Endúr ASA: Third quarter 2022 financial results

18 Nov 2022 07:00 CET

18 November 2022 – Endúr ASA (Endúr) delivered its highest ever adjusted EBITDA
of NOK 67.2 million in the third quarter of 2022, up 3 percent from an equally
strong third quarter last year (Q3 2021: NOK 65.5 million). Consolidated revenue
ended at NOK 592.6 million, up 4 percent from the same quarter last year
(567.7), while profit before tax improved significantly and ended at NOK 10.8
million (-9.2).

“We delivered a solid third quarter and are pleased to deliver improved adjusted
EBITDA as well as a black bottom line in both the third quarter and
year-to-date. This underlines our extensive efforts to improve all parts of our
operational and financial performance,” says Jeppe Raaholt, CEO of Endúr.

Endúr’s order intake in the third quarter was NOK 216 million (173). The group’s
backlog stood at NOK 1,509 million at the end of the quarter. The third quarter
order intake and backlog figures only include the committed design phase of the
NOK ~1.5-1.8 billion contract that Endúr’s subsidiary Artec Aqua signed with
Icelandic salmon farmer Geo Salmo in the quarter.

“The tender activity remains high for the group as a whole, so we retain our
positive market outlook for both Marine Infrastructure and Aquaculture
Solutions,” adds Jeppe Raaholt.

Endúr reported revenues in the third quarter of 2022 of NOK 592.6 million
(567.7). Adjusted EBITDA was NOK 67.2 million (65.5), equivalent to a margin of
11.3% (11.5%). Reported EBITDA ended at NOK 65.4 million (65.8). EBIT was NOK
31.3 million (30.0) and profit before tax NOK 10.8 million (- 9.2). At the end
of September, Endúr conducted a bond buy-back of NOK 45 million, which further
reduces future interest expense.

RECORD EARNINGS IN MARINE INFRASTRUCTURE SEGMENT
Endúr is a leading full-service provider for aquaculture solutions and marine
infrastructure in Norway and Sweden, servicing both public and private sector.

The Marine Infrastructure segment delivered revenue of NOK 250.1 million (220.9)
in this year’s third quarter. EBITDA was record high at NOK 56.1 million (51.4),
equivalent to an EBITDA margin of 22.4% (23.3%).
“We guided in our second quarter presentation that margins in the Marine
Infrastructure segment would improve in the second half of the year versus the
first, and we are pleased to deliver on this. However, the financial numbers
could have been even stronger as revenue and results do not fully reflect actual
underlying performance due to less favourable currency conversion for our
Swedish operations,” says Jeppe Raaholt.

In the Aquaculture Solutions segment, revenue was NOK 292.8 million (306.6) in
this year’s third quarter. EBITDA of NOK 10.7 (20.8), equivalent to an EBITDA
margin of 3.7% (6.8%), reflects the previously guided shift in revenue mix as
the Artec Aqua team transitions from large build-out projects to a less
revenue-intensive project design phase, before commencing new build-out
projects. The construction phase at Geo Salmo is expected to commence in the
second half of 2023.

OUTLOOK
Within Marine Infrastructure, Endúr sees high tendering activity. A solid
backlog provides solid revenue coverage in the coming quarters.

While the proposed taxation of economic rent for conventional fish farming
yields short term market uncertainty, it also represents a long-term growth
opportunity for land-based fish farming. Endúr’s subsidiary Artec Aqua is
primarily exposed to the land-based aquaculture sector. The company is involved
with several early phase aquaculture projects with secured LOIs that are
expected to materialise going forward.

COMPANY PRESENTATION AT 08:00 CET TODAY
Endúr will host live webcast presentation today at 08:00 (CET). Investors,
analysts, lenders and media are invited to follow the webcast from the following
URL:
https://channel.royalcast.com/landingpage/hegnarmedia/20221118_1/

The third quarter 2022 results presentation is enclosed to this announcement.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Einar Olsen, interim CFO of Endúr ASA, on 24
August 2022 at 07:00 CET.
(ENDS)

For further information, please contact:
Media
Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759 Investors
Einar Olsen, CFO of Endúr, tel: +47 924 01 787

About Endúr ASA
Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance
projects and services for marine infrastructure, including facilities for
land-based aquaculture, quays, harbours, dams, bridges and other specialised
concrete and steel projects. The company and its subsidiaries also offer a wide
range of other specialised project and marine services. Endúr ASA is
headquartered in Bergen, Norway. See www.endur.no

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576118_2022_nov_Endu´r Q3 22 - final version.pdf