Endúr ASA – Q3 2025 financial results

13 Nov 2025 07:00 CET

13 November 2025 – Endúr ASA (Endúr) delivered record-high revenue and EBITA in
this year’s third quarter. Pro-forma revenue was NOK 1,841.6 million, up 26
percent versus last year’s third quarter (Q3 2024: 1,456.6). Pro-forma EBITA was
up 36 percent to NOK 132.0 million (97.1), equivalent to a margin of 7.2 percent
(6.7).

“Revenue, results and margins are improving as expected. The improvements are
largely driven by infrastructure activities, but we also saw enhanced results
from our aquaculture activities. Overall, we are happy to deliver a very strong
quarter,” says Jeppe Raaholt, CEO of Endúr.

Considering peak production season for infrastructure and no major aquaculture
awards, Endúr recorded a seasonally strong book-to-bill of 0.8x. The group’s
order backlog stood at a healthy NOK 8,833 million at the end of September
(3,564).

Cash flow from operating activities was NOK 139 million in the third quarter.
Endúr’s cash balance was NOK 876 million, and the group’s net interest-bearing
debt excluding leasing liabilities was NOK 205 million (633), as of 30 September
2025.

BUSINESS SEGMENT UPDATE
Endúr is a full-service provider for Aquaculture Solutions and Infrastructure in
Norway and Sweden, servicing both public and private sector.

Endúr’s Infrastructure segment remains the group’s main engine. Infrastructure
revenue was NOK 1,511.2 million, up 25 percent from NOK 1,213.0 in last year’s
third quarter. EBITA was up 19 percent to 129.4 (108.5), corresponding to an
EBITA-margin of 8.6 percent (8.9).

Revenue in the Aquaculture Solutions segment was NOK 286.5 million (175.3). This
was driven by increased activity at Salmon Evolution phase 2. The segment EBITA
was NOK 14.9 million – a substantial improvement on the negative result (-3.9)
in last year’s third quarter. The Aquaculture Solutions segment’s EBITA margin
was 5.2 percent (-2.2).

“The Infrastructure segment saw substantial revenue growth from our Norwegian
operations. The segment’s Swedish operations showed a slight improvement,
although still below our long-term ambitions, and we are happy to have announced
the appointment of Cristina Oscarsson as new Managing Director. We also saw a
better segment contribution from Aquaculture Solutions,” adds Jeppe Raaholt.

In the business segment “Other”, Endúr Maritime delivered revenue of NOK 44.4
million (67.2), EBITA of NOK 0.1 million (2.1), equivalent to an EBITA margin of
0.2 percent (3.1). Endúr Maritime’s revenues and results are expected to improve
towards year-end.

OUTLOOK
Endúr is experiencing high tender activity and the group has many outstanding
bids.

Future activity level in the Infrastructure segment is supported by the
Norwegian National Transport Plan for 2025-2036 which favours rehabilitation,
smaller projects and aquaculture. The ratification of major infrastructure
projects in Sweden as well as increased defence budgets and favourable local
market for real estate construction also back Endúr’s growth opportunities. As
does a general maintenance gap on critical infrastructure.

Within Aquaculture Solutions, exponential growth is expected from investments in
land-based fish-farming facilities, but there is still a medium-term gap to fill
with respect to the project portfolio within this segment.

Endúr is continuously looking to enhance growth through organic investments in
its service offering and work force, as well as targeted M&A activities.

PRESENTATION AT 08:00 TODAY
Endúr ASA invites investors, analysts and media to a live webcast presentation
of the company’s third quarter 2025 financial results at 08:00 today.

The webcast presentation can be viewed from the following URL:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZDhlNjc5ZjUtNGFmYS00YTc4L
TljNGUtMThiNjBkZjYxZGYz%40thread.v2/0?context=%7b%22Tid%22%3a%22d02701f9-3b23-4b
3f-8fce-29ed54632bf8%22%2c%22Oid%22%3a%2249eee719-db83-4ef4-aca0-334090732543%22
%7d

Questions can be submitted during the live webcast. The presentation material
and third quarter 2025 report are 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, CFO of Endúr ASA, on 13 November 2025
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 infrastructure, including facilities for land-based
aquaculture, quays, harbours, dams, bridges and other specialized concrete and
steel projects. The company and its subsidiaries also offer a wide range of
other specialized project and marine services. Endúr ASA is headquartered at
Lysaker, Norway. See www.endur.no.

More information:
Access the news on Oslo Bors NewsWeb site

659503_Endúr ASA Q3'25 Quarterly report.pdf
659503_Endúr ASA Q3'25 Quarterly Presentation.pdf