Nekkar — Investor Presentation 2025

Feb 13, 2025

Ole Falk Hansen CEO, Nekkar ASA

Marianne Voreland Ottosen Head of Finance, Nekkar ASA

Nekkar ASA | 13.02.2025

Disclaimer

By reading this company presentation (the "Presentation"), or attending any meeting or oral presentation held in relation thereto, you (the "Recipient") agree to be bound by the following terms, conditions and limitations.

The Presentation has been produced by Nekkar ASA (the "Company") for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction.

The Recipient acknowledge that it will be solely responsible for its own assessment of the Company, the market and the market position of the Company and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the Company's business. The Company shall not have any liability whatsoever (in negligence or otherwise) arising directly or indirectly from the use of this Presentation or its contents, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation, or violation of distribution restrictions.

An investment in the Company involves significant risk, and several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. For a description of relevant risk factors we refer to the Company's annual report for 2023, available on the Company's website www.nekkar.com. Should one or more of these or other risks and uncertainties materialize, actual results may vary significantly from those described in this Presentation. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment.

This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Company and the industry in which it operates. Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. The Company cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments.

This Presentation speaks as at the date set out on herein. Neither the delivery of this Presentation nor any further discussions of the Company shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

Nekkar in brief

Positioned for growth in ocean-based industries

Thematic focus within sustainable oceans, robotics & intelligent logistics, and digital solutions, aligned with megatrends

Active industrial ownership of technology companies for the long-term

Leveraging our strong industrial heritage and long-term investment horizon to build sustainable value

Empowered operating companies with solid financial performance

Supported by a solid balance sheet, with strong cash flow generation, to strategically reinvest in profitability and sustainable growth

Publicly listed company with proven track-record of shareholder value creation Experienced management team with demonstrated shareholder value creation through disciplined M&A transactions, prudent financial management, and capital allocation

Revenue 2024 MNOK 624

Order backlog (31/12/24) MNOK 744

MNOK 205 in cash No interest–bearing debt

Employees

129

Headquarters Kristiansand, Norway

3

Stock listed OSE (NKR)

disciplined capital allocation

To innovate and invest in product excellence, team development, and maintain market leadership

Develop strategic and balanced Nekkarthrough M&A

2027 ambitions to reach 2+ bn NOK in revenue

Operating companies overview

Companies

The global leading provider of shipyard solutions for safe and efficient ship docking

Intelligent load handling systems, such as cranes and gangways, for renewables, subsea, and aquaculture vessels

Industrial software solutions focused on digitalizing workflows through automation and remote-control systems for drilling and offshore load handling

Full-service ICT and digitalization partner for the global maritime industry

Associated companies (below 50% ownership)1

The leading provider of semi-closed and closed-cage solutions for the aquaculture industry

Impact Technology Ventures

The disruptive wind turbine service and installationmachine for onshore and offshore use

1 Associated company and accounted for using the equity method in Nekkar's consolidated financial statements (i.e., not includedin revenue and EBITDA, but included in Net Profit) 6

Q4 cash flow +68 MNOK1

FiiZK

Won breakthrough contract for 2x "Protectus" closed fish cages in October 2024

Signed MNOK 136 contract (+service scope option) in Norway in November 2024 for Haakonsvern

1 Excluding share buy-backs of 22 MNOK

Financial highlights: Q4 2024

• • Revenue of MNOK 181 (179 in Q4 2023)
• • EBITDA of MNOK 27 (32)
• • EBITDA margin of 15.1% (18.0%)
• • Net profit of MNOK 15 (28)
• • EPS of 0.14 (0.27)
• • Strong balance sheet: MNOK 205 in cash, no interest-bearing debt, MNOK 200 undrawn credit facility
• • Order intake: MNOK 187 (242) driven by Syncrolift business
• • Solid order backlog of MNOK 744 at quarter-end (803)

Operational highlights | Q4 2024

E b l i h d t s a s e	b i u s	n e s s
	• • •	S f f f i d t t h i l i t d t t g n e c o n r a c o r s p a n r a n s e r s y s e m i h N i D f E A h t t t t w o rw e g a n e e n c e s a e g e n c y, w o r O ( ) M N K 1 3 6 i t i +s e rv c e s c o p e o p o n G d tu i i t i d o o m o m e n m n s e rv c e e x e c u o n a n i l i f u d p p e n e o p g r a e s f T d i l t t e n e r n g o r s e v e r a n e w c o n r a c s

Impact technology venture

• Project on-hold until partnership solutions are in place

Growth companies

• Contract with OilCo to remotely drill through digital twin (MNOK 10, Q1 2025)
• Hanwha project successfully installed at drillship in Korea – new contract received
• 70t crane to undergo FAT before being delivered to yard
• •Tendering for new projects

Solid quarter with high activity driven by multiple installations on new build vessels

Associated growth company

•

• • Award for delivery of 2 x large Protectus closed fish cages to Norwegian fish farmer
• •New incentive solution for fish farmers in red production zones to regain reduced production capacity if use of "zero-emission" technology

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1 Does not account for FX fluctuations in existing contracts

2 Order intake/backlog does not include MUSD 24 option with ASMAR Chile or FiiZK's orders

BUSINESS UPDATE

Syncrolift | Q4 update

Market & Sales

• • Contract from Norwegian Defence Estate Agency worth MNOK 136 (+ service scope option)
• • Continued high tendering activity

Financials

• • 2024 revenue inline with 2023 – lack of growth due to loss of projects earlier on in the year

• • Strong EBITDA for 2024 of 24 %

• Operations

• • Progressing new projects with PT Pal fabrication and completing Haakonsvern engineering

The leading provider of safe & efficient shipyard solutions

Tender award for Haakonsvern naval base shiplift underlines Syncrolift's price competitiveness

Syncrolift uniquely positioned to capitalise on growing naval industry investments

Modern & failsafe shiplift technology

• • Electric Winches with wire technology on a rigid platform
• • State-of-the-art remote control & monitoring

Integrated provider of shiplift and transfer system

• The only total supplier with solutions for any type of shiplift and transfer systems (FlexTrolley and Rail Transfer)

Market leader in naval contracts

• • Syncrolift is maintaining its undisputable market position with a total of 15 submarine lifts, a market share of 90% of all submarine lifts worldwide
• • The only company having delivered shiplift & transfer systems for nuclear submarines

Syncrolift naval deliveries in recent years

15

Global defence/naval spending expected to grow

Increased spending worldwide

EU defence spending reached a record EUR 270 billion in 20232

Global defence spend growing to US\$ 2.5tn by 20283

World military arsenals to double in size by 20304

Predicted naval market growth5

"McKinsey analysis shows that the naval market could grow from approximately €78 billion in 2024 to more than €100 billion in 2033."

Sources: 1Serco Group Plc, 2Carnegie Endowment for International Peace, 3Markets & Markets, 4European Commission, 5 McKinsey & Company

High visibility and tendering activity

1 Execution period and timing of contract awards may be impacted by external factors outside of Nekkar's control. Order intake/backlog does not include MUSD 24 option with ASMAR Chile

Service revenue continue to grow

Service as % of total revenue

18

Techano Oceanlift | Q4 update

Market & Sales

•

Tendering for a "handful" of solid leads within renewable, subsea and aqua

Intelligent offshore lifting & load handling solutions

• Revenue and margins in 2024 impacted by low order intake and one-off cost for new deliveries/first deliveries

Financials

• • Soft margins as market entry projects required to establish customers' trust in the company's solutions
• • Positive gross margin from business, but volume and fixed cost base contributes to negative EBITDA margin of -12% in 2024

Operations

• Execution of 70t offshore crane to Sefine Shipyard, nearing completion - Agalas, the shipowner, has signed a 3–5-year charter with Reach Subsea •Fabricationon150tcraneforSefineShipyardshipisownedand

progress operated by Agalas and Eidesvik Offshore

Intellilift | Q4 update

• Drilling control system to Hanwha

• Start up of new OilCo project

Operations

Ma ke & t r Sa les	O 1 0 O Co M N K tra t i t h i l to te ly dr i l l t hr h d ig i ta l tw in by co n c re mo ou g us e w • rd f In te l l i l i f t im la to d in te t ion f 3 ty f tw ( Q 1 2 0 2 5 ) o s u r an g ra o p ar so ar e Ha ha j fu l ly ins l le d dr i l ls h ip in Ko de ing t ta t tra t nw p ro ec su cc es s a re a mo ns • – f "in " fo In te l l i l i t b i l i ty te to dr i l l ing ig tro l te d H M I ca p a as g ra r on r s r co n sy s m an Ne to t ion tra t de d fro Ha ha w au m a co n c aw ar m nw • Te de ing fo dr i l l ing ion im la d he dr i l l ing ls to t to t tro n r r au m a s u rs an o r co n • ,
F in ia ls an c	Re im i ly dr ive by l dr i l l ing j te ts ve nu e p r ar n ex rn a p ro ec • Se l to j ts i t h lar de lop t im t ing ve ra cu s m er p ro ec w g e ve me n sc op e, p ac • ins d le in 2 0 2 4 m ar g an sc a E B I T D A in fo 2 0 2 4 f 1 2 % m ar g r o •

delivered

Data-driven performance for ocean-based industries

Globetech | Q4 update

Market & Sales Financials • Continued high customer activity • Strong hardware sales driven by several new build vessel installations • 2024 revenue of MNOK 93 - solid 30% year-on-year growth • Consolidated from 15 August 2024 – MNOK 38 revenue in Nekkar Q3 and Q4 • Strong EBITDA for 2024 of 24 % • Final EV/EBITDA 2024 multiple firmed up at attractive 5.5x (including price adjustment for achieved results in 2024)

• • Focus on organic and inorganic activities to grow core business
• • High travel activity for technical crew
• • Focus on efficiency and utilization in customer support team

Full service maritime IT provider Securing operations at sea

FiiZK1 | Q4 update

Market & Sales • Breakthrough contract for delivery of 2 x Protectus closed fish cages to leading Norway-based fish farmer • Significant market interest in closed fish cage technology, particularly for post-smolt production

• • 2024 financials impacted by sale of Protection and Digital
  • • 2024 operational revenue of MNOK 158
  • • 2024 Net Profit of MNOK 85
• • From Q4 onwards primary business is related to closed cages
  • • No revenue on new contracts booked in Q4

Operations

Financials

• • Renewed stability and growth in FiiZK after successful 12-monthturnaround
• • Execution progressing for new contract award

1 Nekkar owns 39 percent of FiiZK, which is defined as an associated company and not consolidated into Nekkar ASA's financial accounts

Supplier of closed and semi-closed fish cages

Closed cage solutions in sea solves key challenges facing fish farmers

SEA LICE

Demonstrated protection of lice with closed bag and pumping water from below lice belt level

Zero lice treatment experienced in FiiZK deliveries

FISH WELFARE

Increased fish welfare leading to improved biological resistance, superior growth and quality

PREDATOR ATTACKS

Reduced risk of predators such as bluefin tuna, seals, and jellyfish

Zero predators experienced in FiiZK deliveries

FJORD HEALTH

Improved fjord health as waste feed is filtered and collected

New Norwegian regulations represent upside potential

The government has proposed allowing fish farmers in red production zones to regain reduced production capacity if they use "zero-emission" technology.

FiiZK meets requirements of the proposed1 new regulations:

• Closed barrier between the farming volume and the surrounding environment
• Double protection against escapes
• Water intake below the lice belt or other measures that provide equivalent or lower risk of bringing sea lice into the facility
• Collection of sludge and feed waste
• Compliance with NS 9415 (NYTEK23)

Excellent customer feedback on post-smolt approach

"It is a major milestone for us to be able to harvest several cages of fish without delousing. The post smolt that was released this spring came from Mowi's closed post smolt facility in the sea, located at "Slåttenes" in Matre in Kvinnherad."

"The fish that was slaughtered in mid-November had a superior share of 99 percent. That's quite extreme. These are the best cages I've ever produced and slaughtered in my entire career."

"We have also experienced an extremely low mortality rate in this generation, and we see that Mowi's commitment to releasing large smolt into the sea is really starting to bear fruit."

Ove Myklebust, operations manager at Mowi's 'Trommo', 'Åkre' and 'Høystein' sites

Source: https://www.kyst.no/avlusing-hardangerfjorden-mowi/vi-har-nadd-store-milepaelerved-a-slakte-ut-uten-avlusing-pa-flere-merder/1873778

FINANCIAL UPDATE

Nekkar financial highlights

Profit & Loss, Q4 2024

MN OK	Q 4 2 0 2 4	Q 4 2 0 2 3	2 0 2 4	2 0 2 3
Re ve nu e	1 8 1	1 7 9	6 2 4	5 7 5
Sy l i f t nc ro	1 3 2	1 5 5	4 9 2	5 1 5
f In te l l i l i t	1 3	9	4 4	3 4
Oc f Te ha l i t c no ea n	1 2	1 5	6 4	3 0
G lo be h te c	2 8	0	3 8	0
O t he inc l. e l im ina t io r ns	-4	0	-1 3	-5
E B I T D A	2 7	3 2	9 2	1 0 9
E B I T	2 4	3 0	8 1	1 0 1
Ne f ina t nc e	-8	8	1 9	8
Pr f i t ( lo ) be fo ta o ss re x	1 6	3 8	1 0 0	1 0 9
Inc ta om e x e xp en se	1	1 0	1 4	2 6
Pr f i ( lo ) fo he io d t t o ss r p er	1 5	2 8	8 6	8 3
E B I T D A in m ar g	1 5, 1 %	1 8, 0 %	1 4, 8 %	1 8, 9 %
1 Ne t c i ta l ize d de lop t c ts ap ve me n os	6	6	2 3	1 5
Or de in ta ke r	1 8 7	2 4 2	4 7 4	4 7 8
Or de ba k lo r c g	7 4 4	8 0 3	7 4 4	8 0 3
E P S ( N O K )	0, 1 4	0, 2 7	0, 8 2	0, 7 8

1. Net of received funding

Revenue

• Q4 revenue increased by 1% compared to the same period last year, driven by a solid MNOK 28 contribution from Globetech in the quarter, partially offset by slightly lower activity levels at Syncrolift

Profitability

• • Q4 EBITDA margins impacted by market entry pricing and cost increases in Techano Oceanlift, while Syncrolift and Globetech maintained solid EBITDA margins
• • Q4 net financial items include FX effects of MNOK -11 and Nekkar's share of FiiZK's quarterly profit of MNOK 5

Sales

• • Strong order intake in the quarter of MNOK 187, driven by the Haakonsvern project
• • Net capitalized development cost primarily include development cost related to a new series of offshore/subsea cranes and gangway in Techano and development of technology in Syncrolift

Key financials | Per operating company

	H 2 2 4	H 2 2 3	2 0 2 4	2 0 2 3
Re ve nu e	2 4 2	3 0 4	4 9 2	1 5 5
E B I T D A	5 6	7 4	1 1 9	1 3 2
E B I T D A %	2 3 %	2 4 %	2 4 %	2 6 %

	H 2 2 4	H 2 2 3	2 0 2 4	2 0 2 3
Re ve nu e	2 5	1 5	4 4	3 4
E B I T D A	2	-1	5	6
E B I T D A %	9 %	-5 %	1 2 %	1 8 %

	H 2 2 4	H 2 2 3	2 0 2 4	2 0 2 3	1	H 2 2 4	H 2 2 3	2 0 2 4	2 0 2 3
Re ve nu e	2 2	2 3	6 4	3 0	Re ve nu e	4 8	3 4	9 3	7 1
E B I T D A	-1 2	1	-1 0	1	E B I T D A	1 3	5	2 2	1 1
E B I T D A %	% -5 5	3 %	-1 6 %	4 %	E B I T D A %	2 % 7	1 4 %	2 4 %	1 % 5

1 Globetech financials presented on a pro-forma basis and not adjusted for date of entry into Nekkar

Balance sheet

Balance sheet, Q4 2024

MN OK	3 1. 1 2. 2 0 2 4	3 0. 0 9. 2 0 2 4	3 1. 1 2. 2 0 2 3
S S S A E T
Inta i b le d g dw i l l ts ng as se an oo	2 0 2	1 9 6	6 7
R ig ht f u ts o se as se	15	1 6	1 4
Ta i b le ts ng as se	1 0	9	9
F ina ia l a ts nc ss e	8 4	8 7	9 4
Inv tor en y	1 8	2 2	1 2
Ac d n inv ice d p du t ion cru e on o ro c	1 1 8	1 6 2	1 4 4
Tra de iva b les re ce	15 2	9 4	8 5
O t he ho rt-t iva b les r s erm re ce	1 4	2 8	6
De iva ive f ina ia l ins t tru nts r nc me	0	4	2 0
Ba k de its n p os	2 0 5	15 9	1 9 4
To ta l a ts ss e	8 1 9	7 6 5	6 0 1
I A B IL I T I E S L
De fer d tax l ia b i l it ies re	3 7	3 7	1 8
Lo is ion te ng rm p rov	3 4	3 4	0
Le l ia b i l it ies as e	15	1 6	1 3
Tra de b les p ay a	45	4 2	5 7
Pr nts fro tom ep ay me m cu s ers	75	4 2	3 9
De iva t ive f ina ia l ins tru nts r nc me	1 1	0	0
O t he t l ia b i l it ies r c urr en	1 1 3	9 8	4 6
To ta l e ity q u	4 8 9	4 9 7	4 27
To ta l l ia b i l it ies & ity eq u	8 1 9	7 6 5	6 0 1
Ne k ing ita l t w or ca p	5 7	1 2 0	1 2 4

Assets

• • MNOK 116 in Intangible assets and goodwill from Globetech acquisition (Q3 24)
• • MNOK 81 in financial assets per Q4 from FiiZK investment, up from MNOK 76 per Q3

Working capital

• • Working capital decrease of MNOK 62 compared to Q3 influenced by prepayments in Syncrolift projects.
• • Trade receivables mainly related to large Syncrolift projects - expected to be converted to cash over the coming months

Cash

• • Year-end cash position of MNOK 205 affected by lower working capital levels and
• • Available credit facility; MNOK 200 ensuring financial flexibility

Long term liabilities and equity

• • The long-term provision of MNOK 34 relates to an estimated cash payment for the remaining 33% stake of Globetech to be made in 2028
• • No interest-bearing debt
• • Solid equity with a 60 % equity ratio

Cash flow

MNOK Cash flow development, Q4 2024 159 227 205 27 62 Cash 30.09.24 -8 -13 -1 1 Cash 31.12.24 from business-22 0 Cash 31.12.24 +68 MNOK Cash flow development, 2024

Cash flow

• • Cash flow from business: positive at MNOK 68 in Q4 2024, driven by a significant decrease in working capital.
• • Cash flow from business full-year 2024: Positive MNOK 111, supported by strong EBITDA and working capital reduction.
• • Cash flow from treasury share purchases: MNOK 22 in Q4 and MNOK 45 for the full year
• • Total net cash inflow for the quarter of MNOK 46 and MNOK 11 for the full year. The company holds a strong cash position of MNOK 205 at year-end

Nekkar's capital allocation strategy

Grow operating companies

Investments in existing operating companies to fuel organic growth while maintaining a strong balance sheet

Share buy-backs

Build balanced portfolio

Strategic M&A to strengthen Nekkar's defined business segments

Continuous improvement and R&D

Innovate and invest in product excellence, team development, and maintain market leadership

Av i la b le i ta l, Q 4 2 0 2 4 a ca p	M N O K
Ne t h ca s	2 0 5
Un dr d i t fa i l i ty aw n cr e c	2 0 0
To ta l	4 0 5
Ex t ing t inu d l i d t ion l p ec co n e so op er a a ing fo d g o rw ar	h f low ca s
S Q / Q / ha bu ba ks 3 2 3 4 2 4 re y- c – ,	3 1. 1 2. 2 4
Nu be f ha ha d m r o s re s p ur c se	6, 2 3 2, 8 1 3
O Av ice ( N K ) er ag e p r	9. 6 3 7
To ta l tra t io lu ( N O K ) ns ac n va e	6 0, 0 6 7, 8 4 9

32 Nekkar holds 4,065,052 treasury shares as of Q4 2024 (utilized 2,167,761 shares in Globetech acquisition and share program employees)

Buy-back program initiated in Q3 2023 and renewed in Q2 2024

Summary Q4 2024 & outlook

Summary

Solid revenue level and improved EBITDA versus previous quarters despite project cost overrun in Techano Oceanlift

Strong cash flow, healthy balance sheet with MNOK 205 in cash and no interest-bearing debt

Important contract win in Norway for Syncrolift, solid order backlog provides good visibility for 2025

Breakthrough award for Protectus validates new closed fish cage solution

Globetech business case demonstrated with strong financial results in 2024

Outlook

 	Ba k log i de d v is i b i l i fo 2 0 2 5 ty c p ro v s g oo r H ig h te de ing t iv i ty n r a c
 xx	In i ion ke t to ta tra ts p os o n ne co n c w
 	F ina l ize ba k log fo tw f fs ho c r o o re c ra ne s S ig tra ts n ne co n c w
 	Co t inu t h in # ls d n e g ro w ve ss e se rv e f fe Ex d ing i t h d j t s ice p an o r w a ac en er v s
 	Su bs ta t ia l in te t in los d f is h c lu t ion n re s c e ag e so s Br k t hr h a d fo Pr te tu te d to ea ou g wa r r o c s ex p ec fu te t he ke t o tu i t ies g en er a r r m ar p p or n

Next update: Q1 2025 financial results (8 May 2025)

Capital markets day (12 June 2025 Vestby)

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 2024 for Nekkar ASA. The consolidated financial statements for Q4 2024 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 2024.

The financial figures are not audited.

PROFIT MEASURES

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

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.

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