Good morning, everyone. I am Ole Falk Hansen, the CEO of Nekkar, and welcome to this Third Quarter Presentation for Nekkar, live from Syncrolift offices. As normal, we will round off with a Q&A after the presentation. First, I would like to remind everyone that shortly after this webcast, we'll hold our first ever Capital Markets Day here at Syncrol ift headquarters in Vestby. This is a physical attendance-only event, but the slides will be available online as we start the actual presentation. As part of developing our communication with the financial markets and investors, we have now launched a new web page recently, and with it, a new quarterly slide format launched today. Last quarter, we started providing more granularity on the financials for Nekkar and our operating companies.
Now, we are also including certain additional KPI metrics with regards to our operating companies, as you will see in the later slides today, to increase operational insights further for you. As a reminder, Nekkar is a long-term industrial company builder focused on ocean-based technology companies. The Nekkar Group consists of five operating companies. There have been no changes to the portfolio so far this year, but we are having several processes ongoing at the moment to both broaden our portfolio and deepen our existing investments. The Nekkar operating companies are exposed to four main end markets, with defense and maritime being the largest. The target market revenue mix is also fairly balanced across these four end markets, providing a good diversification. Let's look at some of the highlights from the third quarter and subsequent events to the quarter.
It was a pleasure yesterday to announce that Fisk was awarded a delivery from an undisclosed leading Norwegian fish farmer for four Protectors closed containment systems. At the same time, we are now finalizing delivery of two systems to MOE, announced a year ago. For Syncrol ift, we signed a $5 million contract with DMC back in July, and in addition, there has been signed a service contract with Wisec after quarter end for two years of total NOK 40 million. This is the largest service scope per year ever experienced in Syncrol ift. Intellilift's JV InteliWell secured deployment of rig number three for the InteliWell automation platform in the quarter. On top of this, additional two rigs have been signed with the same automation platform after quarter end, which includes both a fixed lump sum project and a software as a service fee throughout the contract period.
For the financials, revenue for Nekkar came in at NOK 124 million in the quarter, which is down from NOK 140 million same quarter last year. The EBITDA ended at NOK +3 million for the group, which is behind last year's figures, but an improvement from previous reported quarters this year. Net profit of minus NOK 5 million was negatively impacted by Fisk, who were impacted by market entry projects and investments into product developments. Nekkar continues to enjoy a strong balance sheet with solid cash of NOK 170 million, NOK 80 million in treasury shares, and no debt. The order intake was NOK 117 million in the quarter, driven by the announced orders in Syncrol ift and Intellilift Cash flow from business was negative of NOK 32 million related to working capital.
Our third quarter revenue is similar to recent levels throughout this year and still low due to the order backlog situation in Syncrol ift, as the other companies are experiencing steady growth. The EBITDA is still below our historical track record and what should be our true cycle level, but is expected to continue improving as legacy projects in now ramp up. The volume contribution from Syncrol ift continues to be low as we wait for further awards in the market space. In general, we continue to see a positive underlying development in the operating companies for the coming quarters and years ahead. The order intake was NOK 117 million in the third quarter, which was driven primarily by the announced DMC award in Syncrol ift, as well as the mentioned Intellilift awards.
The order backlog at the end of the third quarter was NOK 740 million, which provides decent visibility for the coming quarters. The majority of the backlog is still related to Syncrol ift, but more than NOK 100 million is from other companies. Please note that Fisk is not consolidated in Nekkar's order intake and backlog. Neither is, of course, also the recent awards in Intellilift subsequent to the quarter. Let's take a look at Syncrol ift. For the market and sales side, the Indian Navy with the Wisec delivery that we commissioned a year ago have now signed a service contract, which was signed subsequent to the quarter. As mentioned, this is the largest service contract per year ever experienced, with NOK 40 million over two years.
The tendering activity remains high and continues to be driven by the growing demand in the defense market, representing a substantial share of tendering activity. Exact timing of these awards remains linked to factors outside of Syncrol ift control, such as government planning and major infrastructure decisions. As such, no larger contracts have been awarded nor lost in the quarter and also in this year, as reported on the new KPI, as you can see bottom right. For the financials, third quarter revenues continue to be at the lower level than previously, driven by the lower order intake during the last 12 to 18 months. This also impacts profitability with all past revenues to gross margins. The EBITDA of 9% is, however, somewhat up from last quarter, as we observe a favorable development in the project mix.
For operational status, ongoing projects, we see good execution and cash generation in all projects. Syncrol ift has a flexible operating model with outsourced production, which enables scale-up in activity level going forward. Service business has decent activity levels with upgrade work driving favorable development. What you can see also now on the right-hand side with the last 12 months' service activities. We will continue to include these operational KPIs for Syncrol ift in the coming quarters to come. We continue to see a good outlook for Syncrol ift, where the backlog remains of around NOK 577 million. We see high tendering activity in the new build and larger upgrade market. For the tender pipeline, the key change last quarter is that we have combined 2025 and 2026 in this presentation.
We did that also in the third quarter last year, and it is a reflection of the sensitivity in terms of timing with regards to calendar year. The total tender pipeline of around NOK 7 billion is fairly unchanged and represents a solid outlook. It has been a challenge throughout this year to estimate the award timing, but we have constantly updated for what we see and presented views we believe are fair. Although 2025 did not materialize so far for us on the market side as we expected when we started the year, we still expect a good market outlook for Syncrol ift in the coming couple of years, with NOK 7 billion of tenders to be awarded in the marketplace. Turning to Fisk, our aquaculture company, we are proud to announce the order of four Protectors closed system to an undisclosed leading Norwegian fish farmer.
This confirms trust in Fisk and the Protectors containment system. The Miljøflex ordering went into effect in October, enabling farmers localized in red zones to recover withdrawn biomass by converting to closed containment system. I will get back to this on the next slide, but this is a positive trigger point for Fisk in the short term. Financially, third quarter revenues came in at NOK 78 million, up from NOK 40 million a year earlier. Fisk's profitability is still impacted by cost for market entry projects and product development for the new Protectors design now being finalized and delivered. Operationally, our two Protectors system ordered end of last year by MOE are now being installed at location. Also here, on the bottom right side, we have included a new operational KPI for Fisk install systems.
No other suppliers are able to demonstrate this track record as Fisk is demonstrating here. As mentioned, we are proud to say that Fisk was awarded a new contract to deliver four Protectors closed containment systems to a leading Norwegian fish farmer. The design is similar to the award a year ago for the two units currently being delivered. We believe this is a company game changer in terms of continuing the development of Fisk and marking its position as the leading closed containment provider. Additionally, we are proud to say that the two orders a year ago to an undisclosed leading Norwegian fish farmer are now being installed and delivered to MOE. The two Protector systems are being installed at the moment at MOE's fish farm at Slottenes, and all major components are finalized and transported to the site.
The floating collar arrival on the vessel at the picture are now floating in the sea. MOE plans for fish in the new system by year-end this year. Slottenes is already equipped with two Fisk eco-mountain systems and will now be accompanied by two new sister installations. Let's move to Intellilift our industrial software and automation provider. We are pleased to see a solid market interest internationally for the new products for automation services from Intellilift We are very glad to say that we have now received three awards since we last time presented our financial figures in the second quarter. First, during the third quarter, Intellilift went live with a new rig with transmission for the Deepwater Conqueror. Following quarter's end, two additional awards were secured by InteliWell and Intellilift.
Financially, growth in external orders is driving positive activity development as third quarter revenues are up 40% year- on- year. Operationally, Intellilift now has a strong focus on automation as the game-changing automation platform is demonstrating its potential. On Intellilift we have also included a new KPI to our operation reporting package. As you will see on the bottom right side, we have included an overview of installed rig automation systems. It was very pleasing to see Intellilift the joint venture between Intellilift and Transocean, and Intellilift secured two orders with Transocean. First, there was an award for providing automation services to the Transocean Deepwater Conqueror and ultra-deepwater drillship. The Intellilift platform was installed and commissioned over a four-day period in September. Initially, automation services will concentrate on automated tripping and drilling connection.
For Intellilift this contract comprised a fixed sum project plus a software as a service fee throughout the contract period. This is the third deployment of the InteliWell automation platform. Followingly, Transocean Deepwater Titan, also an ultra-deepwater drillship, will be installed in the coming quarter with the same delivery and pricing model as the previous rig. Let's move to Globetech which we acquired about a year ago. We continue to observe high customer activity on the market side, with sales driven by new vessels and deliveries to existing clients. Subsequent to the quarter, Globetech successfully acquired FirstPoint, a maritime IT provider in Poland. The strategic bolt-on acquisition adds 23 vessels to the fleet and was done at accretive multiples. Revenues for the quarter were NOK 23 million, up 10% year- on- year, with continued solid profitability of around 20% in the quarter.
As you will observe on the right-hand side, we have included a new KPI to increase operational transparency. For Globetech we have included repeat business as a percentage of last 12 months' revenue to highlight reoccurring revenues, and also at the bottom right, contracted vessels. Bounding off with Techano Oceanlift our offshore lifting and handling technology provider. The company continues to tender for a handful of solid leads across various sub-segments. Focus is on repeat product deliveries with known cost and risk. For the EBITDA, we see improved results, however still challenging with NOK - 5 million in the quarter. Progress on the newly signed projects this year is now generating a larger share of revenues. We continue to expect favorable development through the coming quarters as these market entry projects mature and are being delivered and recent award advances.
On the operational side, we have improved cost control and follow-up in all phases with new people strengthening the team. Let's take a closer look at some of the key financial details. Revenue for the quarter came in at NOK 124 million, representing a 12% decrease compared to the same period last year. The decline is primarily due to lower activity in Syncrol ift. On a positive note, the other operating companies, Intellilift Techano, and Globetech, deliver solid revenue contributions. On profitability, EBITDA ended at the quarter at NOK 3 million compared to NOK 14 million last year. The same effect is here related to Syncrol ift at Techano. Q3 net financial items was NOK -4 million, driven by Nekkar's share of Fisk quarterly loss. As a result, the net profit for the quarter was NOK -5 million.
On this slide, you will find the key financial metrics for Nekkar operating companies. Further information is, as per last quarter, available in an Excel upload to Nekkar's webpage and is updated on a quarterly basis. Let's take a look at our balance sheet. Starting with the assets, our financial assets are primarily tied to our ownership in Fisk, which at the end of the quarter was valued at NOK 70 million, reflecting Nekkar's share of Fisk's equity and goodwill. Working capital ended at a NOK + 80 million at the quarter end, which is an increase of NOK 28 million compared to last quarter. This reflects natural fluctuations driven by project phasing. Still, the working capital is at very good and low levels. Nekkar's total balance sheet amounted to NOK 751 million, and we remain debt-free and have a robust equity of almost NOK 400 million.
Turning to cash flow, cash flow from business was negative with NOK 32 million in the third quarter. This was driven by the mentioned increase in working capital. We also have a cash outflow of NOK 17 million in the quarter related to the share buyback program. In total, net cash outflow in the third quarter was NOK 55 million. Nekkar has a strong financial foundation, which per end of the quarter was at NOK 170 million in cash, NOK 8 million treasury shares of NOK 80 million, and an untapped credit facility of NOK 200 million. Let's summarize. We believe Nekkar will continue to develop its operating company towards the 2027 ambition and is well equipped with a solid balance sheet to also navigate inorganic opportunities. Key highlight this quarter is the recent Fisk award of four Protectors closed containment system.
Outlook remains favorable in terms of aquaculture, both short term and long term. Furthermore, Intellilift with its rig automation system, has seen a breakthrough in the last months with three new rigs signed up to SARS complex. Syncrol ift is well positioned to capitalize on growing defense spending in the coming horizon. Thank you for listening, and hope to see many of you at our Capital Markets Day about an hour from now on here in Vestby today. Before we move on, let's round off with some Q&A.
Question number one here on Syncrol ift: Is the tender pipeline for 2025 merged with 2026 because it's unclear if the decision will come in 2025 or 2026?
Yeah, we had the same approach when we presented the third quarter last year.
Of course, having only one quarter left this year when the pipeline was made, it is very sensitive to year-end timing. That is why we have combined 2025 with 2026.
Just a follow-up question. For the phasing of Techano Oceans Lift projects, how should we think about activity going into Q4? Will it be less for the startup projects than in Q3?
Yeah, the two first projects will continue to kind of have a declining share of revenue trend as they are now moving into final delivery on the two crane awards. In parallel, the two more recent awards will gradually increase its share of revenues as we are now into the production phase of both those two crane contracts.
There are no further questions.
With that, thank you all for listening in.
We will come back to the Capital Markets Day for those of you which are here. Thank you.