8.5.2025 07:00:01 CEST | Nekkar ASA | Additional regulated information required to be disclosed under the laws of a member state

8 May 2025 – Nekkar ASA (Nekkar) delivered revenue of NOK 111 million in the first quarter, down 27% from the same quarter in 2024 (152) mainly driven by slower progress in Syncrolift projects. EBITDA was NOK -12 million (30), equivalent to a margin of -11% percent (20%) driven by the above-mentioned progress in Syncrolift and cost increases in Techano Oceanlift projects. The balance sheet remains strong with a net cash position of NOK 182 million.

While the first quarter results were impacted by unfavorable activity and cost developments, Nekkar, with roughly one-third of activity related to a growing defence segment, remains well positioned to deliver on its ambitions.

HIGHLIGHTS FROM THE QUARTER:

• Group revenue of NOK 111 million (from NOK 152 million a year earlier), impacted by temporary lower progress on key projects in Syncrolift and lack of order intake last year
• The first quarter negative EBITDA result of NOK 12 million represents a combination of the abovementioned temporary activity decline in Syncrolift, coupled with increased costs in Techano Oceanlift as well as adverse currency effects from the depreciation of USD against NOK
• Operational cash flow of NOK -8 million in Q1 driven primarily by the abovementioned negative EBITDA result
• Tendering activity continues at a high level across the Group, with specific award timing yet to be determined 

“The negative EBITDA in the quarter is disappointing and does not align with our performance goals at Nekkar. While the quarterly results isolated is negative we continue to see a positive underlying development in our operating companies, backed by a strong Group balance sheet and defined strategic ambitions going forward” says Ole Falk Hansen, CEO of Nekkar.

Order intake was NOK 155 million in this year’s first quarter (188), driven by Techano Oceanlift’s order for a new 150t crane to Sefine Shipyard. Nekkar’s order backlog stood at NOK 757 million at the end of the quarter (888). The order intake and backlog does not include the recently awarded Techano Oceanlift contract with Hercules Supply.

“Techano Oceanlift’s recent awards exemplifies the development from awards based on market-entry price levels, towards orders founded on customer relationships and proven concepts.” adds Ole Falk Hansen. 

Nekkar's balance sheet remains strong with NOK 182 million in cash as of 31 March 2025, NOK 62 million holdings in treasury shares, no interest-bearing debt, and an undrawn credit facility of NOK 200 million.

BUSINESS SEGMENT UPDATE:

Nekkar's most mature business, Syncrolift, a world leading supplier of shiplifts and ship transfer systems, delivered revenue of NOK 65 million (126) in this year's first quarter. The revenue slowdown was driven by phasing of key projects and lower than expected order intake last year. 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 a range of circumstantial factors, it is pleasing to observe the large amount of defence related contracts on the prospect lists, putting Syncrolift in a unique position going forward.

Intellilift delivered revenue of NOK 19 million in this first quarter, more than a doubling from the same period last year (8). Intellilift completed its milestone delivery and installation to Hanwha Ocean on the vessel Tidal Action during the quarter.   

Techano Oceanlift had revenue of NOK 11 million (22) as market-entry projects are nearing completion while recent awards were not yet ramping up in activity. A weak EBITDA of NOK -13 million in Techano Oceanlift was driven by cost overruns in its first delivery projects. While the margin mix in the first quarter still only contains market entry projects, these contracts are expected to be completed in coming months with newly signed contracts generating more reasonable project margins from Q2 and onwards.  

Globetech, which was acquired (67%) during Q3’24, delivered NOK 27 million in revenue during the first quarter (up 25% YoY). The company is experiencing a continued high level of customer activity, with profitability levels reflecting stable and healthy operations.

FiiZK had first quarter revenue of NOK 24 million. While this represents a decline year-on-year from NOK 43 million, historic figures include business segments divested through 2024. The growth in activity from the fourth quarter of 2024 (11) is as such more representable and was driven by the startup towards the end of the first quarter on the breakthrough contract for 2x Protectus announced during Q4’24. Furthermore, in April the Norwegian government released its “Havbruksmelding”, highlighting a key focus on fish welfare, lice and mortality for the future of Norwegian aquaculture industry.

PRESENTATION AT 08:00 AM TODAY

Nekkar ASA invites investors, analysts and media to a presentation of the company’s first quarter financial results today at 08:00 CET

The webcast presentation can be viewed from this URL: https://channel.royalcast.com/landingpage/hegnarmedia/20250508_1/

Questions can be submitted during the live webcast. The presentation material is enclosed to this announcement.

LUNCH PRESENTATION AT 11:00 (CET):

In addition, Nekkar will hold a physical presentation at 11:00 (CET) on the same day at Sparebank 1 Markets, Olav Vs gate 5 (second floor), Oslo. Attendees can pre-register at corporateaccess@sb1markets.no.

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 Q1 2025 presentation.pdf