Slides
Page 1
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 – Q2 2025 Pre-close call 4 July 2025 E6 Roterud – Storhove
Page 2
Disclaimer 2 Not for general release, publication or distribution, directly or indirectly in Australia, Canada, Japan, the United States o r to US persons or in any other jurisdiction where such distribution would constitute a violation of the relevant laws or regulations of such jurisdiction. This report includes and is based among other things on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this document are based on our current expectations and projections about future events, including in relation to global econ omic conditions and the economic conditions of the regions and industries that are significant to Norconsult. All statements other than statements of historical facts included in this notice, including statem ents regarding our future financial position, risks and uncertainties related to our business, strategy, capital expenditures, projected costs and our plans and objectives for future operations, may be deemed t o be forward-looking statements. These expectations, estimates and projections are generally identifiable by statements containing words such as “believe,” “expect,” “anticipate,” “may,” “assume,” “plan,” “intend,” “will,” “should,” “estimate,” “risk” and similar expressions or the negatives of these expressions. 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. Important factors that could cause actual results to differ materially from those expectations include, among oth ers, economic and market conditions in the geographic areas and industries that are or may be major markets for Norconsult’s business, changes in governmental regulations, interest rates and fluctuations in currency exchange rates. Forward -looking statements are not guarantees of future performance. Although Norconsult believes that its expectations are based upon reasonable assumptions, it can give no assuran ce that those expectations will be achieved or that the actual results will be as set out in this report. You should therefore 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. This report is for information purposes only and is not to be relied upon in substitution for the exercise of independent jud gment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sel l any securities in Norconsult. Information in this document cannot be relied upon as a guide to future performance. This presentation is not for release, publication or distribution, directly or indirectly in Australia, Canada, Japan, the Un ited States or to US persons or in any other jurisdiction where such distribution would constitute a violation of the relevant laws or regulations of such jurisdiction. The information contained herein does not constitute an offer of securities for sale in the United States, Australia, Canada, Japan or any other jurisdiction where such offer would constitute a violation of the relevant laws or regulations of such jurisdiction . The securities may not be offered or sold in the United States unless they are registered under applicable law or exempt from registration. The company does not intend to register its shares in the United States or to conduct a public offer of securities in the United States or any other jurisdiction in which it would be unlawfu l or would require registration or other measures. No money, securities or other consideration is being solicited and, if sent in response to the information contained herein, will not be accepted. Q2 2025 Norconsult ASA Pre-Close call
Page 3
Moderate growth and profitability – 5% organic growth adjusted for calendar effects – Adj. EBITA margin adjusted for calendar effects of 8.5% (9.6%) – Adjusted manning and cost reductions in Norway Regions and Technogarden to improve profitability Billing ratio at 71.5% (72.1%) – Affected by continued weak private building and architecture market Q1 2025 key messages 3 Q2 2025 Norconsult ASA Pre-Close call
Page 4
The overall market is expected to be stable, but with continued uncertainty linked to the international political situation. Signs of optimism in the private market for Buildings & Architecture Stable demand in Infrastructure Activity is expected to continue strong in energy, and a more mixed development in other industry markets as geopolitical factors may delay investment decisions in certain market areas Norconsult will continue to take proactive measures to improve underlying profitability and maintain our efficiency Q1 2025: Outlook 4 Photo: Herman Dreyer Q2 202 Norconsult ASA Pre-Close call
Page 5
Calendar effect – NOK -138m estimate from Q1 2025 presentation Q2 2024 affected by a reversal of bonus provisions of NOK 24m Employee share program 2025 – 1 783 023 shares distributed from Treasury shares – Costs in line with communicated cost frame for employee share program ofNOK 50m Acquisition of Aas-Jacobsen announced 13 June – closing expected in August Transaction cost from larger M&As will be reported as a one-off and not included in adj. EBITA Q2 2025 reminders 5 Q2 2025 Norconsult ASA Pre-Close call
Page 6
Every day we improve everyday life 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.
Page 7
Net revenue* Billing ratio Adj. EBITA 65% 70% 75% 80% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 72.3% 72.1% 71.0% 71.5% 74.0% 76.2% 71.4% 74.6% 72.2% 500 1 000 1 500 2 000 2 500 3 000 0 0 2 000 4 000 6 000 8 000 10 000 NOK million LTM Q1 23 Q2 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 2 359 2 097 1 705 2 333 2 360 2 399 1 924 2 502 2 637 Q3 23 Net revenue Net revenue LTM 381 112 108 209 162 227 335 0% 2% 4% 6% 8% 10% 12% 0 100 200 300 400 NOK million LTM % Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 227 263 Adj EBITA Adj. EBITA in % of income after external project costs Billing ratio Billing ratio LTM Q1 2025: Quarterly performances influenced by seasonality and number of working days 2025 2026 Average workdays per quarter ** 0 58 60 62 64 66 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q3Q1 Q4 60 60 66 60 63 Q2 66 60 61 58 66 61 57 -5.0% * Net revenue = Operating revenue and other income after external project costs, ** Weighted average workdays for the Group per quarter post public holidays and pre vacation days, rounded to the nearest whole number *** Estimated calendar effects for Q2 2025 7 2024 NOK -138m***