Slide 1: Endúr ASA Q2 2025 financial results
Endúr ASA Q2 2025 financial results 21 August 2025
Slide 2: Agenda
ENDÚR Q2 2025 PRESENTATION Agenda Group - Consolidated key figures and highlights - Group structure and strategy Business segments - Aquaculture, Infrastructure and Other - Key figures and highlights - Focus: Infrastructure projects Financials - Profit & loss - Balance sheet - Cash flow - NWC and NI
Slide 3: Strong revenue growth and positive margin development
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Strong revenue growth and positive margin development REVENUE EBITA EBITA MARGIN LTM CASH CONVERSION NOK 1 690.7 million NOK 101.2 million 6.0% 159% +12% vs. Q2 2024 +23% vs. Q2 2024 +0.6 p.p. vs. Q2 2024 • Highest ever reported EBITA Revenue (pro forma)* EBIT
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: Steady course for improved profitability
AQUACULTURE SOLUTIONS Aquaculture: Steady course for improved profitability REVENUE EBITA EBITA MARGIN +0% vs. Q2 2024 +45% vs. Q2 2024 +0.9 p.p. vs. Q2 2024 • Increasing revenues from Salmon Revenue (pro forma)* EBITA & EBITA margin (pro forma)* Evolution phase 2 (hybrid technology) 300 15 20,00% o
Slide 7: Infrastructure: Growth in revenue and backlog, margin improvement
INFRASTRUCTURE Infrastructure: Growth in revenue and backlog, margin improvement REVENUE EBITA EBITA MARGIN +16% vs. Q2 2024 +25% vs. Q2 2024 +0.5 p.p. vs. Q2 2024 EBITA & EBITA margin (pro forma)* • Revenue growth of 16% largely driven by Revenue (pro forma)* increased activity levels in Repstad an
Slide 8: Progress according to plan at major HAB Construction projects
FOCUS: INFRASTRUCTURE PROJECTS Progress according to plan at major HAB Construction projects Sewage Treatment Facility in Kongsberg Terminal Metro Station at Fornebu Contractor: HAB Construction AS Contractor: HAB Dragados ANS (JV 50/50) Client: Kongsberg Municipality Client: The Fornebu Line Contra
Slide 9: Broad project wins underline segment's versatility and competitiveness
FOCUS: INFRASTRUCTURE PROJECTS Broad project wins* underline segment’s versatility and competitiveness in mainly non-cyclical sectors Public buildings Residential property Harbour infrastructure Railway Recreational facility Igang Totalentreprenør AS Total Betong AS Repstad Anlegg AS BMO Entreprenør
Slide 10: Other: Transition as planned for Endúr Maritime
OTHER Other: Transition as planned for Endúr Maritime REVENUE – ENDÚR MARITIME EBITA – ENDÚR MARITIME EBITA MARGIN – ENDÚR MARITIME -17% vs. Q2 2024 -49% vs. Q2 2024 -2.5 p.p. vs. Q2 2024 Endúr Maritime Endúr Maritime Revenue EBITA & EBITA margin 71,5 68,4 • 65,4 7,5 80 Activity level and revenue re
Slide 11: Financials
endur. Financials
Slide 12: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q2 2025 Q2 2024 YTD 2025 YTD 2024 FY 2024 • Financial statements with actual Actuals Actuals Actuals Actuals Actuals figures • Consolidates the VAQ and Operating revenue 1 683,0 682,1 2 543,4 1 253,6 2 766,9 Totalbetong acquisitions from 17 Other revenue Janu
Slide 13: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q2 2025 Q1 2025 Amounts in MNOK Q2 2025 Q1 2025 • Financial statements with actual figures Actuals Actuals Actuals Actuals • Cash at bank of NOK 866 million and non- ASSETS EQUITY AND LIABILITES utilized overdraft facility of NOK 250 Intangible assets and goo
Slide 14: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q2 2025 Q2 2024 YTD 2025 YTD 2024 FY 2024 Actuals Actuals Actuals Actuals Actuals • Financial statements with actual figures Profit/loss for the period 42,5 18,2 30,8 11,8 43,5 • Quarterly cash flow from Adjustments for non-cash items 96,4 51,6 145,6 98,0 223,4 o
Slide 15: 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 especially the Totalbetong 2 256 acquisitions (credit terms, 142 2 195 100 133 customer prepayments, etc.
Slide 16: Outlook & summary
endur. Outlook & summary
Slide 17: Order backlog provides solid platform and increased visibility for coming quarters
OUTLOOK Order backlog provides solid platform and increased visibility for coming quarters • Strong and increasing backlog for all business segments • Many outstanding bids and high tender activity • New Norwegian National Transport Plan for 2025-2036 favors rehabilitation, smaller projects and aqua
Slide 18: Strong revenue growth and positive margin development
SUMMARY Strong revenue growth and positive margin development Strong overall growth and margin development with revenue, highest ever EBITA and margin of NOK 1 691 million (Q2 2024: 1 511 million), NOK 101 million (Q2 2024: 82 million) and ~6% (Q2 2024: ~5%) Successful integration of acquired busine
Slide 19: Q&A
endur. Q&A
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Slide 21: Appendix
endur. Appendix
Slide 22: 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 23: Operating results per company
APPENDIX Operating results per company Artec Aqua (Aquaculture Solutions) Endúr Sjøsterk + Hav Elektro (Aquaculture Solutions) Amounts in MNOK Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Revenue 46,7 73,6 96,1 100,4 169,9 57,2 52,8 59,2 65,2 59,6 EBITDA -1,7 -6,5
Slide 24: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Actuals Actuals Actuals Actuals Actuals Operating revenue 682,1 742,5 770,9 860,4 1 683,0 Other revenue 9,7 2,0 4,5 2,7 7,7 Revenue 691,8 744,4 775,4 863,1 1 690,7 Cost of sales 342,4 345,8 405,7 472,4 1 091,9 P
Slide 25: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Amounts in MNOK Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Intangible assets and goodwill 1 356 1 351 1 3
Slide 26: Quarterly cash flow and statement of changes in equity
APPENDIX Quarterly cash flow and statement of changes in equity Amounts in MNOK Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities 83,2 100,0 240,5 253,5 105,6 Cash flow from investing activities -11,2 -26,3 -20,9 -271,8 -27,9 Cash flo
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