Endúr ASA

Q2 2023 financial results

24 August 2023

ENDÚR Q2 2023 PRESENTATION

Agenda

Group

  • Consolidated key figures and highlights
  • Group structure and strategy
  • Selected ongoing projects

Business segments

  • Aquaculture, Marine Infrastructure and Other
  • Key figures and highlights
  • Focus: Salmon Evolution phase 2

Financials

  • Profit & loss
  • Balance sheet
  • Cash flow
  • NWC and NIBD

Outlook and summary

Appendix

  • Operating results per company
  • Historical financial statements

Jeppe Raaholt (CEO), +47 976 69 759, jr@endurasa.no

2

Einar Olsen (CFO), +47 924 01 787, eo@endurasa.no

CONSOLIDATED KEY FIGURES AND HIGHLIGHTS

Record high results and margins in second quarter

REVENUE

ADJ. EBITDA

ADJ. EBITDA MARGIN

CASH FLOW FROM OPERATIONS

NOK 543.9 million

NOK 77.5 million

14.2%

NOK 148.0 million

-15% vs. Q2 2022

+35% vs. Q2 2022

+5.2 p.p. vs. Q1 2022

  • Strongest ever results and margins on both EBITDA and EBT level
  • Strong revenue growth in Marine Infrastructure and continued revenue reduction in Aquaculture Solutions, as previously guided
  • Adj. EBITDA in H1 2023 of NOK 128.6 million (12.5%)
  • LTM adj. EBITDA of NOK 251.1 million (11.0%)
  • Strong cash conversion after significant reduction in NWC
  • Net financial expense of NOK 5.2 million (Q2 2022: NOK 19.5 million)
  • Signed contract with Salmon Evolution regarding the build-out of phase 2
  • Strong order intake of NOK 299 million
  • Order backlog upheld despite construction phases of Geo Salmo and Salmon Evolution not yet being included as firm backlog

Revenue

637,9

592,6

668,3

543,9

484,7

Q2'22

Q3'22

Q4'22

Q1'23

Q2'23

EBT & CF from operations

129,4

148,0

67,5

6,3

27,8

7,8

10,8

1,7

-50,0

-63,3

Q2'22

Q3'22

Q4'22

Q1'23

Q2'23

Adj. EBITDA & Adj. EBITDA margin

67,2

77,5

57,5

55,3

51,1

11,3 %

10,5 %

14,2 %

9,0 %

8,3 %

Q2'22

Q3'22

Q4'22

Q1'23

Q2'23

Backlog & order intake

1 760

1 509

1 310

1 470

1 479

289

216

243

453

299

Q2'22

Q3'22

Q4'22

Q1'23

Q2'23

Group

Business segments

Financials

Outlook

Appendix

3

GROUP STRUCTURE AND STRATEGY

Targeting group annualized revenue of NOK 4 billion by end of 2024

  • Leading full-service provider for
    Aquaculture Solutions and Marine Infrastructure in Norway and Sweden, servicing both public and private sector
  • Substantial growth predicted in both core markets
  • Endúr as significant niche player in highly fragmented market segments, exposed to strong sustainability-drivenmegatrends
  • Targeted annualized revenue of NOK 4 billion by end of 2024 to be achieved both organically and through complementary M&A

Aquaculture Solutions

Artec Aqua

  • Leading turnkey supplier for onshore aquaculture facilities
  • Post-smolt,brood stock, grow-out and other species
  • Hybrid, flowthrough and RAS
  • Superior water quality and fish health

Endúr Sjøsterk

  • Production of concrete feed barges for offshore aquaculture

Marine Infrastructure

BMO Entreprenør

  • Projects throughout Norway
  • Rehabilitation of concrete and steel infrastructure: bridges, quays, dams and railway constructions
  • Primarily public clients
  • Industry-leadingmargins

Marcon

  • Projects throughout Sweden
  • Marine construction activities: quays, piers, seabed piping, sea lines, diving and renewable energy
  • Primarily public end-customers
  • Industry-leadingmargins

Other

Endúr Maritime

  • Technical ship maintenance: inspections, service, repairs, upgrades and modifications
  • Framework contracts with the Norwegian Defense and Equinor

Endúr ASA

  • Listed on Oslo Stock Exchange
  • Group management functions; financing, M&A and strategic initiatives

Operating results per company presented in Appendix.

Group

Business segments

Financials

Outlook

Appendix

4

PROJECTS

Selected ongoing projects

Aquaculture Solutions

Marine Infrastructure

Other

Salmon Evolution phase 2

Fallfors- og Røssvassdammen

Statsraad Lehmkuhl

Company

Artec Aqua

Company

BMO Entreprenør

Company

Endúr Maritime

Value

NOK ~0.8-0.9 billion

Value

NOK ~40 million

Value

NOK ~20 million

Client

Salmon Evotion ASA

Client

Statkraft

Client

Statsraad Lehmkuhl

Building period 2023-2026

Building period

2023-2024

Building period

2023-2024

PoC

<5%

PoC

0%

PoC

0%

Turnkey supplier of the process- and

Rehabilitation and upgrades of the dams

Contract involving maintenance, repairs

technical infrastructure for the phase 2

Fallforsand Røssvass in Nordland south

and upgrades of the ship Statsraad

of the land-based salmon grow-out

of Mo I Rana

Lehmkuhl

facility at Indre Harøy. Project design and

planning in progress

Lingalaks barge

Diving works Slussen

Company

Endúr Sjøsterk

Company

Marcon / SVENTAB

Value

NOK ~40 million

Value

SEK ~30 million

Client

Lingalax

Client

Skanska

Building period

2023-2024

Building period 2023-2024

PoC

0%

PoC

20%

Turnkey delivery of concrete feed barge

Diving and underwater works for

with complete technical infrastructure

Skanska at the project Slussen in

Stockholm

Group

Business segments

Financials

Outlook

Appendix 5

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Endur ASA published this content on 24 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2023 11:26:07 UTC.