Key Developments at NEL ASA – 10 April 2026

1. Transition to a Performance‑Based Compensation Structure

During the digital annual general meeting held on 10 April 2026 in Oslo, NEL ASA approved a comprehensive overhaul of its executive compensation framework. The long‑standing share‑option programme was discontinued and replaced by a Performance Share Unit (PSU) programme.

  • The PSU scheme ties payouts directly to predefined performance metrics, thereby aligning managerial incentives with the company’s long‑term objectives.
  • Clear upper limits on rewards were introduced, with the CEO’s remuneration capped in accordance with the new guidelines.
  • The change is intended to strengthen the company’s governance and support sustainable growth in the hydrogen sector.

2. Approval of AGM Proposals and Meeting Minutes

All proposals presented in the notice for the annual general meeting were approved. Minutes of the meeting are now publicly available and indicate that the board considered the remuneration update as well as other governance matters.

3. Strategic Board‑Level Appointment

The AGM also addressed a crucial board‑level decision: the extension of the mandate of Gyuyeon Kang, Executive Vice President at Samsung Electronics & Industrial America (E&A).

  • Samsung E&A holds approximately 9.1 % of NEL ASA’s shares, acquired for about 33 million US dollars in March 2025.
  • The appointment is viewed by investors as a key indicator of the long‑term stability of the partnership with the company’s largest shareholder.

4. Market Sentiment and Revenue Concerns

Investor sentiment ahead of the meeting has been cautious.

  • Analysts highlighted a lag between order intake and revenue recognition, which has led to downward revisions of earnings expectations by several banks.
  • Berenberg’s analyst, James Carmichael, reduced the price target from 2.60 NOK to 2.30 NOK while maintaining a hold rating.
  • Citigroup followed suit with a similar reassessment, citing the same revenue‑conversion issues.

5. Company Context

NEL ASA, headquartered in Oslo, Norway, is a leading provider of hydrogen technology solutions, operating through three main segments: Hydrogen Fueling, Hydrogen Solutions, and Hydrogen Electrolyser. The company’s share price on 8 April 2026 was 2.14 NOK, with a 52‑week range between 1.919 NOK and 2.938 NOK. Its market capitalisation stands at 3.92 billion NOK, and the price‑to‑earnings ratio is –3.04. The firm’s operations span global hydrogen production, storage, and distribution from renewable sources.