20 August 2026 - Endúr ASA (Endúr) continued its positive development in the second quarter of 2026, delivering growth in both revenues and operating results. Revenue increased 21 percent to NOK 2,038.8 million, from NOK 1,690.7 million in the same period last year. EBITA increased 33 percent to an all-time high NOK 135.0 million (101.2), equivalent to a margin of 6.6 percent (6.0). For the first half of 2026, revenue amounted to NOK 3,783.6 million and EBITA to NOK 215.5 million, corresponding to an EBITA margin of 5.7 percent.
“Endúr delivered another solid quarter, with growth in both revenues and results and good operational performance across our core businesses. We also continued to execute on our growth strategy through acquisitions and a high level of tender activity, while maintaining a solid financial position,” says Jeppe Raaholt, CEO of Endúr.
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Cash flow from operating activities was NOK 21.8 million in the second quarter and NOK -37.3 million for the first half of 2026. Cash generation in the first half was impacted by increased net working capital, including anticipated milestone effects on certain projects under start-up, increased activity levels and M&A. Endúr’s cash balance was NOK 622 million at quarter-end, while total available liquidity amounted to NOK 1,172 million including the NOK 550 million unused overdraft facility.
The group recorded order intake of NOK 2.3 billion in the quarter, bringing the order backlog to NOK 8.5 billion at the end of June 2026. The backlog provides revenue coverage of NOK 3.25 billion for the remainder of 2026 and NOK 3.28 billion for 2027. In addition, the group continues to benefit from substantial recurring and framework-based revenues not fully reflected in backlog figures.
BUSINESS SEGMENT UPDATE
Effective from Q2 2026, Endúr has revised its reporting structure to better reflect the group’s current operations and business composition. The group now reports four business segments: Rehabilitation & Intersections, Ports & Marine, Construction and Aquaculture & Maritime Industry.
Revenue in Rehabilitation & Intersections was NOK 621.4 million in the second quarter (451.9), representing growth of 38 percent. EBITA increased 61 percent to NOK 56.0 million (34.7), corresponding to an EBITA margin of 9.0 percent (7.7). The segment recorded NOK 478 million in order intake during the quarter and had an order backlog of NOK 2.6 billion at quarter-end. During the quarter, the acquisition of Enviro Entreprenør was completed, while the acquisition of Wimo was announced.
Ports & Marine revenue increased 14 percent to NOK 465.0 million in the second quarter (409.1). EBITA was NOK 33.6 million (30.2), corresponding to an EBITA margin of 7.2 percent (7.4). The segment recorded NOK 448 million in order intake during the quarter and had an order backlog of NOK 1.75 billion. The Norwegian operations maintain a profitable backlog supported by strategic platform projects for the coming periods, while the segment remains focused on strengthening the backlog in Sweden, where the market remains healthy but less visible.
Construction revenue was NOK 623.1 million in the second quarter (543.8), representing growth of 15 percent. EBITA increased to NOK 38.6 million (35.7), corresponding to an EBITA margin of 6.2 percent (6.6). Order intake amounted to NOK 1.3 billion, primarily driven by the previously announced NOK 1.25 billion Trivium project, bringing the segment’s order backlog to NOK 3.43 billion at quarter-end. During the quarter, the acquisition of Engelsen Total was completed, broadening Totalbetong’s activities within new construction and rehabilitation projects in Western Norway.
Revenue in Aquaculture & Maritime Industry was NOK 324.6 million in the second quarter (296.5). EBITA increased to NOK 16.5 million (8.7), corresponding to an EBITA margin of 5.1 percent (2.9). The quarterly result improved significantly compared to both the same period last year and the previous quarter. The segment had an order backlog of NOK 717 million at quarter-end and is awaiting clarification on several potential projects, including Salfjord, which is not included in the reported backlog pending a final investment decision.
OUTLOOK
Endúr continues to experience high tender activity and a large volume of outstanding bids across its core markets. The group has strong backlog coverage for the remainder of 2026 and continues to focus on strengthening longer-term backlog visibility.
Future activity is supported by the Norwegian National Transport Plan for 2025–2036, which favours rehabilitation and smaller infrastructure projects. Increased defence spending, favourable market conditions within selected real estate and construction markets and the general maintenance gap on critical infrastructure are also expected to support long-term demand.
Within Aquaculture & Maritime Industry, the segment has sufficient short-term backlog coverage through the finalisation of Salmon Evolution phase 2 and Sævareid, while the long-term outlook for land-based aquaculture remains positive. The segment is awaiting clarification on several potential projects and remains focused on strengthening longer-term backlog coverage and improving the utilisation of engineering capacity.
Endúr will continue to focus on profitable growth through operational improvements, organic investments and targeted M&A activities. Following several completed and announced acquisitions during the first half of 2026, the group maintains an active pipeline of potential structural investments and financial flexibility to support continued growth.
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 2026 financial results at 08:00 today.
The webcast presentation can be viewed from the following URL:
https://teams.microsoft.com/meet/332036424082921?p=CcJhy1QFMVsVZ1EpXc
Questions can be submitted during the live webcast. The presentation material and half-year 2026 report are 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 20 August 2026 at 07:00 CEST.
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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 (XOSL: ENDUR) is a leading Scandinavian contractor headquartered in Lysaker and listed on the Oslo Stock Exchange. The company specializes in critical infrastructure, including bridges, quays, tunnels, and dams. Operating as a disciplined serial acquirer (compounder), the group utilizes a decentralized model that grants subsidiaries high autonomy to preserve their technical expertise and local market positions. Endúr drives long-term value through strategic platform acquisitions and targeted bolt-ons in fragmented niche markets.
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