Endúr (ENDUR) Q1 2025 earnings summary

Executive summary

• Pro forma revenue rose 14% year-over-year to NOK 1,539 million in Q1 2025, with EBITA up 32% to NOK 58.8 million and margin improving to 3.8% (+0.5 p.p.).

• Q1 2025 actual revenue increased 50% to NOK 863.1 million, with EBITA up 50% to NOK 34.3 million and a stable margin of 4.0%.

• Record-high backlog of NOK 9,320 million, bolstered by NOK 1,426 million in new orders and NOK 5,232 million from M&A.

• Major acquisitions (VAQ, Total Betong, HAB, Igang, Propoint) completed, alongside NOK 1,000 million bank refinancing and NOK 350 million private placement.

• Board proposes a dividend policy targeting 20–40% of net profit after tax, with first payment in 2026 based on FY 2025 results.

Financial highlights

• Q1 2025 actual revenue: NOK 863.1 million (up from NOK 575.8 million in Q1 2024); EBITDA: NOK 79.9 million (Q1 2024: NOK 63.9 million).

• EBITA (actual): NOK 34.3 million (Q1 2024: NOK 22.9 million); EBIT: NOK 22.2 million (Q1 2024: NOK 12.3 million).

• Net loss after tax: NOK -11.7 million (Q1 2024: NOK -6.3 million), impacted by PPA amortizations and NOK 11 million write-down of capitalized loan fees.

• Cash flow from operations: NOK 253.5 million, with high cash conversion due to M&A and strong NWC movements.

• Cash at bank: NOK 910 million; total available liquidity NOK 1,160 million.

Outlook and guidance

• Strong and increasing backlog across all segments provides solid visibility for coming quarters.

• High tender activity and favorable Norwegian National Transport Plan support future growth.

• Exponential growth expected in land-based fish-farming investments; recent acquisitions to drive further organic and inorganic growth.