Multiconsult Asa · OSL:MULTI
Multiconsult Asa — Q3 2026 Earnings Presentation
28 slides from Multiconsult Asa's earnings presentation, Nov 3, 2026
Slide 1: Third quarter results 2026
Third quarter results 2026 3 November 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: Highlights
Highlights Third quarter and YTD 2026 Positive momentum towards quarter-end and a major strategic NET OPERATING REVENUES EBITA EBITA adjusted step with Rejlers 1 220 6.3 45.0 – Positive development in September, with a higher billing ratio than last Q3, NOK million Q3, NOK million Q3, NOK million 2.
Slide 4: Market & Sales
Market & Sales Large sales & new contracts Order intake Market Q3 2026 – Framework agreements, The Norwegian – Market activity remained broadly stable, Defence Estates Agency 1 531 with new opportunities across most 1 355 1 205 markets NOK million – New hospital in Kiruna, Sweden – Snøhvit Future Pr
Slide 5: 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 – Lower recruitment acti
Slide 6: People & organisation
People & organisation People Organisation Excellence – 4 078 permanent fixed employees, a 0.4% – On 7 September, Multiconsult and Rejlers – Strong talent attraction, with more than 2 000 increase y-o-y announced a planned merger to create a applications for the 2027 summer internship leading Nordic
Slide 7: Organisation - Subsequent events and merger with Rejlers
Organisation - Subsequent events and merger with Rejlers Proposed merger with Rejlers – Cross-border merger between Multiconsult and Rejlers, followed by a dual listing – Multiconsult shareholders to receive 0.9725 Rejlers B shares for each Multiconsult share, representing approximately 54% ownershi
Slide 8: This is the Multiconsult Group
This is the Multiconsult Group Segments Business areas Sector balanced portfolio > 5 500 clients > 15 500 projects (share of net operating revenues 2025) (share of operating revenues 2025) (share of operating revenues 2025) > 45 countries > 4 100 employees 8% 13% 14% 35% 44% 26% 56% 78% 26% Norway B
Slide 9: Financial highlights Q3 2026
Financial highlights Q3 2026 Consolidated key figures Amounts in NOK million Q3 2026 Q3 2025 Change FY 2025 – Net operating revenues came in at NOK 1 219.7 million (1 196.4), Net operating revenues 1 219.7 1 196.4 2.0% 5 657.3 a y-o-y increase of 2.0% EBITA 6.3 62.1 (89.9%) 394.8 – Organic revenue g
Slide 10: Financial highlights YTD 2026
Financial highlights YTD 2026 Consolidated key figures Amounts in NOK million YTD 2026 YTD 2025 Change FY 2025 – Net operating revenues came in at NOK 4 354.7 million (4 135.7), Net operating revenues 4 354.7 4 135.7 5.3% 5 657.3 a y-o-y increase of 5.3% EBITA 275.1 319.9 (14.0%) 394.8 – Organic rev
Slide 11: Financial highlights
Financial highlights Net operating revenues +2.0% Billing ratio 0.0pp 1 500 6 000 76.0% 1 250 5 400 74.0% 71.2% 1 000 4 800 72.0% 70.1% 70.1% 750 4 200 70.0% 67.8% 1 148 1 196 1 220 500 977 3 600 68.0% 250 3 000 66.0% - 64.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 12: Norway
Norway – Revenue growth supported by increased capacity, higher Amounts in NOK million Q3 2026 Q3 2025 FY 2025 billing rates Net operating revenues 987.9 942.1 4 448.1 – Capacity, measured by full-time equivalents (FTE), remained broadly unchanged year-on-year EBITA 55.4 63.7 389.9 – Capacity adjust
Slide 13: Architecture
Architecture – EBITA slightly improved year-over-year in a seasonally weaker Amounts in NOK million Q3 2026 Q3 2025 FY 2025 third quarter Net operating revenues 156.0 163.4 781.8 – Continued opportunities within defence, healthcare and selected EBITA 1.4 0.1 14.1 public-sector projects, despite a ch
Slide 14: International
International – Improved operating revenues, billing ratio and cost control Amounts in NOK million Q3 2026 Q3 2025 FY 2025 in the Swedish operation Net operating revenues 88.9 95.2 432.8 – Slower progress on projects in the Polish operation putting EBITA 0.6 1.7 25.3 pressure on operating revenues a
Slide 15: Financial position
Financial position Cash Flow – Cash flow from operations 400 – NOK 424 million (413) -87 – Change in working capital 350 159 -43 – YTD negative NOK 87 million (negative 453) 300 Net interest-bearing debt – NIBD NOK 847 million 250 – Gearing ratio 2.35 (NIBD excl. lease liabilities, restricted cash/E
Slide 16: Free cash flow
Free cash flow 598 575 579 547 562 515 503 515 455 433 388 369 371 323 294 289 NOK million 457 416 409 160 262 291 179 116 136 83 85 29 22 -26 -52 -28 -22 -133 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 Net cash flow from operating activities Free cash flow excl.cash
Slide 17: Market structure
Market structure Operating Multiconsult Buildings & Mobility & Energy & Water & Revenues Group Properties Transportation Industry Environment 13% 33% 27% 28% % of total Q3 2026 1 424 467 381 395 182 NOK million Change y-o-y 1% -5% 7% 3% -2%
Slide 18: We set high ambitions for where and how to grow
We set high ambitions for where and how to grow Turning strategy into action Projects Positions Markets 1 2 3 4 5 Developing position in complex and Expanding our position as preferred Driving urban transformation and Safeguarding biodiversity and Increasing our impact large projects partner in the
Slide 19: Rejlers met all merger criteria
Rejlers met all merger criteria The corporate strategy presented at Capital Markets Day in November 2024 outlined the following merger criteria: – Strong alignment with strategic goals – Cultural fit and committed leadership – Financial stability – Ability to create value through our culture, capabi
Slide 20: Creating a leading Nordic engineering, architecture and consultancy group
Creating a leading Nordic engineering, architecture and consultancy group – A stronger offering across all business areas – A natural partner for large transformational projects – A leading position in energy, industry and defence- related projects
Slide 21: Outlook
Outlook – The overall market outlook remains stable – Continued demand within defence, infrastructure, energy, industry and data centres – Building and property market expected to remain challenging, while defence, healthcare and selected public-sector investments support demand – Strong market posi
Slide 22: Financial calendar
Financial calendar 09 Feb 2027, Q4 2026 results Further financial calendar dates for Multiconsult Rejlers will be announced in due course Rehab station, Stockholm - Sweden | Photo: Jason Strong
Slide 23: Slide 23
Slide 24: Appendix
Appendix Værstetorvet, Fredrikstad / Photo: A-Lab
Slide 25: Order backlog Q3 2026
Order backlog Q3 2026 5 500 4 315 5 000 -11.4% 3 823 4 500 4 000 3 500 NOK million 3 000 Buildings & Properties Energy & Industry Mobility & Transportation 2 500 Water & Environment 2 000 1 500 1 000 500 - Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q3 2023 2024 2025 2026 2025 2026 Note: Variations in
Slide 26: Order intake Q3 2026
Order intake Q3 2026 1 847 1 798 1 779 1 696 1 669 1 636 1 531 1 539 1 431 1 349 1 355 1 277 1 205 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Buildings & Properties Energy & Industry Mobility & Transportation Water & Environment Kalvøya, Oslo / Photo: Jiri Havran
Slide 27: Number of working days 2025 vs 2026
Number of working days 2025 vs 2026 - Calendar effects, 3Q NOK 0.5 million, YTD NOK 7.0 million NOK 0.5 million NOK 49.6 million NOK -43.1 million NOK 3.9 million 2025 2026
Slide 28: Segments Q3 2026
Segments Q3 2026 Norway Architecture International Net operating revenues Net operating revenues Net operating revenues 1 500 300 120 1 350 1 200 250 100 1 050 200 80 900 750 150 60 600 93 95 89 450 905 942 988 100 40 69 727 150 150 163 156 300 50 20 150 - - - Q2 Q4 Q4 Q1 Q3 2025 Q3 2025 Q3 2023 Q1