Nekkar (NKR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was NOK 111 million, down 27% year-over-year, mainly due to slower Syncrolift project progress, project phasing, and lower order intake last year.

• EBITDA was NOK -12 million, a significant decline from NOK 30 million last year, impacted by cost overruns in Techano Oceanlift, project phasing, and adverse currency effects.

• Net profit for the period was NOK -8 million, with EPS at -0.08, partially offset by positive currency effects.

• Order intake reached NOK 155 million, with a backlog of NOK 757 million at quarter-end, supported by Techano crane awards and Syncrolift service contracts.

• The group remains debt-free, with NOK 182 million in cash, NOK 62 million in treasury shares, and a 60% equity ratio.

Financial highlights

• Revenue declined to NOK 111 million from NOK 152 million year-over-year, mainly due to lower Syncrolift project activity.

• EBITDA margin dropped to -10.9% from 20% year-over-year.

• Net profit was NOK -8 million, compared to NOK 10 million in Q1 2024.

• Cash flow from operations was negative NOK 8 million; total net cash outflow was NOK 23 million, including share buybacks.

• Order backlog at quarter-end was NOK 757 million, down from NOK 888 million last year.

Outlook and guidance

• Positive outlook for operating companies, with high tender activity in Syncrolift and expected margin improvements in Techano Oceanlift from repeat contracts.

• FiiZK anticipates increased commercial activity due to favorable regulatory changes in aquaculture.

• Intellilift is positioned for new contracts, with continued growth in automation and digital solutions.

• Strategic plan to expand to 6–8 platform companies and achieve NOK 2 billion revenue by 2027.