13 May 2026 - Endúr ASA (Endúr) delivered continued growth in both revenues and
operating results in the first quarter of 2026. Revenue was NOK 1,744.7 million,
up 13 percent pro forma versus last year's first quarter (Q1 2025: 1,539.0).
EBITA increased 37 percent to NOK 80.5 million (58.8), equivalent to a margin of
4.6 percent (3.8).
"2026 has started well for Endúr, with improved results across all
Infrastructure entities, complemented by sustained contributions from
Aquaculture Solutions. We are also pleased to continue delivering on our M&A
strategy, while maintaining strong liquidity and financial flexibility," says
Jeppe Raaholt, CEO of Endúr.
Cash flow from operating activities was NOK -59 million in the first quarter,
reflecting seasonally expected increases in net working capital following the
significant reduction in capital tie-up in Q4 2025. Endúr's cash balance was NOK
1,015 million at quarter-end, while total available liquidity amounted to NOK
1,565 million including the expanded overdraft facility.
The group's order backlog stood at NOK 7,685 million at the end of March 2026,
providing revenue coverage of NOK 4.3 billion for the remainder of 2026. In
addition, the group continues to benefit from substantial recurring and
framework-based revenues not fully reflected in backlog figures.
BUSINESS SEGMENT UPDATE
Infrastructure revenue was NOK 1,422.6 million in the first quarter (1,299.7).
EBITA increased to NOK 77.5 million (53.3), corresponding to an EBITA margin of
5.4 percent (4.1). The improvement reflects solid operational performance across
all entities, supported by higher activity levels, improved project execution
and continued operational efficiencies.
During the quarter, three Infrastructure acquisitions were completed, including
Tronfjell Maskin, Gann Tre and Kragerø Sjøtjenester, in addition to the
announced acquisition of Engelsen Total. Subsequent to the quarter-end, the
group also announced agreements to acquire Wimo and Enviro Entreprenør, further
strengthening Endúr's specialist capabilities and geographical footprint. Also
subsequent to the quarter-end, Totalbetong was awarded the NOK 1.25 billion
Trivium project in Stavanger, strengthening the segment's backlog and market
position.
Revenue in the Aquaculture Solutions segment was NOK 277.3 million (178.3).
EBITA was NOK 11.2 million (10.7), corresponding to an EBITA margin of 4.0
percent (6.0). The segment continued to benefit from ongoing activity related to
Salmon Evolution phase 2 and the Sævareid project, combined with stable
profitability from feed barge production.
Subsequent to the quarter-end, Artec Aqua VAQ was appointed as turnkey supplier
for the Salfjord project, subject to final investment decision, representing a
strategically important opportunity for future engineering and construction
activities.
OUTLOOK
Endúr continues to experience high tender activity and a large volume of
outstanding bids across its core markets. The group maintains solid backlog
coverage, further strengthened by subsequent contract awards and announced
acquisitions.
Future activity within Infrastructure is supported by the Norwegian National
Transport Plan for 2025-2036, which prioritises rehabilitation, smaller
infrastructure projects and aquaculture-related investments. Increased defence
spending, favourable market conditions within selected construction markets and
the general maintenance gap on critical infrastructure are also expected to
support long-term demand.
Within Aquaculture Solutions, the long-term market outlook remains positive,
supported by expected continued growth in land-based aquaculture investments.
Ongoing projects and a healthy pipeline of potential contracts within
brood-stock, smolt and grow-out facilities provide a solid basis for future
activity.
Endúr will continue to focus on profitable growth through operational
improvements, organic investments and targeted M&A activities, supported by a
strong liquidity position and financial flexibility.
PRESENTATION AT 08:00 TODAY
Endúr ASA invites investors, analysts and media to a live webcast presentation
of the company's first quarter 2026 financial results at 08:00 today.
The webcast presentation can be viewed from the following URL:
https://teams.microsoft.com/meet/352034304215068?p=tVA8EsXzRomAregEPU
Questions can be submitted during the live webcast. The presentation material
and first quarter 2026 report are enclosed to this announcement.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Einar Olsen, CFO of Endúr ASA, on 13 May 2026 at
07:00 CET.
(ENDS)
For further information, please contact:
Media
Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759
Investors
Einar Olsen, CFO of Endúr, tel: +47 924 01 787
About Endúr ASA:
Endúr ASA (XOSL: ENDUR) is a leading Scandinavian contractor headquartered in
Lysaker and listed on the Oslo Stock Exchange. The company specializes in
critical infrastructure, including bridges, quays, tunnels, and dams. Operating
as a disciplined serial acquirer (compounder), the group utilizes a
decentralized model that grants subsidiaries high autonomy to preserve their
technical expertise and local market positions. Endúr drives long-term value
through strategic platform acquisitions and targeted bolt-ons in fragmented
niche markets.
nical expertise and local market positions. Endúr drives long-term value\
through strategic platform acquisitions and targeted bolt-ons in fragmented\
niche markets.\