Endúr ASA – BMO to acquire Tronfjell Maskin

18 Dec 2025 07:00 CET

18 December 2025 – BMO Entreprenør AS (“BMO”), a wholly owned subsidiary of
Endúr ASA (“Endúr”), is happy to announce it’s planned acquisition of 100% of
the shares in Tronfjell Maskin AS (“Tronfjell” / “The Company”). Tronfjell will
operate as a subsidiary of BMO, providing increased capacity, geographical
presence and a broadening of BMO’s existing service offering.

Tronfjell is a specialized construction and infrastructure contractor, based in
Alvdal, Norway. Jan Inge Gjermundshaug (Chairman of The Board) and his sons, Jan
Erik Gjermundshaug (COO) and Andreas Gjermundshaug (Site Manager), founded the
Company and are still very much active in it’s daily operations. The Company’s
project portfolio includes road and railway construction and rehabilitation,
groundworks, environmental remediation and other complementary services,
primarily for public end-customers. The Company brings a strong regional
presence in central Norway and adds critical resources in form of a skilled
workforce of approx. 35 employees and a tailored fleet of machinery and
equipment, complementing BMO’s existing service offering within rehabilitation
of roads, bridges, railway installations and other concrete and steel
constructions.

“We are delighted to announce this attractive acquisition of a business that is
highly complementary to BMO, having been run profitably, over time, by very
talented and likeable people. Together, we will strengthen our capabilities and
create even greater value for our customers”, says Aleksander Rød, General
Manager of BMO.

“Endúr and BMO stood out as a preferred buyer for us, when the time is now
considered right for gearing up The Company’s operations and bringing it to new
heights”, adds Bjørn Åsen, General Manager of Tronfjell.

The acquisition values Tronfjell at an enterprise value on cash- and debt-free
basis, excluding leasing liabilities (“EV”) of NOK ~60 million. The Company
expects to report FY 2025 revenues of around NOK ~125 million, with an operating
result (“EBIT”) of around NOK ~10 million. In addition to a sound strategic
rationale, the acquisition will be highly accretive with an implied EV/EBIT
multiple of ~6.0x. The acquisition adds approximately NOK ~50 million to Endúr’s
existing backlog.

The acquisition will be partly financed with a NOK 12.5 million, 18-month
seller’s credit. The sellers will also receive considerations shares in Endúr of
NOK 25 million, valued at the shares' volume-weighted average price (“VWAP”) on
The Oslo Stock Exchange for the last 14 trading days leading up to this
announcement. The consideration shares will be subject to lock-up restrictions,
being released with 1/3 every 12 month after closing. All existing owners and
key employees of Tronfjell, including Bjørn Åsen, will continue in their current
positions.

“This transaction is precisely at the core of Endúr’s strategy, representing an
accretive investment in a complementary niche company, to be operated through an
existing and profitable platform”, says Jeppe Raaholt, CEO of Endúr.

A signed share purchase agreement is in place and the acquisition is expected to
close by the end of January 2026, with completion being subject to certain
customary conditions.

Advokatfirmaet Bull and Weibull, respectively, acted as legal counsel and
financial advisor to Endúr.

For further comments, contact:

Media:
Aleksander Rød, General Manager of BMO: +47 994 61 454
Jeppe Raaholt, CEO of Endúr: +47 976 69 759

Investors:
Einar Olsen, CFO of Endúr: +47 924 01 787

(ENDS)

About Endúr
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 in
Lysaker, Norway. See www.endur.no.

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