Endúr (ENDUR) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of NOK 2,024.6 million in Q4 2025, up 22% year-over-year, and all-time high EBITA of NOK 137.1 million (6.8% margin), with both Infrastructure and Aquaculture segments contributing to growth.

• Full-year pro forma revenue reached NOK 7,079.5 million (+18%), with EBITA up 36% to NOK 429.1 million.

• Ended the year with strong momentum, robust cash flow, and a solid order backlog for 2026.

• Completed three strategic acquisitions, enhancing capabilities and market reach.

• Board proposes a dividend of NOK 0.8 per share for 2025.

Financial highlights

• Q4 EBITA increased 51% year-over-year to NOK 137.1 million; EBITA margin improved by 1.3 percentage points to 6.8%.

• Net profit for Q4 was NOK 42.6 million, up from NOK 20.5 million last year.

• Cash flow from operations in Q4 was NOK 540.6 million, with year-end cash balance at NOK 1,280 million.

• Net financial assets at year-end: NOK 110 million.

• Net financial liabilities (excluding leasing) at NOK -774 million at year-end.

Outlook and guidance

• Solid backlog coverage for 2026, further enhanced by new awards and M&A.

• High tender activity and many outstanding bids; exclusive negotiations for a NOK 1+ billion office project.

• Market outlook supported by national transport plans, increased defense budgets, and growth in land-based aquaculture.

• Continued focus on organic growth and targeted acquisitions.