Good morning, everyone. I'm Ole Falk Hansen, the CEO of Nekkar. Welcome to this 1st quarter presentation for Nekkar. 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 has been no change to the portfolio during the last year. We are having multiple processes ongoing at the moment to both broaden our portfolio and deepen our existing investments. You will see that the Nekkar revenue mix is diversified across our five operating companies, here showing share of 2025 annual pro forma figures, including FiiZK revenue. 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 markets, providing a good diversification. Let's look at some of the highlights from the 1st quarter.
As you know from our fourth quarter presentation, Intellilift received a contract during the first quarter for drilling automation solutions on 11 offshore rigs with a long-term commitment. Installations are due to commence during this quarter and to be rolled out over a 30-month period. Once installed, the software will be on a 10-year SaaS contract. After first quarter end, Intellilift secured two additional contracts, both with new customers and including one for a jack-up, representing a new market for Intellilift. Moving to Syncrolift, order intake in the quarter was modest. It was pleasing to announce this morning that the EUR 8.5 million contract was awarded from South Red Sea Shipyard in Egypt for a 7,000 ton ship lift and transfer system new build delivery.
Revenue for Nekkar came in at NOK 130 million, which is up from NOK 111 same quarter last year. The EBITDA ended at NOK 7 million for the group, which is also up from last year. Net profit came in at NOK 1 million, up from NOK -8 last year. Nekkar continues to enjoy a strong balance sheet with cash of about NOK 100 million and over NOK 100 million in treasury shares and no debt in the group. The order intake was strong with NOK 227 million in the quarter, driven by the announced orders in Intellilift. Cash flow from business was negative of NOK 44 million, driven by working capital increases, large payments came in after quarter end offsetting this increase.
Our first quarter revenue is still low due to the order backlog situation in Syncrolift, while most other companies are experiencing steady growth. The EBITDA is still below our historical track record due to this low volume contribution from Syncrolift. Techano figure is now improving versus previous quarters, but they are still negative and impacting overall profitability. Intellilift and Globetech are both contributing with strong margins. In general, we continue to see a positive underlying development in the operating companies for the coming quarters and years ahead. The order intake were NOK 227 million in first quarter, which was driven by Intellilift with the announced 11X contract, which represented NOK 160 million. In the backlog and order intake, we have included 1 year of SaaS revenue from these contracts and the upfront installation fee.
Based on this, the order backlog at the end of the quarter was NOK 765 million, which improves visibility for the coming quarters. More than 60% of backlog is still related to Syncrolift, but other operating companies are now contributing more. For more information on our methodology surrounding backlog and booking of order intake, I revert to our appendix in this presentation where we have added some information on this. Let's move to Syncrolift. Today, we announced an EUR 8.5 million contract from South Red Sea Shipyard in Egypt for a new build delivery of a 7,000 ton ship lift. Delivery is scheduled end of next year with project management and engineering to commence immediately from our headquarter in Vestby.
This is a commercial shipyard handling a broad mix of vessels, yachts, offshore tugs, fishing, and confirms continued demand from our systems also in the commercial segment. In the quarter, we had decent aftermarket order intake, including several smaller upgrades. We were also awarded a second fluid bed transfer system from Thyssenkrupp post-quarter end, and this followed the successful delivery of the first unit and was an option in the original 2024 contract. It's a good demonstration of repeat business from a strategic defense customer. Tendering activity remains high across both defense and commercial segments, and defense continues to make up a substantial share of the prospects pipeline. Several of the large new build prospects is expected for near-term awards, but as we have noted before, the exact timing of award remains linked to factors outside Syncrolift's control.
As such, no larger new build contracts have been awarded nor lost in the quarter. Moving to the financials, Q1 revenue came in similar to last year with about NOK 60 million, and the margin level in the quarter reflects this below normal activity. We expect activity and margins to scale back up as tenders progress through award stages. For operations with the solid execution on the ongoing new build and service projects. Aftermarket activity continues to provide stability supported by spare parts, upgrade work on installed base and other services. Syncrolift has a flexible operating model with outsourced production, enable us to scale up quickly once tender pass award stages. This is key part of why we also can absorb a softer quarter without structural cost issues.
We continue to see a healthy outlook for Syncrolift activity levels, where the backlog remains close to NOK 500 million, and we continue to see a high tendering activity. The total pipeline of around NOK 7.5 billion in tenders is unchanged from last quarter and represents a solid outlook. We still have about NOK 3 billion of contracts with estimated award date this year. It's been a continuous challenge to estimate the award timing, but we have constantly updated for what we see and presented views which we believe are fair. Moving on to Intellilift. During first quarter, Intellilift secure the previously communicated agreement for 11 rigs with a 10-year SaaS commitment. The first installation is now in mobilization phase. Post quarter end, Intellilift also secured two additional contracts for automation solutions, and I will provide more info on this on the next page.
We continue to see strong international interest for new products and automation solutions, both through the JV and for other drilling control solutions provided by Intellilift. Financially, Q1 revenues came in at similar level to the same quarter last year, reflecting that new awards are yet to come on stream. Activity is naturally expected to gradually scale up through 2026 as the 11 rig contract and recent contract awards move from mobilization into operation. Rig installation and commissioning for Deepwater Thalassa was completed as planned during first quarter. Deepwater Titan is nearly completed by quarter end. The SaaS automation software deployed as planned on Deepwater Poseidon during the quarter. We continue to have focus on further scaling the automation platform and also provide third party integration of other software solutions. As mentioned on the previous slide, Intellilift secured two new products after quarter end.
The first contract is for a jack-up rig, and it's for delivery of the drilling automation platform with installation and startup scheduled within this year. This award represents both a new customer and entry into a new market segment for the platform, extending installed footprint beyond floaters and the installed fleet. Scope also includes integration with third party smart software in line with Intellilift's open architecture approach. The second contract is for a floater rig award, where the installation is also phased through 2026. This award is also with a new customer. Scope similarly includes integration with third party smart software. Together, these two awards reinforces the trend we are seeing. Strong international interest for Intellilift's drilling, automation and control solutions, both through the JV and directly. Both contracts follow the same commercial structure as the earlier framework.
A fixed sum installation phase followed by recurring SaaS revenue over the operating period. In Globetech, we continue to see a good commercial activity and growth in the contracted fleet. Contracted vessels grew by 7 units in first quarter, taking the total to 222 vessels, which reflects the underlying recurring growth pattern of the business. The growing fleet provides increased visibility on future revenues through the recurring managed service model. Financials in Q1 revenues grew 19% year-on-year to NOK 32 million with an EBITDA margin of 25%. We see continued investments in people, processes and product development through the quarter to support scaling growth and delivering more standardized systems. These investments are aimed at enabling Globetech to continue absorbing new vessels at pace without proportional cost increases. Moving to Techano Oceanlift.
For market and sales, tender activity continues across both offshore, subsea and aquaculture, with a handful of solid leads in progress. Commercial focus remains on repeat product deliveries, meaning designs where we know the cost and the execution risks are known. Financials for the first quarter improved from minus NOK 13 million last quarter to minus NOK 3 million this quarter, as repeat projects contributing a larger share of revenue and no new cost overruns on all projects. It's fair to say that new orders are needed for Techano to secure positive EBITDA margins going forward. We have a continued focus on cost control and follow-up across project phases. Let's move to the next page to show you the status on our four advanced offshore crane projects.
Here you will see the status project by project for our four active heave compensated cranes currently in execution. For the first project, the 70-ton build was awarded May 2023, and this is the first of our legacy first-build cranes. The harbor test was successfully completed at the Sefine Shipyard during the quarter, and we are now starting up the final stages of the sea test together with ship owner before final handover to the ship owner. As you can see on the picture, the vessel is floating and soon ready for delivery. The second project, it's a first build of a 150-ton crane, which was awarded in 2023 December. Factory acceptance test was performed during the quarter, and the crane is now installed on board a vessel in the Turkish shipyard.
With the FAT and installation behind us, the main first-build risk on these projects is soon to be closed out. The third project is a 70-ton repeat project to a Norwegian ship owner, Hercules. The project was awarded about a year ago and is now in final assembly phase as its subcontractors. Testing will commence early June. Same repeat order dynamics as on the next one, a 150-ton Sefine project, which was also awarded about a year ago and is currently being assembled at a workshop at subcontractors in Eastern Europe. As a repeat order, it leverages the design and the lessons learned from the first unit, which is the commercial logic we have talked about. Known cost, known execution. The overall project mix is now more and more changing towards finalizing first build and installing the repeat projects. Turning to FiiZK, our aquaculture investment.
As a reminder, Nekkar owns 39% of FiiZK, it's treated as an associate company and accounted for using the equity method. FiiZK revenues and the EBITDA are not consolidated in Nekkar financial accounts, while our share of FiiZK's net results is included as a financial item in our P&L. For market and sales, we still see a very good market interest in closed containment solutions. The Miljøfleksordning regulatory framework, which took effect last autumn, remains a positive structural driver, enabling farmers in red zones to recover withdrawn biomass through leveraging closed containment solutions. The successful delivery of the [SlotNet] system to Mowi last year, alongside the new order for four units to Mowi, has now provided clear proof of concept in the market. We have active dialogue with several Norwegian and international salmon farmers for new deliveries.
First quarter revenue at FiiZK came in at NOK 36 million, As the Mowi FiiZK projects are progressing, well, the cost progress is still somewhat limited, as normal in this initial project phase. Nekkar share of FiiZK quarterly profit was minus three and a half million NOK, mainly due to the low revenue recognition in the quarter. The shape of the year is expected to improve as the 4 Mowi units generates more progress. These are repeat design projects with higher pricing and lower execution risk than last year, hence they will provide a decent profitable result. Let's take a closer look at some of the key financial details. Firstly, revenue for the quarter came in at NOK 130 million, up 17% year-on-year.
The EBITDA ended at NOK 7 million, corresponding to a margin of 5.5%, a material improvement from the minus NOK 12 million in first quarter last year, but somewhat down from our strong Q4 margin. This reflects continued contribution from Globetech and Intellilift, partly offset by negative EBITDA in Techano, where the operating results still improved year-on-year. That said, the group EBITDA margin remains below historical levels, and the main reason is due to the low new build volume in Syncrolift. This leads to a negative volume effect on group margins compared to historical periods, and we expect margin to recover as new awards converts to revenue.
EBIT came in at NOK 2 million, up from NOK -16 a year ago. Q1 net financial item of NOK -1 million are driven by Nekkar share of FiiZK's quarterly loss, partly offset by interest income and FX effects. Order intake in the quarter was NOK 227 million, up 46% year-on-year, with the main contribution from the 11X Intellilift contract. Order backlog stood at NOK 765 million at quarter end. This slide shows the key financial metrics for our operating companies. A more detailed segment information is also available in the quarterly Excel appendix published on our website. Let's take a look at our balance sheet. On the asset side, our financial assets are primarily tied to our ownership in FiiZK, and at the end of first quarter, this investment is valued at NOK 52 million.
Working capital ended at NOK 79 million at quarter end, an increase of NOK 35 million compared to last quarter. This reflects natural fluctuations driven by project phasing across the operating companies. After quarter end, this increase is now offset by milestone payment received. We ended the quarter with NOK 95 million in cash and remain debt-free, supported by an undrawn credit facility of NOK 200 million. The cash position does not reflect the milestone payments received after quarter end. We continue to have a robust equity base with about 53% equity ratio. Turning to cash flow. Cash flow from the business was negative with NOK 44 million, driven by the mentioned increase in working capital, and we also had a cash outflow of about NOK 11 million due to the buyback program.
In total, this resulted in a net cash outflow of NOK 54 million in the quarter. In sum, Nekkar has a strong financial foundation, where first quarter cash stood at about NOK 100 million, and we also have treasury shares with a book value of NOK 109 million and the untapped credit facility. Let me summarize the quarter. We believe Nekkar continues to develop its operating companies towards our 2027 ambition, well equipped with a solid balance sheet to also navigate inorganic opportunities. The headline of the quarter is Intellilift's continued breakthrough in the rig automation market, with the 11-rig SaaS framework contract signed in first quarter, followed by post-quarter two further awards. Syncrolift continues to be well positioned to capitalize on growing defense spending in the coming horizon.
It was also very pleasing to be able to announce this morning the award of the EUR 8.5 million South Red Sea Shipyard new build projects. Thank you for listening, and let's round off with some Q&A.
Thank you. First question today, Ole, is do you experience any limitations related to Intellilift's capacity to deliver on the strong ramp-up of new rigs?
I think it's important now that, especially for the rest of this year, to focus on delivering the now quite significant backlog we have of both the 11X contracts and the 2 new contracts recently received. Of course, in order to scale the company, in order to provide good solutions to the market, it's important to have good successful installations on these. We are recruiting day by day in Intellilift and, of course, also a SaaS business model implies significant copy effects in terms of installing this over and over again. It's fair to say that it's a massive amount of work now, where we have a very strong team in order to deliver on this backlog.
While we're on the Intellilift backlog, is the order book that's now been booked only for installation of equipment, or does it also include the SaaS part?
Yeah. In the backlog booking, we have decided that we include the installation phase, a fixed amount, and we include 1 year out of the 10-year SaaS commitment, and which means we have included the one year, and as that one year lapses, we will include additional months in every quarter. It reflects a 1-year revenue level for that SaaS contract.
Thank you. On Syncrolift, what are the most important negotiation factors, for your customers at this point?
I think, in terms of delivering a significant shiplift and transport system to a customer, of course, the design solution, the operability, and of course, the track record of delivering such system is very key to be part of the game. Having said that, of course, price is also an important part of the equation. Of course, you are not part of the tendering process if you cannot meet these factors I mentioned in the beginning.
There's a question on Globetech. This seems like a profitable and good investment. How should we think about the potential to scale this business further?
Yeah. I think you're right on Globetech. There are both the continued organic development which Globetech is delivering on quarter by quarter by growing existing fleet with existing customers and securing new customers to the company. On top of that, we are actively looking for similar companies and also companies in the maritime ICT space in order to further scale up and enlarge our position within the segment which we believe is very interesting in the coming decades. I think we are working both organically and inorganically to try to scale up Globetech's activity level.
Excellent. Can you elaborate a little on the status of your M&A pipeline?
As I mentioned, we have several processes ongoing at the moment. I commented about Globetech now and also for some of our other operating companies. There are M&A opportunities to both deepen or broaden the offering of the five operating companies. Of course, in addition to that, we are looking into potential new platform investments alongside these five we have today.
Great. There's a question on the current events in the Middle East. Have the recent developments in the region affected the expected timing of contract awards or the potential for new contracts?
Yeah. At the moment, we don't see any slowdown or changes to our current both service activity level in the region or the tendering processes we have active in the region. We don't have any concrete signs that that will take place. Of course, we also today announced a contract in Egypt, which is part of the region, even though it's not in the middle of the most challenging zones. I think we continue to operate day by day, and of course, support our customers and potential customers in their requests and demand.
Great. Given the higher oil prices we are seeing, do you see any more demand for Intellilift's automation system?
I think the whole oil service industry is experiencing a significant upturn in terms of, as you said, prices and demand, which is, of course, positive to growing the install base of rigs operating, which of course, also enables more rigs whereby the Intellilift systems may be deployed. In general, that's a positive long-term trigger.
Perfect. That's the end of the Q&A.
Thank you all for listening, and have a nice day.