Slide 1: Endúr ASA Q1 2026 financial results
Endúr ASA Q1 2026 financial results 13 May 2026
Slide 2: Agenda
ENDÚR Q1 2026 PRESENTATION Agenda Group - Consolidated key figures and highlights - Group structure and strategy Business segments - Infrastructure, Aquaculture and Other - Key figures and highlights - Focus: Trivium and M&A Financials - Profit & loss - Balance sheet - Cash flow - NWC and Net financ
Slide 3: Setting the tone for the year with growth in both revenues and results
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Setting the tone for the year with growth in both revenues and results REVENUE EBITA EBITA MARGIN CASH FLOW FROM OPERATIONS NOK 1 744.7 million NOK 80.5 million 4.6% NOK - 59.0 million +13% vs. Q1 2025 +37% vs. Q1 2025 +0.8 p.p. vs. Q1 2025 • Seasonally improv
Slide 4: Growth case and specialist infrastructure contractor
GROUP STRUCTURE AND STRATEGY Growth case and specialist infrastructure contractor • Specialist infrastructure contractor in Norway and Infrastructure Aquaculture Solutions Other Sweden • Investing in counter - cyclical and BMO, Marcon, Repstad, Total Artec Aqua VAQ & Endúr Sjøsterk Endúr Maritime gr
Slide 5: Business segments
endur. Business segments
Slide 6: Infrastructure: All entities outperforming last year's results
INFRASTRUCTURE Infrastructure : All entities outperforming last year’s results REVENUE EBITA EBITA MARGIN +9% vs. Q1 2025 +45% vs. Q1 2025 +1.3 p.p.vs. Q1 2025 EBITA & EBITA margin (pro forma)* • Improved results and Revenue (pro forma)* sustained/improved margins across all 1610,4 160 139,4 60,00%
Slide 7: Totalbetong secures landmark Trivium project
FOCUS: TRIVIUM Totalbetong secures landmark Trivium project Project highlights Contractor: Totalbetong (turnkey) Developers : Joint development by K2 Stavanger and Bane NOR Eiendom Leaseholder: Sole tenant Vår Energi Building : Landmark, future - oriented office of ~35,000 sqm with high sustainabili
Slide 8: Delivering on M&A strategy, active future pipeline for infrastructure investments
FOCUS: M&A Delivering on M&A strategy, active future pipeline for infrastructure investments Engelsen Total Wimo Enviro Entreprenør Topaas & Haug Buyer: Total Betong AS Buyer : BMO Entreprenør AS / BMO Buyer: HAB Construction AS Buyer: HAB Construction AS / Topaas Fjell AS (under establishment) og H
Slide 9: Aquaculture: Strategic opportunity with Salfjord
AQUACULTURE SOLUTIONS Aquaculture: Strategic opportunity with Salfjord REVENUE EBITA EBITA MARGIN +56% vs. Q1 2025 5% vs. Q1 2025 - 2.0 p.p. vs. Q1 2025 • Increase in revenue and results Revenue EBITA & EBITA margin compared to Q1 2025 driven by building 17,8 400 351,5 20 20,00% activities for Salmo
Slide 10: Other: Weak performance and necessary actions for Endúr Maritime
OTHER Other: Weak performance and necessary actions for Endúr Maritime REVENUE – ENDÚR MARITIME EBITA – ENDÚR MARITIME EBITA MARGIN – ENDÚR MARITIME - 28% vs. Q1 2025 - 9.6 million vs. Q1 2025 - 17.4 p.p.vs. Q1 2025 Endúr Maritime Endúr Maritime Revenue EBITA & EBITA margin 63,6 61,8 59,6 • 70 Reven
Slide 11: Financials
endur. Financials
Slide 12: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q1 2026 Q1 2025 YTD 2026 YTD 2025 FY 2025 • Financial statements with actual Actuals Actuals Actuals Actuals Actuals figures • Consolidates the VAQ and Operating revenue 1 744,2 860,4 1 744,2 860,4 6 397,8 Totalbetong acquisitions from 17 Other revenue Januar
Slide 13: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q1 2026 Q4 2025 Amounts in MNOK Q1 2026 Q4 2025 • Financial statements with actual figures Actuals Actuals Actuals Actuals • Increase in non - current assets driven by ASSETS EQUITY AND LIABILITES completed M&A processes Intangible assets and goodwill 2 860 2
Slide 14: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q1 2026 Q1 2025 YTD 2026 YTD 2025 FY 2025 Actuals Actuals Actuals Actuals Actuals • Financial statements with actual figures Profit/loss for the period 34,7 - 11,7 34,7 - 11,7 134,4 • Quarterly cash flow from Adjustments for non - cash items 112,7 49,2 112,7 49,2
Slide 15: Net working capital (NWC) and net financial liabilities (assets)
FINANCIALS Net working capital (NWC) and net financial liabilities (assets) 4 088 NWC Net financial liabilities excl. Equity & Equity ratio • Large negative NWC 0 leasing 1 1/5 consolidated from M&A, Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 especially the Totalbetong 300 2 424 acquisitions in Q1 2025 (credit 2
Slide 16: Outlook and summary
endur. Outlook and summary
Slide 17: Strong market tailwinds and solid backlog coverage
OUTLOOK Strong market tailwinds and solid backlog coverage • Backlog largely upheld after a variety of small - and medium - sized awards, recurring revenue and M&A, subsequent awards will add to book- to- bill in the next quarter, solid backlog coverage and further upside from FID at Salfjord • Many
Slide 18: Setting the tone for the year with growth in both revenues and results
SUMMARY Setting the tone for the year with growth in both revenues and results Quarterly revenue of NOK 1 745 million (1 539) and seasonally strong EBITA of NOK 80.5 million (58.8) and margin of 4.6% (3.8). Improved results across all Infrastructure entities, complemented by sustained Aquaculture co
Slide 19: Q&A
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Slide 21: Appendix
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Slide 22: Operating results per company
APPENDIX Operating results per company Artec Aqua VAQ (Aquaculture Solutions) Endúr Sjøsterk + Hav Elektro (Aquaculture Solutions) Amounts in MNOK Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Revenue 113,8 179,2 220,2 263,2 208,8 65,2 59,6 69,5 85,0 68,5 EBITA 1,3
Slide 23: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Actuals Actuals Actuals Actuals Actuals Operating revenue 860,4 1 683,0 1 841,3 2 013,1 1 744,2 Other revenue 2,7 7,7 0,3 8,0 0,5 Revenue 863,1 1 690,7 1 841,6 2 021,1 1 744,7 Cost of sales 472,4 1 091,9 1 190,1
Slide 24: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Amounts in MNOK Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Intangible assets and goodwill 2 789 2 771 2 7
Slide 25: Quarterly cash flow and statement of changes in equity
APPENDIX Quarterly cash flow and statement of changes in equity Amounts in MNOK Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities 253,5 105,6 139,0 540,6 - 59,0 Cash flow from investing activities - 271,8 - 27,9 - 6,4 - 18,2 - 77,7 Ca
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