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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 -
Nekkar Webcast Q3 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 Q3 2026.pdf -
https://kommunikasjon.ntb.no/ir-files/17847326/19131083/20462/Nekkar%20ASA%20Q3%
202026.pdf
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