Nel is trading 7.6% lower at €0.19, with the decline following a sharp Q3 revenue shortfall.
- Its October 15, 2026 quarterly report showed NOK 112 million in revenue from customer contracts, down 63% year over year and well below the cited NOK 202.2 million analyst expectation.
- Stronger order intake offered a counterpoint. The earlier Rheinmetall synthetic-fuel MoU was explicitly non-binding and does not explain the drop; no volume information was provided.