Endúr
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Endúr (ENDUR) investor relations material

Endúr Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved record quarterly revenue of NOK 2,024.6 million in Q4 2025, up 22% year-over-year, and all-time high EBITA of NOK 137.1 million (6.8% margin), with both Infrastructure and Aquaculture segments contributing to growth.

  • Full-year pro forma revenue reached NOK 7,079.5 million (+18%), with EBITA up 36% to NOK 429.1 million.

  • Ended the year with strong momentum, robust cash flow, and a solid order backlog for 2026.

  • Completed three strategic acquisitions, enhancing capabilities and market reach.

  • Board proposes a dividend of NOK 0.8 per share for 2025.

Financial highlights

  • Q4 EBITA increased 51% year-over-year to NOK 137.1 million; EBITA margin improved by 1.3 percentage points to 6.8%.

  • Net profit for Q4 was NOK 42.6 million, up from NOK 20.5 million last year.

  • Cash flow from operations in Q4 was NOK 540.6 million, with year-end cash balance at NOK 1,280 million.

  • Net financial assets at year-end: NOK 110 million.

  • Net financial liabilities (excluding leasing) at NOK -774 million at year-end.

Outlook and guidance

  • Solid backlog coverage for 2026, further enhanced by new awards and M&A.

  • High tender activity and many outstanding bids; exclusive negotiations for a NOK 1+ billion office project.

  • Market outlook supported by national transport plans, increased defense budgets, and growth in land-based aquaculture.

  • Continued focus on organic growth and targeted acquisitions.

How to leverage fragmented M&A market
Clarify the pending Aquaculture project pipeline
What drives the expected Q1 2026 NWC reversals?
Capital allocation strategy for net financial assets?
Timeline for new Aquaculture project clarifications?
Plan to address Endúr Maritime's negative EBITA?
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Frequently asked questions

Endúr ASA is a Norwegian company that provides construction, maintenance, and services for marine infrastructure and aquaculture industries. It operates in three main segments: Marine Infrastructure, which includes the construction of quays, harbors, bridges, and other specialized projects; Aquaculture Solutions, which focuses on facilities and concrete barges for land-based aquaculture; and Maritime Services, providing ship maintenance and repair. The company also supports energy and defense sectors through installation, modification, and fabrication projects for onshore and offshore oil and gas installations. Endúr ASA is headquartered in Lysaker, Norway, and its shares are listed on the Oslo Stock Exchange.

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