Q1 2023 Operational Update

Ole Falk Hansen, CEO

Nekkar ASA | 25.05.2023

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Nekkar in brief

Industrial technology company

Presently a portfolio of established businesses and impact technology ventures within ocean-based industries

World-class engineering expertise

Proven track-record delivering complex and profitable projects Strong in-house innovation and commercialization capabilities

Digitalization of sustainable ocean-based industries

Leveraging software and digitalization to increase efficiency and sustainability for fast-growing industries

Strong industrial ownership

+30 % ownership by the Skeiegruppen, which has a solid industrial track record

Revenue 2022 MNOK 388

Order backlog MNOK 832

MNOK 188 in cash No interest–bearing debt

Headquarters Kristiansand, Norway

Stock listed OSE (NKR)

Nekkar operates in four main business areas, focused on sustainable technologies for ocean-based industries

The portfolio consist of mature, financially solid business, and new impact technologies

Nekkar Q1 2023 highlights

Highlights

Revenue of MNOK 101, up 20% versus Q1 2022 (Q1 2022: MNOK 84)
Operational EBITDA1 of MNOK 23 (12), equivalent to margin of 23% (14%)
Strong balance sheet: MNOK 188 in cash, no interest-bearing debt, MNOK 200 undrawn credit facility
Order intake of MNOK 27 (31), order backlog of MNOK 832 at quarter-end (824)
InteliWell JV secured breakthrough four-year contract with Transocean and Wintershall Dea
Renewables & Aquaculture: Strengthened business offering with smart, electric lifting and handling solutions through acquisition of Techano

Subsequent events

• EUR ~4 million crane contract for offshore wind cable-lay support vessel (CLSV)

1 Excluding losses/gain on FX contracts not qualifying for hedge accounting 1 Excluding losses/gain on FX contracts not qualifying for hedge accounting

Key financials | Per quarter

Revenue (MNOK) Operational EBITDA (MNOK) & margin (%)1 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023

Order intake and backlog

1 Does not account for FX fluctuations in existing contracts | 2 Order backlog does not include order intake received and executed in each quarter, i.e. service revenue and spare part deliveries

Nytt bilde?

Signing ceremony for DMC contract on May 10th, 2023

High visibility and tendering activity

1 Timings are indicative. Execution period and timing of contract awards may be impacted by external factors outside of Nekkar's control.

Nekkar strengthens its presence within renewables and aquaculture through the acquisition of Techano

Announced 23.03.2023

Strengthened business offering through the Techano acquisition

Complementary specialist team

Combining Nekkar's unique in-house automation, electrification, and software competence, with industry specialist personnel from Techano who are specialists in offshore load handling and lifting equipment

Solid position within Aquaculture and Renewables

Techano has an established a solid market position within offshore fish farming and offshore wind. The acquisition accelerates Nekkar's strategic ambition of becoming a dominant provider of disruptive technologies for sustainable oceanbased industries.

Acquired for an undisclosed immaterial amount

Techano acquisition unlocks expanded product offering in Nekkar's core industries

Value proposition

Markets

Gangways	Cranes	Fish handling systems
• Crew and trolley transfer for C/SOVs • Tower or pedestal mounted	• Offshore/shipboard • Wire topping/ Telescopic/ Foldable/ Knuckle jib • Rail/deck mounted	• Net handling • Live fish handling to / from offshore fish farms
All-electric	Digital control systems	Reduced weight

Targeting offshore wind vessels with strong value proposition and track-record

Nekkar previously developed Horizon gangway delivered to Louis Dreyfus (part of MacGregor sale)
Now reentering the market with new and improved all-electric and lightweight design

Strong track-record with active heave compensation and offshore lifting equipment
New patent pending 3D-crane in development

Gangway 3D-crane Digital Operator System

Phoenix Well tested in market today with gangway delivered to Louis Dreyfus
Joint control system for crane and gangway with auto-docking feature

Attractive growth market for Nekkar's disruptive products

000 000 000 000 000 000 000 2023 2024 2025 2026 2027 2028 2029 2030 +12% China Apac ex.China / Taiwan North America Taiwan NWE Cumulative additions turbines offshore wind Turbines

14.000 turbines installed in Europe by 2030 CSOV new builds lagging demand

Breakthrough crane contract for wind cable-lay support vessel (CLSV)

70t offshore crane that can support both subsea and topside lifting operations
Intellilift to deliver the crane's steering system
Contract value: EUR ~4 million
Delivery: 2024
Booked as order intake in Q2 2023 ¹⁷

Successful commissioning of live fish transfer system for SalMar Aker Ocean

Delivery of 2 x Techano FTS500 fish transfer systems
System developed to ensure safe and efficient transfer of live fish between aquaculture installations and live fish carriers even in harsh offshore environments
Safe, successful execution of first fish transfer operations
Operator: SalMar Aker Ocean for Ocean Farm 1

Breakthrough contract for InteliWell joint venture

Four-year contract with Transocean for Transocean Norge
Operators: Wintershall Dea and OMV on 17-well campaign on NCS
Rig to be equipped with InteliAutomate-solution which ensures automatic execution of pre-built optimized operational sequences
Intellilift to execute project on behalf of JV
Fixed sum project plus Software-as-a-Service fee throughout contract period
Delivery in 2023

Impact technology ventures

Impact technology ventures update

Skywalker – wind turbine installation machine

Increased focus on offshore wind and Major Components Exchange

Focus on how to reduce operational cost through lifecycle by exchange of major components offshore (blades, gearbox etc.) compared to tow-to-shore
Includes a floating vessel, 3D compensated crane and the Skywalker machine all integrated by digital automation technology
Formed partnerships/MoU with several consortia's bidding for the Norwegian Offshore wind development

Starfish – closed system for sea based fish farming

Pursuing scope for full-scale test of closed fish cage

Full scale Starfish
- Double protection and protection against sea lice
- Equipped for data acquisition, monitoring and automation
- Ready for biomass
- Post-smolt phase
Scope of test
- Nekkar to build first full-scale Starfish
- Fish farmer to operate Starfish with biomass during full scale test

Nekkar ASA Financial highlights

Consolidated statement of profit and loss

Nekkar ASA		Unaudited Q1
MNOK	2023	2022	2022
Revenue	101	84	388
Operational EBITDA1	23	12	70
Reported EBITDA	24	14	62
EBIT	23	12	52
Net capitalized development costs 2	6	9	19
1 Operational EBITDA margin	23,0 %	14,0 %	18,1 %
EBITDA margin	23,6 %	16,2 %	16,1 %
Order intake	27	31	277
Order backlog	832	763	824
EPS (NOK)	0,11	0,07	0,30

1 Excl. losses/gain on FX contracts not qualifying for hedge accounting

1 Excluding losses/gain on FX contracts not qualifying for hedge accounting

2 Net of received soft-funding

First quarter revenue of MNOK 101, representing an increase of ~20% year-on-year
Q1 operational EBITDA of MNOK 23 compared to MNOK 12 in the same period last year. Operational EBITDA margin of 23 % (increase of 9 percentage points)
Net capitalized development costs (R&D capex) of MNOK 6 in the first quarter compared with MNOK 9 in Q1 2022. No soft-funding received this quarter.
Order intake of MNOK 27 in the first quarter and a solid order backlog of MNOK 832 at the end of the quarter
First quarter earnings per share of NOK 0.11 compared to NOK 0.07 in the same quarter last year.
Strong balance sheet with a cash balance of MNOK 188 and no interest-bearing debt at the end of the quarter

Summary Q1 2023 & outlook

Summary	Outlook

Strong operational EBITDA and EBIT in first quarter 2023		 Backlog provides good visibility for 2023 and 2024  High tendering activity
Long-term order backlog of MNOK 832 million, plus a strong balance sheet	xx	 Successful implementation of InteliWell's breakthrough award likely to open up further rig market opportunities
Breakthrough contract for InteliWell JV		 Execution of backlog for offshore wind vessel crane  Pursue market opportunities for new sales
Techano Oceanlift to become an immediate revenue contributor for Nekkar	Impact Technology Ventures	 Pursuing O&M within offshore wind for SkyWalker  Secure agreement for full scale test with fish farmer

Next update: 30 August 2023 – Q2/H1 2023 financial results

Nekkar ASA Alternative performance measures

INTRODUCTION TO ALTERNATIVE PERFORMANCE MEASURES (APMs)

Nekkar Group (Nekkar) discloses alternative performance measures in addition to those normally required by IFRS. Nekkar is of the opinion that APMs are providing enhanced insight into the operations and prospects of the company. APMs are used as an integral part of the management and board of directors' key performance measure reporting and controls. Furthermore, securities analysts, investors and other interested parties frequently use such performance measures.

BASIS FOR PREPARATION

This presentation provides financial highlights for the fourth quarter and full-year 2022 for Nekkar ASA. The consolidated financial statements for Q4 2022 have been prepared in accordance with IAS 34 Interim Financial Statements, however the interim accounts do not include all the information required for a full financial statement and should therefore be read in connection with the audited consolidated financial statements of 2022.

The interim financial figures are not audited.

PROFIT MEASURES

EBITDA is short for "earnings before interest, taxes, depreciation and amortisation" in the consolidated income statement.

Nekkar defines "Operational EBITDA" as EBITDA excluding losses/gain on FX contracts not qualifying for hedge accounting.

EBIT is short for "earnings before interest and taxes". EBIT corresponds to "operating profit/loss" in the consolidated income statement.

Margins such as EBITDA and EBIT are used to compare relative profit between periods. The margins are calculated as EBITDA or EBIT divided by revenue.

ORDER INTAKE MEASURES

Order intake and order backlog are presented as APMs as they are indicators of the company's revenue generation and operations in the future.

Order intake includes new signed contracts in the period, in addition to expansion of existing contracts and any cancellations of contracts. For newbuild contracts, the order intake is based on the signed contract value excluding potential options and change orders.

Order backlog represents the estimated value of remaining work for signed contracts.

nekkar.com