Nekkar (NKR) Pareto Securities’ 33rd Annual Energy Conference presentation summary

Strategic focus and business model

• Invests in technology companies within ocean-based industries, targeting megatrends like sustainable oceans, robotics, intelligent logistics, and digitalization.

• Operates a buy-to-own strategy, focusing on long-term value creation through reinvestment, operational improvement, and disciplined execution.

• Maintains a decentralized operating model, promoting autonomy and agility among its five operating companies.

• Seeks companies with strong market positions, recurring revenue potential, and scalable, asset-light business models.

• Differentiates itself from financial and strategic buyers by allowing acquired companies to retain their identity and offering flexible ownership structures.

Portfolio and market exposure

• Portfolio spans defense (31% of revenue), maritime (25%), aquaculture (23%), and offshore energy (21%), based on 2025 pro-forma revenues.

• Key operating companies include Syncrolift, Intellilift, Globetech, Techano Oceanlift, and FiiZK, each serving distinct ocean-related markets.

• Major customers include Transocean, Mowi, DP World, and thyssenkrupp, with significant recurring and service-based revenue streams.

• Companies provide solutions such as shiplifts, industrial automation, ICT infrastructure, offshore cranes, and closed containment aquaculture systems.

Financial performance and targets

• Reported 2025 pro-forma revenues of MNOK 571 and an EBITDA margin of 0.3%, with 170 employees.

• Strong financial foundation with MNOK 167 in gross cash, MNOK 65 undrawn debt, and a MNOK 200 credit facility as of Q2 2026.

• Expects continued solid operational cash flow and disciplined capital allocation to support long-term investments.

• Targets 2 BNOK in revenues by 2027, aiming for 6–8 platform companies and a balanced, diversified portfolio.