Norconsult Asa · OSL:NORCO
Norconsult Asa — Q3 2025 Earnings Presentation
38 slides from Norconsult Asa's earnings presentation, Nov 5, 2025
Slide 1: Solid organic growth and improved profitability
Photo: Hans-Magnus Bjølgerud, Norconsult InterCity Drammen – Kobbervikdalen (UDK), Norway Solid organic growth and improved profitability Third quarter of 2025 CEO Egil Hogna and CFO Dag Fladby 5 November 2025
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 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 4: Q3 2025: Financial highlights
Old slide, not in Work current progress Q3 2025: Financial highlights Net revenue increased to NOK 2 191m (1 924) Calendar effects of NOK 9m 7% organic growth adjusted for calendar effects Adj. EBITA of NOK 204m (162) Adj. EBITA margin adjusted for calendar effect 8.9% (8.4%) Completion of
Slide 5: Q3 2025: People and organisational update
Q3 2025: People and Old slide, not current organisational update People Number of employees increased to ~7 000 Number of FTEs increased with 7.5% to 6 777 (6 307 Q3 LY) Organizational news Jes Hansen appointed Executive Vice President for Norconsult Denmark, effective 1 May 2026 Employee enga
Slide 6: Q3 2025: Continued stable market
Q3 2025: Continued stable market Buildings & Architecture Infrastructure Energy & Industry Activity in Buildings & Architecture The Infrastructure market remained The demand for power production and remained stable stable and consistent with long-term power distribution projects remained publi
Slide 7: Project examples
Urban development in Partille, Sweden Project examples Photo: Partille municipality
Slide 8: The new P4 Music building
Illustration: Norconsult The new P4 Music building Statsbygg has engaged Norconsult and Veidekke to develop and design “P4 Music” building in Trondheim as part of Project name: NTNU Campus P4 Music NTNU’s Campus Collection project. The project will be executed under an Integrated Project Delivery co
Slide 9: Rv. Lovraeidet – Rødsliane
Illustration: ViaNova Rv. 13 Lovraeidet – Rødsliane Rv. 13 between Lovraeidet and Sand in Suldal is a rockfall-prone stretch with challenging terrain. To improve safety, Project name: Rv. 13 Lovraeidet - Rødsliane a 3 km tunnel will be built to bypass the most exposed areas, along with a new interse
Slide 10: Blåfalli Fjellhaugen power plant
Photo: Magne Langaker Blåfalli Fjellhaugen E6 Roterud hydropower – Storhove, plant Gjennomføringsfase Sunnhordland Kraftlag (SKL) is currently building the Blåfalli Fjellhaugen hydropower plant in Kvinnherad. With a Project name: Blåfalli Fjellhaugen power plant planned capacity of 185 megawatts, it
Slide 11: Alnabru resignalling
Photo: Scan Survey AS Alnabru resignalling The Nordic region’s largest freight terminal is doing a major upgrade to its signalling system. Norconsult has Project name: Alnabru resignalling prepared the detailed design and has now signed an option to develop the tender and working documentation, as C
Slide 12: Financial presentation
New Hammerfest Hospital, Norway Financial presentation CFO Dag Fladby Photo: Marthe Nyvoll
Slide 13: Q3 2025: Solid organic growth and improved profitability
Q3 2025: Solid organic growth and improved profitability Net revenue : NOK 2 191m (1 924) Q3 2025 Q3 2024 7% organic growth adjusted for calendar effects Net revenue* NOKm 2 191 1 924 Adj. EBITA** NOKm 204 162 Higher number of employees, increased average billing rates and Adj. EBITA margin %***
Slide 14: Q3 2025: EBITA contributors adjusted for calendar effects
Q3 2025: EBITA contributors adjusted for calendar effects Underlying change to EBITA Norway Head Office, Renewable Energy and Norway Regions contributed positively to the adjusted EBITA 9 204 Sweden, Denmark and Digital & Technogarden with slightly lower 11 results 8 -3 9 -5 -4 17 Other: Chang
Slide 15: Norway Head Office and Norway Regions
Norway Head Office 31% Norway Regions 29% Q3 2025 Q3 2025 Organic growth** of 9% Organic growth** of 9% Increased number of FTEs, billing rates and improved billing ratio Increased billing ratio and higher billing rates Calendar effect of NOK 3m Calendar effect of NOK 3m Aas-Jakobsen Group
Slide 16: Sweden and Denmark
Sweden 18% Denmark 8% Q3 2025 Q3 2025 Organic growth** of 6% Organic growth** of 4% Higher number of FTEs and increased billing ratio Higher number of FTEs and increased billing rates Calendar effect of NOK 3m No significant calendar effect Adj. EBITA margin** at 2.1% (3.5%) Adj. EBITA margi
Slide 17: Renewable Energy and Digital and Technogarden
Renewable Energy 8% Digital and Technogarden 7% Q3 2025 Q3 2025 Organic growth of 12% Net revenue decline of 6% Strong organic growth within hydropower and transmission, partly Decreased volume in Technogarden and less FTEs in both business offset by lower revenue in international operations are
Slide 18: Q3 2025: Cash flow from operations affected by seasonal variations
Q3 2025: Cash flow from operations affected by seasonal variations Net cash flow from Operating Activities Cash flow from operating activities NOK -103m (-126) – Increased working capital due to growth and 938 seasonal variations NOKm Cash flow from investment activities NOK -983m (-24) – Paymen
Slide 19: Q3 2025: Strong balance sheet
Q3 2025: Strong balance sheet NOKm 30.09.2025 31.12.2024 Cash and cash equivalents and other current financial Non-current assets 4 551 3 003 assets NOK 809m (Q4 2024: 1 612) Receivables 2 927 2 502 Cash and equivalents and other current financial assets 809 1 612 – NOK 318m net cash settlement fo
Slide 20: Q3 2025: Order book of NOK 7.4bn
Q3 2025: Order book of NOK 7.4bn (7.1bn in Q2 2025) Examples of projects included in the order intake during the quarter were: Illustration: Statnett Photo:Ole Jakob Martinsen | Norconsult Photo: Partille kommun Project: Øygarden, Krossdalen and Vik substations Project name: Lodalen serviceplattform
Slide 21: Norconsult to acquire Metier Group AS
Norconsult to acquire Metier Group AS Strengthening Norconsult’s position in project management Photo: Egil Hogna, CEO Norconsult, Halvard S. Kilde – CEO Metier, Kristin Bakke Romsaas – COO and Kathrine Duun Moen EVP Technogarden
Slide 22: Acquisition of Metier Group
Acquisition of Metier Group Key transaction highlights A leading Norwegian project management consultancy with 250 employees Valuation Enterprise Value of NOK 480 million The company delivers services within project management, business development, The consideration will be partly financed by a Fin
Slide 23: The Metier Group
The Metier Group Group Overview Key financials 1) Metier, founded in 1982 has been at the forefront of advancing the project management profession in Norway The company, with 250 highly qualified employees, is organised in four divisions: LTM 20253) 2024 2023 – Construction Projects Net revenue
Slide 24: A broad client portfolio spanning public and private sectors
51,0% 49,0% A broad client portfolio spanning public and private sectors Revenue by industry1) Revenue by customer type1) Selected public customers 2024 2024 Selected private customers Public services sector Private Public Industry Private services sector Information, communication and tech Other 24
Slide 25: Metier and Norconsult is a strong strategic fit
Metier and Norconsult is a strong strategic fit Full-service State of the art project Cross-selling consultancy management competence opportunities Combine core competences as Deliver robust project Creating cross-selling a full-service interdisciplinary management solutions, and cost synergies with
Slide 26: Concluding remarks
Concluding remarks The acquisition of Metier aligns well with our growth strategy: Strategic milestone to become a leading full-service interdisciplinary consultancy Strengthening key project management capacity and competence Accretive acquisition with solid financials Our ambition remains – furthe
Slide 27: Outlook and closing remarks
Vikersund Primary School Preliminary Project, Norway Outlook and closing remarks Illustration: Norconsult
Slide 28: Q3 2025: Outlook
Old slide, not current Q3 2025: Outlook The overall market is expected to be stable, but with continued uncertainty linked to the international political situation Signs of optimism in the private market for Buildings & Architecture Stable demand in Infrastructure Activity is expected to conti
Slide 29: Every day we improve everyday life
Every day we improve everyday life
Slide 30: Appendix
NTNU Campus P4 Music 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 LTM 3 000 2 637 10 000 80% 2 360 2 399 2 502 2 468 2 500 2 333 2 191 8 000 1 924 74.6% 74.7% NOK million 2 000 1 705 75% 6 000 72.3% 72.1% 72.2% 72.7% 1 500 71.4% 71.0% 71.5% 4 000 1 000 70% 500 2
Slide 32: Amortisations of intangible assets
AMORTISATIONS OF INTANGIBLE ASSETS Amounts in NOK million Expected amortization of intangibles from the Aas Jakobsen acquisition Q3 25 Q4 25 FY26 FY27 - FY34 FY35 Total Amortisation period Order backlog 5 14 44 0 0 63 1.5 years Customer relations 3 5 19 19 11 191 10 years Total 8 19 63 19 11 254 I
Slide 33: Consolidated income statement
CONSOLIDATED INCOME STATEMENT Amounts in NOK million Q3 2025 Q3 2024 YTD Q3 2025 YTD Q3 2024 FY 2024 Operating revenue 2 467 2 196 8 193 7 537 10 414 Other income 3 2 7 5 4 External project costs 279 273 905 858 1 233 Operating revenue and other income after external project costs 2 191 1 924 7 296
Slide 34: Consolidated statement of financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Amounts in NOK million ASSETS 30.09.2025 30.09.2024 31.12.2024 EQUITY AND LIABILITIES 30.09.2025 30.09.2024 31.12.2024 Goodwill 2 341 1 078 1 079 Share capital 6 6 6 Share premium 525 221 221 Deferred tax assets 1 8 28 Other paid in capital 353 292 264 Ot
Slide 35: Interim consolidated statement of cash flows
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS Amounts in NOK million Q3 2025 Q3 2024 YTD Q3 2025 YTD Q3 2024 FY 2024 Profit before tax 173 71 651 386 567 Taxes paid -13 -11 -97 -152 -150 Depreciation, amortization and impairment 32 20 78 61 86 Depreciation right of use asset 110 101 319 301 403 Chang
Slide 36: APM - reconciliations
APM - reconciliations Amounts in NOK million Reconciliation of adjusted EBIT, EBITA and EBITDA Q3 2025 Q3 2024 YTD Q3 2025 YTD Q3 2024 FY 2024 Operating profit (EBIT) 189 74 654 391 570 Depreciation and impairment of tangible and ROU assets 128 116 368 347 466 Amortisation and impairment of intangib
Slide 37: Largest shareholders October 2025
Largest shareholders 31 October 2025 Shareholder Number of shares Percentage Country Type 1 FOLKETRYGDFONDET 10 774 704 3.5% Norway Ordinary 2 J.P. Morgan SE 6 212 506 2.0% Luxembourg Nominee 3 DR. ING. A. AAS-JAKOBSEN HOLDING A 5 382 667 1.7% Norway Ordinary 4 The Bank of New York Mellon SA/NV 5 13
Slide 38: Every day we improve everyday life
Every day we improve everyday life