Nekkar's second-quarter earnings report revealed a mixed picture, with the company's top line declining but its operating performance improving materially. The EBITDA margin reached 3.6%, compared to a negative 8.6% margin a year earlier. This improvement was driven by strong performances from Intellilift and Globetech, as well as a significant reduction in losses from Techano Oceanlift.
The company's largest unit, Syncrolift, saw revenue fall 20.8% year over year to NOK 57 million. However, FiiZK delivered strong revenue growth before being fully consolidated into Nekkar's accounts. Nekkar also expanded through acquisitions, including the full consolidation of FiiZK in June and Globetech's completion of a second add-on acquisition, Satco, in August.
Operational Recovery
Nekkar's management stated that the portfolio has momentum heading into the next quarter, with four of its five operating companies expected to grow both revenue and profit. Analysts forecast 55% revenue growth for fiscal 2026 and expect the company to turn profitable this year with EPS of 0.05.
The company's shares were up 0.68% at $14.8 in the latest live data, roughly flat versus the previous close of about $14.70. The restrained move after the report may reflect a balance between better profitability and weaker revenue.
Business Outlook
Management expects Syncrolift to benefit from a healthy tender pipeline, with strong activity in both commercial and defense markets. Intellilift is expected to add about two rigs per quarter going forward, which should lift recurring SaaS revenue. Globetech is also expected to keep growing, helped by its 224-vessel contracted fleet and the addition of Satco from August 1.
