9 November 2023 - Endúr ASA (Endúr) delivered an all-time high EBITDA margin of
16.6 percent in this year's third quarter (Q3 2022: 11.3%). Adjusted EBITDA was
NOK 70.1 million (67.2) from revenue of NOK 421.9 million (592.6). The revenue
decline is expected and linked to lower building activity in the Aquaculture
Solutions segment. EBIT was NOK 35.5 million (31.3) and profit before tax ended
at NOK 25.3 million (10.8).

"All our business segments continue to improve their operational performance and
associated financial results, even though revenues and results from Aquaculture
Solutions are lower than last year. We are very pleased with such a strong third
quarter, and we expect to see healthy activity levels going forward", says Jeppe
Raaholt, CEO of Endúr.

Order intake in the third quarter was NOK 250 million (216). The group's order
backlog stood at NOK 1,439 million at the end of September. The latter figure
does not yet include the construction phases for Salmon Evolution Phase 2 and
Geo Salmo land-based aquaculture facilities with an estimated combined contract
value of NOK 2.5 billion. 

Endúr's cash flow from operating activities was NOK -17.9 million (6.3) in this
year's third quarter following an anticipated increase in net working capital
due to ramp-up of activities in the Marine Infrastructure segment following the
summer break. 

IMPROVED MARGINS
Endúr's Marine Infrastructure segment delivered revenue of NOK 271.4 million
(250.1) in the third quarter. EBITDA was NOK 58.4 million (56.1), equivalent to
an EBITDA margin of 21.5 percent (22.4%). Endúr has recently announced two
acquisitions in the Marine Infrastructure segment. At the end of September, the
company completed the acquisition of Swedish company Svenska Tungdykargruppen AB
which specializes in diving and dredging operations. Earlier this week, Endúr
announced plans to acquire Norwegian marine infrastructure group Repstad Anlegg
AS. 

"Both Svenska Tungdykargruppen and Repstad Anlegg operate in the same industry
niches as our other subsidiaries. While the former can be considered as
capacity-increasing investment for Marcon, the latter offers complementary
competence, equipment and customer bases. We look forward to capitalizing on
many potential revenue synergies", adds Jeppe Raaholt. 

Revenue in the Aquaculture Solutions segment was NOK 92.2 (292.8) in the third
quarter. The change reflects less capital-intensive construction work in the
current project mix, but the work force is fully utilised on design and planning
activities. Subsequently, the EBITDA ended at NOK 8.4 million (10.7), equivalent
to an EBITDA margin of 9.1 percent (3.7%).  

In the business segment "Other", Endúr Maritime delivered its highest EBITDA
margin in several years with 11.7 percent (9.0%). EBITDA was NOK 6.8 million
(4.6) from revenue of NOK 58.4 million (52.5). 

OUTLOOK
Increasing maintenance gaps on critical infrastructure and several material
upcoming infrastructure projects are expected to continue driving investments in
the Marine Infrastructure segment. Within Aquaculture Solutions, the long-term
outlook for land-based fish farming remains highly attractive. Detailed plan
phases for Salmon Evolution phase 2 and Geo Salmo phase 1 are approaching
finalization. 
Endúr expects that group revenue will grow throughout 2024 and into 2025. 

COMPANY PRESENTATION AT 08:00 CET TODAY
Endúr will host live webcast presentation today at 08:00 (CET). Investors,
analysts and media are invited to watch the webcast from the following URL: 

https://channel.royalcast.com/landingpage/hegnarmedia/20231109_3/

The third 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 9 November 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