Slide 1: Strong growth and stable profitability: Q2 and H1 2026
Illustration: Kystverket/Snøhetta Stad Ship Tunnel Strong growth and stable profitability Second quarter and first half of 2026 CEO Egil Hogna and CFO Dag Fladby 20 August 2026
Slide 2: Disclaimer
Disclaimer Not for general release, publication or distribution, directly or indirectly in Australia, Canada, Japan, the United States or to US persons or in any other jurisdiction where such distribution would constitute a violation of the relevant laws or regulations of such jurisdiction. This rep
Slide 3: Norconsult – Every day we improve everyday life
Norconsult – Every day we improve everyday life A local partner, leveraging our size and reach… ...with solid financials1) Founded in 1929 ~ 7 200 Employees Q2 2026 ~ 140 Offices Revenue by customer2) Revenue by projects2) Country HQs Offices ~35K projects ~15K customers Buildings and architecture2)
Slide 4: Financial highlights
Financial highlights Q2 2026 – Net revenue growth of 17% to NOK 2 883m – 6% organic growth adjusted for calendar effects – Adj. EBITA of NOK 255m (152) – Adj. EBITA margin adjusted for calendar effect 6.2% (6.2%) Order book of NOK 7.8 billion (7.6bn in Q1 2026) H1 2026 – Net revenue increased to NOK
Slide 5: People and organisational update
People and organisational update People – Number of employees increased to 7 157 from 6 586 in the same quarter last year – Number of FTEs increased with 8.7% y-o-y to 6 968 (6 411) Highlights – Strong interest in employee share programme, with around 60% of employees participating – Ranked as Norwa
Slide 6: Q2 2026: Markets remained broadly stable
Q2 2026: Markets remained broadly stable Buildings & Architecture Infrastructure Energy & Industry – Activity in Buildings & Architecture – The Infrastructure market continued – The demand for power related projects, remained stable but subdued. Recovery stable and consistent with long-term noticeab
Slide 7: Project examples
Our aquatic biodiversity specialists during a river safety training in Randselva, Hønefoss Project examples
Slide 8: The world's largest ship tunnel
The world’s largest ship tunnel Norconsult and AF Gruppen, has been engaged by the Norwegian Coastal Administration to design, engineer and deliver the Stad Ship Tunnel, the world’s longest and largest ship tunnel. The 1.7 kilometre tunnel, will be 50 metres high and ∼40 metres wide. The assignment
Slide 9: A new 66/22 kV transformer substation
A new 66/22 kV transformer substation Norconsult has been awarded a contract to design and engineer a new transformer station in Nordreisa, Troms, to provide a reliable, safe and future-oriented power supply for the region. The scope includes design of the substation's electrical and civil infrastru
Slide 10: Otterhällan Civil Defence Shelter
Otterhällan Civil Defence Shelter Norconsult Sweden has been awarded several assignments by the City of Gothenburg's Property Management Administration as part of the modernisation of the Otterhällan civil defence shelter, one of Sweden's largest civil defence facilities. Located beneath central Got
Slide 11: Hospital and healthcare facilities
Hospital and healthcare facilities A structurally growing market supported by public investment Planning Architecture Engineering Digital Sustainability Strategy & Concept Design & Integration Technical excellence Smart solutions People & environment Design of Healthcare facilities A re
Slide 12: Centre for Mental Health at St. Olav's hospital (SPH)
Centre for Mental Health at St. Olav’s hospital (SPH) Norconsult with subsidiary Nordic Office of Architecture, Metier and partner Ratio Arkitekter has been awarded an IPD contract by Sykehusbygg to provide planning and design services for the new Centre for Mental Health at St. Olavs Hospital in T
Slide 13: Sunnaas Rehabilitation
Sunnaas Rehabilitation Norconsult with subsidiary Nordic Office of Architecture and contractor Skanska has been appointed by Sunnaas Hospital to provide planning, design and engineering services for the development of a new building as part of the hospitals ongoing expansion programme. Sunnaas Hospi
Slide 14: PULS Concept study
PULS Concept study Norconsult with subsidiary Nordic Office of Architecture, has been selected by Sykehusbygg to deliver the concept study for the PULS project at Sykehuset i Vestfold. The study will assess future healthcare infrastructure needs and development opportunities for the hospital. Norcon
Slide 15: Financial presentation
Financial presentation CFO Dag Fladby
Slide 16: Q2 2026: Strong growth and stable profitability
Q2 2026: Strong growth and stable profitability Net revenue: NOK 2 883m (2 468) Q2 2026 Q2 2025 – 6% organic growth adjusted for calendar effects Net revenue* NOKm 2 883 2 468 – Higher number of employees, increased average billing rates and improved billing ratio Adj. EBITA** NOKm 255 152 – Positiv
Slide 17: First half of 2026: Strong growth and stable profitability
First half of 2026: Strong growth and stable profitability Net revenue: NOK 5 889m (5 105m) H1 2026 H1 2025 – 6% organic growth adjusted for calendar effects Net revenue* NOKm 5 889 5 105 – Higher number of employees, increased average billing rates and improved billing ratio Adj. EBITA** NOKm 586 4
Slide 18: Billing ratio steadily improving
Billing ratio steadily improving Billing ratio - rolling twelve months 18
Slide 19: Norway Head Office and Norway Regions
32% 28% Norway Head Office Norway Regions Q2 2026 Q2 2026 Organic growth** of 6% Organic growth** of 4% – Increased FTEs, billing rates and continued high billing ratio – Increased billing ratio and higher billing rates – Positive calender effect of NOK 22m – Positive calender effect of NOK 26m Adj.
Slide 20: Sweden and Denmark
17% 7% Sweden Denmark Q2 2026 Q2 2026 Organic growth** of 1% Organic growth** of 5% – Slightly higher number of FTEs and stable billing ratio – Stable number of FTEs and improved billing rates – Positive calender effect of NOK 28m mainly linked to adjustment of – Currency effects had a negative impa
Slide 21: Renewable Energy and Consulting segments
9% 9% Renewable Energy Consulting segments Q2 2026 Q2 2026 Organic growth** of 22% Total revenue increased with NOK 178m – Continued strong organic growth driven by hydropower and – Metier contributed with NOK 227m, partly mitigated by lower transmission business revenue in Technogarden – Positive c
Slide 22: Q2 2026: Cashflow from operating activities in line with seasonal variations
Q2 2026: Cashflow from operating activities in line with seasonal variations Cash flow from operating activities: NOK 234m (395) – Increased working capital partly due to changes to the employee withholding tax payment schedule Cash flow from investment activities: NOK 311m (-11) – Sale of bond fund
Slide 23: Q2 2026: Strong balance sheet
Q2 2026: Strong balance sheet Cash and cash equivalents and other current NOKm 30.06.2026 31.12.2025 financial assets: NOK 535m (Q4 2025: 1 552m) Non-current assets 5 009 5 082 Receivables 3 095 2 766 NIBD / adj. EBITDA LTM: Q2 2026 excl. IFRS 16 of: 0.18x Cash and cash equivalents and other current
Slide 24: Q2 2026: Order book of NOK 7.8 billion
Q2 2026: Order book of NOK 7.8 billion (7.6b in Q1 2026) Examples of projects won during the quarter were: Photo: Magnus Hvam Photo: Bulk Infrastructure Photo: Norconsult Project name: Fossum Bruk Project: N01 Campus Støleheia HV EPCM Project: Slätte förlängningsspår – framtagande Customer: Fossum E
Slide 25: Outlook and closing remarks
Outlook and closing remarks Photo: Herman Dreyer
Slide 26: Q2 2026: Outlook
Herlev Bymidte Q2 2026: Outlook The overall market is expected to remain stable, however, with continued uncertainty linked to the geopolitical situation – The demand in Infrastructure is expected to be stable going forward in line with public spending plans – The private market for Buildings & Arch
Slide 27: Every day we improve everyday life
Every day we improve everyday life
Slide 28: Appendix
Nedre Foss Bypark, Norway Appendix Photo: Norconsult
Slide 29: Quarterly performances influenced by seasonality and number of working days
Quarterly performances influenced by seasonality and number of working days Net revenue* Billing ratio Adj. EBITA Average workdays per quarter ** NOK +17m*** * Net revenue = Operating revenue and other income after external project costs, 29 ** Weighted average workdays for the Group per quarter pos
Slide 30: Consolidated income statement
Consolidated income statement Amounts in NOK million Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Operating revenue 3 255 2 783 6 675 5 727 11 399 Other income 2 3 4 4 12 External project costs 373 318 790 626 1 308 Operating revenue and other income after external project costs 2 883 2 468 5 889 5 105 1
Slide 31: Consolidated statement of financial position
Consolidated statement of financial position Amounts in NOK million ASSETS 30.06.2026 30.06.2025 31.12.2025 EQUITY AND LIABILITIES 30.06.2026 30.06.2025 31.12.2025 Goodwill 2 675 1 092 2 691 Share capital 6 6 6 Deferred tax assets 0 1 10 Share premium 525 221 525 Other intangible assets 463 124 498
Slide 32: Interim consolidated statement of cash flows
Interim consolidated statement of cash flows Amounts in NOK million (unaudited in NOK million) Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Profit before tax 165 145 415 477 850 Taxes paid -55 -7 -104 -84 -69 Depreciation, amortisation and impairment 42 25 83 46 121 Depreciation right of use asset 115 10
Slide 33: APM - reconciliations
APM - reconciliations Amounts in NOK million Reconciliation of adjusted EBIT, EBITA and EBITDA Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Operating profit (EBIT) 189 136 479 466 856 Depreciation and impairment of tangible and ROU assets 131 121 265 240 497 Amortisation and impairment of intangible asse
Slide 34: Amortisations of intangible assets
Amortisations of intangible assets Amounts in NOK million Expected amortisation of intangibles from the Aas-Jakobsen and Metier acquisitions Total H126 FY26 FY27 FY28 Amortisation period Aas-Jakobsen Order backlog and customer relations 254 32 63 19 19 1.5-10 years Metier Order backlog and customer
Slide 35: Largest shareholders 31 July 2026
Largest shareholders 31 July 2026 Shareholder Number of shares Percentage Country Type 1 FOLKETRYGDFONDET 9,491,884 3.0% Norway Ordinary 2 VERDIPAPIRFONDET DNB NORGE 9,252,002 3.0% Norway Ordinary 3 J.P. Morgan SE 6,949,025 2.2% Luxembourg Nominee 4 VERDIPAPIRFONDET HOLBERG NORGE 6,901,960 2.2% Norw
Slide 36: Every day we improve everyday life
Every day we improve everyday life