Endur AsaOSL: ENDUR

Third Quarter 2025 - Presentation

· MarketScreener


‌Endúr ASA

Q3 2025 financial results

13 November 2025



‌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 and summary

    Appendix

  • Operating results per company

  • Historical financial statements

Jeppe Raaholt (CEO), +47 976 69 759, jr@endurasa.no

Einar Olsen (CFO), +47 924 01 787, eo@endurasa.no

2





‌CONSOLIDATED KEY FIGURES AND HIGHLIGHTS

Highest ever EBITA in both absolute and relative terms

REVENUE

NOK 1 841.6 million

+26% vs. Q3 2024

EBITA

NOK 132.0 million

+36% vs. Q3 2024

EBITA MARGIN

7.2%

+0.5 p.p. vs. Q3 2024

CASH FLOW FROM OPERATIONS

NOK 139.0 million

  • Highest ever reported revenue and EBITA

  • Revenues, results and margin improving, as expected

  • Growth in results largely driven by infrastructure activities, but improved results also from aquaculture activities

  • Cash flow from operations of NOK 139 million, even after seasonal NWC increase from ramped-up infrastructure activities and a partial reversal of negative NWC consolidated from M&A

  • Backlog of NOK 8.8 billion, providing revenue coverage for FY 2026 of NOK 4.3 billion

  • Order intake of NOK 1.1 billion includes the NOK 394 million Østre Brygge project (Repstad) and a variety of medium-sized and unannounced Infrastructure awards

  • Looking to enhance growth, organically

    and through targeted M&A

    Revenue (pro forma)*

    1 456,6

    1 662,6

    1 539,0

    1 690,7

    1 841,6

    Q3'24

    Q4'24

    Q1'25

    Q2'25

    Q3'25

    Cash flow from operations (actuals)

    100,0

    105,6

    139,0

    240,5 253,5

    1 076

    3 564

    EBITA & EBITA margin (pro forma)*

    91,0

    101,2

    58,8

    3,8 %

    Q4'24

    Q1'25

    Q2'25

    Q3'25

    Q3'24

    5,5 %

    6,0 %

    7,2 %

    132,0

    6,7 %

    97,1

    Backlog (actuals) & order intake (actuals)

    3 298

    352

    9 320

    1 426

    9 251

    1 396

    8 833

    1 108

    FY'28+: 1 022

    FY'27: 1 959

    FY'26: 4 347

    Q4'25: 1 505

  • Continuation of share buy-back program announced on 17 October (subsequent event)

    Q3'24 Q4'24 Q1'25 Q2'25 Q3'25

    Q3'24 Q4'24 Q1'25 Q2'25 Q3'25



    ‌GROUP STRUCTURE AND STRATEGY

    Growth case and specialist contractor within Aquaculture Solutions and Infrastructure

    Endúr ASA

    • Listed on Oslo Stock Exchange

    • Group management functions; financing, M&A and strategic initiatives

Endúr Maritime

  • Technical ship maintenance: inspections, service, repairs, upgrades and modifications

  • Framework contracts with the

Norwegian Defense and Equinor

Other

BMO, Marcon, Repstad, Total Betong, HAB & Igang

  • Projects throughout Scandinavia

  • Rehabilitation of concrete and steel infrastructure: bridges, quays, dams and railway constructions

  • Marine construction activities: quays, piers, seabed piping, sea lines, dredging, diving and renewable energy

  • Groundworks and transportation

  • Construction of new infrastructure, real estate and aquaculture facilities

  • Large share of public end-customers

Infrastructure

Artec Aqua, VAQ & Endúr Sjøsterk

  • Leading turnkey supplier for onshore aquaculture facilities

  • Post-smolt, brood stock, grow-out and other species

  • Hybrid, flowthrough and RAS

  • Superior water quality and fish health

  • Production of concrete feed barges for offshore aquaculture

Aquaculture Solutions

  • Leading full-service provider for Aquaculture Solutions and Infrastructure in Norway and Sweden, servicing both public and private sector

  • Substantial growth predicted in both core markets

  • Significant niche player and specialist contractor in highly fragmented market segments, exposed to strong sustainability-driven megatrends

  • Growth to be achieved both organically and through complementary and accretive M&A

  • Shareholder value to be created through profitable project pricing and execution, strong risk management and capital market flexibility



    ‌Business segments



    ‌AQUACULTURE SOLUTIONS

    Aquaculture: Improved segment contribution, still medium-term gap to fill

    REVENUE

    +63% vs. Q3 2024

EBITA

+18.8 million vs. Q3 2024

EBITA MARGIN

+7.4 p.p. vs. Q3 2024

  • Increasing revenues and results from Salmon Evolution phase 2 (hybrid technology), but no RAS projects currently under production

  • No significant exposure to the Gaia

    Revenue (pro forma)*

    EBITA & EBITA margin (pro forma)*

    10,7

    6,4

    5,2 %

    6,0 %

    2,7 %

    -2,2 %

    Q3'24

    -2,4 %

    Q4'24

    Q1'25

    Q2'25

    Q3'25

    -3,9

    -5,3

    14,9

    Salmon bankruptcy

    production, as expected

    Q3'24

    revenues and results over the coming

    quarters, but still dependent on

    • Solid quarterly results from feed barge

    • Segment expected to deliver improved

    286,5

    219,1

    238,4

    175,3

    178,3

    Q4'24

    Q1'25

    Q2'25

    Q3'25

    increased utilization of engineering

    capacity in order to capitalize on

    organizational investments

  • Awaiting clarification on several new projects (brood-stock, grow-out and smolt for both hybrid and RAS)

  • Merger process between Artec Aqua and VAQ initiated and expected to be

    Revenue split quarter

    2%

    16%

    82%

    Aquaculture Solutions

    Infrastructure

    Other

    1 312

    155

    Backlog (actuals) & order intake

    1 603

    1 173

    15

    1 420

    671

    1 210

    FY'27: 335

    65

    FY'26: 637 Q4'25:238

    58

    completed by year-end

    Q3'24 Q4'24 Q1'25 Q2'25 Q3'25



    ‌INFRASTRUCTURE

    Infrastructure: Strong growth in revenues and results, attractive outlook

    REVENUE

    +25% vs. Q3 2024

EBITA

+19% vs. Q3 2024

EBITA MARGIN

-0.3 p.p. vs. Q3 2024

  • Substantial revenue growth across the board for Norwegian operations

  • Growth in revenues and results spearheaded by BMO, Repstad and HAB

  • Slight improvement in result from Swedish operations (expected to continue into the next quarter), but still below long-term ambitions

  • Backlog upheld after a solid NOK 1.0 billion in order intake, including the NOK 394 million Østre Brygge project (Repstad) and a variety of medium-sized and unannounced awards

  • Breadth in order intake underlines segment companies' competitiveness and versatility

  • Establishment of Nova Water Solutions announced on 16 October (subsequent event)

    Revenue (pro forma)*

    2%

    16%

    82%

    1 213,0

    1 378,6

    1 299,7

    1 394,6

    1 511,2

    Q3'24

    Q4'24

    Q1'25

    Q2'25

    Q3'25

    Revenue split quarter

    Aquaculture Solutions

    Infrastructure

    Other

    817

    2 068

    EBITA & EBITA margin (pro forma)*

    108,7

    100,6

    53,3

    4,1 %

    Q4'24

    Q1'25

    Q2'25

    Q3'25

    Q3'24

    7,2 %

    7,9 %

    8,6 %

    129,4

    8,9 %

    108,5

    7 752

    1 320

    7 608

    751

    Backlog (actuals) & order intake

    327

    1 976

    7 508

    FY'28+: 982

    1 018

    FY'27: 1 604

    FY'26: 3 685

    Q4'25: 1 237

  • Cristina Oscarsson announced as new Managing Director in Sweden on 27 October (subsequent event)

    Q3'24 Q4'24 Q1'25 Q2'25 Q3'25



    ‌OTHER

    Other: Lower than expected contribution from Endúr Maritime

    REVENUE - ENDÚR MARITIME

    -34% vs. Q3 2024

EBITA - ENDÚR MARITIME

-2.0 million vs. Q3 2024

EBITA MARGIN - ENDÚR MARITIME

-2.9 p.p. vs. Q3 2024

Endúr Maritime

  • Revenues and results below par, but expected to improve towards year-end

  • Preparing for bid on new contract for The Norwegian Defense (No: "Avlastningsavtalen")

    Endúr ASA

  • Ongoing focus on delivering cost effective group services, but expense level will vary with different activities in the parent company

  • Final calculation of Repstad earn-out (NOK 60 million provision, capped at NOK 100 million) may affect annual result

    Revenue

    68,4



    65,4

    63,6



    59,6



    45,2

    67,2



    66,5



    65,5

    58,9

    44,4

    Q3'24

    Q4'24

    Q1'25

    Q2'25

    Q3'25

    Endúr Maritime
    Endúr ASA
    Total

    2%

    16%

    82%

    Revenue split quarter

    Aquaculture Solutions

    Infrastructure

    Other

    Endúr Maritime

    EBITA & EBITA margin

    7,5

    11,3 %

    4,7

    7,2 %

    2,1

    3,1 %

    4,1 %

    2,4

    0,1

    0,2 %

    Q3'24

    Q4'24

    Q1'25

    Q2'25

    Q3'25

    Endúr ASA

    EBITA

    - 10,3

- 12,4

- 19,5

- 9,9

- 8,1

Q3'24 Q4'24 Q1'25 Q2'25 Q3'25



‌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. Offers access to new services and markets and may be complementary to existing businesses. Always strategically grounded with existing businesses and owners.

Selection criteria (non-negotiables)

  • Infrastructure, services/projects (rather than production and commodities) - steadily growing, non-cyclical, demand

  • Niche profile, organizational culture, known and manageable risk

  • Meaningful size, robust organization, capable on stand-alone basis

  • Track record of profitability and operational excellence (industry-leading margins, capital efficient, growth prospects)

  • Financially accretive

    Ownership

    strategy

  • Targeting successful businesses, rather than turn-around cases

  • Strong and long-term incentive structures for sellers and key personnel (seller's credits, earn-outs, consideration shares, lock-ups, bonuses, share options, etc)

  • Decentralized structures with locally founded management and operations

  • Maintaining brand names and unique features

  • Collaboration between entities to be facilitated for, not forced

  • Flexible reporting on key focus areas (project margins, PoC, risks/opportunities, billing/collection, cash conversion, portfolio projections)

Why sell to Endúr?

  • On the "front foot" compared to other industrial buyers

  • "Project people" compared to financial buyers

  • Non-bureaucratic processes and decision-making

  • Financial muscles and public listing

  • Post transaction track-record of sustained growth, increased profitability and significant repricing

Bolt-on acquisitions

Smaller transactions where the target company is 100% absorbed under the management of existing and larger subsidiaries. Offers access to complementary services, certain geographical areas and/or increased capacity (typically "bottleneck" removals).



‌Financials



‌FINANCIALS

Profit & loss

Amounts in MNOK

Q3 2025

Actuals

Q3 2024

Actuals

YTD 2025

Actuals

YTD 2024

Actuals

FY 2024

Actuals

Operating revenue

1 841,3

742,5

4 384,7

1 996,0

2 766,9

Other revenue

0,3

2,0

10,7

16,0

20,5

Revenue

1 841,6

744,4

4 395,4

2 012,0

2 787,4

Cost of sales

1 190,1

345,8

2 754,4

947,5

1 353,2

Payroll expenses

265,9

179,8

782,7

527,9

726,8

Other operating expenses

185,0

111,0

412,4

269,9

339,1

EBITDA

200,6

107,8

446,0

266,7

368,2

Depreciation

68,6

51,7

178,5

135,2

178,8

Impairment

0,0

0,4

0,0

0,4

0,4

EBITA

132,0

55,6

267,5

131,0

189,1

Amortization PPA

22,3

10,8

56,8

31,9

42,4

Operating profit/loss (EBIT)

109,7

44,8

210,7

99,1

146,7

Financial income

3,9

2,2

7,8

4,3

5,7

Financial expenses

31,9

33,0

97,8

75,6

97,2

Profit/loss before tax (EBT)

81,7

14,1

120,7

27,9

55,1

Income tax expense

17,2

3,0

25,3

4,9

11,6

Profit/loss after tax (EAT)

64,5

11,1

95,4

23,0

43,5

Profit/loss attributable to majority

63,9

11,1

94,6

23,0

43,4

Profit/loss attributable to minority

0,7

0,0

0,8

0,0

0,1

Pro forma EBITA*

132,0

97,1

292,0

224,0

314,8

Margin

7,2 %

6,7 %

5,8 %

5,2 %

5,3 %

  • Financial statements with actual figures

  • Consolidates the VAQ and Totalbetong acquisitions from 17 January and 18 March, respectively

  • Pro forma revenue growth of 26% vs. last year (YTD: 17%)

  • Quarterly EBITA and EBIT of NOK

132.0 million (7.2%) and NOK 109.7 million, respectively

  • Income statement impacted negatively by PPA amortizations and depreciation well exceeding actual capex and repayment of leasing liabilities, which will also be the case going forward

  • Net financial expense in the quarter of NOK ~28 million includes; leasing interest expense of NOK ~10 million and expensed term loan interests of NOK ~17 million

  • Year-to-date financial expense impacted by a NOK ~11 million write-down of previously capitalized fees for bank loans that were refinanced in the first quarter



‌FINANCIALS

Balance sheet

Amounts in MNOK

Q3 2025

Actuals

Q2 2025

Actuals

ASSETS

Intangible assets and goodwill

2 764

2 771

Property, plant and equipment

440

458

Right-of-use assets

465

494

Financial assets

12

12

Other non-current assets

28

41

Non-current assets

3 709

3 776

Inventories

78

76

Contract assets

177

179

Trade and other receivables

1 291

1 319

Cash and cash equivalents

876

866

Current assets

2 422

2 440

Total assets

6 131

6 216

Amounts in MNOK

Q3 2025

Actuals

Q2 2025

Actuals

EQUITY AND LIABILITES

Share capital

25

25

Treasury shares

-0

-0

Share premium

2 136

2 141

Other paid-in capital

6

8

Other reserves

26

26

Retained earnings

112

55

Minority interest

3

2

Total equity

2 307

2 257

Deferred tax liability

198

182

Loans and borrowings

1 081

1 114

Lease liabilities

338

357

Other non-current liabilities

60

60

Non-current liabilities

1 677

1 713

Lease liabilities

145

153

Trade and other payables

827

925

Tax payable

12

16

Contract liabilities

395

495

Other current liabilities

768

657

Current liabilities

2 147

2 246

Total liabilities

3 824

3 959

Total equity and liabilities

6 131

6 216

  • Financial statements with actual figures

  • Cash at bank of NOK 876 million and non-utilized overdraft facility of NOK 250 million gives NOK 1 126 million in total available liquidity

  • Liquidity position must be seen in relation to; low (negative) tie-up in NWC (especially from the Totalbetong acquisitions), large intra-quarterly changes in NWC, upcoming final settlement to the sellers of Repstad (Q2 2026), etc.

  • Robust balance sheet supports future investments, dividend distributions and share buy-backs

  • Net increase in trade and other receivables, trade and other payables, contract liabilities and other current liabilities of NOK 59 million

  • Long-term loans and borrowings consist of NOK ~975 million bank loans, NOK 50 million Repstad seller's credit and NOK 29 million consolidated from Repstad* (adjusted for loan fees, revaluation, accrued interests and smaller equipment loans)

  • Other non-current liabilities includes provision related to Repstad earn-out (final calculation to be made by year-end)



‌FINANCIALS

Cash flow

Amounts in MNOK

Q3 2025

Actuals

Q3 2024

Actuals

YTD 2025

Actuals

YTD 2024

Actuals

FY 2024

Actuals

Profit/loss for the period

64,5

11,1

95,4

23,0

43,5

Adjustments for non-cash items

106,3

62,5

251,9

160,5

223,4

Adjustments for non-operating items

28,0

30,8

90,0

71,3

91,5

Changes in current operating assets and liabilities

-59,8

-4,4

60,9

-1,5

135,2

Cash flow from operating activities

139,0

100,0

498,1

253,2

493,6

Investment in property, plant and equipment

-10,1

-13,0

-44,0

-41,6

-58,3

Proceeds from sale of property, plant and equipment

6,8

2,7

15,4

17,0

15,1

Net outflow from non-current receivables

0,4

2,5

1,1

-6,4

-7,0

Investment in shares

0,0

0,0

0,0

-11,3

-11,3

Business combinations, net cash

-3,5

-18,5

-278,6

-18,5

-20,2

Cash flow from investing activities

-6,4

-26,3

-306,1

-60,8

-81,7

Proceeds from capital increases

-5,6

-1,5

364,6

2,0

2,5

Proceeds from loans and borrowings

-1,8

0,0

1 002,1

0,0

0,0

Share buy-back, net

-11,1

6,0

-17,8

-6,4

-11,4

Payment of interests

-29,8

-22,2

-62,0

-62,6

-88,0

Repayment of lease liabilities

-45,0

-30,3

-111,1

-71,7

-96,8

Repayment of borrowings

-25,4

-26,5

-681,4

-85,7

-119,6

Cash flow from financing activities

-118,7

-74,4

494,4

-223,9

-313,4

Currency translation effects

-4,2

-1,8

-3,3

-2,9

-9,4

Net cash flow

9,8

-2,5

683,1

-34,3

89,2

  • Financial statements with actual figures

  • Quarterly cash flow from operations affected by NOK 60 million increase in net current operating assets and liabilities

  • Capex and leasing repayments significantly below quarterly depreciation and amortization charges, which will also be the case going forward

  • Quarterly expenditures from business combinations, capital increases and loan proceeds reflect adjustments and reclassifications of provisions for transactions costs related to M&A and corresponding financing activities carried out in H1 2025

  • Quarterly payment of interests includes leasing interests, cash pool interests and first term loan interests

  • First term loan installments of NOK 25 million reflected in cash flow from financing activities



‌FINANCIALS

  • Large negative NWC consolidated from M&A, especially the Totalbetong acquisitions in Q1 2025 (credit terms, customer prepayments, etc.)

  • Net increase in NWC of NOK 60 million driven by seasonal increase from ramped-up infrastructure activities and a partial reversal of negative NWC consolidated from HAB in Q1 2025

  • NWC still expected to increase over time, as supported by the negative price adjustment utilized in the Totalbetong acquisitions

  • Calculated NIBD of NOK 205 million does not include NOK 60 million provision for Repstad earn-out

Net working capital (NWC) and net interest-bearing debt (NIBD)

NWC

NIBD excl. leasing liabilities

Equity & Equity ratio

9

Q3'24 Q4'24

-443

Q3'25

-503

Q2'25

-562

Q1'25

142

467

277

248

205

633

2000

1500

1000

500

0

Q3'24 Q4'24 Q1'25 Q2'25 Q3'25

40,4 %

1 234

39,6 %

1 221

36,9 %

2 195

36,3 %

2 256

37,6 %

2 307

Q3'24 Q4'24 Q1'25 Q2'25 Q3'25



‌Outlook & summary



‌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 Plan for 2025-2036 favors rehabilitation, smaller projects and aquaculture

  • Major infrastructure projects ratified in Sweden

  • Increased budgets for spending on defence and favorable local market for real estate construction

  • General maintenance gap on critical infrastructure

  • Exponential growth expected from investments in land-based fish-

    farming facilities, but still medium-term gap to fill

  • Continuously looking to enhance growth through organic investments in service offering and work force, as well as targeted M&A

All amounts in NOK million.

Group

Business segments
Financials
Outlook
Appendix 16

‌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 driven by infrastructure activities, but improved results also from aquaculture activities

Robust balance sheet, supporting future investments,

dividend distributions and share buy-backs



Seasonally strong book-to-bill and attractive exposure to diverse infrastructure investments and growth opportunities

Group

Business segments
Financials
Outlook
Appendix 17





‌Q&A

‌







‌Appendix

‌Alternative performance measures

Basis for preparation

Alternative performance measures (cont.)

This presentation provides financial highlights for the quarter. The financial information in this presentation is not reported according to the requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited. For IAS 34 compliant financial accounts, please confer the 2021 Annual Report.

The same measurement principles as presented in the 2021 Annual Report have been used preparing this presentation.

The interim financial information has not been subject to audit or review.

Alternative performance measures

Endúr ASA presents alternative performance measures as a supplement to measures regulated by IFRS. The alternative performance measures are presented to provide better insight and understanding of operations, financial position and the basis for future developments.

The definitions of these measures are as follows:

EBITDA - Profit/loss before i) tax, ii) net finance cost, iii) depreciation, amortization and



impairment.

EBITA - Profit/loss before i) tax, ii) net finance cost, iii) amortization.

EBIT - Profit/loss before i) tax, ii) net finance cost. Corresponds to "Operating profit/loss" in the consolidated income statement.

Net interest-bearing debt (NIBD) - Includes loans and borrowings, other interest-bearing debt and leasing liabilities, net of cash.

NIBD excl. leasing - Corresponds to NIBD, but leasing liabilities not being included.

Net working capital (NWC) - Net of inventories, trade and other receivables, contract assets, trade and other payables, contract liabilities and other short term liabilities

Equity ratio - Total equity divided by total assets.

Order backlog - Remaining value from signed contracts, including estimated future call-offs of contractual framework agreements and other time-limited agreements.

Book-to-bill - The sum of reported order intake and revenue not flowing through the

quarterly backlog, divided by quarterly revenue.



‌APPENDIX

Group

Business segm

ents Finan

cials Outloo

k 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

4,6

6,9

11,2

9,5

9,3

11,1

5,6

8,7

EBITA

-8,0

3,6

3,2

5,4

9,8

6,1

7,5

9,2

3,7

7,1

Margin

-10,9 %

3,7 %

3,2 %

3,2 %

4,7 %

11,6 %

12,7 %

14,1 %

6,2 %

10,2 %

B

MO Entreprenør w/

rastructure)

Marcon w/ sub

sidiaries (Infrastru

Amounts in MNOK

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Revenue

218,8

169,4

137,3

189,7

298,4

175,9

174,7

138,5

126,6

119,1

EBITDA

36,3

30,7

20,2

26,2

44,7

41,6

21,6

7,0

13,2

16,2

EBITA

28,4

23,9

12,7

18,5

36,5

21,7

9,4

-7,9

-1,8

1,3

Margin

13,0 %

14,1 %

9,2 %

9,8 %

12,2 %

12,3 %

5,4 %

-5,7 %

-1,4 %

1,1 %

Repstad w/ subs

idiaries (Infrastru

Endúr

Maritime (Other)

Amounts in MNOK

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Revenue

162,8

210,8

235,3

282,4

300,1

67,2

66,5

65,5

58,9

44,5

EBITDA

31,9

41,4

34,7

49,3

56,2

5,6

10,0

7,2

4,9

2,6

EBITA

15,6

25,7

19,0

32,0

38,1

2,1

7,5

4,7

2,4

0,1

Margin

9,6 %

12,2 %

8,1 %

11,3 %

12,7 %

3,1 %

11,3 %

7,2 %

4,1 %

0,2 %

Total Beton

)

HAB + Prop

re)

Amounts in MNOK

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Revenue

384,8

468,5

468,3

462,8

433,4

228,0

261,4

244,1

264,8

303,0

EBITDA

43,3

42,1

28,4

41,2

45,2

8,8

10,8

10,2

23,5

23,4

EBITA

37,4

36,2

22,1

32,2

34,7

4,1

6,1

3,7

16,2

14,3

Margin

9,7 %

7,7 %

4,7 %

7,0 %

8,0 %

1,8 %

2,3 %

1,5 %

6,1 %

4,7 %

Igang

(Infrastructure)

VAQ + VAQ Aps

(Aquaculture Sol

utions)

Amounts in MNOK

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Revenue

64,6

107,9

92,0

81,1

65,4

48,9

63,8

13,4

9,3

11,2

EBITDA

EBITA

2,6

2,2

7,7

7,3

4,1

3,8

3,8

3,5

4,9

4,5

-1,4

-2,2

-15,9

-16,7

-1,2

-1,9

-2,0

-3,0

-1,0

-2,0

Margin

3,3 %

6,7 %

4,1 %

4,3 %

6,9 %

-4,6 %

-26,2 %

-14,2 %

-32,3 %

-17,9 %



‌APPENDIX

Quarterly profit & loss

Amounts in MNOK

Q3 2024

Actuals

Q4 2024

Actuals

Q1 2025

Actuals

Q2 2025

Actuals

Q3 2025

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

1 190,1

Payroll expenses

179,8

198,9

232,1

284,7

265,9

Other operating expenses

111,0

69,2

78,8

148,6

185,0

EBITDA

107,8

101,5

79,9

165,5

200,6

Depreciation

51,7

43,6

45,6

64,2

68,6

Impairment

0,4

0,0

0,0

0,0

0,0

EBITA

55,6

57,9

34,3

101,2

132,0

Amortization PPA

10,8

10,4

12,1

22,3

22,3

Operating profit/loss (EBIT)

44,8

47,5

22,2

78,9

109,7

Financial income

2,2

1,4

3,1

0,8

3,9

Financial expenses

33,0

21,6

40,0

25,9

31,9

Profit/loss before tax (EBT)

14,1

27,3

-14,8

53,8

81,7

Income tax expense

3,0

6,8

-3,1

11,3

17,2

Profit/loss after tax (EAT)

11,1

20,5

-11,7

42,5

64,5

Profit/loss attributable to majority

11,1

20,4

-11,8

42,4

63,9

Profit/loss attributable to minority

0,0

0,1

0,1

0,1

0,7



‌APPENDIX

Quarterly balance sheet

Amounts in MNOK

Q3 2024

Actuals

Q4 2024

Actuals

Q1 2025

Actuals

Q2 2025

Actuals

Q3 2025

Actuals

ASSETS

Intangible assets and goodwill

1 351

1 353

2 789

2 771

2 764

Property, plant and equipment

452

443

457

458

440

Right-of-use assets

296

316

464

494

465

Financial assets

12

12

12

12

12

Other non-current assets

27

28

32

41

28

Non-current assets

2 139

2 152

3 754

3 776

3 709

Inventories

51

56

60

76

78

Contract assets

148

158

194

179

177

Trade and other receivables

676

498

1 023

1 319

1 291

Cash and cash equivalents

69

192

910

866

876

Current assets

944

904

2 187

2 440

2 422

Total assets

3 082

3 056

5 941

6 216

6 131

Amounts in MNOK

Q3 2024

Actuals

Q4 2024

Actuals

Q1 2025

Actuals

Q2 2025

Actuals

Q3 2025

Actuals

EQUITY AND LIABILITES

Share capital

18

18

25

25

25

Treasury shares

-0

-0

-0

-0

-0

Share premium

1 163

1 163

2 121

2 141

2 136

Other paid-in capital

6

8

10

8

6

Other reserves

19

15

22

26

26

Retained earnings

15

29

16

55

112

Minority interest

0

2

2

2

3

Total equity

1 221

1 234

2 195

2 257

2 307

Deferred tax liability

71

71

168

182

198

Loans and borrowings

686

659

1 187

1 114

1 081

Lease liabilities

216

230

331

357

338

Other non-current liabilities

53

61

60

60

60

Non-current liabilities

1 026

1 021

1 746

1 713

1 677

Lease liabilities

90

97

146

153

145

Trade and other payables

315

332

765

925

827

Tax payable

12

0

16

16

12

Contract liabilities

102

78

477

495

395

Other current liabilities

316

292

597

657

768

Current liabilities

835

800

2 000

2 246

2 147

Total liabilities

1 861

1 822

3 746

3 959

3 824

Total equity and liabilities

3 082

3 056

5 941

6 216

6 131



‌APPENDIX

Quarterly cash flow and statement of changes in equity

Amounts in MNOK

Q3 2024

Actuals

Q4 2024

Actuals

Q1 2025

Actuals

Q2 2025

Actuals

Q3 2025

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 flow from financing activities

-74,4

-89,4

735,4

-122,4

-118,7

Currency translation effects

-1,8

-6,6

0,5

-0,4

-4,2

Net cash flow

-2,6

123,6

717,6

-44,3

9,8

Amounts in MNOK

Q3 2024

Actuals

Q4 2024

Actuals

Q1 2025

Actuals

Q2 2025

Actuals

Q3 2025

Actuals

Opening balance equity

1 192

1 221

1 234

2 195

2 257

Profit/loss

11

21

-12

43

64

Capital increases

-2

0

965

20

-3

Share buy-back, net

6

-5

-2

-6

-14

Other effects

14

-6

8

1

-3

Share options

0

2

2

4

5

Minority interests

0

2

0

0

1

Closing balance equity

1 221

1 234

2 195

2 257

2 307

‌