Slide 1: Endúr ASA Q4 2025 financial results
Endúr ASA Q4 2025 financial results 26 February 2026
Slide 2: Agenda
ENDÚR Q4 2025 PRESENTATION Agenda Group - Consolidated key figures and highlights - Group structure and strategy Business segments - Infrastructure, Aquaculture and Other - Key figures and highlights - Focus: Completed transactions and addressable market M&A Financials - Profit & loss - Balance shee
Slide 3: Ending the year with strong growth and new all-time high EBITA
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Ending the year with strong growth and new all - time high EBITA REVENUE EBITA EBITA MARGIN CASH FLOW FROM OPERATIONS NOK 2 024.6 million NOK 137.1 million 6.8% NOK 540.6 million +22% vs. Q4 2024 +51% vs. Q4 2024 +1.3 p.p. vs. Q4 2024 • Quarterly revenue surpa
Slide 4: Significant full-year pro forma growth
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Significant full - year pro forma growth REVENUE EBITA EBITA MARGIN NOK 7 079.5 million NOK 429.1 million 6.1% +18% vs. FY 2024 +36% vs. FY 2024 +0.8 p.p. vs. FY 2024 • Annual revenue surpassing NOK 7 billion Revenue (pro forma )* EBITA & EBITA margin (pro for
Slide 5: 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 6: Three acquisitions completed, attractive addressable market for further investments
FOCUS: COMPLETED TRANSACTIONS AND ADRESSABLE MARKET M&A Three acquisitions completed, attractive addressable market for further investments in niche construction businesses Tronfjell Maskin Gann Tre Kragerø Sjøtjenester Addressable market M& A Buyer: BMO Entreprenør AS Buyer: Total Betong AS Buyer:
Slide 7: Business segments
endur. Business segments
Slide 8: Infrastructure: Broad-based growth and margin expansion
INFRASTRUCTURE Infrastructure: Broad - based growth and margin expansion REVENUE EBITA EBITA MARGIN +17%vs. Q4 2024 +31%vs. Q4 2024 +1.0 p.p.vs. Q4 2024 EBITA & EBITA margin (pro forma)* • All Norwegian platform companies Revenue (pro forma)* contributing to increased revenues and 1613,9 160 142,9 6
Slide 9: Aquaculture: Continued improvement in segment contribution, pipeline confirmation still pending
AQUACULTURE SOLUTIONS Aquaculture: Continued improvement in segment contribution, pipeline confirmation still pending REVENUE EBITA EBITA MARGIN +60% vs. Q4 2024 +23.1 million vs. Q4 2024 +7.5 p.p. vs. Q4 2024 • Increase in revenue and result from Revenue (pro forma)* EBITA & EBITA margin (pro forma
Slide 10: Other: Organization under review for Endúr Maritime
OTHER Other: Organization under review for Endúr Maritime REVENUE – ENDÚR MARITIME EBITA – ENDÚR MARITIME EBITA MARGIN – ENDÚR MARITIME - 9% vs. Q4 2024 - 8.1 million vs. Q4 2024 - 12.3 p.p.vs. Q4 2024 Endúr Maritime Endúr Maritime Revenue EBITA & EBITA margin 65,4 63,6 59,6 61,8 7,5 • 70 Revenue an
Slide 11: Financials
endur. Financials
Slide 12: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q4 2025 Q4 2024 YTD 2025 YTD 2024 FY 2024 • Financial statements with actual Actuals Actuals Actuals Actuals Actuals figures • Consolidates the VAQ and Operating revenue 2 016,6 770,9 6 401,3 2 766,9 2 766,9 Totalbetong acquisitions from 17 Other revenue Janu
Slide 13: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q4 2025 Q3 2025 Amounts in MNOK Q4 2025 Q3 2025 • Financial statements with actual figures Actuals Actuals Actuals Actuals • Cash at bank of NOK 1 280 million and ASSETS EQUITY AND LIABILITES non- utilized overdraft facility of NOK 250 Intangible assets and g
Slide 14: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q4 2025 Q4 2024 YTD 2025 YTD 2024 FY 2024 Actuals Actuals Actuals Actuals Actuals • Financial statements with actual Profit/loss for the period 42,6 20,5 137,9 43,5 43,5 figures Adjustments for non - cash items 102,1 62,7 354,0 223,4 223,4 • Quarterly cash flow f
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 100 leasing 1 1/5 consolidated from M&A, 500 2 307 2 351 especially the Totalbetong 2 256 acquisitions in Q1 2025 (credit 0 2 195 terms, c
Slide 16: Outlook and summary
endur. Outlook and summary
Slide 17: Niche profile gives exposure to diverse investments and growth opportunities
OUTLOOK Niche profile gives exposure to diverse investments and growth opportunities • Book - to- bill as seasonally expected, solid backlog coverage (additionally enhanced by subsequent awards and M&A) and exclusive negotiations ongoing for construction of new NOK 1+ billion office building • Many
Slide 18: Ending the year with strong growth and new all-time high EBITA
SUMMARY Ending the year with strong growth and new all - time high EBITA Quarterly revenue surpassing NOK 2 billion and all - time high EBITA of NOK 137.1 million (6.8%), with full - year growth in pro forma revenues and results of 18% and 36%, respectively. Strong growth in results across the board
Slide 19: Q&A
endur. Q&A
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Slide 21: Appendix
endur. Appendix
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 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue 159,9 113,8 179,2 220,2 263,2 59,2 65,2 59,6 69,5 85,0 EBITA - 13
Slide 23: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Actuals Actuals Actuals Actuals Actuals Operating revenue 770,9 860,4 1 683,0 1 841,3 2 016,6 Other revenue 4,5 2,7 7,7 0,3 8,0 Revenue 775,4 863,1 1 690,7 1 841,6 2 024,6 Cost of sales 405,7 472,4 1 091,9 1 190
Slide 24: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2025 Amounts in MNOK Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Intangible assets and goodwill 1 353 2 789 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 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities 240,5 253,5 105,6 139,0 540,6 Cash flow from investing activities - 20,9 - 271,8 - 27,9 - 6,4 - 18,2 Cas
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