Nekkar (NKR) Q1 2026 earnings summary

Executive summary

• Q1 revenue rose 17% year over year to NOK 130m; EBITDA was NOK 7m (5.5% margin), versus NOK -12m (-10.9%) a year earlier, and net profit was NOK 1m versus a loss of NOK 8m.

• Order intake increased 46% to NOK 227m, mainly driven by Intellilift's 11-rig SaaS contract; quarter-end backlog was NOK 765m.

• Activity was healthy at Intellilift and Globetech, while Techano Oceanlift improved; Syncrolift contributed nearly half of revenue but had muted profitability amid low new-build activity.

• Debt-free, with NOK 95m cash, NOK 109m in treasury shares and an undrawn NOK 200m credit facility.

Financial highlights

• EBIT was NOK 2m, compared with NOK -16m in Q1 2025.

• Cash flow was negatively affected by increased working capital, which reached NOK 79m from NOK 34m in Q4 2025; a post-quarter milestone payment provided cash inflow.

• Net financial items were NOK -1m, including NOK -3.5m from FiiZK, which is equity-accounted.

• NOK 11m was spent on share buybacks during the quarter.

Outlook and guidance

• Strong backlog and recent contract wins provide visibility for coming quarters; tendering activity remains high, though award timing is uncertain.

• Syncrolift has a NOK 500m backlog and NOK 7.5bn tender pipeline, with NOK 3bn in contracts expected to be awarded this year; defense exposure supports its outlook.

• Intellilift SaaS revenue is expected to build as installations progress through 2026; recruitment is underway to support capacity ramp-up.

• Techano Oceanlift is focused on disciplined execution and margin recovery; FiiZK's Mowi delivery is progressing as planned, with repeat orders expected to support profitability.