18 November 2022 – Endúr ASA (Endúr) delivered its highest ever adjusted EBITDA of NOK 67.2 million in the third quarter of 2022, up 3 percent from an equally strong third quarter last year (Q3 2021: NOK 65.5 million). Consolidated revenue ended at NOK 592.6 million, up 4 percent from the same quarter last year (567.7), while profit before tax improved significantly and ended at NOK 10.8 million (-9.2).
“We delivered a solid third quarter and are pleased to deliver improved adjusted EBITDA as well as a black bottom line in both the third quarter and year-to-date. This underlines our extensive efforts to improve all parts of our operational and financial performance,” says Jeppe Raaholt, CEO of Endúr.
Endúr’s order intake in the third quarter was NOK 216 million (173). The group’s backlog stood at NOK 1,509 million at the end of the quarter. The third quarter order intake and backlog figures only include the committed design phase of the NOK ~1.5-1.8 billion contract that Endúr’s subsidiary Artec Aqua signed with Icelandic salmon farmer Geo Salmo in the quarter.
“The tender activity remains high for the group as a whole, so we retain our positive market outlook for both Marine Infrastructure and Aquaculture Solutions,” adds Jeppe Raaholt.
Endúr reported revenues in the third quarter of 2022 of NOK 592.6 million (567.7). Adjusted EBITDA was NOK 67.2 million (65.5), equivalent to a margin of 11.3% (11.5%). Reported EBITDA ended at NOK 65.4 million (65.8). EBIT was NOK 31.3 million (30.0) and profit before tax NOK 10.8 million (- 9.2). At the end of September, Endúr conducted a bond buy-back of NOK 45 million, which further reduces future interest expense.
RECORD EARNINGS IN MARINE INFRASTRUCTURE SEGMENT
Endúr is a leading full-service provider for aquaculture solutions and marine infrastructure in Norway and Sweden, servicing both public and private sector.
The Marine Infrastructure segment delivered revenue of NOK 250.1 million (220.9) in this year’s third quarter. EBITDA was record high at NOK 56.1 million (51.4), equivalent to an EBITDA margin of 22.4% (23.3%).
“We guided in our second quarter presentation that margins in the Marine Infrastructure segment would improve in the second half of the year versus the first, and we are pleased to deliver on this. However, the financial numbers could have been even stronger as revenue and results do not fully reflect actual underlying performance due to less favourable currency conversion for our Swedish operations,” says Jeppe Raaholt.
In the Aquaculture Solutions segment, revenue was NOK 292.8 million (306.6) in this year’s third quarter. EBITDA of NOK 10.7 (20.8), equivalent to an EBITDA margin of 3.7% (6.8%), reflects the previously guided shift in revenue mix as the Artec Aqua team transitions from large build-out projects to a less revenue-intensive project design phase, before commencing new build-out projects. The construction phase at Geo Salmo is expected to commence in the second half of 2023.
Within Marine Infrastructure, Endúr sees high tendering activity. A solid backlog provides solid revenue coverage in the coming quarters.
While the proposed taxation of economic rent for conventional fish farming yields short term market uncertainty, it also represents a long-term growth opportunity for land-based fish farming. Endúr’s subsidiary Artec Aqua is primarily exposed to the land-based aquaculture sector. The company is involved with several early phase aquaculture projects with secured LOIs that are expected to materialise going forward.
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:
The third quarter 2022 results presentation is enclosed to this announcement.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Einar Olsen, interim CFO of Endúr ASA, on 24 August 2022 at 07:00 CET.
For further information, please contact:
Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759 Investors
Einar Olsen, CFO of Endúr, tel: +47 924 01 787
About Endúr ASA
Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Bergen, Norway. See www.endur.no