Nekkar (NKR) Q3 2026 earnings summary

Executive summary

• Q3 revenue was NOK 175m, up 41% YoY, and EBITDA was NOK 11m at a 6.1% margin; FiiZK consolidation, Satco and Intellilift growth supported results, while Syncrolift and Techano Oceanlift remained subdued.

• Quarter-end backlog was NOK 1,120m and cash was NOK 176m; a post-quarter Syncrolift award above NOK 800m was its largest contract to date, lifting backlog to ~NOK 2bn.

Financial highlights

• Revenue was NOK 175m versus NOK 124m in Q3 2025; excluding FiiZK, revenue was NOK 105m. FiiZK contributed NOK 69.6m in its first fully consolidated quarter.

• EBITDA was NOK 11m versus NOK 3m YoY, with a 6.1% margin versus 2.5%; EBIT was NOK -3m and net loss NOK 3m, with EPS of NOK -0.08.

• Order intake was NOK 97m; quarter-end backlog was NOK 1,120m versus NOK 1,199m at June-end and NOK 740m a year earlier.

• Cash flow from business was NOK 37m; cash ended September at NOK 176m, up from NOK 167m at June-end.

• Total assets were NOK 1,007m and the equity ratio was 40%, down from 47% at June-end; net working capital was NOK -126m.

Outlook and guidance

• Syncrolift expects only minor contract awards before year-end; its newbuild tender pipeline was NOK 8.1bn as of 5 November, with award and execution timing subject to external factors.

• Syncrolift sees ~NOK 4bn of contracts to be awarded in each of 2027 and 2028; around two-thirds of tender activity is defense-driven.

• Intellilift expects SaaS revenue to build across its contract base; some rig installations have shifted into coming quarters in line with customer schedules.

• Techano Oceanlift needs new orders to sustain positive EBITDA margins; FiiZK’s four-unit Protectus order for Mowi is progressing to plan.