Endúr ASA - Q3 2026 financial results

12 November 2026 - Endúr ASA (Endúr) continued its positive development in the third quarter of 2026, delivering growth in both revenues and operating results. Revenue increased 8 percent to NOK 1,996.5 million, from NOK 1,841.6 million in the same period last year. EBITA increased 29 percent to an all-time high NOK 170.2 million (132.0), equivalent to a margin of 8.5 percent (7.2).

"The third quarter marked a new quarterly earnings record for Endúr, with all-time high EBITA and EBITA margin, driven particularly by strong performance in our infrastructure businesses. We maintained high production activity, continued to pursue strategic growth opportunities through acquisitions and secured increased financial flexibility through a corresponding refinancing", says Jeppe Raaholt, CEO of Endúr.

Cash flow from operating activities was NOK 207.4 million in the third quarter. Net working capital remained relatively stable, following the increase recorded in the first half of the year. Endúr's cash balance was NOK 606 million at quarter-end, while total available liquidity amounted to NOK 1,156 million including the NOK 550 million unused overdraft facility.

The group recorded order intake of NOK 820 million in the quarter, bringing the order backlog to NOK 7.7 billion at the end of September 2026. The backlog includes NOK 1.84 billion scheduled for the remainder of 2026 and NOK 3.61 billion for 2027. In addition, the group continues to benefit from substantial recurring and framework-based revenues not fully reflected in backlog figures.

BUSINESS SEGMENT UPDATE Revenue in Rehabilitation & Intersections was NOK 733.4 million in the third quarter (599.4), representing growth of 22 percent. EBITA increased 79 percent to NOK 90.9 million (50.8), corresponding to an EBITA margin of 12.4 percent (8.5). The segment recorded NOK 275 million in order intake during the quarter and had an order backlog of NOK 2.4 billion at quarter-end. During the quarter, the acquisition of Wimo was completed, strengthening BMO Fjell's specialist expertise and capabilities within rockfall and landslide protection.

Ports & Marine revenue increased 17 percent to NOK 483.7 million in the third quarter (413.5). EBITA was NOK 38.6 million (39.4), corresponding to an EBITA margin of 8.0 percent (9.5). The segment recorded NOK 275 million in order intake during the quarter and had an order backlog of NOK 1.65 billion. The Norwegian operations maintain a profitable backlog supported by strategic platform projects for the coming periods, while the segment remains focused on strengthening the backlog in Sweden, where the market remains healthy but less visible. During the quarter, the acquisition of Boston AS was completed.

Construction revenue was NOK 515.5 million in the third quarter (498.8), representing growth of 3 percent. EBITA increased to NOK 40.4 million (39.2), corresponding to an EBITA margin of 7.8 percent (7.9). The order backlog was NOK 3.08 billion, with NOK 175 million in order intake during the quarter. The segment has strong revenue coverage for the remainder of 2026 and continues to pursue promising industrial and property projects to improve backlog visibility for 2027.

Revenue in Aquaculture & Maritime Industry was NOK 272.3 million in the third quarter (331.0). EBITA decreased to NOK 12.8 million (15.0), corresponding to an EBITA margin of 4.7 percent (4.5). The decrease in EBITA was primarily attributable to lower revenues and earnings from ship maintenance activities following contractual discussions with the Norwegian Defence Materiel Agency (FMA), partly offset by contributions from land-based aquaculture projects. The segment had an order backlog of NOK 600 million at quarter-end and is awaiting clarification on several potential projects, including Salfjord, which is not included in the reported backlog pending a final investment decision.

OUTLOOK Endúr continues to experience high tender activity and a large volume of outstanding bids across its core markets. The group has strong backlog coverage for the remainder of 2026 and continues to focus on strengthening longer-term backlog visibility.

Future activity is supported by the Norwegian National Transport Plan for 2025-2036, which favours rehabilitation and smaller infrastructure projects. Increased defence spending, favourable market conditions within selected real estate and construction markets and the general maintenance gap on critical infrastructure are also expected to support future activity. Endúr is also expanding its position within the data centre market through Avendur Nordic, providing exposure to a market with growing investment demand.

Within Aquaculture & Maritime Industry, ongoing land-based aquaculture projects continue to support near-term activity, while longer-term revenue coverage and utilisation of engineering capacity remain areas of focus. The segment is awaiting clarification on several potential projects and remains focused on strengthening longer-term backlog coverage and improving the utilisation of engineering capacity.

Endúr will continue to focus on profitable growth through operational improvements, organic investments and targeted M&A activities. Following several completed and announced acquisitions during 2026, the group maintains an active pipeline of potential structural investments and financial flexibility to support continued growth.

PRESENTATION AT 08:00 TODAY Endúr ASA invites investors, analysts and media to a live webcast presentation of the company's third quarter 2026 financial results at 08:00 today.

The webcast presentation can be viewed from the following URL:

https://teams.microsoft.com/meet/3946964720674927?p=qACugRYqMDNaR7uN8S

Questions can be submitted during the live webcast. The presentation material and third 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 12 November 2026 at 07:00 CEST.

(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.