26 February 2026 – Endúr ASA (Endúr) delivered quarterly revenue above NOK 2 billion and an all-time high EBITA in the fourth quarter of 2025. Revenue was NOK 2,024.6 million, up 22 percent versus last year’s fourth quarter (Q4 2024: 1,662.6). EBITA increased 51 percent to NOK 137.1 million (91.0), equivalent to a margin of 6.8 percent (5.5).
“Quarterly revenue surpassed NOK 2 billion for the first time and we delivered a new all-time high EBITA. Both Infrastructure and Aquaculture contributed to growth in revenues and results. We are pleased to end the year with strong momentum and solid backlog coverage for 2026,” says Jeppe Raaholt, CEO of Endúr.
For the full-year 2025, pro-forma revenue was NOK 7,079.5 million (5,983.3) and pro-forma EBITA NOK 429.1 million (314.8), corresponding to an EBITA margin of 6.1 percent (5.3).
The group’s order backlog stood at a solid level at year-end, further enhanced by subsequent awards and completed acquisitions.
Cash flow from operating activities was NOK 540.6 million in the fourth quarter. Endúr’s cash balance was NOK 1,280 million, and the group reported net financial assets of NOK 110 million as of 31 December 2025. The Board proposes a dividend of NOK 0.8 per share for 2025.
BUSINESS SEGMENT UPDATE
Infrastructure revenue was NOK 1,613.9 million, up 17 percent pro forma from NOK 1,378.6 million in last year’s fourth quarter. EBITA increased 31 percent pro forma to NOK 142.9 million (108.7), corresponding to an EBITA margin of 8.9 percent (7.9). The improvement was driven by solid performance across the board. In addition, the segment reported a healthy backlog coverage into 2026.
Revenue in the Aquaculture Solutions segment was NOK 351.5 million (pro forma 219.1). The segment reported an EBITA of NOK 17.8 million, compared to a negative EBITA of pro forma NOK -5.3 million in the fourth quarter of 2024. The Aquaculture Solutions segment’s EBITA margin was 5.1 percent (-2.4). The improvement reflects continued activity on Salmon Evolution phase 2 and continued increases in profitability from Endúr Sjøsterk.
In the business segment “Other”, Endúr Maritime delivered revenue of NOK 60.5 million (66.5) and EBITA of negative NOK 0.6 million (7.5), equivalent to an EBITA margin of -1.0 percent (11.3).
OUTLOOK
Endúr is experiencing high tender activity and has a solid backlog coverage for 2026, further strengthened by subsequent awards and announced acquisitions.
Future activity level in the Infrastructure segment is supported by the Norwegian National Transport Plan for 2025-2036 which favours rehabilitation, smaller projects and aquaculture. The ratification of major infrastructure projects in Sweden as well as increased defence budgets and favourable local market for real estate construction also back Endúr’s growth opportunities. As does a general maintenance gap on critical infrastructure.
Within Aquaculture Solutions, investments in land-based fish-farming facilities are expected to drive significant long-term growth. The segment continues to work on clarifications of several new potential projects across brood-stock, smolt and grow-out facilities.
Endúr will continue to enhance growth through organic development of its service offering and workforce, as well as through targeted M&A activities.
PRESENTATION AT 08:00 TODAY
Endúr ASA invites investors, analysts and media to a live webcast presentation of the company’s fourth quarter 2025 financial results at 08:00 today.
The webcast presentation can be viewed from the following URL:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZDM2NTg5YjUtNTFlNS00MjM5LThjYzAtNjU4ZGIwODkwNjYw%40thread.v2/0?context=%7b%22Tid%22%3a%22d02701f9-3b23-4b3f-8fce-29ed54632bf8%22%2c%22Oid%22%3a%2249eee719-db83-4ef4-aca0-334090732543%22%7d
The recorded presentation is available here
Questions can be submitted during the live webcast.
The presentation material can be found here: Financial reports
For further information, please contact:
Media
Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759
Investors
Einar Olsen, CFO of Endúr, tel: +47 924 01 787
