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20 August 2026 - Nekkar ASA (Nekkar) delivered revenue of NOK 129 million in the
second quarter, a reduction of 7 percent from the same quarter in 2025 (139),
mainly driven by lower newbuild activity within Syncrolift. EBITDA was NOK 5
million (-12), equivalent to a margin of 3.6 percent (-8.6 percent), reflecting
the progression of the market-entry projects in Techano Oceanlift and continued
profitable growth in Globetech and Intellilift. The balance sheet remains strong
with a cash position of NOK 167 million.
HIGHLIGHTS FROM THE QUARTER:
- Group revenue of NOK 129 million (139) with EBITDA of NOK 5 million (-12), a
margin of 3.6 percent (-8.6 percent)
- Order intake of NOK 294 million (147) and order backlog of NOK 1,199 million
(753) at quarter-end. FiiZK is included in the order backlog from Q2 with NOK
273 million
- Two Syncrolift awards: a EUR 8.5 million shiplift and transfer system in
Egypt and a USD 10.5 million naval modernisation contract in the Middle East
- Techano Oceanlift close to EBITDA breakeven at NOK -0.2 million (-14.2) as
the market-entry contracts approach completion
- Rigs with live Intellilift automation SaaS contracts up from two to five,
with total rig awards at 17
- Following call option exercised on 22 June, and subsequent purchases of
minority shareholders, Nekkar owns approximately 96% of the shares and
controls approximately 100% of the voting rights in FiiZK, with balance sheet
consolidated from 30 June 2026 and profit and loss from the third quarter
- Tendering activity continues at a high level across the Group, with specific
award timing yet to be determined
“EBITDA of NOK 5 million in the quarter, and NOK 12 million for the first half,
compares with negative NOK 12 million and negative NOK 24 million last year. The
improvement is broad-based, and Techano Oceanlift approaching breakeven is a
significant part of it. Revenue remains held back by low newbuild volume in
Syncrolift, which also impacts the profitability” says Ole Falk Hansen, CEO of
Nekkar ASA.
Order intake was NOK 294 million in this year’s second quarter (147), driven by
the two Syncrolift awards. Nekkar’s order backlog stood at NOK 1,199 million at
the end of the quarter (753). The backlog includes NOK 273 million from FiiZK,
which is consolidated into the order backlog from the second quarter but not
included in order intake.
“Taking majority ownership of FiiZK is a deliberate and logical step. The
Miljøfleksordning incentivises closed containment, the Protectus deliveries to
Mowi have established proof of concept, and we know the company well after three
years as its largest shareholder. Settling the consideration mainly in our own
shares let us consolidate a business we understand without drawing on cash,”
says Ole Falk Hansen, Chairman of FiiZK and CEO of Nekkar.
Nekkar’s balance sheet remains strong with NOK 167 million in cash as of 30 June
2026, NOK 65 million in treasury shares, NOK 17 million in long-term
interest-bearing debt assumed through the FiiZK consolidation, an equity ratio
of 47 percent and an undrawn credit facility of NOK 200 million.
For the first half of 2026 Nekkar delivered revenue of NOK 259 million (250)
with EBITDA of NOK 12 million (-24), equivalent to a margin of 4.6 percent (-9.6
percent). Operating profit was NOK 1 million (-32) and net profit NOK 4 million
(-18).
BUSINESS SEGMENT UPDATE:
Syncrolift - Nekkar’s most mature business and a world-leading supplier of
shiplifts and ship transfer systems - delivered revenue of NOK 57.1 million
(71.6) in this year’s second quarter, with EBITDA of NOK 2.9 million (2.7), a
margin of 5.0 percent. Service revenue was NOK 27 million in the quarter, with
all EBITDA generated by the service business. Revenue continued to reflect the
timing of newbuild awards. The two contracts won during the quarter span
commercial newbuild and naval upgrade, and modernisation is becoming a more
meaningful part of the order book. The newbuild tender pipeline stands at
approximately NOK 8.7 billion, of which around NOK 5.7 billion is expected to be
awarded during 2026 and 2027. While specific award dates continue to be hard to
predict, the large number of defence-related contracts on the prospect list
remains promising.
Intellilift delivered second quarter revenue of NOK 16.8 million, up from NOK
15.0 million a year earlier, with EBITDA of NOK 2.7 million (2.1), a margin of
16.3 percent. Margins on drilling projects and SaaS came in as expected, while
increased costs on internal deliveries to Techano Oceanlift and slightly lower
volumes resulted in a somewhat lower margin in the quarter. In April,
Intellilift secured two further contracts - a contract in the Middle East for
Smart Connect on the platform’s first jackup rig, and a floater - taking total
automation awards to 17 at quarter-end. One further Smart Connect contract was
signed in July, after quarter-end.
Techano Oceanlift had revenue of NOK 28.5 million (35.0) as the two market-entry
contracts from 2023 were operationally completed. EBITDA was NOK -0.2 million
(-14.2), close to breakeven and with no new cost overruns in the quarter. The
business is now executing two advanced offshore crane repeat projects. New
orders are required to secure a positive EBITDA margin on a sustained basis.
Globetech delivered NOK 29.9 million in revenue during the second quarter
(25.3), up 18 percent year on year, with EBITDA of NOK 8.1 million (7.1), a
margin of 27.2 percent. Customer activity remains high with continued growth in
the installed base. On 1 August 2026, after quarter-end, Globetech acquired 60
percent of Satco AS, a Sandnes-based supplier of maritime communication,
navigation and CCTV systems with 2025 revenues of NOK 45 million and 65 vessels
on active connectivity contracts, its second add-on acquisition following
Firstpoint in 2025.
FiiZK had second quarter revenue of NOK 68 million (41). Execution of the
contract for four Protectus closed containment systems for Mowi progressed
during the quarter. The regulatory backdrop remains supportive, as the
short-term Miljøfleksordning provides specific incentives for closed containment
systems and the longer-term Havbruksmelding maintains a focus on fish welfare,
lice management and mortality reduction. FiiZK’s profit and loss accounts are
not consolidated in the Group’s second quarter figures; following the exercise
of the call option, FiiZK’s balance sheet is consolidated from 30 June 2026 and
profit and loss from the third quarter.
PRESENTATION AT 08:00 AM TODAY
Nekkar ASA invites investors, analysts and media to a presentation of the
company’s second quarter financial results today at 08:00 CET.
The webcast presentation can be viewed from this URL: Q2’26 Webcast -
Nekkar Webcast Q2 2026
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
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 Financial Statement Q2 and half-year results 2026.pdf -
https://kommunikasjon.ntb.no/ir-files/17847326/19030496/15478/Nekkar%20ASA%20Fin
ancial%20Statement%20Q2%20and%20half-year%20results%202026.pdf
Nekkar ASA Q2 2026.pdf -
https://kommunikasjon.ntb.no/ir-files/17847326/19030496/15479/Nekkar%20ASA%20Q2%
202026.pdf
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