Endur Asa · OSL:ENDUR
Endur Asa — Q1 2025 Earnings Presentation
26 slides from Endur Asa's earnings presentation, May 15, 2025
Slide 1: Endúr ASA Q1 2025 financial results
Endúr ASA Q1 2025 financial results 15 May 2025
Slide 2: Agenda
ENDÚR Q1 2025 PRESENTATION Agenda Group - Consolidated key figures and highlights - Group structure and strategy - Focus: Proposed dividend policy Business segments - Aquaculture, Infrastructure and Other - Key figures and highlights Financials - Profit & loss - Balance sheet - Cash flow - NWC and N
Slide 3: Improved performance according to all key metrics
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Improved performance according to all key metrics REVENUE EBITA EBITA MARGIN LTM CASH CONVERSION NOK 1 539.0 million NOK 58.8 million 3.8% 176% +14% vs. Q1 2024 +32% vs. Q1 2024 +0.5 p.p. vs. Q1 2024 • Increased aggregate activity level and Revenue (pro forma)
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: Proposed dividend policy
FOCUS Proposed dividend policy Highlights • The Board of Directors of Endúr has proposed the following dividend policy for advisory consideration at the Company’s Annual General Meeting on 20 May 2025. • Endúr aims to create long-term value for its shareholders through a balanced and flexible approa
Slide 6: Business segments
endur. Business segments
Slide 7: Aquaculture: Solid revenue coverage through Salmon Evolution phase 2 and Sævareid
AQUACULTURE SOLUTIONS Aquaculture: Solid revenue coverage through Salmon Evolution phase 2 and Sævareid REVENUE EBITA EBITA MARGIN -24% vs. Q1 2024 +51% vs. Q1 2024 +3.0 p.p. vs. Q1 2024 • VAQs finalization of two intensive build- Revenue (pro forma)* EBITA & EBITA margin (pro forma)* out projects c
Slide 8: Infrastructure: Strong revenue and backlog growth, with upheld margin
INFRASTRUCTURE Infrastructure: Strong revenue and backlog growth, with upheld margin REVENUE EBITA EBITA MARGIN +24% vs. Q1 2024 +27% vs. Q1 2024 +0.1 p.p. vs. Q1 2024 EBITA & EBITA margin (pro forma)* • Strong revenue growth from both Revenue (pro forma)* existing and acquired companies 1700 120 10
Slide 9: Other: Continued positive performance from Endúr Maritime
OTHER Other: Continued positive performance from Endúr Maritime REVENUE – ENDÚR MARITIME EBITA – ENDÚR MARITIME EBITA MARGIN – ENDÚR MARITIME +0% vs. Q1 2024 +68% vs. Q1 2024 +2.9 p.p. vs. Q1 2024 Endúr Maritime Endúr Maritime Revenue EBITA & EBITA margin 71,5 68,4 • 65,9 65,4 7,5 80 Positive financ
Slide 10: Financials
endur. Financials
Slide 11: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q1 2025 Q1 2024 YTD 2025 YTD 2024 FY 2024 • Financial statements with actual Actuals Actuals Actuals Actuals Actuals figures • Consolidates the VAQ and Operating revenue 860,4 571,4 860,4 571,4 2 766,9 Totalbetong acquisitions from 17 Other revenue January an
Slide 12: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q1 2025 Q4 2024 Amounts in MNOK Q1 2025 Q4 2024 • Financial statements with actual figures Actuals Actuals Actuals Actuals • Intangible assets and goodwill from the VAQ and Totalbetong acquisitions has been ASSETS EQUITY AND LIABILITES recognized with NOK 123
Slide 13: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q1 2025 Q1 2024 YTD 2025 YTD 2024 FY 2024 Actuals Actuals Actuals Actuals Actuals • Financial statements with actual Profit/loss for the period -11,7 -6,3 -11,7 -6,3 43,5 figures Adjustments for non-cash items 49,2 44,1 49,2 44,1 223,4 • Cash flow from operations
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 • Seasonally small increase in NWC ex M&A (from existing 200 700 1 1/5 companies) after the Christmas 2 195 holiday and production ramp-up 133 142 662 100 124 639
Slide 15: Outlook & summary
endur. Outlook & summary
Slide 16: 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 • Tender season with many outstanding bids and high tender activity • New Norwegian National Transport Plan for 2025-2036 favors rehabilitation, smalle
Slide 17: Summary: Improved performance according to all key metrics
SUMMARY Improved performance according to all key metrics Pro forma revenue and EBITA of NOK 1 539 million (Q1 2024: 1 353 million) and NOK 59 million (Q1 2024: 44 million), yielding a margin of ~4% (Q1 2024: ~3%) Successfully completed M&A, bank refinancing / acquisition financing and private place
Slide 18: Q&A
endur. Q&A
Slide 19: endur.
endur.
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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Revenue 42,9 46,7 73,6 96,1 100,4 49,0 57,2 52,8 59,2 65,2 EBITDA -0,5 -1,7 -
Slide 23: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Actuals Actuals Actuals Actuals Actuals Continued operations Operating revenue 571,4 682,1 742,5 770,9 860,4 Other revenue 4,4 9,7 2,0 4,5 2,7 Revenue 575,8 691,8 744,4 775,4 863,1 Cost of sales 259,4 342,4 345,
Slide 24: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Amounts in MNOK Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Intangible assets and goodwill 1 365 1 356 1 3
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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities 70,1 83,2 100,0 240,5 253,5 Cash flow from investing activities -23,3 -11,2 -26,3 -20,9 -271,8 Cash flow
Slide 26: endur.
endur.