Endúr : First Quarter 2021

Endúr ASA

Q1 2021 interim results (unaudited)

21 May 2021

Today's presenters

	Hans Olav Storkås		Lasse B. Kjelsås		Ingegjerd Eidsvik
	CEO		CFO		CEO Artec Aqua

2

Agenda

Highlights and key figures

Company overview

Special focus: Artec Aqua

Financials

Business segment information

Summary

Appendix

Highlights and key events Q1 2021

Highlights; structural

• Completion of acquisition of Marcon-Gruppeni Sverige AB
• Completion of acquisition of Artec Aqua AS
• Successful placement of NOK 1100 million senior secured bond loan
• Q1 2021 a transformational quarter for Endúr
• • Completion of two major acquisitions
  • Bankruptcies declared in two loss-making entities (ØPD and Endúr Industrier)
  • Complete refinancing of the new Group's interest bearing debt
  • New executive management onboarded

Highlights; operational

• Adjusted proforma EBITDA of NOK 21.6 million in Q1 2021
• Q1 is always the quarter with the seasonally lowest activity level for marine infrastructure
• BMO Entrepenør has however had a historically strong Q1 both in terms of EBITDA and order intake
• Swedish winter has been unusually cold, with frozen waterways and ice packed harbours even far south
• • causing delays for both ongoing and new projects
• Artec Aqua's activities in the quarter has been marked by tail-end activities on two major projects, and start-up preparations for two new major projects, as planned
• • will have higher activity levels in coming quarters
• Artec Aqua's services remain in very high demand
• Order backlog of NOK 2.5 billion at end of Q1 2021

4

Q1 2021 - Proforma key financials, actual order backlog

Proforma; key financials Q1 2021 & FY 20201) - unaudited

P&L		ENDÚR			AQUACULT.		MARINE		OTHER		ENDUR
	GROUP -						GROUP -
			SOLUTIONS		INFRASTR.
		PROFORMA							PROFORMA
NOKm		Q1 2021			Q1 2021		Q1 2021		Q1 2021		FY 2020
Sales		424.6			177.4		181.8		65.4		1,824.8
EBITDA		(9.1)			5.5		25.6		(40.3)		221.5
EBIT		(41.6)	0.5	0.3	(42.5)		138.6
Adjusted EBITDA		ENDÚR			AQUACULT.		MARINE		OTHER		ENDUR
	GROUP -						GROUP -
			SOLUTIONS		INFRASTR.
		PROFORMA							PROFORMA
NOKm		Q1 2021			Q1 2021		Q1 2021		Q1 2021		FY 2020
EBITDA		(9.1)			5.5		25.6		(40.3)		221.5
Restructuring costs		13.2			-		-		13.2		-
Transaction costs		17.7			-		-		17.7		10.0
Other special items		(0.2)			-		-		(0.2)		(2.0)
Adjusted EBITDA		21.6	5.5	25.6	(9.6)		229.6
Total assets		2,500									2,503
NIBD		862									863
Equity ratio		30.7%									35.0%
EBITDA pct.		(2.1)%									12.1%
Adjusted EBITDA pct.		5.1%									12.6%

Order backlog Q1 2021

			2,531
		359
	639
1,533
Aquaculture	Marine	Other	Total
Solutions	Infrastructure

1. Pro forma figures; calculated assuming the acquisitions of BMO Entrep., Artec Aqua and Marcon were undertaken on 1 January 2020, and similarly, that the bankruptcies in Endúr Industrier AS and ØPD

AS occurred on that same date.	5