Nekkar (NKR) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was NOK 138.8–139 million, down 7–9% year-over-year, mainly due to lower Syncrolift activity and project delays, partially offset by growth in Globetech and Techano Oceanlift.

• EBITDA was -NOK 12 million in Q2, impacted by Techano legacy project overruns, reduced Syncrolift volumes, and negative currency effects.

• Net profit was -NOK 10 million in Q2, with EPS at -NOK 0.10, compared to NOK 0.19 last year.

• Order intake reached NOK 147 million in Q2, driven by new crane contracts, defense awards, and a major Syncrolift project; order backlog at quarter-end was NOK 753 million.

• Strong cash position of NOK 225 million, no debt, and treasury shares held; robust balance sheet supports future growth.

Financial highlights

• Q2 revenue declined 7–9% year-over-year to NOK 138.8–139 million; EBITDA margin was -8.6% (vs. 13.4% last year).

• Net profit was -NOK 10 million, with EPS at -NOK 0.10; strong cash flow from operations of NOK 52–58.7 million.

• Net cash position stood at NOK 225 million as of June 30, 2025; equity ratio at 50–50.3%.

• Net working capital improved to -NOK 22 million, mainly from reduced receivables and increased prepayments.

• Order backlog at NOK 753 million, up from NOK 725 million a year earlier.

Outlook and guidance

• Positive outlook for Syncrolift with high tendering activity in defense; several billion NOK in tenders expected over the next years.

• Techano Oceanlift expects improved profitability as legacy projects conclude and repeat contracts reduce risk.

• Intellilift and Globetech positioned for continued growth, with new contracts and service expansion.

• FiiZK anticipates increased demand for closed-cage aquaculture solutions following regulatory changes.

• Strategic target to reach NOK 2 billion in revenue by 2027 and expand to 6–8 platform companies remains unchanged.