Endúr ASA – HAB to acquire Enviro Entreprenør

13 May 2026 – HAB Construction AS (“HAB”), a wholly owned subsidiary of Endúr ASA (“Endúr”), is happy to announce its planned acquisition of 100% of the shares of Enviro Entreprenør AS (“Enviro Entreprenør” / “The Company”). Enviro Entreprenør will continue to operate as a separate legal entity and as a subsidiary of HAB.

Enviro Entreprenør is a specialist contractor offering complete services related to water and sewage, district heating and groundworks, for complex infrastructure and construction projects. The Company acts both as main contractor and subcontractor, primarily operating in The Oslo Region and Eastern Norway. The Company has approximately 25 employees. General Manager and sole owner of Enviro Entreprenør, Sara Iselin Nysveen Bakke, will resume her current position after the completion of the transaction.

The Company’s business will continue as before, with continuity in terms of market exposure, service offering, employees, customers and suppliers, but the transaction will also provide opportunities to partner up with HAB, and Endúr’s other subsidiaries, on larger infrastructure projects in the region.

“This transaction provides the addition of a business that is highly complementary to HAB and our existing project portfolio. We are very happy to invest in a founder and an organization whose culture and proven profitability align perfectly with our ambitions for HAB and Endúr moving forward", says Christian Tanum, General Manager of HAB.

The acquisition values Enviro Entreprenør at an enterprise value on cash- and debt-free basis, excluding leasing liabilities (“EV”) of NOK ~25 million. The Company reported FY 2025 revenues of around NOK ~85 million, with an operating result (“EBIT”) of around NOK ~7 million (8%). The Company projects FY 2026 revenues of around NOK ~75 million, with an operating result (“EBIT”) of around NOK ~5 million (7%). In addition to a sound strategic rationale, the acquisition will be highly accretive with an implied EV/EBIT multiple of ~3.6x trailing and ~5.0x forward. The acquisition adds approximately NOK ~50 million to Endúr’s existing backlog.

The acquisition will be partly financed with a NOK 6 million seller’s credit, to be settled 18 months after closing. The seller will also receive considerations shares in Endúr of NOK 5 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 12 month after closing.

"We remain committed to reinvest our cash flow in new and profitable niche businesses, aiming to compound long-term values for the benefit of our shareholders", 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 Q2 in 2026, with completion being subject to certain customary conditions.

Advokatfirmaet Bull acted as legal advisor to Endúr.

For further comments, contact:

Media: Christian Tanum, General Manager of HAB: +47 970 73 193 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.