12 February 2026 – Nekkar ASA (Nekkar) delivered revenue of NOK 197 million in the fourth quarter, an increase of 9% from the same quarter in 2025 (181). The result was mainly driven by higher activity in Intellilift and Techano Oceanlift from new projects through the year as well as from resilient activity levels in Syncrolift. EBITDA was NOK 23 million (27), equivalent to a margin of 11.4% (15.1%). The slight reduction is driven by cost overruns related to newbuilds in Techano Oceanlift, which is somewhat offset by a solid margin development in Intellilift. The balance sheet remains strong with a net cash position of NOK 150 million.
The fourth quarter and 2025 results highlights were:
- Operational cash flow for the year was NOK 36 million, driving a net cash position of NOK 150 million after NOK 64 million in share buybacks through the year
- Full year group revenues of NOK 571 million down 8% YoY, while Syncrolift decreases 36%, highlights the growing maturity of remaining investment portfolio
- During the fourth quarter FiiZK completed a milestone delivery of two Protectus closed containment systems to Mowi who are now successfully in operation
- Mowi also ordered additional 4x Protectus closed containment systems, solidifying FiiZk as a market leader
- InteliWell, a joint venture including Intellilift, was awarded two new rig contracts through the quarter as well as a conversion from trial to full deployment and counts five active or confirmed rigs in total by year end
- After quarter’s end, InteliWell, the JV between Intellilift and Transocean, also secured a major agreement for drilling automation solutions on 11 offshore rigs. Installations are set to commence during the second quarter with one or more rigs to be deployed per quarter over a 30-month period
- Tendering activity continues at a record high level across the group, with specific award timing yet to be determined
“Despite Syncrolift declining 36% in YoY revenues due to little new order intake, Group figures are holding up well and highlighting that Nekkar is increasingly becoming a more diverse portfolio as some of the growth companies are maturing and entering new phases. As long-awaited orders eventually start to materialize, the platform from which we can continue to build toward our 2027 ambition on continues to look solid.” says Ole Falk Hansen, CEO of Nekkar ASA.
Order intake was NOK 122 million in this year’s fourth quarter (187), driven by awards in Syncrolift and Intellilift. Nekkar’s order backlog stood at NOK 678 million at the end of the quarter (744).
“The groundbreaking award in InteliWell announced after quarter’s end demonstrates how our portfolio companies are maturing with great scalability potential. For InteliWell, and in turn Intellilift, the growth ahead in SaaS income is truly transformative” says Ole Falk Hansen.
FiiZK, an associated company of Nekkar ASA, announced during the fourth quarter an award for four closed containment systems from Mowi, the world’s largest salmon producer. 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 two successful installations of previous orders during the fourth quarter, and the same customer opting for four more containment systems, FiiZK emphasises its position as an industry leader within closed containment systems, and the most viable proof of concept there is” says Ole Falk Hansen, Chairman of FiiZK and CEO of Nekkar.
Nekkar's balance sheet remains strong with NOK 150 million in cash as of 31 December 2025, NOK 98 million holdings in treasury shares, no interest-bearing debt, and an undrawn credit facility of NOK 200 million.
For the full-year 2025, Nekkar delivered revenue of NOK 571 million, down 8 percent from NOK 624 million the prior year. EBITDA in 2025 ended at NOK 2 million (92), with a net profit of NOK -35 million (86). Net profit for the quarter and year was impacted by a non-cash impairment of a development project reflecting a reassessment of its current commercial potential.
BUSINESS SEGMENT UPDATE:
Syncrolift - Nekkar's most mature business and world leading supplier of shiplifts and ship transfer systems - delivered revenue of NOK 120 million (132) in this year's fourth quarter. The revenue slowdown continues to be driven by lower than expected awards in the market but was mitigated by solid service activity during the fourth quarter. 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 continues to 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 21 million in this fourth quarter, up from NOK 13 million in the same period last year. Intellilift experienced solid growth in activity levels during the fourth quarter, supported by growing international interest in Intellilift’s product offerings. It was positive for InteliWell, Intellilift’s JV, to announce the award of three new rigs to purchase the IW automation platform, including the conversion from trial to full deployment on Shell Poseidon, growing future SaaS revenues as they are fully deployed. Subsequently, InteliWell after quarter’s end also signed a major agreement with a leading offshore drilling operator for the supply, installation and long-term operation of the InteliAutomate and InteliTrak systems. For Intellilift, the award comprises a fixed sum project, plus a Software-as-a-Service fee throughout the duration of the agreement. The software is expected to be deployed on a rolling basis across the 11 rigs over a total duration of 30 months with one or more rigs expected to be completed per quarter.
Techano Oceanlift had revenue of NOK 37 million (12) as awards through 2025 are now becoming the primary sources of activity. The business still reported a negative EBITDA of NOK -17 million due to additional cost overruns in its first delivery projects. With new projects awarded in 2025 now well underway, revenue contribution is rapidly shifting with the profit mix expected to follow.
Globetech delivered NOK 29 million in revenue during the fourth quarter (28). The company is experiencing a continued high level of customer activity, and has through 2025 scaled the organization accordingly. EBITDA margins continues to remain around 20% with a reported fourth quarter margin of 18% (30%).
FiiZK had fourth-quarter revenue of NOK 24 million (11). During the quarter, FiiZK passed significant milestones for itself and the closed containment systems industry as a whole. First, FiiZK successfully completed delivery of the 2x Protectus award from Mowi at Mowi’s Slåttenes location (where 2x Ecomerden are already in use). Salmon was also introduced to the systems during the fourth quarter, and the facility is performing well. Second, FiiZK was in parallel awarded additional 4x Protectus closed containment systems from Mowi to use at other locations where it can utilize closed systems to increase biomass through the newly implemented “Miljøfleksordning”. Combined, these milestones underlines the ongoing maturity of and growth within the use of closed containment systems, and FiiZKs position as the market leader.
PRESENTATION AT 08:00 AM TODAY
Nekkar ASA invites investors, analysts and media to a presentation of the company’s fourth quarter financial results today at 08:00 CET
The webcast presentation can be viewed from this URL: https://qcnl.tv/p/aZdV-lNr1c9Jc5YZqzU4yA
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.