Multiconsult Asa · OSL:MULTI
Multiconsult Asa — Q2 2026 Earnings Presentation
30 slides from Multiconsult Asa's earnings presentation, Aug 18, 2026
Slide 1: Second quarter and half year results 2026
Second quarter and half year results 2026 Karsten Warloe, CEO Ove B. Haupberg, CFO 18 August 2026
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 Karsten Warloe, CEO
Slide 4: A strong first impression
A strong first impression – A strong organisation with highly skilled people – Capability of handling large and complex projects – Positively surprised by how broadly digitalisation and AI are being applied in practice – Building on this platform, my ambition is – to be recognised for delivering the
Slide 5: Highlights
Highlights Second quarter and H1 2026 NET OPERATING EBITA EBITA adjusted Good sales, on course with profitability REVENUES – Good sales across all business areas 1 527 108.2 93.3 Q2, NOK million Q2, NOK million Q2, NOK million – Multiconsult delivered improved reported profitability 7.8% y-o-y EBITA
Slide 6: Market & Sales
Market & Sales Large sales & new contracts Market Q2 2026 – Framework agreements, The Norwegian – Market conditions remained broadly Defence Estates Agency unchanged from the previous quarter – E10/rv.85 Tjeldsund-Gullesfjordbotn- – Stable activity levels across most Langvassbukt markets – Chemring
Slide 7: Ongoing measures to improve profitability
Ongoing measures to improve profitability Goal is to improve EBITA margin in line with profitability target, which is 10%, by: – Aligning the organisation with the market – Improving processes – Strengthening cost control During the quarter: – Adjustments to the organisation – Reduced other operatin
Slide 8: People & organisation
People & organisation People Organisation Excellence – 4 094 permanent fixed employees, a 3.1% – Multiconsult Norge engaged a wide range of – Announced plans to co-locate its Oslo-based increase y-o-y stakeholders in selecting Norway's best urban teams from LINK, A-Lab, and Multiconsult – 3 873 full
Slide 9: Financial Review
Financial Review Ove B. Haupberg CFO
Slide 10: This is the Multiconsult Group
This is the Multiconsult Group Segments Business areas Sector balanced portfolio (share of net operating revenues 2025) (share of operating revenues 2025) (share of operating revenues 2025) > 5 500 clients > 15 500 projects > 45 countries > 4 100 employees
Slide 11: Financial highlights Q2 2026
Financial highlights Q2 2026 Consolidated key figures Amounts in NOK million Q2 2026 Q2 2025 Change FY 2025 – Net operating revenues came in at NOK 1 527.1 million (1 415.9), Net operating revenues 1 527.1 1 415.9 7.8% 5 657.3 a y-o-y increase of 7.8% EBITA 108.2 67.4 60.5% 394.8 – Organic revenue g
Slide 12: Financial highlights H1 2026
Financial highlights H1 2026 Consolidated key figures Amounts in NOK million H1 2026 H1 2025 Change FY 2025 – Net operating revenues came in at NOK 3 135.0 million (2 939.4), a Net operating revenues 3 135.0 2 939.4 6.7% 5 657.3 y-o-y increase of 6.7% EBITA 268.8 257.8 4.3% 394.8 – Organic revenue g
Slide 13: Financial highlights
Financial highlights +7.8% -1.3pp +3.1%
Slide 14: Norway
Norway – Strong revenue growth supported by increased capacity, Amounts in NOK million Q2 2026 Q2 2025 FY 2025 higher billing rates and a positive calendar effect Net operating revenues 1 239.4 1 098.5 4 448.1 – Improved profitability, supported by the positive Sotra Link effect EBITA 111.7 68.0 389
Slide 15: Architecture
Architecture – Well positioned for the emerging market trends with focus on Amounts in NOK million Q2 2026 Q2 2025 FY 2025 public clients, renovation, environment friendly solutions, Net operating revenues 200.8 206.4 781.8 defence, urban transformation and healthcare EBITA 7.4 5.4 14.1 – Higher bil
Slide 16: International
International – Gradual market recovery in both Sweden and Poland Amounts in NOK million Q2 2026 Q2 2025 FY 2025 – Negative currency effect affected net revenues Net operating revenues 103.6 110.5 432.8 – Billing ratio influenced by portfolio mix EBITA 2.5 6.9 25.3 EBITA margin (%) 2.4% 6.2% 5.9% Bi
Slide 17: Financial position
Financial position Cash Flow – Cash flow from operations – NOK 361 million (297) – Change in working capital – YTD negative NOK 45 million (negative 203) Net interest-bearing debt – NIBD NOK 788 million – Gearing ratio 1.91 (NIBD excl. lease liabilities, restricted cash/EBITDA) – Gearing ratio adj.
Slide 18: Free cash flow
Free cash flow 598 575 579 388 31 NOK million 17! 8 136 81 8 gg” = ea _ Q2 Q3 a4 ai Q2 Q3 a4 lex Q2 Q3 Q4 Qi Q2 Q3 a4 ai Q2 2022 2023 2024 2025 2026 i Net cash flow from operating activities | == Free cash flow excl.cash used on aquisitions LTM == Net cash flow used in investment activities excl. ac
Slide 19: Business areas and closing remarks
Business areas and closing remarks Karsten Warloe, CEO
Slide 20: Market structure
Market structure Operating Multiconsult Buildings & Mobility & Energy & Water & Revenues Group Properties Transportation Industry Environment % of total Q2 2026 1 752 585 470 473 224 NOK million Change y-o-y 5% -3% 12% 15% -%
Slide 21: Strategy remains firm
Strategy remains firm – Strong strategic position in attractive long-term markets – Strategy built on strong market drivers, such as the energy transition, urban transformation, climate adaption, digitalisation, security and preparedness – Unique position as an advisor on defence-related projects, t
Slide 22: The second quarter, in brief
The second quarter, in brief Good sales, on course with profitability – Good sales across all business areas and solid order intake, complemented by an increasing volume of framework agreements – Improved reported profitability – Profitability measures ongoing and expected to gradually improve perfo
Slide 23: Outlook
Outlook – The overall market outlook remains stable – Defence-related investments, infrastructure development and activity within energy and industry continue to support demand – Healthy pipeline of opportunities – A strong market position, a diversified portfolio of projects and framework agreement
Slide 24: Financial calendar
Financial calendar 18 Aug 2026, Half-yearly 2026 report 03 Nov 2026, Q3 2026 results 09 Feb 2027, Q4 2026 results 08 Apr 2027, Annual General Meeting 04 May 2027, Q1 2027 results 17 Aug 2027, Half-yearly 2027 report 02 Nov 2027, Q3 2027 results Karenslyst Alle no 24, Oslo | Photo: Plyo - LINK Arkite
Slide 25: Slide 25
Slide 26: Appendix
Appendix New Ullevål, Oslo / Photo: LINK Arkitektur
Slide 27: Order backlog Q2 2026
Order backlog Q2 2026 -13.6% Note: Variations in time horizon and size across business areas and business units. Karenslyst Alle no 24 | Photo: Plyo - LINK Arkitektur In addition, call-offs on frame agreements to be included when signed
Slide 28: Order intake Q2 2026
Order intake Q2 2026 Nordberg student accommodation, Oslo / Photo: A-lab
Slide 29: Number of working days 2025 vs 2026
Number of working days 2025 vs 2026 - Calendar effects, 2Q NOK 49.6 million, H1 NOK 6.6 million NOK 0.5 million NOK 49.6 million NOK -43.1 million NOK 3.9 million 2025 2026
Slide 30: Segments Q2 2026
Segments Q2 2026 Norway Architecture International Net operating revenues Net operating revenues Net operating revenues 1600 200 120 1380 1200 250 100 1050 200 80 200 70 160 © oo Ss 100 0 S00 50 20 150 RaekeaRegaeee geeegeeegeeee geeegeesgeeee 8 8 8 8 s 8 8 8 a 8 8 8 Norway Architecture Internationa