Endúr (ENDUR) Q2 2025 earnings summary

Executive summary

• Achieved record revenue of NOK 1,690.7 million in Q2 2025 (up 12% YoY) and NOK 2,553.8 million in H1 2025 (up 101% YoY), with highest ever EBITA of NOK 101.2 million in Q2 and NOK 135.5 million in H1, driven by Infrastructure and supported by Aquaculture.

• Major acquisitions completed, including VAQ AS, Total Betong AS, Igang Totalentreprenør AS, Habto Holding AS, and Nero Anlegg AS, expanding capabilities and market reach.

• Maintained a robust order backlog of NOK 9.3 billion at Q2-end, with high order intake and solid project pipeline.

• Strong cash conversion and robust liquidity position, supported by a firm backlog and successful integration of acquisitions.

Financial highlights

• Q2 2025 EBITA: NOK 101.2 million (+23% YoY); H1 2025 EBITA: NOK 135.5 million (+80% YoY); EBITA margin: 6.0% in Q2, 5.3% in H1.

• Net profit after tax: NOK 42.5 million in Q2 2025 (up from NOK 18.2 million in Q2 2024); H1 2025 net income: NOK 30.8 million (up from NOK 11.9 million in H1 2024).

• Cash flow from operations: NOK 105.6 million in Q2 2025; NOK 359.1 million in H1 2025, exceeding reported EBITDA after adjusting for delayed payments.

• Liquidity at Q2-end: NOK 866 million in cash and NOK 250 million in unused overdraft; total available liquidity NOK 1,116 million.

Outlook and guidance

• Order backlog of NOK 9.3 billion at Q2-end, rising to NOK 9.8 billion after subsequent contract awards.

• High tender activity and strong market demand expected to support continued growth in Infrastructure and Aquaculture.

• Exponential growth anticipated in land-based aquaculture, supported by regulatory changes and large ongoing projects.

• Recent acquisitions and recruitment expected to enhance competitive position and execution capacity.