Multiconsult Asa · OSL:MULTI
Multiconsult Asa — Q3 2025 Earnings Presentation
32 slides from Multiconsult Asa's earnings presentation, Nov 4, 2025
Slide 1: Third quarter results 2025
Third quarter results 2025 4 November 2025 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 Photo: Bård Gudim
Slide 4: This is the Multiconsult Group
This is the Multiconsult Group Segments Business areas Sector balanced portfolio (share of net operating revenues 2024) (share of operating revenues 2024) (share of operating revenues 2024) > 5 500 clients > 15 000 projects 8% 12% 14% 37% 37% 24% 49% 51% > 45 countries > 4 000 employees 41% 27% Regi
Slide 5: Summary & Key figures | 3Q 2025
Summary & Key figures | 3Q 2025 STABLE PERFORMANCE IN A COMPETITIVE MARKET NET OPERATING EBITA ─ Defence, energy and industry remain key drivers REVENUES ─ Strengthening measures to improve profitability 1 196 62.1 ─ ViaNova SPA signed, ongoing integration NOK million NOK million 4.2% y-o-y EBITA ma
Slide 6: Market & Sales
Market & Sales Large sales & new contracts Order intake Market 3Q 2025 ─ Framework agreements, The Norwegian 1 349 1 277 ─ Order intake in the quarter amounted to 1 205 Defence Estates Agency NOK 1 205 million ─ Sygehus Nord, Aalborg, conversion to ─ Solid and diversified order backlog NOK million h
Slide 7: Measures to improve profitability
Measures to improve profitability Target: Profitability — The last three quarters show the same pattern: A complex picture with profitability below target EBITA margin* — A relatively high billing ratio — Hourly rates that does not match the development in salary 10% and other costs *measured on an
Slide 8: People & organisation
People & organisation People Organisation Excellence — 4 062 permanent fixed employees, an ― A clear organisational distinction between — Organised Norway’s largest mapping increase of 4.9% y-o-y the executive management team and initiative with Engineers without Borders Multiconsult Norway’s Manage
Slide 9: Financial Review
Financial Review Ove B. Haupberg, CFO Photo: Bård Gudim
Slide 10: Financial highlights | 3Q 2025
Financial highlights | 3Q 2025 Consolidated key figures NOK million 3Q 2025 3Q 2024 Change FY 2024 ─ Net operating revenues came in at NOK 1 196.4 million (1 148.4), a y-o-y increase of 4.2% Net operating revenues 1 196.4 1 148.4 4.2% 5 383.6 EBITA 62.1 102.9 (39.6%) 523.4 ─ Organic revenue growth (
Slide 11: Financial highlights | YTD 2025
Financial highlights | YTD 2025 Consolidated key figures NOK million YTD 2025 YTD 2024 Change FY 2024 ─ Net operating revenues increased to NOK 4 135.7 million (3 940.3), a y-o-y Net operating revenues 4 135.7 3 940.3 5.0% 5 383.6 growth of 5.0% EBITA 319.9 425.4 (24.8%) 523.4 ─ Organic revenue grow
Slide 12: Financial highlights
Financial highlights Billing ratio Net Operating Revenues Billing ratio Rolling 12 months +4.2% 1 600 6 000 Rolling 12 months 76 1 400 Net operating revenues 5 500 74 -1.1pp 1 200 5 000 1 000 72 4 500 71.2% NOK million 800 70 70.1% 4 000 68.3% 600 1 148 1 196 67.8% 977 3 500 68 400 876 200 3 000 66
Slide 13: Operational performance
Operational performance REGION OSLO REGION NORWAY ARCHITECTURE INTERNATIONAL ─ Net operating revenues ─ Net operating revenues ─ Net operating revenues ─ Net operating revenues increased by 0.3% increased by 8.5% increased by 9.1% increased by 2.2% ─ Higher billing rates and ─ Higher billing rates a
Slide 14: Financial position
Financial position ─ Strong cash flow from operations ─ NOK 413 million (522) 600 ─ Change in working capital 550 ─ YTD negative NOK 453 million (negative 260) 500 160 450 -260 ─ Net interest-bearing debt 400 ─ NIBD NOK 755 million 350 -453 ─ Gearing ratio 1.77 (NIBD excl. IFRS16, restricted cash/EB
Slide 15: Free cash flow
Free cash flow 598 575 579 547 515 503 515 433 455 409 369 334 318 323 294 289 272 NOK million 457 416 409 373 262 83 85 116 81 29 -31 -59 -26 -52 -28 -22 -133 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 Net
Slide 16: Business areas & Closing remarks
Business areas & Closing remarks Grethe Bergly, CEO Photo: Bård Gudim
Slide 17: Market structure
Market structure Operating Multiconsult Buildings & Mobility & Energy & Water & Revenues Group Properties Transportation Industry Environment 13% 25% 27% 35% % of total 3Q 2025 NOK million 1 416 492 356 382 186 Change y-o-y 5% 2% 4% 20% 2%
Slide 18: 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 in complex and large as preferred partner in transformation and biodiv
Slide 19: 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 4 Safeguarding biodiversity complex and large projects preferred partner in the and climate energy transition Water supply to Oslo GET FiT Mozambique II Landslide risk mitigation project, Ullensaker
Slide 20: Design and engineering of Alginor's new industrial facility
Design and engineering of Alginor’s new industrial facility — A Norwegian marine biotech company that harvests and processes seaweed (kelp, laminaria hyperborea) to make ingredients for medicine, personal care, and health products, with full traceability from sea to finished product — Alginor is cur
Slide 21: Ecosystem accounting - framework agreement
Ecosystem accounting - framework agreement — Multiconsult is developing a methodology for ecosystem accounting in road projects — The project is being carried out for the Norwegian Public Roads Administration, in collaboration with the Norwegian Institute for Nature Research — Many Norwegian compani
Slide 22: GET FiT Mozambique II
GET FiT Mozambique II Implementation of renewable energy project in Mozambique — Multiconsult has managed the design and rollout of renewable energy projects (solar, storage and mini-grids and hydropower), for the phase one of this project — The project helps build local capacity and supports clean
Slide 23: Celebrating the opening of Construction City
Celebrating the opening of Construction City — Construction City is Norway’s largest hub for construction and real estate industry, offering flexible workspaces and collaboration areas in Oslo — LINK Architecture served as lead architect, designing and building for innovation, sustainability (BREEAM
Slide 24: Defence-related opportunities has continued to increase across Scandinavia
Defence-related opportunities has continued to increase across Scandinavia Denmark — LINK architects are working for the Danish Ministry of Defence Estates Agency as one of several suppliers on consultancy services for construction projects across Denmark, the Faraoe Islands and Greenland. The frame
Slide 25: Outlook
Outlook ─ The overall market outlook remains stable, with some increased 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 expec
Slide 26: Financial calendar
Financial calendar 04 Nov 2025, Q3 2025 results 10 Feb 2026, Q4 2025 results 17 Mar 2026, Annual Report 16 Apr 2026, Annual General Meeting 12 May 2026, Q1 2026 results 18 Aug 2026, Half-yearly 2026 report 03 Nov 2026, Q3 2026 results Multiconsult employees | Photo: Bård Gudim / Multiconsult
Slide 27: Appendix
Appendix Stokkelandsbyen, Sandnes | Illustration LINK Arkitektur / Multiconsult
Slide 28: Order backlog | 3Q 2025
Order backlog | 3Q 2025 5 500 -10.8% 4 836 5 000 Buildings & Properties 4 500 4 316 Energy & Industry 4 000 Mobility & Transportation Water & Environment 3 500 NOK million 3 000 2 500 2 000 1 500 1 000 500 0 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 3Q 3Q 2022 2023 2024 2025 2024 2025 Note: Variations
Slide 29: Order intake | 3Q 2025
Order intake | 3Q 2025 Buildings & Properties 2 573 Energy & Industry Mobility & Transportation Water & Environment 1 847 1 798 1 696 1 559 1 572 1 531 1 539 1 431 1 349 1 277 1 205 945 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2022 2023 2024 2025 Fyrstikkbakken 14, Oslo | Photo: Assad Ansar / LINK Ark
Slide 30: Number of working days
Number of working days - Calendar effects NOK 2.9 million NOK 2.2 million NOK -85.5 million 66 66 Year Q1 Q2 Q3 Q4 FY 63 60 60 60 2015 61 58 66 60 245 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 2020 64 56 66 60 246 2021 60 59 66 60 245 2022 64 56 66 60 246
Slide 31: Segments | 3Q 2025
Segments | 3Q 2025 Region Oslo Region Norway Architecture International Net Operating Revenues Net Operating Revenues Net Operating Revenues Net Operating Revenues Net operating revenues Net operating revenues Net operating revenues Net operating revenues +2.2% 800 800 250 +9.1% 120 +8.5% 700 +0.3%
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