Nekkar (NKR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 17% year-over-year to NOK 130 million, driven by higher activity in Techano Oceanlift and Globetech, with stable contributions from Syncrolift and Intellilift.

• EBITDA improved to NOK 7 million (5.5% margin) from NOK -12 million last year, with positive contributions from Globetech, Intellilift, and Syncrolift, partially offset by Techano Oceanlift.

• Net profit reached NOK 1 million, up from a loss of NOK -8 million in the same quarter last year; EPS was NOK 0.01.

• Order intake surged to NOK 227 million, up 46% year-over-year, mainly from Intellilift's 11-rig SaaS contract and two additional post-quarter awards; order backlog at NOK 765 million.

• The group remains debt-free, with NOK 95 million in cash, NOK 109 million in treasury shares, and an undrawn NOK 200 million credit facility.

Financial highlights

• EBITDA margin improved to 5.5% from negative last year, though still below historical levels due to low Syncrolift volumes.

• EBIT was NOK 2 million, up from NOK -16 million year-over-year.

• Cash flow from operations was negative NOK 44 million, mainly due to working capital increases and share buybacks.

• Net cash outflow totaled NOK 54 million, including NOK 11 million for share buybacks.

• Net financial items: NOK -1 million, including NOK -3.5 million from FiiZK (equity-accounted).

Outlook and guidance

• Strong order backlog and recent contract wins provide visibility for coming quarters.

• Intellilift's SaaS contracts provide recurring revenue visibility, with ramp-up expected through 2026.

• Syncrolift maintains a NOK 500 million backlog and NOK 7.5 billion tender pipeline, with NOK 3 billion in contracts expected to be awarded this year.

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

• FiiZK projects are expected to improve profitability as repeat orders progress and execution on Mowi contract continues.