Endúr

Earnings Release • Dec 22, 2025

Endúr ASA – Repstad to acquire Kragerø Sjøtjenester

Endúr ASA – Repstad to acquire Kragerø Sjøtjenester

22 December 2025 – Repstad Anlegg AS (“Repstad”), a wholly owned subsidiary of Endúr ASA (“Endúr”) is happy to announce it’s planned acquisition of 100% of the shares of Kragerø Sjøtjenester AS (“Kragerø Sjøtjenester” / “The Company”). Kragerø Sjøtjenester will operate as a subsidiary of Repstad, increasing Repstad’s existing fleet and capacities within martime constructions services.

Kragerø Sjøtjenester is a maritime contractor based in Kragerø, Norway. The Company’s service offering includes; maritime construction services (such as dredging, filling, surveying and piling), shipping and transportation, salvage, and rental of barges and tugboats, etc. Morten Sivertsen (General Manager and Founder) and his son, Mats Sivertsen, are closely involved in the daily operations and management of The Company. The Company’s project portfolio includes recurring spot orders, framework agreements and certain stand-alone contracts, for both public and private clients. With a solid regional presence in Southeastern Norway and approx. 35 employees, The Company brings additional operating competence and fleet capacities to strengthen Repstad’s position in an attractive niche market.

“The operations of Kragerø Sjøtjenester represent core business and market exposure to Repstad, and we very much look forward to working closely together with people we trust and respect”, says Bernt Olav Holen, General Manager of Repstad.

“Repstad is the ideal owner and partner to take our company forward, combining industry knowledge with a genuine commitment to our continued growth”, adds Morten Sivertsen, General Manager of Kragerø Sjøtjenester.

The acquistion values Kragerø Sjøtjenester at an enterprise value on cash- and debt-free basis, excluding leasing liabilities (“EV”) of NOK ~63 million. The Company expects to report FY 2025 revenues of around NOK ~80 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 ~5.7x. The acquisition adds approximately NOK ~50 million to Endúr’s existing backlog.

The acquisition will be partly financed with a NOK 10 million, 18-month seller’s credit. The sellers will also receive considerations shares in Endúr of NOK 7 million, valued at the shares’ volume-weighted average price (“VWAP”) on The Oslo Stock Exhange 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 employees of Kragerø Sjøtjenester, including Morten Sivertsen and Mats Sivertsen, will continue in their current positions.

“It feels good to end the year on a real high, with strong operational performance and successful M&A announcements over the recent days, exactly as set out in our strategy”, 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 Danske Bank, respectively, acted as legal counsel and financial advisor to Endúr.

For further comments, contact:

Media:

Bernt Olav Holen, General Manager of Repstad: +47 906 70 156

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.