Multiconsult Asa · OSL:MULTI
Multiconsult Asa — Q1 2026 Earnings Presentation
29 slides from Multiconsult Asa's earnings presentation, May 12, 2026
Slide 1: First quarter results
First quarter results Grethe Bergly, CEO Ove B. Haupberg, CFO 12 May 2026
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 2025) > 5 500 clients > 15 500 projects > 45 countries > 4 100 employees
Slide 5: Highlights first quarter 2026
Highlights first quarter 2026 Good start to 2026, with strong growth and gradually improving NET OPERATING EBITA EBITA adjusted REVENUES performance – Market conditions remained stable, with continued pricing pressure 1 608 160.5 160.9 and high competitive intensity – Profitability impacted by calen
Slide 6: Market & Sales
Market & Sales Large sales & new contracts Market Q1 2026 – HP4 Lavhusene in Brøndby (renovation) – Market conditions largely unchanged compared with the previous quarter – KSÅ-3 Furnesbakken - Stange (railway) – Thermal uprating of power lines (Statnett – Stable activity levels and continued SF) un
Slide 7: People & organisation
People & organisation People Organisation Excellence – 4 140 permanent fixed employees, a 4.5% – Multiconsult Norway is certified in accordance – Prime Minister Jonas Gahr Støre unveiled the increase y-o-y with the recognised information security foundation stone for the New Rikshospitalet and – 3 8
Slide 8: Financial Review
Financial Review Ove B. Haupberg CFO
Slide 9: Financial highlights Q1 2026
Financial highlights Q1 2026 Consolidated key figures Amounts in NOK million Q1 2026 Q1 2025 Change FY 2025 Net operating revenues 1 608.0 1 523.4 5.5% 5 657.3 EBITA 160.5 190.4 (15.7%) 394.8 – Net operating revenues came in at NOK 1 608.0 million (1 523.4), a y- EBITA margin % 10.0% 12.5% (2.5pp) 7
Slide 10: Financial highlights
Financial highlights +5.5% -0.3pp +4.5%
Slide 11: Norway
Norway Amounts in NOK million Q1 2026 Q1 2025 FY 2025 – Revenue growth supported by higher billing rates and increased capacity Net operating revenues 1 304.6 1 195.5 4 448.1 – EBITA impacted by lower billing ratio and a negative EBITA 160.0 170.1 389.9 calendar effect EBITA margin (%) 12.3% 14.2% 8
Slide 12: Architecture
Architecture – Challenging market conditions and lower billing ratio impacted Amounts in NOK million Q1 2026 Q1 2025 FY 2025 profitability Net operating revenues 207.2 217.4 781.8 – Capacity adjustments to protect margins EBITA 9.0 21.1 14.1 EBITA margin (%) 4.3% 9.7% 1.8% Billing ratio 69.9% 71.8%
Slide 13: International
International – Modest revenue growth, supported by higher billing rate Amounts in NOK million Q1 2026 Q1 2025 FY 2025 and capacity Net operating revenues 110.3 110.0 432.8 – Early signs of improvement in Sweden EBITA 4.7 6.6 25.3 EBITA margin (%) 4.3% 6.0% 5.9% Billing ratio 78.8% 78.9% 78.5% Full-
Slide 14: Financial position
Financial position – Cash flow from operations – NOK 191 million (202) – Change in working capital – YTD negative NOK 11 million (negative 224) – Net interest-bearing debt – NIBD NOK 697 million – Gearing ratio 1.87 (NIBD excl. lease liabilities, restricted cash/EBITDA) – Gearing ratio adj. 1.74 481
Slide 15: Free cash flow
Free cash flow 598 575 579 NOK million Qi Q2 Q3 Q4 Qi Q2 Q3 Q4 Qi Q2 Q3 Q4 Qi Q2 Q3 a4 Qi 2022 2023 2024 2025 2026 i Net cash flow from operating activities | == Free cash flow excl.cash used on aquisitions LTM == Net cash flow used in investment activities excl. acquisitions Multiconsult—Group
Slide 16: Business areas and Closing remarks
Business areas and Closing remarks Grethe Bergly, CEO
Slide 17: Market structure
Market structure Operating Multiconsult Buildings & Mobility & Energy & Water & Revenues Group Properties Transportation Industry Environment % of total Q1 2026 1 848 618 473 527 229 NOK million Change y-o-y 6% -3% 8% 15% 6%
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 as Driving urban transformation Safeguarding biodiversity and Increasing our impact complex and large projects preferre
Slide 19: Driving urban transformation and development
Driving urban transformation and development Multi-disciplinary excellence Designing rail services The digital backbone that elevates customer value on users’ terms of Bjørvika, Oslo – A cross-disciplinary group bringing together – Innovative pilot supporting Bane NOR’s – A shared digital 3D model c
Slide 20: The first quarter, in brief
The first quarter, in brief – The first quarter marks a good start to the year – Focus on profitability improvement measures continues in line with financial ambitions – Good sales in a highly competitive market – Solid market position and order backlog – Leading position in defence-related engineer
Slide 21: Outlook
Outlook – The overall market outlook remains unchanged with several new opportunities in the pipeline – Continued uncertainty regarding timing and investment decisions – Defence, energy, industry, and infrastructure continue to be key drivers – Building and property market is expected to remain chal
Slide 22: Grateful for the journey – confident in the future
Grateful for the journey – confident in the future "Multiconsult is, above all, built by people, by professional curiosity, a strong sense of responsibility, and the will to succeed together."
Slide 23: Financial calendar
Financial calendar 12 May 2026, Q1 2026 results 18 Aug 2026, Half-yearly 2026 report 03 Nov 2026, Q3 2026 results Teknostallen, Trondheim | Photo: Marianne Fon / Multiconsult
Slide 24: Appendix
Appendix Voss Biogas Plant | Photo: LINK Arkitektur / Bjørn Feltens
Slide 25: Order backlog Q1 2026
Order backlog Q1 2026 -13.6% Note: Variations in time horizon and size across business areas and business units. Spira, Sweden | Photo: Felix Gerlach / LINK Arkitektur In addition, call-offs on frame agreements to be included when signed
Slide 26: Order intake Q1 2026
Order intake Q1 2026 The Fornebu Line | Photo: Multiconsult
Slide 27: Number of working days 2026 vs 2025
Number of working days 2026 vs 2025 - Calendar effect, 1Q negative NOK 43.1 million NOK 0.5 million NOK 49.6 million NOK -43.1 million NOK 3.9 million 2025 2026
Slide 28: Segments Q1 2026
Segments Q1 2026 ILEBITA (NOK mittion) e207 10 Net operating revenues > a e021 Norway Norway EBITA 920z 10 = EBITA margin (%) 300 250 200 180 100 50 2 20% 40 15% “ 20 109% 10 5% . (10) % 20) ezoz 1d e202 10 z £0 7 e021 Architecture Net operating revenues {itl 22 g 2 il Architecture EBITA ILEBITA (NO
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