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This document has been prepared by Norconsult ASA as part of the assignment that the document relates to. The copyright of th is document is owned by Norconsult ASA. The document may only be used for the purpose described in the assignment agreement and must not be copied or made available in any other way or to a greater extent than necessary for the stated purpose. Norconsult ASA Small & Mid Cap Conference | DNB Carnegie | 2 September 2025 Egil Hogna, CEO Illustration: Nordic Office of Architecture med Arup Architecture og Rodeo Arkitekter
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Our business areas* Norconsult – Every day we improve everyday life 30% 29% 18% 8% 9% 7% Norway Head Office Norway Regions Sweden Denmark Renewable Energy Digital & Technogarden Sectors Our markets Buildings and architecture Infrastructure Energy and industry Public Private Solid financial track record with strong growth and stable margins** ~6 600 Employees Q2 2025 ~140 Offices Founded in 1929 Country HQs Offices 2025 2025 2 * % of group net revenue ** Figures for 2018-2020 are presented according to NGAAP accounting principles Net revenue NOKbn** Adj EBITA margin** 2018 8% 2019 10% 2020 10% 2021 10% 2022 10% 2023 2024 9%10% Q2 2025 LTM 4.7 5.5 6.1 6.6 7.5 8.5 9.2 9.5 8%
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Resilient and diversified revenue exposure through an attractive business mix 3 Note: 1) Estimated market split based on gross revenue according to accounting notes in NGAAP statutory financial statements | Source: Company information Gross revenue estimate by market1) Gross revenue estimate by B2G/B2B ’24 Gross revenue per project ‘24 Buildings and architecture Infrastructure Energy and industry Public Private Top 50 projects Other ~35k projects ~14.5k customers
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4 Delivery model balancing unmatched local presence with knowledge hubs Strong cross-office collaboration within and between regions Unique local presence through ~140 offices combined with network expertise and cross border collaboration Local footprint, local knowledge and local presence Local networks Knowledge hubs Strong knowledge hubs in key areas Platform Capacity, experience and competency drawn from the entire global organisation ~70% of >NOK 3m projects utilise competency across departments1) +30 discipline networks 75 3RoW# locations1) 41 11 2 1 3 Sandvika Country HQs Gothenburg Herlev Notes: 1) 2024 Source: Company information
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Good revenue visibility Attractive economic attributes Robust economic model ensuring stable margins Low project risk across ~35k assignments 5 ~80% time & material of operating revenue ~20% fixed price of operating revenue Cost-plus model with low-risk contracts priced on accrued hours Index-regulated cost components on most contracts Utilisation focus on business area rather than projects to optimise team allocation Rigorous pricing capabilities across offices with tenured project leaders NOK 7.1bn Q2´25 order backlog Breakdown of project portfolio’s contract regime1) Notes: 1) Based on 2024 revenue. Source: Company information