15 May 2025 – Endúr ASA (Endúr) delivered pro-forma revenue of NOK 1,539 million, up 14 percent from the same quarter last year (Q1 2024: NOK 1,352.7 million). Pro-forma EBITA was NOK 58.8 million (44.5), equivalent to a margin of 3.8 percent (3.3).
“We deliver improved performance on all main financial KPIs in this year’s first quarter on the back of increased aggregate activity level from both existing and recently acquired companies, in what is a quarter impacted by the winter season,” says Jeppe Raaholt, CEO of Endúr.
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RECORD-HIGH ORDER BACKLOG
Endúr recorded a solid order intake of NOK 1,426 million in the first quart of 2025 (465), driven by the NOK 600 million turnkey contract for a smolt production facility to Sævareid Fiskeanlegg and several small and medium-sized awards in Endúr’s Infrastructure segment.
On 18 March 2025, Endúr completed the landmark acquisition of for the acquisitions of 100 percent of the shares in Total Betong AS, Igang Totalentreprenør AS, and Habto Holding AS, including 100 percent of the shares in HAB Construction AS and ProPoint Survey AS. Further, in January Endúr completed the acquisition of aquaculture supplier VAQ AS.
As of 31 March 2025, Endúr’s order backlog stood at a record high NOK 4,088 million for the businesses owned at the beginning of the first quarter, and NOK 9,320 million including the businesses that were acquired during the first quarter of 2025.
“Our solid backlog provides excellent visibility for 2025 and beyond, and we are delighted with the new companies that we have added to the group during the quarter,” adds Jeppe Raaholt.
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 delivered revenue of NOK 1,300 million in the first quarter, an increase of 24 percent from the same period last year (1,052). EBITA was NOK 53.3 million, up 27 percent versus the same period last year (42.1). Both the Infrastructure segment’s order intake and backlog grew substantially in the quarter, as a result of numerous new contract awards and the aforementioned acquisitions.
Revenue in the Aquaculture Solutions segment ended at NOK 178.3 million (235.1). EBITA was NOK 10.7 million (7.1), equivalent to an EBITA-margin of 6.0 percent (3.0). Revenue and results were positively impacted by the ramp-up of Salmon Evolution phase 2 and the addition of Hav Elektro. The revenue decline compared to the same quarter last year was because of VAQ’s finalization of two intensive build-out projects in this period.
In the business segment “Other”, Endúr Maritime continues to deliver positive performance. Revenue was NOK 65.5 million (65.4), with EBITA of NOK 4.7 million (2.8), equivalent to an EBITA margin of 7.2 percent (4.3).
OUTLOOK
Endúr is experiencing a strong and increasing backlog for all business segments. The group is currently in the high-activity tender season with many outstanding bids.
Future activity level in the Infrastructure segment is supported by the new Norwegian Transport Plan for 2025-2036 which favors rehabilitation, smaller projects and aquaculture, a number of major infrastructure projects ratified in Sweden, plus increased defense budgets and favorable local market for real estate construction.
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.
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 first quarter 2025 financial results at 08:00 today.
The webcast presentation can be viewed from the following URL: Endúr ASA Q1 Presentation - Demio
Questions can be submitted during the live webcast. The presentation material 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 15 May 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.
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