NEL: NEL ASA: SECOND QUARTER 2019 RESULTS

07:00
(Oslo, August 28, 2019) Nel ASA (Nel) reported revenues in the second quarter
of 2019 of NOK 122.5 million (135.8), in line with company outlook, and an all
-time high order backlog of NOK 568 million at the end of the quarter. Nel
booked a provision of NOK 35 million to cover estimated cost, net of estimated
insurance coverage, related to the incident at the Kjørbo hydrogen station, and
is on-track getting stations back in operations. Nel reiterates the strong
market outlook.

Nel ended the quarter with an all-time high order backlog and a solid pipeline
of prospects, reflecting the market opportunities provided by our leading
technology across segments. The revenues in the second quarter was in line with
the company outlook and our order intake provides a solid foundation for the
second half of the year and beyond, says Jon André Løkke, Chief Executive
Officer of Nel.

In the second quarter of 2019, Nel reported revenues of NOK 122.5 million, in
line with company outlook, compared to NOK 135.8 million in the same quarter of
2018. The adjusted EBITDA ended at NOK -26.3 million, adjusted for non-recurring
and other ramp-up costs, in addition to a provision of NOK 35 million, net of
estimated insurance coverage, related to the incident at the Kjørbo hydrogen
station, located outside of Oslo, Norway.