Endúr (ENDUR) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached NOK 744.4 million, up between 28% and 76% year-over-year, driven by strong activity in Marine Infrastructure and Aquaculture Solutions.

• Adjusted EBITDA was NOK 117.1 million, up between 12% and 67%, with a margin of 15.7% despite a slight decline.

• Order backlog rose 18% sequentially to NOK 3,564 million, with significant new contract awards and contingent projects.

• Cash flow from operations was NOK 100.0 million, with available liquidity of NOK 219 million.

• Acquisition of Norsk Bergsikring completed in July 2024, strengthening Marine Infrastructure.

Financial highlights

• Q3 2024 operating revenue: NOK 744.4 million (Q3 2023: NOK 421.9 million); YTD 2024: NOK 2,012.0 million.

• Adjusted EBITDA: NOK 117.1 million (Q3 2023: NOK 70.1 million); adjusted EBITA: NOK 65.0 million.

• Profit before tax (EBT): NOK 14.1 million, down from NOK 25.3 million in Q3 2023.

• Net profit after tax: NOK 11.1 million (Q3 2023: NOK 20.0 million); EPS: NOK 0.30.

• Cash at bank: NOK 69 million; total available liquidity: NOK 219 million.

Outlook and guidance

• Strong backlog and high tender activity in both core segments support a positive outlook.

• Exponential growth expected in land-based fish-farming investments as regulatory uncertainty stabilizes.

• Monitoring targets for complementary and accretive M&A.

• New Norwegian National Transport Plan and Swedish infrastructure projects support future growth.