Interim report
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Q2 / H1 2025 Financial results Nekkar ASA
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 2 Highlights from the period Second quarter 2025 • Revenue of NOK 138.8 million (Q2 2024: 150.0), EBITDA of NOK -11.9 million (20.0) and EBIT of NOK -16.2 million (17.3) • Cash flow from operations of NOK 58.7 million (H1 2024: NOK 46.1 million), net cash flow of NOK 43.0 million (29.5) • Order intake of NOK 147 million compared to NOK 15 million a year earlier • Order backlog of NOK 753 million at quarter-end (725) First half 2025 • Revenue of NOK 250.2 million (H1 2024: 302.1), EBITDA of NOK -24.1 million (50.5), and EBIT of NOK -32.4 million (45.7) • Cash flow from operations of NOK 58.8 million (H1 2024: NOK 59.7 million), net cash flow of NOK 20.4 million (32.6) • Order intake of NOK 301 million, including two new crane contracts to Techano Oceanlift Events subsequent to the period • Syncrolift was in July 2025 awarded a contract by Dubai Maritime City for two ship transfer systems. This follows previous awards from Dubai Maritime City and delivery is expected during H 1’2026. The project has an estimated value of USD 5 million Key figures MNOK Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Revenue 139 150 250 302 624 EBITDA (12) 20 (24) 50 92 EBIT (16) 17 (32) 46 81 Net profit (10) 20 (18) 30 86 EBITDA margin (8.6%) 13.4% (9.6%) 16.7% 14.8% Order intake 147 15 301 203 474 Order backlog 753 725 753 725 744 EPS (NOK) -0.10 0.19 0.18 0.28 0.82
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 3 CEO Letter Looking back at the first half of 2025, I would like to frame my reflections in both a short- and a long-term perspective. In the short term, the Group’s financial performance year-to-date has not reflected the level of results we both have a proven track record of delivering and remain ambitious to achieve. From a longer -term viewpoint, however, w e continue to see strong market activity and solid progress across our operating companies. Syncrolift, our largest operating company, remains well - positioned for future growth, although new contract awards - especially in larger defence projects - are taking longer than anticipated. This has an impact on short-term financial results, but the company's solid foundation enables it to capitali se on upcoming opportunities. The tender portfolio remains robust and includes several attractive growth prospects. The other negative performance driver through the first half of the year have been cost overruns in Techano Oceanlift. As outlined in our first -quarter report, these are linked to t wo specific market-entry, first-build contracts, that are now in the final stages of completion. New awards during 2025 in Techano Oceanlift are of a repeat nature . Wh ile we will continue to monitor operational performance closely, these new projects carry lower complexity, more familiar customer expectations and reflect more market-based pricing. Meanwhile, Intellilift continues to scale and strengthen its unique offering with value -adding features for a growing customer base. Globetech, which we acquired during August last year, is delivering as expected and continues to widen its installed base globally. This acquisition exemplifies what we want to do more of to diversify and grow towards our communicated 2027 ambition. FiiZK, which is not consolidated as Nekkar owns 39 %, is working on its orders from the end of 2024 for a large customer, and expects to see more tailwind going forward from the recently announced ‘Miljøfleksordning’ to be implemented by the Norwegian authorities this fall. In other words, there are several operational silver linings. Reflecting on the first half of 2025 in a broader context, I maintain a positive outlook on Nekkar’s long - term future and development. Our tender pipeline remains strong, with Syncrolift well positioned to secure a significant share of upcoming awards. Notably, nearly all major tenders ahead are within the defence segment - a niche where Syncrolift holds a leading position. Nekkar also maintains a solid financial position, with a net cash balance of NOK 22 5 million after purchasing NOK 24.5 million in own shares so far in 2025, bringing our total holding to NOK 64 million worth of shares . In addition, we have a n unused NOK 200 million credit facility available, providing flexibility should the right opportunity arise. We continuously screen for solid new companies that fits the attributes, culture and potential of the remaining Nekkar family, but remain selective and cautious. Our balance sheet and setup mean we are well positioned to expand – including through acquisitions – when the right opportunities present themselves. We remain committed to our 2027 target of NOK 2 billion in Group revenues , supported by a portfolio of six to eight operating companies. Since the second quarter of last year, we have acquired Globetech , which is both performing well and further diversi fying our revenue base. In other words, our journey is well underway. With an outspoken ambition of organic and inorganic growth, a solid balance sheet to back us, and a portfolio of exciting companies with large growth potential, I believe Nekkar will continue to be an exciting opportunity on the Oslo stock exchange. On November 13th this year we will also hold our first full Capital Markets Day, where we will showcase the opportunities and potential within Nekkar in further detail. The event will take place at Syncrolifts offices at Vestby outside of Oslo. We hope to see you there! Ole Falk Hansen, CEO
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 4 Key figures: historic development Revenue In the first half of 2025, revenues reached NOK 250.2 million, a slight decrease from NOK 302.1 million in the same period of 2024. Syncrolift accounts for 52 % of Group revenues, which is down year-on-year. With activity growth in other operating companies, as well as the introduction of Globetech in August 2024, the current activity decline in Syncrolift highlights the continuous diversification of the portfolio. EBITDA In the initial half of 2025, the EBITDA amounted to NOK - 24.1 million (-9.7%), compared with NOK 50.5 million (16.4%) recorded in the corresponding period of the prior year. The negative result reflects the communicated temporary decrease in activity in Syncrolift combined with cost increases in the market-entry projects in Techano Oceanlift. Order intake The first half 2025 order intake2) was NOK 301 million, an improvement compared to order intake of NOK 203 million in the same period last year. The figure includes two new crane contracts for Techano Oceanlift worth NOK 144 million and the Diego Garcia upgrade project for Syncrolift worth NOK 34 million, in addition to service and other project orders across the group. Order backlog At the end of the first half 2025, the order backlog² was NOK 753 million, compared to NOK 725 million in the same period last year and NOK 744 million at 31 December 2024. Around half of the backlog relates to construction contracts in Syncrolift. The new orders from DMC, secured after the quarter, are not yet included, positioning the group for further backlog growth in the second half of the year. 1) EBITDA is short for “earnings before interest, taxes, depreciation and amortization”. 2) Order intake includes new signed contracts in the period in addition to increase of existing contracts and any cancellations of contracts. Order backlog represents the estimated value of remaining work on signed contracts. 234 341 302 321 250 0 100 200 300 400 500 600 700 0 50 100 150 200 250 300 350 400 H1-23 H2-23 H1-24 H2-24 H1-25 NOK million Revenue rolling 12 months 48 61 50 42 -24 -10% 0% 10% 20% 30% -40 -20 0 20 40 60 80 H1-23 H2-23 H1-24 H2-24 H1-25 NOK million Operating EBITDA margin rolling 12 months 175 303 203 271 301 0 100 200 300 400 500 600 700 0 50 100 150 200 250 300 350 H1-23 H2-23 H1-24 H2-24 H1-25 NOK million Orders received rolling 12 months 864 803 725 744 753 500 750 1000 H1-23 H2-23 H1-24 H2-24 H1-25 NOK million
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 5 Operational review Business overview Nekkar is an industrial company builder focused on ocean-based technology. The company invests in and develops technology businesses within sustainable oceans, robotics & 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. Nekkar ASA is the holding company in the Nekkar Group, which is headquartered in Kristiansand, Norway. The company is listed on Oslo Stock Exchange with the ticker code NKR. For more information about Nekkar, visit our website: www.nekkar.com. As of 30 June 2025, Nekkar consisted of the following portfolio companies: • Syncrolift • Intellilift • Techano Oceanlift • Globetech • Impact technology ventures – the SkyWalker In addition, Nekkar owns 39 percent of aquaculture industry supplier FiiZK, which is defined as an associated company and not consolidated into Nekkar ASA’s financial accounts. Syncrolift Syncrolift has delivered solid execution of its current project portfolio, but has seen larger projects in the tender pipeline slide in term of awards. As such, tendering and projects expected to market remains record high – driven by the defence industry in particular. However, the postponement of awards has driven a temporary decline in activity levels that has impacted first half 2025 revenue performance. During the first half of 2025 Syncrolift was also awarded a contract from the United States government contractor MVL Group, to upgrade the shiplift facilities on the Diego Garcia naval and airbase. Under the agreement, Syncrolift will deliver life extending services to the existing shiplift and transfer system, including upgrades to the control system. The total contract value was approximately NOK 30 million with the delivery assumed to be completed through H2’2026. Shortly following end of the first half of 2025, Syncrolift was also awarded a contract to deliver two ship transfer systems to Dubai Maritime City (DMC). The total contract value was USD 5 million and the systems will be delivered in the beginning of 2026. High focus on the service market over several years also continues to yield positive results for Syncrolift, with service revenue now representing a steady proportion of the company’s total revenues. Syncrolift’s tender pipeline continues to be record-high with the exact timing of awards representing the driving factor of uncertainty. Intellilift The Intellilift business continues to mature, with exiting ongoing opportunities. The first half of 2025 saw a continued strong focus on automation, with several initiatives in progress, and continued support from Transocean Norge. Intellilift also completed a successful delivery to Hanwha Drilling, which received very positive feedback. With interesting leads in tendering stages, the company was also awarded a NOK 10 million contract with an Oil Co to remotely drill through the use of a digital twin by using Intellilift simulator. The market interest for drilling automation, simulators and other drilling controls remains favourable. Intellilift is owned 51% by Nekkar.
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 6 Techano Oceanlift During the first half of 2025 Techano Oceanlift has been working to complete its two market entry contracts from 2023– for a 70t and 150t offshore crane, respectively. Both contracts are with Sefine Shipyard in Turkey, with Agalas as owner of the vessels. The combination of market entry pricing and first builds have resulted in a negative EBITDA contribution from Techano year to date. In parallel, Techano Oceanlift was awarded two new contracts in 2025, for 150t and 70t cranes respectively. These represent repeat activity, meaning less first build engineering and lower risk of cost overruns. Awarded in March’25, the 150t crane to be built for Sefine Shipyard has a value of EUR 7.5 million and is to be delivered in 2026. The 70t crane was awarded in May’25 is for Hercules Supply AS and is also being delivered in 2026. Techano continues to pursue tenders, particularly within renewable, subsea and aquaculture. Globetech Since Nekkar acquired Globetech in August 2025 the company has continued to perform according to expectations. The focus on expanding Globetech’s installed base progresses well, with positive growth year-on-year. During 2025, Globetech launched a commercial partnership with Vessel IT in Rotterdam to enhance its service capabilities and offering. In parallel, a new undisclosed client signed an agreement for work on two luxury cruise ships. The company has also onboarded additionally key personnel, including senior hires in sales, finance and the technical department. Building on its positive and profitable growth, Globetech will continue its work to improve operational efficiency further through automation and standardization. Impact technology ventures Nekkar’s Impact Technology Ventures arm consists of innovation projects where potentially disruptive technologies and business models are developed together with existing or potential customers and other business partners. SkyWalker Nekkar has developed SkyWalker – a disruptive service and installation tool that will significantly reduce the cost and challenges associated with wind turbine installations and major component replacements primarily for offshore usage. The development is currently on a concept stage, and until a partnership for full scale build and testing is in place, the project is on hold. Throughout the first half of 2025, Nekkar has spent time discussing potential partnership solutions with various parties, but no conclusions have been made.
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NEKKAR ASA | Q2 / H1 2024 FINANCIAL RESULTS Financial review Q2 2025 financial results In the second quarter of 2025 revenues totaled NOK 138.8 million, a 7.4 % decrease from the NOK 150.0 million recorded in the same period in 2024. This decline is driven by lower activity within Syncrolift, where new project awards have not materialized at the expected timeframe. EBITDA for the quarter amounted to NOK -11.9 million, down from NOK 20.0 million in the second quarter of 2024, with corresponding margins of -8.6 % and 13.4 %. The decrease in margins compared with Q2 last year is driven by the cost overruns in Techano Oceanlift combined with reduced volume and project mix effects in Syncrolift. In addition, the depreciation of the USD against the NOK had a negative impact in the quarter. The operating profit (EBIT) was NOK -16.2 million compared to NOK 17.3 million in the second quarter of 2024. Net financial items contributed positively by NOK 4.2 million in the second quarter, mainly reflecting interest income and gains from forward exchange contracts. This was partly offset by Nekkar share of net loss from FiiZK, amounting to NOK -3.5 million and foreign exchange losses. Net profit for the period was NOK -9.8 million, below the NOK 19.6 million recorded in the second quarter of 2024. Earnings per share (EPS) for the second quarter of 2025 stood at NOK - 0.10, down from NOK 0.19 in the same period last year. First-half 2025 financial results Revenues for the first half of 2025 was NOK 250.2 million compared to NOK 302.1 million in the same period last year. The decrease of 17.2 % is driven by lower activity in the newbuild segment of Syncrolift. The 45 % decline YoY in Syncrolift is however in part offset by Globetech contributing NOK 52.1 million during the first half of 2025. The EBITDA was NOK -24.1 million in the first half of 2025 compared to NOK 50.5 million in the first half of 2024, equivalent to an EBITDA margin of -9.6 % and 16.7 % respectively. The operating profit (EBIT) was NOK -32.4 million compared to NOK 45.7 million in the first half of 2024. Net profit for the period was NOK -18.1 million compared to NOK 29.8 million in the first half of 2024. EPS for the first half of 2025 was NOK - 0.18 (NOK 0.28). Cash flow from operating activities was NOK 55.8 million which represents a decrease of NOK 3.9 million compared to the first half of 2024. The positive operating cash flow in the period was driven by a strong reduction in working capital. The decrease in working capital is partly due to lower trade receivables combined with an increase in prepayments from customers. Progress- based revenue recognition leads to natural fluctuations in the Group’s working capital levels as the timing of cash generation and revenue recognition do not coincide. Cash flow from investing activities ended at negative NOK 8.6 million compared with negative NOK 12.0 million in the same period last year. Cash flow from investing activities is mainly related to capitalized development cost of a new series of offshore/subsea cranes in Techano Oceanlift, in addition to technology development in Syncrolift and Globetech. Cash flow from financing activities was negative at NOK 26.9 million compared with NOK 15.2 million in the first half of 2024. Cash flow from financing is negatively impacted by purchase of treasury shares of NOK 24.5 million. Total cash flow ended at positive NOK 20.4 million, a decrease of NOK 12.2 million compared to the first half of 2024. Total assets, liabilities and equity Total assets at the end of the second quarter 2025 were NOK 829.5 million compared to NOK 646.1 million in the same period last year. The increase is driven by goodwill and intangible assets related to the investment in Globetech from Q3 last year.
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 8 As per 30 June 2025, the net cash position was NOK 225.3 million compared to NOK 226.7 million as per 30 June 2024. At the end of the second quarter, NOK 7.4 million is restricted deposits related to employee’s tax withholding. Total liabilities at the end of the second quarter 2025 were NOK 412.1 million compared to NOK 199.9 million in the same period last year. The increase is mainly due to increased prepayment from customers. Net working capital stood at negative NOK 22.2 million at the end of Q2, compared to 106.9 million during the same period last year. The equity ratio at the end of the second quarter 2025 was 50.3% compared to 69.1% in the same period last year. Nekkar currently maintains a debt-free financial structure. The group also have untapped credit facilities with Nordea amounting to NOK 200 million. Moreover, Nekkar also holds guarantee and currency facilities with Nordea.
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 9 Outlook For Syncrolift, a substantial amount of tendered contracts waiting for final award implies that activity can be expected to grow heading into 2026. This is however dependent on timing and win-ratio of awards. Tender activity in the defence segment remains particularly high, both for new shiplifts and upgrade projects. Geopolitical uncertainty is increasing agility requirements for naval shipyards, which is expected to drive further investment in this area. As Syncrolift is a project-based business, quarterly fluctuations must be expected. However, Nekkar anticipates that defence-related revenues will account for a growing share of the company’s overall revenue streams, driven by Syncrolift. For Intellilift, successful implementation of InteliWell’s breakthrough award has, as expected, opened up further rig market opportunities, but the exact timing of potential awards is uncertain. Techano Oceanlift’s main focus going forward will be on executing the two offshore crane contracts awarded through the first half of 2025. Techano Oceanlift continues to experience good tendering activity, particularly for active heave-compensated subsea cranes. Globetech, acquired in 2024, continues to perform as planned with high customer activity driven by new customers, new vessels and deliveries to existing customer bases alike. Nekkar expects this trend to continue through the remainder of 2025. With the approval of “Miljøfleksordningen” in the Norwegian Parliament, the framework for sustainable salmon is rapidly improving, and providing the customers with actionable transparency. FiiZK, where Nekkar owns 39%, expect these headwinds to convert into new contracts as outstanding questions from the industry is answered and political uncertainty reduced. Overall, Nekkar continues to evaluate new inorganic opportunities, both as new operating company investments as well as bolt-ons within existing companies. Nekkar will remain both selective and opportune in its evaluation of companies and subsequent actions, to ensure minimum risk is added to the 2027 vision of owning 6-8 profitable companies generating north of NOK 2 billion in revenues combined.
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 10 Responsibility statement Board and management confirmation Today, the board of directors, the chief executive officer and head of finance have reviewed and approved the Nekkar ASA Condensed interim financial statements as of 30 June 2025. To the best of our knowledge, we confirm that; • the Condensed consolidated financial statements for the first half of 2025 have been prepared in accordance with IAS 34 Interim Financial Statements. the information presented in the Condensed interim financial statements gives a true and fair view of the company's and the group's assets, liabilities, financial position and results for the period viewed in their entirety • the information presented in the Condensed interim financial statements gives a true and fair view of the development, performance, financial position, principles risk and uncertainties of the group • the information presented in the Condensed interim financial statements gives a true and fair view of major related-party transactions Kristiansand, 28 August 2025 The Board and Management of Nekkar ASA Håkon André Berg Chair of the Board Fabian Qvist Director Marit Solberg Director Bjørn-Erik Dale Director Trine Ingebjørg Ulla Director Ole Falk Hansen CEO
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 11 Financial accounts Condensed consolidated statement of comprehensive income NEKKAR (NOK 1 000) Unaudited Unaudited Unaudited Unaudited Audited Note Q2 2025 Q2 2024 H1 2025 H1 2024 2024 Revenue 2 138.832 149.970 250.158 302.058 623.508 Total revenue 138.832 149.970 250.158 302.058 623.508 Cost of goods sold 87.267 90.870 146.885 166.862 333.722 Other operating costs 63.507 39.055 127.369 84.706 197.554 EBITDA 2 -11.942 20.046 -24.096 50.490 92.232 Depreciation and amortization 4.277 2.770 8.330 4.834 11.616 Operating profit (EBIT) -16.219 17.275 -32.425 45.655 80.616 Net financial items 7.671 1.207 17.742 -6.083 -15.275 Share of net profit (loss) from equity-accounted investees -3.463 5.189 -6.978 -1.013 34.451 Profit/(loss) before tax -12.012 23.670 -21.662 38.560 99.792 Tax -2.186 4.074 -3.565 8.738 13.920 Profit/(loss) for the period -9.826 19.597 -18.097 29.822 85.872 Attributable to equity holders of the company -9.440 18.664 -19.447 28.977 82.670 Attributable to non-controlling interests -385 933 1.350 845 3.202 COMPREHENSIVE INCOME Net result for the period -9.826 19.597 -18.097 29.822 85.872 Currency effects Total comprehensive income -9.826 19.597 -18.097 29.822 85.872 Attributable to equity holders of the company -9.440 18.664 -19.447 28.977 82.670 Attributable to non-controlling interests -385 933 1.350 845 3.202 Earnings per share (NOK) -0,10 0,19 -0,18 0,28 0,82 Diluted earnings per share (NOK) -0,10 0,19 -0,18 0,28 0,82
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 12 Financial accounts Condensed consolidated statement of financial position NEKKAR (NOK 1 000) Unaudited Unaudited Audited Note 30/06/2025 30/06/2024 31/12/2024 Deferred tax assets 3 216 - 216 Goodwill 3 106.132 17.050 106.132 Intangible assets 3 99.467 60.089 96.238 Tangible assets 10.174 8.534 10.113 Equity-accounted investees 75.185 46.699 82.163 Other financial assets 2.200 1.151 1.884 Right of use assets 26.129 12.785 14.524 Total non-current assets 319.502 146.308 311.270 Inventories 20.458 17.562 17.991 Trade receivables 120.294 71.452 151.819 Accrued, non-invoiced production 127.742 143.637 118.136 Other short-term receivables 6 9.044 36.436 14.409 Derivative financial instruments 6 7.192 4.023 - Bank deposits 225.289 226.732 204.937 Total current assets 510.019 499.841 507.292 Total assets 829.522 646.149 818.563 Share capital 4 11.817 11.817 11.817 Treasury shares 4 -703 -287 -444 Share premium 9.206 9.206 9.206 Other equity 332.136 401.990 397.994 Non-controlling interests 64.993 23.518 70.026 Total equity 417.449 446.244 488.599 Deferred tax 29.962 25.948 36.981 Lease liabilities 19.404 7.765 9.083 Non-current provision 55.809 0 33.767 Long term liabilities 105.175 33.713 79.831 Trade payables 54.310 36.499 45.080 Prepayments from customers / deferred revenue 119.107 56.371 74.629 Tax payables 6.093 590 4.944 Current lease liabilities 7.309 5.021 6.039 Provision for dividend 6.382 - - Derivative financial instruments 790 - 11.037 Other current liabilities 5 112.907 67.711 108.404 Total current liabilities 306.898 166.193 250.133 Total liabilities 412.073 199.905 329.964 Total equity and liabilities 829.522 646.149 818.563
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 13 Financial accounts Condensed consolidated statement of cash flows NEKKAR (NOK 1 000) Unaudited Unaudited Unaudited Unaudited Audited Q2 2025 Q2 2024 H1 2025 H1 2024 31.12.2024 Cash flow from operating activities Profit (loss) before tax -12.012 23.671 -21.662 38.560 99.791 Adjustments for: Depreciation / impairment 4.277 2.770 8.330 4.834 11.616 Share of net (profit)loss from equity accounted investee 3.463 -5.189 6.978 1.013 -34.451 Income tax paid - -2.304 -1.568 172 Changes in: Inventories 1.779 -1.152 -2.470 -5.701 -3.364 Trade receivables -9.025 73.122 34.849 13.818 -53.430 Trade payables 11.857 -27.377 5.816 -44.399 -14.763 Accrued, non-invoiced production -5.304 -30.226 -9.606 371 27.457 Prepayment 52.504 44.477 Other receivables and other payables 11.117 10.483 -8.570 52.807 108.522 Net cash flow from operating activities 58.659 46.102 55.837 59.734 141.550 Cash flow from investment activities Acquisition and expenditures of fixed/intangible assets -4.944 -8.985 -8.585 -11.982 -25.121 Acquisition of Subsidiary - net of Cash acquired - - - - -56.299 Investment i associated company - - - - - Net cash flow from investment activities -4.944 -8.985 -8.585 -11.982 -81.420 Cash flow from financing activities Net proceeds from issuance of share capital - - - - - Purchase of treasury shares -9.212 -6.721 -24.450 -15.816 -48.779 Net proceeds from share-program employees - 562 606 2.835 4.318 Payment of lease liabilities -1.487 -1.483 -3.056 -2.203 -4.894 Net cash flow from financing activities -10.699 -7.641 -26.900 -15.183 -49.355 Net change in cash and cash equivalents 43.015 29.476 20.352 32.570 10.775 Cash and cash equivalents at the start of the period 182.273 197.256 204.937 194.162 194.162 Cash and cash equivalents at the end of the period 225.289 226.732 225.289 226.732 204.937
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 14 Financial accounts Condensed consolidated statement of changes in equity 1) Changes in the put liability recognized against equity consist of an interest component of NOK 1,9 million and a fair value adjustment of NOK 20,1 million. NEKKAR (NOK 1 000) Share capital Treasury shares Share premium Other equity Shareholders equity Non controlling interest Equity as of 1.1.2024 11.817 -153 9.206 383.529 404.398 22.547 Comprehensive income - - - 28.710 28.710 845 Investment new subsidiaries - - - - - 125 Treasury shares transactions -134 -10.707 -10.841 - Other changes - - - 458 458 - Equity Closing balance 30.06.2024 11.817 -287 9.206 401.991 422.726 23.518 Equity as of 1.1.2025 11.817 -444 9.206 397.994 418.574 70.026 Comprehensive income - - - -19.447 -19.447 1.350 Put liability booked against Equity1 - - - -22.042 -22.042 - Dividend to non-controlling interest - - - - - -6.382 Treasury shares transactions -259 -24.191 -24.450 - Other changes - - - -178 -178 - Equity Closing balance 30.06.2025 11.817 -703 9.206 332.136 352.456 64.993
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 15 Appendix Note 1. General information Reporting entity Nekkar ASA (“Nekkar”) is a public company incorporated and domiciled in Norway. The company is listed on the Oslo Stock Exchange where the shares are publicly traded. The head office is located at Lumberveien 27 in Kristiansand, Norway. As per 30 June 2025, Nekkar holds subsidiaries in Norway, US, India, Australia and Singapore. Nekkar is an industrial company builder focused on ocean-based technology. The company invests in and develops technology businesses within sustainable oceans, robotics & 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. For more detailed information, please refer to the Annual Report of 2024 which is available at the company’s website www.nekkar.com. Basis of preparation The unaudited consolidated financial statements for the first half of 2025 have been prepared in accordance with IAS 34 Interim Financial Statements. The interim accounts do not include all the information required for a full financial statement and should therefore be read in connection with the audited consolidated financial statements of 2024. There have been no changes to the accounting policies in the first half year of 2025 compared to the consolidated financial statement of 2024. This condensed consolidated H1 2025 report was approved by the Board of Directors on 28 August 2025. Judgements, estimates and assumptions Preparation of the interim report requires the use of judgments, estimates and assumptions that affect the application of accounting principles and the reported amounts of assets and liabilities, income and expenses. Actual future outcome may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The consolidated interim financial statements are prepared on the same basis as the consolidated financial statements for the financial year that ended 31 December 2024 with respect to the key assessments made by management regarding the application of the accounting principles of the group, and the key sources of estimation uncertainty. IFRS 15 Revenue IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. Under IFRS 15, revenue is recognized when a customer obtains control of the goods or services. Determining the timing of the transfer of control, at point in time or over time, requires several judgmental factors. For further information, reference is made to the description of accounting principles in the Annual Report.
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 16 Note 2. Operating segments The segment structure in Nekkar is as follows: Syncrolift Syncrolift delivers shiplifts, docking and transfer systems, as well as related service activities for shipyards. Syncrolift is headquartered in Vestby, Norway, with local presence in key markets through subsidiaries in the US, Singapore, India and in Australia, in addition to a sales and service office in Dubai. Syncrolift is the global market leader for shiplifts and transfer systems offered to repair and newbuilding yards. T he company provides turnkey and customized solutions to commercial yards and naval bases worldwide. The product range includes shiplifting systems for launching and retrieving vessels, as well as transfer systems that enable fast and reliable vessel movement within the yard. Intellilift Intellilift possesses unique competence within engineering, electrification, digitalisation and automation. Intellilift is the competence hub that serves other business areas in Nekkar along with external customers outside Nekkar. Intellilift AS is owned 51% by Nekkar, and the company aims to develop open software platforms for collection, monitoring and control of data for numerous industries. Collecting data from numerous different sensors, will improve the real time operation as well as enable remote operation and robotization. The business model is threefold – project based, perpetual upfront software licenses and software as service licenses, depending on customer preferences. Techano Oceanlift Techano Oceanlift specializes in advanced load handling and lifting equipment for the aquaculture and offshore energy industry, with products such as cranes, gangways, and fish transfer systems. Techano Oceanlift has a strong base of engineering expertise. Its cutting-edge solutions cater to the specific needs of the offshore renewables, energy and aquaculture industries. Globetech The Globetech acquisition was finalised on August 15, 2024, for the initial 67% of shares outstanding. The company provides ICT (information and communication technology) infrastructure, connectivity and support services to the global maritime sector. Globetech offers complete solutions for onboard network infrastructure including hardware, tailored solution architecture and system integration for satellite communications, and develops software and customized ICT solutions that focuses on cybersecurity to ensure secure and continuous operations Other The “Other” segment includes group functions in the parent company, the advancement of impact technology ventures including SkyWalker, the investment in FiiZK and group eliminations. FiiZK, is an entity that delivers closed cage systems for fish farmers. FiiZK has significant experience and track record in delivering closed cages that avoids sea lice, prevents escape and enables collection of sludge. As of 3 0 June 2025 the book value of FiiZK was NOK 75.2 million. The SkyWalker project, is a ground-breaking wind turbine installation and service technology tool suitable for onshore and offshore wind.
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 17 Full year (NOK 1000) 2025 2024 2025 2024 2024 Syncrolift 71.557 123.699 136.419 250.157 491.840 Intellilift 15.047 10.507 33.779 18.640 43.750 Techano Oceanlift 35.027 19.207 46.377 41.181 63.514 Globetech 25.324 52.083 37.892 Other/elim. -8.122 -3.443 -18.500 -7.920 -13.488 Total Revenue 138.832 149.970 250.158 302.058 623.508 Full year (NOK 1000) 2025 2024 2025 2024 2024 Syncrolift 2.738 22.383 2.065 62.790 119.008 Intellilift 2.111 2.438 5.077 3.082 5.271 Techano Oceanlift -14.177 2.238 -27.259 2.275 -9.956 Globetech 7.147 13.573 9.661 Other/elim. -9.761 -7.013 -17.552 -17.658 -31.752 Total EBITDA -11.942 20.046 -24.096 50.490 92.231 Full year 2025 2024 2025 2024 2024 Syncrolift 3,8% 18,1% 1,5% 25,1% 24,2% Intellilift 14,0% 23,2% 15,0% 16,5% 12,0% Techano Oceanlift -40,5% 11,7% -58,8% 5,5% -15,7% Globetech 28,2% 26,1% 25,5% Other/elim. 120,2% 203,7% 94,9% 223,0% 235,4% Total EBITDA margin -8,6% 13,4% -9,6% 16,7% 14,8% Full year (NOK 1000) 2025 2024 2025 2024 2024 Syncrolift 2.133 21.832 875 61.690 116.745 Intellilift 1.606 2.092 4.214 2.396 3.878 Techano Oceanlift -14.553 2.185 -28.003 2.174 -10.503 Globetech 6.315 - 11.914 - 8.531 Other/elim. -11.720 -8.833 -21.425 -20.604 -38.035 Total EBIT -16.219 17.276 -32.425 45.656 80.615 Full year 2025 2024 2025 2024 2024 Syncrolift 3,0% 17,6% 0,6% 24,7% 23,7% Intellilift 10,7% 19,9% 12,5% 12,9% 8,9% Techano Oceanlift -41,5% 11,4% -60,4% 5,3% -16,5% Globetech 24,9% 22,9% 22,5% Other/elim. 144,3% 256,6% 115,8% 260,2% 282,0% Total EBIT margin -11,7% 11,5% -13,0% 15,1% 12,9% EBITDA 2Q 1H Revenue 2Q 1H EBITDA margin 2Q 1H EBIT 2Q 1H EBIT margin 2Q 1H
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 18 Note 3. Intangible assets Goodwill Recognised goodwill relates to the acquisition of Intellilift which amounts to NOK 16.6 million, the Techano Oceanlift acquisition in March 2023 of NOK 0.4 million and the Globetech acquisition in August 2024, totaling to NOK 89.1 million, resulting in a combined value of NOK 106.1 million as of June 2025. The goodwill related to Globetech is attributable to the strategic value of the company’s market position, which is well -positioned for growth driven by global trends in ship digitalization and cybersecurity demands. Additionally, the goodwill reflects the value of the highly skilled and experienced workforce, with specialized market insights that support Nekkar ASA’s future growth objectives. These intangible assets do not fulfil the recognition criteria under IAS 38 and are therefore not recognized separately from goodwill. In accordance with IAS 36, goodwill is not amortized but tested for impairment. Intangible assets (NOK 1000) 30/06/2025 30/06/2024 31/12/2024 Goodw ill 106.132 17.050 106.132 Customer portfolio 25.392 - 26.777 Capitalized development costs 68.868 54.025 63.876 Technology assets 1.219 1.567 1.402 Other intangible assets 3.987 4.497 4.184 Total development- and technology assets 74.074 60.089 96.239 Total intangible assets 205.599 77.139 202.370
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 19 Capitalized development costs Capitalized development costs are related to ongoing research and development (“R&D”) projects and include materials, direct salaries own personnel and other external costs. The R&D activities are closely linked with Nekkar’s strategy to develop disruptive technologies that offer high sustainability impact for ocean -based industries. The capitalized development costs are split between all business segments. In the first half of 2025 the capitalized development costs mainly consisted of the development of new series of offshore cranes in Techano Oceanlift (NOK 3.6 million), product development in Syncrolift (NOK 1,2 million) and in Globetech (NOK 1.2 million) and the Skywalker technology in Impact Technology Ventures (NOK 0.8 million)
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 20 Note 4. Share capital and major shareholders As per 30 June 2025, Nekkar ASA has issued 107 427 112 shares, each with a nominal value of NOK 0.11, hence the share capital is NOK 11 816 982. Nekkar ASA holds 6 390 782 treasury shares. The treasury holdings have increased by 2 355 251 shares during the first half of 2025. Major shareholders as per 30 June 2025 are listed below.
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 21 Note 5. Other current liabilities Note 6. Derivatives For details on accounting treatment of forward currency contracts, please refer to accounting principles and note 17 in the 2024 Annual Report. Other current liabilities (NOK 1000) 30/06/2025 30/06/2024 31/12/2024 Provision for unpaid w ages and salaries 13.668 8.787 9.715 Provision for holiday pay 6.051 4.226 12.075 Social security and employee taxes 9.551 7.195 11.684 Guarantee provision 12.160 6.417 14.789 Other accrued expenses 71.477 41.086 50.092 Other provision for liability - - 10.050 Total other current liabilities 112.907 67.711 108.404 Forward currency contracts - Market values (NOK 1000) Assets Liabilities Net market value Assets Liabilities Net market value Forw ard currency contracts - effective hedging contracts 884 -742 142 - - - Forw ard currency contracts - ineffective hedging contracts - included in other liabilities/assets 1) 4.519 -1.112 3.407 4.916 -893 4.023 Forward currency contracts - market value 5.403 -1.854 3.549 4.916 -893 4.023 1) FX contracts designed for hedging, but do not qualify for hedge accounting. 2) For market values per 31 Dec 2024, please refer to 2024 Annual Report. Maturity distribution of currency contracts and MTM: Total MTM values Total MTM values Within 3 months -217 962 > 3 months, < 6 months 2.649 2.080 > 6 months, < 9 months 569 1.221 > 9 months, < 12 months 703 4 > 12 months, < 24 months -155 -245 > 24 Months - 0 Total 3.549 4.023 Nominal value currency contracts, original currency (Amounts in CUR 1000) Sold Bought Sold Bought NOK 23.023 236.506 11.570 199.657 USD 13.400 - 14.600 - EUR 7.835 1.936 3.500 1.000 30/06/2025 30/06/2024 30/06/2025 30/06/2024 Syncrolift AS has embedded derivatives associated with a contract containing currency clauses. These derivatives are measured at fair value, with changes recognized in profit or loss under financial items. As of December 31, 2024, the fair value of the embedded derivatives was MNOK 2,9 (December 31, 2024: MNOK -2,9).
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 22 Note 7. Related parties Note 16 and the accounting principles presented in the 2024 Annual Report describe the principles related to elimination of transactions between the entities within the group. During first half of 2025, there has been various transactions between the subsidiaries within the group and all transactions have been carried out as part of the ordinary business and on arm’s length basis. The main transactions between subsidiaries in the group relates to control system deliveries from Intellilift AS to Syncrolift AS, engineering hours from Intellilift AS to Nekkar ASA and Techano Oceanlift AS and management fee from Nekkar ASA to Syncrolift AS. Note 8. Risks and uncertainties Nekkar’s risk factors as well as management of such factors are described in the 2024 annual report. No new risk and uncertainty factors have emerged since the annual report was published on 29 April 2025. For further information, please see Nekkar’s Annual Report 2024. Note 9. Subsequent events Syncrolift was in July 2025 awarded a contract by Dubai Maritime City for two ship transfer systems. This follows previous awards from Dubai Maritime City and delivery is expected during H1’2026. The project has an estimated value of USD 5 million
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NEKKAR ASA | Q2 / H1 2025 FINANCIAL RESULTS 23 Note 10. Alternative performance measures (APMs) Nekkar discloses alternative performance measures in addition to those normally required by IFRS. Nekkar is of the opinion that APMs are providing enhanced insight into the operations and prospects of the company. APMs are used as an integral part of the management and board of directors’ key performance measure reporting and controls. Furthermore, securities analysts, investors and other interested parties frequently use such performance measures. Profit measures EBITDA is short for “earnings before interest, taxes, depreciation and amortisation” in the consolidated income statement. EBIT is short for “earnings before interest and taxes”. EBIT corresponds to “operating profit/loss” in the consolidated income statement. Margins such as EBITDA margin and EBIT margin are used to compare relative profit between periods. The margins are calculated as EBITDA or EBIT divided by revenue. Order intake measures Order intake and order backlog are presented as APMs as they are indicators of the company’s revenue generation and operations in the future. Order intake includes new signed contracts in the period, in addition to expansion of existing contracts and any cancellations of contracts. For newbuild contracts, the order intake is based on the signed contract value excluding potential options and change orders. Order backlog represents the estimated value of remaining work for signed contracts. Working capital Short term assets less bank deposits and cash in hand, less current liabilities adjusted for short term financial debt.
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Lumberveien 27, 4621 Kristiansand, Norway info@nekkar.com www.nekkar.com