Endúr

M&A Activity • Dec 18, 2025

Endúr ASA – BMO to acquire Tronfjell Maskin

Endúr ASA – BMO to acquire Tronfjell Maskin

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.