Slides
Page 1
Second quarter and half year results 2026 Karsten Warloe, CEOOve B. Haupberg, CFO18 August2026
Page 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. Disclaimer
Page 3
Introduction and highlightsKarsten Warloe,CEO
Page 4
A strong first impression Photo: Christian Parkstad –A strong organisationwith highly skilled people–Capability of handling large and complex projects –Positively surprised by how broadly digitalisationand AI are being applied in practice–Building on this platform, my ambition is –to be recognisedfor delivering the best client experiences, –with a healthy long term growth, –delivering stable profitability in line with our targets
Page 5
Highlights Second quarter and H1 2026 Good sales, on course with profitability–Good sales across all business areas –Multiconsult delivered improved reported profitability –Defence, energy and industry remain key drivers–Continued structured approach to improve margins–Strengthened cost control–The overall market outlook remains stable with a healthy pipeline of opportunitiesResults–EBITA was NOK 108.2 million and the EBITA margin was 7.1%–EBITA adj. was NOK 88.4 million, equal to an EBITA margin of 5.8%–Adjustment related to the Sotra Link project–Billing ratio of 71.6% (72.9), down 1.3pp NET OPERATINGREVENUES1527Q2, NOK million7.8% y-o-y3135H1, NOK million7% y-o-y BILLING RATIO71.6Q2, per cent-1.3pp y-o-y71.7H1, per cent-0.8pp y-o-y ORDER INTAKE1669Q2, NOK million8.4% y-o-y3447H1, NOK million7% y-o-y EPS & DPS3.23Q2, EPS NOK per share7.22H1, EPS NOK per share EBITA108.2Q2, NOK millionEBITA margin 7.1%268.8H1, NOK millionEBITA margin 8.6% EBITA adjusted93.3Q2, NOK millionEBITA margin 6.1%254.3H1, NOK millionEBITA margin 8.1%
Page 6
Market & SalesLarge sales & new contracts–Framework agreements, The Norwegian Defence Estates Agency–E10/rv.85 Tjeldsund-Gullesfjordbotn-Langvassbukt–Chemring Nobel, TeCHNe project–New hospital in Helsingborg, Sweden Ongoing projects–The Fornebu Line –Water supply to Oslo –New Rikshospitalet –Yggdrasil -Power from Shore–E10 Hålogalandsvegen Market Q2 2026–Market conditions remained broadly unchanged from the previous quarter–Stable activity levels across most markets–Order intake increased 8% year-on-year, reflecting stable underlying activity–Defence-related investments continued to support demand and order intake –Stable order backlog supported by a diversified project portfolio–Significant volume of framework agreements not recognised in the reported order backlog
Page 7
Ongoing measures to improve profitability The Fornebu Line | Photo: Multiconsult 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 operating expenses–Profitability measures ongoing and expected to gradually improve performance
Page 8
People & organisation People–4094 permanent fixed employees, a 3.1% increase y-o-y–3873 full time equivalents (FTE), up 3.0% y-o-y–2 120 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 based on the proposal of the board of directors OrganisationExcellence–Announced plans to co-locate its Oslo-based teams from LINK, A-Lab, and Multiconsult Norge from spring 2028–Celebration of Pride Month highlighting diversity and inclusion –Multiconsult Norge engaged a wide range of stakeholders in selecting Norway's best urban development project, which was won by Drammen municipality –LINK Arkitektur won two awards: an Architizer A+Award for the Eslöv distillery transformation and Sunnfjord Municipality’s Architectural Quality Award for Førde Upper Secondary School–Multiconsult Polska was recognised at the “Responsible and Employee-Friendly Employer” Gala
Page 9
Financial ReviewOve B. HaupbergCFO
Page 10
Segments(share of net operating revenues 2025)> 5 500 clients> 15 500 projects> 45 countries> 4 100 employees This is the Multiconsult Group Business areas(share of operating revenues 2025)Sector balanced portfolio(share of operating revenues 2025)
Page 11
Financial highlights Q2 2026–Net operating revenues came in at NOK 1527.1 million (1415.9), a y-o-y increase of 7.8%–Organic revenue growth (ex. calendar effect) of 0.7% y-o-y–EBITA of NOK 108.2 million (67.4), equal to an EBITA margin of 7.1% (4.8)–Positive calendar effect of NOK 49.7 million on net operating revenues and operating results–Included operating expenses of NOK 5.2 million of non-recurring restructuring costs –EBITA adj. of NOK 93.3 million (72.2), margin 6.1% (5.1)–Excluding the positive effects related to the Sotra Link project–Strong order intake of NOK 1669 million–Strong order backlog of NOK 3952 million–Billing ratio of 71.6,declined by (1.3) percentage points–Reported profit for the period was NOK 89.0 million (40.3)–Earnings per share 3.23 (1.45) Consolidated key figuresAmounts in NOK millionQ2 2026Q2 2025ChangeFY 2025Net operating revenues1527.11415.97.8%5657.3EBITA 108.267.460.5%394.8EBITA margin %7.1%4.8%2.3pp7.0%EBITA adjusted93.372.229.3%431.7EBITA adjusted margin %6.1%5.1%1.0pp7.6%Order intake166915398.4%6077Order backlog39524575(13.6%)4233Billing ratio %71.6%72.9%(1.3pp)71.8%Permanent fixed employees409439713.1%4160Permanent employees416240313.2%4223Full-time equivalents (FTE)387337632.9%3731
Page 12
Financial highlights H1 2026–Net operating revenues came in at NOK 3135.0 million (2939.4), a y-o-y increase of 6.7%–Organic revenue growth (ex. calendar effect) of 2.6% y-o-y–EBITA of NOK 268.8 million (257.8), equal to an EBITA margin of 8.6% (8.8)–EBITA was positively impacted by net NOK 14.5 million related to the Sotra Link project–Included operating expenses of NOK 9.3 million of non-recurring restructuring costs –EBITA adj. of NOK 254.3 million (271.6), margin 8.1% (9.2)–Excluding the positive effects related to the Sotra Link project–Strong order intake of NOK 3447 million–Strong order backlog of NOK 3952 million–Billing ratio of 71.7%,declined by 0.8 percentage points–Reported profit for the period was NOK 199.0 million (175.1)–Earnings per share 7.22 (6.32) Consolidated key figuresAmounts in NOK millionH1 2026H1 2025ChangeFY 2025Net operating revenues3135.02939.46.7%5657.3EBITA 268.8257.84.3%394.8EBITA margin %8.6%8.8%(0.2pp)7.0%EBITA adjusted254.3271.6(6.4%)431.7EBITA adjusted margin %8.1%9.2%(1.1pp)7.6%Order intake344732356.5%6077Order backlog39524575(13.6%)4233Billing ratio %71.7%72.5%(0.8pp)71.8%Permanent fixed employees409439713.1%4160Permanent employees416240313.2%4223Full-time equivalents (FTE)384536884.3%3731
Page 13
Financial highlights-1.3pp +3.1% +7.8%
Page 14
NorwayAmounts in NOK millionQ2 2026Q2 2025FY 2025Net operating revenues1239.41098.54448.1EBITA 111.768.0389.9EBITA margin (%)9.0%6.2%8.8%Billing ratio71.2%72.6%71.4%Full-time equivalents (FTE)283626862694 –Strong revenue growth supported by increased capacity, higher billing rates and a positive calendar effect–Improved profitability, supported by the positive Sotra Link effect–Capacity adjustment according to market–Strong market position within defence and industry–Strong backlog complemented by framework agreements, delayed project starts in selected areas
Page 15
ArchitectureAmounts in NOK millionQ2 2026Q2 2025FY 2025Net operating revenues200.8206.4781.8EBITA 7.45.414.1EBITA margin (%)3.7%2.6%1.8%Billing ratio71.8%72.2%70.6%Full-time equivalents (FTE)521549528 –Well positioned for the emerging market trends with focus on public clients, renovation, environment friendly solutions, defence, urban transformation and healthcare–Higher billing rates and a positive calendar effect supported margins–Improvement measures reduced FTEs by 28 y-o-y, with further effects expected in H2 2026; 9 FTEs remained on temporary layoff at the end of Q2
Page 16
InternationalAmounts in NOK millionQ2 2026Q2 2025FY 2025Net operating revenues103.6110.5432.8EBITA 2.56.925.3EBITA margin (%)2.4%6.2%5.9%Billing ratio77.0%78.9%78.5%Full-time equivalents (FTE)493503485 –Gradual market recovery in both Sweden and Poland–Negative currency effect affected net revenues–Billing ratio influenced by portfolio mix
Page 17
Financial positionCash Flow–Cash flow from operations–NOK 361 million (297)–Change in working capital–YTD negative NOK45 million (negative 203)Net interest-bearing debt–NIBD NOK788 million–Gearing ratio 1.91(NIBD excl. lease liabilities, restricted cash/EBITDA)–Gearing ratio adj. 1.87321 NIBD excl. lease liabilities Grey areas show IFRS 16 (non-cash) effects on Cash Flow (CF) from operations and financing
Page 18
Free cash flow
Page 19
Business areas and closing remarksKarsten Warloe,CEO
Page 20
Market structureMobility & TransportationEnergy & IndustryWater & EnvironmentBuildings & PropertiesMulticonsultGroupOperating Revenues % of total Q2 2026 NOK million1752585 470 473 224Change y-o-y5% -3% 12%15%-%
Page 21
Strategy remains firm Photo: Forsvaret –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, that also opens up possibilities outside of the Nordics
Page 22
The second quarter, in brief Østraadt Harbour, Sandnes / Photo: Thomas Haugersveen 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 performance
Page 23
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 agreements support visibility and resilience New Crossing of Glomma on National Road 22, Fet / Photo: Multiconsult
Page 24
Financial calendar18 Aug 2026, Half-yearly 2026 report03 Nov 2026, Q3 2026 results09 Feb 2027, Q4 2026 results08 Apr 2027, Annual General Meeting04 May 2027, Q1 2027 results17 Aug 2027, Half-yearly 2027 report02 Nov 2027, Q3 2027 results Karenslyst Alle no 24, Oslo | Photo: Plyo -LINK Arkitektur
Page 26
Appendix New Ullevål, Oslo / Photo: LINK Arkitektur
Page 27
Order backlog Q2 2026 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 -13.6% Karenslyst Alle no 24 | Photo: Plyo -LINK Arkitektur
Page 28
Order intake Q2 2026 Nordberg student accommodation, Oslo / Photo: A-lab
Page 29
Number of working days 2025 vs 2026-Calendar effects, 2Q NOK 49.6 million, H1 NOK 6.6 million NOK 0.5 millionNOK 49.6 million 2025 2026 NOK -43.1 millionNOK 3.9 million
Page 30
Segments Q2 2026 30