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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 Paris Road Show - Investor Presentation – February 2026 Egil Hogna, CEO 07/11/2024 1 Centre for Psychiatric Healthcare in Nordbyhagen
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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 statements 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 assurance that those expectations will b e 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.
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Norconsult – Every day we improve everyday life A local partner, leveraging our size and reach… ...with solid financials1) ~ 7 200 ~ 140 Employees Q4 2025 Offices Country HQs Offices ~1/3 ~1/3 ~1/3 8% 8% 10% 10% 10% 10% 10% 9% 2018 2019 2020 2021 2022 2023 2024 2025 4.7 5.5 6.1 6.6 7.5 8.5 9.2 10.1 Adj EBITA margin Net revenue NOKbn Founded in 1929 Public Private OtherTop 50 projects Revenue by customer2) Revenue by projects2) ~35K ~15K projects customers Buildings and architecture2) Infrastructure2) Energy and industry2) 3 1) Figures for 2018-2020 are presented according to NGAAP accounting principles 2) Estimated based on gross revenue 2025
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Professional service offerings to the building and construction market Architecture Form, function, experience Engineering Structures, systems, complexity Project management and digital solutions Scope, schedule, productivity 1. Planning Planning and consultancy services in early-stage phase 2. Design and engineering 3.Project execution 4. Operations and maintenance Advisory services for both new-build and renovation Technical supervision and worksite service tasks Project supervision, quality control and follow-up management Technology and digital solutions applied across the project lifecycle Offering Project lifecycle 4
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Consistent performance - robust financial track record Strong growth over a decade with 10% net revenue CAGR Consistent adj. EBITA margin of ~10%1) NOKm NOKm 3 412 3 514 3 738 4 078 4 691 5 516 6 146 6 593 7 513 8 494 9 186 10 103 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adj EBITA Margin 304 319 316 346 390 465 610 628 733 810 879 944 9% 2014 9% 2015 8% 2016 8% 2017 8% 2018 8% 2019 10% 2020 10% 2021 10% 2022 10% 2023 10% 2024 9% 2025 Net Revenue 5 1) NGAAP accounting principles ‘14-22, IFRS accounting principles, adj. EBITA, adjustments related to former share -based compensation scheme, gain from property sale in 2018 and share program for 2022 and 2023 | Source: Company information
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The market leader in Norway with strong pan-Nordic growth The leading player in Norway… …with reinforcing no. 1 position… …and a strong Nordic growth trajectory Gross revenues 2024 (NOKm) 1) Gross revenue (NOKbn) development 2) 2022 2023 2024 2025 5.4 6.2 6.6 6.9 2022 2023 2024 2025 1.3 1.6 1.8 2.2 2022 2023 2024 2025 0.6 0.8 0.9 0.9 Norway Sweden Denmark 6 1) Revenue in Norway Company annual reports 2024, bygg.no 2) Pro -forma including Aas-Jakobsen Gruppen 3) Norconsult Norway AS, Norconsult Denmark Group and Norconsult Sweden Group 7 866 5 289 3 575 2 506 Norconsult Multiconsult Sweco Afry
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Delivery model balancing unmatched local presence with knowledge hubs +30 Unique local presence through ~140 offices combined with network expertise and cross border collaboration 1) Local presence Local networks, in-depth local knowledge and local “footprint” Knowledge hubs Strong knowledge hubs and centers of expertise Capacity and network Capacity, experience and competence drawn from the entire global organisation 70% of >NOK 3m projects utilise competence across offices or departments2) Discipline networks 7 1) As of Q4 2025 | Source: Company information 2) Estimated market split based on gross revenue 2024
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Robust business model ensuring stable margins Risk diversified across ~35k assignments1) ~80% time & material of operating revenue Time & material typical contract form1) Attractive economic attributes Top 50 projects ~35K ~15K projects customers ~20% fixed price of operating revenue Cost-plus model with low-risk contracts priced on accrued hours Utilisation focus on business area rather than projects to optimise team allocation Index-regulated Index-regulated cost components on most multi-year contracts 8 Other 1) Estimated split based on 2025 gross revenue
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The role of consulting engineers has expanded in recent years Design and engineering typically 4 -12% of total construction cost while it impacts 100% of cost and quality New digital technologies like AI increase potential impact and importance of design and engineering 9 Increased complexity Building in an urban or established environment is fundamentally more complex Increased requirements Society has increased expectations about: User and worker safety Climate and nature Social sustainability Quality and aesthetics Cultural heritage + more Digital technologies Digital technologies allow better planning, design and engineering reducing total cost and complexity during construction AI further amplifies the benefit of good design and engineering before construction starts
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– Digital expertise developed over decades is an enabler to sophisticated use of AI in advanced construction projects – The promise of AI benefits increase the demand for Norconsult’s digitalization expertise – Norconsult has digitalization and AI expertise in its subsidiaries Norconsult Digital, Metier, Aas-Jakobsen, Pure Logic as well as in Norconsult itself – Norconsult develops its own AI tools, implements AI tools in existing software portfolio (e.g. ISY software suite) and uses tools developed by others (Autodesk, Microsoft, Open AI etc) – Enabling and using AI functionality in Norconsult’s traditional projects is increasingly valued by customers and represents an important opportunity for additional sales Norconsult intends to shape the future of Nordic construction by applying AI across architecture, planning, and engineering disciplines 10 Update on Artificial Intelligence Photo: Herman Dreyer
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Winning recipe for attracting… …developing… Attracting, developing and retaining the best talent and competency ...and retaining talent The basis of everything we do Our values Our customer promise Management & quality system The most prestigious projects Levers for attracting Leading capabilities across professions The most extensive local presence Targeted recruiting and media visibility Well-invested leadership programme Levers for developing Discipline networks Project management training Room to challenge established truths and be innovative Focus on collaboration and know-how sharing Levers for retaining Diversity and equality across divisions and hierarchy Continued low intention to leave in employee surveys 4) Strong sense of community Sustainability (ESG) Reported employee churnNo. group employees1) Innovation 1) As of Q4 2025 2) annual reports from peers; Multiconsult, Afry, Sweco, Sitowise & Etteplan Avg. for listed Nordic peers 2024²) Norconsult 2024 12.5% 10.4% 2017 2018 2019 2020 2021 2022 2023 2024 2025 3 200 3 800 4 300 4 600 5 100 5 500 6 300 6 500 7 200 11
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Revenue growth through balanced organic growth and acquisitions 2022 2023 2024 2025 11% 6% 10% 10% 7% 5% 6% 2% Norconsult Publically listed peers1) Strong organic growth ~1/3 Acquisitions ~2/3 Organic 12 1) Organic growth adjusted for calendar effects: Multiconsult, Afry, Sweco Growth target 2/3 Organic growth 1/3 M&A
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Successful M&A is a core part of Norconsult’s business model Strong M&A track record Number of acquisitions | 2014 - 2025 Selected acquisitions from 2023 – 2025 11 78 5 5 8 7 12 4 11 5 4 3 3 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Category: Civ. Eng. FTEs: 115 Swedish engineering consultancy specialized in infrastructure, environment, and project management Category: Civ. Eng. FTEs: 221 Norwegian engineering consultancy, strong in Norwegian infrastructure Category: Civ. Eng. FTEs: 50 Danish engineering consultancy in Jutland, focused on buildings and property 13 Source: Company information Category: Consultancy FTEs: 250 Norwegian consultancy specializing in project management, business development, digitalization
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Home Market Geographies Generalists Niches Nordics Europe Competency Not currently a focus area Acquire niche competency to strengthen full-fledge offering Expand pan-Nordic offering with more interdisciplinary services Niche competency that complements pan-Nordic offering Strengthen #1 position by acquiring manpower Acquire generalists to strengthen Nordics foothold Grow in the geographical areas around the largest cities. Seek expansion within energy, infrastructure and industry Strengthen position as a customer-oriented challenger Focus on bolt-on’s that complement competence and capacity. Strengthen No. 1 position in Norway Enhance geographical reach and diversify business portfolio From a strong niche player to a national leader Build a solid platform for growth in Finland Build a platform for further growth Continue Pan-Nordic M&A execution Solid growth potential outside Norway 14 Source: Company information Main markets M&A strategies for growth
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Fourth quarter – Net revenue increased to NOK 2 807m (2502) – 6% organic growth adjusted for calendar effects – Adj. EBITA margin adjusted for calendar effect 9.2% (9.1%) – Strong cash flow from operating activities NOK 884m (938) Full year 2025 – Net revenue increased to NOK 10 103m (9186) – 6% organic growth adjusted for calendar effects – Adj. EBITA margin adjusted for calendar effect 9.5% (9.6%) – Profit after tax: NOK 652m (498) – Ordinary earnings per share: NOK 2.13 (1.72) The Board of Directors propose a dividend of NOK 1.80 per share for 2025 Financial highlights 15 * Net revenue = Operating revenue and other income after external project costs ** Refer to page 31 for Reconciliations of Alternative Performance Measures in Norconsult Interim Report
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– Activity in Buildings & Architecture remained stable and subdued – Public sector investments, including defense spending, continued to offset a weak private sector – The demand for power related projects, noticeably hydro power and power transmission projects remained strong – In Industry, the activity varied between different sub-segments – The Infrastructure market continued stable and consistent with long-term public spending plans InfrastructureBuildings & Architecture Energy & Industry Q4 2025: No substantial changes 16
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The overall market is expected to continue stable, however, with continued uncertainty linked to the international political situation. – The private market for Buildings & Architecture is still slow but there are signs of optimism in the larger cities – The demand in Infrastructure is expected to be stable going forward – We continue to expect a high level of activity in the energy sector, 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 efficiency in selected parts of the business. Photo: Herman Dreyer 17 Q4 2025: Outlook