Nekkar ASA: First quarter 2026 financial results

07 May 2026 07:00 CEST

7.5.2026 07:00:03 CEST | Nekkar ASA | Additional regulated information required
to be disclosed under the laws of a member state

7 May 2026 - Nekkar ASA (Nekkar) delivered revenue of NOK 130 million in the
first quarter, up 17 percent from NOK 111 million in the same quarter last year.
EBITDA was NOK 7 million (-12), equivalent to a margin of 5.5 percent (-11
percent). The results were driven by healthy activity in Intellilift and
Globetech while Techano Oceanlift reported an improvement in results. Syncrolift
contributed by nearly half of Group revenues and a muted profitability slightly
above same quarter last year. The balance sheet remains strong with a net cash
position of NOK 95 million.

First quarter 2026 highlights:

* Order intake of NOK 227 million, up 46% year-on-year, driven by recently
announced Intellilift contract for automation solutions on 11 rigs
* After quarter's end, Intellilift also secured two further awards for drilling
automation solutions - for a jackup rig and a floater, both with new
customers
* Also after quarter-end, Syncrolift was awarded an EUR 8.5 million contract by
South Red Sea Shipyard in Egypt for delivery of shiplift and transfer system
* Revenue of NOK 130 million, up 17 percent year-on-year, which included decent
growth in Globetech and Techano Oceanlift
* Operational cash flow for the quarter was NOK -40 million, primarily
reflecting a build in working capital; net cash position of NOK 95 million
after NOK 11 million in share buybacks during the quarter

"Q1 represents another step forward for the Group, with revenue growth across
most of the consolidated portfolio and great commercial momentum in Intellilift.
With the operating companies maturing and the InteliWell platform building a
growing and recurring SaaS base with long-term visibility, it is pleasing to
observe the portfolio progressing well. Nekkar's balance sheet remains solid and
supports both continued execution and inorganic optionality" says Ole Falk
Hansen, CEO of Nekkar ASA.

Order intake in the first quarter was NOK 227 million, driven by the previously
announced award to Inteliwell, the joint venture between Intellilift and
Transocean, for drilling automation solutions on 11 rigs. Order backlog stood at
NOK 765 million at the end of the quarter. Tendering activity across the Group
remains at a high level, with specific award timing yet to be determined.

Nekkar's balance sheet remains strong with NOK 95 million in cash at the end of
the first quarter, no interest-bearing debt, an equity ratio of 53 percent and
an undrawn credit facility of NOK 200 million. The cash position does not
reflect a significant milestone payment in Syncrolift which arrived just after
quarter-end.

BUSINESS SEGMENT UPDATE:

Syncrolift - Nekkar's most mature business and a world-leading supplier of
shiplifts and ship transfer systems - delivered revenue of NOK 59.9 million in
the first quarter, with EBITDA of NOK 4.5 million (margin 7.5 percent). Q1
revenues were impacted by the timing of new-build project awards. During the
quarter, Syncrolift was awarded several smaller upgrades as part of its
aftermarket business. Defense-related tendering activity remains high,
supporting visibility into the medium term, although specific award timing
continues to be hard to predict due to external factors. Post quarter-end,
Syncrolift was also awarded an EUR 8.5 million contract by South Red Sea
Shipyard in Egypt for a shiplift and transfer system, highlighting Syncrolift's
competitiveness also in the commercial segment.

Intellilift delivered first quarter revenue of NOK 18.7 million, with EBITDA of
NOK 6.1 million (margin 32.6 percent). The quarter saw continued commercial
momentum where, in addition to the previously announced 11-rig framework
agreement (10-year duration), Intellilift also secured two further awards just
after quarter-end. These consisted of deliveries to a jackup rig with a new
customer in a new market for the platform, and a floater with a new customer.
Installations are phased through 2026, with SaaS revenue scaling across the
contract base as units come online from recent awards. Contracted rig automation
orders by quarter-end totals 16 rigs.

Techano Oceanlift had revenue of NOK 26.7 million in the first quarter, with
EBITDA of NOK -3.1 million (margin -11.6 percent). The business is now executing
four advanced offshore crane projects in parallel, of which two are repeat
orders. Repeat orders reduce design complexity and lift production efficiency,
and the focus through the remainder of the year is on disciplined execution to
support margin recovery and on-time delivery.

Globetech delivered first quarter revenue of NOK 31.8 million, with EBITDA of
NOK 7.9 million (margin 24.8 percent). The managed-fleet footprint grew to 222
vessels at quarter-end, up seven from Q4'25, with continued organic growth in
vessels served.

FiiZK, an associated company of Nekkar, continued execution of the 4x Protectus
closed containment systems contract for Mowi during the first quarter,
progressing as planned. The regulatory backdrop for closed containment 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.

PRESENTATION AT 08:00 AM TODAY:

Nekkar ASA invites investors, analysts and media to a presentation of the
company's first quarter financial results on May 7th 2026 at 08:00 CET. The
webcast presentation can be viewed from Nekkar Webcast Q1 2026 -
https://qcnl.tv/p/nwMfUnTN2jtZ7q1ndIz0fg. 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.

ATTACHMENTS

Nekkar ASA Q1 2026.pdf -
https://kommunikasjon.ntb.no/ir-files/17847326/18891203/9406/Nekkar%20ASA%20Q1%2
02026.pdf

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672623_Nekkar ASA Q1 2026.pdf