14 November 2024 - Endúr ASA (Endúr) delivered another period of solid financial
performance in this year's third quarter. Revenue was NOK 744.4 million, up 28 %
from the same quarter last year (Q3 2023: NOK 583.4 million), and adj. EBITDA
grew by 12 % to NOK 117.1 million (Q3 2023: NOK 104.9 million), equivalent to a
margin of 15.7 % (Q3 2023: 18.0 %). Cash flow from operations was NOK 100.0
million, yielding a cash conversion of 93% (YTD: 95 %).  

"The third quarter has been a highly active period for outdoor marine
infrastructure works, while the activity level is also picking up within the
aquaculture industry. The end-result is solid growth and profitability," says
Jeppe Raaholt, CEO of Endúr.

Endúr experienced another quarter of strong order intake, which ended at NOK
1,076 million. The order intake was driven by a number of new contracts within
both the Marine Infrastructure and Aquaculture Solutions segments. Endúr's order
backlog stood at NOK 3,564 million at the end of September. This figure does not
include contingent awards of approximately NOK 2.6 billion, including the Geo
Salmo phase 1 build-out and construction of a smolt production facility at
Sævareid in Norway.

"It is worth noting that we have almost doubled our order backlog since the
beginning of the year. This reflects both favourable market conditions and our
subsidiaries' competitive edge. Moreover, our contingent awards represent a
significant upside potential," adds Jeppe Raaholt.

BUSINESS SEGMENT UPDATE
Endúr's Marine Infrastructure segment delivered revenue of NOK 549.7 million in
the third quarter, an increase of 27 % from the same period last year (Q3 2023:
NOK 432.9 million). EBITDA was NOK 111.9 million, up 20 % on last year (Q3 2023:
NOK 93.2 million). The Marine Infrastructure order backlog grew by 25 % during
the third quarter, following several large and small contract awards, including
the NOK ~ 500 million award for Eiffage at Gartnerløkka, Kristiansand.

Revenue in the Aquaculture Solutions segment ended at NOK 126.4 million (Q3
2023: NOK 92.2 million), which reflects a gradually increasing activity level.
The feed barge business also delivered strong revenue contribution and is
clearly benefiting from last year's investment in increased fabrication
capacity. Segment EBITDA was NOK 6.5 million (Q3 2023: NOK 8.4 million),
equivalent to a margin of 5.2 % (Q3 2023: 9.1 %). EBITDA was negatively impacted
by the resolved final settlement for a previously delivered smolt facility. 

In the business segment "Other", Endúr Maritime delivered revenue of NOK 68.4
million (Q3 2023: NOK 58.4 million), with EBITDA of NOK 8.4 million (Q3 2023:
NOK 8.7 million), equivalent to an EBITDA margin of 11.0 % (Q3 2023: 11.7 %).
Endúr Maritime was awarded a NOK 80-100 million four-year framework contract for
maintenance and upgrades for Kongeskipet Norge in the third quarter. 

OUTLOOK
Endúr is experiencing a strong and growing backlog for all business segments.
Further, the group has several outstanding bids and is experiencing high tender
activity. Future activity level is supported by the new Norwegian Transport Plan
for 2025-2036 which favors rehabilitation, smaller projects and aquaculture, a
number of major infrastructure projects in Sweden, and increased defense
budgets. Within Aquaculture Solutions, the long-term outlook for land-based fish
farming remains attractive, with the awaited FID for Salmon Evolution phase 2
representing an important milestone for the group. Exponential growth from
investments in land-based fish-farming facilities is expected going forward.
Endúr reiterates the expectation of significant revenue growth throughout 2025. 

PRESENTATION AT 08:00 TODAY

Endúr ASA invites investors, analysts and media to a live webcast presentation
of the company's third quarter 2024 financial results at 08:00 today. 

The webcast presentation can be viewed from the following URL:  

https://channel.royalcast.com/landingpage/hegnarmedia/20241114_1/

Questions can be submitted during the live webcast. The presentation material 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, CFO of Endúr ASA, on 14 November 2024
at 07:00 CET.

(ENDS)

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

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. See www.endur.no.