Endúr (ENDUR) Q3 2026 earnings summary

Executive summary

• Q3 revenue was NOK 1,996.5m, up 8% YoY; EBITA reached a quarterly record NOK 170.2m, up 29%, with a record 8.5% margin, up 1.3 pp.

• Backlog was NOK 7,725m, down 13% YoY; Q3 order intake of NOK 820m produced 0.6x book-to-bill.

• Core infrastructure segments delivered ~15% combined revenue growth and 31% EBITA growth, led by Rehabilitation & Intersections.

• Strong tender activity, attractive infrastructure markets and remaining-2026 backlog coverage supported the outlook; planned M&A continued.

Financial highlights

• Q3 revenue was NOK 1,996.5m versus NOK 1,841.6m; EBITDA NOK 248.4m versus NOK 200.6m; EBITA NOK 170.2m versus NOK 132.0m.

• Q3 EBIT was NOK 142.3m versus NOK 109.7m; net income was NOK 96.4m versus NOK 64.5m, and basic EPS was NOK 1.84 versus NOK 1.27.

• YTD revenue was NOK 5,780.1m, EBITA NOK 385.7m and EBIT NOK 305.4m; profit for the period was NOK 194.9m versus NOK 95.4m.

• YTD EBITA margin was 6.7%; pro forma YTD 2025 EBITA was NOK 292.0m at a 5.8% margin.

• Q3 operating cash flow was NOK 207.4m despite NOK 62.7m of tax payments; YTD operating cash flow was NOK 170.1m.

Outlook and guidance

• Backlog coverage included NOK 1.84bn scheduled for the rest of 2026 and NOK 3.61bn for 2027; 2027 coverage rose ~NOK 330m QoQ.

• High tender activity and numerous outstanding bids; larger projects are being pursued for commencement next year to improve 2027 production visibility.

• Seasonal working-capital release is expected around year-end; recurring and framework-based revenues also support visibility beyond reported backlog.

• Land-based aquaculture projects support near-term activity, while medium-term coverage and engineering utilization remain focus areas; Salfjord awaits a final investment decision.

• Services and workforce investment, targeted M&A and a data-center initiative are intended to support growth and broaden infrastructure exposure.