Endúr ASA – Q2/H1 2025 financial results

21 Aug 2025 07:00 CEST

21 August 2025 – Endúr ASA (Endúr) delivered strong revenue growth and positive
margin development in this year’s second quarter. Revenue was up 12 percent, to
NOK 1,690.7 million, from the same period last year (Q2 2024: 1,511.4). An
all-tme high EBITA improved 23 percent to NOK 101.2 million (82.4), equivalent
to a margin of 6 percent (5.4).

“Our revenue growth and margin improvement are primarily driven by strong
performance in our Infrastructure segment, but it has been a solid quarter
overall. The exception is our Swedish infrastructure business, where we are
taking organizational measures to address unsatisfactory results,” says Jeppe
Raaholt, CEO of Endúr.

Endúr recorded an order intake of NOK 1,396 million in the quarter (1,556) as
the group won multiple new infrastructure project awards of various sizes.
Endúr’s order backlog was NOK 9,251 million (3,031) at the end of the quarter.

“Our subsidiaries are winning a very diverse range of infrastructure projects.
This underlines their versatility and competitiveness, including in non-cyclical
sectors such as publicly owned buildings, harbour infrastructure and railways,”
adds Jeppe Raaholt.

Cash flow from operating activities was NOK 105.6 million in the second quarter
(83.2). Endúr has a healthy balance sheet with cash at bank of NOK 866 million
and a non-utilized overdraft facility of NOK 250 million, giving NOK 1,116
million in total available liquidity.

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

Endúr’s Infrastructure segment increased revenue by 16 percent, from 1,202.8
million in the second quarter last year to NOK 1,394.6 million in this year’s
second quarter. EBITA was NOK 100.6 million, up 25 percent from the same period
last year (80.3). The segment’s order backlog rose to NOK 7,752 million as a
result of a strong order intake of NOK 1,320 million (467) during the quarter.

Revenue in the Aquaculture Solutions segment was NOK 238.4 million (237.7),
which represents significant growth from the previous quarters as activity level
at Salmon Evolution phase 2 is ramping up. Segment EBITA ended at NOK 6.4
million (4.4), equivalent to an EBITA-margin of 2.7 percent (1.8).

In the business segment “Other”, Endúr Maritime delivered revenue of NOK 59.6
million (71.5), EBITA of NOK 2.4 million (4.7), corresponding to an EBITA margin
of 4.1 percent (6.6).

OUTLOOK
Endúr has a strong backlog in all business segments. The group has high tender
activity and many outstanding bids.

Future activity level in the Infrastructure segment is supported by the
Norwegian National Transport Plan for 2025-2036 which favors rehabilitation,
smaller projects and aquaculture, a number of major infrastructure projects
ratified in Sweden, plus increased defence budgets. It is also backed by a
favorable local market for real estate construction and a general maintenance
gap on critical infrastructure.

Within Aquaculture Solutions, the long-term outlook for land-based fish farming
remains attractive as exponential growth is expected from investments in
land-based fish farming facilities, supported by the re-opening of license
applications announced by Norwegian authorities on July 1 this year.

Recently completed acquisitions will add to the organic growth expected from
existing businesses and recruiting to new market niches.

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

The webcast presentation can be viewed from the following URL:

https://channel.royalcast.com/landingpage/hegnarmedia/20250821_9/

Questions can be submitted during the live webcast. The presentation material
and half-year 2025 report 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, CFO of Endúr ASA, on 21 August 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:
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653414_Endúr ASA Q2'25 Quarterly Presentation.pdf
653414_Endúr Q2_H1 rapport 2025.pdf