Land-based capex lifts Endúr aquaculture segment back into profit.
Endúr reported record quarterly earnings in the fourth quarter of 2025, supported in part by continued investment in land-based fish farming facilities.
The contractor, which owns Artec Aqua VAQ and Endúr Sjøsterk, delivered revenue of NOK 2,024.6 million ($202.5m) in the quarter, up 22 percent from NOK 1,662.6 million ($166.3m) in Q4 2024. EBITA rose 51 percent to NOK 137.1 million ($13.7m), corresponding to a margin of 6.8 percent.
For the full year 2025, pro-forma revenue reached NOK 7,079.5 million ($708.0m), compared with NOK 5,983.3 million ($598.3m) the previous year. Pro-forma EBITA totalled NOK 429.1 million ($42.9m), giving a margin of 6.1 percent.
“Quarterly revenue exceeded two billion kroner for the first time, and we delivered a new record high EBITA. Both infrastructure and aquaculture contributed to growth in revenue and results. We are pleased to end the year with strong momentum and solid order coverage for 2026,” said CEO Jeppe Raaholt.
Aquaculture swings to profit
Revenue in the Aquaculture Solutions segment was NOK 351.5 million ($35.2m) in the quarter. The segment reported EBITA of NOK 17.8 million ($1.8m), compared with a negative pro-forma EBITA of NOK -5.3 million ($-0.5m) in Q4 2024, representing a margin of 5.1 percent.
The improvement reflects continued activity on Salmon Evolution phase two and higher profitability at Endúr Sjøsterk. The segment is also progressing clarifications on several new potential projects across broodstock, smolt and grow-out facilities.
Within aquaculture, Endúr operates as a contractor to land-based and marine infrastructure projects, linking its exposure to capital expenditure cycles rather than salmon prices directly.
Backlog and outlook
The group’s order backlog remained solid at year-end and has been further strengthened by subsequent awards and announced acquisitions.
Cash flow from operations was NOK 540.6 million ($54.1m) in the fourth quarter. Endúr reported a cash balance of NOK 1,280 million ($128.0m) and net financial assets of NOK 110 million ($11.0m) as of 31 December 2025. The board has proposed a dividend of NOK 0.80 ($0.08) per share.
Endúr said it is experiencing high tender activity and expects investments in land-based fish farming facilities to drive long-term growth within Aquaculture Solutions.