Endúr (ENDUR) Q2 2026 earnings summary

Executive summary

• Achieved quarterly revenue of NOK 2,038.8 million (+21% YoY) and all-time high EBITA of NOK 135.0 million (margin 6.6%), with H1 2026 revenue at NOK 3,783.6 million (+48%) and EBITA at NOK 215.5 million (+59%).

• Core infrastructure segments delivered combined growth of ~22% in revenue and ~27% in results compared to Q2 2025.

• Order backlog reached NOK 8.5 billion, with significant new contracts including the NOK 1.25 billion Trivium project.

• Completed several strategic acquisitions, expanding capabilities and regional presence.

• Strong liquidity and financial flexibility maintained, with solid backlog coverage and attractive market conditions.

Financial highlights

• Q2 2026 revenue: NOK 2,038.8 million (+21% YoY); H1 2026 revenue: NOK 3,783.6 million (+48% YoY); LTM revenue NOK 7,646 million.

• Q2 2026 EBITA: NOK 135.0 million (+33% YoY); H1 2026 EBITA: NOK 215.5 million (+59% YoY); EBITA margin: 6.6% (Q2), 5.7% (H1).

• Profit after tax: NOK 63.8 million (Q2 2026), up from NOK 42.5 million in Q2 2025; H1 2026 net income: NOK 98.5 million; EPS: NOK 1.94.

• Order intake: NOK 2.3 billion, driven by Trivium project and multiple rehabilitation/quay contracts.

• Available liquidity at quarter-end: NOK 1,172 million (NOK 622 million cash, NOK 550 million unused overdraft).

Outlook and guidance

• Maintains strong backlog coverage for 2026 and 2027, with NOK 3.25 billion and NOK 3.28 billion in revenue coverage, respectively.

• Attractive market conditions and high tender activity, with robust demand in core infrastructure and aquaculture markets.

• Focus on profitable organic growth, operational improvements, workforce expansion, and targeted M&A.

• Long-term growth expected from investments in land-based fish-farming facilities.