Multiconsult: Q1 2026 | Presentation (multi q126 presentation)

First quarter results

Grethe Bergly, CEO Ove B. Haupberg, CFO

12 May 2026

Grethe Bergly, CEO

Segments

(share of net operating revenues 2025)

Business areas

(share of operating revenues 2025)

Sector balanced portfolio

(share of operating revenues 2025)

> 5 500 clients

> 15 500 projects

> 45 countries

> 4 100 employees

Good start to 2026, with strong growth and gradually improving performance

• Market conditions remained stable, with continued pricing pressure and high competitive intensity

• Profitability impacted by calendar effects, slightly lower billing ratio and cost growth

• Higher billing rates contributed positively

  EPS

  3.GG

  EPS

  NOK per share

• The overall market outlook remains unchanged with several new opportunities in the pipeline

  Results

• Net operating revenues increased by 5.5% y-o-y to NOK 1 608.0 million

  - Organic growth of 4.4%

• EBITA was NOK 160.5 million and the EBITA margin was 10.0%

• EBITA adj. margin of 10.0%

• Billing ratio of 71.8 (72.1), down 0.3pp

  
  
  Market G Sales

  Large sales G new contracts
  Ongoing projects

  • HP4 Lavhusene in Brøndby (renovation)

  • KSÅ-3 Furnesbakken - Stange (railway)

  • Thermal uprating of power lines (Statnett SF)

  • Northern Lights (CCS)

  • New Aker Hospital

  • The Fornebu Line

  • Water supply to Oslo

  • New Rikshospitalet

  • Yggdrasil - Power from Shore

  • E10 Hålogalandsvegen

  
  
  

  Market Ǫ1 2026

  • Market conditions largely unchanged compared with the previous quarter

  • Stable activity levels and continued uncertainty across most segments

  • Order intake increased year-on-year, reflecting stable underlying activity levels

  • Historical high volume of large framework agreements lays the foundation for future assignments

    
    
    

  • Defence -related opportunities have continued to increase

    framework agreements

  • Clear trend towards increased use of

  • Contributes to a lower reported order backlog

  • Significant volume of framework agreements not recognised in the order backlog

    
    
    People G organisation
    
    People Organisation Excellence

• 4 140 permanent fixed employees, a 4.5% increase y-o-y

• 3 819 full time equivalents (FTE), up 5.5% y-o-y

• 6 600 MULTI shares were transferred to new employees as part of the share ownership programme

• The general meeting approves the establishment of a profit-sharing model

• Multiconsult Norway is certified in accordance with the recognised information security standard ISO/IEC 27001:2023

• Baneseminaret (Rail Seminar) 2026 gathered more than 150 participants

• Annual top management summit held under the theme "Always the first choice - Lead the future"

• Prime Minister Jonas Gahr Støre unveiled the foundation stone for the New Rikshospitalet and emphasised the significant societal importance of the project

• LINK Architecture won "Årets Bygge" for adult education centre in Umeå

• LINK Architecture nominated to "Guldstolen" for the University building Natrium in Gothenburg

  
  
  
  
  Financial Review

  Ove B. Haupberg CFO

  
  
  Financial highlights Ǫ1 2026

• Net operating revenues came in at NOK 1 608.0 million (1 523.4), a y-o-y increase of 5.5%

  • Organic revenue growth (ex. calendar effect) of 4.4% y-o-y

• EBITA of NOK 160.5 million (190.4), equal to an EBITA margin of 10.0% (12.5)

  • Negative calendar effect of NOK 43.1 million on net operating revenues and operating results

• EBITA adj. of NOK 160.9 million (199.4), margin 10.0% (13.0)

  
  
  

• Order intake of NOK 1 778.6 million

• Strong order backlog of NOK 4 101.7 million

• Billing ratio of 71.8, declined by (0.3) percentage points

• Reported profit for the period was NOK 110.0 million (134.8)

• Earnings per share 3.99 (4.86)

  Consolidated key figures Amounts in NOK million Ǫ1 202C Ǫ1 2025 Change FY 2025
  Net operating revenues	1 C08.0	1 523.4	5.5%	5 657.3

  EBITA 1C0.5 1G0.4 (15.7%) 3G4.8

  EBITA margin % 10.0% 12.5% (2.5pp) 7.0%

EBITA adjusted 1C0.G 1GG.4 (1G.3%) 431.7

Order intake 1 77G 1 6G6 4.G% 6 077

Billing ratio % 71.8% 72.1% (0.3pp) 71.8%

Permanent employees 4 210 4 02G 4.5% 4 223

+5.5%

-0.3pp

+4.5%

Billing ratio 71.5% 71.6% 71.4%

• Challenging market conditions and lower billing ratio impacted profitability

• Capacity adjustments to protect margins

  Amounts in NOK million

  Net operating revenues

  Ǫ1 202C

  207.2

  Ǫ1 2025

  217.4

  FY 2025

  781.8

  EBITA margin (%) 4.3% G.7% 1.8%

  EBITA G.0 21.1 14.1

  Billing ratio CG.G% 71.8% 70.6%

  Full-time equivalents (FTE) 522 525 528

  
  
  
  
  International

  Amounts in NOK million	Ǫ1 202C	Ǫ1 2025	FY 2025
  Net operating revenues	110.3	110.0	432.8

• Modest revenue growth, supported by higher billing rate and capacity

• Early signs of improvement in Sweden

• Cash flow from operations

  • NOK 191 million (202)

• Change in working capital

  • YTD negative NOK 11 million (negative 224)

• Net interest-bearing debt

  • NIBD NOK 697 million

  • Gearing ratio 1.87 (NIBD excl. lease liabilities, restricted cash/EBITDA)

  • Gearing ratio adj. 1.74

481

Grey areas show IFRS 16 (non-cash) effects on Cash Flow (CF) from operations and financing

Grethe Bergly, CEO

Operating Revenues

% of total

Multiconsult Group

Buildings G Properties

Mobility G Transportation

Energy G Industry

Water G Environment

Ǫ1 202C

NOK nillion

Change y-o-y

Long-term, sustainable and profitable development

Projects

1

Developing position in complex and large projects

Robust platform for growth

Positions

2

3

4

Expanding our position as preferred partner in the energy

transition

Driving urban transformation and development

Safeguarding biodiversity and climate

Enabling the green transition

Markets

5

Increasing our impact in the Nordics and Poland

Expanding our position

Multi-disciplinary excellence that elevates customer value

• A cross-disciplinary group bringing together leading urban development expertise within the Group

• Developing new and inventive services that create greater customer value

  Designing rail services on users' terms

• Innovative pilot supporting Bane NOR's user-centred transport hubs

• Data -driven and user-centred design to improve flow and reduce congestion

  The digital backbone of Bjørvika, Oslo

• A shared digital 3D model consolidating all building data (City of Oslo C ViaNova)

• Key tool for Bjørvika's holistic and successful transformation

• Highly transferable to other urban transformation projects

• In use in new projects at Lilleakerbyen, Oslo

• The first quarter marks a good start to the year

• Focus on profitability improvement measures continues in line with financial ambitions

• Good sales in a highly competitive market

• Solid market position and order backlog

• Leading position in defence-related engineering and architectural services was strengthened

  
  
  

  Deichman, Oslo | Photo: Thomas Haugersveen

  
  
  Outlook

• The overall market outlook remains unchanged with several new opportunities in the pipeline

• Continued uncertainty regarding timing and investment decisions

• Defence, energy, industry, and infrastructure continue to be key drivers

• Building and property market is expected to remain challenging

• Strong market position and solid order backlog entering the remainder of 2026

Barlia, Bergen | Photo: PART Visuals

"Multiconsult is, above all, built by people, by professional curiosity, a strong sense of responsibility, and the will to succeed together."

12 May 2026, Ǫ1 2026 results

18 Aug 2026, Half-yearly 2026 report

03 Nov 2026, Ǫ3 2026 results

Teknostallen, Trondheim | Photo: Marianne Fon / Multiconsult

Voss Biogas Plant | Photo: LINK Arkitektur / Bjørn Feltens

-13.6%

Note: Variations in time horizon and size across business areas and business units. In addition, call-offs on frame agreements to be included when signed

Spira, Sweden | Photo: Felix Gerlach / LINK Arkitektur

The Fornebu Line | Photo: Multiconsult

NOK 0.5 million

NOK 49.6 million

NOK -43.1 million

NOK 3.9 million

2025 2026

28