Comprehensive and overall good progress, with Techano, for instance, turning towards a breakeven result.
Due to a lack of time, I don’t have the opportunity to go through the report in more detail right now. Let’s let the analysts handle it this time 
https://www.redeye.se/research/1177609/nekkar-q2-initial-take-strong-order-bookings-but-muted-sales
Key takeaways:
- Q2 revenues missed our expectations by 19%, primarily relating to Syncrolift. Year-over-year, the company posted growth of -7%, while Q/Q topline was flat. For the other incorporated subsidiaries, we expected slightly higher revenues across the board.
- Group order intake was really strong in Q2, amounting to NOK294m, corresponding to a book-to-bill of around 2.3! A large part of order bookings relate to two contracts awarded to Syncrolift during the quarter. As announced earlier, these amount to EUR8.5m and EUR10.5m, a total of just over NOK200m. Group order book by end of Q2 amounted to NOK1,199m, which is significantly higher than in the last couple of years.
- On profitability, the group’s margins were modest, but given lower topline, quite ok. Globetech continues to post strong margins of 27% and Techano’s was almost at break even, while we expected a larger deficit. The deviation versus our forecast relates to Syncrolift and Intellilift, mainly due to lower sales.
- Syncrolift: Revenues continue to be modest, due to the absence of new build awards in the market during 2025/2026. Two shiplift awards were announced during the quarter. One with order value of EUR8.5m with deliveries scheduled for Q4’27. The second contract amounts to EUR10.5m, with an unknown delivery scheduled. The company sees continued high tendering activity across commercial and defense segments with several large prospects in late stages. Aftermarket sales remain stable, supporting profitability, which was 5% on the EBITDA level in the quarter.
- Syncrolift order backlog at NOK653m, with NOK455m for 2026-2027, which needs additional awards to support our current forecast. The tender pipeline is strong and somewhat higher at NOK8.7bn (previously: NOK7.5bn), with expected awards of NOK0.7bn in 2026. Some projects previously expected in 2026 appear to have been pushed into 2027.
- On June 22th, Nekkar utilized its call option to acquire a majority share in FiiZK (previously owned 46%, now reaching 86% while planning to acquire the remaining shares). We currently do not incorporate FiiZK in our estimates and figures as Nekkar has been a minority shareholder. We will evaluate the possibilities to include specific FiiZK estimates in the coming update depending on financials and data received.
- On August 3rd, Globetech announced its second bolt-on acquisition, Satco AS, a provider of communication, navigation, connectivity, and CCTV systems to the offshore and shipping markets. Satco appears to be an excellent strategic fit offering cross-selling synergies and recurring revenues. The company has shown strong growth in recent years with 2025 revenues reaching NOK45m and EBIT margins of 26%. Globetech acquired 60% of the shares with an option to buy the remaining shares in 2029.