Norwegian marine equipment and technology group Nekkar ASA reported a turnaround in profitability for the second quarter of 2026, with positive EBITDA and a doubling of order intake compared to the same period a year earlier. Revenue, however, declined 7.2% year-over-year to NOK 129 million, reflecting mixed performance across its business segments.
EBITDA improved to a positive NOK 5 million from a loss of NOK 12 million in Q2 2025, while the EBITDA margin expanded to 3.6% from negative 8.6%. Operating profit remained negative at NOK 2 million, though this represented an improvement from a NOK 16 million loss in the prior-year period. Net financial items contributed positively by NOK 6 million, driven by foreign exchange gains and interest income. Operating cash flow totaled NOK 64 million, lifting the company’s ending cash position to NOK 167 million, up from NOK 95 million at the start of the quarter. Interest-bearing debt stood at NOK 17 million, primarily resulting from the consolidation of FiiZK.
Order intake surged 100% to NOK 294 million, while the group’s order backlog reached NOK 1.2 billion at the end of June. The company’s gross profit margin over the last 12 months stood at 46.5%, with a current ratio of 1.7.
Segment performance varied. Syncrolift, the group’s largest unit, reported a 20.8% year-over-year revenue decline to NOK 57 million, though its order backlog grew to NOK 653 million. The segment secured an €8.5 million contract with South Red Sea Shipyard in Egypt and a $10.5 million modernization contract with an undisclosed Middle East Navy customer, both scheduled for delivery in late 2027. Intellilift’s revenue rose to NOK 17 million, supported by a 16% EBITDA margin, while Globetech’s revenue increased 18% to NOK 30 million with a 27% EBITDA margin. Techano Oceanlift’s revenue was NOK 28 million, with EBITDA near break-even.
Nekkar completed the acquisition of the remaining 40% stake in FiiZK in June, taking full control for a total consideration of NOK 90 million settled entirely in treasury shares. FiiZK contributed NOK 68 million in revenue for the quarter, up from NOK 41 million a year earlier. The company also announced a 60% acquisition of Satco, a vessel automation provider, after the quarter, with the remaining stake to be acquired by 2029. Globetech’s contracted fleet reached 224 vessels at quarter-end.
CEO Ole Falk Hansen emphasized the broadening portfolio and debt-free funding of acquisitions, stating that both FiiZK and the Satco transaction were financed from the balance sheet. He noted that Intellilift’s revenue base is contracted and visible, scaling with installation completions rather than new order intakes.
