Nekkar ASA Posts Q4 2025 Revenue Growth Amid Segment Challenges
Nekkar ASA reports fourth-quarter 2025 revenue of NOK 197 million, a 9% increase from NOK 181 million in the prior-year quarter. EBITDA reached NOK 23 million with an 11.4% margin, down from NOK 27 million or 15.1% previously, due to cost overruns in one unit.3435
The company recorded a Q4 net loss of NOK 11 million, contrasting a NOK 15 million profit last year. Order intake totaled NOK 122 million, while the order backlog stood at NOK 678 million at quarter-end.34
Full-Year 2025 Results Reflect Mixed Performance
Annual revenue declined 8% to NOK 571 million from NOK 624 million in 2024, primarily from lower Syncrolift project activity. Full-year EBITDA was NOK 2 million (0.3% margin), and net loss amounted to NOK 35 million, including a NOK 14 million non-cash impairment on Skywalker technology.35
Business Units Drive Diversification
Syncrolift generated NOK 315 million in revenue (down from NOK 492 million), with a NOK 522 million backlog. Intellilift revenue rose to NOK 72 million (from NOK 44 million), boasting a 38% Q4 EBITDA margin. Techano Oceanlift revenue increased to NOK 115 million but faced negative margins from overruns. Globetech revenue climbed to NOK 104 million with an 18% Q4 margin.34
Key Strategic Wins Bolster Growth
FiiZK delivered two Protectus systems to Mowi and secured orders for four more, solidifying market leadership in aquaculture closed containment. Intellilift landed a 10-year automation deal for 11 rigs, including SaaS fees, with installations starting Q2 2026. Syncrolift signed a service contract with the Indian Navy amid a NOK 7.5 billion tender pipeline.3435
CEO Ole Falk Hansen stated, “This order highlights the confidence placed in FiiZK by our customers, but also FiiZK’s driving role in the market for closed containment systems.”35
Robust Balance Sheet Supports Expansion
Nekkar holds NOK 150 million in cash, NOK 98 million in treasury shares, zero debt, and a NOK 200 million undrawn facility. CFO Marianne Voreland Ottosen emphasized the “strong financial foundation” for organic growth and M&A.34
Outlook Targets NOK 1.5 Billion Revenue by 2027
Executives reaffirm the NOK 1.5 billion revenue ambition by 2027 through unit improvements and acquisitions. Hansen noted, “We believe that Nekkar continues to develop its operating companies towards the 2027 ambition.” Positive momentum expected in FiiZK, Intellilift SaaS, Syncrolift defense tenders, and others, despite project phasing.35
