The half-year report due on 15 July is shaping up as a critical inflection point for Nel ASA, arriving just weeks after the commercial launch of its long-awaited pressurised alkaline electrolyser system and the shock departure of chief executive Håkon Volldal. The market has already priced in considerable uncertainty: the stock has shed roughly 29% in the 30 days since Volldal’s resignation was announced, and at €0.22 it is trading a full 40% below its 52-week high of €0.37 hit on 25 May.
Volldal, who took the reins in July 2022, will leave to become CEO of packaging group Elopak by early January 2027 at the latest. A six-month notice period keeps him in place until a successor is found, avoiding an abrupt vacuum but leaving the search hanging over the share price. Board chairman Arvid Moss has emphasised that the strategic direction remains unchanged, praising Volldal’s work in renewing the product portfolio, strengthening the organisation and forging new partnerships.
Technically, the stock is clinging to support. The 200-day moving average sits at €0.21, just a cent below the current price, while the relative strength index at 34 is hovering near oversold territory. Annualised volatility stands at 88%, underscoring the jittery mood among investors. The 50-day average of €0.26 remains out of reach, and any break below the 200-day line could expose the year’s low as the next floor.
Should investors sell immediately? Or is it worth buying Nel ASA?
Financial performance has been mixed. In the first quarter of 2026, Nel reported revenue of 148 million Norwegian kroner, down 5% year-on-year, while EBITDA came in at minus 100 million kroner — an improvement of 15 million kroner from the same period last year. More reassuring is the cash position of roughly 1.44 billion kroner, which gives the board breathing room to conduct a thorough CEO search without financial pressure.
The product pipeline, however, offers a tangible catalyst. Nel began commercial shipments of its new pressurised alkaline electrolyser system in early May after more than eight years of development. The system targets total costs below $1,450 per kilowatt for a 25-megawatt reference plant and delivers hydrogen at 99.99% purity and 30 bar pressure. With the technology in the market and a leadership transition under way, the 15 July half-year report will be the first real test of whether operational momentum can offset governance uncertainty. Which CEO candidates emerge before then is likely to move the needle far more than any short-term price bounce.
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