Slide 1: Strong growth and stable profitability
Illustration: SVV | Red Ant FAS - Fellesprosjektet Arna Stanghelle (The joint Arna–Stanghelle project) Strong growth and stable profitability First quarter 2026 CEO Egil Hogna and CFO Dag Fladby 12 May 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 Q1 2026 ~ 140 Offices Revenue by customer2) Revenue by projects2) Country HQs Offices ~35K projects ~15K customers Buildings and architecture2)
Slide 4: Q1 2026: Financial highlights
Q1 2026: Financial highlights Net revenue* – Net revenue increased to NOK 3 005m (2 637) – 7% organic growth adjusted for calendar effects – Negative calendar effects of NOK 66m Adj. EBITA** – Adj. EBITA of NOK 331m (335) – Adj. EBITA margin adjusted for calendar effect 12.9% (12.7%) Order book of N
Slide 5: People and organisational update
People and organisational update People – Number of employees increased to 7 193 (6 583) – Number of FTEs increased with 9.2% to 7 004 (6 414) Organisational news – Jes Hansen assumed the role of Executive Vice President for Norconsult Denmark on 1 May 2026 Awards and recognitions – Norconsult Award
Slide 6: Q1 2026: Broadly stable across core markets
Q1 2026: Broadly stable across core markets Buildings & Architecture Infrastructure Energy & Industry – Activity remained stable – The Infrastructure market continued to – The demand for power related projects, – Public sector investments, including be stable, underpinned by long-term noticeably hyd
Slide 7: Update on M&A
Update on M&A Aas-Jakobsen integration – Integration into Norconsult Norway is on track and expected to be completed by Q2 2026 Metier integration – Metier became part of the Consulting segment during the quarter, and will continue to operate as an independent company Smaller bolt-on acquisitions co
Slide 8: Project examples
Psykisk helsevern Nordbyhagen (PHN) Project examples Photo: Rasmus Hjortshøj Studio
Slide 9: Tussa II power plant
Photo: Knut Hustad Tussa II power plant Tussa II is a full replacement of the existing Tussa hydropower plant in Møre og Romsdal, Western Norway, upgrading Project name: Tussa II power plant installed capacity from 60 MW to 150 MW to meet current market requirements. Norconsult has supported Tussa -
Slide 10: Frame agreement – Bygningsstyrelsen (DK)
Photo: Nordic Office of Architecture Frame agreement – Bygningsstyrelsen (DK) Bygningsstyrelsen (the Danish Building and Property Agency) has awarded Nordic Office of Architecture, Norconsult Project name: BYGST – Delaftale 3 Jylland Danmark, SPARK, and BETAK Arkitekter sub-agreement 3 Jutland, cove
Slide 11: Fv. 565–Alversund
Illustration: SVV | Red Ant Fv. 565–Alversund E6 Roterud bridge Storhove, Gjennomføringsfase Fv. 565 Alversundbrua is a full replacement of the existing single-lane bridge in Alversund, Vestland county, which Project name: Fv. 565 Alversund bridge dates from 1958 and has reached the end of its techn
Slide 12: FAS - Fellesprosjektet Arna - Stanghelle
Illustration: SVV | Red Ant FAS - Fellesprosjektet Arna - Stanghelle The joint Project Arna-Stanghelle (FAS) is an ambitious project that integrates road and railway infrastructure into a Project name: FAS Fellesprosjektet Arna-Stanghelle single project. Located, between Arna and Stanghelle outside
Slide 13: Arna-Stanghelle: An ambitious integration of road and rail infrastructure
Arna-Stanghelle: An ambitious integration of road and rail infrastructure – Norway’s largest tunnel project — 80 km of integrated road and rail tunnels, making it a true megaproject – Includes two new railway stations, evacuation tunnels, junction ramps, and temporary crosscut tunnels – Pioneering
Slide 14: The project targets large efficiency gains through technology
The project targets large efficiency gains through technology Technology goals – Common data environment (CDE) with integrated data flows across the project – Digital infrastructure enabling structured information sharing AI integration targets efficiency gains across the project lifecycle – Identif
Slide 15: Europe's grid bottleneck is redirecting data center investment north
Europe's grid bottleneck is redirecting data center investment north Key reasons Europe is pushing north – We expect more data center investments in the Nordics because operators can still secure large volumes of relatively cheap, renewable power – Constraints on grid capacity and permitting in trad
Slide 16: Large data center pipeline
Large data center pipeline Overview of current operational and planned data center Expected growth in Norway appears strong, based on electricity demand in Norway reputable public sources. Capacity (MW) ~6 000 – Statnett reports approximately 3.5 GW of grid capacity ~10 300 58% reserved for data cen
Slide 17: Financial presentation
Financial presentation CFO Dag Fladby
Slide 18: Q1 2026: Strong growth and stable profitability
Q1 2026: Strong growth and stable profitability Net revenue: NOK 3 005m (2 637) – 7% organic growth adjusted for calendar effects Q1 2026 Q1 2025 – Negative calendar effect of NOK 66m Net revenue* NOKm 3 005 2 637 – Higher number of employees, increased average billing rates and Adj. EBITA** NOKm 33
Slide 19: Norway Head Office / Norway Regions
31% 28% Norway Head Office Norway Regions Q1 2026 Q1 2026 Organic growth** of 7% Organic growth** of 4% – Increased FTEs, billing rates and continued high billing ratio – Increased billing ratio and higher billing rates – Negative calendar effect of NOK 21m – Negative calendar effect of NOK 24m – Aa
Slide 20: Sweden / Denmark
17% 7% Sweden Denmark Q1 2026 Q1 2026 Organic growth** of 7% Organic growth** of 4% – Higher number of FTEs and increased billing ratio – Higher number of FTEs – Negative calendar effect of NOK 15m mainly linked to an – No significant calendar effects adjustment of summer/winter work hours Adj. EBIT
Slide 21: Renewable Energy / Consulting segments
9% 8% Renewable Energy Consulting segments Q1 2026 Q1 2026 Organic growth** of 21% Total revenue increased with NOK 184m – Strong organic growth within hydropower and transmission – Metier contributed with NOK 230m, partly mitigated by decreased volume in Technogarden – Negative calendar effect of N
Slide 22: Q1 2026: Cashflow from operating activities in line with seasonal variations
Q1 2026: Cashflow from operating activities in line with seasonal variations Cash flow from operating activities NOK 189m (-53) – Last year included withholding tax from gift shares (NOK ~160m) Cash flow from investment activities NOK -8m (-58) Cash flow from financing activities NOK -304m (-102) –
Slide 23: Q1 2026: Strong balance sheet
Q1 2026: Strong balance sheet – Cash and cash equivalents and other current financial NOKm 31.03.2026 31.12.2025 assets NOK 1 415m (Q4 2025: 1 552m) Non-current assets 5 113 5 082 Receivables 3 030 2 766 Cash and cash equivalents and other current financial assets 1 415 1 552 – NIBD / adj. EBITDA LT
Slide 24: Q1 2026: Order book of NOK 7.6 billion
Q1 2026: Order book of NOK 7.6 billion (7.7b in Q4 2025) Examples of projects won during the quarter were: Project: Framework agreements - City of Stockholm Project: Driftsassistanse for Vann og avløp i Oppland Project: Lillestrøm station track and signalling (LSSS) Customer: The City of Stockholm C
Slide 25: Outlook and closing remarks
Outlook and closing remarks Photo: Herman Dreyer
Slide 26: Q1 2026: Outlook
Hovinbyen Q1 2026: Outlook The overall market is expected to remain stable, however, with uncertainty linked to the international political situation – The private market for Buildings & Architecture is still slow, and the increased geopolitical uncertainty may temper the positive signs seen during
Slide 27: Every day we improve everyday life
Every day we improve everyday life
Slide 28: Appendix
Appendix Photo: Herman Dreyer
Slide 29: 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 +82m*** * Net revenue = Operating revenue and other income after external project costs, 29 ** Weighted average workdays for the Group per quarter pos
Slide 30: Amortisations of intangible assets
Amortisations of intangible assets Amounts in NOK million Expected amortisation of intangibles from the Aas-Jakobsen and Metier acquisitions Total Q126 FY26 FY27 FY28 Amortisation period Aas-Jakobsen Order backlog and customer relations 254 16 63 19 19 1.5-10 years Metier Order backlog and customer
Slide 31: Consolidated income statement
Consolidated income statement Amounts in NOK million Q1 2026 Q1 2025 FY 2025 Operating revenue 3 420 2 943 11 399 Other income 2 2 12 External project costs 417 308 1 308 Operating revenue and other income after external project costs 3 005 2 637 10 103 Salaries and personnel costs 2 284 1 968 7 744
Slide 32: Consolidated statement of financial position
Consolidated statement of financial position Amounts in NOK million ASSETS 31.03.2026 31.03.2025 31.12.2025 EQUITY AND LIABILITIES 31.03.2026 31.03.2025 31.12.2025 Goodwill 2 671 1 081 2 691 Share capital 6 6 6 Deferred tax assets 0 2 10 Share premium 525 221 525 Other intangible assets 480 122 498
Slide 33: Interim consolidated statement of cash flows
Interim consolidated statement of cash flows Amounts in NOK million (unaudited in NOK million) Q1 2026 Q1 2025 FY 2025 Profit before tax 250 333 850 Taxes paid -48 -77 -69 Depreciation, amortisation and impairment 41 21 121 Depreciation right of use asset 117 103 431 Change in working capital items
Slide 34: APM - reconciliations
APM - reconciliations Amounts in NOK million Reconciliation of adjusted EBIT, EBITA and EBITDA Q1 2026 Q1 2025 FY 2025 Operating profit (EBIT) 290 329 856 Depreciation and impairment of tangible and ROU assets 134 119 497 Amortisation and impairment of intangible assets 24 6 55 EBITDA 449 454 1 408
Slide 35: Largest shareholders 30 April 2026
Largest shareholders 30 April 2026 Shareholder Number of shares Percentage Country Type 1 FOLKETRYGDFONDET 9,491,884 3.1% Norway Ordinary 2 VERDIPAPIRFONDET DNB NORGE 9,252,002 3.0% Norway Ordinary 3 J.P. MORGAN SE 6,683,724 2.2% Luxembourg Nominee 4 VERDIPAPIRFONDET HOLBERG NORGE 6,651,960 2.1% Nor
Slide 36: Every day we improve everyday life
Every day we improve everyday life