Slide 1: Q2 2025 Financial results
Q2 2025 Financial results Ole Falk Hansen CEO, Nekkar ASA Nekkar ASA | 28.08.2025
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 Q2 2025 MNOK 139 Order backlog (30/6/25) Positioned for growth in ocean-based industries Thematic focus within sustainable oceans, robotics & intelligent logistics, and digital MNOK 753 solutions, aligned with megatrends Balance sheet (30/6/25) 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, Q2 2025
Key events Nekkar | Financial highlights, Q2 2025 Syncrolift • Revenue of MNOK 139 (150 in Q2 2025) Awarded a life extension contract for the US Navy on the Diego • EBITDA of MNOK -12 (20) Garcia naval base for MUSD 3 • EBITDA margin of -8.6 % (13.4 %) Signed a contract (post quarter) with Dubai Mar
Slide 7: Operational highlights | Q2 2025
Operational highlights | Q2 2025 Established business Growth companies • Good activity and utilization levels drives • Phasing of activity on key contracts and favourable revenue development backlog impacts revenue during the second • Several strong tender leads quarter • Awards through and after qu
Slide 8: Key financials | Per quarter
Key financials | Per quarter Revenue EBITDA & margin (%) MNOK MNOK 50 30 181 27 45 25 40 150 20 35 20 140 139 30 14 15 111 25 20 10 13.4% 15.1% 15 10.3% 5 10 5 0 0 -5 -5 -10.9% -8.6% -10 -10 -12 -12 -15 -15 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 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 187 744 757 753 725 704 155 147 83 15 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Not included – subsequent to the quarter – award of MUSD 5 to DMC 9 1 Does not account for FX fluc
Slide 10: Business update
BUSINESS UPDATE
Slide 11: Syncrolift | Q2 update
Syncrolift | Q2 update • Awards in or following the quarter totalling MNOK 104, of which most was defence related Market & • Continued high tendering activity driven by defence megatrends – Sales timing uncertainty on several projects due to government planning and infrastructure requirements • Defe
Slide 12: Syncrolift | New contract awards
Syncrolift | New contract awards Diego Garcia naval base Dubai Maritime City Order Q2 Q3 Value ~MUSD 3 ~MUSD 5 Scope of Life extension services Ship transfer system (x2) delivery Delivery H2’2026 H1’2026 12
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: 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 30.06.25 MNOK Per 20.08.25 600 558 550 8.000 7.400 500 7.000 450 227 6.000 2.500 400 350 332 5.000 300 4.000 250 200 3.000 4.000 150
Slide 15: Techano Oceanlift | Q2 update
Techano Oceanlift | Q2 update • Awarded repeat order for 70-tonnes subsea crane worth ~MNOK 60, Market & previously announced Sales • Continues to tender for a “handful” of solid leads within renewable, subsea and aqua Intelligent offshore lifting & load handling solutions • EBITDA: A weak result of
Slide 16: 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 17: Intellilift | Q2 update
Intellilift | Q2 update Market & • Strong interest for Intellilft’s new products and automation/SaaS solution Sales from InteliWell (JV with Transocean) Data-driven performance for ocean-based industries • Continued solid activity level throughout the second quarter Ownership Employees Head office E
Slide 18: Globetech | Q2 update
Globetech | Q2 update • Signed a new undisclosed client with contracts for two luxury cruise ships Market & • Launched a commercial partnership with Vessel IT in Rotterdam to Sales enhance service capabilities and offering Full service maritime IT provider Securing operations at sea • Revenue reache
Slide 19: FiiZK | Q2 update
FiiZK1 | Q2 update • “Miljøfleksordning” approved by the Norwegian government goes into effect Market & this fall – enables recovery of “withdrawn biomass” by converting to close cage Sales technology which FiiZK meets requirements for • The continued interest in closed fish technology is expected t
Slide 20: Key customers show results from closed systems
Key customers show results from closed systems Mowi’s post-smolt strategy utilizes closed FiiZK cages • Mowi points to its work with post-smolt as one of its key drivers for organic growth in volumes • In this work, closed containment systems from FiiZk is one of its key avenues Source: Mowi ASA sec
Slide 21: Financial update
FINANCIAL UPDATE
Slide 22: Nekkar financial highlights
Nekkar financial highlights Profit & Loss, Q2 / H1 2025 Revenue MNOK Q2 2025 Q2 2024 H1 2025 H1 2024 2024 • Revenue in Q2 2025 declined by 9% compared to the same period last year, due to lower activity in Revenue 139 150 250 302 624 Syncrolift, where new project awards have not Syncrolift 72 124 13
Slide 23: Key financials | Per operating company
Key financials | Per operating company Q2 2025 Q2 2024 H1 2025 H1 2024 2024 Q2 2025 Q2 2024 H1 2025 H1 2024 2024 Revenue 72 124 136 250 492 Revenue 15 11 34 19 44 EBITDA 3 22 2 63 119 EBITDA 2 2 5 3 5 EBITDA % 4% 18% 2% 25% 24% EBITDA % 14% 23% 15% 17% 12% EBIT 2 22 1% 62% 117 EBIT 2 2 4 2 4 EBIT %
Slide 24: Balance sheet
Balance sheet Assets Balance sheet, Q2 2025 • MNOK 72 in financial assets per Q2 from FiiZK MNOK 30.06.2025 30.06.2024 31.12.2024 investment, down from MNOK 81 per Q4 last year ASSETS Working capital Intangible assets and goodwill 206 77 202 Right of use assets 26 13 15 • Negative working capital of
Slide 25: Cash flow
Cash flow Cash flow development, Q2 2025 Cash flow • Cash flow from business was positive at MNOK MNOK 52 in Q2 2025, primarily due to reduced working capital +52 MNOK • Cash outflow of MNOK 9 related to the purchase -5 8 -2 -9 of treasury shares in the period 63 • Total net cash inflow for the quar
Slide 26: Nekkar’s capital allocation strategy
Nekkar’s capital allocation strategy Available capital, Q2 2025 MNOK Net cash 225 Grow operating companies Undrawn credit facility 200 Investments in existing operating companies to fuel organic growth while maintaining a strong balance sheet Total 425 Expecting continued solid operational cash flow
Slide 27: 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 28: Summary Q2 2025 & outlook
Summary Q2 2025 & outlook Summary Outlook Soft revenue driven by lower activity in Syncrolift where new project awards are taking longer than anticipated Defence exposure provides good outlook High tendering activity -12 MNOK EBITDA driven by soft revenue level in Syncrolift and MNOK -14 from Te
Slide 29: New reporting disclosures
New reporting disclosures Excel upload to Nekkar webpage with historical key information on Group and operating companies Full P&L, BS and CF as attachment to this presentation 29
Slide 30: nekkar.com
AY NEKIKAR nekkar.com
Slide 31: 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 32: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income Amounts in NOK 1000 Q2 2025 Q2 2024 H1 2025 H1 2024 2024 OPERATING REVENUE Sales revenue 138.832 149.970 250.158 302.058 623.508 Total revenue 138.832 149.970 250.158 302.058 623.508 OPERATING EXPENSES Material, goods and services 86.023 90.580 145.583
Slide 33: Consolidated statement of financial position
Consolidated statement of financial position Unaudited Audited Unaudited Audited Amounts in NOK 1000 Q2 2025 2024 Q2 2025 2024 ASSETS EQUITY AND LIABILITIES NON-CURRENT ASSETS EQUITY Deferred tax assets 216 216 Issued share capital 11.817 11.817 Goodwill 106.132 106.132 Treasury shares -703 -483 Oth
Slide 34: Consolidated statement of cash flow
Consolidated statement of cash flow Unaudited Unaudited Unaudited Unaudited Audited Amounts in NOK 1000 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