Slide 1: Moderate revenue growth and profitability – First quarter 2025
Illustration: Norconsult E6 Roterud – Storhove Moderate revenue growth and profitability First quarter 2025 CEO Egil Hogna and CFO Dag Fladby 14 May 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 Q1 2025 Offices 8% 9% Norway Head Office 30% Norway Regions 8% Public 2025 Sweden 2025 Denmark Private 17% Renewable Energy 29% Digital & Technogarden Our markets Solid financial track record with stron
Slide 4: Q1 2025: Financial highlights
Q1 2025: Financial highlights Moderate growth and profitability Net revenue* Net revenue increased to NOK 2 637m (2 360) 5% organic growth adjusted for calendar effects Calendar effect of NOK 122m Adj. EBITA** Adj. EBITA of NOK 335m (227) with corresponding EBITA margin of 12.7% Adj. EBITA
Slide 5: Q1 2025: People and organisational update
Q1 2025: People and organisational update People Number of employees increased to ~6 600 (6 300) Number of full-time equivalents (FTEs) was 6 414 (6 148) Integration of 115 new colleagues from Sigma Civil into Swedish business area Norconsult Awards Highlighting and celebrating outstanding p
Slide 6: Q1 2025: Continued stable market
Q1 2025: Continued stable market Buildings & Architecture Infrastructure Energy & Industry Overall activity levels remained fairly Demand for transportation and water Energy & Industry continued its stable, with slight indications of growing infrastructure remain stable, and in line trajectory
Slide 7: Project examples
Project examples Photo: Herman Dreyer
Slide 8: E6 Roterud – Storhove
Illustration: Norconsult E6 Roterud – Storhove, Storhove Gjennomføringsfase E6 Roterud - Storhove will be a new 23-kilometer highway along lake Mjøsa. This road project features three large Project name: E6 Roterud – Storhove intersections, a 4,250-meter twin-tube tunnel, and a landmark 500-meter br
Slide 9: Rv. 22 Hafslund - Dondern
Photo: Adobe Photo: Google maps Rv. 22 Hafslund - Dondern This Bypakke Nedre Glomma turnkey contract will upgrade Sarpsborg's main access corridor with public transport Project name: Rv. 22 Hafslund - Dondern lanes, pedestrian/cycle paths, underpasses, roundabouts, bus stops, noise mitigation, storm
Slide 10: Tromsø Kulturkvartal
Illustration: Nordic Office of Architecture Tromsø Kulturkvartal Tromsø's new Cultural Quarter will house a 1200-seat philharmonic hall and the Northern Norwegian Art Museum in a Project name: Tromsø Kulturkvartal climate-responsive building with dual-access lobbies. Its robust exterior design compl
Slide 11: Project Fenix - Boliden Rönnskär
Photo: Robert Vikström E6 Roterud Project – Storhove, Fenix Gjennomføringsfase - Boliden Rönnskär Boliden Rönnskär, one of the world's most efficient copper smelters, is making a SEK 4.8 billion investment in a new Project name: Fenix tankhouse plant following a 2023 fire. The investment will enable
Slide 12: Financial presentation
CFO Dag Fladby Financial presentation Photo: Herman Photo: HermanDreyer Dreyer
Slide 13: Q1 2025: Moderate revenue growth and profitability
Q1 2025: Moderate revenue growth and profitability Net revenue : NOK 2 637m (2 360) Q1 2025 Q1 2024 5% organic growth adjusted for calendar effects Net revenue* NOKm 2 637 2 360 Adj. EBITA** NOKm 335 227 Higher number of employees and increased average billing rates Adj. EBITA margin %*** % 8.5%
Slide 14: Q1 2025: EBITA contributors adjusted for calendar effects
Q1 2025: EBITA contributors adjusted for calendar effects Underlying change to EBITA Digital & Technogarden, Sweden and Denmark contributed positively to the adjusted EBITA development, considering calendar effect 122 335 Norway Head Office, Norway Regions and Renewable Energy 227 -12 delivered
Slide 15: Norway Head Office and Norway Regions
Norway Head Office 30% Norway Regions 29% Q1 2025 Q1 2025 Organic growth** of 4% Organic growth** of 7% Increase in FTEs and billing rates Increase in FTEs and billing rates Calendar effect of NOK 51m Calendar effect of NOK 52m Adj. EBITA margin 9.7% (11.8%) Adj. EBITA margin 7.5% (8.1%) L
Slide 16: Sweden and Denmark
Sweden 17% Denmark 8% Q1 2025 Q1 2025 Organic growth** of 8% Organic growth** of 8% Higher number of FTEs and slightly increased billing rates Higher billing ratio Calendar effect of NOK 2m Calendar effect of NOK 3m Adj. EBITA margin adjusted for calendar at 7.2% (7.4%) Adj. EBITA margin adj
Slide 17: Renewable Energy and Digital and Technogarden
Renewable Energy 9% Digital and Technogarden 8% Q1 2025 Q1 2025 Organic growth** was 3% Total revenue decreased by 9% Strong organic growth** in Hydropower & Transmission of 11% Decreased volume in Technogarden and less FTEs in both business Partly offset by lower billing ratio and less FTEs i
Slide 18: Q1 2025: Cash flow from operations affected by seasonal variations
Q1 2025: Cash flow from operations affected by seasonal variations Cash flow from operating activities NOK -53m (184) Net cash flow from Operating Activities – Increased working capital, partly due to reduced liability for withholding tax from gift shares (~NOK 160m) which had similar positive eff
Slide 19: Q1 2025: Strong balance sheet
Q1 2025: Strong balance sheet NOKm 31.03.2025 31.12.2024 Cash and cash equivalents and other current financial Non-current assets 3 004 3 003 assets NOK 1 399m (Q4 2024: 1 612) Receivables 2 859 2 502 – Approx. NOK 160m increased withholding tax Cash and equivalents and other current financial ass
Slide 20: Q1 2025: Order book of NOK 7bn
Q1 2025: Order book of NOK 7bn (6.4bn in Q4 2024) Examples of projects included in the order intake during the quarter were: Photo: Andreas E. Nygjerd. Photo: Bane Nor Illustration: Nordic Office of Architecture Project: Øksenelvane hydropower plant Project: Floodway Sundland East Project: Arctic Ar
Slide 21: Focus: Airport design
Focus: Airport design Foto: Sune Eriksen
Slide 22: Nordic – well positioned in the international airport market
Nordic – well positioned in the international airport market With over 35 years of experience, Nordic Office of Architecture is Scandinavia’s leading airport design firm, recognized globally among leading architecture firms. Since designing Oslo Airport in the 1990s, Nordic has developed a portf
Slide 23: Large and complex multidisciplinary projects
Ready for review Large and complex multidisciplinary projects Solving complex airport development challenges demands multidisciplinary collaboration between architects and engineers, driving innovation and design Nordic Office of Architecture provides concession bid service to airport developers
Slide 24: Oslo Airport
Oslo Airport The world's first ‘BREEAM Excellent’ certified airport Oslo Airport is a prime example of Scandinavian design at its finest. As the world's first airport to achieve a BREEAM Excellent rating, it is considered a model for future airports. Travelers benefit from short walking distances, i
Slide 25: Istanbul Airport
Istanbul Airport Concept and scheme design for one of the largest airports in the world Istanbul Airport showcases Nordic’s expertise in airport design. This world-class hub is designed for functionality and long-term flexibility. Its clear layout ensures passengers navigate with ease and confidence
Slide 26: Keflavik Airport
Keflavik Airport A comprehensive phased plan for a key transfer hub A major expansion plan will strengthen the airport’s role as a key transfer hub between Europe and North America. The future vision is driven by principles of compact and flexible solutions, designed for delivery within the local pr
Slide 27: Stockholm Airport
Stockholm Airport Masterplan and terminal development plan for a key hub in Scandinavia. The terminal development plan encompasses review of the terminal complex, suggesting phasing of projects to safeguard future capacity. Nordic is also delivering several expansion and remodeling projects, includi
Slide 28: Noida Airport
Noida Airport India’s greenest airport The winning design competition proposal for this new greenfield airport responded to the brief, merging Swiss efficiency and Indian hospitality to create a modern and seamless passenger experience, setting new benchmarks in sustainability for airport terminal b
Slide 29: Chongqing Airport
Chongqing Airport A journey through the history of Chongqing’s rich culture and scenery For the newly opened Terminal 3B, clear and intuitive wayfinding was key in the interior design concept. Geometries inspired by local rivers showcase movement and flow, creating important wayfinding elements thro
Slide 30: London Gatwick Airport
London Gatwick Airport Enhancing the passenger experience Nordic is selected to support plans to enhance passenger experience through sustainable and innovative design, as part of the airport’s Capital Investment Plan. The project is at concept design phase currently, with the focus on delivering co
Slide 31: Bergen Airport
Bergen Airport A flexible modular design for the airport of tomorrow The concept design for Terminal 3 at Bergen Airport is a journey through the Norwegian west coast landscape, guided by principles of flow, legibility, modularity, and sustainable design. First phase has a capacity of 7.5 million pa
Slide 32: Outlook and closing remarks
Outlook and closing remarks Photo: Hoan Nguyen | Norconsult
Slide 33: Q1 2025: Outlook
Q1 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,
Slide 34: Every day we improve everyday life
Every day we improve everyday life
Slide 35: Appendix
Appendix Photo: Hoan Nguyen | Norconsult
Slide 36: 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% 2 359 2 360 2 399 2 502 2 500 2 333 76.2% 2 097 8 000 1 924 74.6% NOK million 2 000 1 705 75% 74.0% 6 000 72.3% 72.1% 72.2% 1 500 71.4% 71.0% 71.5% 4 000 1 000 70% 500 2
Slide 37: Consolidated income statement
CONSOLIDATED INCOME STATEMENT Amounts in NOK million Q1 2025 Q1 2024 FY 2024 Operating revenue 2 943 2 631 10 414 Other income 2 1 4 External project costs 308 272 1 233 Operating revenue and other income after external project costs 2 637 2 360 9 186 Salaries and personnel costs 1 968 1 894 7 287 O
Slide 38: Consolidated statement of financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Amounts in NOK million ASSETS 31.03.2025 31.12.2024 EQUITY AND LIABILITIES 31.03.2025 31.12.2024 Goodwill 1 081 1 079 Share capital 6 6 Treasury shares 0 0 Deferred tax assets 2 28 Share premium 221 221 Other intangible assets 122 109 Other paid in capita
Slide 39: Interim consolidated statement of cash flows
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS Amounts in NOK million Q1 2025 Q1 2024 FY 2024 Profit before tax 333 139 567 Taxes paid -77 -101 -150 Depreciation, amortization and impairment 21 20 86 Depreciation right of use asset 103 100 403 Change in working capital items -440 -51 379 Other changes
Slide 40: APM - reconciliations
APM - reconciliations Amounts in NOK million Reconciliation of adjusted EBIT, EBITA and EBITDA Q1 2025 Q1 2024 FY 2024 Operating profit (EBIT) 329 145 570 Depreciation and impairment of tangible and ROU assets 119 115 466 Amortisation and impairment of intangible assets 6 4 24 EBITDA 454 265 1 060 D
Slide 41: Largest shareholders May 2025
Largest shareholders 9 May 2025 Shareholder Number of shares Percentage Country Type 1 FOLKETRYGDFONDET 10 775 066 3.6% Norway Ordinary 2 The Bank of New York Mellon SA/NV 5 071 645 1.7% Belgium Nominee 3 VERDIPAPIRFONDET HOLBERG NORGE 4 862 500 1.6% Norway Ordinary 4 DANSKE INVEST NORSKE INSTIT. II
Slide 42: Every day we improve everyday life
Every day we improve everyday life