Norwegian industrial technology group Nekkar ASA reported its first quarterly profit in two years, with net income of NOK 4 million in the second quarter of 2026, compared with a loss of NOK 10 million a year earlier.
Revenue declined 7.2% year-over-year to NOK 129 million, missing market expectations of NOK 174.5 million. EBITDA turned positive at NOK 5 million, up from a loss of NOK 12 million in the same period of 2025, while the EBITDA margin improved to 3.6% from negative 8.6%. Operating expenses totaled NOK 130 million, resulting in an EBIT loss of NOK 2 million. Earnings per share came in at NOK 0.01 for the quarter, with analysts projecting fiscal 2026 EPS of NOK 0.05.
Order intake more than doubled to NOK 294 million, the strongest quarterly performance in at least five quarters. The order backlog rose 59% to NOK 1.2 billion from NOK 753 million at the end of Q2 2025. Cash and cash equivalents stood at NOK 167 million, supported by NOK 65 million in treasury shares and an undrawn NOK 200 million credit facility. Long-term debt totaled NOK 17 million.
The company completed two strategic acquisitions during the quarter. In June, Nekkar exercised a call option to increase its stake in FiiZK to approximately 100%, investing NOK 90 million funded entirely with treasury shares and the assumption of a NOK 13.6 million shareholder loan. FiiZK reported Q2 revenue of NOK 68 million, up 66% year-over-year, with 24 installed closed containment systems and four additional units in the order book as of August 20.
Globetech, a subsidiary, acquired 60% of Satco AS on August 1 for an undisclosed sum funded from available cash. Satco generated NOK 45 million in revenue and NOK 12 million in EBITDA in 2025, representing a 26% margin.
Segment performance varied. Syncrolift revenue fell 20.8% to NOK 57 million due to lower new-build volumes, though aftermarket revenue reached NOK 117 million over the past 12 months. The segment secured a EUR 8.5 million shiplift contract for Egypt’s South Red Sea Shipyard and a USD 10.5 million naval modernization deal. Intellilift revenue rose to NOK 17 million with a 16% EBITDA margin, while Globetech’s revenue grew 18% to NOK 30 million with a 27% margin. Techano Oceanlift narrowed its loss to NOK 0.2 million on NOK 28.5 million in revenue.
Nekkar’s tender pipeline stood at NOK 8.7 billion as of June 30, with NOK 5 billion expected to be awarded in 2027.
