Norconsult Asa · OSL:NORCO
Norconsult Asa — Q3 2026 Earnings Presentation
38 slides from Norconsult Asa's earnings presentation, Nov 3, 2026
Slide 1: Continued growth and improved profitability
Photo: Kari Bergo The Torghatten Project by Østengen & Bergo, Norway Continued growth and improved profitability Third quarter 2026 CEO Egil Hogna and CFO Dag Fladby 3 November 2026
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 A local partner, leveraging our size and reach… ...with solid financials1) Founded in 1929 ~ 7 200 Employees Q3 2026 ~ 140 Offices Revenue by customer2) Revenue by projects2) Country HQs Offices ~35K projects ~15K customers Buildings and architecture2)
Slide 4: Q3 2026: Financial highlights
Q3 2026: Financial highlights Net revenue* – Net revenue increased with 6% to NOK 2 314m (2 191) – 1% organic growth adjusted for calendar effects Adj. EBITA** – Adj. EBITA of NOK 242m (204) – Adj. EBITA margin adjusted for calendar effect 9.8% (9.3%) Order backlog of NOK 7.9 bn (7.8 bn in Q2 2026)
Slide 5: People and organisational update
People and organisational update People – Number of employees increased to 7 241 from 6 964 in the same quarter last year – Number of FTEs increased with 4.4% y-o-y to 7 077 (6 777) Highlights – Norconsult Sweden ranked as top employer among young professionals by Karriärföretagen for the sixth cons
Slide 6: Q3 2026: Markets remained broadly stable
Q3 2026: Markets remained broadly stable Buildings & Architecture Infrastructure Energy & Industry – Activity in Buildings & Architecture – The Infrastructure market continued – The demand for power related projects, remained stable but subdued. Recovery stable and consistent with long-term noticeab
Slide 7: Continued bolt-on acquisitions
Peder Bjerre Hauritz, CEO Franck Miljø & Geoteknik and Jes Hansen, CEO Norconsult Denmark Continued bolt-on acquisitions Østengen & Bergo - Norway – Acquisition completed in Q3 – Norwegian landscape architecture consultancy – Number of FTEs: 10 – Expands multidisciplinary offering Franck Miljø & Geo
Slide 8: Project examples
Thorvald Meyers gate Project examples Photo: Herman Dreyer
Slide 9: Grefsen Station
Grefsen Station Norconsult is supporting Bane NOR in upgrading Grefsen Station, including a new central platform and an accessible pedestrian bridge. The upgrade will enable remote operation and support the introduction of a modern European railway signalling system (ERTMS). Norconsult is responsibl
Slide 10: Hasle Kraft
Hasle Kraft Norconsult, together with its subsidiary Nordic Office of Architecture, has been awarded the detailed design of Hasle Kraft, a new office building of approximately 18,000 m² in Oslo for Møller Eiendom. The contract follows the group’s earlier work on the project’s concept and preliminary
Slide 11: New wastewater treatment plant, Drammen
New wastewater treatment plant, Drammen Metier, together with Technogarden, has been awarded one of four parallel framework agreements for project and construction management of a new regional wastewater treatment plant for Drammen, Lier and Asker. Built in rock caverns at Nordbykollen, the plant wi
Slide 12: Nørrestrand Care center
Nørrestrand Care center Norconsult has been awarded the engineering design of Nørrestrand Care Centre in Horsens, Denmark, for ALBO. The project comprises 150 new nursing and dementia homes covering more than 15,000 m². Norconsult is responsible for all engineering disciplines, including structural
Slide 13: Norconsult
Norconsult
Slide 14: Three in-house AI platforms already in use on projects
Three in-house AI platforms already in use on projects NORA Norconsult Extend Animal farm Secure, tailored AI assistant built on our AI agents working inside engineering Parametric design engine turning own knowledge (RAG1). software and business systems via open engineering rules into reusable logi
Slide 15: Energy market update
Letsi - Svartbyen , Sweden Energy market update Photo: tomas-arlemo
Slide 16: Growing demand for power in the Nordic energy system
Growing demand for power in the Nordic energy system Expected growth in energy investments continue Planned investments in hydro power production and TSO grid investments, Nordics 2024-20301,2 Electrification drives strong demand across the Nordics: consumption is expected to grow by more than +50%
Slide 17: Renewable Energy: One global business area from 2027
Renewable Energy: Renewable Energy One global business area from 2027 Renewable energy activities are combined into Power systems Dam and Hydrology Hydropower one business area to strengthen market position, competitiveness and growth Shared technology and methods across borders enable integrated cl
Slide 18: Financial presentation
Financial presentation CFO Dag Fladby
Slide 19: Q3 2026: Continued growth and improved profitability
Q3 2026: Continued growth and improved profitability Net revenue: NOK 2 314m (2 191) Q3 2026 Q3 2025 – 1% organic growth Net revenue* NOKm 2 314 2 191 – Positive calendar effect of NOK 17m Adj. EBITA** NOKm 242 204 Adj. EBITA: NOK 242m (204) Adj. EBITA margin %*** % 9.8% 9.3% – Adj. EBITA margin adj
Slide 20: Norway Head Office and Norway Regions
31% 27% Norway Head Office Norway Regions Q3 2026 Q3 2026 Organic growth** of 1% Organic growth** of -1% – Increased FTEs and improved billing rates – Lower billing ratio, fewer FTEs, partly mitigated by higher billing rates – Positive calendar effect of NOK 4m – Positive calendar effect of NOK 2m A
Slide 21: Sweden and Denmark
16% 7% Sweden Denmark Q3 2026 Q3 2026 Organic growth** of -4% Organic growth** of 4% – Fewer FTEs and decreased billing ratio – Currency had a negative impact of NOK -14m – Positive calendar effect of NOK 11m due to adjustment of – No significant calendar effects summer/winter work hours – Currency
Slide 22: Renewable Energy and Consulting segments
9% 10% Renewable Energy Consulting segments Q3 2026 Q3 2026 Organic growth** of 15% Total revenue increased with NOK 167m – Continued strong organic growth driven by hydropower and – Strong contribution from Metier transmission business – No significant calendar effects Adj. EBITA margin at 13.6% (1
Slide 23: Strong balance sheet per 30.09.2026
Strong balance sheet per 30.09.2026 Cash and cash equivalents: NOK 105m (31.12.25: 1 552m) NOKm 30.09.2026 30.09.2025 31.12.2025 Non-current assets 5 050 4 551 5 082 – Repayment of term loan (NOK -610m) and dividend payment Receivables 3 095 2 927 2 766 (NOK -558m) Cash and cash equivalents and othe
Slide 24: Q3 2026: Cash flow development
Q3 2026: Cash flow development Cash flow from operating activities: NOK -264m (-103) – Increased working capital Cash flow from investment activities: NOK -14m (-983) – Last year impacted by acquisition of the Aas Jakobsen Group Cash flow from financing activities: NOK -144m (810) – Last year includ
Slide 25: Leveraging technology to improve efficiency
Leveraging technology to improve efficiency ERP implementation update – Norconsult Norway has upgraded its on-prem ERP systems to a modern cloud-based solution – Implementation has started, with go-live on the initial version on November 2nd, 2026 – The project has a cost frame of NOK ~200m and is e
Slide 26: Q3 2026: Order backlog of NOK 7.9 billion
Q3 2026: Order backlog of NOK 7.9 billion (7.8b in Q2 2026) Platform Extensions on the Viskadalsbanan Railway Line Norconsult was awarded detailed design for extending ten platforms at nine stations between Borås and Varberg. The upgrade supports longer passenger trains and improves accessibility. N
Slide 27: Outlook and closing remarks
Outlook and closing remarks Photo: Herman Dreyer
Slide 28: Q3 2026: Outlook
Skansemyren Kindergarden Q3 2026: Outlook The overall market is expected to remain stable, however, with continued uncertainty linked to the geopolitical situation – The private market for Buildings & Architecture is expected to continue as-is – The demand in Infrastructure is expected to be stable
Slide 29: Every day we improve everyday life
Every day we improve everyday life
Slide 30: Appendix
Appendix Photo: Herman Dreyer
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 Adj. EBITA Average workdays per quarter ** NOK -9m*** * Net revenue = Operating revenue and other income after external project costs, 31 ** Weighted average workdays for the Group per quarter post
Slide 32: Consolidated income statement
Consolidated income statement Amounts in NOK million Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 FY 2025 Operating revenue 2 648 2 467 9 323 8 193 11 399 Other income 4 3 8 7 12 External project costs 337 279 1 128 905 1 308 Operating revenue and other income after external project costs 2 314 2 191 8 2
Slide 33: Consolidated statement of financial position
Consolidated statement of financial position Amounts in NOK million ASSETS 30.09.2026 30.09.2025 31.12.2025 EQUITY AND LIABILITIES 30.09.2026 30.09.2025 31.12.2025 Goodwill 2 668 2 341 2 691 Share capital 6 6 6 Deferred tax assets 0 1 10 Share premium 525 525 525 Other intangible assets 451 364 498
Slide 34: Interim consolidated statement of cash flows
Interim consolidated statement of cash flows Amounts in NOK million (unaudited in NOK million) Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 FY 2025 Profit before tax 152 173 567 651 850 Taxes paid -7 -13 -110 -97 -69 Depreciation, amortisation and impairment 44 32 127 78 121 Depreciation right of use ass
Slide 35: APM - reconciliations
APM - reconciliations Amounts in NOK million Reconciliation of adjusted EBIT, EBITA and EBITDA Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 FY 2025 Operating profit (EBIT) 184 189 663 654 856 Depreciation and impairment of tangible and ROU assets 134 128 399 368 497 Amortisation and impairment of intangi
Slide 36: Amortisations of intangible assets
Amortisations of intangible assets Amounts in NOK million Expected amortisation of intangibles from the Aas-Jakobsen and Metier acquisitions Total YTD Q326 FY26 FY27 FY28 Amortisation period Order backlog and customer Aas-Jakobsen 254 48 63 19 19 1.5-10 years relations Order backlog and customer Met
Slide 37: Largest shareholders 30 September 2026
Largest shareholders 30 September 2026 Shareholder Number of shares Percentage Country Type 1 VERDIPAPIRFONDET DNB NORGE 11 310 997 3.6% Norway Ordinary 2 FOLKETRYGDFONDET 9 349 556 3.0% Norway Ordinary 3 J.P. Morgan SE 7 022 303 2.2% Luxembourg Nominee 4 VERDIPAPIRFONDET HOLBERG NORGE 6 901 960 2.2
Slide 38: Every day we improve everyday life
Every day we improve everyday life