Norconsult Asa · OSL:NORCO
Norconsult Asa — Non-Deal Roadshow (February 2026)
17 slides from Norconsult Asa's roadshow presentation, February 2026
Slide 1: Norconsult ASA – Paris Road Show Investor Presentation
Centre for Psychiatric Healthcare in Nordbyhagen Norconsult ASA Paris Road Show - Investor Presentation – February 2026 Egil Hogna, CEO This document has been prepared by Norconsult ASA as part of the assignment that the document relates to. The copyright of this document is owned by Norconsult ASA.
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 10.1 9.2 8.5 7.5 6.6 ~ 7 200 6.1 5.5 4.7 8% 8% 10% 10% 10% 10% 10% 9% Employees Q4 2025 2018 2019 2020 2021 2022 2023 2024 2025 ~ 140 Adj EBITA margin Net revenu
Slide 4: 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 5: 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 10 103 944 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 6: 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) Gross revenue (NOKbn) development 2) 7 866 Norway 6.2 6.6 6.9 5.4 5 289 2022 2023 2024 2025 Sweden 3 575 1.8
Slide 7: 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 8: 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 9: 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 10: Update on Artificial Intelligence
Update on Artificial Intelligence – Digital expertise developed over decades is an enabler to sophisticated use of AI in advanced construction projects – The promise of AI benefits increase the demand for Norconsult’s digitalization expertise – Norconsult has digitalization and AI expertise in its s
Slide 11: Attracting, developing and retaining the best talent and competency
Attracting, developing and retaining the best talent and competency Winning recipe for attracting… …developing… ...and retaining talent No. group employees1) The basis of everything we do Reported employee churn 7 200 6 300 6 500 12.5% 5 500 Our Our customer 5 100 10.4% values promise 4 300 4 600 3
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 2025 Norconsult Publically listed peers1) 12 1) Organic growth adjusted for calendar effects: Multiconsult, Afry, Sweco
Slide 13: 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 - 2025 Selected acquisitions from 2023 – 2025 3 3 Norwegian engineering Category: Civ. Eng. 4 consultancy, strong in FTEs: 221 5 Norwegian infrastructure 11 Danish engineering Category:
Slide 14: 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 15: Financial highlights
Financial highlights Fourth quarter – Net revenue increased to NOK 2 807m (2 502) – 6% organic growth adjusted for calendar effects – Adj. EBITA margin adjusted for calendar effect 9.2% (9.1%) – Strong cash flow from operating activities NOK 884m (938) Full year 2025 – Net revenue increased to NOK 1
Slide 16: Q4 2025: No substantial changes
Q4 2025: No substantial changes Buildings & Architecture Infrastructure Energy & Industry – Activity in Buildings & Architecture – The Infrastructure market continued – The demand for power related projects, remained stable and subdued stable and consistent with long-term noticeably hydro power and
Slide 17: Q4 2025: Outlook
Q4 2025: Outlook The overall market is expected to continue stable, however, with continued uncertainty linked to the international political situation. – The private market for Buildings & Architecture is still slow but there are signs of optimism in the larger cities – The demand in Infrastructure