12.2.2026 07:00:00 CET | Nekkar ASA | Additional regulated information required
to be disclosed under the laws of a member state

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.

ATTACHMENTS

Nekkar ASA Q4 2025.pdf -
https://kommunikasjon.ntb.no/ir-files/17847326/18803116/6793/Nekkar%20ASA%20Q4%2
02025.pdf