Endúr ASA – Totalbetong to acquire Engelsen Total

14 April 2026 – Total Betong AS (“Totalbetong”), a wholly owned subsidiary of Endúr ASA (“Endúr”), is happy to announce its planned acquisition of 100% of the shares of Engelsen Total AS (“Engelsen Total” / “The Company”). Engelsen Total will operate as a subsidiary of Totalbetong, providing increased project management capabilities and market presence in Western Norway, as well as accretively adding to the revenues, results and backlog of Endúr and Totalbetong.

Engelsen Total is a turnkey contractor based in Haugesund, Norway. The Company focuses on new buildings and rehabilitations of residential and commercial real estate, the latter including facilities for; offices, schools, swimming baths, logistics, recycling centers, fire stations, health centres and other industry and infrastructure.

Key personnel, including General Manager, Tor Gunnar Isdahl, hold minority ownership stakes in The Company and will resume their current positions after the completion of the transaction. The Company’s project portfolio includes ~10 turnkey construction projects, for both public and private clients. The Company specializes in project ownership and in-house project management, with construction services and materials provided by sub-contractors and suppliers. With a solid regional presence in Haugaland and Sunnhordland and approx. 20 employees, The Company brings valuable resources and expertise to complement Totalbetong’s existing service offering. Engelsen Total will continue to operate as an independent company, with ownership exercised through Totalbetong – fully in line Endúr’s decentralized model with autonomous subsidiaries.

“This transaction strengthens and expands our combined project organization, while granting us access to an established brand and an attractive position in a promising market area”, says Kurt Helland, Group Manager of Totalbetong.

“We look forward to grow and further develop our business, building on our current location, market, customers, employees and suppliers, together with one of the country’s leading turnkey contractors, Totalbetong,” says Tor Gunnar Isdahl, General Manager of Engelsen Total.

The acquisition values Engel Total at an enterprise value on cash- and debt-free basis, excluding leasing liabilities (“EV”) of NOK ~80 million. The Company expects to report FY 2025 revenues of around NOK ~385 million, with an operating result (“EBIT”) of around NOK ~19 million (5%). In addition to a sound strategic rationale, the acquisition will be highly accretive with an implied EV/EBIT multiple of ~4.2x. The acquisition adds approximately NOK ~300 million to Endúr’s existing backlog. The transaction includes an earn-out mechanism that may cause a price/EV reduction of maximum NOK 25 million and a price/EV increase of maximum NOK 35 million.

Within the floor of NOK -25 million and cap of NOK +35 million, price/EV shall be adjusted as follows: [Average annual EBIT for the period 2025-2027 – NOK 21.25 million] x 4.0. Any price/EV adjustment is to be settled by 30 June 2028.

The acquisition will be partly financed with a NOK 25 million seller’s credit, to be settled by 30 June 2028 (offsetable against any price/EV reduction caused by the above described earn-out mechanism). The sellers will also receive considerations shares in Endúr of NOK 15 million, valued at the shares’ volume weighted average price (“VWAP”) on The Oslo Stock Exhange for the last 15 trading days leading up to this announcement. The consideration shares will be subject to lock-up restrictions, being released with 1/3 every 6 month after closing for key personnel and with1/2 every 6 month after closing for non-employed sellers.

"In accordance with our stated strategy, we continue to invest in growth and value-creation through accretive acquisitions of profitable contracting companies, using our existing and successful subsidiaries as investment platforms", says Jeppe Raaholt, CEO of Endúr.

A signed share purchase agreement is in place and the acquisition is expected to close by the end of May 2026, with completion being subject to certain customary conditions.

Advokatfirmaet Bull acted as legal counsel to Endúr.

For further comments, contact:

Media: Kurt Helland, Group Manager of Totalbetong: +47 982 41 857 Jeppe Raaholt, CEO of Endúr: +47 976 69 759

Investors: Einar Olsen, CFO of Endúr: +47 924 01 787

(ENDS)

About Endúr: 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.