Reported and adj. EBITDA improved by 122 percent to NOK 50.8 million (adj. EBITDA of NOK 22.9 million in Q1 2021), while EBIT ended at NOK 17.6 million (NOK ‐38.2 million in Q1 2021). Reported and adj. EBITDA margin improved to 8.3 percent versus adj. EBITDA margin of 5.5 percent in last year’s first quarter. Cash flow from operations ended at NOK 63.6 million in the first quarter 2022.
“It was a strong first quarter and all subsidiaries contributed positively to the significantly improved results. We are particularly pleased to see that the positive development from the second half of last year continues, particularly when considering that the first quarter is always the seasonally lowest activity period for marine infrastructure works due to winterly temperatures, snow and ice,” says Jeppe Raaholt, CEO of Endúr.
STRONG PERFORMANCE IN CORE SEGMENTS Endúr is a leading full‐service provider for Aquaculture Solutions and Marine Infrastructure in Norway and Sweden, servicing both public and private sector. The Aquaculture Solutions segment doubled its revenue to NOK 364.6 million (NOK 177.4 million in Q1 2021) and quadrupled its EBITDA result to NOK 22.3 million (NOK 5.5 million in Q1 2021) compared to the first quarter last year, while the EBITDA margin improved by three percentage points to 6.1 percent. First quarter revenue and results were driven by intensive production at Salmon Evolution BTA and improved results from production of feed barges. The Marine Infrastructure segment continues to deliver industry‐leading margins. The EBITDA margin in this year’s first quarter was 15.7 percent (14.1 in Q1 2021), yielding an EBITDA of NOK 32,2 million (NOK 25,6 million in Q1 2021). Revenues increased by 13 percent versus the corresponding quarter last year. Activity level remains high in both Norway and Sweden.
“The margins in our Marine Infrastructure segment are industry‐leading. The positive development in margins from Aquaculture Solutions is in line with our expectations. Still, we have recently implemented numerous measures to strengthen them further,” says Jeppe Raaholt.
BACKLOG AND OUTLOOK
Endúr had an underlying order intake of NOK 501 million in the first quarter this year. The order backlog was NOK 1,812 million at the end of the first quarter, down from NOK 2,162 million at the beginning of the quarter. The net reduction in backlog during the first quarter was driven by large production on Salmon Evolution BTA and the earlier announced order cancellation in Artec Aqua. The market outlook for both Aquaculture Solutions and Marine Infrastructure remains highly favourable. Marine Infrastructure’s backlog increased substantially in the first quarter. Tender activity remains high as the first half of the year typically comprises the main ‘tender season’ for public procurement of marine infrastructure services.
“The outlook for land‐based fish farming is strong. We have secured several LOIs that we expect will materialize soon. Within Marine Infrastructure we expect the activity level to increase further both in the coming quarters and in the long term as the public sector maintenance lag continues to grow,” adds Jeppe Raaholt.
COMPANY PRESENTATION AT 08:00 CET TODAY Endúr will host live webcast presentation today at 08:00 (CET). Investors, analysts, lenders and media are invited to follow the webcast from the following URL: https://channel.royalcast.com/landingpage/hegnarmedia/20220513_11/
The first quarter 2022 results presentation is enclosed to this announcement. Endúr ASA Q1 22 pres