Multiconsult Asa · OSL:MULTI
Multiconsult Asa — Q2 2025 Earnings Presentation
32 slides from Multiconsult Asa's earnings presentation, Aug 19, 2025
Slide 1: Second quarter and half year results 2025
Second quarter and half year results 2025 19 August 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 > 3 900 employees 41% 27% Regi
Slide 5: Summary & Key figures | 2Q 2025
Summary & Key figures | 2Q 2025 MODERATE QUARTER, WITH INCREASED M&A ACTIVITY NET OPERATING EBITA ─ Building Norway’s strongest mobility and transportation REVENUES team ─ High activity in most segments 1 416 67.4 NOK million NOK million ─ Defence-related opportunities has continued to increase, -0.
Slide 6: Market & Sales
Market & Sales Large sales & new contracts Order intake Market 2Q 2025 1 572 1 531 1 539 ─ Order intake in the quarter amounted to ─ Framework agreement, The Norwegian Defence Estates Agency NOK 1 539 million ─ New radiation centre for the Telemark ─ Robust and diversified order backlog NOK million
Slide 7: People & organisation
People & organisation People Organisation Excellence — 3 971 employees, an increase ― Kristin Olsson Augestad appointed new — Engineering students named Multiconsult of 4.9% y-o-y Managing Director of Multiconsult Norge Norge the most attractive company in the construction industry (Universum survey
Slide 8: Building Norway's strongest mobility and transportation team
Building Norway’s strongest mobility and transportation team Multiconsult plans to acquire ViaNova ― ViaNova has strong expertise in the transportation sector, with a particular focus on sustainable transport, urban environments, and smart mobility ― We have a long history of working together on pro
Slide 9: About ViaNova
About ViaNova ― Norwegian based company founded in 1998, located in Sandvika (outside Oslo), Trondheim and Kristiansand ― Delivering sustainable solutions across the full lifecycle of transport infrastructure — from planning and design to construction, operation, and renewal 227.5 21.9 129 ― Pioneer
Slide 10: Increased new market opportunities
Increased new market opportunities Enhanced expertise Strong cultural match Increased growth opportunities Strengthened positions on large projects Collaborative synergies
Slide 11: Financial Review
Financial Review Ove B. Haupberg, CFO Photo: Bård Gudim
Slide 12: Financial highlights | 2Q 2025
Financial highlights | 2Q 2025 Consolidated key figures NOK million 2Q 2025 2Q 2024 Change FY 2024 Net operating revenues 1 415.9 1 424.9 (0.6%) 5 383.6 EBITA ─ Net operating revenues came in at NOK 1 415.9 million (1 424.9), 67.4 185.7 (63.7%) 523.4 EBITA margin % a y-o-y decrease of 0.6% 4.8% 13.0
Slide 13: Financial highlights | H1 2025
Financial highlights | H1 2025 Consolidated key figures NOK million H1 2025 H1 2024 Change FY 2024 Net operating revenues 2 939.4 2 791.8 5.3% 5 383.6 EBITA ─ Net operating revenues increased to NOK 2 939.4 million 257.8 322.4 (20.0%) 523.4 EBITA margin % (2 791.8), a y-o-y growth of 5.3% 8.8% 11.5%
Slide 14: Financial highlights
Financial highlights Billing ratio Net Operating Revenues Billing ratio Rolling 12 months -0.6% 1 600 6 000 Rolling 12 months 76 -0.9pp 1 400 Net operating revenues 5 500 73.8% 1 200 74 5 000 71.9% 72.1% 72.9% 1 000 72 4 500 NOK million 800 70 1 425 1 416 4 000 600 1 154 1 049 68 400 3 500 200 3 000
Slide 15: Operational performance
Operational performance REGION OSLO REGION NORWAY ARCHITECTURE INTERNATIONAL ─ Net operating revenues ─ Net operating revenues ─ Net operating revenues ─ Net operating revenues decreased by 1.8% increased by 1.4% decreased by 2.9% increased by 7.6% ─ Higher billing rates and ─ Higher billing rates a
Slide 16: Financial position
Financial position ─ Strong cash flow from operations ─ NOK 297 million (356) 500 ─ Change in working capital 450 ─ YTD negative NOK 203 million (negative 123) 400 106 -260 ─ Net interest-bearing debt 350 -203 ─ NIBD NOK 467 million 300 ─ Gearing ratio 1.01 (NIBD excl. IFRS16, restricted cash/EBITDA
Slide 17: Successful refinancing of credit facilities
Successful refinancing of credit facilities Expanded from NOK 1.12bn to NOK 2.5bn (incl. accordion) — New RCF: NOK 2.1bn (+ NOK 1bn accordion) — Cash Pool Facility: Increased to NOK 400m — Purpose: Corporate purposes, acquisitions, working capital — Maturity: 30 June 2028 — Sustainability-linked loa
Slide 18: Free cash flow
Free cash flow 598 575 579 547 515 503 515 455 433 400 409 369 334 323 318 294 NOK million 272 457 416 409 373 262 85 116 81 83 37 29 -31 -59 -26 -52 -28 -22 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 Net ca
Slide 19: Business areas & Closing remarks
Business areas & Closing remarks Grethe Bergly, CEO Photo: Bård Gudim
Slide 20: Market structure
Market structure Operating Multiconsult Buildings & Mobility & Energy & Water & Revenues Group Properties Transportation Industry Environment 14% 25% 25% % of total 36% 2Q 2025 NOK million 1 663 606 421 412 224 Change y-o-y 1% 5% 8% 3% 25%
Slide 21: 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 complex and large as preferred partner in transformation and biodivers
Slide 22: 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 3 Driving urban transformation complex and large projects preferred partner in the and development energy transition New radiation center in Skien, Extensive rehabilitation and Planning of student ho
Slide 23: Significant maintenance backlog across infrastructure and buildings
Significant maintenance backlog across infrastructure and buildings — Robust infrastructure is essential for a strong defense — A significant maintenance backlog across Norway’s infrastructure and buildings — The maintenance gap is particularly concerning in strategically sensitive areas that are cr
Slide 24: Strategic defence framework agreements
Strategic defence framework agreements — Large number of framework agreements to deliver consultancy, architecture and engineering services for the Norwegian Defence Estate Agency — Selected to design defence infrastructure for The Norwegian Naval Special Operations Commando at Ramsund, Norway — The
Slide 25: Outlook
Outlook ─ The overall market outlook remains stable ─ Continued investment in key public sectors, particularly defence and infrastructure ─ The building and property market continues to face low investment levels ─ Infrastructure market is solid ─ Competitive landscape continues to evolve, with pres
Slide 26: Financial calendar
Financial calendar 19 Aug 2025, Half-yearly 2025 report 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 2025, Half-yearly 2026 report 03 Nov 2026, Q3 2026 results Multiconsult employees | Pho
Slide 27: Appendix
Appendix Stokkelandsbyen, Sandnes | Illustration LINK Arkitektur / Multiconsult
Slide 28: Order backlog | 2Q 2025
Order backlog | 2Q 2025 5 500 -7.4% 4 943 5 000 4 575 Buildings & Properties 4 500 Energy & Industry 4 000 Mobility & Transportation Water & Environment 3 500 NOK million 3 000 2 500 2 000 1 500 1 000 500 0 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2Q 2Q 2022 2023 2024 2025 2024 2025 Note: Variations i
Slide 29: Order intake | 2Q 2025
Order intake | 2Q 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 1 224 945 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 Fystikkbakken 14, Oslo | Photo: Assad Ansar / LINK Arki
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 | 2Q 2025
Segments | 2Q 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 +7.6% 800 800 250 -2.9% 120 +1.4% 700 -1.8%
Slide 32: Think Beyond