13.11.2025 06:00:01 CET | Nekkar ASA | Additional regulated information required
to be disclosed under the laws of a member state
13 November 2025 - Nekkar ASA (Nekkar) delivered revenue of NOK 124 million in
the third quarter, a reduction of 12% from the same quarter in 2024 (140),
mainly driven by lower activity within Syncrolift. EBITDA was NOK 3 million
(14), equivalent to a margin of 2.5% (10%). The reduction reflects lower
Syncrolift activity and a negative contribution from Techano Oceanlift projects.
The balance sheet remains strong with a net cash position of NOK 170 million.
While third quarter results were impacted by temporarily lower activity and
one-off cost overruns, Nekkar, with roughly one-third of activity linked to a
growing defence segment, remains well positioned to deliver on its long-term
ambitions. In that regard, Nekkar will today hold a physical Capital Markets Day
to further elaborate on its ongoing development and aspirations. The
presentation from the Capital Markets Day will be published on our webpages
alongside quarterly material.
HIGHLIGHTS FROM THE QUARTER:
* Group revenue of NOK 124 million (from NOK 140 million a year earlier),
impacted by lower activity in Syncrolift due to lack of order intake
* The third quarter EBITDA result of NOK 3 million represents a combination of
the abovementioned temporary activity decline in Syncrolift, coupled with
legacy project costs in Techano Oceanlift that are rapidly diminishing in
impact
* Operational cash flow of NOK -26 million (5) in Q3, primarily driven by
higher working capital
* Tendering activity continues at a record high level across the group, with
specific award timing yet to be determined
"While the EBITDA in the third quarter is low, the effect from the diminishing
contribution from Techano first-build projects is evident. We continue to see a
positive underlying development in our operating companies, backed by a strong
balance sheet and defined strategic ambitions going forward" says Ole Falk
Hansen, CEO of Nekkar.
Order intake was NOK 117 million in this year's third quarter (83), driven by
awards in Syncrolift. Nekkar's order backlog stood at NOK 740 million at the end
of the quarter (704). The order intake and backlog does not include the recently
awarded Intellilift contracts through InteliWell for Transocean.
"InteliWell's recent awards demonstrate the attractiveness of the InteliWell
offering. During the quarter, another rig went live, and two additional
contracts were signed after quarter end" says Ole Falk Hansen.
FiiZK, an associated company of Nekkar ASA, also announced after the quarter's
end, an award for four closed containment systems from a leading Norway-based
undisclosed fish farmer. Having delivered 24 closed containment systems by
year-end 2025, which has executed more than 80 production cycles to date, FiiZK
enjoys a leading position in the market for closed containment systems measured
in both time in water and installed base.
"With this new award, FiiZK continues to strengthen its position as the leading
provider of closed containment systems globally" says Ole Falk Hansen, Chairman
of FiiZK and CEO of Nekkar.
Nekkar's balance sheet remains strong with NOK 170 million in cash as of 30
September 2025, NOK 80 million holdings in treasury shares, no interest-bearing
debt, and an undrawn credit facility of NOK 200 million.
BUSINESS SEGMENT UPDATE:
Syncrolift - Nekkar's most mature business and world leading supplier of
shiplifts and ship transfer systems - delivered revenue of NOK 58 million (110)
in this year's third quarter. The revenue slowdown continues to be driven by
lower than expected awards in the market. Syncrolift's global leading position
and track record within the defence segment continues to highlight the company's
unique position in a growing end-market. While specific award dates in this
segment can be hard to predict due to external factors, the large number of
defence-related contracts on the prospect list remains encouraging.
Intellilift delivered revenue of NOK 17 million in this third quarter, up from
NOK 12 million in the same period last year. Intellilift experienced continued
solid activity levels during the third quarter, supported by growing
international interest in Intellilift's product offerings with recent award of
three automation SaaS contracts. Techano Oceanlift had revenue of NOK 32 million
(10) as market-entry projects neared completion and recent awards were ramping
up in activity. The business reported a negative EBITDA of NOK -5 million mainly
due to additional but diminishing cost overruns in its first delivery projects.
With new 2025 projects now underway, revenues are increasing and the profit mix
in improving.
Globetech delivered NOK 23 million in revenue during the third quarter (similar
to NOK 21 million one year ago). The company is experiencing a continued high
level of customer activity, with profitability levels reflecting stable and
healthy operations.
FiiZK had third-quarter revenue of NOK 78 million. While this represents growth
year-on-year from NOK 40 million, historic figures still included divested
business segments. The growth in activity from the first quarter of 2025 (24)
and final quarter of 2024 (11) is as such more representable and was driven by
the startup in the beginning of the year on the breakthrough contract for 2x
Protectus announced during Q4'24. With the additional four awards recently
announced after the quarter's end, FiiZK confirms its position within closed
containment systems.
CAPITAL MARKETS DAY
Nekkar ASA will also host its Capital Markets Day today. The event will take
place at Syncrolift's offices at Vestby. The web-based third-quarter results
presentation will begin at 08:00 CET followed by the Capital Markets Day session
starting at 09:15 CET.
While the Capital Markets Day event is for physical attendance only, the
presentation used for the event will be shared on the Nekkar webpages (
www.nekkar.com - http://www.nekkar.com).
PRESENTATION AT 08:00 AM TODAY
Nekkar ASA invites investors, analysts and media to a presentation of the
company's third quarter financial results today at 08:00 CET
The webcast presentation can be viewed from this URL:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20251113_2
Questions can be submitted during the live webcast. The presentation material is
enclosed to this announcement.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.
CONTACTS
* Ole Falk Hansen, CEO, +47 988 14 184, ir@nekkar.com
ABOUT NEKKAR ASA
Nekkar (OSE: NKR) is an industrial long-term owner of ocean-based technology
companies. The company invests in and develops technology businesses within
sustainable oceans, robotics and intelligent logistics, and digital solutions.
With a 50-year industrial heritage from Syncrolift, Nekkar applies an active
buy-to-own strategy to build long-term value. The group supports empowered
operating companies with a strong balance sheet and reinvests strategically to
ensure profitability and sustainable growth. As a publicly listed company,
Nekkar has a proven track record of shareholder value creation through
disciplined M&A, financial management, and capital allocation.
ATTACHMENTS
Nekkar ASA Q3 2025.pdf -
https://kommunikasjon.ntb.no/ir-files/17847326/18718435/6574/Nekkar%20ASA%20Q3%2
02025.pdf