Slides
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Third quarter results 2025 Grethe Bergly, CEO Ove B. Haupberg, CFO 4 November 2025
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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, ”“ m a y,” “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.
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Introduction and highlights Grethe Bergly, CEO Photo: Bård Gudim
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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 > 4 000 employees
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Summary & Key figures | 3Q 2025 STABLE PERFORMANCE IN A COMPETITIVE MARKET ─ Defence, energy and industry remain key drivers ─ Strengthening measures to improve profitability ─ ViaNova SPA signed, ongoing integration ─ Market outlook remains stable, with some increased uncertainty RESULTS ─ EBITA was NOK 62.1 million and the EBITA margin was 5.2 per cent ─ EBITA margin adjusted was 1.2 percentage points lower y-o-y ─ Billing ratio of 70.1 per cent (71.2), down 1.1pp ─ Organic revenue growth adjusted for one-off and calendar effect was 6.7 per cent NET OPERATING REVENUES 1 196 NOK million 4.2% y-o-y ORDER INTAKE 1 205 NOK million -5.6% y-o-y BILLING RATIO 70.1 per cent -1.1pp y-o-y EBITA 62.1 NOK million EBITA margin 5.2%
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─ Framework agreements, The Norwegian Defence Estates Agency ─ Sygehus Nord, Aalborg, conversion to housing ─ Alginor – industrial facility ─ GET FiT Mozambique II ─ ABP Aqua Mongstad ─ Order intake in the quarter amounted to NOK 1 205 million ─ Solid and diversified order backlog ─ The growing number of large framework agreements lays the foundation for future assignments ─ The market related to energy and industry 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 3Q 2025 Ongoing projects Order backlog ─ The Fornebu Line ─ Water supply to Oslo ─ New Rikshospitalet ─ Yggdrasil - Power from Shore ─ E10 Hålogalandsvegen NOK million 3Q 2023 1 349 3Q 2024 1 277 3Q 2025 1 205 3Q 2023 3Q 2024 5 094 4 838 3Q 2025 4 315 NOK million
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Measures to improve profitability Target: Profitability — The last three quarters show the same pattern: A complex picture with profitability below target — A relatively high billing ratio — Hourly rates that does not match the development in salary and other costs — Goal is to improve EBITA margin in line with our profitability target, which is 10%, by: — Adapting the organisation to the market — Optimising processes and creating a more efficient business support organisation — Introducing cost savings programme EBITA margin* 10% *measured on an annual basis, exclusive extraordinary items
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— 4 062 permanent fixed employees, an increase of 4.9% y-o-y — 3 744 full time equivalents (FTE), an increased of 4.3% y-o-y — A total of 2 760 MULTI shares were transferred to new employees ― A clear organisational distinction between the executive management team and Multiconsult Norway’s Management Team ― Kristin Olsson Augestad has started as managing director of Multiconsult Norway ― Kristina Jordt Adsersen appointed EVP Architecture, Multiconsult Group — Organised Norway’s largest mapping initiative with Engineers without Borders — Highlighted the company’s multidisciplinary strengths and social engagement in several debates at Arendalsuka — Enhanced company visibility through national television features at the Blink Festival in Rogaland People & organisation People Organisation Excellence
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Financial Review Ove B. Haupberg, CFO Photo: Bård Gudim
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Financial highlights | 3Q 2025 ─ Net operating revenues came in at NOK 1 196.4 million (1 148.4), a y-o-y increase of 4.2% ─ Organic revenue growth (ex. calendar effect) of 3.8% y-o-y ─ Organic revenue growth (ex. calendar effect and one-time settlement from client in Q3 24) of 6.7% y-o-y ─ EBITA of NOK 62.1 million (102.9), equal to an EBITA margin of 5.2% (9.0) ─ One-time settlement from client in Q3 24 of NOK 31.2 million ─ EBITA adjusted of NOK 62.1 million (71.7), margin 5.2 per cent (6.4) ─ Legal expenses and write-downs related to Sotra project of NOK 5.1 million ─ Order intake of NOK 1 205 million ─ Strong order backlog of NOK 4 316 million ─ Billing ratio of 70.1%, declined by 1.1 percentage points ─ Reported profit for the period was NOK 38.9 million (80.2) ─ Last year’s figure included NOK 10.6 million net finance income from the A-lab acquisition ─ Earnings per share 1.41 (2.95) Consolidated key figures NOK million 3Q 2025 3Q 2024 Change FY 2024 Net operating revenues 1 196.4 1 148.4 4.2% 5 383.6 EBITA 62.1 102.9 (39.6%) 523.4 EBITA margin % 5.2% 9.0% (3.8pp) 9.7% EBITA adj. 62.1 71.7 (13.4%) 492.1 EBITA adj. margin % 5.2% 6.4% (1.2pp) 9.2% Order intake 1 205 1 277 (5.6%) 6 454 Order backlog 4 316 4 838 (10.8%) 4 851 Billing ratio 70.1% 71.2% (1.1pp) 72.8% Permanent fixed employees 4 062 3 893 4.3% 3 923 Full-time equivalents (FTE) 3 744 3 540 5.8% 3 566 103 EBITA Q3 2024 64 Increased capacity Other revenue effects 2 Calendar effect -16 Billing ratio -12 Other operating expenses -76 Employee benefit expenses 0 Other cost effects 62 EBITA Q3 2025 One-off effect -31 29
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Financial highlights | YTD 2025 ─ Net operating revenues increased to NOK 4 135.7 million (3 940.3), a y-o-y growth of 5.0% ─ Organic revenue growth (ex. one-off, calendar effect, and acquisition) of 4.9% y-o-y ─ EBITA of NOK 319.9 million (394.1), equal to an EBITA margin of 7.7% (10.8) ─ One-time settlement from client in Q3 24 of NOK 31.2 million ─ EBITA adjusted of NOK 319.9 million (394.1), margin 7.7 per cent (10.1) ─ Legal expenses, write-down, related to Sotra project of NOK 18.9 million ─ Order intake of NOK 4 441 million ─ Solid order backlog of NOK 4 316 million ─ Billing ratio of 71.8%, declined by 1.1 percentage points ─ Reported profit for the period was NOK 213.9 million (323.7) ─ Last year’s figure included NOK 36.0 million net finance income from the A-lab acquisition ─ Earnings per share 11.83 (15.11) Consolidated key figures NOK million YTD 2025 YTD 2024 Change FY 2024 Net operating revenues 4 135.7 3 940.3 5.0% 5 383.6 EBITA 319.9 425.4 (24.8%) 523.4 EBITA margin % 7.7% 10.8% (3.1pp) 9.7% EBITA adj. 319.9 394.1 (18.8%) 492.1 EBITA adj. margin % 7.7% 10.1% (2.4pp) 9.2% Order intake 4 441 4 655 (4.6%) 6 454 Order backlog 4 316 4 838 (10.8%) 4 851 Billing ratio 71.8% 72.9% (1.1pp) 72.8% Permanent fixed employees 4 062 3 893 4.3% 3 923 Full-time equivalents (FTE) 3 703 3 540 4.6% 3 566 425 EBITA YTD 2024 -31 One-off effect 180 Increased capacity 107 Other revenue effects 0 Calendar effect -59 Billing ratio -49 Other operating expenses -250 Employee benefit expenses -2 Other cost effects 320 EBITA YTD 2025
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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 1 600 876 3Q 2022 4Q 1Q 2Q 977 3Q 2023 4Q 1Q 2Q 1 148 3Q 2024 4Q 1Q 2Q 1 196 3Q 2025 +4.2% Rolling 12 months Net operating revenues 68 29 72 62 31 0% 4% 8% 12% 16% 20% 0 50 100 150 200 250 7.7% 3Q 2022 4Q 1Q 2Q 3.0% 3Q 2023 4Q 1Q 2Q 9.0% 3Q 2024 4Q 1Q 2Q 5.2% 3Q 2025 EBITA, margin EBITA 64 66 68 70 72 74 76 68.3% 3Q 2022 4Q 1Q 2Q 67.8% 3Q 2023 4Q 1Q 2Q 71.2% 3Q 2024 4Q 1Q 2Q 70.1% 3Q 2025 -1.1pp Billing ratio Rolling 12 months 2 600 2 800 3 000 3 200 3 400 3 600 3 800 4 000 4 200 3Q 2022 4Q 1Q 2Q 3Q 2023 4Q 1Q 2Q 3Q 2024 4Q 1Q 2Q 3Q 2025 4.3%
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ARCHITECTURE ─ Net operating revenues increased by 9.1% ─ Higher billing rates and increased capacity ─ Higher billing ratio y-o-y to 70.2%, up 0.6pp REGION NORWAY ─ Net operating revenues increased by 8.5% ─ Higher billing rates and increased capacity ─ Lower billing ratio y-o-y to 71.5%, down 0.8pp REGION OSLO ─ Net operating revenues increased by 0.3% ─ Higher billing rates and increased capacity ─ Lower billing ratio y-o-y to 70.9%, down 1.9pp INTERNATIONAL ─ Net operating revenues increased by 2.2% ─ Higher billing ratio y-o-y to 77.6%, up 0.5pp Operational performance Amounts in NOK million (except percentage) 3Q 2025 3Q 2024 3Q 2025 3Q 2024 3Q 2025 3Q 2024 3Q 2025 3Q 2024 Net operating revenues 449.5 448.0 493.5 455.0 163.4 149.7 95.2 93.1 EBITA 32.7 66.4 30.8 37.4 0.1 (2.0) 1.7 4.8 EBITA margin 7.3% 14.8% 6.2% 8.2% 0.0% (1.4%) 1.8% 5.1% Billing ratio 70.9% 72.8% 71.5% 72.3% 70.2% 69.6% 77.6% 77.1%
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Financial position ─ Strong cash flow from operations ─ NOK 413 million (522) ─ Change in working capital ─ YTD negative NOK 453 million (negative 260) ─ Net interest-bearing debt ─ NIBD NOK 755 million ─ Gearing ratio 1.77 (NIBD excl. IFRS16, restricted cash/EBITDA) ─ Strong financial position -260 -143 -279 165 -299 254 -300 -250 -200 -150 -100 -50 0 50 100 150 200 250 300 350 400 450 500 550 600 Cash at the beginning of the year 160 CF from operations -453 Change in working capital -76 CF to investments -183 CF from financing -166 CF from financing IFRS 16 1 Foreign currency effects Cash 30 Sep 2025 Shaded areas show IFRS 16 (non-cash) effects on Cash Flow (CF) from opeations and financing NOK million 3Q 2022 4Q 1Q 2Q 3Q 2023 4Q 1Q 2Q 457 3Q 2024 4Q 1Q 2Q 755 3Q 2025 +298 NIBD excl. IFRS 16 liabilities NOK million
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Free cash flow NOK million 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 3Q 2025 -133 -31 373 -59 81 83 457 -26 85 -52 416 -28 262 29 409 -22 116 455 334 409 272 318 433 515 547 503 369 323 294 515 575 579 598 289 Net cash flow from operating activities Free cash flow excl.cash used on aquisitions LTM Net cash flow used in investment activities excl. acquisitions
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Business areas & Closing remarks Grethe Bergly, CEO Photo: Bård Gudim
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Market structure Mobility & Transportation Energy & Industry Water & Environment Buildings & Properties Multiconsult Group Operating Revenues % of total 35% 25% 27% 13% 3Q 2025 NOK million 1 416 492 356 382 186 Change y-o-y 5% 2% 4% 20% 2%
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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
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We set high ambitions for where and how to grow Expanding our position as preferred partner in the energy transition Safeguarding biodiversity and climate 2 4 GET FiT Mozambique II Redevelopment of transformer station, Vang - Minnesund Collaborative model for nature hazards in small watercourses, Naturfareforum through NVE Developing position in complex and large projects 1 Water supply to Oslo The Norwegian Defence Estate Agency Alginor Industrial Facility Landslide risk mitigation project, Ullensaker municipality Ecosystem accounting in road projects, The Norwegian Public Roads Administration Feasibility study for run-of-river hydropower plant, Kenya
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Design and engineering of Alginor’s new industrial facility — A Norwegian marine biotech company that harvests and processes seaweed (kelp, laminaria hyperborea) to make ingredients for medicine, personal care, and health products, with full traceability from sea to finished product — Alginor is currently constructing a permanent industrial facility in the municipality of Karmøy — Multiconsult is responsible for the design and engineering of all construction-related disciplines for the building Photo: Alginor
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Ecosystem accounting - framework agreement — Multiconsult is developing a methodology for ecosystem accounting in road projects — The project is being carried out for the Norwegian Public Roads Administration, in collaboration with the Norwegian Institute for Nature Research — Many Norwegian companies are introducing goals of nature neutrality in their strategies and require documentation to report on various sustainability requirements. Multiconsult is also engaged in several similar assignments for other clients Photo: Tobias Bjørkli
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GET FiT Mozambique II Implementation of renewable energy project in Mozambique — Multiconsult has managed the design and rollout of renewable energy projects (solar, storage and mini-grids and hydropower), for the phase one of this project — The project helps build local capacity and supports clean energy investment — Aims to expand access to reliable, sustainable power across Mozambique — While in the first phase the project focused on building institutional capacity and designing the renewable energy program, the second phase focuses more on implementing and realising market-ready projects — Multiconsult has since 2013 delivered and is still delivering on similar projects in Uganda and Zambia Photo: Multiconsult
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Celebrating the opening of Construction City — Construction City is Norway’s largest hub for construction and real estate industry, offering flexible workspaces and collaboration areas in Oslo — LINK Architecture served as lead architect, designing and building for innovation, sustainability (BREEAM-NOR Excellent) and cross- industry collaboration — The project features open environments, social zones and strong focus on environmental solutions and materials Photo: LINK
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Defence-related opportunities has continued to increase across Scandinavia Denmark — LINK architects are working for the Danish Ministry of Defence Estates Agency as one of several suppliers on consultancy services for construction projects across Denmark, the Faraoe Islands and Greenland. The frame agreement was won by WSP with LINK as a supplier Sweden — LINK architects are working on a wide range of assignments as part of two frame agreements with the Swedish Fortifications Agency Norway — Multiconsult Norge and LINK Arkitektur have many framework agreements with the Norwegian Defence Estates Agency, which has become one of the company’s most significant clients Photo: LINK
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Outlook ─ The overall market outlook remains stable, with some increased uncertainty ─ Defence, energy, industry, and infrastructure remain key drivers ─ Lower interest rates may boost investments, but energy transition projects face timing and political risks ─ Building and property market is expected to remain challenging; defence and hospital projects are positive exceptions ─ Competitive landscape continues to evolve, with pressure on margins and pricing sensitivity ─ A healthy pipeline and several framework agreements support stability Trähuset, Uppsala - Sweden | Photo: Sebastian Lindqvist / LINK Arkitektur
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Financial calendar 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 2026, Half-yearly 2026 report 03 Nov 2026, Q3 2026 results Multiconsult employees | Photo: Bård Gudim / Multiconsult
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Appendix Stokkelandsbyen, Sandnes | Illustration LINK Arkitektur / Multiconsult
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Order backlog | 3Q 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 3Q 2022 4Q 1Q 2Q 3Q 2023 4Q 1Q 2Q 3Q 2024 4Q 1Q 2Q 3Q 2025 -10.8% 3Q 2024 4 836 3Q 2025 4 316 Buildings & Properties Energy & Industry Mobility & Transportation Water & Environment Spritfabriken – The old distillery, Sweden | Photo: Felix Gerlach / LINK Arkitektur
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Order intake | 3Q 2025 3Q 2022 4Q 1Q 2Q 3Q 2023 4Q 1Q 2Q 3Q 2024 4Q 1Q 2Q 945 1 559 2 573 1 572 1 349 1 431 1 847 1 531 1 277 1 798 1 696 1 539 3Q 2025 1 205 Buildings & Properties Energy & Industry Mobility & Transportation Water & Environment Fyrstikkbakken 14, Oslo | Photo: Assad Ansar / LINK Arkitektur
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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
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Segments | 3Q 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 0 100 200 300 400 500 600 700 800 337 3Q 2022 4Q1Q2Q 372 3Q 2023 4Q1Q2Q 448 3Q 2024 4Q1Q2Q 449 3Q 2025 +0.3% Net operating revenues 0% 4% 8% 12% 16% 20% 0 20 40 60 80 100 28 3Q 2022 4Q1Q2Q 26 3Q 2023 4Q1Q2Q 66 3Q 2024 4Q1Q2Q 33 3Q 2025 EBITA, margin EBITA 0 100 200 300 400 500 600 700 800 372 3Q 2022 4Q1Q2Q 391 3Q 2023 4Q1Q2Q 455 3Q 2024 4Q1Q2Q 494 3Q 2025 +8.5% Net operating revenues 0% 4% 8% 12% 16% 20% 0 20 40 60 80 100 45 3Q 2022 4Q1Q2Q 12 3Q 2023 4Q1Q2Q 37 3Q 2024 4Q1Q2Q 31 3Q 2025 EBITA, margin EBITA 0 50 100 150 200 250 114 3Q 2022 4Q1Q2Q 150 3Q 2023 4Q1Q2Q 150 3Q 2024 4Q1Q2Q 163 3Q 2025 +9.1% Net operating revenues 0 20 40 60 80 100 120 56 3Q 2022 4Q1Q2Q 69 3Q 2023 4Q1Q2Q 93 3Q 2024 4Q1Q2Q 95 3Q 2025 +2.2%Net operating revenues 4 5 -4% 0% 4% 8% 12% 16% -5 0 5 10 15 3Q 2022 4Q1Q2Q3Q 2023 4Q1Q2Q3Q 2024 4Q1Q2Q 2 3Q 2025 5 EBITA, margin EBITA NOK million -8% -4% 0% 4% 8% 12% 16% -20 -10 0 10 20 30 -4 3Q 2022 4Q1Q2Q -10 3Q 2023 4Q1Q2Q -2 3Q 2024 4Q1Q2Q 0 3Q 2025 EBITA, margin EBITA EBITA