28.8.2025 07:00:01 CEST | Nekkar ASA | Half yearly financial reports and audit
reports / limited reviews

28 August 2025 - Nekkar ASA (Nekkar) delivered revenue of NOK 139 million in the
second quarter, a reduction of 7% from the same quarter in 2024 (150) mainly
driven by lower activity within Syncrolift. EBITDA was NOK -12 million (20),
equivalent to a margin of -9% percent (13%) driven by the above-mentioned
activity in Syncrolift and cost increases in Techano Oceanlift projects. The
balance sheet remains strong with a net cash position of NOK 225 million.

While second 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 ambitions.

HIGHLIGHTS FROM THE QUARTER:

 * Group revenue of NOK 139 million (from NOK 150 million a year earlier),
   impacted by lower activity in Syncrolift due to lack of order intake
 * The second quarter negative EBITDA result of NOK 12 million represents a
   combination of the abovementioned temporary activity decline in Syncrolift,
   coupled with increased costs in Techano Oceanlift as well as adverse currency
   effects from the depreciation of USD against NOK
 * Operational cash flow of NOK 59 million in Q2, was up 26 % year on year
   driven primarily by release of previously tied up working capital, giving an
   operational cash flow margin of 42 % (31 %)
 * Tendering activity continues at a record high level across the Group, with
   specific award timing yet to be determined 

"While the negative EBITDA in the second quarter is disappointing, it is from
the known challenges flagged during our first quarter. While the quarterly
results isolated are negative we continue to see a positive underlying
development in our operating companies, backed by a strong Group balance sheet
and defined strategic ambitions going forward" says Ole Falk Hansen, CEO of
Nekkar.

Order intake was NOK 147 million in this year's second quarter (15), driven by
Techano Oceanlift's order for a new 70t crane to Hercules Supply. Nekkar's order
backlog stood at NOK 753 million at the end of the quarter (725). The order
intake and backlog does not include the recently awarded Syncrolift contracts
with Dubai Maritime City for ~ USD 5 million.

"Syncrolift's recent award demonstrate our communicated story: numerous market
tenders exist, but award timing remains unpredictable," says Ole Falk Hansen. 

Nekkar's balance sheet remains strong with NOK 225 million in cash as of 30 June
2025, NOK 64 million holdings in treasury shares, no interest-bearing debt, and
an undrawn credit facility of NOK 200 million.



BUSINESS SEGMENT UPDATE:

Nekkar's most mature business, Syncrolift, a world leading supplier of shiplifts
and ship transfer systems, delivered revenue of NOK 72 million (124) in this
year's second quarter. The revenue slowdown was driven by phasing of key
projects and lower than expected order intake last year. 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 a range of
circumstantial factors, it is pleasing to observe the large number of
defence-related contracts on the prospect lists, putting Syncrolift in a unique
position going forward.

Intellilift delivered revenue of NOK 15 million in this second quarter, up from
the same period last year (11). Intellilift experienced continued solid activity
levels during the second quarter, with strong interest for Intellilift's new
products internationally. 

Techano Oceanlift had revenue of NOK 35 million (19) as market-entry projects
neared completion and recent awards were ramping up in activity. A weak EBITDA
of NOK -14 million in Techano Oceanlift was driven by additional cost overruns
in its first delivery projects. As the projects awarded in 2025 have commenced
work, revenue levels are increasing. However, these projects are not yet booking
profits, further negatively impacting Techano figures.

Globetech, which was acquired (67%) during Q3'24, delivered NOK 25 million in
revenue during the second quarter (similar to NOK 22 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 second quarter revenue of NOK 41 million. While this represents a
decline year-on-year from NOK 65 million, historic figures include business
segments divested through 2024. 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. Furthermore, in June the Norwegian
government approved "Miljøfleksordningen", highlighting a key focus on
incentivizing sustainable solutions to increase fish welfare in the Norwegian
aquaculture industry.

INVITATION TO CAPITAL MARKETS DAY

Nekkar ASA will hold a capital markets day on November 13th together with a
presentation of our third-quarter results. The event will take place at
Syncrolift's offices at Vestby. Third-quarter results will take place from 08:00
CET and the Capital Markets Day will start at 09:00 CMT.

More information will be shared closer to the event.

Requests to attend or other enquiries can be made by email to 
investor.relations@nekkar.com



PRESENTATION AT 08:00 AM TODAY

Nekkar ASA invites investors, analysts and media to a presentation of the
company's second quarter financial results today at 08:00 CET

The webcast presentation can be viewed from this URL: 
https://channel.royalcast.com/landingpage/hegnarmedia/20250828_6/

Questions can be submitted during the live webcast. The presentation material is
enclosed to this announcement. In addition, an excel overview of historic and
current financials will be published on our investor relations webpage. 

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_Q2 2025_presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847326/18633369/6377/Nekkar%20ASA_Q2%202
025_presentation.pdf

Nekkar ASA Financial Statement Q2 and Half-year results 2025.pdf -
https://kommunikasjon.ntb.no/ir-files/17847326/18633369/6384/Nekkar%20ASA%20Fina
ncial%20Statement%20Q2%20and%20Half-year%20results%202025.pdf