Endúr (ENDUR) Q4 2024 earnings summary

Executive summary

• Full-year revenue reached NOK 2.8 billion, up 41% year-over-year; Q4 revenue was NOK 775.1 million, up 18% from Q4 2023.

• Q4 EBITA reached NOK 61.3 million with a margin of 7.9%, up from 5.9% in Q4 2023, reflecting strong growth.

• Strong operational and financial performance across all segments, especially Aquaculture Solutions.

• Strategic acquisitions (Hav Elektro, VAQ) and a committed refinancing offer further strengthen market position and financial flexibility.

• LTM cash conversion was 133%, with Q4 at 229%, reflecting robust operational cash flow.

Financial highlights

• Q4 revenue increased 18% year-over-year to NOK 775.1 million; full-year revenue up 41% to NOK 2,787.1 million.

• Q4 EBITA rose 58% to NOK 61.3 million (margin 7.9%); full-year EBITA up 47% to NOK 192.4 million (margin 6.9%).

• Net profit after tax for 2024 was NOK 47.1 million, compared to a loss of NOK 27.0 million in 2023.

• Net cash flow for Q4 2024 was NOK 123.6 million, significantly higher than NOK 16.9 million in Q4 2023.

• Order backlog at year-end was NOK 3,298 million, up from NOK 1,852 million in Q4 2023.

Outlook and guidance

• Strong backlog across all segments entering 2025, with high tender activity and several major projects in pipeline.

• Infrastructure segment expects increased organic growth in 2025, supported by strong backlog and tender pipeline.

• Aquaculture Solutions segment anticipates revenue and result growth in 2025 as Salmon Evolution phase 2 advances.

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

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