Endúr ASA – Totalbetong to acquire Gann Tre

19 Dec 2025 07:00 CET

19 December 2025 – Total Betong AS (“Totalbetong”), a wholly owned subsidiary of
Endúr ASA (“Endúr”) is happy to announce it’s planned acquisition of 100% of the
shares of Gann Tre AS (“Gann Tre” / “The Company”). Gann Tre will operate as a
subsidiary of Totalbetong, providing increased in-house construction capacities.


Gann Tre is a building contractor based in Nærbø, Norway. The Company focuses on
new buildings and rehabilitations of industrial and residential real estate. The
Company’s experienced management team and owners remain actively involved in
it’s daily operations. The Company’s project portfolio includes turnkey
constructions, carpentry and timber structures, for both public and private
clients. With a solid regional presence in Rogaland and approx. 60 employees,
The Company brings valuable resources and expertise to complement Totalbetong’s
existing service offering.

“Having collaborated with Gann Tre on multiple projects, we know the company and
it’s management extremely well and see a strong operational fit with
Totalbetong“, says Kurt Helland, General Manager of Totalbetong.

“This transaction secures continuity for our customers and employees. We are
happy to partner with Totalbetong, being both a solid owner and a trusted
contractor”, adds Skjalg Espedal, General Manager of Gann Tre.

Gann Tre has delivered carpentry and subcontracting services to several of
Totalbetong’s projects and a formalization of this already existing relationship
will strenghten both companies, without changing their current market positions.
Gann Tre will continue to operate as an independent company.

The acquistion values Gann Tre at an enterprise value on cash- and debt-free
basis, excluding leasing liabilities (“EV”) of NOK ~42 million. The Company
expects to report FY 2025 revenues of around NOK ~130 million, with an operating
result (“EBIT”) of around NOK ~11 million. In addition to a sound strategic
rationale, the acquisition will be highly accretive with an implied EV/EBIT
multiple of ~3.8x. The acquisition adds approximately NOK ~225 million (net of
eliminated revenue from contracts with Endúr companies) to Endúr’s existing
backlog.

The acquisition will be partly financed with a NOK 11.3 million, 18-month
seller’s credit. The sellers will also receive considerations shares in Endúr of
NOK 15 million, valued at the shares’ volume-weighted average price (“VWAP”) on
The Oslo Stock Exhange for the last 15 trading days leading up to this
announcement. The consideration shares will be subject to lock-up restrictions,
being released with 1/3 every 6 month after closing. All existing owners and key
employees of Gann Tre, including Skjalg Espedal, will continue in their current
positions.

“As our recently announced acquistion of Tronfjell Maskin, this transaction is
also right at the core of Endúr’s strategy of compounding investments in
accretive transactions, using one of our already successful subsidiaries as a
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 acted as legal counsel to Endúr.

For further comments, contact:

Media:
Kurt Helland, General Manager of Totalbetong: +47 982 41 857
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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