11 May 2023 - Endúr ASA (Endúr) delivered a solid adjusted EBITDA result of NOK
51.1 million (Q1 2022: 50.8), equivalent to a seasonally strong EBITDA-margin of
10.5 percent (8.3%), in this year's first quarter. Revenue showed, as expected,
a decline to NOK 484.7 million (611.8) due to phasing of projects in the
Aquaculture Solutions segment. EBIT ended at NOK 14.4 million (17.6). The
company successfully completed its refinancing process in the first quarter.
 
"The underlying operational performance is strong, even as revenues and
contributions from Aquaculture Solutions are lower in this quarter. Order intake
was solid and the market outlook for our key segments remains positive. Overall,
the first quarter was another step in the right direction," says Jeppe Raaholt,
CEO of Endúr. 
Order intake in the first quarter 2023 was NOK 453 million. The order backlog
stood at NOK 1,470 million at the end of the first quarter, an increase from NOK
1,310 million at year-end 2022. The order backlog does not include the
construction phase of the NOK ~1.6 billion contract with Icelandic salmon farmer
Geo Salmo. 

SUCCESSFUL REFINANCING
During the first quarter 2023, Endúr completed the previously announced
refinancing and early redemption of its bond loan, which has been replaced with
bank loans and an overdraft facility, supported by a completed private
placement. The successful refinancing enables a potential NOK 40-50 million
reduction in annual interest expenses. 
Endúr reported revenue in the first quarter 2022 of NOK 484.7 million (611.8).
Adjusted EBITDA was NOK 51.1 million (50.8), equivalent to a margin of 10.5%
(8.3%). Reported EBITDA was NOK 50.2 million (50.8). EBIT was NOK 14.4 million
(17.6). Profit before tax was NOK -63.3 million (-6) affected by NOK 78.8
million in costs related to The Group's former financing structure. 

SEASONALLY STRONG 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 252.2 million (204.8)
in the first quarter. EBITDA was NOK 48.3 million (32.2), equivalent to an
EBITDA margin of 19.2%. 
"The Marine Infrastructure segment delivers excellent results. Both revenue and
margins are seasonally strong. We expect the margin to remain solid going
forward," says Jeppe Raaholt. 
In the Aquaculture Solutions segment, revenue was NOK 154.8 million (364.6) in
the first quarter. EBITDA was NOK -3.6 million (22.3). The expected decline is
caused by the production phase of Salmon Evolution phase 1 coming to an end,
which means that workload focus shifts from production to less revenue and cost
intensive design and planning processes. 

In the business segment "Other", Endúr Maritime delivered its highest ever
revenue and EBITDA result since the inception of the new Endúr. The vessel
maintenance provider delivered revenue of NOK 81 million (51.2) and EBITDA of
NOK 7.5 million (3.7), equivalent to an EBITDA margin of 9.3% (7.2%). In
addition, Endúr Maritime has been notified that The Norwegian Defense /
Forsvarets Logistikkorganisasjon will exercise its option to prolong the ongoing
framework contract involving maintenance, repairs and upgrades of the Norwegian
Royal Navy's ship fleet. The 12-month option period starts on 9 October 2023 and
has an estimated value of NOK 100 million.

OUTLOOK
The market outlook remains positive for all Endúr's key segments.
The Marine Infrastructure segment has a strong order backlog and experiences
high bid activity driven by the maintenance gap on critical infrastructure.
Increased demand for renewable energy and green industry also represents
attractive business opportunities for the segment.
Within Aquaculture Solutions, the market is improving both internationally and
domestically. There is substantial international interest for the company's
solutions, while the domestic market is improving after short term uncertainties
due to proposed resource rent tax. Endúr expects significant growth for
Aquaculture Solutions in 2024 as mature leads are expected to materialise. 

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 watch the webcast from the following
URL: 
https://channel.royalcast.com/landingpage/hegnarmedia/20230511_2/  
The first quarter 2023 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, CFO of Endúr ASA, on 11 May 2023 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. Endúr ASA is
headquartered in Lysaker, Norway. See www.endur.no