Norconsult Asa · OSL:NORCO
Norconsult Asa — Investor Day (2025)
88 slides from Norconsult Asa's investor day presentation, Nov 5, 2025
Slide 1: Norconsult Capital Markets Day 2025
Photo: Herman Dreyer Norconsult Capital Markets Day 2025 Consistent Performance, Clear Plan Going Forward
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: Agenda
Photo: Hoan Nguyen | Norconsult Agenda 10:00 Welcome to CMD Egil Hogna Market update Christian Aasland Norway Head office Bård Hernes Q&A session 11:00 Norway Regions Vegard Jacobsen Sweden Fredrik Holmberg Renewable Energy Håkon Bergsodden Q&A session 12:00 Light lunch & guided office tour 13:00 Pr
Slide 4: 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 9.8 9.2 8.5 7.5 6.6 ~ 7 000 6.1 5.5 4.7 8% 8% 10% 10% 10% 10% 10% 9% Employees Q3 2025 2018 2019 2020 2021 2022 2023 2024 LTM Q3 ~ 140 Adj EBITA margin Net reven
Slide 5: Professional service offerings to the building and construction market
Professional service offerings to the building and construction market Offering Project management Architecture Engineering and digital solutions Form, function, experience Structures, systems, complexity Scope, schedule, productivity Project lifecycle 1. Planning 2. Design and engineering 3.Project
Slide 6: Delivery model balancing unmatched local presence with knowledge hubs
Delivery model balancing unmatched local presence with knowledge hubs Unique local presence through ~140 offices combined with network expertise and cross border collaboration1) Local presence Local networks, in-depth local knowledge and local “footprint” Knowledge hubs 70% of >NOK 3m Strong knowled
Slide 7: Robust business model ensuring stable margins
Robust business model ensuring stable margins Risk diversified Time & material Attractive across ~35k assignments1) typical contract form1) economic attributes Top 50 projects Other Cost-plus model with low-risk contracts priced on accrued hours ~80% time & material of operating revenue Index-regula
Slide 8: A people-focused strategy built on a solid foundation
A people-focused strategy built on a solid foundation Every day we improve everyday life Purpose Nordic top 3 position Vision Attract, develop Create shareholder Ensure Leverage digital Lead a client- and retain the value with strong sustainability in technologies to Goals oriented culture best peop
Slide 9: Two years as a listed company – Consistent profitable growth
Two years as a listed company – Consistent profitable growth Photo: Hoan Nguyen | Norconsult
Slide 10: Strengthened position in the Nordics
Strengthened position in the Nordics The largest inter- Top four of the largest Top 12 in the #1 disciplinary consultancy firm in Norway1) #4 consultancies in the Nordics 1) #12 European marketspace 2) 1) Annual reports 2024 , gross revenue 2024 converted to NOK with exchange rates DKK:1.54 SEK: 1.0
Slide 11: Consistent performance - robust financial track record
Consistent performance - robust financial track record Strong growth over a decade with 10% net revenue CAGR Consistent adj. EBITA margin of ~10%1) NOKm NOKm 9.798 918 9.186 879 8.494 810 733 7.513 6.593 610 628 6.146 5.516 465 4.691 4.078 390 3.738 346 3.412 3.514 304 319 316 9% 9% 10% 10% 10% 10%
Slide 12: Revenue growth through balanced organic growth and acquisitions
Revenue growth through balanced organic growth and acquisitions Strong organic growth 11% 10% 10% Growth target 6% 7% 6% 2/3 Organic growth 5% 2% 1/3 M&A 2022 2023 2024 Q3 2025 LTM Norconsult Publically listed peers1) 12 1) Multiconsult, Afry Nordics, Sweco Nordics
Slide 13: The market leader in Norway with strong pan-Nordic growth
The market leader in Norway with strong pan-Nordic growth The leading player in Norway… …with reinforcing no. 1 position… …and a strong Nordic growth trajectory Gross revenues 2024 (NOKm) 1,2) Gross revenue (NOKbn) development 3) 7.866 Norway 6.2 6.6 6.9 5.4 5.289 2022 2023 2024 Q3 2025 LTM Sweden 3
Slide 14: The role of consulting engineers has expanded in recent years
The role of consulting engineers has expanded in recent years Increased complexity Increased requirements Digital technologies Building in an urban or Society has increased expectations about: Digital technologies allow better established environment is User and worker safety planning, design and en
Slide 15: Two competing visions on the future role of AI
Two competing visions on the future role of AI Replace or Augment the Expert? Replacing the expert Augmenting the expert User requirements User requirements Minimal formal education or domain experience needed to Deep experience and domain knowledge enhance the perform at a competitive level Usertor
Slide 16: Innovation and digitalisation inherent in our business model
Innovation and digitalisation inherent in our business model Increased complexity Kattås water treatment plant Drammen - Kobbervikdalen Establishment of a new water treatment New double-track railway through Drammen plant at Kattås (NOR) to ensure safe and and Kobbervikdalen (NOR) Enhancing clean dr
Slide 17: Experienced executive management team
Experienced executive management team CEO ~5 Egil Hogna ~3 EVP Human Resources ~26 years Marisa Ruiz Retamar Average relevant experience CFO ~4 Dag Fladby ~10 EVP Communications and Brand Hege Njå Bjørkmann 10 years Average tenure in Norconsult EVP Norway/ EVP Norway/ EVP EVP EVP EVP Years in Head O
Slide 18: Norconsult is a people business – attracting talent is key
Norconsult is a people business – attracting talent is key 7.000 6.500 6.300 As the market leader in Norway, Norconsult attracts key 5.500 talent by offering flagship projects, robust project portfolio 5.100 and many opportunities for personal development 4.600 4.300 3.800 Outside Norway, Norconsult
Slide 19: Norconsult Academy develops the engineers and architects of tomorrow
Norconsult Academy develops the engineers and architects of tomorrow Most learning acquired Flexible career paths Project management through experience 70% of learning through project Employees can pursue a career within the line Talent development program focused experience, 20% through mentoring o
Slide 20: A workplace where people thrive, reflected in low churn and sick leave
A workplace where people thrive, reflected in low churn and sick leave Percentage sick leave1) Overall employee satisfaction 4.8% 4.0% 4.1% 3.9% Norconsult continues to score high on overall employee satisfaction, reflecting a strong culture of engagement and professional development Sick leave is r
Slide 21: Norconsult is a leading interdisciplinary consultancy firm
Norconsult is a leading interdisciplinary consultancy firm solving the most complex engineering problems with the best talents Strong financials High-growth company The best people NOK 9.8bn 7% 5% Net revenue1) Q3 25 LTM Net revenue1,3) CAGR 23-25 Q3 LTM Employee CAGR 23-25 Q3 LTM4) NOK 918m 6% 4.0
Slide 22: Nordic buildings and construction market update
Photo: Mattias Hamrén Täby simhall, Sweden Nordic buildings and construction market update Christian Salbu Aasland SVP Investor Relations and Business Intelligence
Slide 23: Buildings and construction is a large and attractive market
Buildings and construction is a large and attractive market with underlying secular growth trends Large and diversified Demonstrated resilience end-markets through turmoil Engineering consultancies Attractive outlook backed by grow above the market secular growth trends 23
Slide 24: Exposure to numerous large and diversified end-markets
Exposure to numerous large and diversified end-markets Norconsult operates in a NOK 1 729bn end-market1) Engineering consultants more exposed to civil engineering Total production value in the Nordics 2024 (NOKbn)2) Complexity and share of production value to engineering consultants vary between end
Slide 25: Demonstrated resilience through market turmoil
Demonstrated resilience through market turmoil Total production value in the Nordics1) remains large and stable while engineering consultant firms grow consistently NOKbn NOKbn 2.000 90 1.750 80 70 1.500 60 1.250 50 1.000 40 750 30 500 20 250 10 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 26: The Nordic buildings and construction market is positioned for a rebound
The Nordic buildings and construction marked is positioned for a rebound Development of the Nordic1) market – in a ten-year perspective Building – set for a gradual recovery -13% -13% +8% +8% -20% -20% +9% +9% 1.981 1.995 1.936 1.453 1.464 1.881 1.893 1.880 1.337 1.363 1.353 1.321 1.848 1.269 1.282
Slide 27: Nordic building and construction - expected growth
Nordic building and construction - expected growth Public investments partly offset a weakened private sector Construction markets continue steady growth The Nordic1) buildings market The Nordic1) construction market NOKbn NOKbn +6% +6% -20% -20% 1.464 +9% +9% +5% +5% 615bn 598 578 1.321bn 556 1.269
Slide 28: Strong fundamentals driving long-term growth
Strong fundamentals driving long-term growth Demographics Public infrastructure Quality of life Infrastructure Infrastructure investments Urbanization Defence and resilience Population growth Rehabilitation backlog People Macroeconomics Key Drivers Regulatory dynamics Private investments Design code
Slide 29: Long term market fundamentals persist
Long term market fundamentals persist Large and diversified end-markets Buildings and construction Demonstrated resilience through turmoil market forecast Positive outlook, recovery is expected to be gradual Engineering consultancies grow above the market Attractive outlook backed by secular growth
Slide 30: Business segment Norway Head Office
Illustration: Nordic Office of Architecture med Arup Architecture og Rodeo Arkitekter EVP Bård Hernes Business segment Norway Head Office New head office NRK, Norway
Slide 31: Norway Head office – At a glance
Norway Head office – At a glance 31% “The engine of business development” % of group net revenue as of Q3 2025 Key characteristics Net Revenue and adj. EBITA margin Net revenue NOKbn Adj EBITA margin 3.0 2.8 “The heart of Norconsult”, with the skills and scale to 2.3 2.5 deliver the full breadth of
Slide 32: Home of the largest and most complex of projects
51,0% 49,0% Home of the largest and most complex of projects 31% Half the revenue comes from large multi-year projects in buildings, infrastructure and industry % of group net revenue as of Q3 2025 Gross revenue estimate by market1) Gross revenue estimate by customer1) Selected public customers 2024
Slide 33: E18 Fornebukrysset – Ramstadsletta
Photo: Bård Gudim E18 Fornebukrysset – Ramstadsletta (design and construction) E18 Fornebukrysset – Ramstadsletta , Norway E18 Ramstadsletta – Nesbru (regulation and planning) E18 Vestkorridoren is a 17 km upgrade of the E18 west of Oslo, designed to improve traffic flow, cut noise and air Project n
Slide 34: Aas-Jakobsen integration well underway
Aas-Jakobsen integration well underway 226 Aas-Jakobsen employees became part of Norconsult in Q3 2025 Work to design a unified organization chart Gardemoen airport Bybanen, Bergen through a broad, inclusive process on track The target is to implement the new organisation by summer 2026 Following th
Slide 35: Innovation scales in large and complex infrastructure projects
Innovation scales in large and complex infrastructure projects Large, multiyear complex infrastructure projects are uniquely effective environments for developing skills and technology because they combine real technical challenges, economies of scale, rigorous governance, and sustained budgets with
Slide 36: Sotra Bridge – World's largest fully digital suspension bridge
Sotra Bridge, Norway Sotra Bridge – World’s largest fully digital suspension bridge Data-driven design and construction Norconsult has designed the 900-metre Sotra Bridge entirely model-based, no traditional drawings By automating workflows Norconsult achieved a 76 % reduction in design errors savin
Slide 37: AI-driven generative design for infrastructure
RV4, Gjøvik - Mjøsbrua, Norway AI-driven generative design for infrastructure From days to minutes Norconsult is transforming early-phase infrastructure planning by leveraging Infraspace’s AI-powered generative design platform AI-powered design lets Norconsult explore thousands of route alternatives
Slide 38: Large language models in practical use
Large language models in practical use Leveraging unique databases with AI NORA is a proprietary AI platform built on Microsoft Azure’s language model technology. NORA runs within Norconsult’s data platform, with access to a proprietary data from numerous architectural and engineering projects. NORA
Slide 39: Well positioned, delivering solid performance
Well positioned, delivering solid performance Has a solid and established position in the Norwegian infrastructure market Norway Head Office Acts as a catalyst for innovation and The heart of Norconsult digitalization in state-of-the-art projects Through our expertise and capacity, we reinforce the
Slide 40: Business segment Norway Regions
Photo: Sindre Narvestad Aarhus/Arkitekturfoto Stavern School, Norway Business segment Norway Regions Vegard Jacobsen EVP
Slide 41: Norway Regions – At a glance
Norway Regions – At a glance 29% “Your local partner with a unique network” % of group net revenue as of Q3 2025 Key characteristics Net Revenue and adj. EBITA margin Net revenue NOKbn Adj EBITA margin 2.8 2.7 2.5 Strong local presence creates distinct competitive edge 2.2 through proximity to clien
Slide 42: Strong in the local buildings market
51,0% 49,0% Strong in the local buildings market 29% Half of the revenue come from local building projects, both private and public investments % of group net revenue as of Q3 2025 Gross revenue estimate by market1) Gross revenue estimate by customer1) Selected public customers 2024 2024 Selected pr
Slide 43: Døli - Care and nursing center, Norway
Illustration: Nordic Office of Architecture Døli - Care and nursing home Døli - Care and nursing center, Norway Nittedal Eiendom KF will construct a new 24-hour care- and nursing home in Døli. The building, with associated Project name: Døli pleie- og omsorgssenter common areas, a day center and a p
Slide 44: Coping with market head winds
Coping with market head winds Regions hit by reduced activity in the private buildings market Billing ratio1) A large share of revenue from private buildings & 74 architecture market hit hard by reduced building activities from second half of 2023 73 72 71 Organisational adjustments in parts of the
Slide 45: Flexibility to move capacity across market segments
Flexibility to move capacity across market segments Focusing on new market possibilities “Energy and industry” share of Norway Region net revenue Organisational flexibility Willingness in the organisation on the individual level to accept new challenges 21% 19% 16% A network of capable and operation
Slide 46: Defense investments will grow across the Nordics
Defense investments will grow across the Nordics NATO expansion drive investments across Scandinavia Multi-year frame agreements Framework sets scope, duration, price, and parties; individual “call-offs” create binding purchase obligations under predefined terms Both single vendor and multi-vendor c
Slide 47: The military's nationwide presence matches Norconsult's office network
The military’s nationwide presence is well matched with Norconsult’s distributed office network Norwegian military installations1) The military, with their dispersed geographical presence, will be Svalbard an important local ‘building’ client, especially for Regions Norway In addition to investments
Slide 48: Local presence as a competitive advantage
Local presence as a competitive advantage Embedded in local business communities Norway Regions Local eyes, local ears and local hearts Leverage Norconsult expertise and capacity in local projects Be an attractive local employer 48
Slide 49: Business segment Sweden
Photo: Jansin Hammarling Täby simhall, Sweden Business segment Sweden Fredrik Holmberg CFO Norconsult Sweden
Slide 50: Sweden – At a glance
Sweden – At a glance 18% “Strengthening our position as a customer-oriented challenger” % of group net revenue as of Q3 2025 Key characteristics Net Revenue and adj. EBITA margin Net revenue NOKbn Adj EBITA margin 1.7 1.5 A high-growth challenger, currently the 8 largest 1.3 multidisciplinary consul
Slide 51: Strong footprint in infrastructure
51,0% 49,0% Strong footprint in infrastructure 18% % of group net revenue as of Q3 2025 Gross revenue estimate by market1) Gross revenue estimate by customer1) Selected public customers 2024 2024 Selected private customers Buildings and architecture Private Infrastructure Public Energy and industry
Slide 52: Mälarbanan, Sweden
Photo: Kenneth Hellman, Trafikverket Mälarbanan Mälarbanan, Sweden Mälarbanan is an important part of the railway network connecting Örebro, Västerås and Enköping with long- Project name: Mälarbanen distance and regional train traffic to Stockholm. The capacity on the line needs to be expanded, and
Slide 53: Growth tends to follow after a market decline
Growth tends to follow after a market decline Market outlook: Sweden 2025-2027 Development of the Swedish market – ten-year perspective Buildings – set for a recovery back to historic levels Non-residential Residential NOKbn NOKbn -25% -25% +11% -16% -16% +11% +11% +11% 489 737 732 708 412 401 419bn
Slide 54: Infrastructure growth driven by public investments
Infrastructure growth driven by public investments Public infrastructure require further improvements and upgrades towards 2030 Proposal: National Plan for Transport Infrastructure 2026–20371) Svenska kraftnät investment plan 2026-20282) 2018-2029 2022-2033 2026-2037 Integration and connections 400
Slide 55: A strong track record of organic growth
A strong track record of organic growth Ambition to further strengthen our position Strong organic growth 12% 2022-Q3 2025 CAGR organic growth Net revenue NOKbn 1) Focus organic growth 1.7 CAGR 12% organic growth last three years 1.5 1.3 1.1 Expanding service offering 1.0 Multidisciplinary services
Slide 56: Increased focus on profitability
Increased focus on profitability Efforts to improve margins Growth influnces profitability 12% 2022-Q3 2025 Net revenue NOKbn Adj. EBITA % margin 2) CAGR organic growth 1) Balance growth and profitability 1.7 Rebalancing areas of growth 1.5 1.3 1.1 Growth in attractive niches 1.0 Senior recruitments
Slide 57: The Sigma Civil integration is progressing according to plan
The Sigma Civil integration is progressing according to plan All former Sigma Civil employees are now fully integrated into Norconsult Sweden Actions to improve billing ratio, Framework agreement Stockholm Exergi BECCS organization, and leadership in place Trafik Uppsala Streamlining of administrati
Slide 58: Ambition to become a top player in Sweden
Ambition to become a top 5 player in Sweden Full service multidisciplinary consultancy with a strong local presence across Sweden Norconsult Sweden Strengthening our position through Strong track record of organic growth profitable growth Continued focus on sustainable growth and profitability 58
Slide 59: Business segment Renewable Energy
Photo: Parkwind Sørlige Nordsjø II – Design study, Norway Business segment Renewable Energy Håkon Bergsodden EVP
Slide 60: Renewable Energy – At a glance
Renewable Energy – At a glance 8% “Leading the energy transition” % of group net revenue as of Q3 2025 Key function Net Revenue and adj. EBITA margin Net revenue NOKbn Adj EBITA margin 0.8 0.8 A pioneer in renewable energy since 1929, with 0.7 0.6 extensive experience and in-depth knowledge of 0.5 t
Slide 61: Close client relations developed over decades
51,0% 49,0% Close client relations developed over decades 8% % of group net revenue as of Q3 2025 Gross revenue estimate by market1) Gross revenue estimate by customer1) Selected public customers 2024 2024 Selected private customers Buildings and architecture Private Infrastructure Public Energy and
Slide 62: Reconstruction of the Dam Braskereidfoss, Norway
Photo: Hafslund Reconstruction of the Dam Braskereidfoss Reconstruction of the Dam Braskereidfoss, Norway In August 2023, the extreme weather event “Storm Hans”, caused severe flooding in Norway's largest river Glomma, Project name: Reconstruction of the Dam where Braskereidfoss Power Station is loc
Slide 63: Norconsult at the forefront of the Nordic power system for over 90 years
Norconsult at the forefront of the Nordic power system for over 90 years Illustration: Norconsult Photo: Drax
Slide 64: Hydro power plant design continues to evolve with advancing technology
Hydro power plant design continues to evolve with advancing technology As tools and technologies matures, design processes become more efficient, innovative and refined Vamma HPP 2015 Dam Songa 2020 Fjellhaugen HPP 2025 Technology-enabled quantifiable achievements Technology-enabled quantifiable ach
Slide 65: Cruachan – Unit #3 and #4 upgrade
Photo: Adobe Stock Cruachan 1 – Unit #3 and #4 upgrade Cruachan, Scotland The Cruachan power plant in Scotland, owned by Drax, consist of 4 reversible pump-turbine units with a combined Project name: Cruachan 1 – Unit #3 and #4 capacity of 440MW. The power plant plays a crucial role in stabilizing t
Slide 66: Growing demand for more power in the Nordic energy system continue
Growing demand for more power in the Nordic energy system continue ~ 3 800 NOKbn ~ 87 Hydropower plants in Investments Norway and Sweden1) in hydro power est 2025-20302) The Nordic power system, with world leading renewable share, needs to increase energy production. TWh ~ 300 TWh ~ 560 Hydropower w
Slide 67: Strong Nordic base with world-renowned technical expertise
Strong Nordic base with world-renowned technical expertise Capitalizing on in-depth knowledge and experience in the Nordic power system Renewable energy Continue to leverage Nordic experience and Leverage our expertise in international projects Nordic heritage to strengthen our position Solid founda
Slide 68: Project showcase: The new government head quarter
Illustration: Nordic Office of Architecture New Government Quarter, Norway Project showcase: The new government head quarter Fredrik Haukeland Associate Partner, Nordic Office of Architecture
Slide 69: Gardermoen Airport, Carpe Diem dementia village, Police Emergency Center
Gardermoen Airport Carpe Diem dementia village The Police National Emergency Response Center New office NRK Stavanger Hospital Artic Arena
Slide 70: Nordic Office of Architecture
Nordic Office of Architecture A hollistic approach Nordic's goal is to create outstanding architecture Founded on Collaboration – Inspired by Nature – Striving for Simplicity – Enhanced by Diversity Illustration: Nordic Office of Architecture 70
Slide 71: Designing The New Government head quarter
Designing The New Government head quarter Planning and design competition 2017 – 7 teams, 59 firms of which 20 architectural firms – Our concept “Adapt” won Illustration: Nordic Office of Architecture 71
Slide 72: Designing The New Government head quarter
Designing The New Governement head quarter Varig - Durable Verdig - Worthy Vakkert - Beautiful Vennlig - Friendly E D Illustration: Nordic Office of Architecture C 72 B
Slide 73: Three construction stages
Ready for review Pent bilde D Phase 1 Three construction stages Phase 1: 2021-2025: Høyblokken, D-block, A-block, Basement 1 Phase 2: 2025-2028. C and G block. Kjeller 2, Government Park West Phase 3: 2027-2031: E and B block. Government Park East H A Illustration: Chongqing Airport Terminal 3B | No
Slide 74: A decision-making machine
A decision-making machine – A dignified physical manifestation of Norwegian democracy. – Good and easily accessible urban spaces that will invite people to stay and be active for the city's people and the ministry community. – There will be good workplaces that invite interaction in the ministry com
Slide 75: Illustration: Nordic Office of Architecture
Illustration: Nordic Office of Architecture 23/08/2024 Quarterly presentation - Third quarter
Slide 76: Illustration: Nordic Office of Architecture
Illustration: Nordic Office of Architecture 23/08/2024 Quarterly presentation - Third quarter
Slide 77: Photo: Bjørn-Magnar Granli
Photo: Bjørn-Magnar Granli
Slide 78: M&A strategy and financial targets
M&A strategy and financial targets Dag Fladby CFO
Slide 79: Continued strong financial performance
Continued strong financial performance Strong growth over a decade with 10% net revenue CAGR Consistent adj. EBITA margin of ~10%2) Annual organic 10% 7% 6% revenue growth 9.798 918 9.186 879 8.494 810 733 7.513 6.593 610 628 6.146 5.516 465 4.691 4.078 390 3.514 3.738 346 3.412 304 319 316 9% 9% 10
Slide 80: Successful M&A is a core part of Norconsult's business model
Successful M&A is a core part of Norconsult’s business model Strong M&A track record Number of acquisitions | 2014- Q3 2025 Selected acquisitions from 2023 - Q3 2025 2 3 Norwegian engineering 4 Category: Civ. Eng. consultancy, strong in FTEs: 221 5 Norwegian infrastructure 11 4 12 Danish engineering
Slide 81: Continue Pan-Nordic M&A execution
Continue Pan-Nordic M&A execution Solid growth potential outside Norway Main markets M&A strategies for growth Strengthen No. 1 position in Norway Focus on bolt-on’s that complement competence and capacity. Niches Strengthen position as a customer-oriented challenger Acquire niche competency Expand
Slide 82: Strong cash conversion
Strong cash conversion Cash conversion ratio1) 109% Cash conversion influenced by seasonality 97% 98% 84% Strong cashflow from operations to support investments and dividends Continuously focus to improve cashflow 2021 2022 2023 2024 82 1) Adj EBITDA - net capex - change in NWC
Slide 83: Solid balance sheet – still conservative leverage
Solid balance sheet – still conservative leverage Leverage excl. IFRS 16 liabilities1) 0.5 0.09 0.0 Increased leverage in line with strategy. Still -0.5 room for more leverage -1.0 -1.13 -1.5 -2.0 -1.74 -1.79 -2.00 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 Strong cashflow gives flexibility on amortiza
Slide 84: Leveraging technology to improve efficiency
Leveraging technology to improve efficiency Norconsult Norway needs to upgrade its on- prem ERP systems to a cloud-based solution Planning, scoping and evaluation is ongoing, decision expected to be made end of Q4 Risk-based gradual rollout expected Q4 2026 Photo: Herman Dreyer 84
Slide 85: Financial targets going forward
Financial targets going forward Adjusted leverage target to exclude IFRS 16 Growth – Growth slightly above market – Organic growth (2/3) – Selective M&As (1/3) Ambition A top 3 player Financial targets in the Nordics – Adjusted EBITA margin of 10% – Net debt/adjusted EBITDA LTM excluding IFRS 16 lea
Slide 86: Closing remarks
Photo: AF Gruppen E18 Tvedestrand-Arendal, Norway Closing remarks Egil Hogna CEO
Slide 87: A Nordic design and engineering leader with a consistent track record of profitable growth
A Nordic design and engineering leader with a consistent track record of profitable growth 1 A core of strong design and engineering competence utilized across numerous and resilient end-markets 2 Growth supported by increased urbanization, increased quality demands, sustainability/climate adaptatio
Slide 88: Every day we improve everyday life
Every day we improve everyday life