Nekkar — Investor Presentation 2025

Nov 13, 2025

{0}------------------------------------------------

Shaping the future of ocean industries

Nekkar is a long-term owner of technology companies within ocean-based industries. The company invests along structural megatrends such as sustainable oceans, robotics and intelligent logistics, and digitalisation. With a 50-year industrial legacy from Syncrolift, Nekkar applies an active buy-to own strategy to build sustainable value.

Capital Markets Day 2025

Presented by Ole Falk Hansen, CEO

{1}------------------------------------------------

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 2024, 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.

{2}------------------------------------------------

Capital Markets day

Agenda

Nekkar	60 min09:15-10:15
Short break	15 min
Syncroliftdeep dive by Rolf-Atle Tomassen	45 min10:30-11:15
Lunch	30 min11:15-11:45
Syncrolift demo	45 min11:45-12:30
FiiZK deep dive by Jan Erik Kvingedal	45 min12:30-13:15
Other Operating companies update	45 min13:15-14:00

{3}------------------------------------------------

People

Today's presenters

Ole Falk Hansen CEO Nekkar

Petter Brøvig Strategy Nekkar

Jan Erik Kvingedal CEO FiiZK

Rolf-Atle Tomassen CEO Syncrolift

Company representatives

Håkon Berg Board chair Nekkar

Fabian Qvist Board member Nekkar

Nils Rolland COO Syncrolift

Per Christian Olsen IR Nekkar

{4}------------------------------------------------

Who we are

Engineering growth, Shaping the future

Nekkar is a long-term owner of technology companies within oceanbased industries

Disciplined growth through a buy-to-own model Combining a strong balance sheet with a portfolio spanning mature market leaders and growing businesses.

Key facts
Operatingcompanies	5
2024 MNOKrevenues	624
2024EBITDA %	15%
Employees	133
HQ	Kristiansand
OSEStock listing	NKR

{5}------------------------------------------------

50 years of industrial heritage

Our history

Total Transportation Systems was founded.

Skeie became a majority owner in 2006. The company grew substantially under its ownership, and increased the number of employees from 50 to 1,100, reaching 4.2 BNOK in annual turnover

Syncrolift was acquired in 2015 and TTS became a leading heavy-lift provider

1966 2015 2019 Today Divestment to

A major part of the company's activities was sold to MacGregor, and the remaining company, including Syncrolift, renamed to Nekkar ASA

A new strategic direction was established to leverage the group's engineering heritage to develop sustainable high growth technologies.

Nekkar develops into an industrial long-term owner of ocean-based technology companies. The group combines industrial expertise with disciplined and flexible ownership to build profitable, sustainable businesses

Bjarne Skeie, the founder, remains the largest shareholder (33%)

2006 Today

{6}------------------------------------------------

Operating companies

Syncrolift

58% of Nekkar revenue in 2024

Market-leading provider of shiplifts and ship transfer systems for shipyards and naval projects.

100% OWNERSHIP

Techano Oceanlift

7% of Nekkar revenue in 2024

Intelligent load handling and lifting equipment for offshore renewables, energy, and aquaculture

Option to acquire 100%

90% OWNERSHIP

Intellilift

5% of Nekkar revenue in 2024

Industrial software solutions provider that digitalizes workflows through automation and remotecontrolled systems for drilling and offshore load handling

51% OWNERSHIP

FiiZK

19% of Nekkar revenue in 2024

Aquaculture supplier focused on closed containment systems with associated software, maintenance, and services

Option to acquire 100%

39% OWNERSHIP

Operating company Associated company

Our companies

Globetech

11% of Nekkar revenue in 2024

Provides ICT infrastructure connectivity and cybersecurity services to maritime ships and vessels

Option to acquire 100%

67% OWNERSHIP

{7}------------------------------------------------

Focus on four end-markets

Market diversification

Diversified exposure across four end-markets

Percentages refer to share of pro-forma revenue 2024 including FiiZK and Globetech full year

Maritime 35%

Defence 33%

Aquaculture 19%

Offshore energy 13%

{8}------------------------------------------------

Industrial long-term owner of ocean-based technology companies

Our strategy

Thematic investing in ocean-based tech

Nekkar leverages domain knowledge to identify and build positions in segments with long-term tailwinds such as sustainable oceans, robotics & intelligent logistics, and digital

Buy-to-own model with industrial discipline

Nekkar acquirers and develops companies for the long-term.

Value creation is driven by reinvestment, operational improvement, and disciplined execution

Autonomous operating companies

Competence and capacity is built close to the market and end-customer near the value creation.

Nekkar contributes with strategic direction, capital, and industrial knowhow

Profitability and cash flow as growth foundations

Growth is built on solid earnings, strong cash flow generation, and disciplined capital allocation.

This ensures flexibility to invest in innovation, expansion, and selective acquisitions

{9}------------------------------------------------

Thematic investing in ocean-based technology

Megatrends

{10}------------------------------------------------

Buy-to-own with industrial discipline

Long-term value creation

Domain expertise and scaling competence

Hands-on ownership approach rooted in operational experience. Focus on improving performance, scalability, and competitiveness in each company

Active ownership and long-term perspective

Partner closely with management teams to drive growth initiatives and operational improvements. Maintain patient capital and strategic continuity to unlock compounding value over time

Solid financial and organizational platform

Provide access to capital, systems, and governance frameworks that enable disciplined growth

Platform for cooperation and shared value creation

Leverage deep ocean-industry experience across the group to identify opportunities, replicate success and scale proven models across

{11}------------------------------------------------

Decentralized structure promoting autonomy and agility

Operating model

Nekkar is organized with individual operating companies with separate P&Ls to preserve entrepreneurial spirit and local decision-making

Leveraging group-wide expertise while maintaining individual company identities

• Financing
• Staffing and organization scaling
• Strategy
• M&A and business development
• Operational development and support

Opportunistic approach to synergies across operating companies

• Customers
• Marketing
• Technology, engineering and products
• Supply chain

{12}------------------------------------------------

Profitability and cash flow as growth foundations

Ownership agenda

Ownership agenda

Establish foundation

• Set governance model
• Develop strategy and growth plan including KPIs
• Ensure empowered management team is in place and operational
• Implement incentive programs for each operating company

Secure profitability

• Assess and control underlying cost drivers and margins
• Identify and implement measures for operational efficiency and cost control

Grow core business

• Manifest market position and customer value proposition
• Develop models for new sales, up-sell, and churn prevention
• Particular focus on lifecycle management, including service, aftermarket, and recurring pricing models.

New business

• New markets and products
• Accretive M&A
• Strategic partnerships
• Group synergies

{13}------------------------------------------------

Executing the ownership agenda

Ownership agenda

Frequency	Event	Agenda
Every 3 years	Strategy plan and target setting	•Long-term vision and strategic goals•Market analysis and priorities•Roadmap and target setting
	Strategic review	•Year in review•strategic priorities for next year•Resource allocation
Once a year	Organisational review	•Organisational structure and performance•Talent management and development•Culture and engagement
	Budgeting	•Plan year ahead•Target setting•Planned investments
Per quarter	Board meetings	•Strategic discussions•Governance
Monthly	Business reviews	•Review KPIs•Discuss operational activities, challenges and solutions•AOB

{14}------------------------------------------------

Value adding activities

Ownership agenda

Nekkar's contribution We support management and help remove bottlenecks. We do not run the daily operations.

People and leadership Market & Customers

• Support in recruitment of key roles and strengthening management teams
• Access to relevant networks and experience when building organizations

Acquisitions (M&A) Financing

• Screening and evaluation of potential add-on acquisitions
• Support through the transaction process and preparation for integration

Strategy & Governance Shared opportunities

• Sparring with management on priorities and direction
• Structured follow-up through the board and key metrics

• Introductions to relevant customers and partners across the group

• Guidance on capital structure and financing for growth

• Access to Nekkar's financing capacity and terms

• Opportunities for cooperation are explored only if it is driven by the companies themselves

• We share relevant experience, tools, and contracts when it is useful and requested

{15}------------------------------------------------

2027 Ambition

2 BNOK in revenues by 2027

Our ambition

2027 targets	Today
6-8 platform companies	5 companies
Strategic and balanced portfolio withmultiple companies of comparable size	Concentrated revenuegeneration
Solid underlying operations	Focus on profitability

{16}------------------------------------------------

Capital allocation

Disciplined investments

Organic & inorganic CAPEX Share buybacks Gearing investments

Nekkar will invest in opportunities that support execution of its 2027 strategy and long-term ambition. Investments will be allocated flexibly between organic growth initiatives and selective acquisitions, depending on where capital can create the highest value and strategic progress

Operating companies will invest in CAPEX (fixed assets or R&D) to support organic business plan growth

Nekkar do not plan to invest in new corporate development projects (e.g. R&D and venture projects)

Nekkar has a mandate from the AGM to acquire no more than 10% of outstanding company shares. This mandate lasts until the AGM 2026

Main intention is to use treasury shares as funding for M&A transactions and options

Nekkar views debt as part of its funding toolbox, especially for M&A as one funding source. If applied, this will be done conservatively and at modest gearing levels as observed over time

{17}------------------------------------------------

Actively seeking new companies within our thematic focus

Investment criteria

Characteristics of a Nekkar company

We look for companies with robust, technology-driven business models that combine strong market positions with recurring revenue potential

We are open to project- or hardwarebased models when they offer opportunities to build lasting customer relationships and service income over time

Target searching includes add-ons and new platforms

Profitable and scalable

50-400 MNOK in revenues

15%+ EBITDA margin (or trending towards)

Asset light

Add-ons can deviate from criteria given strategic fit

Strong market position

Differentiated product or service

Leading niche market position with pricing power

Sustainable competitive advantages

Active ownership potential

Opportunity for Nekkar to support management

Incentivized and skilled management

Flexible towards ownership percentage and structure, preferably majority share at closing and defined path towards 100%

{18}------------------------------------------------

How Nekkar differs from other buyers

Why partner with Nekkar

Culturalfit	FinancialbuyersCan create pressure andcultural shift	Company keeps itsidentity	StrategicbuyersRisk of losing companyidentity
Ownershiphorizon	3-5 years,exit driven	Long-termowner	Full integrationinto group
Synergies	Mainly financial	Opportunistic	Driven by parent company
Founderrole	Full exitoften required	FlexibleStay or exit overtime	Founder role often reduced

{19}------------------------------------------------

Deal competitive based on total offering over highest bid

Case study

Globetech

Won on total offering in 2024 Lost on price in 2025

• Continuation of founders' vision and culture
• Employee base retained and motivated
• Added strategy and scaling competence
• Raised ambition level
• Clean and predictable deal structure with cash and liquid NKR stock as part of settlement

Acquisition target X

• Nekkar not competitive on price against foreign financial buyer
• Seller prioritized upfront valuation rather than long-term upside potential
• Nekkar expects to lose a share of investment targets pursued as it remains disciplined to its return requirements

{20}------------------------------------------------

Overview of current deal flow

Pipeline

{21}------------------------------------------------

nekkar.com

{22}------------------------------------------------

{23}------------------------------------------------

Syncrolift in brief

~60%

Market share, 2012Market leader

Syncrolift has won ~60% of all shiplift new build contracts between 2012 and today

For Ship Transfer Systems, Syncrolift Market share is 70%

200+

Shiplifts installed

Installed Base

Established in, 1966 Syncrolift AS has built extensive experience delivering safe, efficient and cost saving Syncrolift® shiplifts and transfer systems for maintaining and repairing ships

Worldwide service

Global Company

We are a team of 55 people, with headquarters in Norway and regional offices in Dubai, India, US, Singapore and Australia

Being close to our Customers gives us the Opportunity to:

• Respond fast and cost efficiently
• Learn from Customers which again feeds into our Innovation Pipeline.

{24}------------------------------------------------

Our strategy

Strengthen global leadership

Expand total supplier position and maintain global leadership in shiplift and transfer systems through continued product and technology development

Focus on naval and commercial segments where Syncrolift has a clear differentiation

Grow lifecycle & installed base revenues

Increase service penetration across the 200+ system installed base

Expand lifecycle offering from inspections to longterm service, upgrades and digital enablement

Attract and educate the market with testing, training, and demos at our Innovation Lab

Continuous improvement

Strengthening our core delivery capabilities

Improve sourcing efficiency, optimize engineering performance through learning

Continuous quality improvements across all project phases

{25}------------------------------------------------

Syncrolift maintains a leading position in global awards

Global shiplift contracts awarded highlights market cyclicality, 2012-2025

{26}------------------------------------------------

Strong track-record of growth combined with robust margins

{27}------------------------------------------------

History A pioneering market leader

{28}------------------------------------------------

Committed to customers world wide

{29}------------------------------------------------

Our mission - improve docking efficiency

End-to-end Solution provider

Vertical lifting

• Shiplifts and slipways
• Fast docking configurations enabling multiple simultaneous dockings

• Rail-based transfer systems
• FlexTrolley for increased layout flexibility
• Integration with existing yard infrastructure

• Inspections, upgrades, spare parts and long-term service agreements
• Training and operational support for Lifecycle dockmasters and maintenance teams

{30}------------------------------------------------

Making shipyards more flexible and profitable

Value proposition Traditional dry dock Yard with Syncrolift

Faster docking Increased yard capacity

Higher ROI for yard owner

Shiplifts are increasingly replacing traditional docks.

A shiplift enables "volume docking" — allowing 3 to 50 vessels to be serviced simultaneously, compared to one vessel at a time in a conventional dock, which often delays the next docking.

In addition, shotblasting and painting in floating docks is not sustainable due to environmental impact.

Turn around time - Shiplifts are 20-30% more productive

{31}------------------------------------------------

Differentiated by end-to-end solution, safety, and global service network

Capability	What customers value
End-to-end solutionprovider	Only complete provider of horizontal and vertical ship handling solutions
Engineering expertise	Ability to design and deliver complex, tailored yard solutions
Safety and redundancy	Proven operating safety record; critical for naval and high-value vessels
System reliability & uptime	High operational availability and limited downtime risk
Innovation Center	Develop and test new solutions with our customers
Global lifecycle support	Global service hubs, training, upgrades, and remote support
Customer reference base	Largest installed base; strong track-record informs future tenders

{32}------------------------------------------------

A market benefiting from structural tailwinds

• 1 A large installed base (>200 systems) generating upgrade and lifecycle demand

• Attractive economics for yard operators

  Shiplifts enable simultaneous docking and higher utilization of land and assets

• Geopolitical environment driving naval investments with increased demand for fleet expansion and modernization

• Shipyard capacity constraints

  Resulting in demand for faster docking, higher throughput and more flexible infrastructure

• ESG transition Favouring shiplifts over floating docks due to reduced environmental footprint during maintenance and coating activities

{33}------------------------------------------------

Demand across three core segments

Market cycles vary across segments. Naval yards typically increase investments during periods of geopolitical uncertainty, commercial yards follow broader market cycles, while the mega-yacht segment is less sensitive to economic fluctuations.

Segment	Customer type	Characteristics	Sales process	Strategic priority
Naval	Defence shipyardsSubmarine bases	Stable funding, high complianceand safety requirements	Long planning and approvalcyclesLower transparencyin projectplanning and procurement	#1
Commercial	Build & repair yards	Higher volume driven by yardcapacity upgrades andmaintenance demand	Competitive tenderingTransparent procurementprocesses	#2
Mega-yachts	Specialized yards	Niche segment (<10%)Currently low repair capacity andlong lead times	Competitive tenderingTransparent procurementprocesses	#3

{34}------------------------------------------------

A leading naval supplier

Syncrolift is the the only shiplift manufacturer with experience from providing total solutions for submarine handling

segments

Select navy clients

Navy Surface Vessels Navy Submarines Service & maintenance bases Naval

{35}------------------------------------------------

Pursuing distinct market strategies per region, building hubs in Norway, Dubai, Singapore, and India

Region	PipelineProjects	Priority	Market presence
Middle East		High	Local presence with sales and technicalpersonell
Europe		High	Serve from NorwayLaunched Syncrolift Innovation Centre
India		High	Permanent market presence to fulfill localcontent requirements
South-east Asia		High	Singapore regional hub
Americas excl. USA		High	Focus on South AmericaServed from HQ.Leveraging local sales reps
Africa		Medium	Main activity in North Africa. Served fromHQ.
USA		On hold	American vendors prioritised "Buy America"Analysing current geopolitical environment.Opportunistic approach.
Australia		On hold	Analysing current geopolitical environment.Opportunistic approach.

{36}------------------------------------------------

Competitive overview

The shiplift and transfer system market is concentrated, with few credible global suppliers

Player	Profile	Typical strengths	Geographic focus
	Global market leader	Design and engineering, End-to-endsolution provider, safety, reliability,lifecycle support, global presence	Global
	Long-standing competitor	US market position	North America, select locations globally
	Niche competitor	Specific technical solutionsNaval presence	North-America, select locations globally
China Inc	Low-cost alternative	Players partaking in larger infrastructureinvestments sponsored by Chinesegovernment	Middle-East

{37}------------------------------------------------

Syncrolift's market leadership

Syncrolift has delivered 18 of the top 20 operational shiplifts globally, Sorted by capacity

Name	Year	Capacity - Tons	OEM
ABG, India	2015	34,475	Syncrolift
NOSCO, Vietnam	2010	34,220	Syncrolift
Indian Navy Vizag	2018	33,650	Syncrolift
Volkswerft Stralsund	2005	30,000	Syncrolift
British Navy, H.H Naval Base, Faslane	1993	28,000	Syncrolift
Venice Barrier	2006	25,200	Syncrolift
King Salman	2020	25,000	Chinese suppliers
BAE Systems Jacksonville	2025	25,000	Pearlson
MMHE	1995	23,320	Syncrolift
BAE Systems, barrow	1983	23,300	Syncrolift
Todd Shipyard*	1981	21,100	Syncrolift
Royal Iranian Navy	1986	16,800	Syncrolift
Port Adelaide Maritime Corporation	2007	16,000	Syncrolift
Tandanor	1979	16,000	Syncrolift
Karwar	2001	14,875	Syncrolift
Mers El Kebir	2018	14,490	Syncrolift
Turkmenbashi Port	2015	14,400	Syncrolift
Astican	1973	12,490	Syncrolift
Chowgule, India	2013	12,500	Syncrolift
Casablanca Port	2015	11,685	Syncrolift

38

{38}------------------------------------------------

Backlog & tender pipeline

MNOK

Syncrolift order backlog by execution year1 Tender pipeline, newbuild/upgrades by year of contract award1

MNOK Per 30.09.2025 Per 13.11.2025

{39}------------------------------------------------

Sales and tendering model

Sales cycles vary by segment: 24–48 months (Naval) vs. 12–24 months (Commercial)

Key Drivers of Timeline:

• Project funding and prioritization
• Site conditions and project complexity

2. Consulting phase

Support in defining requirements and layout options

Engineering involvement to shape customer specifications

4. Evaluation & Clarifications (key decision gate)

Technical compliance review, clarifications, due diligence

6. Engineering kick-off & project execution handover

1. Lead identification and early engagement

Customer dialogue, yard needs assessment

3. Tender phase

Formal RFP / Tender documents

Detailed technical and commercial submission incl. detailed project margin calculations

5. Contract negotiations & award

(key decision gate)

Scope, delivery schedule, payment structure, risk allocation

{40}------------------------------------------------

Business model

{41}------------------------------------------------

Project size and timeline varies with scope and complexity

Project	Typical value range
Shiplift new build	10-20 MUSD
Shiplift upgrade	5-15 MUSD
Transfer system	10-20 MUSD

{42}------------------------------------------------

Attractive cash profile with up-front payments, negative working capital and limited capex requirements

{43}------------------------------------------------

Scalable delivery model

Stage	Sales	Design &Engineering	Projectmanagement &Procurement	Production &Assembly	Installation /Commissioning	Service &operationalsupport
Description	Experienced salesteam with solidunderstanding of themarketCollaboration withengineering to secureall aspects of projectsare covered	Engineering expertiseenables us to deliversolutions for complexprojects and win bidsProduct developmentand R&D in-house tosecurecompetitiveness	Project manageroversees the projectfrom start to finishStandardizedprocesses andselection of keyvendors	Fabrication andmanufacturingoutsourced to aqualified globalsupplier network,providing flexibility andcost efficiency	The installation isperformed by the clientor EPC contractorwhile supervised bySyncroliftSyncrolift does thecommissioning andtesting	Regular customervisits to ensurecustomer success andgenerate aftersalesLong running serviceagreements
Sourcing	In-house	In-house	In-house	External suppliers	External suppliers	In-house

{44}------------------------------------------------

Service & aftermarket drives recurring revenue, strengthens retention, and mitigates newbuild cyclicality

{45}------------------------------------------------

Innovation Center – Our innovation engine to stay ahead

Our approach:

1. Demonstration & Training for Customers

We prove concepts and build competence

• Validate solutions with customers
• Train operators for correct and safe use
• Build trust/loyalty and internal know-how

2. Productivity & Maintenance Tools (Value Creation)

We deliver measurable performance gains

• Increase uptime and productivity
• Improve safety through predictive tools
• Strengthen customer reliance on our solutions

3. Strategic Development (Long-term Differentiation)

We develop capabilities that set us apart

• Create proprietary, differentiated technology
• Reinforce long-term competitiveness
• Shape future solutions for the industry

Together, these building blocks enable continuous innovation that keeps us ahead and deepens customer value

{46}------------------------------------------------

A Glimpse into Our Ongoing Innovation Work

Sensors and monitoring

FlexTrolley

Enables Docking of Ships AnyWhere on the Site Increases utilisation of available Docking area

SafeWireSensor

Predictive Maintenance Predicts wear and safety risks Reduces downtime and increases safety

Wheel Load Sensor

47 Predictive Maintenance Monitors load distribution, avoid overload Eliminate need for inspection

{47}------------------------------------------------

Demonstration and training at Syncrolift innovation centre

Where customers learn, test, and experience Syncrolift solutions in action

Tech assembly zone

Hands-on space for prototyping and testing of new solutions

Syncrolift experience

A live indoor shiplift & transfer system for real-world demonstrations and customer engagement

Innovation Lab

R&D hub for engineering, digital simulation, and next generation technology development

Syncrolift Academy

Certified operator & dock master training, tailored programmes, and real-environment simulation

{48}------------------------------------------------

Focused priorities to strengthen our market leadership and shape Syncrolift's next phase of growth

Strengthen global leadership

Expand total supplier position and maintain global leadership in shiplift and transfer systems through continued product and technology development

Focus on naval and commercial segments where Syncrolift has a clear differentiation

Grow lifecycle & installed base revenues

Increase service penetration across the 200+ system installed base

Expand lifecycle offering from inspections to longterm service, upgrades and digital enablement

Attract and educate the market with testing, training, and demos at our Innovation Lab

Continuous improvement

Strengthening our core delivery capabilities

Improve sourcing efficiency, optimize engineering performance through learning

Continuous quality improvements across all project phases

{49}------------------------------------------------

Ownership view

• #1 Global leader in shiplift and transfer systems with ~60% share of awarded contracts (2012-) 1.
• Mission-critical infrastructure provider to naval, commercial, and mega-yacht shipyards 2.
• Asset-light operating model with cash-positive project execution and limited CAPEX requirements 3.
• Large installed base (>200 systems) supports a growing service and lifecycle opportunity 4.
• 1. Structural tailwinds from naval spending and shipyard capacity needs
• Solid team with clear strategic direction: Maintain global leadership, expand lifecycle services, and adapt go- 6. to-market model for strategic geographical market segments

{50}------------------------------------------------

{51}------------------------------------------------

nekkar.com

{52}------------------------------------------------

{53}------------------------------------------------

The demand for salmon is outgrowing supply

~8%

Annual growth rate in salmon demand 2001-2023 (stable prices)

Demand growth historically and going forward is driven by strong underlying drivers, such as:

Population Growth	Agrowingglobalpopulationrequiredmorefood.Populationgrowthestimatedat1%annuallytowards2050.
Increasing health focus	Consumersincreasinglyfocusedonhealthandsalmonisahealthysourceofprotein.
Rising income levels	Increasingwealthleadingtohighersalmonconsumptionpercapita.
Sustainability	Witha~8xlowercarbonfootprintthanmeat,salmonisconsideredasustainableproteinsource.

VS.

~4%

Annual growth rate in salmon supply 2001-2023 (stable prices)

Supply, while robust, will continue to be impacted by factors such as:

Regulations and politics	Growthrateisregulatedtolimitbiologicalissuesensuringstability.
Farmer efficiency	Farmersareoptimizingproductionwithinproductionlimits.
Unconventional technology	Developmentsinfarmingtech.,e.g.offshoreandland-based.
Environmental factors	Naturedefinedfactorsimpactingbiologicalconditions.

{54}------------------------------------------------

As the industry face ongoing biological challenges, health-cost continues to increase

4

Biology cost has grown from 5% to 20% of total cost…

…With a CAGR of 15.7% vs. 7% for total costs per kg

• 1 MORE DELOUSING: Fish resistance has forced introduction of expensive delousing methods, such as mechanical and freshwater treatment with wellboats.
• 2 MORE DEAD FISH: Increased mortality of large fish is getting more expensive than small fish as variable costs are invested in the growth phase.
• 3 DECREASE IN HARVEST WEIGHT: Fixed costs allocated over fewer kilograms, raising unit cost per fish.
  • STRICTER REGULATIONS: Introduction of the traffic light system, and requirements for lice treatment.
• 5 ELEVATED FEED CONVERSION RATIO: Diseases and high treatment frequency increases stress and reduces growth. This has led to stable FCR over last 15 years.
• 6 INCREASED PRICES OF INPUT FACTORS: Increased prices raise the cost of inefficiencies associated with a high feed conversion.

Rising sea temperatures is a documented key driver of more sea lice, with the North Atlantic temperature outpacing global averages by ~0.2 degrees Celsius Source: Arkwright Consulting research

{55}------------------------------------------------

A growing focus on fish welfare metrics are expected to be a driver of future regulations

Current regulations driven by two factors:

LICE LEVELS:

Lice level requiring treatment

MAB: Limiting production volumes, determined by lice on wild salmon (traffic light system)

A recent government white paper, targeting 2027-2029 for implementation, aims to broaden KPIs for fish welfare:

LICE LEVELS:

Absolute lice levels on farmed fish

FISH WELFARE:

Overall fish welfare and biology

MORTALITY & ESCAPES:

Maximum allowed mortality and penalties for "lost fish"

ENVIRONMENTAL FOOTPRINT:

Restriction on environmental footprint

MAB: MAB limiting production volumes (uncertain if part of future regulations)

The introduction of biological KPIs are expected to result in significant economic consequences if farming operations continues 'as is' where increasing fish health challenges coupled with penalties for poor fish health drives cost increases per kilo

{56}------------------------------------------------

New regulations expected to drive future growth in alternative production methods (…and restrictions in conventional growth)

Open pen Submerged Closed containment Offshore Landbased Post-Smolt

The traditional way of harvesting salmon. Large nets in sheltered waters, such as fjords or bays.

In-shore salmon farming requires some natural conditions and is therefore limited to a handful of coastlines globally.

The cage is installed on deeper water, typically ~30m below the surface.

This puts the salmon below the lice belt, theoretically making lice a smaller problem.

Fully encapsulated environment, completely separated from the seawater.

Pumping in seawater from the deep, below the lice belt.

No disinfection in the water that is pumped in.

Offshore farms are positioned in deeper and high exposed waters, requiring more roust cages.

Benefits include less sea lice and lower impact on the local environment because of stronger currents.

Grow-out farming on land.

Can utilize different types of technologies, e.g. flowthrough or RAS.

Limited effect on the coastal environment and closeness to consumer market.

Early grow-out phase, typically w. land-based or closed systems, before transfer to sea.

Reduces time spent in sea cages, lowering exposure to sea lice and disease.

Enables higher MAB utilization.

~25%

production

Share of global 2024 production Share of smolt

{57}------------------------------------------------

Closed containment solutions in sea solves key challenges and addresses future regulation drivers

FISH WELFARE

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

RISK OF ESCAPE

Reduced risk of escape with double protection (bag and net)

Zero escapes experienced in FiiZK deliveries

PREDATOR ATTACKS

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

Zero predators experienced in FiiZK deliveries

SEA LICE

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

Zero lice treatment experienced in FiiZK deliveries

FJORD HEALTH

Improved fjord health as waste feed is filtered and collected

{58}------------------------------------------------

Closed containment systems with key advantages to other production methods

Closed containment systems:

• Isolates the fish to avoid lice issues

• Provides stable water parameters and reduced stress leads to lower mortality

• Gathers and handles sludge and feed waste, meeting emission and environmental standards

• Offers near zero escape risk

• Reduces production time

• Qualifies for increased MTB in red zones

• x Higher capex and opex

• x New operational practices

Vs. Open pens Vs. Submerged Vs. Offshore Vs. Landbased

Closed containment systems:

• Has fully sealed barrier to eliminate lice and pathogens
• Gives active control of inflow, oxygen, CO2 and temperature
• Offers stable surface orientation and daylight access
• Has simpler visual inspections
• Gathers and handles sludge and feed waste, meeting emission and environmental standards
• Reduces production time
• Qualifies for increased MTB in red zones

Closed containment systems:

• Has fully sealed barrier to eliminate lice and pathogens
• Gathers and handles sludge and feed waste, meeting emission and environmental standards
• Has stable and calm environment with predictable handling
• Use existing coastal infrastructure (mooring, grid power, feed logistics)
• Capex cost per m3 significantly lower

Closed containment systems:

• Use existing coastal infrastructure (mooring, grid power, feed logistics)
• Benefits from natural water temperatures and lower energy intensity
• Is in real marine conditions
• Can use existing sites
• Capex cost per m3 significantly lower
• Opex cost (e.g. energy use) also significantly higher
• Avoids large nature intervention

{59}------------------------------------------------

{60}------------------------------------------------

Newly implemented «Miljøflex» incentive scheme drives short term growth

Context

• Norway's Traffic Light System regulates salmon farming capacity based on environmental impact (mainly sea lice)
• Farms in red zones must reduce biomass, green zones can expand
• New regulation implemented October 2025 with effect to this

Impact of "Miljøflex" incentive scheme

• MAB become linked to technology choice
• Farmers can recover lost MAB by utilizing closed containment systems
• Creates an economic driver for adaptation of closed containment

Implications for FiiZK

• FiiZK's market-leading close containment systems are direct beneficiaries of this regulatory shift
• The scheme represents a structural growth catalyst for sustainable aquaculture technology

{61}------------------------------------------------

The scheme enables redeployment of reduced MAB

Lost MAB by farmer

Across Production Areas 3 through 5 which currently have a red-light designation, Mowi has the largest estimated loss of MAB tonnes of the salmon producers with an estimated ~30%

{62}------------------------------------------------

In 2014, FiiZK first launched its solution for closed containment production in the ocean…

Controls

Objective: Real-time monitoring and automated regulation of water environment and facility operations. Design: Integrated sensor network (O₂, turbidity, flow, temperature) + SCADA-style control system

Floating Collar

Objective: Ensure buoyancy and stability Design: Steel collar designed for heavy

sea conditions and a long life

Water inlet

Objective: Ensure stable high-quality sea water circulation, reducing lice ingress and maintaining growth conditions.

Design: Multiple independent seawater inlets drawing deeper water, combined with automatic oxygen injection

Sludge drain

Objective: Collect and manage production waste (faeces, feed spill), minimize emissions, support circular economy.

Design: Bottom and side discharge/waste capture system directing sludge for surface collection and processing

{63}------------------------------------------------

…and since then the FiiZK solution has been continuously improved while keeping its DNA

Name	Certus	Ecomerden	Protectus
Vintage	2018 –2022	2019 –2022	2024->
# of deliveries	15	3	2
# of fish / tonnesbiomass	400 000 fish / 400 tonnes biomass	800 000 fish / 900 tonnes	1.000.000 fish / 1140 tonnes
CBM (M3)	10,000 –15,000	30,000	30,000
Weight floating collar(tonnes)	98	38	330

{64}------------------------------------------------

…with documented results through 10+ years

2021: Sinkaberg 5x 2022: Mowi 2x

{65}------------------------------------------------

FiiZK has delivered more closed containment systems than all other competitors

{66}------------------------------------------------

FiiZKs solution the leading competitive supplier with proven track record

Suppliers of closed containtmentsystems

{67}------------------------------------------------

Awarded 4 new Protectus closed containment systems

Award

Customer: leading Norwegian fish farmer

Post quarter-end, FiiZK has been awarded four Protectus closed containment systems to a leading Norwegian fish farmer

The Protectus systems will according to plan be delivered in series of two through the end of 2026 and beginning of 2027

Timeline

Delivery in two series through end of 2026 and start of 2027

Production starts immediately

Leading position

The award aligns with the new "Miljøfleksordningen" incentives for closed systems in red zones, enabling biomass growth in environmentally restricted areas

By end-2025, FiiZK will have delivered 24 closed systems with more than 80 completed production cycles

This award further strengthens FiiZK's market leadership in the fastgrowing segment

{68}------------------------------------------------

Increased productivity by postsmolt is key pillar in Mowi's growth strategy

Results in open sea pens from post-smolt productivity:

• Reduced time in net pens at sea
• 40% fewer lice treatments
• Improved survival
• Improved fish welfare
• Improved productivity

Source: Interview w/CFO C.Ellingsen in Landbased AQ 14.05.25

{69}------------------------------------------------

Mowi has achieved notable results with 3x closed systems from FiiZK already in operation for several years

(Headline) «We have reached large milestones through slaughtering without delousing in several pens»

Mowi site manager

Through post-smolt production in closed containment from FiiZK, Mowi has achieved:

• 950g postsmolt
• 8 months growth-cycle in open pens, indicating a healthy post-smolt salmon
• Slaughter at 5kg
• Zero lice treatments
• 99% superior (highest quality definition)
• Low mortality (both in closed system phase, and subsequently)

{70}------------------------------------------------

FiiZK is now delivering 2x Protectus systems for Mowi Slåttenes location

• Order for FiiZK one year ago for 2x Protectus to a leading Norwegian fish farmer
• The two Protectus systems are currently being installed at Mowi Region South's farm site Slåttenes – all major components finalized and transported to site
• Mowi plans for fish in the new closed containment systems by end-2025
• Slåttenes is already equipped with two FiiZK Ecomerden systems (the predecessor to Protectus)

Picture: Mowi's farm site Slåttenes with two FiiZK Ecomerden systems. Two Protectus –systems are currently being installed next to the existing systems (www.norgeibilder.no

Picture: Arrival of the two floating collars for the Protectus-systems for Slåttenes

{71}------------------------------------------------

Scalable delivery model with large parts of production outsourced

A total product delivery where production is largely outsourced except for bags and controls. Assembly and aftermarket executed by FiiZK.

Stage	Sales	Design &Engineering	Projectmanagement &Procurement	Production &Assembly	Installation /Commissioning	Service &operationalsupport
Description	Experienced salesteam with solidaquaculture experienceCustomer knowledgeand understanding toensure solutionsdiscussed are a fit	Engineering expertiseenables us to deliversolutions for complexbiological needs, withlocation-specificconsiderations.Key packages outsourcedto ensure highestqualification.	Project manageroversees the projectfrom start to finishStandardizedprocesses andselection of keyvendors	Fabrication andmanufacturing forcomponents except thebag itselfoutsourced to aqualifiedsupplier network,providing flexibility andcost efficiency.	Done by experiencedpersonnel at customersite.	Repeat customervisits to ensureproduct quality as wellas constant monitoringand data gathering.Long running serviceagreements
Sourcing	In-house	Mainly in-house	In-house	Mainly external suppliers	In-house	In-house

{72}------------------------------------------------

A full lifecycle approach to support and service work

Training and certification

Live monitoring of each facility

24/7 response function

Scheduled data feedback

Regular inspections

Data optimization

N

Experts at FiiZK seeks to ensure that its customers has the training and competency needed to manage the facility on a daily basis.

The customer site is connected to our service centre to ensure FiiZK:

• Will receive alerts in the case of deviations
• Can complete remote error searching and fixing
• Deliver trend analysis to site managers
• Deliver decision support

Trained and experienced FiiZK representatives are available 24/7 to deliver urgent support towards any critical need at customer sites.

FiiZK representatives will hold weekly meetings with site operators on water quality, fish welfare, feeding, salmon vitality and technical management of the facility.

All findings will be collected in reports with recommendations for improvements.

Every facility will also be inspected by FiiZk between each production cycle, securing that needed maintenance and repairs are completed. Through its continuous digital monitoring of the closed system and its functionality, FiiZK is always seeking to optimize and improve its future offering.

{73}------------------------------------------------

Ownership agenda

• 1. Solidify FiiZK's leading position as nr. 1 supplier of closed containment system through deliveries and optimization of cost and solution
• 1. Scale company and its organization to handle the expected demand ahead, both short- and longer term
• 1. Continuously build up support for customers in operation through aftermarket services and enhancement of data
• 1. Explore partnerships and strategic alternatives as options for value creation
• 1. Become majority owner (assuming attractive price and risk profile)

{74}------------------------------------------------

{75}------------------------------------------------

Shaping the future of ocean industries

Nekkar is a long-term owner of technology companies within ocean-based industries. The company invests along structural megatrends such as sustainable oceans, robotics and intelligent logistics, and digitalisation. With a 50-year industrial legacy from Syncrolift, Nekkar applies an active buy-to own strategy to build sustainable value.

Capital Markets Day 2025

Presented by Ole Falk Hansen, CEO

{76}------------------------------------------------

Operating companies

Globetech provides IT and cybersecurity solutions for ships and the global maritime industry

Employees 31

Ownership 67%

Head office Kristiansand, NO Manager Hans Eirik Onarheim Est 2011

Market & Sales

• Acquired Firstpoint, a maritime IT provider in Gdynia, Poland, adding 23 vessels to the fleet of contracted vessels (subsequent to the quarter)
• Signed a revised frame agreement with a major ship management company, expanding potential fleet coverage

Financials

• Continued solid operations and profitability
• Quarterly variations driven by postponed ship upgrades

Operations

• Continued focus on developing people, technology, systems, and processes to enable scalability

{77}------------------------------------------------

Business model

Key customers

• Vessel owners
• Ship management companies

Products & Services

• ICT operations as a service
• Cybersecurity services
• IT and OT hardware reseller
• Software reseller
• Installations and service

Delivery model Pricing model

• System solution design

• Installation on ship new builds and retrofit

• Proactive software and systems maintenance

• 24/7 monitoring and support

• Two folded pricing model

• Initial project-based revenues from setting up new vessel (hardware and installation hours)

• Repeat business from support subscription, SW licenses, and support hours)

1. Source: IWS disclosed financials, team analysis

{78}------------------------------------------------

Nekkar's ownership agenda for Globetech

• Back ambition to be a leading maritime ICT provider
• Enable shift towards ICT-as-a-Service and higher recurring revenues
• Support investments in scalability

3. Profitable growth

• Maintain solid profitability and financial robustness as the company scales

1. Strategy execution 2. Support team development

• Executive sales lead hired
• New key hires in tech, finance, and operations dept.
• Strengthened board with relevant digital and commercial competence

4. Value-accretive M&A

• Selective acquisitions that increase fleet size and/or supports strategy
• Recently acquired Firstpoint, adding 23 vessels to the fleet

{79}------------------------------------------------

Lifting and load handling equipment for use in offshore, maritime, and aquaculture

Employees 19

Ownership 90%

Head office Kristiansand, NO Manager Nils Stray Est 2023

Market & Sales

• Continues to tender for a "handful" of solid leads within renewable, subsea and aqua
• Focus on "repeat" product deliveries with known cost and risk

Financials

• EBITDA: Improved results, still challenging with MNOK -5 in the quarter. Progress on newly signed projects generating larger share of revenues
• Continues to expect favorable development through the coming quarters as market entry projects mature and recent awards advance

Operations

• Market entry projects assembly and testing as key focus
• Starting up production of 2025 awarded repeat projects according to plan
• Improved cost control and follow up in all phases

{80}------------------------------------------------

AHC crane projects progressing well

Project

phase Engineering Fabrication Assembly & testing Delivery & commissioning

Operating companies

Eidesvik 150 t repeat

Delivery: Q4 2026

Ongoing: Welding of king, booms, winch. Picture: Main boom.

Hercules 70 t crane

Delivery: July 26

Ongoing: Welding of king, booms, winch. Picture: Main boom.

Eidesvik 150 t crane

Delivery: Feb 26

Assembly at yard in Poland. Start-up and testing in October.

Agalas 70 t crane

Delivery: Dec 25

Crane on vessel at Sefine Yard. Harbor acceptance test in November.

81

{81}------------------------------------------------

Nekkar's ownership agenda for Techano Oceanlift

1. Execute ongoing project backlog and support customer in operations

• Secure delivery and successful launch of market entry projects in the coming months
• Provide ongoing operational support to customers via aftermarket services and offerings

2. Utilize established market position to sell standardised products

• Product series of active heave compensated cranes with "known risk and cost" and competitive margin levels
• Consistently deliver on execution and operation

3. Explore partnerships and strategic alternatives

• Be open for models to strengthen Techano Oceanlift offerings in the market

{82}------------------------------------------------

Operating companies

Leading provider of software, automation, and control systems for drilling and maritime industries

Employees 20

Ownership 51%

Head office Kristiansand, NO Manager Stig Trydal Est 2018

Market & Sales

• Strong interest for Intellilft's automation SaaS solution from InteliWell (JV with Transocean)
• InteliWell signed a SaaS agreement in November for automation services on Transocean Deepwater Titan
• Undisclosed new SaaS agreement for InteliWell in November

Financials

• Continued solid activity level throughout the third quarter
• Growth in external project orders drives positive development

Operations

• New rig live with InteliWell automation package Transocean Deepwater Conqueror
• A new software integration technology was also successfully delivered to a major oil company
• Deliveries to other Nekkar companies progressing with good activity

{83}------------------------------------------------

InteliWell pricing model

Intellilift benefits from stable recurring SaaS income combined with strategic upside and profit share from JV

Intellilift leads the setup and operation of the automation systems, making it a core value driver within the joint venture

Operating companies

{84}------------------------------------------------

Operating companies

Nekkar's ownership agenda for Intellilift

1. Strategy execution

• Build leading position as open interface platform to drive efficiency for drilling operations
• Continue to build joint value propositions with Nekkar operating companies delivering software and control systems

2. Maximise InteliWell partnership

• Grow installed base of rigs contracted with automation software
• Develop new and complementary product offerings

3. Profitable growth

• Scale SaaS model to build predictable revenues and drive margin expansion

{85}------------------------------------------------

Industrial long-term owner of ocean-based technology companies

About

Investment case

Industrial mindset

• Industrial team with operational, engineering, and digitalization competence
• Proven track record of transforming and scaling industrial technology companies

Strong financial position and flexibility

• Robust balance sheet with no interest-bearing debt and solid cash flow generation
• Financial capacity to fund organic growth and pursue value-accretive M&A
• Disciplined capital allocation ensuring resilience and long-term value creation

Listed flexibility

• Listed company providing access to capital markets and liquidity for growth initiatives

Exposure to megatrends

• Strategic focus on sustainable oceans, digitalization, and robotics & intelligent logistics
• Positioned to benefit from structural shifts toward digitalisation, automation, and sustainability

Long-term ownership of quality companies

• Focus on building solid niche market leaders with profitable growth
• Owner with a long-term perspective and flexible mandate for capital deployment

Established platform for growth

• Diversified portfolio with strong market positions in aquaculture, defence, offshore energy, and maritime
• Extensive offshore legacy and network leveraged to expand into adjacent ocean-based sectors

{86}------------------------------------------------

nekkar.com