24 August 2023 - Endúr ASA (Endúr) delivered its strongest ever EBITDA and
earnings before tax in this year's second quarter. Adj. EBITDA ended at NOK 77.5
million (Q2 2022: 57.5), equivalent to an EBITDA margin of 14.2 percent (9,0%).
Revenue was NOK 543.9 million, down from NOK 637.9 million in the corresponding
quarter last year due to differences in project phases in the Aquaculture
Solutions segment. EBIT was NOK 33 million (27.3), while profit before tax
improved to NOK 27.8 million from NOK 7.8 million in the same quarter last year.
 
"Operationally our performance in the second quarter was solid across all
industry segments. Consequently, we deliver another quarter with strong
financial results, even as construction activities have been limited within
Aquaculture Solutions. We expect a significant increase in building activities
through 2024 and are therefore highly optimistic with respect to the Group's
long-term potential for creating additional earnings and value", says Jeppe
Raaholt, CEO of Endúr.

SOLID ORDER BACKLOG
Endúr's order backlog stood at NOK 1,479 million at the end of the second
quarter, versus NOK 1,760 million one year prior. Order intake in this year's
second quarter was NOK 299 million (289).  

It is worth noting that the fixed order backlog does not yet include the
construction phase of the NOK ~1.6 billion contract with Icelandic salmon farmer
Geo Salmo or the construction phase of Salmon Evolution Phase 2 - a contract
that was won in June this year. Endúr's scope for Salmon Evolution Phase 2 is
estimated at approximately NOK 800-900 million in revenue.

STRONG CASH FLOW
Endúr's cash flow from operating activities was NOK 148 million (67.5) in this
year's second quarter. Net cash flow was NOK 104.9 million versus NOK 15.8
million in the second quarter last year. The strong cash conversion was driven
partly by a reversal of excessive tie-up in net working capital (NWC) from the
first quarter 2023, a strong underlying cash flow from ongoing production, and
pre-summer billing/collection. As a result of the strong free cash flow, Endúr's
leverage ratio has been reduced to 1.9x, which qualifies for the lowest possible
bank loan margin of 3.55 percent. Still, fluctuations in NWC must always be
accounted for project-driven organizations.

HIGH-MARGIN MARINE INFRASTRUCTURE SEGMENT
Endúr's Marine Infrastructure segment delivered revenue of NOK 337.2 million
(258.1) in the second quarter. EBITDA was NOK 62.7 million (43.4), equivalent to
an EBITDA margin of 18.6 percent (16.8%). 

"The numbers from our Marine Infrastructure businesses are impressive. Moreover,
the market outlook remains strong within all segment niches, so we expect
results to remain strong going forward, but with quarterly fluctuations that are
normal for a project businesses," says Jeppe Raaholt.
 
In the Aquaculture Solutions segment, revenue was NOK 172.2 million (332.6) in
this year's second quarter. The lower revenue level reflects that the Artec Aqua
team is engaged with planning and design for projects that has not yet reached
the more capital-intensive construction phases. EBITDA in Aquaculture Solutions
was NOK 7.2 million (17), which corresponds to an EBITDA margin of 5.7 percent
(5.1%) - a significant improvement on the previous quarters.
 
In the business segment "Other", Endúr Maritime delivered yet another solid
quarter with revenue of NOK 76.9 million (58.7) and EBITDA of NOK 8.7 million
(5.2), equivalent to an EBITDA margin of 11.3 percent (9.6%). 

OUTLOOK
The Marine Infrastructure segment has a strong order backlog and experiences
high bid activity driven by the maintenance gap on critical infrastructure. The
recent flood-rain in Scandinavia has yielded increased focus on and demand for
rehabilitation of infrastructure constructions. 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, following the uncertainty related to implementation of the
resource rent tax in Norway. 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/20230824_4/

The half-year report and the second quarter and half-year 2023 results
presentation are 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 24 August 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/Bærum, Norway. See www.endur.no.