13 November 2025 – Nekkar ASA (Nekkar) delivered revenue of NOK 124 million in the third quarter, a reduction of 12% from the same quarter in 2024 (140), mainly driven by lower activity within Syncrolift. EBITDA was NOK 3 million (14), equivalent to a margin of 2.5% (10%). The reduction reflects lower Syncrolift activity and a negative contribution from Techano Oceanlift projects. The balance sheet remains strong with a net cash position of NOK 170 million.
While third quarter results were impacted by temporarily lower activity and one-off cost overruns, Nekkar, with roughly one-third of activity linked to a growing defence segment, remains well positioned to deliver on its long-term ambitions. In that regard, Nekkar will today hold a physical Capital Markets Day to further elaborate on its ongoing development and aspirations. The presentation from the Capital Markets Day will be published on our webpages alongside quarterly material.
HIGHLIGHTS FROM THE QUARTER:
- Group revenue of NOK 124 million (from NOK 140 million a year earlier), impacted by lower activity in Syncrolift due to lack of order intake
- The third quarter EBITDA result of NOK 3 million represents a combination of the abovementioned temporary activity decline in Syncrolift, coupled with legacy project costs in Techano Oceanlift that are rapidly diminishing in impact
- Operational cash flow of NOK -26 million (5) in Q3, primarily driven by higher working capital
- Tendering activity continues at a record high level across the group, with specific award timing yet to be determined
“While the EBITDA in the third quarter is low, the effect from the diminishing contribution from Techano first-build projects is evident. We continue to see a positive underlying development in our operating companies, backed by a strong balance sheet and defined strategic ambitions going forward” says Ole Falk Hansen, CEO of Nekkar.
Order intake was NOK 117 million in this year’s third quarter (83), driven by awards in Syncrolift. Nekkar’s order backlog stood at NOK 740 million at the end of the quarter (704). The order intake and backlog does not include the recently awarded Intellilift contracts through InteliWell for Transocean.
“InteliWell’s recent awards demonstrate the attractiveness of the InteliWell offering. During the quarter, another rig went live, and two additional contracts were signed after quarter end” says Ole Falk Hansen.
FiiZK, an associated company of Nekkar ASA, also announced after the quarter’s end, an award for four closed containment systems from a leading Norway-based undisclosed fish farmer. 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 this new award, FiiZK continues to strengthen its position as the leading provider of closed containment systems globally” says Ole Falk Hansen, Chairman of FiiZK and CEO of Nekkar.
Nekkar's balance sheet remains strong with NOK 170 million in cash as of 30 September 2025, NOK 80 million holdings in treasury shares, no interest-bearing debt, and an undrawn credit facility of NOK 200 million.
BUSINESS SEGMENT UPDATE:
Syncrolift - Nekkar's most mature business and world leading supplier of shiplifts and ship transfer systems - delivered revenue of NOK 58 million (110) in this year's third quarter. The revenue slowdown continues to be driven by lower than expected awards in the market. 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 external factors, the large number of defence-related contracts on the prospect list remains encouraging.
Intellilift delivered revenue of NOK 17 million in this third quarter, up from NOK 12 million in the same period last year. Intellilift experienced continued solid activity levels during the third quarter, supported by growing international interest in Intellilift’s product offerings with recent award of three automation SaaS contracts. Techano Oceanlift had revenue of NOK 32 million (10) as market-entry projects neared completion and recent awards were ramping up in activity. The business reported a negative EBITDA of NOK -5 million mainly due to additional but diminishing cost overruns in its first delivery projects. With new 2025 projects now underway, revenues are increasing and the profit mix in improving.
Globetech delivered NOK 23 million in revenue during the third quarter (similar to NOK 21 million one year ago). The company is experiencing a continued high level of customer activity, with profitability levels reflecting stable and healthy operations.
FiiZK had third-quarter revenue of NOK 78 million. While this represents growth year-on-year from NOK 40 million, historic figures still included divested business segments. The growth in activity from the first quarter of 2025 (24) and final quarter of 2024 (11) is as such more representable and was driven by the startup in the beginning of the year on the breakthrough contract for 2x Protectus announced during Q4’24. With the additional four awards recently announced after the quarter’s end, FiiZK confirms its position within closed containment systems.
CAPITAL MARKETS DAY
Nekkar ASA will also host its Capital Markets Day today. The event will take place at Syncrolift’s offices at Vestby. The web-based third-quarter results presentation will begin at 08:00 CET followed by the Capital Markets Day session starting at 09:15 CET.
While the Capital Markets Day event is for physical attendance only, the presentation used for the event will be shared on the Nekkar webpages (www.nekkar.com).
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: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20251113_2
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.