Slide 1: Fourth quarter results and full year 2025
Fourth quarter results and full year 2025 10 February 2026 Grethe Bergly, CEO Ove B. Haupberg, CFO
Slide 2: Disclaimer
Disclaimer This report includes forward-looking statements, which are based on our current expectations and projections about future events. All statements other than statements of historical facts included in this notice, including statements regarding our future financial position, risks and uncer
Slide 3: Introduction and highlights
Introduction and highlights Grethe Bergly, CEO
Slide 4: This is the Multiconsult Group
This is the Multiconsult Group Segments Business areas Sector balanced portfolio (share of net operating revenues 2025) (share of operating revenues 2025) (share of operating revenues 2024) 8% > 5 500 clients > 15 000 projects 13% 14% 35% 26% 49% 51% > 45 countries > 3 800 employees 79% 26% Norway B
Slide 5: Highlights fourth quarter
Highlights fourth quarter - Key figures 4Q and FY 2025 Stable performance in a challenging market NET OPERATING EBITA EBITA adjusted REVENUES – Defence, energy and industry remain key drivers 1 522 74.9 92.9 – Measures to improve profitability ongoing Q4, NOK million Q4, NOK million Q4, NOK million
Slide 6: Market & Sales
Market & Sales Large sales & new contracts Order intake Market 4Q 2025 1 798 – Framework agreements, The 1 636 – Order intake in the quarter amounted to Norwegian Defence Estates Agency 1 431 NOK 1 636 million – Framo Holsnøy, production halls – Strong order backlog NOK million – Upgrade of transmit
Slide 7: People & organisation
People & organisation People Organisation Excellence – 4 160 permanent fixed employees, an increase ― Karsten Warloe appointed new CEO of — LINK Arkitektur won two Archello Awards for of 6.0% y-o-y Multiconsult ASA (from 1 June 2026) projects Spira and The Parkside. In addition, ACE Powerhouse was a
Slide 8: Financial Review
Financial Review Ove B. Haupberg CFO
Slide 9: Financial highlights 4Q 2025
Financial highlights Consolidated key figures 4Q 2025 NOK million Net operating revenues 4Q 2025 1 521.5 4Q 2024 1 443.3 Change 5.4% FY 2024 5 383.6 EBITA 74.9 98.0 (23.6%) 523.4 ─ Net operating revenues came in at NOK 1 521.5 million (1 443.3), a y-o-y EBITA margin % 4.9% 6.8% (1.9pp) 9.7% increase
Slide 10: Financial highlights FY 2025
Financial highlights Consolidated key figures FY 2025 NOK million Net operating revenues FY 2025 5 657.3 FY 2024 5 383.6 Change 5.1% EBITA 394.8 523.4 (24.6%) ─ Net operating revenues increased to NOK 5 657.3 million (5 383.6), a y-o-y EBITA margin % 7.0% 9.7% (2.7pp) growth of 5.1% EBITA adj. 431.7
Slide 11: Financial highlights
Financial highlights Billing ratio Net Operating Revenues Billing ratio +5.4% Rolling 12 months 1 600 6 000 Rolling 12 months 76 1 400 Net operating revenues 5 500 -0.8pp 1 200 74 5 000 72 72.5% 1 000 71.8% 4 500 NOK million 800 1 522 70 70.3% 1 361 1 443 4 000 600 1 127 3 500 68 400 200 3 000 66 0
Slide 12: Operational performance
Operational performance Norway Architecture International ─ Net operating revenues ─ Net operating revenues ─ Net operating revenues increased by 7.4% decreased by 3.1% increased by 2.7% ─ Higher billing rates and ─ Significant lower billing ─ Higher billing rates and increased capacity ratio, down
Slide 13: Financial position
Financial position 750 ─ Cash flow from operations 700 ─ NOK 537 million (677) 650 ─ Change in working capital -260 600 213 ─ FY negative NOK 286 million (negative 5) 550 -286 500 ─ Net interest-bearing debt ─ NIBD NOK 777 million NOK million 450 -143 ─ Gearing ratio 1.95 (NIBD excl. IFRS16, restric
Slide 14: Free cash flow
Free cash flow 598 575 579 547 515 503 515 433 455 409 369 318 323 294 289 272 NOK million 457 416 409 373 160 262 291 83 85 116 81 29 -59 -26 -52 -28 -22 -133 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 Net
Slide 15: Business areas and Closing remarks
Business areas and Closing remarks Grethe Bergly, CEO
Slide 16: Market structure
Market structure Operating Multiconsult Buildings & Mobility & Energy & Water & Revenues Group Properties Transportation Industry Environment 13% 27% 26% 34% % of total 4Q 2025 NOK million 1 797 607 483 466 241 Change y-o-y 4% 4% 5% 12% 8%
Slide 17: We set high ambitions for where and how to grow
We set high ambitions for where and how to grow Long-term, sustainable and profitable development Projects Positions Markets 1 2 3 4 5 Developing position in Expanding our position Driving urban Safeguarding Increasing our impact complex and large as preferred partner in transformation and biodivers
Slide 18: We set high ambitions for where and how to grow
We set high ambitions for where and how to grow 1 Developing position in 2 Expanding our position as 3 Driving urban transformation and complex and large projects preferred partner in the development energy transition Enhancing Passenger Framo Holsnøy Lillehammer – Gran Infrastructure in Warsaw Clie
Slide 19: Enabling industry growth
Enabling industry growth Project : Framo Holsnøy Client : Framo / Alfa Laval Location : Holsnøy, Vestland County — Construction of two new 10 000m2 production halls — Framo’s emission-free facility at Holsnøy, achieved in 2023, is set for significant expansion. Two new production halls form phase 1
Slide 20: Leading adviser for the Norwegian Defence Estates Agency
Leading adviser for the Norwegian Defence Estates Agency Project : Framework Agreement Client : The Norwegian Defence Estates Agency Location : Norway – The framework agreement is intended to support the Norwegian Defence Estates Agency in its need for strategic advisory services related to property
Slide 21: Ensuring a more robust power supply throughout Norway
Ensuring a more robust power supply throughout Norway Project : Framework Agreement Client : Statnett Location : Norway — We support Statnett in achieving its strategic priorities: — Increasing the capacity of the existing grid in the power system — Planning and constructing the grid and power syste
Slide 22: Improving urban mobility across Warsaw
Improving urban mobility across Warsaw Project : Passenger infrastructure upgrade Client : PKP Polskie Linie Kolejowe SA Location : Warsaw, Poland — An ongoing railway infrastructure project aimed at improving passenger comfort and safety in Warsaw and the surrounding area — The project includes the
Slide 23: Digitalisation
Digitalisation Multiconst ult—Group
Slide 24: Significant investment in digitalisation for future profitability
Significant investment in digitalisation for future profitability NOK 40m+ strategic allocated to digital solutions: – Streamlining workflows to improve quality, efficiency and collaboration in project execution – Utilising AI tools developed inhouse to enhance efficiency and customer value – Real-t
Slide 25: Legacy data, an untapped goldmine
Legacy data, an untapped goldmine – Multiconsult has Norway’s largest geotechnical archive – More than 85 years of geotechnical investigation – Close to 30 000 analog reports Photo: Multiconsult
Slide 26: Leveraging almost 100 years of data gathering
Leveraging almost 100 years of data gathering – Using advanced technologies that enable easier access and more efficient utilisation of data – Developing GeoReader, an AI-driven platform that extracts and structures, geotechnical data from historical reports, resulting in: – Automated data extractio
Slide 27: Enhancing value for clients and shareholders
Enhancing value for clients and shareholders Adapting the same approach (as GeoReader) to other business areas with substantial amounts of data will: – Lower cost and reduce manual effort – Higher value and improved project outcomes – Improve decision-making and reduced risk – Enhance competitivenes
Slide 28: Outlook
Outlook ─ The overall market outlook remains stable, with continued uncertainty ─ Defence, energy, industry, and infrastructure remain key drivers ─ Lower interest rates may boost investments, but energy transition projects face timing and political risks ─ Building and property market is expected t
Slide 29: Financial calendar
Financial calendar 10 Feb 2026, 4Q 2025 results 17 Mar 2026, Annual Report 16 Apr 2026, Annual General Meeting 12 May 2026, 1Q 2026 results 18 Aug 2026, Half-yearly 2026 report 03 Nov 2026, 3Q 2026 results Teknostallen, Trondheim | Photo: Marianne Fon / Multiconsult
Slide 30: Appendix
Appendix Voss Biogas Plant | Photo: LINK Arkitektur / Bjørn Feltens
Slide 31: Order backlog 4Q 2025
Order backlog 4Q 2025 5 500 -12.8% 4 851 5 000 Buildings & Properties 4 500 4 233 Energy & Industry 4 000 Mobility & Transportation Water & Environment 3 500 NOK million 3 000 2 500 2 000 1 500 1 000 500 0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 4Q 4Q 2022 2023 2024 2025 2024 2025 Note: Variations in
Slide 32: Order intake 4Q 2025
Order intake 4Q 2025 Buildings & Properties 2 573 Energy & Industry Mobility & Transportation Water & Environment 1 847 1 798 1 696 1 636 1 559 1 572 1 531 1 539 1 431 1 349 1 277 1 205 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2022 2023 2024 2025 The Fornebu Line | Photo: Multiconsult
Slide 33: Number of working days 2024 vs 2025
Number of working days 2024 vs 2025 - Calendar effects, FY effect NOK 2.6 million NOK 2.2 million NOK -85.5 million NOK 82.9 million NOK 2.9 million 66 66 Year 1Q 2Q 3Q 4Q FY 63 60 60 60 2015 61 58 66 60 245 59 56 2016 58 62 66 60 246 2017 65 55 65 60 245 2018 59 60 65 60 244 2019 63 55 66 60 244 20
Slide 34: Number of working days 2025 vs 2026
Number of working days 2025 vs 2026 - Calendar effects, FY effect NOK 10.9 million NOK 0.5 million NOK -43.1 million NOK 49.6 million NOK 3.9 million 66 66 Year 1Q 2Q 3Q 4Q FY 63 60 61 60 2015 61 58 66 60 245 58 56 2016 58 62 66 60 246 2017 65 55 65 60 245 2018 59 60 65 60 244 2019 63 55 66 60 244 2
Slide 35: Segments 4Q 2025
Segments 4Q 2025 Norway Architecture International Net Operating Revenues Net Operating Revenues Net Operating Revenues +2.7% Net operating revenues +7.4% Net operating revenues Net operating revenues 1 400 250 -3.1% 120 1 200 100 200 NOK million NOK million 1 000 NOK million 80 800 150 60 114 117 6
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