Nekkar — Earnings Release 2024

May 16, 2024

Nekkar ASA: First quarter 2024 financial results

Nekkar ASA: First quarter 2024 financial results

16.5.2024 07:00:00 CEST | Nekkar ASA | Additional regulated information required

to be disclosed under the laws of a member state

16 May 2024 - In this year's first quarter, Nekkar ASA (Nekkar) delivered 50

percent increase in revenue and 33 percent higher EBITDA compared to the same

quarter last year. Revenue was NOK 152 million (101) and EBITDA ended at NOK 30

million (23), equivalent to a margin of 20 percent (22.6).

"A solid financial result driven by good project execution across our three

revenue-generating businesses Syncrolift, Techano Oceanlift and Intellilift. We

are constantly chasing improvements and we believe our financial results reflect

these efforts," says Ole Falk Hansen, CEO of Nekkar.

Order intake in the first quarter 2024 was NOK 188 million, significantly higher

than the same period last year (27). Contract wins in the quarter include a USD

5 million basic engineering design project for ASMAR in Chile, a five-year

maintenance contract with an Indian naval shipyard, and a USD 8 million contract

to deliver additional ship transfer systems to Dubai Maritime City.

Nekkar's order backlog increased to NOK 888 million at the end of March 2024

(832). This is the highest backlog level since the third quarter of 2022, on the

back of two recent quarters with solid order intake.

"Moreover, the job for ASMAR in Chile includes an option for delivery of a

shiplift and ship transfer system worth approximately USD 24 million, which is

not part of our current backlog. Delivering a high-quality engineering design

project is therefore top priority for Syncrolift in 2024," adds Falk Hansen.

Nekkar reported revenue of NOK 152 million (101) in this year's first quarter.

EBITDA was NOK 32 million (23), equivalent to an EBITDA margin of 20 percent

(22.6). EBIT was NOK 28 million (20). Cash flow from operations was NOK 31

million in the quarter. Nekkar's balance sheet is strong with NOK 197 million in

cash, no interest-bearing debt, and an undrawn NOK 200 million credit facility

as of 31 March 2024.

BUSINESS SEGMENT UPDATE

Nekkar's most mature business, Syncrolift, which is the world's leading supplier

of shiplifts and ship transfer systems, delivered revenue of NOK 126 million

(93) in the first quarter of 2024. The two businesses categorized as "growth

companies" in Nekkar's portfolio, Techano Oceanlift and Intellilift, delivered

first quarter revenue of NOK 22 million (0) and NOK 8 million (10),

respectively. The Nekkar portfolio delivers consistent high EBITDA margins.

"The InteliWell joint venture is gradually attracting international recognition

due to its ability to improve efficiency of offshore drilling operations.

InteliWell's first customer, Transocean, has publicly spoken highly of the

benefits of the system's automation capabilities, while an undisclosed

supermajor is conducting trials in the Gulf of Mexico. We are encouraged by the

market's reaction to InteliWell's solutions," says Ole Falk Hansen.

PRESENTATION AT 08:00 AM TODAY

Nekkar will hold a live webcast presentation today at 08:00 CET. The

presentation can be viewed from this URL:

https://channel.royalcast.com/landingpage/hegnarmedia/20240516_4/

The presentation material is enclosed to this announcement.

LUNCH PRESENTATION IN OSLO

In addition, Nekkar will hold a physical presentation at 12:00 (CET) today at

Clarkson Securities AS, Munkedamsveien 62C, 0270 Oslo. Attendees can register

their attendance with corpaccess@clarksons.com.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

CONTACTS

* Ole Falk Hansen, CEO, +47 988 14 184, ir@nekkar.com

ABOUT NEKKAR ASA

Nekkar (OSE: NKR) is an industrial technology group offering impact technologies

combined with high-end software solutions. The group combines 50 years' heritage

from the world's number one shiplift company, Syncrolift, with new investments

into sustainable, digitalised technology businesses that aim to unlock growth

within ocean-based industries such as offshore energy, renewables and

aquaculture.

ATTACHMENTS

Nekkar ASA Q1 2024 presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847326/3113/4480/Nekkar%20ASA%20Q1%20202

4%20presentation.pdf