Nekkar — Earnings Release 2024

Feb 13, 2025

Nekkar ASA: Q4 and interim full-year 2024 financial results

Nekkar ASA: Q4 and interim full-year 2024 financial results

13.2.2025 07:00:02 CET | Nekkar ASA | Additional regulated information required

to be disclosed under the laws of a member state

13 February 2025 - Nekkar ASA (Nekkar) delivered revenue of NOK 181 million in

last year's fourth quarter, which is more or less unchanged from the same

quarter in 2023 (179). EBITDA was NOK 27 million (32), equivalent to a margin of

15.1 percent (18%). Cash flow excluding buy-backs was strong at NOK 68 million

(30) in the fourth quarter.

The fourth quarter and 2024 results position Nekkar well to deliver on its

strategic ambitions:

* Strong operational cash flow of NOK 68 million in Q4 driven by progress in

key projects in Syncrolift

* Growth in Group revenue of NOK 575 million in 2023 to NOK 838 million

(pro-forma incl. Globetech and FiiZK) in 2024

* Continued expansion of the Nekkar portfolio according to communicated

strategy - Globetech acquired and FiiZk restructuring completed

* Key contract wins for several operating companies - FiiZk secured two major

contracts and Syncrolift awarded Haakonsvern shiplift and transfer system

project

"We deliver high quarterly revenue and improved EBITDA compared to the previous

quarters. The financial numbers reflect that Nekkar has become a more diverse

business and some of the growth companies and technologies in our portfolio are

starting to mature. This provides us with an improved platform for 2025 and

beyond," says Ole Falk Hansen, CEO of Nekkar ASA.

Nekkar's order intake was NOK 187 million in the fourth quarter (242), impacted

by Syncrolift's contract to deliver a newbuild shiplift and transfer systems for

submarines to the Haakonsvern naval base in Norway.

Nekkar's order backlog stood at NOK 744 million at year-end-2024 (803). The

backlog figure does not include FiiZK's contract award in October 2024 to

deliver two large "Protectus" closed fish cages to a Norway-based fish farmer,

as FiiZK is defined as an associated company and not consolidated into Nekkar

ASA's financial accounts.

"The market for closed fish cages is looking increasingly attractive. This is

driven by both positive feedback from fish farmers and proposed new regulations

that could further enhance market interest in FiiZK's Protectus closed fish

cage, which already meets the requirements of the new regulations," adds Ole

Falk Hansen.

Nekkar delivered cash flow before buy-backs of NOK 68 million in the fourth

quarter (30) and a net cash flow of NOK 46 million (28). The difference between

operating and net cash flow is explained by purchase of own shares of NOK 22

million in the period. Nekkar has a strong balance sheet with NOK 205 million in

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

million.

For the full-year 2024, Nekkar delivered revenue of NOK 624 million, up 8.5

percent from NOK 575 million the prior year. EBITDA in 2024 ended at NOK 92

million (109), with a net profit of NOK 86 million (83).

NOK 2BN+ AMBITION

On 14th November 2024, Nekkar announced its strategic priorities towards 2027.

The plan is to continue the development and organic growth of Nekkar's current

operating companies, and to develop a strategically balanced Nekkar portfolio

through M&A activity. This will be underpinned by solid underlying operations

with focus on profitability, cash flow generation and disciplined capital

allocation.

Nekkar is currently owning five companies. By 2027 the company plans to increase

this to 6-8 companies. The ambition is to reach NOK 2+ billion in revenue in

2027. Revenue for 2024 for Nekkar's four operating companies and its associated

company FiiZK was NOK 838 million (including full year effect of Globetech).

"Our plan is to surpass the NOK 2 billion target by a combination of organic

growth and carefully chosen accretive acquisitions. Our operating companies'

performance in the fourth quarter, and the favourable outlook we currently see

in our market segments, have made me even more confident in realising this

objective," adds Ole Falk Hansen.

PRESENTATION AT 08:00 AM TODAY

Nekkar ASA invites investors, analysts and media to a presentation of the

company's fourth quarter and interim full-year 2024 financial results today at

08:00 CET

The webcast presentation can be viewed from this URL:

https://channel.royalcast.com/landingpage/hegnarmedia/20250213_17/

Questions can be submitted during the live webcast. The presentation material is

enclosed to this announcement.

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_Q4 2024_presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847326/18420756/5619/Nekkar%20ASA_Q4%202

024_presentation.pdf