Nekkar (NKR) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue declined 12% year-over-year to NOK 124 million, mainly due to lower Syncrolift activity, partially offset by growth in Globetech, Techano Oceanlift, and Intellilift.

• EBITDA dropped to NOK 3 million (2.5% margin) from NOK 14 million (10.3%), reflecting lower volumes, reduced Syncrolift activity, and negative Techano Oceanlift project contributions.

• Net loss for the quarter was NOK 5 million, impacted by market entry costs and product development, compared to a profit of NOK 42 million in Q3 2024; EPS was NOK -0.05.

• Order intake reached NOK 117 million, driven by Syncrolift and Intellilift awards, with order backlog at NOK 740 million.

• Strong balance sheet with NOK 170 million in cash, NOK 80 million in treasury shares, no interest-bearing debt, and a 53% equity ratio.

Financial highlights

• Group revenue: NOK 124 million (down from NOK 140 million year-over-year).

• EBITDA: NOK 3 million (margin 2.5%), down from NOK 14 million (margin 10%) in Q3 2024.

• Net loss: NOK 5 million; EPS: NOK -0.05.

• Order intake: NOK 117 million; order backlog: NOK 740 million.

• Operational cash flow was negative NOK 26–32 million, mainly due to increased working capital.

Outlook and guidance

• Tendering activity remains at record high levels, with timing of awards uncertain, especially in defense and maritime segments.

• Positive outlook for operating companies, with expected EBITDA improvement as legacy projects ramp up and defense segment expected to be a key growth driver.

• FiiZK (Fisk) awarded four new closed containment systems, strengthening its market position and seeing favorable prospects.

• Intellilift anticipates continued growth following new SaaS and automation platform deployments.

• Focus remains on disciplined growth, solid execution, and leveraging a strong balance sheet for both organic and inorganic opportunities.