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Endúr Investor Presentation 2026
3593_rns_2026-05-13_95da334f-1838-4350-b228-1b19dec55fe5.pdf
Investor Presentation
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endúr.
Endúr ASA
Q1 2026 financial results
13 May 2026
ENDÜR Q1 2026 PRESENTATION
Agenda
Group
- Consolidated key figures and highlights
- Group structure and strategy
Business segments
- Infrastructure, Aquaculture and Other
- Key figures and highlights
- Focus: Trivium and M&A
Financials
- Profit & loss
- Balance sheet
- Cash flow
- NWC and Net financial liabilities (assets)
Outlook and summary
Appendix
- Operating results per company
- Historical financial statements
Jeppe Raaholt (CEO), +47 976 69 759, [email protected]
Einar Olsen (CFO), +47 924 01 787, [email protected]
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS
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Setting the tone for the year with growth in both revenues and results
REVENUE
NOK 1744.7 million
+13% vs. Q1 2025
EBITA
NOK 80.5 million
+37% vs. Q1 2025
EBITA MARGIN
4.6%
+0.8 p.p. vs. Q1 2025
CASH FLOW FROM OPERATIONS
NOK -59.0 million
- Seasonally improved results across all Infrastructure entities, complemented by sustained Aquaculture contribution
- Cash flow from operations impacted by seasonally expected development in net working capital (LTM CFO / LTM EBITDA = 99%)
- Proposed dividend of NOK 0.8 per share
- Increased overdraft facility to NOK 550 (250) million
- NOK -1.2-1.5 billion in order intake when including revenue not reported through backlog and M&A
- Completed 3 and announced 3 Infrastructure acquisitions, in addition to establishment of one new entity and acquisition of parts of a bankruptcy estate
- NOK 1.25 billion Trivium contract award to Totalbetong and strategic opportunity with Salfjord for Artec Aqua VAQ (subsequent events)
Revenue (pro forma)*
Cash flow from operations (actuals)
EBITA & EBITA margin (pro forma)*
Backlog (actuals) & order intake (actuals)
- Pro forma figures: Consolidates the Totalbetong acquisitions for the period Q1'25 (VAQ actuals in Q1'25 due to closing on 17 January). All amounts in NOK million.
Group > Business segments > Financials > Outlook > Appendix
GROUP STRUCTURE AND STRATEGY
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Growth case and specialist infrastructure contractor
- Specialist infrastructure contractor in Norway and Sweden
- Investing in counter-cyclical and growing niche markets
- Leveraging project pricing, execution and risk management as competitive advantages
- Full-scale advisory and construction services for land-based aquaculture facilities
- Driving growth and value through organic development of service offering and capacities, and compounding investments in robust platform companies and complementary bolt-ons
- Decentralized ownership model with autonomous subsidiaries
Infrastructure
BMO, Marcon, Repstad, Total Betong, HAB & Igang
- Projects throughout Scandinavia
- Rehabilitation of concrete, rock and steel infrastructure: bridges, quays, dams and railway constructions
- Marine construction activities: quays, piers, seabed piping, sea lines, dredging, diving and renewable energy
- Groundworks, water, sewage and transportation
- Construction of new infrastructure, real estate and aquaculture facilities
- Large share of public end-customers
Aquaculture Solutions
Artec Aqua VAQ & Endúr Sjøsterk
- Leading turnkey supplier for onshore aquaculture facilities
- Post-smolt, brood stock, grow-out and other species
- Hybrid, flowthrough and RAS
- Superior water quality and fish health
- Production of concrete feed barges for offshore aquaculture
Other
Endúr Maritime
- Technical ship maintenance: inspections, service, repairs, upgrades and modifications
Endúr ASA
- Listed on Oslo Stock Exchange
- Group management functions; financing, M&A and strategic initiatives
Operating results per company presented in Appendix.
Group > Business segments > Financials > Outlook > Appendix
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Business segments
INFRASTRUCTURE
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Infrastructure: All entities outperforming last year's results
REVENUE
+9% vs. Q1 2025
EBITA
+45% vs. Q1 2025
EBITA MARGIN
+1.3 p.p. vs. Q1 2025
- Improved results and sustained/improved margins across all entities compared to last year
- Solid backlog coverage and favourable outlook
- Diverse order intake of NOK 710 million excl. M&A
- NOK -1.0-1.3 billion in order intake when including revenue not reported through backlog and M&A
- Completed acquisitions of Tronfjell Maskin, Gann Tre and Kragerø Sjøtjenester, and establishment of Banecompaniet
- Acquisition of parts of Topaas & Haug's bankruptcy estate
- NOK 1.25 billion Trivium contract award to Totalbetong (subsequent event)
- Announced acquisitions of Engelsen Total, Wimo and Enviro Entreprenør (subsequent events)
EBITA & EBITA margin (pro forma)*
Revenue split quarter
Infrastructure
Aquaculture Solutions
Other
Backlog (actuals) & order intake
- Pro forma figures: Consolidates the Totalbetong acquisitions for the period Q1'25.
All amounts in NOK million.
Group > Business segments > Financials > Outlook > Appendix
FOCUS: TRIVIUM
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Totalbetong secures landmark Trivium project
Project highlights
- Contractor: Totalbetong (turnkey)
- Developers: Joint development by K2 Stavanger and Bane NOR Eiendom
- Leaseholder: Sole tenant Vår Energi
- Building: Landmark, future-oriented office of ~35,000 sqm with high sustainability ambitions (BREEAM Excellent, WELL Gold, NZEB standard)
- Contract value: Approx. NOK ~1.25 billion
- Building period: Design and planning commencing in Q2 2026, with on-site construction starting in Q3 2026. The project is scheduled for completion and handover by the end of Q1 2029
- Contract format and scope of work: Turnkey/EPC (design-build) contract covering design, engineering, and construction; early contractor involvement enabling optimized solutions, quality, and execution efficiency
Group > Business segments > Financials > Outlook > Appendix
FOCUS: M&A
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Delivering on M&A strategy, active future pipeline for infrastructure investments
| Engelsen Total | Wimo | Enviro Entreprenør | Topaas & Haug |
|---|---|---|---|
| Buyer: Total Betong AS | Buyer: BMO Entreprenør AS / BMO Fjell AS (under establishment) | Buyer: HAB Construction AS | Buyer: HAB Construction AS / Topaas og Haug Entreprenør AS (under establishment) |
| Engelsen Total AS: Turnkey contractor for construction and rehabilitation of commercial and residential real estate, based in Haugesund, Norway. | Wimo AS: Niche contractor and rockfall protection specialist, based in Bergen, Norway. | Enviro Entreprenør AS: Specialized civil engineering and construction contractor, based in Oslo, Norway. | Topaas & Haug |
| Strategic rationale: Expanded project organization and geographical footprint, strong public sector construction references. | Strategic rationale: Increased profitable niche capacities, strengthened presence in the Bergen region, partnering up with rapidly blooming Norsk Bergsikring AS under joint majority and minority ownership through BMO Fjell AS. | Strategic rationale: Strengthened presence in the Oslo region, highly complementary service offering and project portfolio. | |
| Business scope: Project ownership and in-house project management, construction services and materials provided by sub-contractors and suppliers, ~20 employees | Business scope: Complete services related to water and sewage, district heating and groundworks for complex infrastructure and construction projects, ~25 employees. | Business scope: Aequisitions of parts of the bankruptcy estate (fixed assets, accounts receivables, selected projects and employees) from civil engineering contractor, based in Bærum, Norway. | |
| Valuation: EV of approx. NOK ~80 mill., EBIT of approx. NOK ~19 mill. (trailing), implied EV/EBIT ~4.2x. | Valuation: EV of approx. NOK ~25 mill., EBIT of approx. NOK ~7 (trailing) / 5 (forward) mill., implied EV/EBIT ~3.6x / 5.0x. | Strategic rationale: Strengthened presence in in the Oslo region, adding experienced people, solid customer relationships and selected attractive ongoing projects. | |
| Earn-out: Adjustable EV, floored/capped at NOK 55/115 million | Financing: NOK 6 mill. seller's credit, NOK 5 mill. consideration shares. | Business scope: Groundworks (excavation, drainage, trenching and blasting), road construction and municipal infrastructure projects, water and wastewater infrastructure, and concrete and civil structures, ~9 employees. | |
| Financing: NOK 25 mill. seller's credit, NOK 15 mill. consideration shares. | Valuation: Purchase price of NOK 8.5 mill. |
Group > Business segments > Financials > Outlook > Appendix
AQUACULTURE SOLUTIONS
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Aquaculture: Strategic opportunity with Salfjord
REVENUE
+56% vs. Q1 2025
EBITA
5% vs. Q1 2025
EBITA MARGIN
-2.0 p.p. vs. Q1 2025
- Increase in revenue and results compared to Q1 2025 driven by building activities for Salmon Evolution ph. 2 and Sævareid
- Decrease in revenue compared to Q4 2025 as Salmon Evolution ph. 2 progresses towards completion
- Sustained and solid profitability from feed barge production
- Appointed as turnkey supplier for Salfjord (subsequent event), with Totalbetong confirmed for the construction phase (backlog limited to engineering works pending FID)
- Satisfactory backlog coverage for construction activities through Salmon Evolution and Sævareid
- Salfjord will contribute to increased utilization of engineering capacity, but utilization still needs to improve
- Awaiting clarification on several projects
Revenue split quarter
Infrastructure
Aquaculture Solutions
Other
Backlog & order intake
All amounts in NOK million.
Group > Business segments > Financials > Outlook > Appendix
OTHER
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Other: Weak performance and necessary actions for Endúr Maritime
REVENUE - ENDÚR MARITIME
-28% vs. Q1 2025
EBITA - ENDÚR MARITIME
-9.6 million vs. Q1 2025
EBITA MARGIN - ENDÚR MARITIME
-17.4 p.p. vs. Q1 2025
Endúr Maritime
- Revenue and result negatively impacted by ongoing contract discussions, a civil customer bankruptcy and corresponding expenses and restructuring costs
- Organizational and cost-cutting measures undertaken
- Awaiting clarification on the ongoing tendering process for The Norwegian Defense (No: "Avlastningsavtale")
Endúr ASA
- Ongoing focus on delivering cost effective group services, but expense level will vary with different activities in the parent company
- Quarterly expense level impacted by conservative year-end provisions and certain indemnities previously provided to the company
All amounts in NOK million.
Group > Business segments > Financials > Outlook > Appendix
10
10
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8
10.9
11
11.10
11.11
11.12
11.13
11.14
11.15
11.16
11.17
11.18
11.19
11.20
11.21
12
12.1
12.2
FINANCIALS
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Profit & loss
| Amounts in MNOK | Q1 2026
Actuals | Q1 2025
Actuals | YTD 2026
Actuals | YTD 2025
Actuals | FY 2025
Actuals |
| --- | --- | --- | --- | --- | --- |
| Operating revenue | 1 744,2 | 860,4 | 1 744,2 | 860,4 | 6 397,8 |
| Other revenue | 0,5 | 2,7 | 0,5 | 2,7 | 18,7 |
| Revenue | 1 744,7 | 863,1 | 1 744,7 | 863,1 | 6 416,5 |
| Cost of sales | 1 100,4 | 472,4 | 1 100,4 | 472,4 | 4 115,0 |
| Payroll expenses | 329,8 | 232,1 | 329,8 | 232,1 | 1 136,8 |
| Other operating expenses | 155,2 | 78,8 | 155,2 | 78,8 | 509,3 |
| EBITDA | 159,3 | 79,9 | 159,3 | 79,9 | 655,3 |
| Depreciation | 78,8 | 45,6 | 78,8 | 45,6 | 254,1 |
| Impairment | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| EBITA | 80,5 | 34,3 | 80,5 | 34,3 | 401,2 |
| Amortization | 25,6 | 12,1 | 25,6 | 12,1 | 79,1 |
| Operating profit/loss (EBIT) | 54,9 | 22,2 | 54,9 | 22,2 | 322,0 |
| Financial income | 18,4 | 3,1 | 18,4 | 3,1 | 20,4 |
| Financial expenses | 29,4 | 40,0 | 29,4 | 40,0 | 175,0 |
| Profit/loss before tax (EBT) | 43,9 | -14,8 | 43,9 | -14,8 | 167,3 |
| Income tax expense | 9,2 | -3,1 | 9,2 | -3,1 | 32,9 |
| Profit/loss after tax (EAT) | 34,7 | -11,7 | 34,7 | -11,7 | 134,4 |
| Profit/loss attributable to majority | 34,7 | -11,8 | 34,7 | -11,8 | 133,8 |
| Profit/loss attributable to minority | -0,0 | 0,1 | -0,0 | 0,1 | 0,7 |
| Pro forma EBITA* | 80,5 | 58,8 | 80,5 | 58,8 | 425,6 |
| Margin | 4,6 % | 3,8 % | 4,6 % | 3,8 % | 6,0 % |
-
Pro forma figures: Consolidates the Totalbetong acquisitions for the period Q1'25 (VAQ actuals in Q1'25 due to closing on 17 January).
-
Financial statements with actual figures
- Consolidates the VAQ and Totalbetong acquisitions from 17 January and 18 March in 2025, respectively
- Pro forma revenue growth of 13% vs. last year
- Quarterly EBITA and margin of NOK 80.5 million (58.8) and 4.6% (3.8), respectively
- Income statement impacted negatively by amortization and depreciation well exceeding net capex and repayment of leasing liabilities, which will also be the case going forward
- Net financial expense in the quarter of NOK -11 million includes; leasing interest expense of NOK -12 million, currency translation gain of NOK -15 million, with the remaining net expense of NOK -14 million relating to interests on bank deposits, bank loans and seller's credits
Group > Business segments > Financials > Outlook > Appendix 12
FINANCIALS
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Balance sheet
| Amounts in MNOK | Q1 2026
Actuals | Q4 2025
Actuals |
| --- | --- | --- |
| ASSETS | | |
| Intangible assets and goodwill | 2 860 | 2 757 |
| Property, plant and equipment | 492 | 441 |
| Right-of-use assets | 545 | 468 |
| Financial assets | 23 | 15 |
| Other non-current assets | 30 | 29 |
| Non-current assets | 3 951 | 3 710 |
| Inventories | 84 | 80 |
| Contract assets | 158 | 178 |
| Trade and other receivables | 1 132 | 1 064 |
| Cash and cash equivalents | 1 015 | 1 280 |
| Current assets | 2 389 | 2 603 |
| Total assets | 6 340 | 6 313 |
| Amounts in MNOK | Q1 2026
Actuals | Q4 2025
Actuals |
| --- | --- | --- |
| EQUITY AND LIABILITIES | | |
| Share capital | 26 | 25 |
| Treasury shares | -0 | -0 |
| Share premium | 2 172 | 2 136 |
| Other paid-in capital | 7 | 6 |
| Other reserves | 15 | 36 |
| Retained earnings | 201 | 142 |
| Minority interest | 4 | 3 |
| Total equity | 2 424 | 2 348 |
| Deferred tax liability | 166 | 147 |
| Loans and borrowings | 892 | 915 |
| Lease liabilities | 394 | 333 |
| Other non-current liabilities | 4 | 4 |
| Non-current liabilities | 1 456 | 1 399 |
| Loans and borrowings | 156 | 155 |
| Other current financial liabilities | 100 | 100 |
| Lease liabilities | 174 | 156 |
| Trade and other payables | 842 | 922 |
| Tax payable | 58 | 55 |
| Contract liabilities | 402 | 362 |
| Other current liabilities | 728 | 817 |
| Current liabilities | 2 460 | 2 566 |
| Total liabilities | 3 916 | 3 966 |
| Total equity and liabilities | 6 340 | 6 313 |
- Financial statements with actual figures
- Increase in non-current assets driven by completed M&A processes
- Cash at bank of NOK 1 015 million and non-utilized overdraft facility of NOK 550 million gives NOK 1 565 million in total available liquidity
- Liquidity position impacted by low tie-up in NWC (especially from the Totalbetong acquisitions), large intra-quarterly changes in NWC, upcoming M&A settlements and dividend proposal
- Proposed dividend of NOK 0.8 per share (non-booked)
- Net increase in current assets (ex cash at bank) and current liabilities (ex leasing and tax payable) of NOK -180 million (NOK -217 without M&A)
- Loans and borrowings consist of NOK -925 million bank loans, NOK 50 million Repstad seller's credit, NOK 12.5 million Tronfjell Maskin seller's credit, NOK 11.3 million Gann Tre seller's credit, NOK 10 million Kragerø Sjøtjenester seller's credit and NOK 20 million consolidated from Repstad* (adjusted for loan fees, revaluation, accrued interests and smaller equipment loans)
-
Other current financial liabilities consists of NOK 100 million provision related to Repstad earn-out
-
Seller's credits given to Repstad after prior acquisitions of subsidiaries Sandås Anlegg and Leif Hodnemyr Transport.
Group > Business segments > Financials > Outlook > Appendix
FINANCIALS
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Cash flow
| Amounts in MNOK | Q1 2026
Actuals | Q1 2025
Actuals | YTD 2026
Actuals | YTD 2025
Actuals | FY 2025
Actuals |
| --- | --- | --- | --- | --- | --- |
| Profit/loss for the period | 34,7 | -11,7 | 34,7 | -11,7 | 134,4 |
| Adjustments for non-cash items | 112,7 | 49,2 | 112,7 | 49,2 | 354,0 |
| Adjustments for non-operating items | 11,0 | 36,9 | 11,0 | 36,9 | 154,7 |
| Changes in current operating assets and liabilities | -217,3 | 179,0 | -217,3 | 179,0 | 395,6 |
| Cash flow from operating activities | -59,0 | 253,5 | -59,0 | 253,5 | 1 038,7 |
| Investment in property, plant and equipment | -19,3 | -12,5 | -19,3 | -12,5 | -66,6 |
| Proceeds from sale of property, plant and equipment | 0,0 | 5,6 | 0,0 | 5,6 | 21,1 |
| Net outflow from non-current receivables | -1,0 | -3,4 | -1,0 | -3,4 | -0,3 |
| Investment in shares | -8,4 | 0,0 | -8,4 | 0,0 | 0,0 |
| Business combinations, net cash | -49,0 | -261,4 | -49,0 | -261,4 | -278,6 |
| Cash flow from investing activities | -77,7 | -271,8 | -77,7 | -271,8 | -324,4 |
| Proceeds from capital increases | 37,0 | 347,3 | 37,0 | 347,3 | 364,6 |
| Proceeds from loans and borrowings | 0,0 | 1 005,2 | 0,0 | 1 005,2 | 1 002,1 |
| Share buy-back, net | -27,4 | -0,6 | -27,4 | -0,6 | -26,0 |
| Payment of interests | -27,2 | -22,3 | -27,2 | -22,3 | -79,0 |
| Repayment of lease liabilities | -55,0 | -25,6 | -55,0 | -25,6 | -163,8 |
| Repayment of borrowings | -54,9 | -568,5 | -54,9 | -568,5 | -708,3 |
| Cash flow from financing activities | -127,6 | 735,4 | -127,6 | 735,4 | 389,4 |
| Currency translation effects | -1,4 | 0,5 | -1,4 | 0,5 | -15,9 |
| Net cash flow | -265,7 | 717,6 | -265,7 | 717,6 | 1 087,9 |
- Financial statements with actual figures
- Quarterly cash flow from operations impacted by seasonally expected development in net working capital (after significant reduction in tie-up in Q4 in 2025)
- Net capex and leasing repayments significantly below quarterly depreciation and amortization charges, which will also be the case going forward
- Temporary classification of acquisition of parts of bankruptcy estate as investment in shares
- Cash consideration (net of: consideration shares, seller's credits, certain balances to be settled and cash balances at recognition) from M&A, reflected as business combinations
- Proceeds from capital increase related to employee share-purchase program
- Quarterly payment of interests includes leasing interests, interests on cash pool and other deposits, and term loan interests
- Term loan installments of NOK ~25 million, refinancing of NOK ~18 million loans in Kragero Sjutjenester and NOK 10 million in installments on Leif Hodnemyr and Sandas Anlegg seller's credits, reflected in cash flow from financing activities
Group > Business segments > Financials > Outlook > Appendix
FINANCIALS
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Net working capital (NWC) and net financial liabilities (assets)
- Large negative NWC consolidated from M&A, especially the Totalbetong acquisitions in Q1 2025 (credit terms, customer prepayments, etc.)
- Quarterly increase in NWC of NOK -180 million impacted by favourable effects from M&A (NOK -37 million) and seasonally expected and increased capital tie-up (after significant reduction in Q4 in 2025)
- Still 99% LTM cash conversion
- Reversals (other than ordinary conjunctures) may occur with Trivium ramp-up and as supported by the negative price adjustment utilized in the Totalbetong acquisitions
- Actively focusing on, measuring and managing liquidity and NWC tie-up
- Calculated net financial liabilities consists of loans and borrowings (NOK 1 048 million), other current financial liabilities (NOK 100 million) and cash at bank (NOK 1 015 million)
All amounts in NOK million.
Group > Business segments > Financials > Outlook > Appendix
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Outlook and summary
OUTLOOK
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Strong market tailwinds and solid backlog coverage
- Backlog largely upheld after a variety of small- and medium-sized awards, recurring revenue and M&A, subsequent awards will add to book-to-bill in the next quarter, solid backlog coverage and further upside from FID at Salfjord
- Many outstanding bids and high tender activity
- New Norwegian National Transport Plan for 2025-2036 favors rehabilitation, smaller projects and aquaculture, similar market outlook for the rest of Scandinavia
- General maintenance gap on critical infrastructure
- Increased budgets for spending on defence and favorable local market for real estate construction
- Long-term exponential growth expected from investments in land-based fish-farming facilities
- Continuously looking to enhance growth through organic investments in service offering and work force, as well as targeted M&A
Book-to-bill of 0.7/0.9x in Q1 2026
All amounts in NOK million.
Group > Business segments > Financials > Outlook > Appendix
SUMMARY
Setting the tone for the year with growth in both revenues and results
Quarterly revenue of NOK 1745 million (1539) and seasonally strong EBITA of NOK 80.5 million (58.8) and margin of 4.6% (3.8).
Improved results across all Infrastructure entities, complemented by sustained Aquaculture contribution. Strong market tailwinds and solid backlog coverage.
99% LTM cash conversion, solid liquidity, dividend proposal and increased financial flexibility through expanded overdraft facility.
Delivering on M&A strategy, active future pipeline for infrastructure investments.
Group > Business segments > Financials > Outlook > Appendix
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Q&A
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10
10.1.2.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1
10.1.2.2.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1
10.1.2.2.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.
APPENDIX
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Operating results per company
| Amounts in MNOK | Artec Aqua VAQ (Aquaculture Solutions) | ||||
|---|---|---|---|---|---|
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| Revenue | 113,8 | 179,2 | 220,2 | 263,2 | 208,8 |
| EBITA | 1,3 | 2,4 | 7,8 | 4,3 | 4,5 |
| Margin | 1,1% | 1,3% | 3,5% | 1,6% | 2,2% |
| Endúr Sjøsterk + Hav Elektro (Aquaculture Solutions) | |||||
| --- | --- | --- | --- | --- | |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| 65,2 | 59,6 | 69,5 | 85,0 | 68,5 | |
| 9,2 | 3,7 | 7,1 | 13,0 | 7,1 | |
| 14,1% | 6,2% | 10,2% | 15,3% | 10,3% | |
| Amounts in MNOK | BMO Entrepreneur w/ subsidiaries (Infrastructure) | ||||
| --- | --- | --- | --- | --- | --- |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| Revenue | 137,3 | 189,7 | 298,4 | 240,0 | 176,8 |
| EBITA | 12,7 | 18,5 | 36,5 | 27,1 | 16,8 |
| Margin | 9,2% | 9,8% | 12,2% | 11,3% | 9,5% |
| Mercon w/ subsidiaries (Infrastructure) | |||||
| --- | --- | --- | --- | --- | |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| 138,5 | 126,6 | 119,1 | 126,4 | 142,9 | |
| -7,9 | -1,8 | 1,3 | -1,4 | -5,6 | |
| -5,7% | -1,4% | 1,1% | -1,1% | -3,9% | |
| Amounts in MNOK | Renstad w/ subsidiaries (Infrastructure) | ||||
| --- | --- | --- | --- | --- | --- |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| Revenue | 235,3 | 282,4 | 300,1 | 348,6 | 284,5 |
| EBITA | 19,0 | 32,0 | 38,1 | 34,9 | 22,4 |
| Margin | 8,1% | 11,3% | 12,7% | 10,0% | 7,9% |
| Endúr Maritime (Other) | |||||
| --- | --- | --- | --- | --- | |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| 65,5 | 58,9 | 44,5 | 60,5 | 47,0 | |
| 4,7 | 2,4 | 0,1 | -0,6 | -4,9 | |
| 7,2% | 4,1% | 0,2% | -1,0% | -10,4% | |
| Amounts in MNOK | Total Betong w/ subsidiaries (Infrastructure) | ||||
| --- | --- | --- | --- | --- | --- |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| Revenue | 468,3 | 462,8 | 433,4 | 500,6 | 500,9 |
| EBITA | 22,1 | 32,2 | 34,7 | 59,9 | 29,3 |
| Margin | 4,7% | 7,0% | 8,0% | 12,0% | 5,9% |
| HAB w/ subsidiaries + Propoint (Infrastructure) | |||||
| --- | --- | --- | --- | --- | |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| 244,1 | 264,8 | 303,0 | 308,5 | 248,4 | |
| 3,7 | 16,2 | 14,3 | 14,8 | 10,7 | |
| 1,5% | 6,1% | 4,7% | 4,8% | 4,3% | |
| Amounts in MNOK | Igang (Infrastructure) | ||||
| --- | --- | --- | --- | --- | --- |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
| Revenue | 92,0 | 81,1 | 65,4 | 88,0 | 78,9 |
| EBITA | 3,8 | 3,5 | 4,5 | 5,1 | 3,9 |
| Margin | 4,1% | 4,3% | 6,9% | 5,8% | 5,0% |
Group > Business segments > Financials > Outlook > Appendix
APPENDIX
endúr.
Quarterly profit & loss
| Amounts in MNOK | Q1 2025
Actuals | Q2 2025
Actuals | Q3 2025
Actuals | Q4 2025
Actuals | Q1 2026
Actuals |
| --- | --- | --- | --- | --- | --- |
| Operating revenue | 860,4 | 1 683,0 | 1 841,3 | 2 013,1 | 1 744,2 |
| Other revenue | 2,7 | 7,7 | 0,3 | 8,0 | 0,5 |
| Revenue | 863,1 | 1 690,7 | 1 841,6 | 2 021,1 | 1 744,7 |
| Cost of sales | 472,4 | 1 091,9 | 1 190,1 | 1 360,7 | 1 100,4 |
| Payroll expenses | 232,1 | 284,7 | 265,9 | 354,1 | 329,8 |
| Other operating expenses | 78,8 | 148,6 | 185,0 | 97,0 | 155,2 |
| EBITDA | 79,9 | 165,5 | 200,6 | 209,3 | 159,3 |
| Depreciation | 45,6 | 64,2 | 68,6 | 75,7 | 78,8 |
| Impairment | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| EBITA | 34,3 | 101,2 | 132,0 | 133,6 | 80,5 |
| Amortization | 12,1 | 22,3 | 22,3 | 22,4 | 25,6 |
| Operating profit/loss (EBIT) | 22,2 | 78,9 | 109,7 | 111,3 | 54,9 |
| Financial income | 3,1 | 0,8 | 3,9 | 12,6 | 18,4 |
| Financial expenses | 40,0 | 25,9 | 31,9 | 77,2 | 29,4 |
| Profit/loss before tax (EBT) | -14,8 | 53,8 | 81,7 | 46,6 | 43,9 |
| Income tax expense | -3,1 | 11,3 | 17,2 | 7,5 | 9,2 |
| Profit/loss after tax (EAT) | -11,7 | 42,5 | 64,5 | 39,1 | 34,7 |
| Profit/loss attributable to majority | -11,8 | 42,4 | 63,9 | 39,3 | 34,7 |
| Profit/loss attributable to minority | 0,1 | 0,1 | 0,7 | -0,1 | -0,0 |
Group > Business segments > Financials > Outlook > Appendix
APPENDIX
endúr.
Quarterly balance sheet
| Amounts in MNOK | Q1 2025 Actuals | Q2 2025 Actuals | Q3 2025 Actuals | Q4 2025 Actuals | Q1 2026 Actuals |
|---|---|---|---|---|---|
| ASSETS | |||||
| Intangible assets and goodwill | 2 789 | 2 771 | 2 764 | 2 757 | 2 860 |
| Property, plant and equipment | 457 | 458 | 440 | 441 | 492 |
| Right-of-use assets | 464 | 494 | 465 | 468 | 545 |
| Financial assets | 12 | 12 | 12 | 15 | 23 |
| Other non-current assets | 32 | 41 | 28 | 29 | 30 |
| Non-current assets | 3 754 | 3 776 | 3 709 | 3 710 | 3 951 |
| Inventories | 60 | 76 | 78 | 80 | 84 |
| Contract assets | 194 | 179 | 177 | 178 | 158 |
| Trade and other receivables | 1 023 | 1 319 | 1 291 | 1 064 | 1 132 |
| Cash and cash equivalents | 910 | 866 | 876 | 1 280 | 1 015 |
| Current assets | 2 187 | 2 440 | 2 422 | 2 603 | 2 389 |
| Total assets | 5 941 | 6 216 | 6 131 | 6 313 | 6 340 |
| Amounts in MNOK | Q1 2025 Actuals | Q2 2025 Actuals | Q3 2025 Actuals | Q4 2025 Actuals | Q1 2026 Actuals |
| --- | --- | --- | --- | --- | --- |
| EQUITY AND LIABILITIES | |||||
| Share capital | 25 | 25 | 25 | 25 | 26 |
| Treasury shares | -0 | -0 | -0 | -0 | -0 |
| Share premium | 2 121 | 2 141 | 2 136 | 2 136 | 2 172 |
| Other paid-in capital | 10 | 8 | 6 | 6 | 7 |
| Other reserves | 22 | 26 | 26 | 36 | 15 |
| Retained earnings | 16 | 55 | 112 | 142 | 201 |
| Minority interest | 2 | 2 | 3 | 3 | 4 |
| Total equity | 2 195 | 2 257 | 2 307 | 2 348 | 2 424 |
| Deferred tax liability | 168 | 182 | 198 | 147 | 166 |
| Loans and borrowings | 1 112 | 1 014 | 981 | 915 | 892 |
| Lease liabilities | 331 | 357 | 338 | 333 | 394 |
| Other non-current liabilities | 60 | 60 | 60 | 4 | 4 |
| Non-current liabilities | 1 671 | 1 613 | 1 577 | 1 399 | 1 456 |
| Loans and borrowings | 75 | 100 | 100 | 155 | 156 |
| Other current financial liabilities | - | - | - | 100 | 100 |
| Lease liabilities | 146 | 153 | 145 | 156 | 174 |
| Trade and other payables | 765 | 925 | 827 | 922 | 842 |
| Tax payable | 16 | 16 | 12 | 55 | 58 |
| Contract liabilities | 477 | 495 | 395 | 362 | 402 |
| Other current liabilities | 597 | 657 | 768 | 817 | 728 |
| Current liabilities | 2 075 | 2 346 | 2 247 | 2 566 | 2 460 |
| Total liabilities | 3 746 | 3 959 | 3 824 | 3 966 | 3 916 |
| Total equity and liabilities | 5 941 | 6 216 | 6 131 | 6 313 | 6 340 |
Group > Business segments > Financials > Outlook > Appendix
APPENDIX
endúr.
Quarterly cash flow and statement of changes in equity
| Amounts in MNOK | Q1 2025
Actuals | Q2 2025
Actuals | Q3 2025
Actuals | Q4 2025
Actuals | Q1 2026
Actuals |
| --- | --- | --- | --- | --- | --- |
| Cash flow from operating activities | 253,5 | 105,6 | 139,0 | 540,6 | -59,0 |
| Cash flow from investing activities | -271,8 | -27,9 | -6,4 | -18,2 | -77,7 |
| Cash flow from financing activities | 735,4 | -122,4 | -118,7 | -104,9 | -127,6 |
| Currency translation effects | 0,5 | -0,4 | -4,2 | -12,7 | -1,4 |
| Net cash flow | 717,6 | -44,3 | 9,8 | 404,7 | -265,7 |
| Amounts in MNOK | Q1 2025
Actuals | Q2 2025
Actuals | Q3 2025
Actuals | Q4 2025
Actuals | Q1 2026
Actuals |
| --- | --- | --- | --- | --- | --- |
| Opening balance equity | 1 234 | 2 195 | 2 257 | 2 307 | 2348 |
| Profit/loss | -12 | 43 | 64 | 39 | 35 |
| Capital increases | 965 | 20 | -3 | -2 | 37 |
| Share buy-back, net | -2 | -6 | -14 | -9 | 24 |
| Other effects | 8 | 1 | -3 | 12 | -22 |
| Share options | 2 | 4 | 5 | 1 | 3 |
| Minority interests | 0 | 0 | 1 | 0 | 1 |
| Closing balance equity | 2 195 | 2 257 | 2 307 | 2 348 | 2424 |
Group > Business segments > Financials > Outlook > Appendix
endúr.