Endúr (ENDUR) investor relations material

Executive summary

• Revenue grew 13% year-over-year to NOK 1,744.7 million, with EBITA up 37% to NOK 80.5 million and margin improving to 4.6% from 3.8%.

• Strong performance in Infrastructure and sustained contribution from Aquaculture; Other segment underperformed.

• Order backlog remained robust at NOK 7.7 billion, supporting high activity for the remainder of 2026.

• Active M&A strategy with several acquisitions completed and announced, expanding capabilities and regional presence.

• 99% LTM cash conversion, solid liquidity, and a proposed dividend of NOK 0.8 per share.

Financial highlights

• Q1 2026 revenue: NOK 1,744.7 million, up 102% vs. Q1 2025; pro forma revenue up 13% year-over-year.

• EBITA: NOK 80.5 million, up 135% vs. Q1 2025; EBITA margin improved to 4.6% from 4.0%.

• Net profit after tax was NOK 34.7 million, reversing a loss of NOK 11.7 million in Q1 2025.

• Cash flow from operations was negative NOK 59.0 million, impacted by seasonal working capital changes.

• Available liquidity at quarter-end: NOK 1,565 million (NOK 1,015 million cash plus NOK 550 million unused overdraft).

Outlook and guidance

• Order backlog of NOK 7.7 billion provides revenue coverage of NOK 4.3 billion for the rest of 2026.

• High tender activity and strong demand expected to continue, supported by infrastructure investment and aquaculture growth.

• Continued focus on profitable organic growth, operational improvements, and targeted M&A.