Slide 1: Endúr ASA Q3 2025 financial results
Endúr ASA Q3 2025 financial results 13 November 2025
Slide 2: Agenda
ENDÚR Q3 2025 PRESENTATION Agenda Group - Consolidated key figures and highlights - Group structure and strategy Business segments - Aquaculture, Infrastructure and Other - Key figures and highlights - Focus: Strategy M&A Financials - Profit & loss - Balance sheet - Cash flow - NWC and NIBD Outlook
Slide 3: Highest ever EBITA in both absolute and relative terms
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Highest ever EBITA in both absolute and relative terms REVENUE EBITA EBITA MARGIN CASH FLOW FROM OPERATIONS NOK 1 841.6 million NOK 132.0 million 7.2% NOK 139.0 million +26% vs. Q3 2024 +36% vs. Q3 2024 +0.5 p.p. vs. Q3 2024 • Highest ever reported revenue and
Slide 4: Growth case and specialist contractor within Aquaculture Solutions and Infrastructure
GROUP STRUCTURE AND STRATEGY Growth case and specialist contractor within Aquaculture Solutions and Infrastructure • Leading full-service provider for Aquaculture Solutions and Aquaculture Solutions Infrastructure Other Infrastructure in Norway and Sweden, servicing both public and private sector Ar
Slide 5: Business segments
endur. Business segments
Slide 6: Aquaculture: Improved segment contribution, still medium-term gap to fill
AQUACULTURE SOLUTIONS Aquaculture: Improved segment contribution, still medium-term gap to fill REVENUE EBITA EBITA MARGIN +63% vs. Q3 2024 +18.8 million vs. Q3 2024 +7.4 p.p. vs. Q3 2024 • Increasing revenues and results from Revenue (pro forma)* EBITA & EBITA margin (pro forma)* 14,9 Salmon Evolut
Slide 7: Infrastructure: Strong growth in revenues and results, attractive outlook
INFRASTRUCTURE Infrastructure: Strong growth in revenues and results, attractive outlook REVENUE EBITA EBITA MARGIN +25% vs. Q3 2024 +19% vs. Q3 2024 -0.3 p.p. vs. Q3 2024 EBITA & EBITA margin (pro forma)* • Substantial revenue growth across the Revenue (pro forma)* board for Norwegian operations 14
Slide 8: Other: Lower than expected contribution from Endúr Maritime
OTHER Other: Lower than expected contribution from Endúr Maritime REVENUE – ENDÚR MARITIME EBITA – ENDÚR MARITIME EBITA MARGIN – ENDÚR MARITIME -34% vs. Q3 2024 -2.0 million vs. Q3 2024 -2.9 p.p. vs. Q3 2024 Endúr Maritime Endúr Maritime Revenue EBITA & EBITA margin 68,4 7,5 • 65,4 80 Revenues and r
Slide 9: Selection criteria and ownership strategy
FOCUS: STRATEGY M&A Selection criteria and ownership strategy Footprint expansion and transformative acquisitions Medium and large-sized transactions where the target company continues to operate on a stand-along basis, but emphasis on collaboration and potential synergies with existing subsidiaries
Slide 10: Financials
endur. Financials
Slide 11: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 • Financial statements with actual Actuals Actuals Actuals Actuals Actuals figures • Consolidates the VAQ and Operating revenue 1 841,3 742,5 4 384,7 1 996,0 2 766,9 Totalbetong acquisitions from 17 Other revenue Janu
Slide 12: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q3 2025 Q2 2025 Amounts in MNOK Q3 2025 Q2 2025 • Financial statements with actual figures Actuals Actuals Actuals Actuals • Cash at bank of NOK 876 million and non- ASSETS EQUITY AND LIABILITES utilized overdraft facility of NOK 250 Intangible assets and goo
Slide 13: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Actuals Actuals Actuals Actuals Actuals • Financial statements with actual Profit/loss for the period 64,5 11,1 95,4 23,0 43,5 figures Adjustments for non-cash items 106,3 62,5 251,9 160,5 223,4 • Quarterly cash flow from
Slide 14: Net working capital (NWC) and net interest-bearing debt (NIBD)
FINANCIALS Net working capital (NWC) and net interest-bearing debt (NIBD) 4 088 NWC NIBD excl. leasing liabilities Equity & Equity ratio • Large negative NWC consolidated from M&A, 200 700 1 1/5 2 307 especially the Totalbetong 2 256 acquisitions in Q1 2025 (credit 142 2 195 terms, customer prepayme
Slide 15: Outlook & summary
endur. Outlook & summary
Slide 16: Infrastructure niches provide exposure to diverse investments and growth opportunities
OUTLOOK Infrastructure niches provide exposure to diverse investments and growth opportunities • Seasonally strong book-to-bill considering peak production season for infrastructure and no major aquaculture awards • Many outstanding bids and high tender activity • New Norwegian National Transport Pl
Slide 17: Summary: Highest ever EBITA in both absolute and relative terms
SUMMARY Highest ever EBITA in both absolute and relative terms Strong overall growth and margin development with revenue, highest ever EBITA and margin of NOK 1 842 million (Q3 2024: NOK 1 457 million), NOK 132 million (Q3 2024: NOK 97 million) and 7.2% (Q3 2024: 6.7%) Growth in results largely driv
Slide 18: Q&A
endur. Q&A
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Slide 20: Appendix
endur. Appendix
Slide 21: Alternative performance measures
Alternative performance measures Basis for preparation Alternative performance measures (cont.) This presentation provides financial highlights for the quarter. The financial information in EBITDA - Profit/loss before i) tax, ii) net finance cost, iii) depreciation, amortization and this presentatio
Slide 22: Operating results per company
APPENDIX Operating results per company Artec Aqua (Aquaculture Solutions) Endúr Sjøsterk + Hav Elektro (Aquaculture Solutions) Amounts in MNOK Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenue 73,6 96,1 100,4 169,9 209,0 52,8 59,2 65,2 59,6 69,5 EBITDA -6,5 5,1
Slide 23: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Actuals Actuals Actuals Actuals Actuals Operating revenue 742,5 770,9 860,4 1 683,0 1 841,3 Other revenue 2,0 4,5 2,7 7,7 0,3 Revenue 744,4 775,4 863,1 1 690,7 1 841,6 Cost of sales 345,8 405,7 472,4 1 091,9 1 1
Slide 24: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Amounts in MNOK Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Intangible assets and goodwill 1 351 1 353 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 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities 100,0 240,5 253,5 105,6 139,0 Cash flow from investing activities -26,3 -20,9 -271,8 -27,9 -6,4 Cash flo
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