Nekkar ASA: Third quarter 2026 financial results

5.11.2026 07:00:08 CET | Nekkar ASA | Additional regulated information required to be disclosed under the laws of a member state

5 November 2026 - Nekkar ASA (Nekkar) delivered revenue of NOK 175 million in the third quarter, an increase of 41 percent from the same quarter in 2025 (124), mainly driven by the first quarter of FiiZK consolidation, the addition of Satco from 1 August and organic growth in Intellilift. EBITDA was NOK 11 million (3), equivalent to a margin of 6.1 percent (2.5 percent), as a 44.6 percent EBITDA margin in Intellilift and a positive first-quarter contribution from FiiZK were partly offset by low activity in Syncrolift and Techano Oceanlift. The balance sheet remains strong with a cash position of NOK 176 million.

SUBSEQUENT TO THE QUARTER:

* Nekkar's wholly owned subsidiary Syncrolift was awarded a substantial contract by a US-based undisclosed customer for the design and supply of a shiplift system. This is the largest contract in the company's history. Work commences immediately with delivery scheduled for 2028. Nekkar defines a substantial contract as a contract with a total value above MNOK 800.

"This is Syncrolift's largest contract to date. The award confirms that Syncrolift's technology and track record are competitive and strengthens the company's position as the leading supplier of shiplift and transfer systems to naval and commercial shipyards worldwide," says Ole Falk Hansen, Chairman of FiiZK and CEO of Nekkar.

HIGHLIGHTS FROM THE QUARTER:

* Group revenue of NOK 175 million (124) with EBITDA of NOK 11 million (3), a margin of 6.1 percent (2.5 percent). Excluding FiiZK, revenue was NOK 105 million (124) * FiiZK consolidated in the profit and loss from the third quarter, contributing revenue of NOK 70 million and EBITDA of NOK 4.3 million * Intellilift EBITDA of NOK 9.9 million (5.0), a margin of 44.6 percent, as SaaS makes up a growing share of the revenue mix * Order intake of NOK 97 million (117) and order backlog of NOK 1,120 million (740) at quarter-end * Cash flow from business of NOK 37 million. Cash increased to NOK 176 million (167 at 30 June) after share buy-backs of NOK 10 million and a net cash outflow of NOK 16 million related to the Satco acquisition * Globetech completed its second add-on, acquiring 60 percent of Satco AS, consolidated from 1 August 2026 * Tendering activity continues at a high level across the Group, with specific award timing yet to be determined

"This is the first quarter with FiiZK fully consolidated, adding both revenue and EBITDA to the Group. Intellilift delivered an EBITDA margin of 45 percent as recurring software revenue becomes a larger part of the business. At the same time, newbuild volume in Syncrolift and activity in Techano Oceanlift remain low. Converting tenders into orders is now our main priority," says Ole Falk Hansen, CEO of Nekkar ASA.

Order intake was NOK 97 million in this year's third quarter (117), with no new newbuild awards in Syncrolift. Nekkar's order backlog stood at NOK 1,120 million at the end of the quarter (740), compared with NOK 1,199 million at 30 June. FiiZK is included in the order backlog from the second quarter and in order intake from the third quarter. As a reminder, the announced Syncrolift contract is not a part of the third-quarter backlog, but a post-quarter event.

Nekkar's balance sheet remains strong with NOK 176 million in cash as of 30 September 2026, NOK 69 million in treasury shares at cost (5,620,322 shares), NOK 16 million in long-term interest-bearing debt in FiiZK, and an equity ratio of 40 percent (47 percent at 30 June).

BUSINESS SEGMENT UPDATE:

Syncrolift - Nekkar's most mature business and a world-leading supplier of shiplifts and ship transfer systems - delivered revenue of NOK 38.5 million (57.9) in this year's third quarter, with EBITDA of NOK 0.5 million (5.2). With no newbuild awards and with spare parts and inspection deliveries moving to later periods, order intake during the third quarter was NOK 30 million, of which NOK 22 million in the aftermarket. Newbuild and upgrade projects are executing according to plan, and the two contracts awarded in the second quarter are still in the engineering phase. Syncrolift's order backlog stood at NOK 633 million at 30 September and the newbuild tender pipeline at approximately NOK 8.1 billion. While specific award dates continue to be hard to predict, the large number of defence-related contracts on the prospect list remains encouraging.

Intellilift delivered third quarter revenue of NOK 22.2 million, up from NOK 16.8 million a year earlier, with EBITDA of NOK 9.9 million (5.0), a margin of 44.6 percent. The margin reflects installed contracts with a full quarter of SaaS invoicing and a higher SaaS share of the revenue mix. Two further Smart Connect contracts were signed during the quarter, bringing the total to four, while total automation awards remain at 17. Automation software is now live on six rigs. Exact installation timing under the 11-rig contract has been adjusted to the customer's project schedules, moving some installations into coming quarters.

Techano Oceanlift had revenue of NOK 15.0 million (32.1) with limited backlog remaining. EBITDA was NOK -5.2 million (-5.4), as lower activity levels weighed on profitability. The second 70-tonne crane has been delivered to the customer, and production of two 150-tonne AHC offshore cranes is in execution. New orders are required to secure a positive EBITDA margin on a sustained basis.

Globetech delivered NOK 32.3 million in revenue during the third quarter (23.1), up 40 percent year on year including Satco from 1 August 2026, with EBITDA of NOK 5.8 million (4.5), a margin of 18.0 percent. Lower hardware sales in Globetech AS were offset by the contribution from Satco. The contracted fleet stood at 221 vessels at quarter-end (224 at 30 June), as one customer reduced the number of vessels in its managed fleet. Satco, 60 percent owned by Globetech, adds maritime communication, navigation and CCTV systems to the offering.

FiiZK had third quarter revenue of NOK 69.6 million (78) and EBITDA of NOK 4.3 million, a margin of 6.2 percent, in its first quarter fully consolidated in the Group accounts. FiiZK's prior-year figures were not consolidated, as FiiZK was an associated company accounted for using the equity method until the third quarter of 2026. Nekkar now owns 100 percent of the shares. The four-unit Protectus delivery to Mowi is progressing according to plan. Market interest in closed containment continues to build, supported by the Miljøfleksordning, the proof of concept from the Slåttenes delivery and the ongoing Mowi order, in addition to the Government's announced proposal for a national zero-emission scheme for aquaculture.

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: Nekkar Webcast Q3 2026 - https://qcnl.tv/p/l54DAjSvd6t3o-QqLl7cQw

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

* Per Christian Olsen, Investor Relations, Nekkar ASA, +47 90 02 90 77, investor.relations@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 2026.pdf - https://kommunikasjon.ntb.no/ir-files/17847326/19131083/20462/Nekkar%20ASA%20Q3% 202026.pdf