Nekkar (NKR) Q2 2026 earnings summary

Executive summary

• Fully consolidated FiiZK as a wholly owned subsidiary after acquiring remaining shares for NOK 90 million using treasury shares, broadening the portfolio and strengthening aquaculture exposure from Q3 2026.

• Acquired 60% of Satco through Globetech, expanding maritime electronics and communication capabilities, with consolidation from August 2026.

• Strong order intake and backlog, with Q2 order intake at NOK 294 million and backlog at NOK 1,199 million, supported by major Syncrolift and Intellilift contracts.

• Portfolio now includes five operating companies with balanced exposure across four end markets.

• Major events include significant new contracts for Syncrolift (EUR 8.5 million in Egypt, USD 10.5 million in Middle East navy) and Intellilift (11-rig automation contract).

Financial highlights

• Q2 2026 revenue was NOK 128.5–129 million, down 7% year-over-year, mainly due to lower Syncrolift newbuild activity.

• EBITDA improved to NOK 4.6–5 million (3.6% margin) from NOK -12 million last year, with positive contributions from Globetech, Intellilift, and Syncrolift.

• Net profit for Q2 2026 was NOK 3.7–4 million, compared to a loss of NOK 9.8–10 million in Q2 2025.

• Cash position at quarter-end was NOK 166.7–167 million, with strong positive cash flow and an undrawn NOK 200 million credit facility.

• Order intake for Q2 was NOK 294 million, with order backlog at NOK 1,199 million.

Outlook and guidance

• Positive outlook for four out of five operating companies to grow revenues and profits in the next quarter.

• Syncrolift expects increased activity as a large tender pipeline (NOK 8.7 billion) is pending award, especially in defense, though timing remains uncertain.

• Intellilift’s recurring SaaS revenue base is growing, with installations from the 11-rig contract rolling out over 30 months.

• Techano Oceanlift requires new orders to sustain positive EBITDA margins.

• FiiZK anticipates new contracts as regulatory clarity improves in sustainable salmon farming.