Slides
Page 1
Second quarter and half year results 2025 Grethe Bergly, CEO Ove B. Haupberg, CFO 19 August 2025
Page 2
Disclaimer 2 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 uncertainties related to our business, strategy, capital expenditures, projected cost and our plans and objectives for future operations, including our plans for future costs savings and synergies may be deemed to be forward-looking statements. Words such as “believe,” “expect,” “anticipate,”“may,”“assume,”“plan,”“intend,”“will,”“should,”“estimate,”“risk” and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. You should not place undue reliance on these forward-looking statements. In addition, any forward- looking statements are made only as of the date of this notice, and we do not intend and do not assume any obligation to update any statements set forth in this report.
Page 3
Introduction and highlights Grethe Bergly, CEO Photo: Bård Gudim
Page 4
This is the Multiconsult Group 41% 37%14% 8% 27% 12% 37% 24% 51%49% 0 10 20 30 0 2 4 4.1 2019 11.0 2020 9.2 2021 9.8 2022 9.3 2023 9.2 2024 3.4 3.7 3.8 4.2 4.8 5.4 EBITA adj. margin % Net operating revenues, NOK billion Segments (share of net operating revenues 2024) Business areas (share of operating revenues 2024) Sector balanced portfolio (share of operating revenues 2024) Region Oslo Region Norway Architecture International Buildings & Properties Mobility & Transportation Energy & Industry Water & Environment Public Private Financial track record > 5 500 clients > 15 000 projects > 45 countries > 3 900 employees
Page 5
Summary & Key figures | 2Q 2025 MODERATE QUARTER, WITH INCREASED M&A ACTIVITY ─ Building Norway’s strongest mobility and transportation team ─ High activity in most segments ─ Defence-related opportunities has continued to increase, including call-offs on framework agreements ─ Successful refinancing of credit facilities ─ A high order backlog, and an overall stable market outlook RESULTS ─ EBITA was NOK 67.4 million and the EBITA margin was 4.8 per cent ─ EBITA margin adjusted for calendar effect 10.2 per cent, 2.8 percentage points lower y-o-y ─ Billing ratio of 72.9 per cent (73.8), down 0.9pp ─ Organic revenue growth at 4.2 per cent NET OPERATING REVENUES 1 416 NOK million -0.6% y-o-y ORDER INTAKE 1 539 NOK million 0.6% y-o-y BILLING RATIO 72.9 per cent -0.9pp y-o-y EBITA 67.4 NOK million EBITA margin 4.8%
Page 6
─ Framework agreement, The Norwegian Defence Estates Agency ─ New radiation centre for the Telemark Hospital ─ Hafslund Celsio’s carbon capture and storage solution ─ Nes hydropower plant ─ DeepOcean new headoffice in Haugesund ─ Order intake in the quarter amounted to NOK 1 539 million ─ Robust and diversified order backlog ─ Large framework agreements lead to multiple smaller call-offs over time, rather than one large order intake ─ The Energy & Industry market remained strong and at a high level ─ Defence-related opportunities has continued to increase ─ The housing and real estate market has remained challenging Large sales & new contracts Market & Sales Order intake Market 2Q 2025 Ongoing projects Order backlog ─ The Fornebu Line ─ Water supply to Oslo ─ New Rikshospitalet ─ Yggdrasil - Power from Shore ─ E10 Hålogalandsvegen NOK million 2Q 2023 2Q 2024 2Q 2025 1 572 1 531 1 539 2Q 2023 2Q 2024 2Q 2025 4 943 4 943 4 575 NOK million
Page 7
— 3 971 employees, an increase of 4.9% y-o-y — Full time equivalents (FTE) increased by 6.6%, to 3 762 (3 531) — A total of 3 840 MULTI shares were transferred to new employees — Employee survey in quarter shows strong engagement and above-benchmark satisfaction ― Kristin Olsson Augestad appointed new Managing Director of Multiconsult Norge ― Gunilla Brogren appointed new Managing Director of Iterio ― MUST summer programme with 130 students — Engineering students named Multiconsult Norge the most attractive company in the construction industry (Universum survey) — Anders R. Liaøy awarded “First prize in the EFCA Future Leaders Competition” — Managing Director of LINK DK, Kristina Jordt Adsersen joins Dagens Byggeri’s panel of senior business leaders People & organisation People Organisation Excellence
Page 8
Building Norway’s strongest mobility and transportation team Multiconsult plans to acquire ViaNova ― ViaNova has strong expertise in the transportation sector, with a particular focus on sustainable transport, urban environments, and smart mobility ― We have a long history of working together on projects in the transportation sector: • Rv. 3/25 Løten–Elverum • E10 Hålogalandsvegen ― Largest strategic acquisition since Erichsen & Horgen in 2021 ― According to the plan the transaction will be completed in Q3 2025 Managing Director Anne Li Røtvold (ViaNova Group) and CEO Grethe Bergly (Multiconsult)
Page 9
About ViaNova ― Norwegian based company founded in 1998, located in Sandvika (outside Oslo), Trondheim and Kristiansand ― Delivering sustainable solutions across the full lifecycle of transport infrastructure — from planning and design to construction, operation, and renewal ― Pioneers in utilising digital tools - particularly within road infrastructure planning and engineering ― Each company in the ViaNova network is an employee-owned consultancy with expertise in transport engineering ViaNova AS (75 empl.) ViaNova Trondheim AS (32) ViaNova Kristiansand AS (19) ViaNova Eureka AS (3) ViaNova Group 227.5 21.9 129 EBIT EmployeesNet operating revenues FY 2024
Page 10
Increased new market opportunities Enhanced expertise Collaborative synergies Strong cultural match Increased growth opportunities Strengthened positions on large projects
Page 11
Financial Review Ove B. Haupberg, CFO Photo: Bård Gudim
Page 12
Financial highlights | 2Q 2025 ─ Net operating revenues came in at NOK 1 415.9 million (1 424.9), a y-o-y decrease of 0.6% ─ Organic revenue growth (ex. calendar effect) of 4.2% y-o-y ─ Write-down, related to Sotra project of NOK 4.7 million ─ EBITA of NOK 67.4 million (185.7), equal to an EBITA margin of 4.8% (13.0) ─ Calendar effect of NOK 85.5 million. Impact of four fewer working days compared to same period last year ─ EBITA margin adjusted for calendar effect 10.2 per cent (13.0) ─ Order intake of NOK 1 539 million ─ Strong order backlog of NOK 4 575 million ─ Billing ratio of 72.9%, declined by 0.9 percentage points ─ Reported profit for the period was NOK 40.3 million (147.9) ─ Put option affecting financial income last year ─ Earnings per share 1.45 (5.36) Consolidated key figures NOK million 2Q 2025 2Q 2024 Change FY 2024 Net operating revenues 1 415.9 1 424.9 (0.6%) 5 383.6 EBITA 67.4 185.7 (63.7%) 523.4 EBITA margin % 4.8% 13.0% (8.2pp) 9.7% EBITA adj. 67.4 185.7 (63.7%) 492.1 EBITA adj. margin % 4.8% 13.0% (8.2pp) 9.2% Order intake 1 539 1 531 0.6% 6 454 Order backlog 4 575 4 943 (7.4%) 4 851 Billing ratio 72.9% 73.8% (0.9pp) 72.8% Permanent fixed employees 3 971 3 785 4.9% 3 923 Full-time equivalents (FTE) 3 762 3 531 6.6% 3 566 186 EBITA 2Q 2024 73 Increased capacity 21 Other revenue effects -85 Calendar effect -17 Billing ratio -18 Other operating expenses -90 Employee benefit expenses -1 Other cost effects 67 EBITA 2Q 2025
Page 13
Financial highlights | H1 2025 ─ Net operating revenues increased to NOK 2 939.4 million (2 791.8), a y-o-y growth of 5.3% ─ Organic revenue growth (ex. calendar effect) of 4.2% y-o-y ─ EBITA of NOK 257.8 million (322.4), equal to an EBITA margin of 8.8% (11.5) ─ Legal expenses, write-down, related to Sotra project of NOK 13.7 million ─ Order intake of NOK 3 235 million ─ Solid order backlog of NOK 4 575 million ─ Billing ratio of 72.1%, declined by 1.1 percentage points ─ Reported profit for the period was NOK 175.1 million (243.4) ─ Earnings per share 6.32 (8.88) Consolidated key figures NOK million H1 2025 H1 2024 Change FY 2024 Net operating revenues 2 939.4 2 791.8 5.3% 5 383.6 EBITA 257.8 322.4 (20.0%) 523.4 EBITA margin % 8.8% 11.5% (2.7pp) 9.7% EBITA adj. 257.8 322.4 (20.0%) 492.1 EBITA adj. margin % 8.8% 11.5% (2.7pp) 9.2% Order intake 3 235 3 378 (4.2%) 6 454 Order backlog 4 575 4 943 (7.4%) 4 851 Billing ratio 72.5% 73.6% (1.1pp) 72.8% Permanent fixed employees 3 971 3 785 4.9% 3 923 Full-time equivalents (FTE) 3 687 3 540 4.1% 3 566 322 EBITA H1 2024 116 Increased capacity 77 Other revenue effects -3 Calendar effect -43 Billing ratio -37 Other operating expenses -174 Employee benefit expenses -2 Other cost effects 258 EBITA H1 2025
Page 14
Financial highlights NOK million Net Operating Revenues EBITA Permanent fixed employees Billing ratio NOK million Shaded area: incl. one-offs Note to comparable figure Q4 2023: Adjusted EBITA of NOK 145.1 million, 10.7 per cent margin is adjusted for one -offs related to co-ownership programme (NOK 18.7 million) and restructuring cost (NOK 8.0 million). Reported EBITA of NOK 118.4 million, 8.7 per cent margin. Note to comparable figure Q3 2024: EBITA adjusted NOK 71.7 million, 6.4 per cent margin. Adjustment related to one -off for settlement payment with client of NOK 31.2 million. 2 500 3 000 3 500 4 000 4 500 5 000 5 500 6 000 0 200 400 600 800 1 000 1 200 1 400 1 600 1 049 2Q 2022 3Q 4Q 1Q 1 154 2Q 2023 3Q 4Q 1Q 1 425 2Q 2024 3Q 4Q 1Q 1 416 2Q 2025 -0.6% Rolling 12 months Net operating revenues 75 56 67 0% 4% 8% 12% 16% 20% 0 50 100 150 200 250 7.1% 2Q 2022 3Q 4Q 1Q 4.8% 2Q 2023 3Q 4Q 1Q 13.0% 186 2Q 2024 3Q 4Q 1Q 4.8% 2Q 2025 EBITA, margin EBITA 64 66 68 70 72 74 76 71.9% 2Q 2022 3Q 4Q 1Q 72.1% 2Q 2023 3Q 4Q 1Q 73.8% 2Q 2024 3Q 4Q 1Q 72.9% 2Q 2025 -0.9pp Billing ratio Rolling 12 months 2 600 2 800 3 000 3 200 3 400 3 600 3 800 4 000 2Q 2022 3Q 4Q 1Q 2Q 2023 3Q 4Q 1Q 2Q 2024 3Q 4Q 1Q 2Q 2025 4.9%
Page 15
ARCHITECTURE ─ Net operating revenues decreased by 2.9% ─ Higher billing rates and increased capacity ─ Q224 positively affected by sale of royalty rights REGION NORWAY ─ Net operating revenues increased by 1.4% ─ Higher billing rates and increased capacity ─ Lower billing ratio y-o-y to 72.3%, down 1.0pp REGION OSLO ─ Net operating revenues decreased by 1.8% ─ Higher billing rates and increased capacity ─ Lower billing ratio y-o-y to 72.8%, down 1.5pp INTERNATIONAL ─ Net operating revenues increased by 7.6% ─ Lower billing ratio y-o-y to 78.9%, down 0.3pp Operational performance Amounts in NOK million (except percentage) 2Q 2025 2Q 2024 2Q 2025 2Q 2024 2Q 2025 2Q 2024 2Q 2025 2Q 2024 Net operating revenues 521.8 531.6 583.4 575.3 206.4 212.5 110.5 102.7 EBITA 38.3 80.7 29.9 88.2 5.4 19.1 6.9 (0.4) EBITA margin 7.3% 15.2% 5.1% 15.3% 2.6% 9.0% 6.2% (0.4%) Billing ratio 72.8% 74.3% 72.3% 73.3% 72.2% 72.2% 78.9% 79.2%
Page 16
Financial position ─ Strong cash flow from operations ─ NOK 297 million (356) ─ Change in working capital ─ YTD negative NOK 203 million (negative 123) ─ Net interest-bearing debt ─ NIBD NOK 467 million ─ Gearing ratio 1.01 (NIBD excl. IFRS16, restricted cash/EBITDA) ─ Strong financial position -260 -143 -279 165 -197 190 -200 -150 -100 -50 0 50 100 150 200 250 300 350 400 450 500 Cash at the beginning of the year 106 CF from operations -203 Change in working capital -48 CF to investments CF from financing -111 CF from financing IFRS 16 1 Foreign currency effects Cash 30 Jun 2025 -298 Shaded areas show IFRS 16 (non-cash) effects on Cash Flow (CF) from opeations and financing NOK million 278 2Q 2022 3Q 4Q 1Q 291 2Q 2023 3Q 4Q 1Q 375 2Q 2024 3Q 4Q 1Q 2Q 2025 467 +91 NIBD excl. IFRS 16 liabilities NOK million
Page 17
Successful refinancing of credit facilities Expanded from NOK 1.12bn to NOK 2.5bn (incl. accordion) — New RCF: NOK 2.1bn (+ NOK 1bn accordion) — Cash Pool Facility: Increased to NOK 400m — Purpose: Corporate purposes, acquisitions, working capital — Maturity: 30 June 2028 — Sustainability-linked loan intention Financial covenants: ― Leverage ≤ 3.50x (≤ 3.00x for 18 months) ― Equity ratio ≥ 20% (≥ 25% for 18 months) ― Quarterly measurement, excl. IFRS 16 ― Negative pledge applies Rigshospitalet, Copenagen – Denmark | Photo: Adam Mørk / LINK Arkitektur
Page 18
Free cash flow NOK million 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 116 37 -31 373 -59 81 83 457 -26 85 -52 416 -28 262 29 409 -22 598 400 334 409 272 318 433 515 547 503 369 323 294 515 575 579 455 Net cash flow from operating activities Free cash flow excl.cash used on aquisitions LTM Net cash flow used in investment activities excl. acquisitions
Page 19
Business areas & Closing remarks Grethe Bergly, CEO Photo: Bård Gudim
Page 20
Market structure Mobility & Transportation Energy & Industry Water & Environment Buildings & Properties Multiconsult Group Operating Revenues % of total 36% 25% 25% 14% 2Q 2025 NOK million 1 663 606 421 412 224 Change y-o-y 1% 5% 8% 3% 25%
Page 21
Projects We set high ambitions for where and how to grow Expanding our position as preferred partner in the energy transition 2 Driving urban transformation and development 3 Developing position in complex and large projects 1 Safeguarding biodiversity and climate 4 Increasing our impact in the Nordics and Poland 5 Long-term, sustainable and profitable development Positions Markets Robust platform for growth Enabling the green transition Expanding our position
Page 22
We set high ambitions for where and how to grow Expanding our position as preferred partner in the energy transition Driving urban transformation and development 2 3 Extensive rehabilitation and upgrade of the Nes power plant Hydropower Plant in Kenya Planning of grid upgrade for Statnett in greater Oslo Mindemyren district development in Bergen Developing position in complex and large projects 1 New radiation center in Skien, Telemark Framework agreements with Norwegian Defense Estates Agency Framework agreement with Hydro «Spritfabriken» - transformation of an old liquor distillery in southern Sweden Planning of student housing in Oslo
Page 23
Significant maintenance backlog across infrastructure and buildings — Robust infrastructure is essential for a strong defense — A significant maintenance backlog across Norway’s infrastructure and buildings — The maintenance gap is particularly concerning in strategically sensitive areas that are critical to our national defence readiness — Highlight the need for Multiconsult’s expertise in developing and maintaining critical infrastructure Source: Norges tilstand 2025 (“The State of the Nation 2025”), Rådgivende Ingeniørers Forening (Consulting Engineers’ Association)
Page 24
Strategic defence framework agreements — Large number of framework agreements to deliver consultancy, architecture and engineering services for the Norwegian Defence Estate Agency — Selected to design defence infrastructure for The Norwegian Naval Special Operations Commando at Ramsund, Norway — The newest framework agreement awarded to Multiconsult is related to POL-services (Petroleum, Oils and Lubricants) — Framework agreements related to defence represent a significant value, foster unique competence, secure a leading market position, and support continued stability Photo: The Norwegian Defence Estate Agency
Page 25
Outlook ─ The overall market outlook remains stable ─ Continued investment in key public sectors, particularly defence and infrastructure ─ The building and property market continues to face low investment levels ─ Infrastructure market is solid ─ Competitive landscape continues to evolve, with pressure on margins and pricing sensitivity ─ Geopolitical uncertainty, and proposed US tariff schemes are expected to have minimal short-term impact ─ A healthy pipeline and several framework agreements support stability Trähuset, Uppsala - Sweden | Photo: Sebastian Lindqvist / LINK Arkitektur
Page 26
Financial calendar 19 Aug 2025, Half-yearly 2025 report 04 Nov 2025, Q3 2025 results 10 Feb 2026, Q4 2025 results 17 Mar 2026, Annual Report 16 Apr 2026, Annual General Meeting 12 May 2026, Q1 2026 results 18 Aug 2025, Half-yearly 2026 report 03 Nov 2026, Q3 2026 results Multiconsult employees | Photo: Bård Gudim / Multiconsult
Page 27
Appendix Stokkelandsbyen, Sandnes | Illustration LINK Arkitektur / Multiconsult
Page 28
Order backlog | 2Q 2025 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 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 NOK million 2Q 2022 3Q 4Q 1Q 2Q 2023 3Q 4Q 1Q 2Q 2024 3Q 4Q 1Q 2Q 2025 -7.4% 2Q 2024 4 943 2Q 2025 4 575 Buildings & Properties Energy & Industry Mobility & Transportation Water & Environment Spritfabriken – The old distillery, Sweden | Photo: Felix Gerlach / LINK Arkitektur
Page 29
Order intake | 2Q 2025 2Q 2022 3Q 4Q 1Q 2Q 2023 3Q 4Q 1Q 2Q 2024 3Q 4Q 1Q 1 224 945 1 559 2 573 1 572 1 349 1 431 1 847 1 531 1 277 1 798 1 696 2Q 2025 1 539 Buildings & Properties Energy & Industry Mobility & Transportation Water & Environment Fystikkbakken 14, Oslo | Photo: Assad Ansar / LINK Arkitektur
Page 30
Number of working days - Calendar effects Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Q1 61 58 65 59 63 64 60 64 65 59 63 61 57 Q2 58 62 55 60 55 56 59 56 55 60 56 58 63 Q3 66 66 65 65 66 66 66 66 65 66 66 66 66 Q4 60 60 60 60 60 60 60 60 60 60 60 60 60 FY 245 246 245 244 244 246 245 246 245 245 245 245 246 Q2 Q3 Q4 Q1 Q2 Q3 Q4 60 66 60 63 56 66 60 NOK 2.9 million NOK 2.2 million NOK -85.5 million 2024 2025
Page 31
Segments | 2Q 2025 31 NOK million Net Operating Revenues EBITANOK million Region Oslo NOK million Net Operating Revenues EBITANOK million Region Norway NOK million Net Operating Revenues Architecture NOK million Net Operating Revenues EBITA NOK million International 0 100 200 300 400 500 600 700 800 417 2Q 2022 3Q4Q1Q 453 2Q 2023 3Q4Q1Q 532 2Q 2024 3Q4Q1Q 522 2Q 2025 -1.8% Net operating revenues 0% 4% 8% 12% 16% 20% 0 20 40 60 80 100 46 2Q 2022 3Q4Q1Q 39 2Q 2023 3Q4Q1Q 81 2Q 2024 3Q4Q1Q 38 2Q 2025 EBITA, margin EBITA 0 100 200 300 400 500 600 700 800 423 2Q 2022 3Q4Q1Q 472 2Q 2023 3Q4Q1Q 575 2Q 2024 3Q4Q1Q 583 2Q 2025 +1.4% Net operating revenues 0% 4% 8% 12% 16% 20% 0 20 40 60 80 100 26 2Q 2022 3Q4Q1Q 14 2Q 2023 3Q4Q1Q 88 2Q 2024 3Q4Q1Q 30 2Q 2025 EBITA, margin EBITA 0 50 100 150 200 250 145 2Q 2022 3Q4Q1Q 152 2Q 2023 3Q4Q1Q 213 2Q 2024 3Q4Q1Q 206 2Q 2025 -2.9% Net operating revenues 0 20 40 60 80 100 120 67 2Q 2022 3Q4Q1Q 80 2Q 2023 3Q4Q1Q 103 2Q 2024 3Q4Q1Q 111 2Q 2025 +7.6%Net operating revenues 6 6 7 -4% 0% 4% 8% 12% 16% -5 0 5 10 15 2Q 2022 3Q4Q1Q2Q 2023 3Q4Q1Q2Q 2024 3Q4Q1Q2Q 2025 EBITA, margin EBITA NOK million -8% -4% 0% 4% 8% 12% 16% -20 -10 0 10 20 30 -1 2Q 2022 3Q4Q1Q2Q 2023 3Q4Q 5 1Q2Q 2024 3Q4Q1Q 5 2Q 2025 -2 EBITA, margin EBITA EBITA