Slide 1: Solid growth and stable profitability
Illustration: Nordic Office of Architecture med Arup Architecture og Rodeo Arkitekter Solid growth and stable profitability Second quarter and first half of 2025 CEO Egil Hogna and CFO Dag Fladby 20 August 2025
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 ~6 600 ~140 Our business areas* Sectors Employees Q2 2025 Offices 7% 9% Norway Head Office 30% Norway Regions 8% Public 2025 Sweden 2025 Denmark Private 18% 29% Renewable Energy Digital & Technogarden Our markets Solid financial track record with stron
Slide 4: Financial highlights
Work in progress Financial highlights Q2 2025 Net revenue increased to NOK 2 468m (2 399) 6% organic growth adjusted for calendar effects Adj. EBITA of NOK 152m (263) Adj. EBITA margin adjusted for calendar effects of 11.2% (11.0%) Announcement of the acquisition of the Aas-Jakobsen Group Or
Slide 5: Q2 2025: People and organisational update
Work in progress Q2 2025: People and organisational update People Number of employees stable at ~ 6 600 Number of FTEs increased with 4.5% from Q2 2024 to Q2 2025, to 6 411 (6 136) Employee share program 2025 66% of eligible employees participated in Norconsult's employee share program for 202
Slide 6: Q2 2025: Continued stable market
Q2 2025: Continued stable market Buildings & Architecture Infrastructure Energy & Industry The activity level remained stable, with The Infrastructure market remained The demand for power production and continued indications of slightly growing stable and aligned with long-term public power di
Slide 7: Project examples
New Voldsløkka School, Norway Project examples Photo: Bård Gudim
Slide 8: NRK media house and head office
Illustration: Nordic Office of Architecture med Arup Architecture og Rodeo Arkitekter E6 NRKRoterud media –house Storhove, Gjennomføringsfase and head office The Norwegian Broadcasting Corporation (NRK) is set to begin work on a new media house and head office at Project name: NRK Normannsløkka Norm
Slide 9: Bybanen light rail Bergen – Sandviken
Photo: Norconsult/Simen Lunde Torbjørnsen Bybanen light rail Bergen – Sandviken Bergen Municipality has tasked Norconsult to plan and zone the extension of the Bergen Light Rail (Bybanen) from Project name: Zoning and feasibility study - Bybanen the city centre to Sandviken. The project covers all d
Slide 10: New UNN Åsgård hospital
of Architecture OfficeRatio Illustration: Illustration: Nordic Arkitekter New UNN Åsgård hospital The University Hospital of North Norway Health Trust and Helse Nord RHF have initiated the renovation and expansion Project name: Nye UNN Åsgård of the mental health and substance abuse clinic at Åsgård
Slide 11: Sørlige Nordsjø II offshore wind
Photo: Parkwind E6 Roterud North – Storhove, Sea offshore windGjennomføringsfase Ventyr is advancing the Sørlige Nordsjø II project, Norway’s first large-scale offshore wind power development, Project name: Sørlige Nordsjø II – FEED study ensuring a significant increase in Norway's energy production
Slide 12: Financial presentation
Trælastholmen, Denmark Financial presentation CFO Dag Fladby Illustration: Entasis
Slide 13: Q2 2025: Solid growth and stable profitability
Q2 2025: Solid growth and stable profitability Net revenue : NOK 2 468m (2 399) Q2 2025 Q2 2024 H1 2025 H1 2024 6% organic growth adjusted for calendar effects Net revenue* NOKm 2 468 2 399 5 105 4 760 Adj. EBITA** NOKm 152 263 487 490 Higher number of employees and increased average billing rat
Slide 14: H1 2025: Continued growth and stable profitability
H1 2025: Continued growth and stable profitability Net revenue: NOK 5 105m (4 760) H1 2025 H1 2024 Net revenue* NOKm 5 105 4 760 6% organic growth adjusted for calendar effects Adj. EBITA** NOKm 487 490 Calendar effect of negative NOK -20m Adj. EBITA margin %*** % 9.9% 10.3% Profit after tax NOK
Slide 15: Q2 2025: EBITA contributors adjusted for calendar effects
Q2 2025: EBITA contributors adjusted for calendar effects Underlying change to EBITA Improved performance in Norway Regions mainly due to measures taken to improve profitability 22 -5 -1 3 -4 2 -141 Norway Head Office and Renewable Energy also contributed positively to the adjusted EBITA 13 Sw
Slide 16: Norway Head Office and Norway Regions
Norway Head Office 30% Norway Regions 29% Q2 2025 Q2 2025 Organic growth of 6% Organic growth of 9% Increase in FTEs and billing rates Increase in billing ratio, billing rates and FTE’s Calendar effect of negative NOK -54m Calendar effect of negative NOK -54m Adj. EBITA margin** at 15.5% (14
Slide 17: Sweden and Denmark
Sweden 18% Denmark 8% Q2 2025 Q2 2025 Organic growth of 6% Organic growth of 7% Higher number of FTEs and increased billing ratio Higher billing rates and increased FTEs Calendar effect of negative NOK -12m Calendar effect of negative NOK -6m Adj. EBITA margin** at 3.2% (5.1%) Adj. EBITA mar
Slide 18: Renewable Energy and Digital and Technogarden
Renewable Energy 9% Digital and Technogarden 7% Q2 2025 Q2 2025 Organic growth of 7% Revenue decline of 11% Strong organic growth within hydropower and transmission business Decreased volume in Technogarden and less FTEs in both business Partly offset by lower revenue in international operatio
Slide 19: Q2 2025: Cash flow from operations affected by seasonal variations
Q2 2025: Cash flow from operations affected by seasonal variations Cash flow from operating activities NOK 395m (501) Net cash flow from Operating Activities – Increased working capital in line with seasonal variations – Q2 2024 had a positive effect of NOK ~80m due to 938 NOKm bank holiday at due
Slide 20: Q2 2025: Strong balance sheet
Q2 2025: Strong balance sheet NOKm 30.06.2025 31.12.2024 Cash and cash equivalents and other current financial Non-current assets 2 969 3 003 assets NOK 1 186m (Q4 2024: 1 612) Receivables 2 842 2 502 Cash and equivalents and other current financial assets 1 186 1 612 NIBD / adj. EBITDA Q2 2025
Slide 21: Q2 2025: Order book of NOK 7.1bn
Q2 2025: Order book of NOK 7.1bn (7.0bn in Q1 2025) Examples of projects included in the order intake during the quarter were: Project: Kustpaketet detaljprojektering Vattjom – Project: Rammeavtale Møre og Romsdal Project: Rammeavtale Oslobygg Njutånger Fylkeskommune Samferdselsavdelingen Customer:
Slide 22: Focus: Integration of acquired companies
Focus: Integration of acquired companies Photo: Herman Dreyer
Slide 23: Sigma Civil integration
E103 Strand – Ramstadsletta Sigma Civil integration Integration progressing according to plan All former Sigma Civil teams are now fully integrated into Norconsult Sweden business units and departments Actions to improving billing ratio in place – Positive development since April Streamlining
Slide 24: Acquisition of the Aas-Jakobsen Group
Acquisition of the Aas-Jakobsen Group Stable organic growth and strong profitability Leading Norwegian engineering Net revenue, growth and EBITA margin NOK million1,2 consultancy with a strong position in Norwegian infrastructure 470 458 420 Provides in-depth engineering for 393 388 372 public roads
Slide 25: Aas-Jakobsen and Norconsult is a perfect strategic fit
Aas-Jakobsen and Norconsult is a perfect strategic fit Business rationale Key transaction highlights 1 Further strengthening of market leadership Closing The transaction closed 6th August following approval from the Norwegian Competition Authority Enterprise Value of NOK 1,430 million, represent
Slide 26: Aas-Jakobsen Group - Key financials and integration
Aas-Jakobsen Group - Key financials and integration Financials will be included from August 2025 Performance influenced by seasonality and number of 2022 2023 2024 working days broadly in line with Norconsult operation Net revenue NOKm 420 458 470 in Norway Adj EBITA NOKm 95 105 103 Adj EBITA ma
Slide 27: Outlook and closing remarks
Christianshave, Denmark Outlook and closing remarks Illustration: Nordic Office of Architecture
Slide 28: Q2 2025: Outlook
Q2 2025: Outlook The overall market is expected to be stable, but with continued uncertainty linked to the international political situation Signs of optimism in the private market for Buildings & Architecture Stable demand in Infrastructure Activity is expected to continue strong in energy, a
Slide 29: Every day we improve everyday life
Every day we improve everyday life
Slide 30: Appendix
Appendix Norconsult
Slide 31: Quarterly performances influenced by seasonality and number of working days
Quarterly performances influenced by seasonality and number of working days Net revenue* Billing ratio LTM 3 000 2 637 10 000 80% 2 360 2 399 2 502 2 468 2 500 2 333 76.2% 2 097 8 000 1 924 74.6% 74.7% NOK million 2 000 1 705 75% 6 000 72.3% 72.1% 72.2% 1 500 71.4% 71.0% 71.5% 4 000 1 000 70% 500 2
Slide 32: Consolidated income statement
CONSOLIDATED INCOME STATEMENT Amounts in NOK million Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Operating revenue 2 783 2 710 5 727 5 341 10 414 Other income 3 2 4 3 4 External project costs 318 312 626 585 1 233 Operating revenue and other income after external project costs 2 468 2 399 5 105 4 760 9
Slide 33: Consolidated statement of financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Amounts in NOK million ASSETS 30.06.2025 31.12.2024 EQUITY AND LIABILITIES 30.06.2025 31.12.2024 Goodwill 1 092 1 079 Share capital 6 6 Deferred tax assets 1 28 Share premium 221 221 Other intangible assets 124 109 Other paid in capital 348 264 Property p
Slide 34: Interim consolidated statement of cash flows
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS Amounts in NOK million Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Profit before tax 145 176 477 315 567 Taxes paid -7 -40 -84 -141 -150 Depreciation, amortization and impairment 25 20 46 40 86 Depreciation right of use asset 105 100 208 200 403 Change in wor
Slide 35: APM - reconciliations
APM - reconciliations Amounts in NOK million Reconciliation of adjusted EBIT, EBITA and EBITDA Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Operating profit (EBIT) 136 171 466 316 570 Depreciation and impairment of tangible and ROU assets 121 115 240 231 466 Amortisation and impairment of intangible asse
Slide 36: Largest shareholders August 2025
Largest shareholders 15 August 2025 Shareholder Number of shares Percentage Country Type 1 FOLKETRYGDFONDET 10 775 066 3.5% Norway Ordinary 2 DR. ING. A. AAS-JAKOBSEN HOLDING A 5 382 667 1.7% Norway Ordinary 3 The Bank of New York Mellon SA/NV 5 150 000 1.7% Ireland Nominee 4 VERDIPAPIRFONDET HOLBER
Slide 37: Every day we improve everyday life
Every day we improve everyday life