 0 Change in deferred tax -31 035 -6 554 Total income tax expense (income) -31 035 -6 554 Tax effects of temporary differences 2025 2024 Trade receivables and customers contracts -10 809 -16 989 Intangible assets 43 539 1 158 Property, plant and equipment -39 144 46 962 Inventories -833 -206 Accrued warranty -9 747 -13 217 Leases -9 837 -9 755 Deferred income -16 888 -17 374 Other accruals -45 245 13 000 Tax losses carry forward -579 303 -519 562 Deferred tax asset, net -668 267 -515 983 Reconciliation to statement of financial position 2025 2024 Deferred tax asset, net -668 267 -515 983 Deferred tax asset not recognised in statement of financial position 668 267 550 796 Deferred tax liability in the statement of financial position 0 34 813 Changes in recognised deferred tax liability 2025 2024 Balance as of 01.01. 34 813 38 436 Recognised in the income statement -31 035 -6 554 Translation differences on deferred taxes -3 778 3 652 Discontinued operation 0 -721 Balance as of 31.12. 0 34 813 Table below show net operating losses carried forward by country multiplied with the tax rate, the deferred tax asset from historical losses not recognised. Tax losses carry forward by country 2025 2024 Norway 286 633 283 092 United States 292 670 236 471 Balance as of 31.12. 579 303 519 562", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__63": { "value": "2.8 Income taxes Tax The tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset. Significant accounting judgements - Deferred tax assets Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. The group has NOK 2 615 million of tax amounts from tax losses carried forward (2 300 in 2024). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 668 million in 2025 (516 in 2024).Calculations of the tax base for the year 2025 2024 Income (loss) before tax -1 296 152 -264 185 Permanent differences 542 399 69 312 Change in temporary differences 416 398 -170 210 Use of tax losses carried forward -14 539 -143 540 The year's taxable income -351 894 -508 623 Reconciliation of tax expense to Norwegian nominal statutory tax rate 2025 2024 Nominal tax rate 22% 22% Income (loss) before tax -1 296 152 -264 185 Tax this year\u2019s income (loss), estimated -285 153 -58 121 Tax effect of: Tax rates different from Norway 2 796 2 863 Permanent differences 103 547 11 549 Change in deferred tax -31 035 -6 554 Change in not recognized deferred tax assets (tax liabilities) 146 303 33 474 Other differences 32 507 10 235 Income tax expense -31 035 -6 554 Income tax expense comprises 2025 2024 Income tax payable 0 0 Change in deferred tax -31 035 -6 554 Total income tax expense (income) -31 035 -6 554 Tax effects of temporary differences 2025 2024 Trade receivables and customers contracts -10 809 -16 989 Intangible assets 43 539 1 158 Property, plant and equipment -39 144 46 962 Inventories -833 -206 Accrued warranty -9 747 -13 217 Leases -9 837 -9 755 Deferred income -16 888 -17 374 Other accruals -45 245 13 000 Tax losses carry forward -579 303 -519 562 Deferred tax asset, net -668 267 -515 983 Reconciliation to statement of financial position 2025 2024 Deferred tax asset, net -668 267 -515 983 Deferred tax asset not recognised in statement of financial position 668 267 550 796 Deferred tax liability in the statement of financial position 0 34 813 Changes in recognised deferred tax liability 2025 2024 Balance as of 01.01. 34 813 38 436 Recognised in the income statement -31 035 -6 554 Translation differences on deferred taxes -3 778 3 652 Discontinued operation 0 -721 Balance as of 31.12. 0 34 813 Table below show net operating losses carried forward by country multiplied with the tax rate, the deferred tax asset from historical losses not recognised. Tax losses carry forward by country 2025 2024 Norway 286 633 283 092 United States 292 670 236 471 Balance as of 31.12. 579 303 519 562", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__69": { "value": "2.9 Earnings per share Earnings per share are calculated by dividing the profit/loss for the year by the corresponding weighted average of the number of outstanding shares during the reporting period. \u2018Diluted earnings per share\u2019 is based on the same calculation as for earnings per share, but it also considers all potential shares with dilutive effect that have been outstanding during the period. Potential shares relate to agreements that confer the right to issue shares in future. Options are excluded if their effect would have been anti-dilutive. Earnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the average number of shares outstanding. (Amounts in NOK thousands) 2025 2024 Net loss attributable to the equity holders of the parent company and for the purpose of basic and diluted shares -1 265 117 -257 631 Basic earnings per share Issued ordinary shares as of 1 January 1 671 325 1 671 325 Share options exercised 0 0 Share issued 167 133 0 Issued ordinary shares as of 31 December 1 838 458 1 671 325 Effect of weighting (share options exercised and share issued during the year) -32 498 0 Weighted-average number of shares outstanding for the purpose of basic earnings per share 1 805 960 1 671 325 Basic earnings per share for loss attributable to the equity holders of the parent company (NOK) -0.70 -0.15 Diluted earnings per share Weighted-average number of shares outstanding for the purpose of basic earnings per share 1 805 960 1 671 325 1)Effect of share options on issue0 0 Weighted-average number of shares outstanding for the purpose of diluted earnings per share 1 805 960 1 671 325 Diluted earnings per share for loss attributable to the equity holders of the parent company (NOK) -0.70 -0.15 1) As of 31 December 2025, 5 490 000 weighted-average options were excluded from the diluted weighted-average number of ordinary shares calculation because their effect would have been anti-dilutive (earnings per share is negative).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__70": { "value": "Earnings per share are calculated by dividing the profit/loss for the year by the corresponding weighted average of the number of outstanding shares during the reporting period. \u2018Diluted earnings per share\u2019 is based on the same calculation as for earnings per share, but it also considers all potential shares with dilutive effect that have been outstanding during the period. Potential shares relate to agreements that confer the right to issue shares in future. Options are excluded if their effect would have been anti-dilutive. Earnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the average number of shares outstanding.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__89-1": { "value": "3.1 Intangible assets Research and development Research Research activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred. Development Capitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. Technology As an indication of the level of internal technology costs, Nel currently has 62 and 53 full time employees working directly with R&D in the Alkaline and PEM division, respectively. Nel invests in development of large-scale industrialisation of Electrolyser products. ALKALINE In its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system. The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 375 (311) million as of 31.12.2025. PEM In the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series. The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 55 million and acquired separately of NOK 93 million, as of 31.12.2025. Contractual commitments for the acquisition of intangible assets from the General Motors development agreement beyond 2025 are about NOK 50 million. The expected timing of cash outflow is beginning of 2026Useful life, amortisation plan \u2022 Technology has a useful life of 3-7 years \u2022 Goodwill has indefinite lifeGoodwill Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__80": { "value": "3.1 Intangible assets Research and development Research Research activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred. Development Capitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. Technology As an indication of the level of internal technology costs, Nel currently has 62 and 53 full time employees working directly with R&D in the Alkaline and PEM division, respectively. Nel invests in development of large-scale industrialisation of Electrolyser products. ALKALINE In its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system. The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 375 (311) million as of 31.12.2025. PEM In the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series. The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 55 million and acquired separately of NOK 93 million, as of 31.12.2025. Contractual commitments for the acquisition of intangible assets from the General Motors development agreement beyond 2025 are about NOK 50 million. The expected timing of cash outflow is beginning of 2026", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__76": { "value": "3.1 Intangible assets Research and development Research Research activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred. Development Capitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. Technology As an indication of the level of internal technology costs, Nel currently has 62 and 53 full time employees working directly with R&D in the Alkaline and PEM division, respectively. Nel invests in development of large-scale industrialisation of Electrolyser products. ALKALINE In its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system. The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 375 (311) million as of 31.12.2025. PEM In the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series. The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 55 million and acquired separately of NOK 93 million, as of 31.12.2025. Contractual commitments for the acquisition of intangible assets from the General Motors development agreement beyond 2025 are about NOK 50 million. The expected timing of cash outflow is beginning of 2026. Goodwill Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units. Useful life, amortisation plan \u2022 Technology has a useful life of 3-7 years \u2022 Goodwill has indefinite life Significant accounting judgements - Development costs Development expenditures on an individual project are recognised as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development To demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a successful pilot is demonstrated, and the asset is available for use. After a successful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2025 was NOK 380 (365) million, of which NOK 145 (136) million and NOK 235 (229) million has been capitalised and expensed, respectively.(Amounts in NOK thousands) Technology Customer Goodwill TOTAL relationship Acquisition cost as of 01.01.2024 1 041 094 100 234 672 210 1 813 538 Additions from internal development 119 194 0 0 119 194 Discontinued operation -210 341 -3 011 0 -213 352 Currency effects 46 194 121 36 448 82 763 Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143 Additions from internal development 82 238 0 0 82 238 Additions acquired separately 63 010 0 0 63 010 Currency effects -47 081 0 -39 327 -86 408 Acquisition cost as of 31.12.2025 1 094 309 97 343 669 330 1 860 983 Accumulated amortisation and impairment as of 01.01.2024 409 572 92 013 296 905 798 491 Amortisation 72 167 7 843 0 80 010 Discontinued operation -113 234 -2 513 0 -115 747 Currency effects 10 215 0 0 10 215 Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970 Amortisation 79 668 0 0 79 668 Impairment 127 547 0 311 061 438 608 Currency effects -14 714 0 0 -14 714 Accumulated amortisation and impairment as of 31.12.2025 571 222 97 343 607 966 1 276 532 Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173 Carrying value as of 31.12.2025 523 087 0 61 364 584 451 Impairment loss NOK 439 (0) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. As the next generation pressurized alkaline technology is likely to negatively influence the market outlook for current platforms, Nel recognized impairment losses of NOK 439 million in the period related goodwill and intangible technology assets resulting from the acquisition of what is now Nel PEM electrolyser in 2016. Refer to section \u2018Annual impairment test \u2013 results and sensitivity\u2019 below for details of current year\u2019s impairment test. (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 430 221 0 430 221 Acquired separately disclosed and further explained in this note.92 866 0 92 866 Acquired through business combinations 0 61 364 61 364 Carrying value as of 31.12.2025 523 087 61 364 584 451 (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 415 880 0 415 880 Acquired separately 35 763 0 35 763 Acquired through business combinations 165 777 411 753 577 530 Carrying value as of 31.12.2024 617 420 411 753 1 029 173ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are Goodwill and intangible assets with indefinite useful lives - impairment considerations Goodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The Group recognised an impairment loss on goodwill of NOK 311 million in 2025 related to the PEM US CGU. The remaining goodwill as of 31 December 2025 relates to the Alkaline Norway CGU and no further impairment was recognised on this remaining goodwill. Annual impairment test - assumptions CGU The annual impairment test is performed for all the Group' Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group' CGUs are \u2022 Alkaline Norway and \u2022 PEM US Specification of allocated goodwill per CGU 2025 2024 PEM US 0 350 389 Alkaline Norway 61 364 61 364 Balance as of 31.12. 61 364 411 753 Market capitalisation Market capitalisation is considered as one of several impairment indicators. As of 31 December 2025, market capitalisation was approximately equal to the book value of equity. This assessment is considered together with cash flow forecasts and other impairment indicators. Key assumptions The calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin \u2022 EBITDA and free cash flow margins \u2022 Discount rate / Weighted average cost of capital (WACC) For each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following: i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2030 applying a growth rate of 2.0% Discount rate Discount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 15.3 % to 15.8 %. Annual impairment test \u2013 results and sensitivity The impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount. The impairment test is performed on both CGUs, PEM US and Alkaline Norway. The impairment test for Alkaline Norway shows headroom and no impairment has been recognised. PEM US The impairment test concluded that an impairment charge of NOK 439 million was required for the PEM US CGU as of 31 December 2025. This impairment loss was allocated as follows: \u2022 Goodwill: NOK 311 million \u2022 Technology (Intangible Assets): NOK 128 million The allocation of the impairment charge reflects the sequence required, whereby goodwill is written down in full before other intangible assets are impaired. The goodwill and technology assets impaired in 2025 were originally recognised as excess values arising from the allocation of the purchase price in the Group\u2019s acquisition of PEM US in 2016. The following table shows the carrying value as of 31 December 2025, i.e. the assets post impairment in PEM US. (Amounts in NOK thousands) PEM US Alkaline Norway Goodwill 0 61 364 Other intangible assets 110 593 372 084 Other invested capital 644 353 1 160 124 Carrying value 754 946 1 593 573 Recoverable amount 754 946 3 088 976 Headroom 0 1 495 403 Pre-tax nominal discount rate 15.3 % 15.8 % Terminal growth rate 2.0 % 2.0 % PEM US PEM US is the Group' segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-20 percentage in revenue. Sensitivity in headroom Percentage change in revenue amounts in NOK million -20.0% -10.0% 0.0% 10.0% 20.0% -2.0% -184 40 264 487 711 -1.0% -269 -75 120 314 508 Change in WACC 0.0% -339 -169 0* 172 343 1.0% -398 -247 -97 54 205 2.0% -448 -314 -180 -46 88 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% -252 6 264 521 773 -1.0% -345 -113 120 352 578 Change in WACC 0.0% -421 -210 0* 213 419 1.0% -485 -291 -97 97 285 2.0% -538 -359 -180 -1 172 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. ALKALINE NORWAY Electrolyser Norway is the Group' segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% 858 1 660 2 461 3 238 4 016 -1.0% 505 1 218 1 930 2 620 3 309 Change in WACC 0.0% 216 856 1495* 2 113 2 730 1.0% -25 555 1 133 1 690 2 248 2.0% -227 300 827 1 334 1 840 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. Additional sensitivities \u2013assumptions The sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the post-tax WACC used, but also for post-tax WACC +/- one percentage point: (Amounts in NOK thousands) Key assumption Assumption change 1)Revenue growth-1 954 million 2)Post-tax WACC = 13.5% Gross margin-6.1% 3)Free cash flow margin-4.7% 1) If terminal year 2031 in the impairment test is reduced by NOK 1 954 million, the headroom is 0 all other equal. 2) If the gross margin assumption in terminal year 2031 is reduced by 6.1%, the headroom is zero all other equal. 3) If the free cash flow margin assumption in terminal year 2031 is reduced by 4.7%, the headroom is zero all other equal. The following tables show the same sensitivities in scenarios where WACC is +/- 1. Assumption changes results in zero headroom. (Amounts in NOK thousands) Key assumption Assumption change Revenue growth -1674 million Post-tax WACC +1% = 14.5% Gross margin -5.2% Free cash flow margin -4.1% Revenue growth -2 213 million Post-tax WACC -1% = 12.5% Gross margin -6.9% Free cash flow margin -5.4%", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__75-1": { "value": "3.1 Intangible assets Research and development Research Research activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred. Development Capitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. Technology As an indication of the level of internal technology costs, Nel currently has 62 and 53 full time employees working directly with R&D in the Alkaline and PEM division, respectively. Nel invests in development of large-scale industrialisation of Electrolyser products. ALKALINE In its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system. The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 375 (311) million as of 31.12.2025. PEM In the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series. The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 55 million and acquired separately of NOK 93 million, as of 31.12.2025. Contractual commitments for the acquisition of intangible assets from the General Motors development agreement beyond 2025 are about NOK 50 million. The expected timing of cash outflow is beginning of 2026. Goodwill Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units. Useful life, amortisation plan \u2022 Technology has a useful life of 3-7 years \u2022 Goodwill has indefinite life Significant accounting judgements - Development costs Development expenditures on an individual project are recognised as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development To demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a successful pilot is demonstrated, and the asset is available for use. After a successful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2025 was NOK 380 (365) million, of which NOK 145 (136) million and NOK 235 (229) million has been capitalised and expensed, respectively.(Amounts in NOK thousands) Technology Customer Goodwill TOTAL relationship Acquisition cost as of 01.01.2024 1 041 094 100 234 672 210 1 813 538 Additions from internal development 119 194 0 0 119 194 Discontinued operation -210 341 -3 011 0 -213 352 Currency effects 46 194 121 36 448 82 763 Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143 Additions from internal development 82 238 0 0 82 238 Additions acquired separately 63 010 0 0 63 010 Currency effects -47 081 0 -39 327 -86 408 Acquisition cost as of 31.12.2025 1 094 309 97 343 669 330 1 860 983 Accumulated amortisation and impairment as of 01.01.2024 409 572 92 013 296 905 798 491 Amortisation 72 167 7 843 0 80 010 Discontinued operation -113 234 -2 513 0 -115 747 Currency effects 10 215 0 0 10 215 Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970 Amortisation 79 668 0 0 79 668 Impairment 127 547 0 311 061 438 608 Currency effects -14 714 0 0 -14 714 Accumulated amortisation and impairment as of 31.12.2025 571 222 97 343 607 966 1 276 532 Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173 Carrying value as of 31.12.2025 523 087 0 61 364 584 451 Impairment loss NOK 439 (0) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. As the next generation pressurized alkaline technology is likely to negatively influence the market outlook for current platforms, Nel recognized impairment losses of NOK 439 million in the period related goodwill and intangible technology assets resulting from the acquisition of what is now Nel PEM electrolyser in 2016. Refer to section \u2018Annual impairment test \u2013 results and sensitivity\u2019 below for details of current year\u2019s impairment test. (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 430 221 0 430 221 Acquired separately disclosed and further explained in this note.92 866 0 92 866 Acquired through business combinations 0 61 364 61 364 Carrying value as of 31.12.2025 523 087 61 364 584 451 (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 415 880 0 415 880 Acquired separately 35 763 0 35 763 Acquired through business combinations 165 777 411 753 577 530 Carrying value as of 31.12.2024 617 420 411 753 1 029 173ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are Goodwill and intangible assets with indefinite useful lives - impairment considerations Goodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The Group recognised an impairment loss on goodwill of NOK 311 million in 2025 related to the PEM US CGU. The remaining goodwill as of 31 December 2025 relates to the Alkaline Norway CGU and no further impairment was recognised on this remaining goodwill. Annual impairment test - assumptions CGU The annual impairment test is performed for all the Group' Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group' CGUs are \u2022 Alkaline Norway and \u2022 PEM US Specification of allocated goodwill per CGU 2025 2024 PEM US 0 350 389 Alkaline Norway 61 364 61 364 Balance as of 31.12. 61 364 411 753 Market capitalisation Market capitalisation is considered as one of several impairment indicators. As of 31 December 2025, market capitalisation was approximately equal to the book value of equity. This assessment is considered together with cash flow forecasts and other impairment indicators. Key assumptions The calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin \u2022 EBITDA and free cash flow margins \u2022 Discount rate / Weighted average cost of capital (WACC) For each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following: i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2030 applying a growth rate of 2.0% Discount rate Discount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 15.3 % to 15.8 %. Annual impairment test \u2013 results and sensitivity The impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount. The impairment test is performed on both CGUs, PEM US and Alkaline Norway. The impairment test for Alkaline Norway shows headroom and no impairment has been recognised. PEM US The impairment test concluded that an impairment charge of NOK 439 million was required for the PEM US CGU as of 31 December 2025. This impairment loss was allocated as follows: \u2022 Goodwill: NOK 311 million \u2022 Technology (Intangible Assets): NOK 128 million The allocation of the impairment charge reflects the sequence required, whereby goodwill is written down in full before other intangible assets are impaired. The goodwill and technology assets impaired in 2025 were originally recognised as excess values arising from the allocation of the purchase price in the Group\u2019s acquisition of PEM US in 2016. The following table shows the carrying value as of 31 December 2025, i.e. the assets post impairment in PEM US. (Amounts in NOK thousands) PEM US Alkaline Norway Goodwill 0 61 364 Other intangible assets 110 593 372 084 Other invested capital 644 353 1 160 124 Carrying value 754 946 1 593 573 Recoverable amount 754 946 3 088 976 Headroom 0 1 495 403 Pre-tax nominal discount rate 15.3 % 15.8 % Terminal growth rate 2.0 % 2.0 % PEM US PEM US is the Group' segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-20 percentage in revenue. Sensitivity in headroom Percentage change in revenue amounts in NOK million -20.0% -10.0% 0.0% 10.0% 20.0% -2.0% -184 40 264 487 711 -1.0% -269 -75 120 314 508 Change in WACC 0.0% -339 -169 0* 172 343 1.0% -398 -247 -97 54 205 2.0% -448 -314 -180 -46 88 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% -252 6 264 521 773 -1.0% -345 -113 120 352 578 Change in WACC 0.0% -421 -210 0* 213 419 1.0% -485 -291 -97 97 285 2.0% -538 -359 -180 -1 172 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. ALKALINE NORWAY Electrolyser Norway is the Group' segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% 858 1 660 2 461 3 238 4 016 -1.0% 505 1 218 1 930 2 620 3 309 Change in WACC 0.0% 216 856 1495* 2 113 2 730 1.0% -25 555 1 133 1 690 2 248 2.0% -227 300 827 1 334 1 840 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. Additional sensitivities \u2013assumptions The sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the post-tax WACC used, but also for post-tax WACC +/- one percentage point: (Amounts in NOK thousands) Key assumption Assumption change 1)Revenue growth-1 954 million 2)Post-tax WACC = 13.5% Gross margin-6.1% 3)Free cash flow margin-4.7% 1) If terminal year 2031 in the impairment test is reduced by NOK 1 954 million, the headroom is 0 all other equal. 2) If the gross margin assumption in terminal year 2031 is reduced by 6.1%, the headroom is zero all other equal. 3) If the free cash flow margin assumption in terminal year 2031 is reduced by 4.7%, the headroom is zero all other equal. The following tables show the same sensitivities in scenarios where WACC is +/- 1. Assumption changes results in zero headroom. (Amounts in NOK thousands) Key assumption Assumption change Revenue growth -1674 million Post-tax WACC +1% = 14.5% Gross margin -5.2% Free cash flow margin -4.1% Revenue growth -2 213 million Post-tax WACC -1% = 12.5% Gross margin -6.9% Free cash flow margin -5.4%3.2 Property, plant and equipment Property, plant and equipment comprise owned and leased assets. Property, plant and equipment are measured using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The assets are depreciated using the straight-line method over the expected useful life of the asset. Costs of direct maintenance on the operating assets are expensed as incurred. Additional investments and improvements are added to the asset\u2019s cost price and depreciated in line with the remaining useful life of the asset. Useful life, depreciation plan \u2022 Office machines and other equipment have a useful life of 3-5 years \u2022 Production equipment has a useful life of 3-8 years \u2022 Buildings have a useful life of 30-40 years \u2022 Technical installations have a useful life of 10-15 years \u2022 Right of use assets has a useful life of 2-10 years (Amounts in NOK thousands) Asset under Office Production Buildings Technical Right-of-TOTAL construction machines equipment installations use Assets and other (note 3.3) equipment Acquisition cost as of 01.01.2024 552 183 170 128 465 875 135 029 16 964 294 350 1 634 529 Additions 362 760 37 321 125 491 1 107 672 29 196 556 546 Disposals 0 -116 0 0 0 0 -116 Reclassification -604 363 131 001 464 223 0 9 139 0 0 Remeasurement 0 0 0 0 0 22 353 22 353 Discontinued operation 0 -84 121 -9 638 -96 429 -546 -26 927 -217 660 Currency effects 25 550 12 004 13 366 0 0 5 691 56 611 Acquisition cost as of 31.12.2024 336 129 266 217 1 059 318 39 707 26 229 324 663 2 052 263 Additions 123 739 6 009 11 034 4 115 263 71 145 230 Reclassification -203 774 -91 554 295 329 0 0 0 0 Remeasurement 0 0 0 0 0 10 781 10 781 Currency effects -25 933 -17 954 -18 076 0 0 -6 470 -68 432 Acquisition cost as of 31.12.2025 230 162 162 717 1 347 604 43 822 26 492 329 045 2 139 842 Accumulated depreciation as of 01.01.2024 0 77 443 130 742 23 774 3 171 93 722 328 851 Depreciation 0 20 378 84 187 633 1 544 29 734 136 476 Discontinued operation 0 -42 860 -7 317 -19 437 -58 -14 454 -84 127 Currency effects 0 3 259 3 725 0 0 0 6 984 Accumulated depreciation as of 31.12.2024 0 58 219 211 337 4 970 4 656 109 002 388 184 Depreciation 0 18 178 157 972 949 2 091 31 612 210 802 Impairment 69 601 11 961 275 318 1 3 922 0 360 802 Reclassification 0 -4 208 4 208 0 0 0 0 Currency effects 0 -4 081 -6 097 0 0 0 -10 178 Accumulated depreciation as of 31.12.2025 69 601 80 069 642 738 5 919 10 670 140 614 949 610 Carrying value as of 31.12.2024 336 129 207 997 847 981 34 737 21 573 215 662 1 664 079 Carrying value as of 31.12.2025 160 561 82 648 704 866 37 903 15 822 188 432 1 190 233Alkaline, Next-Generation Pressurised Electrolyser platform Nel has been selected for a grant from the EU Innovation Fund of up to EUR 135 million for industrialization of the next-generation pressurized alkaline technology. The support will be phased with Nel\u2019s own investments for up to 4 GW of capacity for pressurized electrolyser equipment in Norway. During 2025, final investment decision was taken to industrialize the Next Generation Pressurized Alkaline platform and invest in 1GW of production capacity. Decision to further expand the capacity depends on achieving successful testing, market acceptance of the new technology and overall market development. Asset under construction end of 2025 related to the commercialisation of PE 1 GW line at Her\u00f8ya is NOK 67 million. PEM Wallingford expansion Asset under construction of NOK 94 million relates to the Wallingford expansion which is planned completed in 2026 and will then be reclassified to production equipment. Impairment An assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Due to the anticipated impact of next-generation technology on the market outlook for existing platforms, the likelihood of restarting line 1 or constructing line 3 has become unlikely by the end of 2025. Consequently, Nel has recognised a full impairment loss on assets associated with line 1 at Her\u00f8ya, amounting to NOK 291 million, as these assets became idle during the year. Furthermore, the planned expansion of line 3 - which currently comprises acquired long-lead items not yet installed and classified under assets under construction - has been fully impaired in the amount of NOK 70 million. The total impairment loss is allocated to Property, plant, and equipment as follows: NOK 70 million to assets under construction, NOK 275 million to production equipment, and NOK 16 million to office and other technical installations. Property, plant and equipment post impairment of idle assets is included in 'other invested capital' allocated to the respective CGU's for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.3.3 Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. As a lessee At commencement date or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Group has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are treated separately in other standards than IFRS 16. The group recognise a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borrowing rate (IBR) for additional information. Lease payments included in the measurement of the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Payments for insurance, property tax and VAT are excluded from the lease payments amount as they are defined as variable lease payments. The Group presents right-of-use assets in 'property, plant and equipment' and the lease liabilities within \u2018lease liabilities\u2019, divided into current and non-current portions. Short-term leases and leases of low value assets Nel have elected the practical expedient of treating short-term leases and low value assets outside the scope of IFRS 16 Significant accounting judgements - Estimating the incremental borrowing rate (IBR) The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its IBR to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group 'would have to pay', which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incremental borrowing rate by considering various interest rates (risk free rate as 10-year government bonds, and risk premiums) and makes certain adjustments to reflect the terms of the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiary's stand-alone credit rating).Right-of-use assets (Amounts in NOK thousands) Manufacturing Office, Motor vehicles Equipment Total facilities warehouse and parking As of 01.01.2024 117 990 74 994 7 314 329 200 628 Additions 5 137 24 059 0 0 29 196 Remeasurement 18 208 4 145 0 0 22 353 Depreciation -15 659 -13 905 -170 0 -29 734 Discontinued operation 0 -5 368 -6 775 -329 -12 473 Translation difference 2 711 2 975 5 0 5 691 As of 31.12.2024 128 387 86 900 375 0 215 662 Additions 0 0 71 0 71 Remeasurement 9 627 1 155 0 0 10 781 Depreciation -16 666 -14 797 -149 0 -31 612 Translation difference -5 518 -949 -4 0 -6 470 As of 31.12.2025 (note 3.2) 115 832 72 308 293 0 188 432 The group has lease contracts for various items like manufacturing facilities, offices, warehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, warehouse and parking have about 5 years and motor vehicles, and other equipment generally have lease terms between 3 and 5 years. The Group's obligations under its leases are secured by the lessor's title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group\u2019s two significant leases in the manufacturing facilities at Her\u00f8ya (Alkaline Norway) and Wallingford (PEM US). From June 2024, the group remeasured the lease term within the lease agreement of Wallingford (US), as the lease was extended by 7 years by exercise of options. The extension vas based on an evaluation of Nel's plan to increase the production capacity in the United States, including the budget for capital expenditure, and economic incentives to not reallocate skilled staff and its fixed assets to a new production facility. Nel has another option to further extend the lease term beyond May 2031. As of 31 December 2025, the economic incentives for the extension due in May 2031 were considered unclear and not reasonably certain due to the uncertainties about the size of the capacity expansion, total investment and location. Nel is not reasonably certain to exercise such option, and potential lease payments beyond May 2031 has not been recognised as right of use assets or lease liabilities. Lease liabilities The table below show the carrying amounts of lease liabilities (both current and non-current portion) and the movements during the period: (Amounts in NOK thousands) 2025 2024 Balance as of 01.01. 260 002 237 203 Additions 71 29 196 Remeasurement 10 781 22 353 Accretion of interest 16 672 16 481 Lease payments -46 127 -39 809 Discontinued operation 0 -11 693 Translation differences -8 254 6 270 Balance as of 31.12. 233 145 260 002 Current 42 961 44 479 Non-current 190 185 215 523 Balance as of 31.12. 233 145 260 002 Maturity analysis of undiscounted cash flow in lease liabilities: 2026 2027 2028 2029 >2029 Total Lease liabilities 45 167 40 417 39 728 39 567 138 846 303 725 The difference between discounted cash flows and undiscounted cash flows (discount effect) is NOK 70.6 (84.5) million as of 31.12.2025. The discount effect is mainly related to manufacturing facility at Her\u00f8ya, Norway, with included lease term until 2035 and manufacturing facility in Wallingford, US, with included lease term until 2031. Reconciliation of liabilities arising from financing activities in statement of cash flows, split in cash flows and non-cash changes. (Amounts in NOK thousands) 2025 2024 Balance as of 01.01. 260 002 237 203 Cash flows principal amount -29 455 -23 328 Cash flows interests -16 672 -16 481 Non-cash changes: Additions and remeasurements 10 852 51 549 Accretion of interest expense 16 672 16 481 Discontinued operation 0 -11 693 Foreign currency effects -8 254 6 270 Balance as of 31.12. 233 145 260 002Amounts recognised in profit or loss (Amounts in NOK thousands) 2025 2024 Depreciation expense of right-of-use assets -31 612 -29 734 Interest expense on lease liabilities -17 901 -17 710 Expense relating to leases of low-value assets -56 -146 Expense relating to short-term leases, excluding short-term leases of low-value assets -1 953 -1 953 TOTAL amount recognised in profit or loss -51 522 -49 544 Other information 2025 2024 Total cash outflow for leases as a lessee 48 136 41 908 Weighted incremental borrowing rate used as discount rate for the measuring of lease liabilities 6.5 % 6.6 % Extension and termination options The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group's business needs. Significant accounting judgements - Determining the lease term of contracts with renewal and termination options - Group as a lessee. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate. In general, the renewal periods for leases of manufacturing facilities, offices, warehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as part of the lease term as these are not reasonably certain to be exercised. In addition, the renewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not more than three years and, hence is not exercising any renewal options. The periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised.Set out below are the material undiscounted potential future rental payments relating to periods following the exercise date of extension and termination options that are not included in the lease term. (Amounts in NOK thousands) 2026 2027 2028-2030 2030< Extension options not reasonably certain to exercise 0 3 442 11 266 60 902 Termination options expected to be exercised 0 0 0 0 TOTAL 0 3 442 11 266 60 902 As a lessor The group have no leases as lessor except for sub-lease. All sub-leases are office space that has been presented as right-of-use assets as part of the property, plant and equipment. When considering the lease term of the sub-lease and the head lease a major part of the economic life of the asset is retained by the Group. All sub-leases have been classified as operating leases and the lease payments received is recognised on a straight-line basis over the lease term as part of 'other operating income'.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__74": { "value": "3.1 Intangible assets Research and development Research Research activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred. Development Capitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. Technology As an indication of the level of internal technology costs, Nel currently has 62 and 53 full time employees working directly with R&D in the Alkaline and PEM division, respectively. Nel invests in development of large-scale industrialisation of Electrolyser products. ALKALINE In its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system. The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 375 (311) million as of 31.12.2025. PEM In the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series. The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 55 million and acquired separately of NOK 93 million, as of 31.12.2025. Contractual commitments for the acquisition of intangible assets from the General Motors development agreement beyond 2025 are about NOK 50 million. The expected timing of cash outflow is beginning of 2026. Goodwill Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units. Useful life, amortisation plan \u2022 Technology has a useful life of 3-7 years \u2022 Goodwill has indefinite life Significant accounting judgements - Development costs Development expenditures on an individual project are recognised as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development To demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a successful pilot is demonstrated, and the asset is available for use. After a successful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2025 was NOK 380 (365) million, of which NOK 145 (136) million and NOK 235 (229) million has been capitalised and expensed, respectively.(Amounts in NOK thousands) Technology Customer Goodwill TOTAL relationship Acquisition cost as of 01.01.2024 1 041 094 100 234 672 210 1 813 538 Additions from internal development 119 194 0 0 119 194 Discontinued operation -210 341 -3 011 0 -213 352 Currency effects 46 194 121 36 448 82 763 Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143 Additions from internal development 82 238 0 0 82 238 Additions acquired separately 63 010 0 0 63 010 Currency effects -47 081 0 -39 327 -86 408 Acquisition cost as of 31.12.2025 1 094 309 97 343 669 330 1 860 983 Accumulated amortisation and impairment as of 01.01.2024 409 572 92 013 296 905 798 491 Amortisation 72 167 7 843 0 80 010 Discontinued operation -113 234 -2 513 0 -115 747 Currency effects 10 215 0 0 10 215 Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970 Amortisation 79 668 0 0 79 668 Impairment 127 547 0 311 061 438 608 Currency effects -14 714 0 0 -14 714 Accumulated amortisation and impairment as of 31.12.2025 571 222 97 343 607 966 1 276 532 Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173 Carrying value as of 31.12.2025 523 087 0 61 364 584 451 Impairment loss NOK 439 (0) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. As the next generation pressurized alkaline technology is likely to negatively influence the market outlook for current platforms, Nel recognized impairment losses of NOK 439 million in the period related goodwill and intangible technology assets resulting from the acquisition of what is now Nel PEM electrolyser in 2016. Refer to section \u2018Annual impairment test \u2013 results and sensitivity\u2019 below for details of current year\u2019s impairment test. (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 430 221 0 430 221 Acquired separately disclosed and further explained in this note.92 866 0 92 866 Acquired through business combinations 0 61 364 61 364 Carrying value as of 31.12.2025 523 087 61 364 584 451 (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 415 880 0 415 880 Acquired separately 35 763 0 35 763 Acquired through business combinations 165 777 411 753 577 530 Carrying value as of 31.12.2024 617 420 411 753 1 029 173ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are Goodwill and intangible assets with indefinite useful lives - impairment considerations Goodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The Group recognised an impairment loss on goodwill of NOK 311 million in 2025 related to the PEM US CGU. The remaining goodwill as of 31 December 2025 relates to the Alkaline Norway CGU and no further impairment was recognised on this remaining goodwill. Annual impairment test - assumptions CGU The annual impairment test is performed for all the Group' Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group' CGUs are \u2022 Alkaline Norway and \u2022 PEM US Specification of allocated goodwill per CGU 2025 2024 PEM US 0 350 389 Alkaline Norway 61 364 61 364 Balance as of 31.12. 61 364 411 753 Market capitalisation Market capitalisation is considered as one of several impairment indicators. As of 31 December 2025, market capitalisation was approximately equal to the book value of equity. This assessment is considered together with cash flow forecasts and other impairment indicators. Key assumptions The calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin \u2022 EBITDA and free cash flow margins \u2022 Discount rate / Weighted average cost of capital (WACC) For each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following: i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2030 applying a growth rate of 2.0% Discount rate Discount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 15.3 % to 15.8 %. Annual impairment test \u2013 results and sensitivity The impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount. The impairment test is performed on both CGUs, PEM US and Alkaline Norway. The impairment test for Alkaline Norway shows headroom and no impairment has been recognised. PEM US The impairment test concluded that an impairment charge of NOK 439 million was required for the PEM US CGU as of 31 December 2025. This impairment loss was allocated as follows: \u2022 Goodwill: NOK 311 million \u2022 Technology (Intangible Assets): NOK 128 million The allocation of the impairment charge reflects the sequence required, whereby goodwill is written down in full before other intangible assets are impaired. The goodwill and technology assets impaired in 2025 were originally recognised as excess values arising from the allocation of the purchase price in the Group\u2019s acquisition of PEM US in 2016. The following table shows the carrying value as of 31 December 2025, i.e. the assets post impairment in PEM US. (Amounts in NOK thousands) PEM US Alkaline Norway Goodwill 0 61 364 Other intangible assets 110 593 372 084 Other invested capital 644 353 1 160 124 Carrying value 754 946 1 593 573 Recoverable amount 754 946 3 088 976 Headroom 0 1 495 403 Pre-tax nominal discount rate 15.3 % 15.8 % Terminal growth rate 2.0 % 2.0 % PEM US PEM US is the Group' segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-20 percentage in revenue. Sensitivity in headroom Percentage change in revenue amounts in NOK million -20.0% -10.0% 0.0% 10.0% 20.0% -2.0% -184 40 264 487 711 -1.0% -269 -75 120 314 508 Change in WACC 0.0% -339 -169 0* 172 343 1.0% -398 -247 -97 54 205 2.0% -448 -314 -180 -46 88 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% -252 6 264 521 773 -1.0% -345 -113 120 352 578 Change in WACC 0.0% -421 -210 0* 213 419 1.0% -485 -291 -97 97 285 2.0% -538 -359 -180 -1 172 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. ALKALINE NORWAY Electrolyser Norway is the Group' segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% 858 1 660 2 461 3 238 4 016 -1.0% 505 1 218 1 930 2 620 3 309 Change in WACC 0.0% 216 856 1495* 2 113 2 730 1.0% -25 555 1 133 1 690 2 248 2.0% -227 300 827 1 334 1 840 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. Additional sensitivities \u2013assumptions The sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the post-tax WACC used, but also for post-tax WACC +/- one percentage point: (Amounts in NOK thousands) Key assumption Assumption change 1)Revenue growth-1 954 million 2)Post-tax WACC = 13.5% Gross margin-6.1% 3)Free cash flow margin-4.7% 1) If terminal year 2031 in the impairment test is reduced by NOK 1 954 million, the headroom is 0 all other equal. 2) If the gross margin assumption in terminal year 2031 is reduced by 6.1%, the headroom is zero all other equal. 3) If the free cash flow margin assumption in terminal year 2031 is reduced by 4.7%, the headroom is zero all other equal. The following tables show the same sensitivities in scenarios where WACC is +/- 1. Assumption changes results in zero headroom. (Amounts in NOK thousands) Key assumption Assumption change Revenue growth -1674 million Post-tax WACC +1% = 14.5% Gross margin -5.2% Free cash flow margin -4.1% Revenue growth -2 213 million Post-tax WACC -1% = 12.5% Gross margin -6.9% Free cash flow margin -5.4%", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__72": { "value": "3.1 Intangible assets Research and development Research Research activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred. Development Capitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. Technology As an indication of the level of internal technology costs, Nel currently has 62 and 53 full time employees working directly with R&D in the Alkaline and PEM division, respectively. Nel invests in development of large-scale industrialisation of Electrolyser products. ALKALINE In its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system. The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 375 (311) million as of 31.12.2025. PEM In the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series. The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 55 million and acquired separately of NOK 93 million, as of 31.12.2025. Contractual commitments for the acquisition of intangible assets from the General Motors development agreement beyond 2025 are about NOK 50 million. The expected timing of cash outflow is beginning of 2026. Goodwill Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units. Useful life, amortisation plan \u2022 Technology has a useful life of 3-7 years \u2022 Goodwill has indefinite life", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__71": { "value": "3.1 Intangible assets Research and development Research Research activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred. Development Capitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. Technology As an indication of the level of internal technology costs, Nel currently has 62 and 53 full time employees working directly with R&D in the Alkaline and PEM division, respectively. Nel invests in development of large-scale industrialisation of Electrolyser products. ALKALINE In its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system. The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 375 (311) million as of 31.12.2025. PEM In the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series. The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 55 million and acquired separately of NOK 93 million, as of 31.12.2025. Contractual commitments for the acquisition of intangible assets from the General Motors development agreement beyond 2025 are about NOK 50 million. The expected timing of cash outflow is beginning of 2026. Goodwill Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units. Useful life, amortisation plan \u2022 Technology has a useful life of 3-7 years \u2022 Goodwill has indefinite life Significant accounting judgements - Development costs Development expenditures on an individual project are recognised as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development To demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a successful pilot is demonstrated, and the asset is available for use. After a successful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2025 was NOK 380 (365) million, of which NOK 145 (136) million and NOK 235 (229) million has been capitalised and expensed, respectively.(Amounts in NOK thousands) Technology Customer Goodwill TOTAL relationship Acquisition cost as of 01.01.2024 1 041 094 100 234 672 210 1 813 538 Additions from internal development 119 194 0 0 119 194 Discontinued operation -210 341 -3 011 0 -213 352 Currency effects 46 194 121 36 448 82 763 Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143 Additions from internal development 82 238 0 0 82 238 Additions acquired separately 63 010 0 0 63 010 Currency effects -47 081 0 -39 327 -86 408 Acquisition cost as of 31.12.2025 1 094 309 97 343 669 330 1 860 983 Accumulated amortisation and impairment as of 01.01.2024 409 572 92 013 296 905 798 491 Amortisation 72 167 7 843 0 80 010 Discontinued operation -113 234 -2 513 0 -115 747 Currency effects 10 215 0 0 10 215 Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970 Amortisation 79 668 0 0 79 668 Impairment 127 547 0 311 061 438 608 Currency effects -14 714 0 0 -14 714 Accumulated amortisation and impairment as of 31.12.2025 571 222 97 343 607 966 1 276 532 Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173 Carrying value as of 31.12.2025 523 087 0 61 364 584 451 Impairment loss NOK 439 (0) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. As the next generation pressurized alkaline technology is likely to negatively influence the market outlook for current platforms, Nel recognized impairment losses of NOK 439 million in the period related goodwill and intangible technology assets resulting from the acquisition of what is now Nel PEM electrolyser in 2016. Refer to section \u2018Annual impairment test \u2013 results and sensitivity\u2019 below for details of current year\u2019s impairment test. (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 430 221 0 430 221 Acquired separately disclosed and further explained in this note.92 866 0 92 866 Acquired through business combinations 0 61 364 61 364 Carrying value as of 31.12.2025 523 087 61 364 584 451 (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 415 880 0 415 880 Acquired separately 35 763 0 35 763 Acquired through business combinations 165 777 411 753 577 530 Carrying value as of 31.12.2024 617 420 411 753 1 029 173ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are Goodwill and intangible assets with indefinite useful lives - impairment considerations Goodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The Group recognised an impairment loss on goodwill of NOK 311 million in 2025 related to the PEM US CGU. The remaining goodwill as of 31 December 2025 relates to the Alkaline Norway CGU and no further impairment was recognised on this remaining goodwill. Annual impairment test - assumptions CGU The annual impairment test is performed for all the Group' Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group' CGUs are \u2022 Alkaline Norway and \u2022 PEM US Specification of allocated goodwill per CGU 2025 2024 PEM US 0 350 389 Alkaline Norway 61 364 61 364 Balance as of 31.12. 61 364 411 753 Market capitalisation Market capitalisation is considered as one of several impairment indicators. As of 31 December 2025, market capitalisation was approximately equal to the book value of equity. This assessment is considered together with cash flow forecasts and other impairment indicators. Key assumptions The calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin \u2022 EBITDA and free cash flow margins \u2022 Discount rate / Weighted average cost of capital (WACC) For each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following: i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2030 applying a growth rate of 2.0% Discount rate Discount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 15.3 % to 15.8 %. Annual impairment test \u2013 results and sensitivity The impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount. The impairment test is performed on both CGUs, PEM US and Alkaline Norway. The impairment test for Alkaline Norway shows headroom and no impairment has been recognised. PEM US The impairment test concluded that an impairment charge of NOK 439 million was required for the PEM US CGU as of 31 December 2025. This impairment loss was allocated as follows: \u2022 Goodwill: NOK 311 million \u2022 Technology (Intangible Assets): NOK 128 million The allocation of the impairment charge reflects the sequence required, whereby goodwill is written down in full before other intangible assets are impaired. The goodwill and technology assets impaired in 2025 were originally recognised as excess values arising from the allocation of the purchase price in the Group\u2019s acquisition of PEM US in 2016. The following table shows the carrying value as of 31 December 2025, i.e. the assets post impairment in PEM US. (Amounts in NOK thousands) PEM US Alkaline Norway Goodwill 0 61 364 Other intangible assets 110 593 372 084 Other invested capital 644 353 1 160 124 Carrying value 754 946 1 593 573 Recoverable amount 754 946 3 088 976 Headroom 0 1 495 403 Pre-tax nominal discount rate 15.3 % 15.8 % Terminal growth rate 2.0 % 2.0 % PEM US PEM US is the Group' segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-20 percentage in revenue. Sensitivity in headroom Percentage change in revenue amounts in NOK million -20.0% -10.0% 0.0% 10.0% 20.0% -2.0% -184 40 264 487 711 -1.0% -269 -75 120 314 508 Change in WACC 0.0% -339 -169 0* 172 343 1.0% -398 -247 -97 54 205 2.0% -448 -314 -180 -46 88 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% -252 6 264 521 773 -1.0% -345 -113 120 352 578 Change in WACC 0.0% -421 -210 0* 213 419 1.0% -485 -291 -97 97 285 2.0% -538 -359 -180 -1 172 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. ALKALINE NORWAY Electrolyser Norway is the Group' segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% 858 1 660 2 461 3 238 4 016 -1.0% 505 1 218 1 930 2 620 3 309 Change in WACC 0.0% 216 856 1495* 2 113 2 730 1.0% -25 555 1 133 1 690 2 248 2.0% -227 300 827 1 334 1 840 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. Additional sensitivities \u2013assumptions The sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the post-tax WACC used, but also for post-tax WACC +/- one percentage point: (Amounts in NOK thousands) Key assumption Assumption change 1)Revenue growth-1 954 million 2)Post-tax WACC = 13.5% Gross margin-6.1% 3)Free cash flow margin-4.7% 1) If terminal year 2031 in the impairment test is reduced by NOK 1 954 million, the headroom is 0 all other equal. 2) If the gross margin assumption in terminal year 2031 is reduced by 6.1%, the headroom is zero all other equal. 3) If the free cash flow margin assumption in terminal year 2031 is reduced by 4.7%, the headroom is zero all other equal. The following tables show the same sensitivities in scenarios where WACC is +/- 1. Assumption changes results in zero headroom. (Amounts in NOK thousands) Key assumption Assumption change Revenue growth -1674 million Post-tax WACC +1% = 14.5% Gross margin -5.2% Free cash flow margin -4.1% Revenue growth -2 213 million Post-tax WACC -1% = 12.5% Gross margin -6.9% Free cash flow margin -5.4%", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__82": { "value": "Goodwill Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__78": { "value": "Goodwill Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units. Useful life, amortisation plan \u2022 Technology has a useful life of 3-7 years \u2022 Goodwill has indefinite life Significant accounting judgements - Development costs Development expenditures on an individual project are recognised as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development To demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a successful pilot is demonstrated, and the asset is available for use. After a successful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2025 was NOK 380 (365) million, of which NOK 145 (136) million and NOK 235 (229) million has been capitalised and expensed, respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__77": { "value": "Goodwill Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units. Useful life, amortisation plan \u2022 Technology has a useful life of 3-7 years \u2022 Goodwill has indefinite life Significant accounting judgements - Development costs Development expenditures on an individual project are recognised as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development To demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a successful pilot is demonstrated, and the asset is available for use. After a successful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2025 was NOK 380 (365) million, of which NOK 145 (136) million and NOK 235 (229) million has been capitalised and expensed, respectively.(Amounts in NOK thousands) Technology Customer Goodwill TOTAL relationship Acquisition cost as of 01.01.2024 1 041 094 100 234 672 210 1 813 538 Additions from internal development 119 194 0 0 119 194 Discontinued operation -210 341 -3 011 0 -213 352 Currency effects 46 194 121 36 448 82 763 Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143 Additions from internal development 82 238 0 0 82 238 Additions acquired separately 63 010 0 0 63 010 Currency effects -47 081 0 -39 327 -86 408 Acquisition cost as of 31.12.2025 1 094 309 97 343 669 330 1 860 983 Accumulated amortisation and impairment as of 01.01.2024 409 572 92 013 296 905 798 491 Amortisation 72 167 7 843 0 80 010 Discontinued operation -113 234 -2 513 0 -115 747 Currency effects 10 215 0 0 10 215 Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970 Amortisation 79 668 0 0 79 668 Impairment 127 547 0 311 061 438 608 Currency effects -14 714 0 0 -14 714 Accumulated amortisation and impairment as of 31.12.2025 571 222 97 343 607 966 1 276 532 Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173 Carrying value as of 31.12.2025 523 087 0 61 364 584 451 Impairment loss NOK 439 (0) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. As the next generation pressurized alkaline technology is likely to negatively influence the market outlook for current platforms, Nel recognized impairment losses of NOK 439 million in the period related goodwill and intangible technology assets resulting from the acquisition of what is now Nel PEM electrolyser in 2016. Refer to section \u2018Annual impairment test \u2013 results and sensitivity\u2019 below for details of current year\u2019s impairment test. (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 430 221 0 430 221 Acquired separately disclosed and further explained in this note.92 866 0 92 866 Acquired through business combinations 0 61 364 61 364 Carrying value as of 31.12.2025 523 087 61 364 584 451 (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 415 880 0 415 880 Acquired separately 35 763 0 35 763 Acquired through business combinations 165 777 411 753 577 530 Carrying value as of 31.12.2024 617 420 411 753 1 029 173ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are Goodwill and intangible assets with indefinite useful lives - impairment considerations Goodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The Group recognised an impairment loss on goodwill of NOK 311 million in 2025 related to the PEM US CGU. The remaining goodwill as of 31 December 2025 relates to the Alkaline Norway CGU and no further impairment was recognised on this remaining goodwill. Annual impairment test - assumptions CGU The annual impairment test is performed for all the Group' Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group' CGUs are \u2022 Alkaline Norway and \u2022 PEM US Specification of allocated goodwill per CGU 2025 2024 PEM US 0 350 389 Alkaline Norway 61 364 61 364 Balance as of 31.12. 61 364 411 753 Market capitalisation Market capitalisation is considered as one of several impairment indicators. As of 31 December 2025, market capitalisation was approximately equal to the book value of equity. This assessment is considered together with cash flow forecasts and other impairment indicators. Key assumptions The calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin \u2022 EBITDA and free cash flow margins \u2022 Discount rate / Weighted average cost of capital (WACC) For each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following: i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2030 applying a growth rate of 2.0% Discount rate Discount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 15.3 % to 15.8 %. Annual impairment test \u2013 results and sensitivity The impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount. The impairment test is performed on both CGUs, PEM US and Alkaline Norway. The impairment test for Alkaline Norway shows headroom and no impairment has been recognised. PEM US The impairment test concluded that an impairment charge of NOK 439 million was required for the PEM US CGU as of 31 December 2025. This impairment loss was allocated as follows: \u2022 Goodwill: NOK 311 million \u2022 Technology (Intangible Assets): NOK 128 million The allocation of the impairment charge reflects the sequence required, whereby goodwill is written down in full before other intangible assets are impaired. The goodwill and technology assets impaired in 2025 were originally recognised as excess values arising from the allocation of the purchase price in the Group\u2019s acquisition of PEM US in 2016. The following table shows the carrying value as of 31 December 2025, i.e. the assets post impairment in PEM US. (Amounts in NOK thousands) PEM US Alkaline Norway Goodwill 0 61 364 Other intangible assets 110 593 372 084 Other invested capital 644 353 1 160 124 Carrying value 754 946 1 593 573 Recoverable amount 754 946 3 088 976 Headroom 0 1 495 403 Pre-tax nominal discount rate 15.3 % 15.8 % Terminal growth rate 2.0 % 2.0 % PEM US PEM US is the Group' segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-20 percentage in revenue. Sensitivity in headroom Percentage change in revenue amounts in NOK million -20.0% -10.0% 0.0% 10.0% 20.0% -2.0% -184 40 264 487 711 -1.0% -269 -75 120 314 508 Change in WACC 0.0% -339 -169 0* 172 343 1.0% -398 -247 -97 54 205 2.0% -448 -314 -180 -46 88 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% -252 6 264 521 773 -1.0% -345 -113 120 352 578 Change in WACC 0.0% -421 -210 0* 213 419 1.0% -485 -291 -97 97 285 2.0% -538 -359 -180 -1 172 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. ALKALINE NORWAY Electrolyser Norway is the Group' segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% 858 1 660 2 461 3 238 4 016 -1.0% 505 1 218 1 930 2 620 3 309 Change in WACC 0.0% 216 856 1495* 2 113 2 730 1.0% -25 555 1 133 1 690 2 248 2.0% -227 300 827 1 334 1 840 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. Additional sensitivities \u2013assumptions The sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the post-tax WACC used, but also for post-tax WACC +/- one percentage point: (Amounts in NOK thousands) Key assumption Assumption change 1)Revenue growth-1 954 million 2)Post-tax WACC = 13.5% Gross margin-6.1% 3)Free cash flow margin-4.7% 1) If terminal year 2031 in the impairment test is reduced by NOK 1 954 million, the headroom is 0 all other equal. 2) If the gross margin assumption in terminal year 2031 is reduced by 6.1%, the headroom is zero all other equal. 3) If the free cash flow margin assumption in terminal year 2031 is reduced by 4.7%, the headroom is zero all other equal. The following tables show the same sensitivities in scenarios where WACC is +/- 1. Assumption changes results in zero headroom. (Amounts in NOK thousands) Key assumption Assumption change Revenue growth -1674 million Post-tax WACC +1% = 14.5% Gross margin -5.2% Free cash flow margin -4.1% Revenue growth -2 213 million Post-tax WACC -1% = 12.5% Gross margin -6.9% Free cash flow margin -5.4%", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__84-1": { "value": "(Amounts in NOK thousands) Technology Customer Goodwill TOTAL relationship Acquisition cost as of 01.01.2024 1 041 094 100 234 672 210 1 813 538 Additions from internal development 119 194 0 0 119 194 Discontinued operation -210 341 -3 011 0 -213 352 Currency effects 46 194 121 36 448 82 763 Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143 Additions from internal development 82 238 0 0 82 238 Additions acquired separately 63 010 0 0 63 010 Currency effects -47 081 0 -39 327 -86 408 Acquisition cost as of 31.12.2025 1 094 309 97 343 669 330 1 860 983 Accumulated amortisation and impairment as of 01.01.2024 409 572 92 013 296 905 798 491 Amortisation 72 167 7 843 0 80 010 Discontinued operation -113 234 -2 513 0 -115 747 Currency effects 10 215 0 0 10 215 Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970 Amortisation 79 668 0 0 79 668 Impairment 127 547 0 311 061 438 608 Currency effects -14 714 0 0 -14 714 Accumulated amortisation and impairment as of 31.12.2025 571 222 97 343 607 966 1 276 532 Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173 Carrying value as of 31.12.2025 523 087 0 61 364 584 451 Impairment loss NOK 439 (0) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. As the next generation pressurized alkaline technology is likely to negatively influence the market outlook for current platforms, Nel recognized impairment losses of NOK 439 million in the period related goodwill and intangible technology assets resulting from the acquisition of what is now Nel PEM electrolyser in 2016. Refer to section \u2018Annual impairment test \u2013 results and sensitivity\u2019 below for details of current year\u2019s impairment test. (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 430 221 0 430 221 Acquired separately disclosed and further explained in this note.92 866 0 92 866 Acquired through business combinations 0 61 364 61 364 Carrying value as of 31.12.2025 523 087 61 364 584 451 (Amounts in NOK thousands) Technology Goodwill TOTAL Internal development 415 880 0 415 880 Acquired separately 35 763 0 35 763 Acquired through business combinations 165 777 411 753 577 530 Carrying value as of 31.12.2024 617 420 411 753 1 029 173ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are Goodwill and intangible assets with indefinite useful lives - impairment considerations Goodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The Group recognised an impairment loss on goodwill of NOK 311 million in 2025 related to the PEM US CGU. The remaining goodwill as of 31 December 2025 relates to the Alkaline Norway CGU and no further impairment was recognised on this remaining goodwill. Annual impairment test - assumptions CGU The annual impairment test is performed for all the Group' Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group' CGUs are \u2022 Alkaline Norway and \u2022 PEM US Specification of allocated goodwill per CGU 2025 2024 PEM US 0 350 389 Alkaline Norway 61 364 61 364 Balance as of 31.12. 61 364 411 753 Market capitalisation Market capitalisation is considered as one of several impairment indicators. As of 31 December 2025, market capitalisation was approximately equal to the book value of equity. This assessment is considered together with cash flow forecasts and other impairment indicators. Key assumptions The calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin \u2022 EBITDA and free cash flow margins \u2022 Discount rate / Weighted average cost of capital (WACC) For each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following: i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2030 applying a growth rate of 2.0% Discount rate Discount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 15.3 % to 15.8 %. Annual impairment test \u2013 results and sensitivity The impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount. The impairment test is performed on both CGUs, PEM US and Alkaline Norway. The impairment test for Alkaline Norway shows headroom and no impairment has been recognised. PEM US The impairment test concluded that an impairment charge of NOK 439 million was required for the PEM US CGU as of 31 December 2025. This impairment loss was allocated as follows: \u2022 Goodwill: NOK 311 million \u2022 Technology (Intangible Assets): NOK 128 million The allocation of the impairment charge reflects the sequence required, whereby goodwill is written down in full before other intangible assets are impaired. The goodwill and technology assets impaired in 2025 were originally recognised as excess values arising from the allocation of the purchase price in the Group\u2019s acquisition of PEM US in 2016. The following table shows the carrying value as of 31 December 2025, i.e. the assets post impairment in PEM US. (Amounts in NOK thousands) PEM US Alkaline Norway Goodwill 0 61 364 Other intangible assets 110 593 372 084 Other invested capital 644 353 1 160 124 Carrying value 754 946 1 593 573 Recoverable amount 754 946 3 088 976 Headroom 0 1 495 403 Pre-tax nominal discount rate 15.3 % 15.8 % Terminal growth rate 2.0 % 2.0 % PEM US PEM US is the Group' segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-20 percentage in revenue. Sensitivity in headroom Percentage change in revenue amounts in NOK million -20.0% -10.0% 0.0% 10.0% 20.0% -2.0% -184 40 264 487 711 -1.0% -269 -75 120 314 508 Change in WACC 0.0% -339 -169 0* 172 343 1.0% -398 -247 -97 54 205 2.0% -448 -314 -180 -46 88 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% -252 6 264 521 773 -1.0% -345 -113 120 352 578 Change in WACC 0.0% -421 -210 0* 213 419 1.0% -485 -291 -97 97 285 2.0% -538 -359 -180 -1 172 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. ALKALINE NORWAY Electrolyser Norway is the Group' segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development. The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom Percentage point change in EBITDA margin amounts in NOK million -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% 858 1 660 2 461 3 238 4 016 -1.0% 505 1 218 1 930 2 620 3 309 Change in WACC 0.0% 216 856 1495* 2 113 2 730 1.0% -25 555 1 133 1 690 2 248 2.0% -227 300 827 1 334 1 840 *Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. Additional sensitivities \u2013assumptions The sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the post-tax WACC used, but also for post-tax WACC +/- one percentage point: (Amounts in NOK thousands) Key assumption Assumption change 1)Revenue growth-1 954 million 2)Post-tax WACC = 13.5% Gross margin-6.1% 3)Free cash flow margin-4.7% 1) If terminal year 2031 in the impairment test is reduced by NOK 1 954 million, the headroom is 0 all other equal. 2) If the gross margin assumption in terminal year 2031 is reduced by 6.1%, the headroom is zero all other equal. 3) If the free cash flow margin assumption in terminal year 2031 is reduced by 4.7%, the headroom is zero all other equal. The following tables show the same sensitivities in scenarios where WACC is +/- 1. Assumption changes results in zero headroom. (Amounts in NOK thousands) Key assumption Assumption change Revenue growth -1674 million Post-tax WACC +1% = 14.5% Gross margin -5.2% Free cash flow margin -4.1% Revenue growth -2 213 million Post-tax WACC -1% = 12.5% Gross margin -6.9% Free cash flow margin -5.4%Impairment An assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Due to the anticipated impact of next-generation technology on the market outlook for existing platforms, the likelihood of restarting line 1 or constructing line 3 has become unlikely by the end of 2025. Consequently, Nel has recognised a full impairment loss on assets associated with line 1 at Her\u00f8ya, amounting to NOK 291 million, as these assets became idle during the year. Furthermore, the planned expansion of line 3 - which currently comprises acquired long-lead items not yet installed and classified under assets under construction - has been fully impaired in the amount of NOK 70 million. The total impairment loss is allocated to Property, plant, and equipment as follows: NOK 70 million to assets under construction, NOK 275 million to production equipment, and NOK 16 million to office and other technical installations. Property, plant and equipment post impairment of idle assets is included in 'other invested capital' allocated to the respective CGU's for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__87-1": { "value": "Goodwill and intangible assets with indefinite useful lives - impairment considerations Goodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The Group recognised an impairment loss on goodwill of NOK 311 million in 2025 related to the PEM US CGU. The remaining goodwill as of 31 December 2025 relates to the Alkaline Norway CGU and no further impairment was recognised on this remaining goodwill. Annual impairment test - assumptions CGU The annual impairment test is performed for all the Group' Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs.Impairment An assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Due to the anticipated impact of next-generation technology on the market outlook for existing platforms, the likelihood of restarting line 1 or constructing line 3 has become unlikely by the end of 2025. Consequently, Nel has recognised a full impairment loss on assets associated with line 1 at Her\u00f8ya, amounting to NOK 291 million, as these assets became idle during the year. Furthermore, the planned expansion of line 3 - which currently comprises acquired long-lead items not yet installed and classified under assets under construction - has been fully impaired in the amount of NOK 70 million. The total impairment loss is allocated to Property, plant, and equipment as follows: NOK 70 million to assets under construction, NOK 275 million to production equipment, and NOK 16 million to office and other technical installations. Property, plant and equipment post impairment of idle assets is included in 'other invested capital' allocated to the respective CGU's for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__86-1": { "value": "Goodwill and intangible assets with indefinite useful lives - impairment considerations Goodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The Group recognised an impairment loss on goodwill of NOK 311 million in 2025 related to the PEM US CGU. The remaining goodwill as of 31 December 2025 relates to the Alkaline Norway CGU and no further impairment was recognised on this remaining goodwill. Annual impairment test - assumptions CGU The annual impairment test is performed for all the Group' Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs.Impairment An assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Due to the anticipated impact of next-generation technology on the market outlook for existing platforms, the likelihood of restarting line 1 or constructing line 3 has become unlikely by the end of 2025. Consequently, Nel has recognised a full impairment loss on assets associated with line 1 at Her\u00f8ya, amounting to NOK 291 million, as these assets became idle during the year. Furthermore, the planned expansion of line 3 - which currently comprises acquired long-lead items not yet installed and classified under assets under construction - has been fully impaired in the amount of NOK 70 million. The total impairment loss is allocated to Property, plant, and equipment as follows: NOK 70 million to assets under construction, NOK 275 million to production equipment, and NOK 16 million to office and other technical installations. Property, plant and equipment post impairment of idle assets is included in 'other invested capital' allocated to the respective CGU's for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__95-1": { "value": "3.2 Property, plant and equipment Property, plant and equipment comprise owned and leased assets. Property, plant and equipment are measured using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The assets are depreciated using the straight-line method over the expected useful life of the asset. Costs of direct maintenance on the operating assets are expensed as incurred. Additional investments and improvements are added to the asset\u2019s cost price and depreciated in line with the remaining useful life of the asset.Useful life, depreciation plan \u2022 Office machines and other equipment have a useful life of 3-5 years \u2022 Production equipment has a useful life of 3-8 years \u2022 Buildings have a useful life of 30-40 years \u2022 Technical installations have a useful life of 10-15 years \u2022 Right of use assets has a useful life of 2-10 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__92": { "value": "3.2 Property, plant and equipment Property, plant and equipment comprise owned and leased assets. Property, plant and equipment are measured using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The assets are depreciated using the straight-line method over the expected useful life of the asset. Costs of direct maintenance on the operating assets are expensed as incurred. Additional investments and improvements are added to the asset\u2019s cost price and depreciated in line with the remaining useful life of the asset. Useful life, depreciation plan \u2022 Office machines and other equipment have a useful life of 3-5 years \u2022 Production equipment has a useful life of 3-8 years \u2022 Buildings have a useful life of 30-40 years \u2022 Technical installations have a useful life of 10-15 years \u2022 Right of use assets has a useful life of 2-10 years (Amounts in NOK thousands) Asset under Office Production Buildings Technical Right-of-TOTAL construction machines equipment installations use Assets and other (note 3.3) equipment Acquisition cost as of 01.01.2024 552 183 170 128 465 875 135 029 16 964 294 350 1 634 529 Additions 362 760 37 321 125 491 1 107 672 29 196 556 546 Disposals 0 -116 0 0 0 0 -116 Reclassification -604 363 131 001 464 223 0 9 139 0 0 Remeasurement 0 0 0 0 0 22 353 22 353 Discontinued operation 0 -84 121 -9 638 -96 429 -546 -26 927 -217 660 Currency effects 25 550 12 004 13 366 0 0 5 691 56 611 Acquisition cost as of 31.12.2024 336 129 266 217 1 059 318 39 707 26 229 324 663 2 052 263 Additions 123 739 6 009 11 034 4 115 263 71 145 230 Reclassification -203 774 -91 554 295 329 0 0 0 0 Remeasurement 0 0 0 0 0 10 781 10 781 Currency effects -25 933 -17 954 -18 076 0 0 -6 470 -68 432 Acquisition cost as of 31.12.2025 230 162 162 717 1 347 604 43 822 26 492 329 045 2 139 842 Accumulated depreciation as of 01.01.2024 0 77 443 130 742 23 774 3 171 93 722 328 851 Depreciation 0 20 378 84 187 633 1 544 29 734 136 476 Discontinued operation 0 -42 860 -7 317 -19 437 -58 -14 454 -84 127 Currency effects 0 3 259 3 725 0 0 0 6 984 Accumulated depreciation as of 31.12.2024 0 58 219 211 337 4 970 4 656 109 002 388 184 Depreciation 0 18 178 157 972 949 2 091 31 612 210 802 Impairment 69 601 11 961 275 318 1 3 922 0 360 802 Reclassification 0 -4 208 4 208 0 0 0 0 Currency effects 0 -4 081 -6 097 0 0 0 -10 178 Accumulated depreciation as of 31.12.2025 69 601 80 069 642 738 5 919 10 670 140 614 949 610 Carrying value as of 31.12.2024 336 129 207 997 847 981 34 737 21 573 215 662 1 664 079 Carrying value as of 31.12.2025 160 561 82 648 704 866 37 903 15 822 188 432 1 190 233Alkaline, Next-Generation Pressurised Electrolyser platform Nel has been selected for a grant from the EU Innovation Fund of up to EUR 135 million for industrialization of the next-generation pressurized alkaline technology. The support will be phased with Nel\u2019s own investments for up to 4 GW of capacity for pressurized electrolyser equipment in Norway. During 2025, final investment decision was taken to industrialize the Next Generation Pressurized Alkaline platform and invest in 1GW of production capacity. Decision to further expand the capacity depends on achieving successful testing, market acceptance of the new technology and overall market development. Asset under construction end of 2025 related to the commercialisation of PE 1 GW line at Her\u00f8ya is NOK 67 million. PEM Wallingford expansion Asset under construction of NOK 94 million relates to the Wallingford expansion which is planned completed in 2026 and will then be reclassified to production equipment. Impairment An assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Due to the anticipated impact of next-generation technology on the market outlook for existing platforms, the likelihood of restarting line 1 or constructing line 3 has become unlikely by the end of 2025. Consequently, Nel has recognised a full impairment loss on assets associated with line 1 at Her\u00f8ya, amounting to NOK 291 million, as these assets became idle during the year. Furthermore, the planned expansion of line 3 - which currently comprises acquired long-lead items not yet installed and classified under assets under construction - has been fully impaired in the amount of NOK 70 million. The total impairment loss is allocated to Property, plant, and equipment as follows: NOK 70 million to assets under construction, NOK 275 million to production equipment, and NOK 16 million to office and other technical installations. Property, plant and equipment post impairment of idle assets is included in 'other invested capital' allocated to the respective CGU's for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__97-1": { "value": "Property, plant and equipment are measured using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The assets are depreciated using the straight-line method over the expected useful life of the asset. Costs of direct maintenance on the operating assets are expensed as incurred. Additional investments and improvements are added to the asset\u2019s cost price and depreciated in line with the remaining useful life of the asset. Useful life, depreciation plan \u2022 Office machines and other equipment have a useful life of 3-5 years \u2022 Production equipment has a useful life of 3-8 years \u2022 Buildings have a useful life of 30-40 years \u2022 Technical installations have a useful life of 10-15 years \u2022 Right of use assets has a useful life of 2-10 years(Amounts in NOK thousands) Asset under Office Production Buildings Technical Right-of-TOTAL construction machines equipment installations use Assets and other (note 3.3) equipment Acquisition cost as of 01.01.2024 552 183 170 128 465 875 135 029 16 964 294 350 1 634 529 Additions 362 760 37 321 125 491 1 107 672 29 196 556 546 Disposals 0 -116 0 0 0 0 -116 Reclassification -604 363 131 001 464 223 0 9 139 0 0 Remeasurement 0 0 0 0 0 22 353 22 353 Discontinued operation 0 -84 121 -9 638 -96 429 -546 -26 927 -217 660 Currency effects 25 550 12 004 13 366 0 0 5 691 56 611 Acquisition cost as of 31.12.2024 336 129 266 217 1 059 318 39 707 26 229 324 663 2 052 263 Additions 123 739 6 009 11 034 4 115 263 71 145 230 Reclassification -203 774 -91 554 295 329 0 0 0 0 Remeasurement 0 0 0 0 0 10 781 10 781 Currency effects -25 933 -17 954 -18 076 0 0 -6 470 -68 432 Acquisition cost as of 31.12.2025 230 162 162 717 1 347 604 43 822 26 492 329 045 2 139 842 Accumulated depreciation as of 01.01.2024 0 77 443 130 742 23 774 3 171 93 722 328 851 Depreciation 0 20 378 84 187 633 1 544 29 734 136 476 Discontinued operation 0 -42 860 -7 317 -19 437 -58 -14 454 -84 127 Currency effects 0 3 259 3 725 0 0 0 6 984 Accumulated depreciation as of 31.12.2024 0 58 219 211 337 4 970 4 656 109 002 388 184 Depreciation 0 18 178 157 972 949 2 091 31 612 210 802 Impairment 69 601 11 961 275 318 1 3 922 0 360 802 Reclassification 0 -4 208 4 208 0 0 0 0 Currency effects 0 -4 081 -6 097 0 0 0 -10 178 Accumulated depreciation as of 31.12.2025 69 601 80 069 642 738 5 919 10 670 140 614 949 610 Carrying value as of 31.12.2024 336 129 207 997 847 981 34 737 21 573 215 662 1 664 079 Carrying value as of 31.12.2025 160 561 82 648 704 866 37 903 15 822 188 432 1 190 233As a lessee At commencement date or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Group has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are treated separately in other standards than IFRS 16. The group recognise a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borrowing rate (IBR) for additional information. Lease payments included in the measurement of the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Payments for insurance, property tax and VAT are excluded from the lease payments amount as they are defined as variable lease payments. The Group presents right-of-use assets in 'property, plant and equipment' and the lease liabilities within \u2018lease liabilities\u2019, divided into current and non-current portions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__94": { "value": "Costs of direct maintenance on the operating assets are expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__107": { "value": "3.3 Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. As a lessee At commencement date or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Group has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are treated separately in other standards than IFRS 16. The group recognise a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borrowing rate (IBR) for additional information. Lease payments included in the measurement of the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Payments for insurance, property tax and VAT are excluded from the lease payments amount as they are defined as variable lease payments. The Group presents right-of-use assets in 'property, plant and equipment' and the lease liabilities within \u2018lease liabilities\u2019, divided into current and non-current portions. Short-term leases and leases of low value assets Nel have elected the practical expedient of treating short-term leases and low value assets outside the scope of IFRS 16", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__105-1": { "value": "3.3 Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. As a lessee At commencement date or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Group has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are treated separately in other standards than IFRS 16. The group recognise a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borrowing rate (IBR) for additional information. Lease payments included in the measurement of the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Payments for insurance, property tax and VAT are excluded from the lease payments amount as they are defined as variable lease payments. The Group presents right-of-use assets in 'property, plant and equipment' and the lease liabilities within \u2018lease liabilities\u2019, divided into current and non-current portions. Short-term leases and leases of low value assets Nel have elected the practical expedient of treating short-term leases and low value assets outside the scope of IFRS 16 Significant accounting judgements - Estimating the incremental borrowing rate (IBR) The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its IBR to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group 'would have to pay', which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incremental borrowing rate by considering various interest rates (risk free rate as 10-year government bonds, and risk premiums) and makes certain adjustments to reflect the terms of the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiary's stand-alone credit rating).Right-of-use assets (Amounts in NOK thousands) Manufacturing Office, Motor vehicles Equipment Total facilities warehouse and parking As of 01.01.2024 117 990 74 994 7 314 329 200 628 Additions 5 137 24 059 0 0 29 196 Remeasurement 18 208 4 145 0 0 22 353 Depreciation -15 659 -13 905 -170 0 -29 734 Discontinued operation 0 -5 368 -6 775 -329 -12 473 Translation difference 2 711 2 975 5 0 5 691 As of 31.12.2024 128 387 86 900 375 0 215 662 Additions 0 0 71 0 71 Remeasurement 9 627 1 155 0 0 10 781 Depreciation -16 666 -14 797 -149 0 -31 612 Translation difference -5 518 -949 -4 0 -6 470 As of 31.12.2025 (note 3.2) 115 832 72 308 293 0 188 432 The group has lease contracts for various items like manufacturing facilities, offices, warehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, warehouse and parking have about 5 years and motor vehicles, and other equipment generally have lease terms between 3 and 5 years. The Group's obligations under its leases are secured by the lessor's title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group\u2019s two significant leases in the manufacturing facilities at Her\u00f8ya (Alkaline Norway) and Wallingford (PEM US). From June 2024, the group remeasured the lease term within the lease agreement of Wallingford (US), as the lease was extended by 7 years by exercise of options. The extension vas based on an evaluation of Nel's plan to increase the production capacity in the United States, including the budget for capital expenditure, and economic incentives to not reallocate skilled staff and its fixed assets to a new production facility. Nel has another option to further extend the lease term beyond May 2031. As of 31 December 2025, the economic incentives for the extension due in May 2031 were considered unclear and not reasonably certain due to the uncertainties about the size of the capacity expansion, total investment and location. Nel is not reasonably certain to exercise such option, and potential lease payments beyond May 2031 has not been recognised as right of use assets or lease liabilities. Lease liabilities The table below show the carrying amounts of lease liabilities (both current and non-current portion) and the movements during the period: (Amounts in NOK thousands) 2025 2024 Balance as of 01.01. 260 002 237 203 Additions 71 29 196 Remeasurement 10 781 22 353 Accretion of interest 16 672 16 481 Lease payments -46 127 -39 809 Discontinued operation 0 -11 693 Translation differences -8 254 6 270 Balance as of 31.12. 233 145 260 002 Current 42 961 44 479 Non-current 190 185 215 523 Balance as of 31.12. 233 145 260 002 Maturity analysis of undiscounted cash flow in lease liabilities: 2026 2027 2028 2029 >2029 Total Lease liabilities 45 167 40 417 39 728 39 567 138 846 303 725 The difference between discounted cash flows and undiscounted cash flows (discount effect) is NOK 70.6 (84.5) million as of 31.12.2025. The discount effect is mainly related to manufacturing facility at Her\u00f8ya, Norway, with included lease term until 2035 and manufacturing facility in Wallingford, US, with included lease term until 2031. Reconciliation of liabilities arising from financing activities in statement of cash flows, split in cash flows and non-cash changes. (Amounts in NOK thousands) 2025 2024 Balance as of 01.01. 260 002 237 203 Cash flows principal amount -29 455 -23 328 Cash flows interests -16 672 -16 481 Non-cash changes: Additions and remeasurements 10 852 51 549 Accretion of interest expense 16 672 16 481 Discontinued operation 0 -11 693 Foreign currency effects -8 254 6 270 Balance as of 31.12. 233 145 260 002Amounts recognised in profit or loss (Amounts in NOK thousands) 2025 2024 Depreciation expense of right-of-use assets -31 612 -29 734 Interest expense on lease liabilities -17 901 -17 710 Expense relating to leases of low-value assets -56 -146 Expense relating to short-term leases, excluding short-term leases of low-value assets -1 953 -1 953 TOTAL amount recognised in profit or loss -51 522 -49 544 Other information 2025 2024 Total cash outflow for leases as a lessee 48 136 41 908 Weighted incremental borrowing rate used as discount rate for the measuring of lease liabilities 6.5 % 6.6 % Extension and termination options The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group's business needs. Significant accounting judgements - Determining the lease term of contracts with renewal and termination options - Group as a lessee. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate. In general, the renewal periods for leases of manufacturing facilities, offices, warehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as part of the lease term as these are not reasonably certain to be exercised. In addition, the renewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not more than three years and, hence is not exercising any renewal options. The periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised.Set out below are the material undiscounted potential future rental payments relating to periods following the exercise date of extension and termination options that are not included in the lease term. (Amounts in NOK thousands) 2026 2027 2028-2030 2030< Extension options not reasonably certain to exercise 0 3 442 11 266 60 902 Termination options expected to be exercised 0 0 0 0 TOTAL 0 3 442 11 266 60 902 As a lessor The group have no leases as lessor except for sub-lease. All sub-leases are office space that has been presented as right-of-use assets as part of the property, plant and equipment. When considering the lease term of the sub-lease and the head lease a major part of the economic life of the asset is retained by the Group. All sub-leases have been classified as operating leases and the lease payments received is recognised on a straight-line basis over the lease term as part of 'other operating income'.The reconciliation of lease liabilities arising from financing activities and maturity analysis for lease liabilities are disclosed in note 3.3 leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__111-1": { "value": "Lease liabilities The table below show the carrying amounts of lease liabilities (both current and non-current portion) and the movements during the period: (Amounts in NOK thousands) 2025 2024 Balance as of 01.01. 260 002 237 203 Additions 71 29 196 Remeasurement 10 781 22 353 Accretion of interest 16 672 16 481 Lease payments -46 127 -39 809 Discontinued operation 0 -11 693 Translation differences -8 254 6 270 Balance as of 31.12. 233 145 260 002 Current 42 961 44 479 Non-current 190 185 215 523 Balance as of 31.12. 233 145 260 002 Maturity analysis of undiscounted cash flow in lease liabilities: 2026 2027 2028 2029 >2029 Total Lease liabilities 45 167 40 417 39 728 39 567 138 846 303 725 The difference between discounted cash flows and undiscounted cash flows (discount effect) is NOK 70.6 (84.5) million as of 31.12.2025. The discount effect is mainly related to manufacturing facility at Her\u00f8ya, Norway, with included lease term until 2035 and manufacturing facility in Wallingford, US, with included lease term until 2031. Reconciliation of liabilities arising from financing activities in statement of cash flows, split in cash flows and non-cash changes. (Amounts in NOK thousands) 2025 2024 Balance as of 01.01. 260 002 237 203 Cash flows principal amount -29 455 -23 328 Cash flows interests -16 672 -16 481 Non-cash changes: Additions and remeasurements 10 852 51 549 Accretion of interest expense 16 672 16 481 Discontinued operation 0 -11 693 Foreign currency effects -8 254 6 270 Balance as of 31.12. 233 145 260 0025.2 Long-term debt The reconciliation of lease liabilities arising from financing activities and maturity analysis for lease liabilities are disclosed in note 3.3 leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__119": { "value": "3.4 Investments in associated companies and joint ventures An associate is an entity where the group has significant influence, but not control or joint control. A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2025 or 2024. In 2025, Nel sold its shares in SAGIM SAS for NOK 0.8 million, which led to a gain of NOK 0.7 million from the sale of shares in the associate company. Additionally, Nel received NOK 3.7 million from selling its shares in Glomfjord Hydrogen AS, recording an equivalent gain. As of 31 December 2025, Nel no longer held any shares in associates or joint ventures", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__118": { "value": "3.4 Investments in associated companies and joint ventures An associate is an entity where the group has significant influence, but not control or joint control. A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2025 or 2024. In 2025, Nel sold its shares in SAGIM SAS for NOK 0.8 million, which led to a gain of NOK 0.7 million from the sale of shares in the associate company. Additionally, Nel received NOK 3.7 million from selling its shares in Glomfjord Hydrogen AS, recording an equivalent gain. As of 31 December 2025, Nel no longer held any shares in associates or joint ventures", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__117": { "value": "3.4 Investments in associated companies and joint ventures An associate is an entity where the group has significant influence, but not control or joint control. A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2025 or 2024. In 2025, Nel sold its shares in SAGIM SAS for NOK 0.8 million, which led to a gain of NOK 0.7 million from the sale of shares in the associate company. Additionally, Nel received NOK 3.7 million from selling its shares in Glomfjord Hydrogen AS, recording an equivalent gain. As of 31 December 2025, Nel no longer held any shares in associates or joint ventures", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__116-1": { "value": "3.4 Investments in associated companies and joint ventures An associate is an entity where the group has significant influence, but not control or joint control. A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2025 or 2024. In 2025, Nel sold its shares in SAGIM SAS for NOK 0.8 million, which led to a gain of NOK 0.7 million from the sale of shares in the associate company. Additionally, Nel received NOK 3.7 million from selling its shares in Glomfjord Hydrogen AS, recording an equivalent gain. As of 31 December 2025, Nel no longer held any shares in associates or joint ventures.4.3 Prepaid expenses and other current assets (Amounts in NOK thousands) 2025 2024 VAT net receivable 20 691 32 034 Short-term investments 11 733 0 Prepayments 104 448 230 731 Other current assets 3 440 7 052 Fair value of derivatives 2 137 3 451 Balance as of 31.12. 142 449 273 269 Prepayments include payments made to suppliers in advance of receiving control of goods. The advances represent payments for purchase orders where the goods will be received in a subsequent period. Short-term investments include shareholdings in Cavendish Hydrogen ASA. Current period include a net decline in fair value of the shareholdings of NOK 6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__115-1": { "value": "3.4 Investments in associated companies and joint ventures An associate is an entity where the group has significant influence, but not control or joint control. A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2025 or 2024. In 2025, Nel sold its shares in SAGIM SAS for NOK 0.8 million, which led to a gain of NOK 0.7 million from the sale of shares in the associate company. Additionally, Nel received NOK 3.7 million from selling its shares in Glomfjord Hydrogen AS, recording an equivalent gain. As of 31 December 2025, Nel no longer held any shares in associates or joint ventures.7.1 Composition of the group The following subsidiaries are included in the consolidated financial statements: Ownership/votes Ownership/votes Company Country of incorporation Main operations Consolidated from: 2025 2024 Nel Hydrogen Electrolyser AS Norway Alkaline electrolysers 01.10.2015 100 % 100 % Nel Fuel AS Norway Investment/holding 01.07.2015 100 % 100 % Proton Energy Systems Inc United States PEM electrolysers 01.07.2017 100 % 100 % Nel US Holding Inc United States Investment/holding 23.05.2024 100 % 100 % Nel Hydrogen Electrolyser Germany GmbH Germany Electrolysers sales office 24.10.2022 100 % 100 % Nel Hydrogen Electrolyser Belgium BV Belgium Electrolyser sales office 27.09.2021 100 % 100 % Nel Hydrogen Chile SpA Chile Electrolyser sales office 01/06/2023 100 % 100 % Nel Electrolyser Inc United States Electrolyser distributor 24.05.2024 100 % 100 % All subsidiaries are 100 % owned. There is no uncertainty about control and no restrictions on the ability to access or use assets and settle liabilities in the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__114": { "value": "3.4 Investments in associated companies and joint ventures An associate is an entity where the group has significant influence, but not control or joint control. A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2025 or 2024. In 2025, Nel sold its shares in SAGIM SAS for NOK 0.8 million, which led to a gain of NOK 0.7 million from the sale of shares in the associate company. Additionally, Nel received NOK 3.7 million from selling its shares in Glomfjord Hydrogen AS, recording an equivalent gain. As of 31 December 2025, Nel no longer held any shares in associates or joint ventures.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__113": { "value": "3.4 Investments in associated companies and joint ventures An associate is an entity where the group has significant influence, but not control or joint control. A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2025 or 2024. In 2025, Nel sold its shares in SAGIM SAS for NOK 0.8 million, which led to a gain of NOK 0.7 million from the sale of shares in the associate company. Additionally, Nel received NOK 3.7 million from selling its shares in Glomfjord Hydrogen AS, recording an equivalent gain. As of 31 December 2025, Nel no longer held any shares in associates or joint ventures.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__121-1": { "value": "3.5 Non-current financial assets (amounts in NOK thousands) 2025 2024 Long-term investments 40 109 44 260 Prepayments 141 159 Other non-current financial assets 53 0 Balance as of 31.12. 40 303 44 419 Long-term investments The balance of NOK 40 million comprises an interest-bearing co-development loan provided to a project developer. There is a co-development agreement entered into in parallel with the loan agreement. The loan has maturity date at the end of 2026, and no expected credit loss has been recognised.6.6 Financial instruments Nel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Financial instruments and fair values Fair value - Mandatorily Total Level 1 Level 2 Total 2025 hedging at FVTPL - instruments others ASSETS Financial assets measured at fair value Forward exchange contracts used for hedging 743 743 743 743 Financial asset - equity instruments 11 733 11 733 11 733 11 733 SUM 743 11 733 12 476 11 733 743 12 476 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -128 -128 -128 -128 SUM -128 -128 -128 -128 Fair value - hedging Total Level 2 Total 2024 instruments ASSETS Financial assets measured at fair value Forward exchange contracts 3 452 3 452 3 452 3 452 SUM 3 452 3 452 3 452 3 452 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -7 477 -7 477 -7 477 -7 477 SUM -7 477 -7 477 -7 477 -7 477 The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities' carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments. Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__120-1": { "value": "3.5 Non-current financial assets (amounts in NOK thousands) 2025 2024 Long-term investments 40 109 44 260 Prepayments 141 159 Other non-current financial assets 53 0 Balance as of 31.12. 40 303 44 419 Long-term investments The balance of NOK 40 million comprises an interest-bearing co-development loan provided to a project developer. There is a co-development agreement entered into in parallel with the loan agreement. The loan has maturity date at the end of 2026, and no expected credit loss has been recognised.6.6 Financial instruments Nel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Financial instruments and fair values Fair value - Mandatorily Total Level 1 Level 2 Total 2025 hedging at FVTPL - instruments others ASSETS Financial assets measured at fair value Forward exchange contracts used for hedging 743 743 743 743 Financial asset - equity instruments 11 733 11 733 11 733 11 733 SUM 743 11 733 12 476 11 733 743 12 476 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -128 -128 -128 -128 SUM -128 -128 -128 -128 Fair value - hedging Total Level 2 Total 2024 instruments ASSETS Financial assets measured at fair value Forward exchange contracts 3 452 3 452 3 452 3 452 SUM 3 452 3 452 3 452 3 452 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -7 477 -7 477 -7 477 -7 477 SUM -7 477 -7 477 -7 477 -7 477 The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities' carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments. Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__122-1": { "value": "3.6 Restricted cash and cash equivalents (Amounts in NOK thousands) 2025 2024 Non-current restricted cash 155 027 158 750 Current restricted cash 0 2 260 Balance as of 31.12. 155 027 161 010 Non-current restricted cash Nel occasionally enters contracts with customers with specific guarantee clauses that require Nel to purchase certain performance bonds or advance payment guarantee products from financial institutions. The products are secured by cash collateral. In addition, Nel has some lease agreements which require deposits in a restricted bank account throughout the lease term. Both cash collateral and deposits are assessed as investments (i.e. not cash or cash equivalents) as the maturity exceeds 3 months. Long-term investments include the investments that exceed 12 months. Performance and warranty bonds NOK 81 (96) million relates to outstanding irrevocable letters of credit used as assurance for bid and contract performance, these letters of credit mature between 31 December 2025 and 31 January 2027. As of 31 December 2025, the customers have drawn NOK 0 (0) million on the letters of credit. Advance payment guarantee Generally, in the contracts with customers, Nel receives advance payments. As of 31 December 2025, Nel has NOK 38 (54) million as cash collateral for irrevocable letters of credit issued for advance payment guarantees with financial institutions. As of 31 December 2025, the customers have drawn NOK 0 (0) million on the letters of credit. Lease payments guarantee (deposits) and other collateral Deposits for lease payments comprise security for lease payments throughout the lease terms for cars, office premises and manufacturing facilities. In addition, collateral for bank credit lines. As of 31 December 2025, the Group has NOK 27 (45) million in such deposits. Current restricted cash This is the short-term equivalent to long-term investments, i.e. any performance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits). Current restricted cash from guarantees is NOK 0 (2) million as of 31.12.2025.4.4 Cash and cash equivalents Cash and cash equivalents include cash, bank deposits and all other monetary items due within three months or less. (Amounts in NOK thousands) 2025 2024 Cash and cash equivalents 1 610 467 1 856 388 Restricted bank deposits for employees withheld taxes at 31.12 6 991 19 193 Balance as of 31.12. 1 617 458 1 875 580 (Amounts in NOK thousands) 2025 2024 Norwegian Kroner 1 514 045 1 797 534 US Dollars 61 296 55 827 Euro 19 669 10 835 GB Pounds 22 424 11 379 Polish Zloty 24 6 Balance as of 31.12. 1 617 458 1 875 580 Cash and cash equivalents are 94% (96%) in the Norwegian Krone (NOK) at the end of 2025. NOK 1 122 million is placed in 30-days locked interest accounts in a portfolio of banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__124": { "value": "4.1 Inventories Inventories comprise purchased raw materials, work in progress and finished goods. Inventories are measured at the lower of cost and net realisable value (NRV) in accordance with IAS\u202f2 Inventories. Cost comprises costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price in the ordinary course of business, less estimated costs of completion and costs necessary to make the sale. Where inventories are expected to be sold over an extended period, expected cash inflows are assessed considering the timing of sales and, where material, the time value of money. At each reporting date, inventories are reviewed for indicators of impairment. Any write\u2011down to NRV is recognised as an expense in the period in which the write\u2011down occurs. Reversals of previous write\u2011downs are recognised when the circumstances that caused the impairment no longer exist.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__129-1": { "value": "4.2 Trade receivables Trade receivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or services to the customer. Trade receivables are subsequently accounted for at amortised cost and are reviewed for impairment on an ongoing basis. Trade receivables are generally not discounted. Trade receivables are presented net of expected credit losses. Changes in the expected credit loss are recognised within other operating expenses in the statement of comprehensive income.Nel recognises loss allowances for \u2018Expected Credit Loss\u2019 (ECL) on: a) Financial assets measured at amortised cost; and b) Contract assets Loss allowance for trade receivables and contract assets is always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment, that includes forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive). Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__128-1": { "value": "4.2 Trade receivables Trade receivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or services to the customer. Trade receivables are subsequently accounted for at amortised cost and are reviewed for impairment on an ongoing basis. Trade receivables are generally not discounted. Trade receivables are presented net of expected credit losses. Changes in the expected credit loss are recognised within other operating expenses in the statement of comprehensive income. (Amounts in NOK thousands) 2025 2024 Receivables from third-party customers 290 413 777 685 Gross trade receivables 290 413 777 685 Allowance for expected credit losses -49 501 -77 006 Balance as of 31.12. 240 913 700 679 Trade receivables are non-interest bearing and are generally on terms 30 to 60 days Movements in the allowance for impairment in respect of trade receivables (Amounts in NOK thousands) 2025 2024 Balance as of 01.01. 77 006 31 557 Discontinued operation 0 -22 408 Net remeasurement of loss allowance -27 505 67 857 Balance as of 31.12. 49 501 77 006 The decrease in trade receivables is cause by Nel accepting the former delivered goods as settlement for the outstanding receivables. This reduced trade receivables and increased inventory by approximately NOK 362 million. These goods remain unsold and are still held in inventory at the end of 2025. Refer to note 4.1. The remeasurement of loss allowance current year is due to the derecognition of mentioned related gross trade receivables in the same period. See Note 6.1 on credit risk of trade receivables, which explains how the group manages and measures expected credit loss of trade receivables that are neither past due nor impaired. Nel recognises loss allowances for \u2018Expected Credit Loss\u2019 (ECL) on: a) Financial assets measured at amortised cost; and b) Contract assets Loss allowance for trade receivables and contract assets is always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment, that includes forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive). Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.Expected credit loss assessment The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers, which comprise a very large number of small balances. Loss rates are calculated using a factor method based on the probability of receivables progressing through successive stages of delinquency to write-off. Roll rates are calculated separately for exposures in different segments based on the following common credit risk characteristics - geographic region, age of customer relationship and type of products purchased. The following table provides information about the exposure to credit risk and ECLs for trade receivables from individual customers as of 31 December 2025 and 2024. Loss rates are based on actual credit loss experience over the past two years. These rates are multiplied by a factor to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and Nel's view of economic conditions over the expected lives of the receivables. 2025 Weighted-average loss Gross carrying amount Loss rate allowance Current (not past due) 0.1 % 62 306 93 1-30 days past due 0.2 % 52 469 131 31-60 days past due 1.0 % 40 399 404 61-90 days past due 5.0 % 836 42 91 days to one year past due 35.8 % 129 474 46 367 More than one year past due 50.0 % 4 929 2 464 Total 290 413 49 501 17.0 % 2024 Weighted-average loss Gross carrying amount Loss rate allowance Current (not past due) 0.1 % 186 526 31 775 1-30 days past due 0.2 % 127 316 318 31-60 days past due 0.5 % 4 990 27 61-90 days past due 2.0 % 4 330 89 91 days to one year past due 30.0 % 51 269 15 381 More than one year past due 7.3 % 403 254 29 416 Total 777 685 77 006 9.9 % The remeasurement of loss allowance current year is due to the derecognition of related gross trade receivables (more than one year past due in 2024) in the same period.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__127": { "value": "4.2 Trade receivables Trade receivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or services to the customer. Trade receivables are subsequently accounted for at amortised cost and are reviewed for impairment on an ongoing basis. Trade receivables are generally not discounted. Trade receivables are presented net of expected credit losses. Changes in the expected credit loss are recognised within other operating expenses in the statement of comprehensive income. (Amounts in NOK thousands) 2025 2024 Receivables from third-party customers 290 413 777 685 Gross trade receivables 290 413 777 685 Allowance for expected credit losses -49 501 -77 006 Balance as of 31.12. 240 913 700 679 Trade receivables are non-interest bearing and are generally on terms 30 to 60 days Movements in the allowance for impairment in respect of trade receivables (Amounts in NOK thousands) 2025 2024 Balance as of 01.01. 77 006 31 557 Discontinued operation 0 -22 408 Net remeasurement of loss allowance -27 505 67 857 Balance as of 31.12. 49 501 77 006 The decrease in trade receivables is cause by Nel accepting the former delivered goods as settlement for the outstanding receivables. This reduced trade receivables and increased inventory by approximately NOK 362 million. These goods remain unsold and are still held in inventory at the end of 2025. Refer to note 4.1. The remeasurement of loss allowance current year is due to the derecognition of mentioned related gross trade receivables in the same period. See Note 6.1 on credit risk of trade receivables, which explains how the group manages and measures expected credit loss of trade receivables that are neither past due nor impaired. Nel recognises loss allowances for \u2018Expected Credit Loss\u2019 (ECL) on: a) Financial assets measured at amortised cost; and b) Contract assets Loss allowance for trade receivables and contract assets is always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment, that includes forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive). Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__135": { "value": "4.3 Prepaid expenses and other current assets (Amounts in NOK thousands) 2025 2024 VAT net receivable 20 691 32 034 Short-term investments 11 733 0 Prepayments 104 448 230 731 Other current assets 3 440 7 052 Fair value of derivatives 2 137 3 451 Balance as of 31.12. 142 449 273 269 Prepayments include payments made to suppliers in advance of receiving control of goods. The advances represent payments for purchase orders where the goods will be received in a subsequent period. Short-term investments include shareholdings in Cavendish Hydrogen ASA. Current period include a net decline in fair value of the shareholdings of NOK 6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__134": { "value": "4.3 Prepaid expenses and other current assets (Amounts in NOK thousands) 2025 2024 VAT net receivable 20 691 32 034 Short-term investments 11 733 0 Prepayments 104 448 230 731 Other current assets 3 440 7 052 Fair value of derivatives 2 137 3 451 Balance as of 31.12. 142 449 273 269 Prepayments include payments made to suppliers in advance of receiving control of goods. The advances represent payments for purchase orders where the goods will be received in a subsequent period. Short-term investments include shareholdings in Cavendish Hydrogen ASA. Current period include a net decline in fair value of the shareholdings of NOK 6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__133": { "value": "4.3 Prepaid expenses and other current assets (Amounts in NOK thousands) 2025 2024 VAT net receivable 20 691 32 034 Short-term investments 11 733 0 Prepayments 104 448 230 731 Other current assets 3 440 7 052 Fair value of derivatives 2 137 3 451 Balance as of 31.12. 142 449 273 269 Prepayments include payments made to suppliers in advance of receiving control of goods. The advances represent payments for purchase orders where the goods will be received in a subsequent period. Short-term investments include shareholdings in Cavendish Hydrogen ASA. Current period include a net decline in fair value of the shareholdings of NOK 6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__139": { "value": "4.4 Cash and cash equivalents Cash and cash equivalents include cash, bank deposits and all other monetary items due within three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__137": { "value": "4.4 Cash and cash equivalents Cash and cash equivalents include cash, bank deposits and all other monetary items due within three months or less. (Amounts in NOK thousands) 2025 2024 Cash and cash equivalents 1 610 467 1 856 388 Restricted bank deposits for employees withheld taxes at 31.12 6 991 19 193 Balance as of 31.12. 1 617 458 1 875 580 (Amounts in NOK thousands) 2025 2024 Norwegian Kroner 1 514 045 1 797 534 US Dollars 61 296 55 827 Euro 19 669 10 835 GB Pounds 22 424 11 379 Polish Zloty 24 6 Balance as of 31.12. 1 617 458 1 875 580 Cash and cash equivalents are 94% (96%) in the Norwegian Krone (NOK) at the end of 2025. NOK 1 122 million is placed in 30-days locked interest accounts in a portfolio of banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__141": { "value": "5.1 Share capital and shareholders Share capital The share capital comprises the number of shares multiplied by their par value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received. As of 31 December 2025, the group's share capital was NOK 367.7 (334.3) million, consisting of 1 838 457 834 (1 671 325 304) shares each with a par value of NOK 0.20 (0.20). The parent company has only one share class and no special regulations relating to the shares; thus, one share represents one vote. As of 31 December 2025, Nel ASA owns 418 033 treasury shares which are recognised at par value NOK 0.20 within \u2018treasury shares\u2019 as a reduction of share capital and total equity. Shareholders as of 31.12.2025 Country Number of shares Ownership Samsung E&A Co., Ltd. South Korea 167 132 530 9.09% The Vanguard Group, Inc. United States 63 723 459 3.47% Folketrygdfondet Norway 17 504 862 0.95% Van Eck Associates Corp. United States 13 770 033 0.75% green benefit AG Germany 11 701 286 0.64% Global X Management Co. LLC United States 10 970 647 0.60% Legal & General Investment Management Ltd. United Kingdom 10 206 392 0.56% Invesco Capital Management LLC United States 8 557 062 0.47% Montpensier Arbevel SAS France 7 179 070 0.39% Global X Management Co. (UK) Ltd. United Kingdom 4 369 215 0.24% Dimensional Fund Advisors LP United States 3 593 045 0.20% Charles Schwab Investment Management, Inc. United States 3 562 908 0.19% LLB Invest Kapitalanlagegesellschaft mbH Austria 3 500 000 0.19% Storebrand Asset Management AS Norway 2 838 805 0.15% Hanwha Asset Management Co., Ltd. South Korea 2 831 715 0.15% Renta 4 Gestora SGIIC SA Spain 2 749 713 0.15% KB Asset Management Co. Ltd. South Korea 2 730 526 0.15% Vanguard Fiduciary Trust Co. United States 1 890 334 0.10% Raiffeisen Kapitalanlage-Gesellschaft mbH Austria 1 764 000 0.10% Global X Management (AUS) Ltd. Australia 1 746 864 0.10% Total 20 largest shareholders 342 322 466 18.62% Total remaining shareholders 1 496 135 368 81.38% Total number of shares 1 838 457 834 100.00%", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__140": { "value": "5.1 Share capital and shareholders Share capital The share capital comprises the number of shares multiplied by their par value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received. As of 31 December 2025, the group's share capital was NOK 367.7 (334.3) million, consisting of 1 838 457 834 (1 671 325 304) shares each with a par value of NOK 0.20 (0.20). The parent company has only one share class and no special regulations relating to the shares; thus, one share represents one vote. As of 31 December 2025, Nel ASA owns 418 033 treasury shares which are recognised at par value NOK 0.20 within \u2018treasury shares\u2019 as a reduction of share capital and total equity. Shareholders as of 31.12.2025 Country Number of shares Ownership Samsung E&A Co., Ltd. South Korea 167 132 530 9.09% The Vanguard Group, Inc. United States 63 723 459 3.47% Folketrygdfondet Norway 17 504 862 0.95% Van Eck Associates Corp. United States 13 770 033 0.75% green benefit AG Germany 11 701 286 0.64% Global X Management Co. LLC United States 10 970 647 0.60% Legal & General Investment Management Ltd. United Kingdom 10 206 392 0.56% Invesco Capital Management LLC United States 8 557 062 0.47% Montpensier Arbevel SAS France 7 179 070 0.39% Global X Management Co. (UK) Ltd. United Kingdom 4 369 215 0.24% Dimensional Fund Advisors LP United States 3 593 045 0.20% Charles Schwab Investment Management, Inc. United States 3 562 908 0.19% LLB Invest Kapitalanlagegesellschaft mbH Austria 3 500 000 0.19% Storebrand Asset Management AS Norway 2 838 805 0.15% Hanwha Asset Management Co., Ltd. South Korea 2 831 715 0.15% Renta 4 Gestora SGIIC SA Spain 2 749 713 0.15% KB Asset Management Co. Ltd. South Korea 2 730 526 0.15% Vanguard Fiduciary Trust Co. United States 1 890 334 0.10% Raiffeisen Kapitalanlage-Gesellschaft mbH Austria 1 764 000 0.10% Global X Management (AUS) Ltd. Australia 1 746 864 0.10% Total 20 largest shareholders 342 322 466 18.62% Total remaining shareholders 1 496 135 368 81.38% Total number of shares 1 838 457 834 100.00%", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__142": { "value": "As of 31 December 2025, Nel ASA owns 418 033 treasury shares which are recognised at par value NOK 0.20 within \u2018treasury shares\u2019 as a reduction of share capital and total equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__144": { "value": "5.2 Long-term debt The reconciliation of lease liabilities arising from financing activities and maturity analysis for lease liabilities are disclosed in note 3.3 leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__147": { "value": "5.3 Deferred income (Amount in NOK thousands) 2025 2024 Government grants 60 488 69 279 TOTAL deferred income 60 488 69 279 Government grants Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants received that relate to an acquisition or development of assets has been presented \"gross\" in Nel's financial statements. A gross presentation entails that the grant received is presented separately as deferred income. The deferred income is presented as a non-current liability and is amortised over the useful life of the related asset. The amortised part of the deferred income is presented as other operating income in the statement of comprehensive income. (Amounts in NOK thousands) 2025 2024 As of 31.12. 69 279 66 243 Grants received 6 215 23 247 Income recognised within 'other income' in 2025 (note 2.2) -15 005 -4 570 Discontinued operation 0 -15 642 As of 31.12. 60 488 69 279 The aging schedule shows the remaining governments grants divided in the year the grants was initially received. Deferred income aging schedule <2022 2022 2023 2024 2025 SUM Government grants as of 31.12.2025 15 972 6 016 6 924 21 024 10 553 60 488 Government grants as of 31.12.2024 37 476 4 489 8 636 18 677 69 279 The table below show the split of deferred income (government grant) per operating segment. Operating segment Country 2025 2024 Nel Alkaline Electrolyser Norway 60 488 69 279 Balance as of 31.12. 60 488 69 279 The group is not aware of any unfulfilled conditions associated with these grants.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__146": { "value": "5.3 Deferred income (Amount in NOK thousands) 2025 2024 Government grants 60 488 69 279 TOTAL deferred income 60 488 69 279 Government grants Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants received that relate to an acquisition or development of assets has been presented \"gross\" in Nel's financial statements. A gross presentation entails that the grant received is presented separately as deferred income. The deferred income is presented as a non-current liability and is amortised over the useful life of the related asset. The amortised part of the deferred income is presented as other operating income in the statement of comprehensive income. (Amounts in NOK thousands) 2025 2024 As of 31.12. 69 279 66 243 Grants received 6 215 23 247 Income recognised within 'other income' in 2025 (note 2.2) -15 005 -4 570 Discontinued operation 0 -15 642 As of 31.12. 60 488 69 279 The aging schedule shows the remaining governments grants divided in the year the grants was initially received. Deferred income aging schedule <2022 2022 2023 2024 2025 SUM Government grants as of 31.12.2025 15 972 6 016 6 924 21 024 10 553 60 488 Government grants as of 31.12.2024 37 476 4 489 8 636 18 677 69 279 The table below show the split of deferred income (government grant) per operating segment. Operating segment Country 2025 2024 Nel Alkaline Electrolyser Norway 60 488 69 279 Balance as of 31.12. 60 488 69 279 The group is not aware of any unfulfilled conditions associated with these grants.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__148": { "value": "Government grants Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants received that relate to an acquisition or development of assets has been presented \"gross\" in Nel's financial statements. A gross presentation entails that the grant received is presented separately as deferred income. The deferred income is presented as a non-current liability and is amortised over the useful life of the related asset. The amortised part of the deferred income is presented as other operating income in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__151": { "value": "5.4 Other liabilities Other current liabilities (Amounts in NOK thousands) 2025 2024 Vacation allowance and other salary related accruals 46 786 60 500 Public duties payable 32 705 44 462 Other current liabilities 47 685 59 596 Fair value of derivatives 128 9 237 Balance as of 31.12. 127 304 173 795Other non-current liabilities (Amounts in NOK thousands) 2025 2024 Other non-current liabilities 8 251 5 263 Balance as of 31.12. 8 251 5 263", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__150": { "value": "5.4 Other liabilities Other current liabilities (Amounts in NOK thousands) 2025 2024 Vacation allowance and other salary related accruals 46 786 60 500 Public duties payable 32 705 44 462 Other current liabilities 47 685 59 596 Fair value of derivatives 128 9 237 Balance as of 31.12. 127 304 173 795Other non-current liabilities (Amounts in NOK thousands) 2025 2024 Other non-current liabilities 8 251 5 263 Balance as of 31.12. 8 251 5 263", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__153": { "value": "Other current liabilities (Amounts in NOK thousands) 2025 2024 Vacation allowance and other salary related accruals 46 786 60 500 Public duties payable 32 705 44 462 Other current liabilities 47 685 59 596 Fair value of derivatives 128 9 237 Balance as of 31.12. 127 304 173 795", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__152": { "value": "Other non-current liabilities (Amounts in NOK thousands) 2025 2024 Other non-current liabilities 8 251 5 263 Balance as of 31.12. 8 251 5 263", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__158-1": { "value": "Provisions, contingent liabilities and contingent assets The group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Accrued warranty The groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%. Employee benefits Nel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2025 to be finally measured and paid in 2026 is 37 NOK (36) million. Provision for termination benefits included amounts to NOK 7 million as of 31.12.2025. In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program. Settlement and claims Settlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2025, Nel have no provisions for settlement and claims. Onerous contracts An onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__154": { "value": "Provisions, contingent liabilities and contingent assets The group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense. Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__161": { "value": "Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__160-1": { "value": "Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.6.7 Contractual commitments and commitments for investments Nel is committed to future investments for PEM expansion in Wallingford, Connecticut, and Next-Generation Pressurized Alkaline Electrolyser in Her\u00f8ya, Norway, see note 3.2 for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__165-1": { "value": "6.1 Operational risk factors Objectives, policies and processes for managing capital The group's objective is to manage the capital structure to safeguard its ability to continue as a going concern, develop the business to provide long-term returns for shareholders and provide benefits for other stakeholders. The group sets and adjusts the targeted size of capital based on business strategy, risk and financial market conditions. The risk assessment includes risk associated with market development, product development and risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the group may adjust the amount of new share issue or increase the debt by taking up loans. A failure to adequately assess the capital structure requirements of its business or inability to deliver on the targeted capital structure may have a material adverse effect on Nel. Technological change The renewable hydrogen industry in which Nel operates targets markets where abatement of climate emissions is hard. While many applications currently have no credible alternative for large-scale decarbonization other than using renewable hydrogen, there is a risk that other technologies may emerge that better addresses climate change. The renewable hydrogen market relies on continued availability of renewable energy at acceptable costs. Disruptions in the value chain for renewable energy assets or an insufficient build-out rate of renewable energy may significantly delay the market potential for renewable hydrogen. Along with the significant market potential of the renewable hydrogen market comes increased competition. This also results in increased activity n research and development across the hydrogen industry. Nel\u2019s electrolyser technology consist of both Alkaline and PEM. Currently, Nel\u2019s Alkaline technology platform presents the advantage of having the better solution for large scale installations based on lowest cost and the highest efficiency. Nel\u2019s PEM technology platform has the advantage of being more compact and easier to integrate into turnkey deliveries and having a dynamic response suitable for intermittent operation, making it a better solution for small- and mid-sized installations. Both technology platforms require continued development and cost reduction efforts to become commercially viable in large market segments without government incentives. It is a risk that one or both existing technologies in Nel becomes obsolete, or that competitors develop fundamentally better versions of PEM or Alkaline technology. In addition, Nel continuously monitors the developments and possibilities of a disruptive technology emerging. Today, Anion Exchange Membrane (AEM) and Solid Oxide (SOEL) represent possible disruptors. While all technologies can potentially co-exist, the competing technology and sharing market potential, including the required investment in new technology constitutes a material risk for Nel. There are risks associated with technological change, both related to technological elements within the field of hydrogen as well as technological elements outside the field of hydrogen that potentially could make renewable hydrogen less relevant for the future. If any of these circumstances materialize in a negative direction, it may have a significant adverse effect on the group\u2019s business, prospects, financial results or results of operations. Expansion risk The uneven pace of Nel's anticipated expansion in facilities, staff and operations may place serious demands on the group\u2019s managerial, technical, financial, and other resources. The organisation is currently relatively small and there is no guarantee that the group will be able to build a capable organisation at a speed that is required to meet the demands of its customers or potential customers. Nel's failure to manage its growth effectively or to implement its strategy in a timely manner may significantly harm its ability to achieve profitability. Dependence of third parties in manufacturing The group\u2019s electrolyser manufacturing operations rely on external subcontractors and suppliers of services and goods. This operating model inherently contains a risk to the group\u2019s ability to deliver to customers, its goodwill and branding. If suppliers fail to deliver or to meet agreed or generally accepted standards in areas such as environmental compliance, human rights, labor relations and product quality, this could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations. The company aims to address reputational risk through supplier selection. The majority of the external spending is directed towards large industrial companies with full ISO compliance and smaller vendors that are in compliance with local legislation. Further, Nel conducts regular quality reviews, including production site visits for risk assessment. Nel is dependent on a limited number of third-party sub-suppliers for its electrolyser equipment. Contract manufactured or purchased components are designed and selected in order to reduce the risk of a critical supply situation. However, if Nel fails to develop or maintain its relationship with its suppliers or such suppliers are prevented from supplying, Nel may be unable to deliver at the agreed time, quality and cost and may experience order cancellations, additional costs, customer claims and loss of market share. To reduce the sourcing risk Nel\u2019s supply chain strategy is to have dual supply chains on all components. Nel currently has few components with single source. Another supply chain risk is whether the suppliers can follow the expected growth of the industry. In addition to making its current supply chain more robust, Nel is working to facilitate increasing volumes from important sub-suppliers. Project risk Nel participates in large commercial projects. Large commercial projects are subject to risks of delay and cost overruns inherent in any large construction project from numerous factors, including: \u2022 unexpectedly long delivery times for, or shortages of, key equipment, parts and materials; \u2022 unforeseen design and engineering problems leading to delays; \u2022 labor disputes and work stoppages; \u2022 HSE accidents/incidents or other safety hazards; \u2022 disputes with suppliers; \u2022 last minute changes to the customer's specifications; \u2022 adverse weather conditions or any other force majeure events; and \u2022 inability or delay in obtaining regulatory approvals or permits Failure to complete a commercial project on time may result in delays, renegotiation or cancellation of the contract. Further, significant delays could have a negative impact on Nel's reputation and customer relationships. Nel could also be exposed to contractual penalties for failure to complete the project and commence operations in a timely manner, all of which would aadversely affect Nel's business, financial condition and results of operations. Key personnel The successful development and performance of the group\u2019s business depend on the group\u2019s ability to attract and retain skilled professionals with appropriate experience and expertise. Further, if the group loses the service of its senior management or key personnel, it may not be able to execute its business strategy. There is no assurance that the group will be able to attract or retain such personnel on acceptable terms or at all. Any failure to attract or retain such personnel could have a material adverse effect on the group\u2019s business and operations. Customer risk Nel's ability to grow and generate incremental revenue depends on its ability to successfully acquire new customers, and to maintain and grow its relationships with existing customers. There can be no assurance that Nel will be able to secure new customers, or maintain its relationship with existing customers, in the future. Further, a number of Nel's existing and potential customers are themselves planning substantial growth, and should these customers fail to succeed with their business plans or fail to fulfill their contracts with Nel, Nel's sales to such customers may be adversely affected, and Nel's revenues and results may suffer as a result. Intellectual property rights Nel seeks to protect important proprietary manufacturing processes, documentation and other written materials, and other intellectual property primarily under patent, trade secret and copyright laws. It also typically requires employees, consultants and companies that have access to its proprietary information to execute confidentiality agreements. The steps taken by Nel to protect its proprietary information may not be adequate to prevent misappropriation of its technology. In addition, Nel\u2019s proprietary rights may not be adequately protected because: \u2022 Third parties may not be deterred from misappropriating their technologies despite the existence of laws or contracts prohibiting misappropriation: \u2022 policing unauthorised use of Nel\u2019s intellectual property is difficult, expensive and time-consuming, and the group may be unable to determine the extent of any unauthorised use; and \u2022 the laws and legislation of countries in which the group sells or plans to sell its products may offer little or no protection for its proprietary technologies. Unauthorised copying or other misappropriation of Nel\u2019s proprietary technologies could enable third parties to benefit from its technologies without paying for doing so. Any inability to adequately protect its proprietary rights could harm the group\u2019s ability to compete, to generate revenue and to grow its business. This could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations. Some of the group\u2019s patents are due to expire within the next couple of years, which means that the group will lose the sole right to certain technology in certain areas. Although the company believes that this will have little effect on the company\u2019s competitive position, no assurance can be made to this point. The group may not obtain sufficient patent protection on the technology embodied in its products and production processes, which could significantly harm its competitive position. Patents may provide only limited protection for its technology and may not be sufficient to provide competitive advantages. For example, competitors could be successful in challenging any issued patents or, alternatively, could develop similar or more advantageous technologies on their own or design around the group\u2019s patents. Also, patent protection in certain countries may not be available, be limited in scope and/or not be readily enforceable, making it difficult for the group to effectively protect its intellectual property from misuse or infringement. Any inability to obtain and enforce intellectual property rights could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations. In addition, given the costs of obtaining patent protection and the sometimes limited potential for protection, the group may choose not to protect certain innovations that later turn out to be important. There is also a general risk that the group receives information subject to confidentiality agreements, regarding other parties\u2019 know-how and trade secrets in relation to technology which may hinder the group from development of similar intellectual assets. Adverse publicity and product liability Product liability claims against the group could result in adverse publicity and potentially monetary damage. It is possible that its products could result in injury, whether by product malfunctions, defects, improper installation or other causes. The successful assertion of product liability claims against the group could result in potentially significant monetary damage, which could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations.6.2 Financial risk factors The key financial risks the group is exposed to are related to liquidity, currency, interest rate, and credit risk. Liquidity risk Liquidity risk is the potential loss that occurs when the group fails to fulfil its contractual obligations when they fall due. Nel is operating in a fast-growing, emerging market, with a long list of initiatives in many regions. The need to address growth opportunities ahead of actual market demand, balanced with the need to conserve cash, is a continual challenge. The timing of addressing such elements and risks is important. Moving too fast could result in an unnecessarily high cost level, with cash requirements beyond the current financing plan. However, the group has a strong liquidity position, NOK 1 617 million, as per 31.12.2025. The strong cash position is a good basis for the group\u2019s growth strategy. The group monitors its risks associated with lack of capital up against the company\u2019s planned activities. The group will, if necessary, attempt to raise capital through private placements, debt financing, partnerships, and strategic alliances or from other sources. The group may fail to raise capital on acceptable terms, or not do it at all, and this can result in a liquidation of the group. Currency risk Nel operates internationally and is subject to currency risks arising from foreign currency transactions and exposures. As the group presents its consolidated results in NOK, any change in exchange rates between NOK and its subsidiaries\u2019 functional currencies, primarily with respect to changes in USD, affects its consolidated statement of income and consolidated statement of financial position. As the group expands its operations with projects in new markets the currency risk exposure increases. The group is on an overall level managed as a NOK company for currency risk management purposes with primary focus on NOK cash flow. The group\u2019s gross foreign currency risk exposure is significant, with the majority of revenue and expenses denominated in foreign currency. The group mitigates the currency risk exposure by entering into forward currency contracts with financial institutions. The group has a residual net currency risk exposure considering hedging which is considered low to medium. Currency fluctuation effects on net profit of the year: Profit and loss Changes in exchange rate NOK/foreign currencies Net profit in foreign currencies Value in Value in NOK -10% -5% +5% +10% currency DKK -1 668 -2 600 260 130 -130 -260 USD -11 569 -124 293 12 429 6 215 -6 215 -12 429 SEK -74 101 -75 390 7 539 3 770 -3 770 -7 539 GBP 1 183 16 256 -1 626 -813 813 1 626 EUR -939 -10 915 1 091 546 -546 -1 091 Effect on net income (loss) 19 694 9 847 -9 847 -19 694 Profit and loss Changes in exchange rate NOK/foreign currencies Statement of financial position Net receivables/liabilities in foreign currencies USD 1 029 11 684 -1 168 -584 584 1 168 SEK -3 273 -3 369 337 168 -168 -337 GBP 263 3 738 -374 -187 187 374 EUR 11 664 137 581 -13 758 -6 879 6 879 13 758 Effect on net income (loss) -14 960 -7 480 7 480 14 960 Total effect on Net income (loss) and Equity 4 735 2 367 -2 367 -4 735 The table shows the gross foreign currency exposure based on each entity in the group\u2019s functional currency, before hedging. Nel\u2019s hedging strategy and designated instruments are elaborated and disclosed in note 6.5. The figures exclude translation of intercompany loans in Nel ASA.Interest rate risk The group does not have any interest-bearing long-term debt. Due to the low amount of debt in the group it is assessed that a change in interest rates will not have a material effect on the financial statements. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Nel is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The carrying amounts of financial assets and contract assets represent the maximum credit exposure. Expected credit loss assessment The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers, which comprise a very large number of small balances. Loss rates are calculated using a factor method based on the probability of receivables progressing through successive stages of delinquency to write-off. Roll rates are calculated separately for exposures in different segments based on the following common credit risk characteristics - geographic region, age of customer relationship and type of products purchased. The following table provides information about the exposure to credit risk and ECLs for trade receivables from individual customers as of 31 December 2025 and 2024. Loss rates are based on actual credit loss experience over the past two years. These rates are multiplied by a factor to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and Nel's view of economic conditions over the expected lives of the receivables. 2025 Weighted-average loss Gross carrying amount Loss rate allowance Current (not past due) 0.1 % 62 306 93 1-30 days past due 0.2 % 52 469 131 31-60 days past due 1.0 % 40 399 404 61-90 days past due 5.0 % 836 42 91 days to one year past due 35.8 % 129 474 46 367 More than one year past due 50.0 % 4 929 2 464 Total 290 413 49 501 17.0 % 2024 Weighted-average loss Gross carrying amount Loss rate allowance Current (not past due) 0.1 % 186 526 31 775 1-30 days past due 0.2 % 127 316 318 31-60 days past due 0.5 % 4 990 27 61-90 days past due 2.0 % 4 330 89 91 days to one year past due 30.0 % 51 269 15 381 More than one year past due 7.3 % 403 254 29 416 Total 777 685 77 006 9.9 % The remeasurement of loss allowance current year is due to the derecognition of related gross trade receivables (more than one year past due in 2024) in the same period.6.3 Market risk factors Market development risk Significant markets for renewable hydrogen products or renewable energy as a major source for hydrogen production may develop more slowly than the group anticipates. This would significantly harm Nel's revenues and may cause Nel to be unable to recover the expenditure it has incurred and expects to incur in terms of the development and industrialization of its products. Regulatory issues The group\u2019s operations are subject to numerous environmental requirements. Such laws and regulations govern, among other matters, air pollution emissions, wastewater discharges, solid and hazardous waste management, and the use, composition, handling, distribution and transportation of hazardous materials. Many of these laws and regulations are becoming increasingly stringent. The cost of compliance with these requirements can be expected to increase over time. The group\u2019s electrolyser production depends on discharge permits. From time to time, breaches of the allowed emission limits set out in such permits may occur. If such limits of the relevant permits should be exceeded or the permits adjusted or revoked, this may have a significant effect on the group\u2019s operations and results, as the group may be ordered to permanently or temporarily halt production, be subject to fines and/or need to take additional costs to undertake corrective measures. The group cannot predict the impact of new or changed laws or regulations relating to health, safety, the environment or other concerns or changes in the ways that such laws or regulations are administered, interpreted or enforced. To the extent that any of these requirements impose substantial costs or constrain the group\u2019s ability to expand or change its processes, the group\u2019s business, prospects, financial results and results of operations could suffer. The renewable hydrogen industry is in its development phase and is not currently subject to industry specific government regulations in the European Union, Asia and the United States, as well as other jurisdictions, relating to matters such as design, storage, transportation and installation of renewable hydrogen infrastructure products. However, given that the production of electrical energy has typically been an area of significant government regulation, the Company expects it will encounter industry specific government regulations in the future in the jurisdictions and markets in which it operates. For example, regulatory approvals or permits may be required for the design, installation and operation of Nel's products. To the extent there are delays in gaining such regulatory approval, Nel's development and growth may be constrained. Nel's business will suffer if environmental policies change and no longer encourage the development and growth of clean power technologies. Nel depends substantially on government subsidies. Political developments could lead to a material deterioration of the conditions for, or a discontinuation of, the subsidies for its technology. It is also possible that government financial support for Nel's technology will be subject to judicial review and determined to be in violation of applicable constitutional or legal requirements or be significantly reduced or discontinued for other reasons. Without government subsidies, or with reduced government subsidies, the availability of profitable investment opportunities for Nel would be significantly lower, which could have a material adverse effect on Nel's business, financial condition, results of operations and cash flows. Competition The group competes with a large number of competitors. Many competitors are developing and are currently producing products based on technologies that may have costs similar to, or lower than, the group\u2019s projected costs. Many of the group\u2019s existing and potential competitors may have longer operating histories, greater name recognition, structurally better cost positions through geographical location or agreements with local authorities (including direct and indirect subsidies), better access to skilled personnel, better access to research and development partners, access to larger customer bases and significantly greater financial, sales and marketing, manufacturing, distribution, technical and other resources than the group. As a result, they may be able to respond more quickly than the group to the changing customer demands or to devote greater resources to the development, promotion and sales of their products. The group\u2019s business relies on sales of its products, and competitors with more diversified product offerings may be better positioned to withstand a decline in the demand for products of the types that the group offers. It is possible that new competitors or alliances among existing competitors could emerge and rapidly acquire a significant market share, which would harm the group\u2019s business. If the group fails to compete successfully, it could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations.6.4 Climate-related risks and opportunities Climate-related opportunities Nel is a pure play renewable hydrogen company. Climate-related opportunities are the company\u2019s only opportunities. Climate-related opportunities are the driver for the revenue and activity growth included in the company\u2019s impairment tests. In addition, the climate-related opportunities also impact the assessment of probable future economic benefits from capitalised technology development. Climate-related risks The company pursue solely climate-related opportunities; therefore, the company does not have any transformation of any legacy business negatively impacted by the climate-related scenarios. Further analysis of the climate-related risks below: Regulatory risks and Geopolitics While climate change is the megatrend, the anticipated role of renewable hydrogen as a sustainable activity contributing to climate change mitigation could change. How geopolitics will impact and shape climate policies going forward constitutes a risk for Nel. We would not be significantly impacted by the introduction of a potential carbon tax or restrictions on the use of carbon-intensive assets. Further, we do not consume products from conflict areas and our consumption of rare materials is limited. However, we identify opportunities in the enactment of a low carbon economy. Reputation Risk Nel recognizes the importance of maintaining a strong brand in the developing renewable hydrogen industry. Reputational risk comprises: i) any damage to brand value that will cause lost opportunities, ii) challenges in recruiting and retaining talent that in turn could halt technology developments and damage customer experience, and iii) challenges in attracting investors due to damaged reputation which could affect the going concern status of the group. Physical Risk None of our manufacturing facilities are located in environments overly exposed to physical risks. Relatedly, our facilities are not located in the areas most exposed to sustained long-term shifts in climate patterns. However, our delivered solutions require continuous access to water and electricity, a shortage of which could impact our products\u2019 performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__166": { "value": "Objectives, policies and processes for managing capital The group's objective is to manage the capital structure to safeguard its ability to continue as a going concern, develop the business to provide long-term returns for shareholders and provide benefits for other stakeholders. The group sets and adjusts the targeted size of capital based on business strategy, risk and financial market conditions. The risk assessment includes risk associated with market development, product development and risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the group may adjust the amount of new share issue or increase the debt by taking up loans. A failure to adequately assess the capital structure requirements of its business or inability to deliver on the targeted capital structure may have a material adverse effect on Nel.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__173-1": { "value": "6.2 Financial risk factors The key financial risks the group is exposed to are related to liquidity, currency, interest rate, and credit risk. Liquidity risk Liquidity risk is the potential loss that occurs when the group fails to fulfil its contractual obligations when they fall due. Nel is operating in a fast-growing, emerging market, with a long list of initiatives in many regions. The need to address growth opportunities ahead of actual market demand, balanced with the need to conserve cash, is a continual challenge. The timing of addressing such elements and risks is important. Moving too fast could result in an unnecessarily high cost level, with cash requirements beyond the current financing plan. However, the group has a strong liquidity position, NOK 1 617 million, as per 31.12.2025. The strong cash position is a good basis for the group\u2019s growth strategy. The group monitors its risks associated with lack of capital up against the company\u2019s planned activities. The group will, if necessary, attempt to raise capital through private placements, debt financing, partnerships, and strategic alliances or from other sources. The group may fail to raise capital on acceptable terms, or not do it at all, and this can result in a liquidation of the group. Currency risk Nel operates internationally and is subject to currency risks arising from foreign currency transactions and exposures. As the group presents its consolidated results in NOK, any change in exchange rates between NOK and its subsidiaries\u2019 functional currencies, primarily with respect to changes in USD, affects its consolidated statement of income and consolidated statement of financial position. As the group expands its operations with projects in new markets the currency risk exposure increases. The group is on an overall level managed as a NOK company for currency risk management purposes with primary focus on NOK cash flow. The group\u2019s gross foreign currency risk exposure is significant, with the majority of revenue and expenses denominated in foreign currency. The group mitigates the currency risk exposure by entering into forward currency contracts with financial institutions. The group has a residual net currency risk exposure considering hedging which is considered low to medium. Currency fluctuation effects on net profit of the year: Profit and loss Changes in exchange rate NOK/foreign currencies Net profit in foreign currencies Value in Value in NOK -10% -5% +5% +10% currency DKK -1 668 -2 600 260 130 -130 -260 USD -11 569 -124 293 12 429 6 215 -6 215 -12 429 SEK -74 101 -75 390 7 539 3 770 -3 770 -7 539 GBP 1 183 16 256 -1 626 -813 813 1 626 EUR -939 -10 915 1 091 546 -546 -1 091 Effect on net income (loss) 19 694 9 847 -9 847 -19 694 Profit and loss Changes in exchange rate NOK/foreign currencies Statement of financial position Net receivables/liabilities in foreign currencies USD 1 029 11 684 -1 168 -584 584 1 168 SEK -3 273 -3 369 337 168 -168 -337 GBP 263 3 738 -374 -187 187 374 EUR 11 664 137 581 -13 758 -6 879 6 879 13 758 Effect on net income (loss) -14 960 -7 480 7 480 14 960 Total effect on Net income (loss) and Equity 4 735 2 367 -2 367 -4 735 The table shows the gross foreign currency exposure based on each entity in the group\u2019s functional currency, before hedging. Nel\u2019s hedging strategy and designated instruments are elaborated and disclosed in note 6.5. The figures exclude translation of intercompany loans in Nel ASA.Interest rate risk The group does not have any interest-bearing long-term debt. Due to the low amount of debt in the group it is assessed that a change in interest rates will not have a material effect on the financial statements. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Nel is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The carrying amounts of financial assets and contract assets represent the maximum credit exposure. Expected credit loss assessment The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers, which comprise a very large number of small balances. Loss rates are calculated using a factor method based on the probability of receivables progressing through successive stages of delinquency to write-off. Roll rates are calculated separately for exposures in different segments based on the following common credit risk characteristics - geographic region, age of customer relationship and type of products purchased. The following table provides information about the exposure to credit risk and ECLs for trade receivables from individual customers as of 31 December 2025 and 2024. Loss rates are based on actual credit loss experience over the past two years. These rates are multiplied by a factor to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and Nel's view of economic conditions over the expected lives of the receivables. 2025 Weighted-average loss Gross carrying amount Loss rate allowance Current (not past due) 0.1 % 62 306 93 1-30 days past due 0.2 % 52 469 131 31-60 days past due 1.0 % 40 399 404 61-90 days past due 5.0 % 836 42 91 days to one year past due 35.8 % 129 474 46 367 More than one year past due 50.0 % 4 929 2 464 Total 290 413 49 501 17.0 % 2024 Weighted-average loss Gross carrying amount Loss rate allowance Current (not past due) 0.1 % 186 526 31 775 1-30 days past due 0.2 % 127 316 318 31-60 days past due 0.5 % 4 990 27 61-90 days past due 2.0 % 4 330 89 91 days to one year past due 30.0 % 51 269 15 381 More than one year past due 7.3 % 403 254 29 416 Total 777 685 77 006 9.9 % The remeasurement of loss allowance current year is due to the derecognition of related gross trade receivables (more than one year past due in 2024) in the same period.6.3 Market risk factors Market development risk Significant markets for renewable hydrogen products or renewable energy as a major source for hydrogen production may develop more slowly than the group anticipates. This would significantly harm Nel's revenues and may cause Nel to be unable to recover the expenditure it has incurred and expects to incur in terms of the development and industrialization of its products. Regulatory issues The group\u2019s operations are subject to numerous environmental requirements. Such laws and regulations govern, among other matters, air pollution emissions, wastewater discharges, solid and hazardous waste management, and the use, composition, handling, distribution and transportation of hazardous materials. Many of these laws and regulations are becoming increasingly stringent. The cost of compliance with these requirements can be expected to increase over time. The group\u2019s electrolyser production depends on discharge permits. From time to time, breaches of the allowed emission limits set out in such permits may occur. If such limits of the relevant permits should be exceeded or the permits adjusted or revoked, this may have a significant effect on the group\u2019s operations and results, as the group may be ordered to permanently or temporarily halt production, be subject to fines and/or need to take additional costs to undertake corrective measures. The group cannot predict the impact of new or changed laws or regulations relating to health, safety, the environment or other concerns or changes in the ways that such laws or regulations are administered, interpreted or enforced. To the extent that any of these requirements impose substantial costs or constrain the group\u2019s ability to expand or change its processes, the group\u2019s business, prospects, financial results and results of operations could suffer. The renewable hydrogen industry is in its development phase and is not currently subject to industry specific government regulations in the European Union, Asia and the United States, as well as other jurisdictions, relating to matters such as design, storage, transportation and installation of renewable hydrogen infrastructure products. However, given that the production of electrical energy has typically been an area of significant government regulation, the Company expects it will encounter industry specific government regulations in the future in the jurisdictions and markets in which it operates. For example, regulatory approvals or permits may be required for the design, installation and operation of Nel's products. To the extent there are delays in gaining such regulatory approval, Nel's development and growth may be constrained. Nel's business will suffer if environmental policies change and no longer encourage the development and growth of clean power technologies. Nel depends substantially on government subsidies. Political developments could lead to a material deterioration of the conditions for, or a discontinuation of, the subsidies for its technology. It is also possible that government financial support for Nel's technology will be subject to judicial review and determined to be in violation of applicable constitutional or legal requirements or be significantly reduced or discontinued for other reasons. Without government subsidies, or with reduced government subsidies, the availability of profitable investment opportunities for Nel would be significantly lower, which could have a material adverse effect on Nel's business, financial condition, results of operations and cash flows. Competition The group competes with a large number of competitors. Many competitors are developing and are currently producing products based on technologies that may have costs similar to, or lower than, the group\u2019s projected costs. Many of the group\u2019s existing and potential competitors may have longer operating histories, greater name recognition, structurally better cost positions through geographical location or agreements with local authorities (including direct and indirect subsidies), better access to skilled personnel, better access to research and development partners, access to larger customer bases and significantly greater financial, sales and marketing, manufacturing, distribution, technical and other resources than the group. As a result, they may be able to respond more quickly than the group to the changing customer demands or to devote greater resources to the development, promotion and sales of their products. The group\u2019s business relies on sales of its products, and competitors with more diversified product offerings may be better positioned to withstand a decline in the demand for products of the types that the group offers. It is possible that new competitors or alliances among existing competitors could emerge and rapidly acquire a significant market share, which would harm the group\u2019s business. If the group fails to compete successfully, it could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations.6.4 Climate-related risks and opportunities Climate-related opportunities Nel is a pure play renewable hydrogen company. Climate-related opportunities are the company\u2019s only opportunities. Climate-related opportunities are the driver for the revenue and activity growth included in the company\u2019s impairment tests. In addition, the climate-related opportunities also impact the assessment of probable future economic benefits from capitalised technology development. Climate-related risks The company pursue solely climate-related opportunities; therefore, the company does not have any transformation of any legacy business negatively impacted by the climate-related scenarios. Further analysis of the climate-related risks below: Regulatory risks and Geopolitics While climate change is the megatrend, the anticipated role of renewable hydrogen as a sustainable activity contributing to climate change mitigation could change. How geopolitics will impact and shape climate policies going forward constitutes a risk for Nel. We would not be significantly impacted by the introduction of a potential carbon tax or restrictions on the use of carbon-intensive assets. Further, we do not consume products from conflict areas and our consumption of rare materials is limited. However, we identify opportunities in the enactment of a low carbon economy. Reputation Risk Nel recognizes the importance of maintaining a strong brand in the developing renewable hydrogen industry. Reputational risk comprises: i) any damage to brand value that will cause lost opportunities, ii) challenges in recruiting and retaining talent that in turn could halt technology developments and damage customer experience, and iii) challenges in attracting investors due to damaged reputation which could affect the going concern status of the group. Physical Risk None of our manufacturing facilities are located in environments overly exposed to physical risks. Relatedly, our facilities are not located in the areas most exposed to sustained long-term shifts in climate patterns. However, our delivered solutions require continuous access to water and electricity, a shortage of which could impact our products\u2019 performance.6.5 Hedge accounting Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss. The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss. The Group is exposed to certain risk relating to its ongoing business operations. In 2025, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in Euro and British pound. In addition, highly probably forecast transactions in Euro. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2025, the Group held the following instruments to hedge exposures to changes in foreign currency. Maturity/ 2026-Q1 2026-Q2 2026-Q3 2026-Q4 Total Hedging instruments GBP forward contracts, net 386 0 387 0 773 GBP Average NOK:GBP forward contracts rate 13.5 0.0 13.5 0.0 13.5 Hedged NOK, net (nominal amount) 5 207 0 5 223 0 10 430 Fair value GBP forward contracts -39 0 -45 0 -83 EUR forward contracts, net 1 772 643 0 380 2 796 EUR Average NOK:EUR forward contracts rate 12.2 12.0 0.0 12.2 12.2 Hedged NOK, net (nominal amount) 21 682 7 701 0 4 621 34 004 Fair value EUR forward contracts 623 29 0 46 698 TOTAL hedged NOK, net (nominal amount) 26 889 7 701 5 223 4 621 44 434 TOTAL fair value, NOK 584 29 -45 46 615 The effects that hedge accounting has had on the statement of financial position, statement of profit or loss and OCI and statement of changes in equity Hedging instruments are measured at fair value and recognised in the statement of financial position as either an asset or a liability depending on the whether the instrument has a positive or negative value. The fair values recognised represents unrealised gains/losses driven by the changes in foreign exchange rates. Statement of financial position The table below show the fair value of forward exchange contracts designated as hedging instruments in the statement of financial position. (amounts in NOK thousands) Current assets Non-current assets Other current liabilites Non-current liabilities TOTAL Type of hedge items Revenue 3 452 0 -7 477 0 -4 025 As of 31.12.2024 3 452 0 -7 477 0 -4 025 Revenue 743 0 -128 0 615 As of 31.12.2025 743 0 -128 0 615 Profit or loss and OCI The table below includes the reconciliation of movements in hedging reserve, cash flow hedges, in OCI during the year. (amounts in NOK thousands) Revenue Raw materials Finance costs TOTAL As of 01.01.2024 13 350 -6 070 0 7 279 Effective portion of changes in fair value -47 623 10 084 -14 570 -52 108 Reclassified to profit or loss -4 438 0 14 570 10 132 Reclassified to statement of financial positions (basis adjustment) 37 126 -4 014 0 33 112 As of 01.01.2025 -1 585 0 0 -1 585 Effective portion of changes in fair value 2 821 0 0 2 821 Reclassified to profit or loss -9 092 0 0 -9 092 Reclassified to statement of financial positions (basis adjustment) 9 901 0 0 9 901 As of 31.12.2025 2 045 0 0 2 045 During the year, a hedging loss of NOK -5.0 (4.4) million has been realised and reclassified to profit or loss within \u2018Revenue from contracts with customers\u2019. The timeline below illustrates when the unrealised changes in fair value of the foreign currency forward contracts may be reclassified to profit or loss and statement of financial position. (amounts in NOK thousands) 2025 2026 2027 2028 TOTAL Revenue -1 585 0 0 0 -1 585 As of 31.12.2024 -1 585 Revenue 2 045 0 0 2 045 As of 31.12.2025 2 045 Economic relationship and effectiveness The hedged item creates an exposure to buy a foreign currency and sell the functional currency. The forward contract is to sell foreign currency and buy the functional currency. As the hedged exposure is exactly matched by the currency leg of the forward contract (i.e. they are the same amount of currency with the same payment date), there is a clear economic relationship between the hedging instrument and the hedged item. Hedging less than 100 % is considered when natural hedge positions could occur during the hedging period, or to limit the risk of over-hedging given the inherent uncertainties in any estimated cash flow. If there\u2019s no change in the hedge item cash magnitude (e.g. contract termination or amendment) the hedge would be effective as long as the timing of the hedge instrument and hedge item are aligned. The company has recognised ineffectiveness in the income statement in 2025 of about NOK 0 (2) million in finance costs. The Group does not have any fair value hedge or net investment hedge.6.6 Financial instruments Nel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Financial instruments and fair values Fair value - Mandatorily Total Level 1 Level 2 Total 2025 hedging at FVTPL - instruments others ASSETS Financial assets measured at fair value Forward exchange contracts used for hedging 743 743 743 743 Financial asset - equity instruments 11 733 11 733 11 733 11 733 SUM 743 11 733 12 476 11 733 743 12 476 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -128 -128 -128 -128 SUM -128 -128 -128 -128 Fair value - hedging Total Level 2 Total 2024 instruments ASSETS Financial assets measured at fair value Forward exchange contracts 3 452 3 452 3 452 3 452 SUM 3 452 3 452 3 452 3 452 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -7 477 -7 477 -7 477 -7 477 SUM -7 477 -7 477 -7 477 -7 477 The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities' carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments. Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__168": { "value": "Liquidity risk Liquidity risk is the potential loss that occurs when the group fails to fulfil its contractual obligations when they fall due. Nel is operating in a fast-growing, emerging market, with a long list of initiatives in many regions. The need to address growth opportunities ahead of actual market demand, balanced with the need to conserve cash, is a continual challenge. The timing of addressing such elements and risks is important. Moving too fast could result in an unnecessarily high cost level, with cash requirements beyond the current financing plan. However, the group has a strong liquidity position, NOK 1 617 million, as per 31.12.2025. The strong cash position is a good basis for the group\u2019s growth strategy. The group monitors its risks associated with lack of capital up against the company\u2019s planned activities. The group will, if necessary, attempt to raise capital through private placements, debt financing, partnerships, and strategic alliances or from other sources. The group may fail to raise capital on acceptable terms, or not do it at all, and this can result in a liquidation of the group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__169-1": { "value": "Currency risk Nel operates internationally and is subject to currency risks arising from foreign currency transactions and exposures. As the group presents its consolidated results in NOK, any change in exchange rates between NOK and its subsidiaries\u2019 functional currencies, primarily with respect to changes in USD, affects its consolidated statement of income and consolidated statement of financial position. As the group expands its operations with projects in new markets the currency risk exposure increases. The group is on an overall level managed as a NOK company for currency risk management purposes with primary focus on NOK cash flow. The group\u2019s gross foreign currency risk exposure is significant, with the majority of revenue and expenses denominated in foreign currency. The group mitigates the currency risk exposure by entering into forward currency contracts with financial institutions. The group has a residual net currency risk exposure considering hedging which is considered low to medium. Currency fluctuation effects on net profit of the year: Profit and loss Changes in exchange rate NOK/foreign currencies Net profit in foreign currencies Value in Value in NOK -10% -5% +5% +10% currency DKK -1 668 -2 600 260 130 -130 -260 USD -11 569 -124 293 12 429 6 215 -6 215 -12 429 SEK -74 101 -75 390 7 539 3 770 -3 770 -7 539 GBP 1 183 16 256 -1 626 -813 813 1 626 EUR -939 -10 915 1 091 546 -546 -1 091 Effect on net income (loss) 19 694 9 847 -9 847 -19 694 Profit and loss Changes in exchange rate NOK/foreign currencies Statement of financial position Net receivables/liabilities in foreign currencies USD 1 029 11 684 -1 168 -584 584 1 168 SEK -3 273 -3 369 337 168 -168 -337 GBP 263 3 738 -374 -187 187 374 EUR 11 664 137 581 -13 758 -6 879 6 879 13 758 Effect on net income (loss) -14 960 -7 480 7 480 14 960 Total effect on Net income (loss) and Equity 4 735 2 367 -2 367 -4 735 The table shows the gross foreign currency exposure based on each entity in the group\u2019s functional currency, before hedging. Nel\u2019s hedging strategy and designated instruments are elaborated and disclosed in note 6.5. The figures exclude translation of intercompany loans in Nel ASA.Interest rate risk The group does not have any interest-bearing long-term debt. Due to the low amount of debt in the group it is assessed that a change in interest rates will not have a material effect on the financial statements.6.3 Market risk factors Market development risk Significant markets for renewable hydrogen products or renewable energy as a major source for hydrogen production may develop more slowly than the group anticipates. This would significantly harm Nel's revenues and may cause Nel to be unable to recover the expenditure it has incurred and expects to incur in terms of the development and industrialization of its products. Regulatory issues The group\u2019s operations are subject to numerous environmental requirements. Such laws and regulations govern, among other matters, air pollution emissions, wastewater discharges, solid and hazardous waste management, and the use, composition, handling, distribution and transportation of hazardous materials. Many of these laws and regulations are becoming increasingly stringent. The cost of compliance with these requirements can be expected to increase over time. The group\u2019s electrolyser production depends on discharge permits. From time to time, breaches of the allowed emission limits set out in such permits may occur. If such limits of the relevant permits should be exceeded or the permits adjusted or revoked, this may have a significant effect on the group\u2019s operations and results, as the group may be ordered to permanently or temporarily halt production, be subject to fines and/or need to take additional costs to undertake corrective measures. The group cannot predict the impact of new or changed laws or regulations relating to health, safety, the environment or other concerns or changes in the ways that such laws or regulations are administered, interpreted or enforced. To the extent that any of these requirements impose substantial costs or constrain the group\u2019s ability to expand or change its processes, the group\u2019s business, prospects, financial results and results of operations could suffer. The renewable hydrogen industry is in its development phase and is not currently subject to industry specific government regulations in the European Union, Asia and the United States, as well as other jurisdictions, relating to matters such as design, storage, transportation and installation of renewable hydrogen infrastructure products. However, given that the production of electrical energy has typically been an area of significant government regulation, the Company expects it will encounter industry specific government regulations in the future in the jurisdictions and markets in which it operates. For example, regulatory approvals or permits may be required for the design, installation and operation of Nel's products. To the extent there are delays in gaining such regulatory approval, Nel's development and growth may be constrained. Nel's business will suffer if environmental policies change and no longer encourage the development and growth of clean power technologies. Nel depends substantially on government subsidies. Political developments could lead to a material deterioration of the conditions for, or a discontinuation of, the subsidies for its technology. It is also possible that government financial support for Nel's technology will be subject to judicial review and determined to be in violation of applicable constitutional or legal requirements or be significantly reduced or discontinued for other reasons. Without government subsidies, or with reduced government subsidies, the availability of profitable investment opportunities for Nel would be significantly lower, which could have a material adverse effect on Nel's business, financial condition, results of operations and cash flows. Competition The group competes with a large number of competitors. Many competitors are developing and are currently producing products based on technologies that may have costs similar to, or lower than, the group\u2019s projected costs. Many of the group\u2019s existing and potential competitors may have longer operating histories, greater name recognition, structurally better cost positions through geographical location or agreements with local authorities (including direct and indirect subsidies), better access to skilled personnel, better access to research and development partners, access to larger customer bases and significantly greater financial, sales and marketing, manufacturing, distribution, technical and other resources than the group. As a result, they may be able to respond more quickly than the group to the changing customer demands or to devote greater resources to the development, promotion and sales of their products. The group\u2019s business relies on sales of its products, and competitors with more diversified product offerings may be better positioned to withstand a decline in the demand for products of the types that the group offers. It is possible that new competitors or alliances among existing competitors could emerge and rapidly acquire a significant market share, which would harm the group\u2019s business. If the group fails to compete successfully, it could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations.6.4 Climate-related risks and opportunities Climate-related opportunities Nel is a pure play renewable hydrogen company. Climate-related opportunities are the company\u2019s only opportunities. Climate-related opportunities are the driver for the revenue and activity growth included in the company\u2019s impairment tests. In addition, the climate-related opportunities also impact the assessment of probable future economic benefits from capitalised technology development. Climate-related risks The company pursue solely climate-related opportunities; therefore, the company does not have any transformation of any legacy business negatively impacted by the climate-related scenarios. Further analysis of the climate-related risks below: Regulatory risks and Geopolitics While climate change is the megatrend, the anticipated role of renewable hydrogen as a sustainable activity contributing to climate change mitigation could change. How geopolitics will impact and shape climate policies going forward constitutes a risk for Nel. We would not be significantly impacted by the introduction of a potential carbon tax or restrictions on the use of carbon-intensive assets. Further, we do not consume products from conflict areas and our consumption of rare materials is limited. However, we identify opportunities in the enactment of a low carbon economy. Reputation Risk Nel recognizes the importance of maintaining a strong brand in the developing renewable hydrogen industry. Reputational risk comprises: i) any damage to brand value that will cause lost opportunities, ii) challenges in recruiting and retaining talent that in turn could halt technology developments and damage customer experience, and iii) challenges in attracting investors due to damaged reputation which could affect the going concern status of the group. Physical Risk None of our manufacturing facilities are located in environments overly exposed to physical risks. Relatedly, our facilities are not located in the areas most exposed to sustained long-term shifts in climate patterns. However, our delivered solutions require continuous access to water and electricity, a shortage of which could impact our products\u2019 performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__171": { "value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Nel is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The carrying amounts of financial assets and contract assets represent the maximum credit exposure. Expected credit loss assessment The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers, which comprise a very large number of small balances. Loss rates are calculated using a factor method based on the probability of receivables progressing through successive stages of delinquency to write-off. Roll rates are calculated separately for exposures in different segments based on the following common credit risk characteristics - geographic region, age of customer relationship and type of products purchased. The following table provides information about the exposure to credit risk and ECLs for trade receivables from individual customers as of 31 December 2025 and 2024. Loss rates are based on actual credit loss experience over the past two years. These rates are multiplied by a factor to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and Nel's view of economic conditions over the expected lives of the receivables. 2025 Weighted-average loss Gross carrying amount Loss rate allowance Current (not past due) 0.1 % 62 306 93 1-30 days past due 0.2 % 52 469 131 31-60 days past due 1.0 % 40 399 404 61-90 days past due 5.0 % 836 42 91 days to one year past due 35.8 % 129 474 46 367 More than one year past due 50.0 % 4 929 2 464 Total 290 413 49 501 17.0 % 2024 Weighted-average loss Gross carrying amount Loss rate allowance Current (not past due) 0.1 % 186 526 31 775 1-30 days past due 0.2 % 127 316 318 31-60 days past due 0.5 % 4 990 27 61-90 days past due 2.0 % 4 330 89 91 days to one year past due 30.0 % 51 269 15 381 More than one year past due 7.3 % 403 254 29 416 Total 777 685 77 006 9.9 % The remeasurement of loss allowance current year is due to the derecognition of related gross trade receivables (more than one year past due in 2024) in the same period.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__180": { "value": "6.5 Hedge accounting Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss. The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss. The Group is exposed to certain risk relating to its ongoing business operations. In 2025, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in Euro and British pound. In addition, highly probably forecast transactions in Euro. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2025, the Group held the following instruments to hedge exposures to changes in foreign currency. Maturity/ 2026-Q1 2026-Q2 2026-Q3 2026-Q4 Total Hedging instruments GBP forward contracts, net 386 0 387 0 773 GBP Average NOK:GBP forward contracts rate 13.5 0.0 13.5 0.0 13.5 Hedged NOK, net (nominal amount) 5 207 0 5 223 0 10 430 Fair value GBP forward contracts -39 0 -45 0 -83 EUR forward contracts, net 1 772 643 0 380 2 796 EUR Average NOK:EUR forward contracts rate 12.2 12.0 0.0 12.2 12.2 Hedged NOK, net (nominal amount) 21 682 7 701 0 4 621 34 004 Fair value EUR forward contracts 623 29 0 46 698 TOTAL hedged NOK, net (nominal amount) 26 889 7 701 5 223 4 621 44 434 TOTAL fair value, NOK 584 29 -45 46 615 The effects that hedge accounting has had on the statement of financial position, statement of profit or loss and OCI and statement of changes in equity Hedging instruments are measured at fair value and recognised in the statement of financial position as either an asset or a liability depending on the whether the instrument has a positive or negative value. The fair values recognised represents unrealised gains/losses driven by the changes in foreign exchange rates. Statement of financial position The table below show the fair value of forward exchange contracts designated as hedging instruments in the statement of financial position. (amounts in NOK thousands) Current assets Non-current assets Other current liabilites Non-current liabilities TOTAL Type of hedge items Revenue 3 452 0 -7 477 0 -4 025 As of 31.12.2024 3 452 0 -7 477 0 -4 025 Revenue 743 0 -128 0 615 As of 31.12.2025 743 0 -128 0 615 Profit or loss and OCI The table below includes the reconciliation of movements in hedging reserve, cash flow hedges, in OCI during the year. (amounts in NOK thousands) Revenue Raw materials Finance costs TOTAL As of 01.01.2024 13 350 -6 070 0 7 279 Effective portion of changes in fair value -47 623 10 084 -14 570 -52 108 Reclassified to profit or loss -4 438 0 14 570 10 132 Reclassified to statement of financial positions (basis adjustment) 37 126 -4 014 0 33 112 As of 01.01.2025 -1 585 0 0 -1 585 Effective portion of changes in fair value 2 821 0 0 2 821 Reclassified to profit or loss -9 092 0 0 -9 092 Reclassified to statement of financial positions (basis adjustment) 9 901 0 0 9 901 As of 31.12.2025 2 045 0 0 2 045 During the year, a hedging loss of NOK -5.0 (4.4) million has been realised and reclassified to profit or loss within \u2018Revenue from contracts with customers\u2019. The timeline below illustrates when the unrealised changes in fair value of the foreign currency forward contracts may be reclassified to profit or loss and statement of financial position. (amounts in NOK thousands) 2025 2026 2027 2028 TOTAL Revenue -1 585 0 0 0 -1 585 As of 31.12.2024 -1 585 Revenue 2 045 0 0 2 045 As of 31.12.2025 2 045 Economic relationship and effectiveness The hedged item creates an exposure to buy a foreign currency and sell the functional currency. The forward contract is to sell foreign currency and buy the functional currency. As the hedged exposure is exactly matched by the currency leg of the forward contract (i.e. they are the same amount of currency with the same payment date), there is a clear economic relationship between the hedging instrument and the hedged item. Hedging less than 100 % is considered when natural hedge positions could occur during the hedging period, or to limit the risk of over-hedging given the inherent uncertainties in any estimated cash flow. If there\u2019s no change in the hedge item cash magnitude (e.g. contract termination or amendment) the hedge would be effective as long as the timing of the hedge instrument and hedge item are aligned. The company has recognised ineffectiveness in the income statement in 2025 of about NOK 0 (2) million in finance costs. The Group does not have any fair value hedge or net investment hedge.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__186": { "value": "Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss. The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss. The Group is exposed to certain risk relating to its ongoing business operations. In 2025, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in Euro and British pound. In addition, highly probably forecast transactions in Euro. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2025, the Group held the following instruments to hedge exposures to changes in foreign currency", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__185": { "value": "Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss. The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss. The Group is exposed to certain risk relating to its ongoing business operations. In 2025, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in Euro and British pound. In addition, highly probably forecast transactions in Euro. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2025, the Group held the following instruments to hedge exposures to changes in foreign currency", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__184": { "value": "Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss. The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss. The Group is exposed to certain risk relating to its ongoing business operations. In 2025, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in Euro and British pound. In addition, highly probably forecast transactions in Euro. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2025, the Group held the following instruments to hedge exposures to changes in foreign currency", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__182-1": { "value": "Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss. The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities' carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments. Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__191": { "value": "6.6 Financial instruments Nel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Financial instruments and fair values Fair value - Mandatorily Total Level 1 Level 2 Total 2025 hedging at FVTPL - instruments others ASSETS Financial assets measured at fair value Forward exchange contracts used for hedging 743 743 743 743 Financial asset - equity instruments 11 733 11 733 11 733 11 733 SUM 743 11 733 12 476 11 733 743 12 476 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -128 -128 -128 -128 SUM -128 -128 -128 -128 Fair value - hedging Total Level 2 Total 2024 instruments ASSETS Financial assets measured at fair value Forward exchange contracts 3 452 3 452 3 452 3 452 SUM 3 452 3 452 3 452 3 452 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -7 477 -7 477 -7 477 -7 477 SUM -7 477 -7 477 -7 477 -7 477 The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities' carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments. Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__189": { "value": "6.6 Financial instruments Nel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Financial instruments and fair values Fair value - Mandatorily Total Level 1 Level 2 Total 2025 hedging at FVTPL - instruments others ASSETS Financial assets measured at fair value Forward exchange contracts used for hedging 743 743 743 743 Financial asset - equity instruments 11 733 11 733 11 733 11 733 SUM 743 11 733 12 476 11 733 743 12 476 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -128 -128 -128 -128 SUM -128 -128 -128 -128 Fair value - hedging Total Level 2 Total 2024 instruments ASSETS Financial assets measured at fair value Forward exchange contracts 3 452 3 452 3 452 3 452 SUM 3 452 3 452 3 452 3 452 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -7 477 -7 477 -7 477 -7 477 SUM -7 477 -7 477 -7 477 -7 477 The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities' carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments. Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__188": { "value": "6.6 Financial instruments Nel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Financial instruments and fair values Fair value - Mandatorily Total Level 1 Level 2 Total 2025 hedging at FVTPL - instruments others ASSETS Financial assets measured at fair value Forward exchange contracts used for hedging 743 743 743 743 Financial asset - equity instruments 11 733 11 733 11 733 11 733 SUM 743 11 733 12 476 11 733 743 12 476 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -128 -128 -128 -128 SUM -128 -128 -128 -128 Fair value - hedging Total Level 2 Total 2024 instruments ASSETS Financial assets measured at fair value Forward exchange contracts 3 452 3 452 3 452 3 452 SUM 3 452 3 452 3 452 3 452 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -7 477 -7 477 -7 477 -7 477 SUM -7 477 -7 477 -7 477 -7 477 The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities' carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments. Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__194": { "value": "Nel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Financial instruments and fair values Fair value - Mandatorily Total Level 1 Level 2 Total 2025 hedging at FVTPL - instruments others ASSETS Financial assets measured at fair value Forward exchange contracts used for hedging 743 743 743 743 Financial asset - equity instruments 11 733 11 733 11 733 11 733 SUM 743 11 733 12 476 11 733 743 12 476 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -128 -128 -128 -128 SUM -128 -128 -128 -128 Fair value - hedging Total Level 2 Total 2024 instruments ASSETS Financial assets measured at fair value Forward exchange contracts 3 452 3 452 3 452 3 452 SUM 3 452 3 452 3 452 3 452 LIABILITIES Financial liabilities measured at fair value Forward exchange contracts -7 477 -7 477 -7 477 -7 477 SUM -7 477 -7 477 -7 477 -7 477 The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities' carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments. Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__197": { "value": "6.7 Contractual commitments and commitments for investments Nel is committed to future investments for PEM expansion in Wallingford, Connecticut, and Next-Generation Pressurized Alkaline Electrolyser in Her\u00f8ya, Norway, see note 3.2 for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__200": { "value": "7.1 Composition of the group The following subsidiaries are included in the consolidated financial statements: Ownership/votes Ownership/votes Company Country of incorporation Main operations Consolidated from: 2025 2024 Nel Hydrogen Electrolyser AS Norway Alkaline electrolysers 01.10.2015 100 % 100 % Nel Fuel AS Norway Investment/holding 01.07.2015 100 % 100 % Proton Energy Systems Inc United States PEM electrolysers 01.07.2017 100 % 100 % Nel US Holding Inc United States Investment/holding 23.05.2024 100 % 100 % Nel Hydrogen Electrolyser Germany GmbH Germany Electrolysers sales office 24.10.2022 100 % 100 % Nel Hydrogen Electrolyser Belgium BV Belgium Electrolyser sales office 27.09.2021 100 % 100 % Nel Hydrogen Chile SpA Chile Electrolyser sales office 01/06/2023 100 % 100 % Nel Electrolyser Inc United States Electrolyser distributor 24.05.2024 100 % 100 % All subsidiaries are 100 % owned. There is no uncertainty about control and no restrictions on the ability to access or use assets and settle liabilities in the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__198": { "value": "7.1 Composition of the group The following subsidiaries are included in the consolidated financial statements: Ownership/votes Ownership/votes Company Country of incorporation Main operations Consolidated from: 2025 2024 Nel Hydrogen Electrolyser AS Norway Alkaline electrolysers 01.10.2015 100 % 100 % Nel Fuel AS Norway Investment/holding 01.07.2015 100 % 100 % Proton Energy Systems Inc United States PEM electrolysers 01.07.2017 100 % 100 % Nel US Holding Inc United States Investment/holding 23.05.2024 100 % 100 % Nel Hydrogen Electrolyser Germany GmbH Germany Electrolysers sales office 24.10.2022 100 % 100 % Nel Hydrogen Electrolyser Belgium BV Belgium Electrolyser sales office 27.09.2021 100 % 100 % Nel Hydrogen Chile SpA Chile Electrolyser sales office 01/06/2023 100 % 100 % Nel Electrolyser Inc United States Electrolyser distributor 24.05.2024 100 % 100 % All subsidiaries are 100 % owned. There is no uncertainty about control and no restrictions on the ability to access or use assets and settle liabilities in the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__201-1": { "value": "7.2 Executive management remuneration Nel Executive Management Compensation and number of shares owned Remuneration of management 2025 Salary Bonus Pension Other Total Number of Ownership expense remunerationremuneration shares 1)2)H\u00e5kon Volldal, CEO4 985 1 384 221 200 6 789 0 0.00 % Kjell Christian Bj\u00f8rnsen, CFO 3 412 863 221 0 4 496 20 000 0.00 % Marius L\u00f8ken, CTO 3 152 726 221 55 4 153 0 0.00 % 4)Mats Bohman, VP Alkaline operations1 824 104 121 0 2 049 0 0.00 % 3)Kai Rune Heggland, former SVP Alkaline operations2 239 273 100 2 856 5 467 na 0.00 % Tushar Ghuwalewala, SVP PEM operations 2 909 345 87 5 3 346 0 0.00 % Todd Cartwright, CCO 3 073 527 92 306 3 999 0 0.00 % 4)Birgitte Nordvik, CPO2 291 243 221 0 2 755 0 0.00 % 3)Hans Hide, former CPO2 531 464 221 3 064 6 281 na 0.00 % Stein Ove Erdal, CLO 2 777 501 221 0 3 499 0 0.00 % Anne Liberg, CHRO 2 212 347 221 0 2 779 0 0.00 % TOTAL 31 402 5 777 1 947 6 487 45 614 20 000 0.00 % 1) Other remuneration is mainly related to severance pay for which amount presented is expense in the period (cash payment can be in subsequent period) 2) Has a six months\u2019 notice period, plus is entitled to six months\u2019 severance pay. 3) Left Nel December 2025 4) Joined executive management from December 2025 Remuneration of management 2024 Salary Bonus Pension Other Total Number of Ownership expense remunerationremuneration shares 1)2)H\u00e5kon Volldal, CEO4 762 1 550 202 0 6 514 0 0.00 % Kjell Christian Bj\u00f8rnsen, CFO 3 152 933 202 0 4 287 20 000 0.00 % Marius L\u00f8ken, CTO 2 869 502 202 0 3 573 0 0.00 % 3)Esa Laukkanen, former COO3 130 620 0 1 639 5 389 0 0.00 % Kai Rune Heggland, SVP Alkaline operations 2 104 103 115 0 2 322 8 766 0.00 % Tushar Ghuwalewala, SVP PEM operations 2 609 364 78 0 3 051 0 0.00 % Todd Cartwright, CCO 3 405 0 90 645 4 140 0 0.00 % Hans Hide, CPO 2 362 419 202 0 2 983 30 000 0.00 % Stein Ove Erdal, CLO 2 569 619 202 0 3 390 0 0.00 % 4)Anne Liberg, CHRO1 438 0 151 0 1 589 0 0.00 % 5)Caroline Duyckaerts, former CHRO1 412 348 142 1 457 3 359 0 0.00 % TOTAL 29 812 5 458 1 586 3 741 40 597 58 766 0.00 % 1) Other remuneration is mainly related to severance pay 2) Has a six months\u2019 notice period, plus is entitled to six months\u2019 severance pay. 3) Left Nel end of October 2024 4) Employed in Nel from April 2024 5) Left Nel end of May 2024 The Board of Directors determines the remuneration of the CEO based on a proposal from the Remuneration Committee and approves the general terms of the company's incentive plans for Executive Management and other key employees. The CEO determines the compensation to the other members of Nel\u2019s Executive Management. Nel\u2019s approach is to provide the CEO and other members of Nel\u2019s executive Management as well as employees with a market competitive offer for our renewable industry. The compensation should be: \u2022 attractive to recruit and retain executives and other talents to Nel; \u2022 market competitive in the respective locations but not market leading, fitting for our renewable industry; \u2022 Support the creation of sustainable value to Nel\u2019s shareholders Total compensation for each member of Executive Management is compared to the relevant market on a regular basis. Nel\u2019s remuneration of the Executive Management includes the Base Salary, Bonus, Share Option Program, Pension (defined contribution plans) and other compensation elements such as car, cell phone and internet connection.Executive management Information on key management compensation is disclosed in note \u20187.2 executive management remuneration\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__202": { "value": "7.3 External audit remuneration Fees to the group auditor 2025 2024 Statutory auditing services 2 566 3 395 Attestation services 222 218 Non-auditing services 0 267 TOTAL 2 788 3 880 In addition to the fees included in the remuneration table above, the group incurred NOK 1.7 (1.9) million in 2025 of attestation services and non-auditing services provided by companies other than EY, the group auditor. Fees to other auditors elected by subsidiaries 2025 2024 Statutory auditing services 0 0 Attestation services 1 720 1 909 Non-auditing services 0 0 TOTAL 1 720 1 909", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__203": { "value": "7.4 Related parties Executive management Information on key management compensation is disclosed in note \u20187.2 executive management remuneration\u2019. Associated and joint ventures Nel's significant transactions with associated companies and joint ventures are described in note 3.4 Investments in associated companies and joint ventures. Transactions with related parties are at arm\u2019s length principles. Board of Directors Members of Nel\u2019s Board of Directors\u2019 remuneration and share ownership are disclosed in the tables below. Board of Directors 2025 Board Audit Remuneration Total Number of Ownership member committee committee shares 1)Arvid Moss - chair of the Board650 0 47 697 0 0.00 % Ole Enger - former chair of the Board 281 0 28 309 na 0.00 % Tom R\u00f8tjer 431 0 0 431 0 0.00 % Beatriz Malo de Molina 431 125 0 556 0 0.00 % Charlotta Falvin 431 90 0 521 46 000 0.00 % Hanne Blume 431 0 105 536 0 0.00 % Jens Bj\u00f8rn Staff 431 56 0 488 0 0.00 % 2)Gyu Yeon Kang281 0 0 281 0 0.00 % TOTAL 3 369 271 180 3 820 46 000 0.00 % 1) Elected as chair of the board on annual general meeting in 2025. Arvid was a board member prior to becoming the chair. 2) Elected as new member of the board on annual general meeting in 2025. Board of Directors 2024 Remuneration Audit Remuneration Total Number of Ownership committee committee shares Ole Enger - Chair of the Board 731 0 75 806 149 462 0.01 % Tom R\u00f8tjer 391 0 0 391 0 0.00 % Beatriz Malo de Molina 391 125 0 516 0 0.00 % Charlotta Falvin 391 90 0 481 46 000 0.00 % Hanne Blume 391 0 105 496 0 0.00 % Jens Bj\u00f8rn Staff 391 0 0 391 0 0.00 % Arvid Moss 391 0 0 391 0 0.00 % TOTAL 3 075 215 180 3 470 195 462 0.01 %", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__205": { "value": "7.5 Events after the balance sheet date Information about the group's financial position that has occurred after the balance sheet date is disclosed if the information is considered to be significant for the group's current financial statements and future position.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__206": { "value": "7.6 Going concern The financial statement is presented on the going concern assumption under International Financial Reporting Standards. As per the date of this report the group has sufficient working capital for its planned business activities over the next twelve-month period. The Board of Directors confirmed on this basis that the going concern assumption is valid, and that financial statements are prepared in accordance with this assumption. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }