RAS supplier Artec Aqua looking for opportunities abroad after Norwegian tax shock

Endúr, owner of Artec Aqua, delivered its highest ever adjusted EBITDA of NOK 67.2 million (EUR 6.7 million) in the third quarter of 2022, up three percent from an third quarter last year. Consolidated revenue ended at NOK 592.6 million (EUR 59 million), up four percent from the same quarter last year, while profit before tax improved significantly and ended at NOK 10.8 (EUR 1.1 million).

“We delivered a solid third quarter and are pleased to deliver improved adjusted EBITDA as well as a black bottom line in both the third quarter and year-to-date. This underlines our extensive efforts to improve all parts of our operational and financial performance,” says Jeppe Raaholt, CEO of Endúr.

Endúr’s order intake in the third quarter was NOK 216 million (EUR 21 million). The group’s backlog stood at NOK 1,509 million (EUR 150 million) at the end of the quarter. The third quarter order intake and backlog figures only include the committed design phase of the NOK ~1.5-1.8 billion (EUR 150-180 million) contract that Endúr’s subsidiary Artec Aqua signed with Icelandic salmon farmer Geo Salmo in the quarter.

“The tender activity remains high for the group as a whole, so we retain our positive market outlook for both Marine Infrastructure and Aquaculture Solutions,” adds Jeppe Raaholt.

Endúr is a leading full-service provider for aquaculture solutions and marine infrastructure in Norway and Sweden, servicing both public and private sector.

In the Aquaculture Solutions segment, revenue was NOK 292.8 million (EUR 29 million) in this year’s third quarter. EBITDA of NOK 10.7 million (EUR 1.1 million), equivalent to an EBITDA margin of 3.7 percent, reflects the previously guided shift in revenue mix as the Artec Aqua team transitions from large build-out projects to a less revenue-intensive project design phase, before commencing new build-out projects. The construction phase at Geo Salmo is expected to commence in the second half of 2023.


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