Norway's Nekkar Q3 revenue rises 41% on FiiZK, Satco consolidation
Norway's Nekkar Q3 revenue rises 41% on FiiZK, Satco consolidation
Overview
Norway ocean tech investor's Q3 revenue rose 41% yr/yr, driven by FiiZK and Satco consolidation
Q3 EBITDA increased to NOK 11 mln, with margin up to 6.1% from 2.5%
Syncrolift won record post-quarter contract above NOK 800 mln, delivery set for 2028
Outlook
Company says tendering activity remains high, but award timing is uncertain
Nekkar prioritises converting tenders into orders amid unpredictable timing for contract awards
Company sees continued strong market interest in closed containment aquaculture solutions
Result Drivers
SEGMENT CONSOLIDATION - Revenue growth was mainly driven by the first quarter of FiiZK consolidation and the addition of Satco from 1 August
INTELLILIFT SOFTWARE - Intellilift delivered a high EBITDA margin as recurring software revenue became a larger part of the business
LOW ACTIVITY IN SYNCROLIFT AND TECHANO OCEANLIFT - Lower activity in Syncrolift and Techano Oceanlift partly offset positive contributions from other segments
Company press release: ID:nObikRW3ma
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | NOK 175 mln | NOK 206 mln (2 Analysts) |
Q3 EBITDA |
| NOK 11 mln |
|
Q3 EBITDA Margin |
| 6.1% |
|
Q3 Order Backlog |
| NOK 1.12 bln |
|
Q3 Orders |
| NOK 97 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the heavy electrical equipment peer group is "buy."
Wall Street's median 12-month price target for Nekkar ASA is NOK21.50, about 29.5% above its November 4 closing price of NOK16.60
Reuters Recommended Reads
Nov 3 - Norway's Odfjell Technology Q3 results boosted by well services unit
Nov 4 - Norway's Odfjell Q3 EBIT falls on softer markets
Nov 4 - Norway's Solstad Maritime Q3 adjusted EBITDA rises, cuts full-year forecast
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)