13 May 2026 – Endúr ASA (Endúr) delivered continued growth in both revenues and operating results in the first quarter of 2026. Revenue was NOK 1,744.7 million, up 13 percent pro forma versus last year’s first quarter (Q1 2025: 1,539.0). EBITA increased 37 percent to NOK 80.5 million (58.8), equivalent to a margin of 4.6 percent (3.8).
“2026 has started well for Endúr, with improved results across all Infrastructure entities, complemented by sustained contributions from Aquaculture Solutions. We are also pleased to continue delivering on our M&A strategy, while maintaining strong liquidity and financial flexibility,” says Jeppe Raaholt, CEO of Endúr.
Cash flow from operating activities was NOK -59 million in the first quarter, reflecting seasonally expected increases in net working capital following the significant reduction in capital tie-up in Q4 2025. Endúr’s cash balance was NOK 1,015 million at quarter-end, while total available liquidity amounted to NOK 1,565 million including the expanded overdraft facility.
The group’s order backlog stood at NOK 7,685 million at the end of March 2026, providing revenue coverage of NOK 4.3 billion for the remainder of 2026. In addition, the group continues to benefit from substantial recurring and framework-based revenues not fully reflected in backlog figures.
BUSINESS SEGMENT UPDATE
Infrastructure revenue was NOK 1,422.6 million in the first quarter (1,299.7). EBITA increased to NOK 77.5 million (53.3), corresponding to an EBITA margin of 5.4 percent (4.1). The improvement reflects solid operational performance across all entities, supported by higher activity levels, improved project execution and continued operational efficiencies.
During the quarter, three Infrastructure acquisitions were completed, including Tronfjell Maskin, Gann Tre and Kragerø Sjøtjenester, in addition to the announced acquisition of Engelsen Total. Subsequent to the quarter-end, the group also announced agreements to acquire Wimo and Enviro Entreprenør, further strengthening Endúr’s specialist capabilities and geographical footprint. Also subsequent to the quarter-end, Totalbetong was awarded the NOK 1.25 billion Trivium project in Stavanger, strengthening the segment’s backlog and market position.
Revenue in the Aquaculture Solutions segment was NOK 277.3 million (178.3). EBITA was NOK 11.2 million (10.7), corresponding to an EBITA margin of 4.0 percent (6.0). The segment continued to benefit from ongoing activity related to Salmon Evolution phase 2 and the Sævareid project, combined with stable profitability from feed barge production.
Subsequent to the quarter-end, Artec Aqua VAQ was appointed as turnkey supplier for the Salfjord project, subject to final investment decision, representing a strategically important opportunity for future engineering and construction activities.
OUTLOOK
Endúr continues to experience high tender activity and a large volume of outstanding bids across its core markets. The group maintains solid backlog coverage, further strengthened by subsequent contract awards and announced acquisitions.
Future activity within Infrastructure is supported by the Norwegian National Transport Plan for 2025–2036, which prioritises rehabilitation, smaller infrastructure projects and aquaculture-related investments. Increased defence spending, favourable market conditions within selected construction markets and the general maintenance gap on critical infrastructure are also expected to support long-term demand.
Within Aquaculture Solutions, the long-term market outlook remains positive, supported by expected continued growth in land-based aquaculture investments. Ongoing projects and a healthy pipeline of potential contracts within brood-stock, smolt and grow-out facilities provide a solid basis for future activity.
Endúr will continue to focus on profitable growth through operational improvements, organic investments and targeted M&A activities, supported by a strong liquidity position and financial flexibility.
PRESENTATION AT 08:00 TODAY
Endúr ASA invites investors, analysts and media to a live webcast presentation of the company’s first quarter 2026 financial results at 08:00 today.
The webcast presentation can be viewed from the following URL:
https://teams.microsoft.com/meet/352034304215068?p=tVA8EsXzRomAregEPU
Questions can be submitted during the live webcast.
The presentation material and first quarter 2026 report 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
