We reiterate our Buy recommendation and increase our target price to NOK 140 (130). The company delivered strong Q4 and FY 2025 results across all KPIs. Pro forma revenue growth reached 18% (assuming full-year consolidation of acquisitions), while EBITA grew 36%, demonstrating meaningful margin expansion. Cash generation remained solid, with 2025 FCF conversion of 125% and a year-end cash position of NOK 1.3bn. With a robust balance sheet and a solid competitive position, Endúr is well placed to ....
