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Shaping the future of ocean industries Nekkar is a long-term owner of technology companies within ocean-based industries. The company invests along structural megatrends such as sustainable oceans, robotics and intelligent logistics, and digitalisation. With a 50-year industrial legacy from Syncrolift, Nekkar applies an active buy-to own strategy to build sustainable value. Financial results, Q3 2026 5th November 2026 Presented by Ole Falk Hansen, CEO
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By reading this company presentation (the “Presentation”), or attending any meeting or oral presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been produced by Nekkar ASA (the “Company”) for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. The Recipient acknowledge that it will be solely responsible for its own assessment of the Company, the market and the market position of the Company and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the Company’s business. The Company shall not have any liability whatsoever (in negligence or otherwise) arising directly or indirectly from the use of this Presentation or its contents, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation, or violation of distribution restrictions. An investment in the Company involves significant risk, and several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. For a description of relevant risk factors we refer to the Company’s annual report for 2025, available on the Company’s website www.nekkar.com. Should one or more of these or other risks and uncertainties materialize, actual results may vary significantly from those described in this Presentation. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Company and the industry in which it operates. Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. The Company cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments. This Presentation speaks as at the date set out on herein. Neither the delivery of this Presentation nor any further discussions of the Company shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements). This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts. Disclaimer 2
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Diversified exposure across four end-markets Nekkar drives innovation in defense, aquaculture, offshore energy, and maritime Maritime 25% Defense 31% Aquaculture 23% Offshore energy 21% Engineering growth, Shaping the future 3 Nekkar is a long-term owner of technology companies within ocean- based industries Key facts Employees 174 2025 EBITDA % 0.3% HQ Kristiansand 2025 MNOK revenues 571 Operating companies 5 OSE Stock listing NKR About Note! Share of revenues per market segment are calculated based on 2025 pro-forma revenues Disciplined growth through a buy-to-own model Decentralized operating model promoting autonomy. Value creation is driven by reinvestment, operational improvement, and disciplined execution. Combining a strong balance sheet with a portfolio spanning mature market leaders and growing businesses.
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Operating companies 4 Our companies Syncrolift 43% of Nekkar revenue in 2025 Market-leading provider of shiplifts and ship transfer systems for shipyards and naval projects 100% OWNERSHIP Intellilift 5% of Nekkar revenue in 2025 Industrial software solutions provider that digitalizes workflows through automation and remote- controlled systems for drilling and offshore load handling 51% OWNERSHIP Globetech 14% of Nekkar revenue in 2025 Provides ICT infrastructure connectivity and cybersecurity services to maritime ships and vessels Option and obligation to acquire 100%, based on 2027 results 67% OWNERSHIP Techano Oceanlift 16% of Nekkar revenue in 2025 Intelligent load handling and lifting equipment for offshore renewables, energy, and aquaculture Option to acquire 100% 93% OWNERSHIP FiiZK1 Aquaculture supplier focused on closed containment systems with associated software, maintenance, and services 100% OWNERSHIP About Note! Share of 2025 revenues presented on a pro-forma external basis including FiiZK. 1 FiiZK was an associated company accounted for using the equity method until Q3 2026, and is consolidated into Nekkar ASA’s financial results from Q3 and onwards 23% of Nekkar revenue in 2025 Operating company Consolidated from 3Q26
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Focus on four end-markets 5 Thematic focus Defense Maritime Aquaculture Offshore energy About Diversified exposure across four end-markets Percentages refer to share of pro-forma revenue 2025 including FiiZK Maritime 25% Defense 31% Aquaculture 23% Offshore energy 21%
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Highlights Q3 2026 6 Quarterly update Quarterly update Financials Net profit EPS EBITDA Revenues MNOK 175 (124) EBITDA Margin (last year quarter) MNOK 11 (3) 6.1% (2.5%) MNOK -3 (-5) -0.08 (-0.05) Order backlog Cash flow from business Cash + Treasury shares (cost price) Order intake MNOK 176 + 69 MNOK 97 (117) MNOK 1 120 (740) MNOK 37 Syncrolift Awarded largest contract in company history post quarter-end with US-based undisclosed customer for design and supply of shiplift system Work commences immediately, with delivery scheduled for 2028 The contract is defined as substantial which implies a contract value above MNOK 800 Globetech Satco consolidated from 1 August 2026 Q3 revenue of MNOK 32 (23), up 40% including Satco Intellilift Two Smart Connect contracts signed during third quarter
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Quarterly update Key financials per quarter 7 Per quarter Revenue EBITDA & Margin 124 197 130 129 175 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 3 23 7 5 11 0 5 10 15 20 25 30 35 40 45 50 3% Q3 25 11% Q4 25 6% Q1 26 4% Q2 26 6% Q3 26 MNOK MNOK Note! FiiZK consolidated from 1 July 2026 and Satco from 1 August 2026. Quarters before Q3 2026 exclude both companies.
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Order intake & order backlog 8 Per quarter Order intake Order backlog 117 122 227 294 97 948 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 QTD 740 678 765 0 5 10 15 20 25 30 35 40 45 50 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 1,199 1,120 Note! 1. Order intake does not account for FX fluctuations in existing contracts, 2. Order intake/backlog does not include MUSD 24 option with ASMAR Chile, 3. FiiZK’s orders are included in order backlog from Q2 2026 and in order intake from Q3 2026, 4. Recurring revenue backlog includes 12 months of revenue per contracted unit from expected start-up. See appendix for details surrounding treatment of order intake and backlog. Order intake QTD (quarter to date) includes contracts to date MNOK MNOK Quarterly update
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9 The leading provider of safe & efficient ship lift and transfer systems for shipyards Employees 59 Ownership 100% Head office Vestby, NO Manager Rolf-Atle Tomassen Est 1958 Market & Sales • Limited order intake in the quarter - MNOK 30 primarily from aftermarket • Awarded largest contract in company history post quarter-end with US-based undisclosed customer for design and supply of shiplift system • Defence market outlook remains favourable, making up a substantial share of tendering activity Financials • Third quarter revenue of MNOK 39 (58), driven by limited progress on new projects in startup phase • EBITDA of MNOK 0.5 (5.2), as lower activity levels impact profitability Operations • Newbuild and upgrade projects executing according to plan; recent awards in engineering phase • Lower aftermarket activity in the quarter due to phasing of spare parts and inspection deliveries • Flexible operating model with outsourced production enables scale-up in activity as tenders pass award stage 120 60 57 39 28% 8% 5% 1%9% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 58 Revenue & EBITDA %, MNOK 2 2 3 2 2 3 2 2022 1 2023 2024 2025 2026 0 103 115 115 117 117 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Aftermarket revenue LTM, MNOK Won/lost newbuild projects Operating companies Won Lost
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Syncrolift wins the largest contract in its history 10 Post quarter-end Operating companies Syncrolift has been awarded a contract by a US-based customer for the design and supply of a shiplift system #1 Largest contract in Syncrolift's history >MNOK 800 Contract value, above Nekkar's threshold for a substantial contract 2028 Delivery SYNCROLIFT · CONTRACT AWARD TIMING Work starts immediately. Revenue is recognised as work progresses. ORDER BACKLOG Not included in the Q3 order backlog DISCLOSURE Customer and project details are not disclosed
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11 Order backlog New build tender pipeline MNOK Per 05.11.2026 Solid tender activity but timing sensitivity remains 2026/27 209 2028--> Total 424 633 8,100 4,000 4,000 2026 2027 2028+-> Total 100 Note! Execution period and timing of contract awards may be impacted by external factors outside of Nekkar’s control. Order backlog does not include MUSD 24 option with ASMAR Chile. See appendix for details surrounding treatment of order intake and backlog. MNOK Per 30.09.2026 Operating companies
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12 Leading provider of software, automation, and control systems for drilling and maritime industries Employees 23 Ownership 51% Head office Kristiansand, NO Manager Stig Trydal Est 2018 Market & Sales • Two Smart Connect contracts signed during the third quarter, bringing the total to four • Total awarded automation systems at 17 Financials • Third quarter revenue of MNOK 22 (17) with EBITDA of MNOK 9.9 (5.0), a margin of 45% • Improved profitability was supported by favorable revenue mix, including a growing contribution from SaaS revenues Operations • Installation timing under the 11-rig contract adjusted to customer project schedules, with some moved into coming quarters • Smart Connect installed and running on one floater and one jackup, with further start-ups planned in Q4 • Continued strong focus on further scaling of automation platform and 3rd party software integrations Revenue & EBITDA %, MNOK Installed rig automation systems per quarter end 21 19 17 22 30% Q3 25 38% Q4 25 33% Q1 26 16% Q2 26 45% Q3 26 17 3 3 4 6 6 12 11 11 Q3 25 2 Q4 25 Q1 26 Q2 26 Q3 26 5 16 17 17 Installed Ordered Operating companies
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13 Globetech provides IT and cybersecurity solutions for ships and the global maritime industry Employees 39 Ownership 67% Head office Kristiansand, NO Manager Hans Eirik Onarheim Est 2011 Market & Sales • Contracted fleet of 261 vessels at quarter-end with Satco adding 40 new vessels • Satco’s contracted revenues cover connectivity only. The added vessels and customer relationships provide a base for upselling Globetech's IT and cybersecurity services Financials • Revenue of MNOK 32 (23) and EBITDA of MNOK 5.8 (4.5), a margin of 18% • Satco, included from 1 August, offset lower quarterly activity in Globetech • The margin reflects a seasonally slower third quarter with lower activity, in line with Q3 2025 (19%) Operations • Satco AS (60% owned by Globetech) consolidated from 1 August 2026, adding maritime communication, navigation and CCTV systems to the offering Revenue & EBITDA %, MNOK Repeat % of LTM revenues, MNOK Operating companies Contracted vessels 19% Q3 25 17% Q4 25 25% Q1 26 27% Q2 26 18% Q3 26 23 29 32 30 32 194 215 222 224 261 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 104 104 109 123114 46% 46% 46% 46% 46% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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14 Lifting and load handling equipment for use in offshore, maritime, and aquaculture Employees 15 Ownership 93% Head office Kristiansand, NO Manager Mette Ramfjord Harv Est 2023 Market & Sales • Continued tendering activity within core markets on known projects • Focus remains on repeat product deliveries with known cost and risk Financials • Third quarter revenue of MNOK 15 (32) with EBITDA of MNOK -5.2 (-5.4) driven by revenue decline as projects progress • No new cost overruns in ongoing projects, but lower activity levels impact overall profitability • Limited backlog remaining Operations • First 70t crane delivery in stable operation since June with high customer satisfaction – second 70t crane also delivered to customer • Production of two 150t AHC offshore cranes in execution • Improved project cost follow-up across all phases 32 37 27 28 15 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Revenue & EBITDA %, MNOK -35%-17% -47% -12% -1% Operating companies
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15 The leading supplier of sea-based closed containment systems for salmon farming Employees 32 Ownership ~100% Head office Trondheim, NO Manager Jan Erik Kvingedal Est 2019 Market & Sales • Growing market interest in closed containment systems following government incentives, as well as proof of concept from Mowi Slåttenes delivery and the 4x Protectus order from Mowi • Government to propose a new countrywide zero-emission scheme for aquaculture, strengthening incentives for closed containment • Active dialogue with several salmon farmers with some prospects nearing decision Financials • Third quarter revenue of MNOK 70 (78) and EBITDA of MNOK 4.3, a margin of 6.2% as ongoing project progresses • Third quarter is the first quarter with FiiZK fully consolidated in the Nekkar group accounts Operations • 4x Protectus delivery to Mowi progressing according to plan Installed closed containment systems 78 24 36 68 70 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 22 24 24 24 24 4 4 4 42 Q3 25 Q4 25 Q1 26 Q2 26 24 28 28 28 Q3 26 28 Installed Ordered Operating companies Revenue & EBITDA %, MNOK per 05.11.2026 6%
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Select financial highlights 16 Q3 2026 Financials Revenue • Group revenue in Q3 2026 amounted to MNOK 175, up 41% year-on-year, driven by the first quarter of FiiZK consolidation (MNOK 70), Satco from 1 August and growth in Intellilift • Excluding FiiZK, revenue was MNOK 105 (124), reflecting lower newbuild and aftermarket activity in Syncrolift and lower revenue in Techano Oceanlift Profitability • EBITDA of MNOK 11 (margin 6.1%), up from MNOK 3 in Q3 2025, with Intellilift at MNOK 9.9 and a positive first-quarter contribution from FiiZK • Syncrolift EBITDA of MNOK 0.5 and Techano Oceanlift EBITDA of MNOK -5.2, both impacted by lower activity levels in the quarter • EBIT amounted to MNOK -3, against MNOK -2 in Q3 2025, after depreciation and amortisation of MNOK 14 (6), mainly from the FiiZK consolidation • Net financial items of MNOK -0.5, as foreign-exchange losses of MNOK 4.9 were largely offset by interest and other financial income Sales • Order intake in Q3 2026 amounted to MNOK 97 • Order backlog at quarter-end stood at MNOK 1,120 MNOK Q3 2026 Q2 2026 Q3 2025 FY 2025 Revenue 175 129 124 571 Syncrolift 39 57 58 315 Intellilift 22 17 17 72 Techano Oceanlift 15 28 32 115 Globetech 32 30 23 104 FiiZK 70 - - - Other incl. eliminations -3 -4 -6 -34 EBITDA 11 5 3 1 EBIT -3 -2 -2 -31 Net finance -1 6 -4 -7 Profit (loss) before tax -4 4 -6 -37 Income tax expense -0 0 -0 -3 Profit (loss) for the period -3 4 -5 -35 EBITDA margin 6.1% 3.6% 2.5% 0.3% Net capitalized development costs¹ 5 2 3 9 Order intake 97 294 117 540 Order backlog 1,120 1,199 740 678 EPS (NOK) -0.08 0.01 -0.05 -0.34 ¹ Net of received funding Profit & Loss
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Financials per operating company 17 Q3 2026 Financials Syncrolift MNOK Q3 2026 Q2 2026 Q3 2025 FY 2025 Revenue 38.5 57.1 57.9 314.6 EBITDA 0.5 2.9 5.2 41.3 EBITDA margin 1% 5% 9% 13% EBIT -0.3 2.1 4.6 38.7 EBIT margin -1% 4% 8% 12% Intellilift MNOK Q3 2026 Q2 2026 Q3 2025 FY 2025 Revenue 22.2 16.8 16.8 71.8 EBITDA 9.9 2.7 5.0 18.2 EBITDA margin 45% 16% 30% 25% EBIT 9.0 1.9 4.1 15.6 EBIT margin 40% 11% 25% 22% Techano Oceanlift MNOK Q3 2026 Q2 2026 Q3 2025 FY 2025 Revenue 15.0 28.5 32.1 115.0 EBITDA -5.2 -0.2 -5.4 -49.8 EBITDA margin -35% -1% -17% -43% EBIT -6.7 -1.7 -5.9 -52.0 EBIT margin -44% -6% -18% -45% Globetech MNOK Q3 2026 Q2 2026 Q3 2025 FY 2025 Revenue 32.3 29.9 23.1 104.1 EBITDA 5.8 8.1 4.5 22.9 EBITDA margin 18% 27% 19% 22% EBIT 4.7 6.5 3.7 19.5 EBIT margin 15% 22% 16% 19% FiiZK MNOK Q3 2026 Q2 2026 Q3 2025 FY 2025 Revenue 69.6 – – – EBITDA 4.3 – – – EBITDA margin 6% – – – EBIT -2.0 – – – EBIT margin -3% – – – Other / eliminations MNOK Q3 2026 Q2 2026 Q3 2025 FY 2025 Revenue -2.8 -3.8 -6.1 -34.4 EBITDA -4.7 -8.9 -6.2 -31.1 EBIT -7.9 -10.5 -8.2 -52.5
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Balance sheet 18 Q3 2026 Financials Assets • Total assets of MNOK 1 007 (9521 at 30 June), with Satco consolidated from 1 August 2026 • Intangible assets and goodwill of MNOK 429 (4131), of which goodwill MNOK 214. The Satco acquisition added MNOK 20: goodwill MNOK 13 and other intangible assets MNOK 7 Working capital • Net working capital of MNOK -126 (-87), driven by customer prepayments of MNOK 264 (2141) and trade receivables of MNOK 172 (137) Cash • Quarter-end cash position of MNOK 176 (167) Long term liabilities and equity • Long-term provision of MNOK 98 (62), mainly the estimated payments for the remaining shares in Globetech (33%, due 2028) and Satco (40%, due 2029). The MNOK 36 increase reflects the new Satco obligation and a higher Globetech estimate following the Satco acquisition • Long-term interest-bearing debt of MNOK 16, all in FiiZK • Equity ratio of 40% (47% at 30 June) Treasury shares • Number of shares held at quarter end: 5 620 322 • Average purchase price (NOK): 12.28 MNOK 30/09/2026 30/06/2026 31/12/2025 ASSETS Intangible assets and goodwill1 429 413 191 Deferred tax assets 37 37 0 Right of use assets 53 55 23 Tangible assets 20 19 14 Financial assets 3 4 61 Inventory 48 35 21 Accrued non invoiced production 45 56 85 Trade receivables 172 137 155 Other short-term receivables1 19 27 40 Derivative financial instruments 6 3 5 Bank deposits 176 167 150 Total assets1 1 007 952 745 LIABILITIES Long term interest-bearing debt 16 17 0 Deferred tax liabilities 1 17 18 14 Long term provision 98 62 56 Lease liabilities 55 58 24 Trade payables 46 46 83 Prepayments from customers1 264 214 98 Derivative financial instruments 3 2 0 Other current liabilities 108 96 102 Total equity 401 439 368 Total liabilities & equity1 1 007 952 745 Net working capital -126 -87 34 1 Figures at 30 June 2026 have been restated for a measurement-period adjustment to the provisional FiiZK acquisition accounting (IFRS 3.45–49). Equity and Q2 2026 profit unchanged.
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Cash flow 19 Q3 2026 Financials Cash flow development • Cash flow from the business of MNOK 37 in Q3 2026, driven by a positive change in net working capital of MNOK 38 and EBITDA of MNOK 11 • Share buy-backs in the quarter: MNOK 10 • Net cash outflow of MNOK 16 related to the Satco acquisition • Cash position increased by MNOK 9 to MNOK 176 (167 at 30 June) Satco is consolidated from 1 August 2026. Its balance sheet at acquisition is included in “Satco acq. cash impact” and not in the change in net working capital. 167 176 11 38 Share buy-backs -16 Cash 30.06.26 Cash 30.09.26 EBITDA Change in NWC -6 Expenditures fixed and intangible assets 0 Net financial items -4 Payment of lease liabilities 0 Taxes paid 204 Cash 30.09.26 from business Repayment of bank loan -10-1 Satco aqc. cash impact +37 MNOK
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Strong financial foundation 20 Q3 2026 Toolbox for growth Solid financial capacity and disciplined capital allocation enable us to invest in long-term value creation Expecting continued solid operational cash flow going forward Flexible bank financing available for each investment opportunity Net cash position Gross Interest bearing debt MNOK 16 Gross cash MNOK 176 Financials Treasury shares Average purchase price 12.28 Number of shares 5 620 322 Book value MNOK 69
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Summary & outlook 21 Q3 2026 Globetech • Satco AS consolidated from 1 August 2026, adding maritime communication, navigation and CCTV systems to the offering FiiZK • First quarter consolidated – Nekkar 100% ownership • Execution of 4x Protectus contract for Mowi progressing Techano Oceanlift • Executing on two repeat offshore crane projects • New orders needed to secure positive EBITDA margins for Techano Oceanlift Financials Intellilift continue to deliver to its customer as the leading independent offshore drilling automation and integration provider. Installation timing for some rigs moved into coming quarters, with SaaS revenue building across the contract base Solid margins and high share of recurring revenue going forward IntelliliftSyncrolift Awarded largest contract in company history post quarter-end with US-based undisclosed customer for design and supply of shiplift system. Execution started up on the newbuild and modernization contracts awarded in Q2 Defence exposure underpins outlook, with the tender pipeline at approximately MNOK 8,100 Positive outlook FiiZK and Satco consolidated in the quarter
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nekkar.com
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Alternative performance measures 23 NEKKAR ASA INTRODUCTION TO ALTERNATIVE PERFORMANCE MEASURES (APMs) Nekkar Group (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. BASIS FOR PREPARATION This presentation provides financial highlights for the third quarter 2026 for Nekkar ASA. The consolidated financial statements for Q3 have been prepared in accordance with IAS 34 Interim Financial Statements, however 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 2025. The financial figures are not audited. 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 and EBIT are used to compare relative profit between periods. The margins are calculated as EBITDA or EBIT divided by revenue. ORDER INTAKE AND BACKLOG MEASURES Order intake reflects the value of new business awarded in the period, including project contracts, spare parts, service agreements and recurring/SaaS contracts. • Project / New build contracts, spare parts and long-term fixed-scope service agreements at signed contract value (excluding options and unapproved change orders) • Recurring and SaaS contracts recognised at a rolling 12-month committed or estimated contract value, depending on contract type • Order intake includes the periodic update of recurring and SaaS contracts, reflecting the addition of new periods in the rolling 12-month revenue base • Call-off framework agreements and certain service activities are recognised as order intake when invoiced • Order intake excludes the impact of foreign exchange fluctuations on existing contracts Order backlog represents the estimated remaining revenue under signed contracts not yet recognised as revenue. • Project contracts, spare parts and long-term fixed-scope service agreements at remaining contract value • Recurring and SaaS revenue included at a rolling 12-month committed or estimated value • Backlog is adjusted for foreign exchange movements based on prevailing exchange rates • Excludes call-off framework agreements and variable service volumes Due to the Group’s mix of project, service and recurring revenue streams, these measures include both firm contract values and forward-looking estimates, and may not be directly comparable to similar measures used by other companies. CASH FLOW FROM BUSINESS Cash flow from business is defined as total cash flow from operating, investing, and financing activities, adjusted to exclude share buy-backs and M&A-related cash flows. This measure is intended to reflect the company’s recurring business cash generation. 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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Consolidated statement of comprehensive income 24 Line item Q3 2026 Q2 2026 Q3 2025 FY 2025 OPERATING REVENUE Total revenue 175 129 124 571 OPERATING EXPENSES Material, goods and services 91 56 65 319 Personnel costs 55 53 42 186 Losses on accounts receivable (2) 0 0 4 Impairment of intangible assets 0 0 0 14 Depreciation of fixed and intangible assets 14 6 5 18 Other operating expenses 19 15 14 61 Total operating expenses 178 130 125 602 Operating profit / (loss) (EBIT) (3) (2) (2) (31) FINANCIAL INCOME AND EXPENSES Financial income 6 3 4 37 Financial expense 7 (3) 3 18 Share of net profit (loss) from equity-accounted investees 0 (1) (5) (25) Net finance (1) 6 (4) (7) Profit / (loss) before tax (4) 4 (6) (37) Income tax expense (0) 0 (0) (3) Profit for the period (3) 4 (5) (35) OTHER COMPREHENSIVE INCOME Net cash flow hedge (2) 0 0 0 Foreign currency differences for foreign operations 0 0 0 0 Total comprehensive income for the period (6) 4 (5) (35) Attributable to equity holders of the company (10) 1 (7) (41) Attributable to non-controlling interests 4 3 2 6 Earnings per share (NOK) (0.08) 0.01 (0.05) (0.34) Diluted earnings per share (NOK) (0.08) 0.01 (0.05) (0.34) Q3 2026 MNOK
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Consolidated statement of financial position 25 Assets 30/09/2026 30/06/2026 31/12/2025 Equity & Liabilities 30/09/2026 30/06/2026 31/12/2025 NON-CURRENT ASSETS EQUITY Deferred tax assets 37 37 0 Issued share capital 12 12 12 Goodwill1 214 200 106 Treasury shares (1) (1) (1) Other intangible assets 215 213 85 Share premium 9 9 9 Property, plant and equipment 20 19 14 Other equity 282 329 276 Equity-accounted investees 1 1 57 Shareholders equity 303 350 296 Other financial assets 2 3 4 Non-controlling interest 99 90 72 Right of use assets 53 55 23 Total equity 401 439 368 Total non-current assets1 542 528 289 NON-CURRENT LIABILITIES CURRENT ASSETS Deferred tax1 17 18 14 Inventories 48 35 21 Long term debt to financial institutions 16 17 0 Trade receivables 172 137 155 Lease liabilities 39 41 17 Other receivables1 19 27 40 Non-current provision 98 62 56 Accrued non-invoiced production 45 56 85 Total non-current liabilities1 169 139 86 Derivative financial instruments 6 3 5 Cash and cash equivalents 176 167 150 CURRENT LIABILITIES Total current assets1 465 425 455 Trade payables 46 46 83 Income tax payable 22 18 18 Total assets1 1 007 952 745 Social Security and Employee taxes 27 5 13 Prepayment from customers1 264 214 98 Derivative financial instruments 3 2 0 Current lease liabilities 16 16 7 Other current liabilities 59 73 71 Total current liabilities1 436 374 291 Total liabilities1 606 513 377 Total equity and liabilities1 1 007 952 745 Q3 2026 MNOK 1 Figures at 30 June 2026 have been restated for a measurement-period adjustment to the provisional FiiZK acquisition accounting (IFRS 3.45–49; see Note 5, Q2/H1 2026 report). Equity, Q2 2026 profit and cash flow are unchanged.
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Consolidated statement of cash flows 26 Line item Q3 2026 Q2 2026 Q3 2025 FY 2025 Cash flow from operating activities Profit (loss) before tax (4) 4 (6) (37) Adjustments for: Depreciation / impairment 14 6 5 32 Share of net (profit)/loss from equity-accounted investees 0 1 5 25 Non-cash gain on step acquisition of subsidiary 0 (2) 0 0 Income tax paid 0 0 (3) (5) Changes in: Inventories (5) 1 3 (3) Trade receivables (30) 46 12 (3) Trade payables (3) (17) (16) 38 Accrued, non-invoiced production 11 (9) 42 33 Prepayment 50 46 (5) 36 Other receivables and other payables 15 (7) (63) (80) Net cash flow from operating activities 48 70 (26) 36 Cash flow from investment activities Acquisition and expenditures of fixed/intangible assets (6) (4) (4) (19) Acquisition of subsidiary – net of cash acquired (16) 18 0 0 Net cash flow from investment activities (22) 14 (4) (19) Cash flow from financing activities Purchase of treasury shares (11) (11) (17) (64) Net proceeds from share-program employees 0 0 0 5 Repayment of borrowings (1) 0 0 0 Dividends paid 0 0 (6) (6) Payment of lease liabilities (4) (2) (1) (6) Net cash flow from financing activities (16) (12) (25) (72) Net change in cash and cash equivalents 9 72 (55) (55) Cash and cash equivalents at the start of the period 167 95 225 205 Cash and cash equivalents at the end of the period 176 167 170 150 Q3 2026 MNOK