Endur ASA-EBITA in line – bolt-ons to lift estimates by 3-4%-05/13/2026

Research evidence excerpt

Endur ASA-EBITA in line – bolt-ons to lift estimates by 3-4%-05/13/2026

Endur ASA

NEWSFLASH | 13 MAY 2026

EBITA in line – bolt-ons to lift estimates by 3-4%

Q1 EBITA of NOK 81m came in spot on consensus, with slightly higher D&A offset by higher interest income. Infrastructure

margins held up better than we had expected given the seasonal low, with all entities posting flat or minor improvements

y/y – supportive to see Marcon adding 2pp to margins y/y following recent organizational measures. Aquaculture margins

fell short of PAS estimates as Sjøsterk saw a minor margin dip y/y (from a high base), which we had modelled flat.

Management notes that Salfjord (FID pending) would clearly provide meaningful backlog coverage, though further projects

beyond that are needed to sustain this level of profitability. Infrastructure orders of NOK 710m came in a tad softer, but a

strong start to Q2 should compensate. We don't see the report itself moving consensus much, but the two highly accretive

bolt-ons announced this morning should lift 2026-27e EBITA by 3-4%.

Deviation table

ActualActual Q1'26Q1'26 DeviationDeviation (%)(%) ParetoPareto estimatesestimates

P&LP&L -- ENDURENDUR NOKmNOKm Q1'25Q1'25 Q1'26Q1'26 Cons.Cons. ParetoPareto Cons.Cons. ParetoPareto 2026e2026e 2027e2027e 2028e2028e

RevenuesRevenues " 1,5391,539 1,7451,745 1,7031,703 1,7151,715 22 %% 22 %% 7,9187,918 8,8328,832 9,4399,439

Operating costs " (1,422) (1,586) (1,550) (1,573) 2 % 1 % (7,098) (7,894) (8,431)

EBITDAEBITDA adj.adj. " 117117 159159 153153 142142 44 %% 1212 %% 820820 938938 1,0081,008

Margin (%) % 7.6% 9.1% 9.0% 8.3% 0 % 1 % 10.4% 10.6% 10.7%

EBITAEBITA adj.adj. " 5959 8181 8080 7575 11 %% 88 %% 549549 667667 737737

Margin (%) % 3.8% 4.6% 4.7% 4.4% 0 % 0 % 6.9% 7.6% 7.8%

EBITEBIT adj.adj.