Nel Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Chief executive officer

n/a

Total compensation

CEO salary percentage	n/a
CEO tenure	no data
CEO ownership	n/a
Management average tenure	2.7yrs
Board average tenure	3.2yrs

Recent management updates

Recent updates

CEO

Nel has no CEO, or we have no data on them.

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Kjell Bjornsen	Chief Financial Officer	6.3yrs	NOK 4.50m	0.0011% € 4.4k
Marius Løken	Chief Technical Officer	3yrs	NOK 4.15m	no data
Stein Erdal	Chief Legal Officer	7.1yrs	NOK 3.50m	no data
Anne Liberg	Chief Human Resources Officer	2.2yrs	NOK 2.78m	no data
Todd Cartwright	Chief Commercial Officer	2.4yrs	NOK 4.00m	no data
Tushar Ghuwalewala	Senior VP of PEM Operations	1.4yrs	NOK 3.35m	no data
Birgitte Nordvik	Chief Project Officer	less than a year	NOK 2.76m	no data
Mats Bohman	Vice President of Alkaline Operations	no data	NOK 2.05m	no data
Wilhelm Flinder	Head of IR	no data	no data	no data
Tomas Tronstad	Managing Director of Hyon	no data	no data	no data
Robert Borin	Senior Vice President of Fueling Division	5.2yrs	NOK 3.64m	no data
Leila Danielsen	Brand Manager	no data	no data	no data

2.7yrs

Average Tenure

49.5yo

Average Age

Experienced Management: D7G's management team is considered experienced (2.7 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Arvid Moss	Independent Chairman of Board	3.2yrs	NOK 697.00k	no data
Charlotta Falvin	Independent Director	6.1yrs	NOK 521.00k	0.0025% € 10.1k
Beatriz de Molina	Independent Director	9.4yrs	NOK 556.00k	no data
Jens Staff	Independent Director	3.2yrs	NOK 488.00k	no data
Hanne Blume	Independent Director	7.1yrs	NOK 536.00k	0.00022% € 889.5
Hans Vatne	Director	less than a year	no data	no data
Gyuyeon Kang	Independent Director	1.1yrs	NOK 281.00k	no data

3.2yrs

Average Tenure

59yo

Average Age

Experienced Board: D7G's board of directors are considered experienced (3.2 years average tenure).

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/06/17 03:50
End of Day Share Price	2026/06/17 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Nel ASA is covered by 22 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
James Carmichael	Berenberg
Alexander Jones	BofA Global Research
Mikkel Nyholt-Smedseng	Carnegie Investment Bank AB

Nel Management

Management criteria checks 2/4

Key information

Recent management updates

Nel ASA Announces Resignation of Håkon Volldal as Chief Executive Officer

Nel ASA, Annual General Meeting, Apr 10, 2026

Nel ASA Appoints Gyuyeon Kang to the Board of Directors

Nel ASA, Annual General Meeting, Apr 10, 2025

Nel ASA, Annual General Meeting, Apr 23, 2024

High number of new directors

Recent updates

Nel ASA Announces Resignation of Håkon Volldal as Chief Executive Officer

Nel ASA Announces Settlement Agreement with Iwatani Corporation of America

New major risk - Share price stability

Nel ASA Launches Next-Generation Pressurized Alkaline Electrolyser System

Nel ASA, Annual General Meeting, Apr 10, 2026

Nel ASA Appoints Gyuyeon Kang to the Board of Directors

Nel ASA, Annual General Meeting, Apr 10, 2025

Nel ASA announced that it expects to receive NOK 353.06747 million in funding from Samsung E&A Co., Ltd.

Nel Asa Announces to Adjusts Capacity to Market Demand

Third quarter 2024 earnings released: kr0.069 loss per share (vs kr0.14 loss in 3Q 2023)

Nel ASA(OB:NEL) dropped from Oslo OBX Total Return Index

New minor risk - Profitability

Second quarter 2024 earnings released: kr0.07 loss per share (vs kr0.20 loss in 2Q 2023)

Nel ASA to Report Q3, 2025 Results on Oct 29, 2025

Nel ASA completed the Spin-Off of Cavendish Hydrogen ASA (OB:CAVEN).

New major risk - Share price stability

First quarter 2024 earnings released: kr0.013 loss per share (vs kr0.12 loss in 1Q 2023)

Full year 2023 earnings released: kr0.52 loss per share (vs kr0.76 loss in FY 2022)

No longer forecast to breakeven

Now 24% undervalued after recent price drop

ITOCHU Corporation (TSE:8001) and Osaka Gas Co., Ltd. (TSE:9532) agreed to acquire 13.56% stake in Everfuel A/S (OB:EFUEL) from Nel ASA (OB:NEL) for NOK 120 million.

Third quarter 2023 earnings released: kr0.14 loss per share (vs kr0.17 loss in 3Q 2022)

New major risk - Share price stability

Second quarter 2023 earnings released: kr0.20 loss per share (vs kr0.18 loss in 2Q 2022)

Nel ASA, Annual General Meeting, Apr 23, 2024

High number of new directors

First quarter 2023 earnings released: kr0.12 loss per share (vs kr0.057 profit in 1Q 2022)

First quarter 2023 earnings released: kr0.12 loss per share (vs kr0.057 profit in 1Q 2022)

Full year 2022 earnings released: kr0.76 loss per share (vs kr1.14 loss in FY 2021)

An unknown buyer acquired a 17.64% stake in Hyon AS (OB:HYON) from Nel ASA (OB:NEL) for NOK 7 million.

Nel ASA to Report First Half, 2023 Results on Jul 18, 2023

Third quarter 2022 earnings released: kr0.17 loss per share (vs kr0.35 loss in 3Q 2021)

Second quarter 2022 earnings released: kr0.18 loss per share (vs kr0.21 loss in 2Q 2021)

First quarter 2022 earnings released: EPS: kr0.057 (vs kr0.45 loss in 1Q 2021)

Chief Executive Officer recently sold €1.3m worth of stock

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Third quarter 2021 earnings released: kr0.35 loss per share (vs kr0.47 loss in 3Q 2020)

Second quarter 2021 earnings released: kr0.21 loss per share (vs kr0.45 profit in 2Q 2020)

Investor sentiment deteriorated over the past week

Investor sentiment improved over the past week

First quarter 2021 earnings released: kr0.45 loss per share (vs kr0.003 loss in 1Q 2020)

Investor sentiment deteriorated over the past week

Investor sentiment improved over the past week

Full year 2020 earnings released

Investor sentiment deteriorated over the past week

New 90-day low: €2.15

Full year 2020 earnings released: EPS kr0.92 (vs kr0.22 loss in FY 2019)

Revenue beats expectations

New 90-day high: €2.94

New 90-day high: €2.36

New 90-day high: €2.27

Chief Executive Officer recently sold €1.3m worth of stock

Revenue misses expectations

Third quarter 2020 earnings released: kr472 loss per share

Market bids up stock over the past week

Market bids up stock over the past week

Insider recently bought €138k worth of stock

New 90-day low: €1.48

Nel ASA announced that it has received NOK 1.300000007 billion in funding

CEO

Leadership Team

Board Members

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources