Slide 1: Q1 2025 Financial results
Q1 2025 Financial results Ole Falk Hansen CEO, Nekkar ASA Nekkar ASA | 08.05.2025
Slide 2: Disclaimer
Disclaimer 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”) f
Slide 3: Nekkar in brief
Nekkar in brief Revenue Q1 2025 MNOK 111 Order backlog (31/3/25) Positioned for growth in ocean-based industries Thematic focus within sustainable oceans, robotics & intelligent logistics, and digital MNOK 757 solutions, aligned with megatrends Balance sheet (31/3/25) Active industrial ownership of
Slide 4: Operating companies overview
Operating companies overview Companies The global leading provider of shipyard solutions for safe Intelligent load handling systems, such as cranes and and efficient ship docking gangways, for renewables, subsea, and aquaculture vessels Industrial software solutions focused on digitalizing Full-serv
Slide 5: Focus on four end-markets with diversified exposure
Focus on four end-markets with diversified exposure DEFENCE AQUACULTURE OFFSHORE ENERGY MARITIME 19% 13% 33% 35% Pie charts: Share of pro-forma revenue 2024 including FiiZK and Globetech full-year 5 5
Slide 6: Nekkar | Financial highlights, Q1 2025
Key events Nekkar | Financial highlights, Q1 2025 Techano Oceanlift Signed repeat order of 150-tonnes • Revenue of MNOK 111 (152 in Q1 2024) crane, and subsequent 70-tonnes award following quarter end • EBITDA of MNOK -12 (30) totalling MNOK 144 • EBITDA margin of -11% (20%) Negative EBITDA impact o
Slide 7: Operational highlights | Q1 2025
Operational highlights | Q1 2025 Established business Growth companies • Good activity and utilization levels drives favourable revenue development • Phasing of activity on key contracts impacts • Delivery of Hanwha Drilling HMI system revenue during the first quarter • Margins additionally negative
Slide 8: Key financials | Per quarter
Key financials | Per quarter Revenue EBITDA & margin (%) MNOK MNOK 50 35 181 30 45 30 27 40 152 150 25 140 35 20 30 20 111 25 14 15 20.0% 20 13.4% 15.1% 10 15 10.3% 10 5 5 0 0 -5 -5 -10.9% -10 -10 -15 -12 -15 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 EBITDA EBITDA % 8
Slide 9: Order intake and backlog | Per quarter
Order intake and backlog | Per quarter Order intake per quarter1,2 Order backlog development2 MNOK MNOK 188 187 888 744 757 155 725 704 83 15 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Not included – subsequent to the quarter – award Techano Oceanlift ~ 60 MNOK 9 1 Does not account
Slide 10: Business update
~ BUSINESS” UPDATE
Slide 11: Syncrolift | Q1 update
Syncrolift | Q1 update • Continued high tendering activity driven by defence megatrends – timing uncertainty on several projects due to government planning Market & and infrastructure requirements Sales • Defence market outlook remains favourable, making up a substantial share of tendering activity
Slide 12: Solid tender activity but timing sensitivity remains
Solid tender activity but timing sensitivity remains Syncrolift order backlog by execution year1 Tender pipeline, newbuild/upgrades by year of contract award1 MNOK Per 31.03.25 MNOK Per 02.05.25 650 601 600 8.000 7.800 550 500 7.000 241 2.700 450 6.000 400 360 350 5.000 300 4.000 250 3.800 3.000 200
Slide 13: Syncrolift | A leading defence/naval supplier
Syncrolift | A leading defence/naval supplier Syncrolift is the world's leading manufacturer of shiplifts and transfer systems to naval shipyards and the only shiplift manufacturer with experience from providing total solutions for submarine handling. Naval segments Navy Surface Vessels Navy Submari
Slide 14: Techano Oceanlift | Q1 update
Techano Oceanlift | Q1 update • Signed repeat order of 150-tonnes crane, and subsequent 70-tonnes award Market & following quarter end totalling MNOK 144 Sales • Tendering for a “handful” of solid leads within renewable, subsea and aqua Intelligent offshore lifting & load handling solutions • EBITDA
Slide 15: Repeat awards paves way for more efficient execution
Repeat awards paves way for more efficient execution Recent award of 150-tonnes and 70-tonnes capacity cranes highlights the benefits of repeat awards • Lowers design cost and complexity: With engineering work and technological development already completed a cost- and uncertainty driver is removed
Slide 16: Intellilift | Q1 update
Intellilift | Q1 update • MNOK ~10 contract with OilCo to remotely drill through digital twin by use of Intellilift simulator and integration of 3rd party software Market & • Hanwha project successfully installed at drillship in Korea – demonstrating Sales Intellilift capability as “integrator” on d
Slide 17: Intellilift | Hanwha Ocean project completed
Intellilift | Hanwha Ocean project completed Intellilift recently announced the completion of a milestone delivery for Hanwha Ocean • The successful delivery and installation included a cutting edge ABS-proven HMI system • The system was installed on the vessel Tidal Action, which will be operated b
Slide 18: Globetech | Q1 update
Globetech | Q1 update Market & • Continued high customer activity Sales • Sales driven by new customers, new vessels, and deliveries to existing customer base Full service maritime IT provider Securing operations at sea • Revenue of MNOK 27, up 25% year over year Ownership Employees Head office Est.
Slide 19: FiiZK | Q1 update
FiiZK1 | Q1 update • Continued interest in closed fish technology, with particular focus on post-smolt Market & production, through first quarter as farmers awaited new regulations Sales • Recently government issued “Havbruksmeldingen” outlines a shift towards a larger fish health and welfare focus
Slide 20: Havbruksmeldingen – Increased focus on welfare
Havbruksmeldingen – Increased focus on welfare The Norwegian government released “Havbruksmeldingen” 1 on April 10th The document outlines how the government wishes to impact the aquaculture industry surrounding key topics it views as critical for future value creation in the industry, and the local
Slide 21: Financial update
FINANCIAL UPDATE
Slide 22: Nekkar financial highlights
Nekkar financial highlights Profit & Loss, Q1 2025 Revenue MNOK Q1 2025 Q1 2024 2024 • Revenue in Q1 2025 declined by 27% compared to the same period last year, primarily due to lower Revenue 111 152 624 project progress within Syncrolift mainly caused by Syncrolift 65 126 492 external factors and l
Slide 23: Balance sheet
Balance sheet Assets Balance sheet, Q1 2025 • Increase in right of use assets (and lease liabilities) is MNOK 30.03.2025 31.12.2024 related to a new lease contract in Syncrolift • MNOK 78 in financial assets per Q1 from FiiZK ASSETS investment, down from MNOK 81 per Q4 last year Intangible assets an
Slide 24: Cash flow
Cash flow Cash flow development, Q1 2025 Cash flow • Cash flow from business was negative at MNOK MNOK 8 in Q1 2025, primarily due to negative EBITDA -8 MNOK • Cash outflow of MNOK 15 related to the 205 purchase of treasury shares in the period -12 10 -2 0 -4 -15 • Total net cash outflow for the qua
Slide 25: 2027 ambitions to reach 2+ bn NOK in revenue
2027 ambitions to reach 2+ bn NOK in revenue MNOK revenue, 2027 ambition 2027 targets Today 2 000+ 6-8 platform companies 5 companies 837 Strategic and balanced portfolio with Concentrated 575 multiple companies of comparable revenue size generation 2023 20241 20271 Solid underlying operations Focus
Slide 26: Summary Q1 2025 & outlook
Summary Q1 2025 & outlook Summary Outlook Soft revenue driven by Syncrolift due to phasing of activity on awarded projects and less than expected order intake last year ▪ Defence exposure provides good outlook ▪ High tendering activity EBITDA driven by soft revenue level in Syncrolift and ▪ In posit
Slide 27: Nekkar's capital allocation strategy
Nekkar’s capital allocation strategy Available capital, Q1 2025 MNOK Net cash 182 Grow operating companies Undrawn credit facility 200 Investments in existing operating companies to fuel organic growth while maintaining a strong balance sheet Total 382 Expecting continued solid operational cash flow
Slide 28: Alternative performance measures
Nekkar ASA Alternative performance measures INTRODUCTION TO ALTERNATIVE PERFORMANCE MEASURES (APMs) PROFIT MEASURES Nekkar Group (Nekkar) discloses alternative performance measures in addition EBITDA is short for “earnings before interest, taxes, depreciation and to those normally required by IFRS.
Slide 29: nekkar.com
AY NEKIKAR nekkar.com