Endúr reported higher revenues and earnings in the first quarter, supported by growth across its infrastructure operations and continued activity within its aquaculture division.
Revenue rose 13% year-on-year on a pro forma basis to NOK 1.74 billion (€162.3 million), up from NOK 1.54 billion (€143.1 million) in the same period last year, according to the company’s Q1 report published Wednesday.
EBITA increased 37% to NOK 80.5 million (€7.5 million), from NOK 58.8 million (€5.5 million), while the EBITA margin improved to 4.6% from 3.8%.
“2026 has started well for Endúr, with improved results across all Infrastructure entities, complemented by sustained contributions from Aquaculture Solutions,” CEO Jeppe Raaholt said in the report.
Aquaculture division supported by Salmon Evolution activity
Revenue in Endúr’s Aquaculture Solutions segment rose to NOK 277.3 million (€25.8 million) from NOK 178.3 million (€16.6 million) a year earlier.
EBITA in the segment increased slightly to NOK 11.2 million (€1.0 million), compared with NOK 10.7 million (€1.0 million) in Q1 2025, although the margin declined to 4.0% from 6.0%.
The company said activity levels continued to benefit from work linked to Salmon Evolution’s phase two expansion project and the Sævareid land-based aquaculture project, alongside stable profitability in feed barge production.
Following the quarter, Endúr subsidiary Artec Aqua was appointed turnkey supplier for the proposed Salfjord project, subject to final investment approval.
The company said long-term market conditions for land-based aquaculture remain positive, supported by expected investment growth in broodstock, smolt and grow-out facilities.
Infrastructure acquisitions continue
Endúr completed three acquisitions within its infrastructure business during the quarter: Tronfjell Maskin, Gann Tre and Kragerø Sjøtjenester. The previously announced acquisition of Engelsen Total was also completed.
After quarter-end, the group announced agreements to acquire Wimo and Enviro Entreprenør.
Infrastructure revenue increased to NOK 1.42 billion (€132.3 million) from NOK 1.30 billion (€120.9 million), while EBITA rose to NOK 77.5 million (€7.2 million) from NOK 53.3 million (€5.0 million).
The company’s order backlog stood at NOK 7.69 billion (€714.7 million) at the end of March, with NOK 4.3 billion (€399.9 million) covering the remainder of 2026.
Endúr ended the quarter with cash holdings of NOK 1.02 billion (€94.9 million) and total available liquidity of NOK 1.57 billion (€146.0 million), including overdraft facilities.