Slides
Page 1
Continued growth and improved profitability Third quarter 2026 Photo: Kari Bergo CEO Egil Hogna and CFO Dag Fladby 3 November 2026 The Torghatten Project by Østengen & Bergo, Norway
Page 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 cu rrency 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 judgment. 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. Disclaimer 2
Page 3
Norconsult – Every day we improve everyday life A local partner, leveraging our size and reach… ...with solid financials1) ~ 7 200 ~ 140 Employees Q3 2026 Offices Country HQs ~1/3 ~1/3 ~1/3 Founded in 1929 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 Offices
Page 4
Net revenue* – Net revenue increased with 6% to NOK 2 314m (2191) – 1% organic growth adjusted for calendar effects Adj. EBITA** – Adj. EBITA of NOK 242m (204) – Adj. EBITA margin adjusted for calendar effect 9.8% (9.3%) Order backlog of NOK 7.9 bn (7.8 bn in Q2 2026) Q3 2026: Financial highlights 4 * Net revenue = Operating revenue and other income after external project costs ** Refer to page 32 for Reconciliations of Alternative Performance Measures in Norconsult Interim Report Photo: Herman Dreyer
Page 5
People – Number of employees increased to 7 241 from 6 964 in the same quarter last year – Number of FTEs increased with 4.4% y-o-y to 7 077 (6 777) Highlights – Norconsult Sweden ranked as top employer among young professionals by Karriärföretagen for the sixth consecutive year – Vegard Jacobsen appointed EVP Norway Head office from January 1st 2027. Bård Hernes to continue as Project Director People and organisational update Photo: Herman Dreyer 5
Page 6
– Activity in Buildings & Architecture remained stable but subdued. Recovery continued to be slow and gradual – Public sector investments, including defense and healthcare-related 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 continued to vary between different sub-segments – The Infrastructure market continued stable and consistent with long-term public spending plans across segments and geographies InfrastructureBuildings & Architecture Energy & Industry Q3 2026: Markets remained broadly stable 6
Page 7
Østengen & Bergo - Norway – Acquisition completed in Q3 – Norwegian landscape architecture consultancy – Number of FTEs: 10 – Expands multidisciplinary offering Franck Miljø & Geoteknik A/S - Denmark – Acquisition announced in Q4 – Danish environmental and geotechnical consultancy – Number of FTEs: 46 – Strengthens nationwide presence, making Norconsult one of Denmark’s largest and strongest players in this space. 7 Continued bolt-on acquisitions Peder Bjerre Hauritz, CEO Franck Miljø & Geoteknik and Jes Hansen, CEO Norconsult Denmark
Page 8
Project examples Thorvald Meyers gate Photo: Herman Dreyer
Page 9
Grefsen Station Norconsult is supporting Bane NOR in upgrading Grefsen Station, including a new central platform and an accessible pedestrian bridge. The upgrade will enable remote operation and support the introduction of a modern European railway signalling system (ERTMS). Norconsult is responsible for engineering design, site investigations and construction documentation. The project is scheduled for completion in 2028. 9 Project name: Grefsen Station Customer: Bane NOR SF Period: 2026 – 2028 Photo: Norconsult
Page 10
Hasle Kraft Norconsult, together with its subsidiary Nordic Office of Architecture, has been awarded the detailed design of Hasle Kraft, a new office building of approximately 18,000 m² in Oslo for Møller Eiendom. The contract follows the group’s earlier work on the project’s concept and preliminary design. The project targets energy class A and BREEAM certification. It combines flexible workspaces with active ground floors and public spaces. Construction is scheduled to start in early 2027. 10 Illustration: Atchain Project name: Hasle Kraft, Oslo Customer: Møller Eiendom, Vedal Entreprenør Period: 2026 – 2028
Page 11
New wastewater treatment plant, Drammen Metier, together with Technogarden, has been awarded one of four parallel framework agreements for project and construction management of a new regional wastewater treatment plant for Drammen, Lier and Asker. Built in rock caverns at Nordbykollen, the plant will replace five local facilities, meet stricter EU and Norwegian treatment requirements and support a cleaner Oslo Fjord. 11 Project name: Project and construction management, new wastewater treatment plant, Nordbykollen Customer: Drammensfjorden avløpsselskap IKS Period: 2026 – 2030 (option to extend to 2034) Photo: Adobe Stock
Page 12
Nørrestrand Care center Norconsult has been awarded the engineering design of Nørrestrand Care Centre in Horsens, Denmark, for ALBO. The project comprises 150 new nursing and dementia homes covering more than 15,000 m². Norconsult is responsible for all engineering disciplines, including structural design, fire safety, building systems, energy and acoustics, working together with Ginnerup Arkitekter and Nordstern. 12 Project name: Nørrestrand Care center Customer: ALBO Period: 2026 – 2029 Illustration: Ginnerup Arkitekter
Page 14
Three in-house AI platforms already in use on projects 14 NORA Secure, tailored AI assistant built on our own knowledge (RAG1). Automates search, drafting and routine knowledge work across project-specific business applications. Animal farm Parametric design engine turning engineering rules into reusable logic (PAM1). Generates and optimizes design options – callable by AI agents, with traceable results. Norconsult Extend AI agents working inside engineering software and business systems via open standards (MCP1). Connects design models and business data in one AI enabled workflow. Business applications Architecture and engineering applications 1) Developed in-house · RAG = retrieval-augmented generation; MCP = Model Context Protocol; PAM = parametric analysis and modelling Responsible AI foundation Ethics & transparency Security & privacy Competence & culture Quality, robustness & reliability
Page 15
Energy market update Letsi - Svartbyen , Sweden Photo: tomas-arlemo
Page 16
Electrification drives strong demand across the Nordics: consumption is expected to grow by more than +50% towards 2050 Sweden now carries the largest share of grid investment: ~60% of planned TSO3 spend in 2027-2029 Norway and Sweden share one Nordic grid and power market, as we see clients increasingly seeking expertise and capacity across borders Growing demand for power in the Nordic energy system continue 16 1) Company information, NVE, Statnett, Svenska kraftnät (Verksamhetsplan 2027–29; SEK/NOK ≈ 1.08) 2) Company information, SSB, Energiföretagen, Statnett LMA 2024, Svenska kraftnät LMA 2026, DNV 3) TSO: Transmission System Operator, which operates and balances the national high-voltage grid Planned investments in hydro power production and TSO grid investments, Nordics 2024-20301,2 Expected growth in energy investments NOK bn
Page 17
Renewable energy activities are combined into one business area to strengthen market position, competitiveness and growth Shared technology and methods across borders enable integrated client solutions and larger, more complex projects Teams in seven countries, plus focus on the power transmission market in Denmark Renewable Energy: One global business area from 2027 17 Renewable Energy Power systems HydropowerDam and Hydrology Environmental and Permitting Climate and Weather Norway Sweden Poland Iceland Finland Malaysia Indonesia Denmark
Page 18
Financial presentation CFO Dag Fladby
Page 19
Net revenue: NOK 2 314m (2 191) – 1% organic growth – Positive calendar effect of NOK 17m Adj. EBITA: NOK 242m (204) – Adj. EBITA margin adjusted for calendar effect 9.8% (9.3%) – Lower billing ratio 71.7% (72.7%) Net finance: NOK -32m (-15) – Foreign currency loss of NOK -11m (-2) Profit after tax: NOK 118m (132) Ordinary earnings per share: NOK 0.38 (0.43) Q3 2026: Continued growth and improved profitability * Net revenue = Operating revenue and other income after external project costs ** Refer to page 32 for Reconciliations of Alternative Performance Measures in Norconsult Interim Report *** Adjusted for calendar effects 19 Q3 2026 Q3 2025 Net revenue* NOKm 2 314 2 191 Adj. EBITA** NOKm 242 204 Adj. EBITA margin %*** % 9.8% 9.3% Profit after tax NOKm 118 132 Billing ratio % 71.7% 72.7% FTEs # 7 077 6 777
Page 20
Norway Head Office Q3 2026 Norway Regions Q3 2026 % of group net revenue* Q3 2026 LTM 20 * Net revenue = Operating revenue and other income after external project costs ** Adjusted for calendar effects Q3 2026 Q3 2025 Net revenue* NOKm 724 698 Adj. EBITA NOKm 75 70 Adj. EBITA margin %** % 9.9% 10.1% FTEs # 1 941 1 862 Q3 2026 Q3 2025 Net revenue* NOKm 621 622 Adj. EBITA NOKm 64 57 Adj. EBITA margin %** % 9.9% 9.2% FTEs # 1 764 1 797 31% 27% Organic growth** of 1% – Increased FTEs and improved billing rates – Positive calendar effect of NOK 4m Adj. EBITA margin** at 9.9% (10.1%) – Lower profitability in parts of the buildings business, largely mitigated by improved profitability in infrastructure Organic growth** of -1% – Lower billing ratio, fewer FTEs, partly mitigated by higher billing rates – Positive calendar effect of NOK 2m Adj. EBITA margin** at 9.9% (9.2%) – Improved operational performance in parts of the business and lower costs
Page 21
Organic growth** of -4% – Fewer FTEs and decreased billing ratio – Positive calendar effect of NOK 11m due to adjustment of summer/winter work hours – Currency had a negative impact of NOK -27m Adj. EBITA margin** at -2.4% (3.6%) – Impacted by change in summer work hours, in addition to lower billing ratio and price pressure in certain market segments – Measures have been taken to improve profitability Organic growth** of 4% – Currency had a negative impact of NOK -14m – No significant calendar effects Adj. EBITA margin** at 6.0% (6.1%) – Weak performance in parts of the building business, partly offset by improvements in other parts of the business Sweden Q3 2026 Denmark Q3 2026 % of group net revenue* Q3 2026 LTM 21 * Net revenue = Operating revenue and other income after external project costs ** Adjusted for calendar effects Q3 2026 Q3 2025 Net revenue* NOKm 321 353 Adj. EBITA NOKm 3 13 Adj. EBITA margin %** % -2.4% 3.6% FTEs # 1 473 1 531 Q3 2026 Q3 2025 Net revenue* NOKm 172 180 Adj. EBITA NOKm 10 11 Adj. EBITA margin %** % 6.0% 6.1% FTEs # 515 515 16% 7%
Page 22
Organic growth** of 15% – Continued strong organic growth driven by hydropower and transmission business – No significant calendar effects Adj. EBITA margin** at 18.7% (18.0%) – Strong operational performance Total revenue increased with NOK 167m – Strong contribution from Metier Adj. EBITA margin at 13.6% (11.3%) – Increased profitability in Digital mainly due to improved operational performance and increased level of capitalised development costs – Technogardenprofitability impacted by lower revenue and severance costs – Metier contributed with NOK 15m Renewable Energy Q3 2026 Consulting segments Q3 2026 % of group net revenue* Q3 2026 LTM 22 * Net revenue = Operating revenue and other income after external project costs ** Adjusted for calendar effects Q3 2026 Q3 2025 Net revenue* NOKm 221 194 Adj. EBITA NOKm 42 35 Adj. EBITA margin %** % 18.7% 18.0% FTEs # 527 470 Q3 2026 Q3 2025 Total revenue NOKm 394 227 Net revenue* NOKm 269 154 Adj. EBITA NOKm 37 17 Adj. EBITA margin % % 13.6% 11.3% FTEs # 699 458 9% 10%
Page 23
-1.79 -1.39 -1.33 0.09 -0.25 Cash and cash equivalents: NOK 105m (31.12.25: 1 552m) – Repayment of term loan (NOK -610m) and dividend payment (NOK -558m) NIBD / adj. EBITDA LTM:Q3 2026 excl. IFRS 16 of: 0.52x Net working capital: NOK 499m (289m) 0.18-0.27-0.92 0.52 * NIBD/EBITDA LTM excl. IFRS: Acquired companies are included with EBITDA last 12 months, including periods prior to the closing date23 Strong balance sheet per 30.09.2026 NOKm 30.09.2026 30.09.2025 31.12.2025 Non-current assets 5 050 4 551 5 082 Receivables 3 095 2 927 2 766 Cash and cash equivalents and other current financial assets 105 809 1 552 Total assets 8 250 8 288 9 400 Lease liabilities (current and non-current) 1 762 1 645 1 677 Trade, contract and other current liabilities 2 596 2 638 3 103 Interest-bearing liabilities (current and non-current) 684 895 1 293 Other liabilities 176 181 212 Total liabilities 5 219 5 358 6 286 Total equity 3 032 2 929 3 114 Net working capital 499 289 -337 Net interest-bearing debt excl. IFRS 16 liabilities *NIBD/EBITDA LTM excl. IFRS 16 liabilitiesNOKm
Page 24
Q3 2026: Cash flow development Cash flow from operating activities: NOK -264m (-103) – Increased working capital Cash flow from investment activities: NOK -14m (-983) – Last year impacted by acquisition of the Aas Jakobsen Group Cash flow from financing activities: NOK -144m (810) – Last year included proceeds from borrowings of NOK 895m 24
Page 25
25 Leveraging technology to improve efficiency Photo: Herman Dreyer ERP implementation update – Norconsult Norway has upgraded its on-prem ERP systems to a modern cloud-based solution – Implementation has started, with go-live on the initial version on November 2nd, 2026 – The project has a cost frame of NOK ~200m and is expected to last until Q2 2027 – In line with IFRS, costs for cloud ERP projects are treated as operating expenses. The expenses will be excluded from adj EBITA to reflect underlying operational performance
Page 26
Platform Extensions on the Viskadalsbanan Railway Line Norconsult was awarded detailed design for extending ten platforms at nine stations between Borås and Varberg. The upgrade supports longer passenger trains and improves accessibility. Q3 2026: Order backlog of NOK 7.9 billion (7.8b in Q2 2026) New 132 kV transmission line and transformer substation Norconsult will design a new 132 kV transmission line and transformer station at Bjørke in Møre og Romsdal. The project supports the expansion of the Tussa II hydropower plant. 26 Photo: Sira-Kvina kraftselskap Tonstad 2100 Tonstad 2100 is a major upgrade to one of Norway’s largest hydropower plants, increasing capacity while improving reliability and efficiency. Norconsult provides project management, advisory and procurement support, including HSE and risk management.
Page 27
Outlook and closing remarks Photo: Herman Dreyer
Page 28
The overall market is expected to remain stable, however, with continued uncertainty linked to the geopolitical situation – The private market for Buildings & Architecture is expected to continue as-is – The demand in Infrastructure is expected to be stable going forward in line with public spending plans – We continue to expect a high level of activity in the energy sector, and a more mixed development in other industry segments as geopolitical factors may further delay investment decisions in certain markets Norconsult will continue to take proactive measures to improve underlying profitability and maintain efficiency in selected parts of the business Photo: Pål Hoff 28 Q3 2026: Outlook Skansemyren Kindergarden
Page 29
Every day we improve everyday life
Page 30
Appendix Photo: Herman Dreyer
Page 31
Net revenue* Billing ratio Adj. EBITA Quarterly performances influenced by seasonality and number of working days Average workdays per quarter ** * 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 Q4 2026 31 NOK -9m***
Page 32
Amounts in NOK million Consolidated income statement 32 Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 FY 2025 Operating revenue 2 648 2 467 9 323 8 193 11 399 Other income 4 3 8 7 12 External project costs 337 279 1 128 905 1 308 Operating revenue and other income after external project costs 2 314 2 191 8 203 7 296 10 103 Salaries and personnel costs 1 711 1 634 6 260 5 572 7 744 Other operating expenses 258 226 804 672 950 Depreciation and impairment tangible and ROU assets 134 128 399 368 497 Amortisation and impairment intangible assets 27 15 78 29 55 Operating profit (EBIT) 184 189 663 654 856 Finance income 25 12 78 67 99 Finance expense 56 28 173 71 105 Net financial items -32 -15 -96 -4 -6 Profit before tax 152 173 567 651 850 Income tax expense 34 41 121 147 197 Profit for the periods 118 132 446 503 652 Attributable to: Equity holders of the parent 118 132 444 502 651 Non-controlling interest 0 0 2 1 1 Earnings per share: * Basic earnings per share in NOK 0.38 0.43 1.42 1.65 2.13 Diluted earnings per share in NOK 0.38 0.43 1.42 1.65 2.13
Page 33
Amounts in NOK million Consolidated statement of financial position 33 ASSETS 30.09.2026 30.09.2025 31.12.2025 Goodwill 2 668 2 341 2 691 Deferred tax assets 0 1 10 Other intangible assets 451 364 498 Property, plant and equipment 171 188 191 Right-of-use asset 1 687 1 584 1 613 Non-current financial assets 73 74 78 Total non-current assets 5 050 4 551 5 082 Trade receivables 1 784 1 544 1 987 Contract assets 988 1 003 543 Other current assets 323 380 236 Total receivables 3 095 2 927 2 766 Other current financial assets 0 327 332 Cash and cash equivalents 105 482 1 220 Total current assets 3 200 3 736 4 318 Total assets 8 250 8 288 9 400 EQUITY AND LIABILITIES 30.09.2026 30.09.2025 31.12.2025 Share capital 6 6 6 Share premium 525 525 525 Other paid in capital 465 353 361 Retained earnings 2 035 2 045 2 221 Equity attributable to the owners of the parent 3 032 2 929 3 114 Total equity 3 032 2 929 3 114 Pension liabilities 5 6 5 Deferred tax 109 107 142 Non-current interest-bearing liabilities 524 775 1 053 Non-current lease liabilities 1 326 1 245 1 260 Other non-current debt and accruals 62 68 65 Total non-current liabilities 2 026 2 200 2 526 Current lease liabilities 436 400 417 Trade payables 245 286 308 Contract liabilities 298 267 195 Current tax liabilities 223 151 218 Current interest-bearing liabilities 160 120 240 Other current liabilities 1 829 1 934 2 381 Total current liabilities 3 192 3 158 3 760 Total equity and liabilities 8 250 8 288 9 400
Page 34
Amounts in NOK million Interim consolidated statement of cash flows 34 (unaudited in NOK million) Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 FY 2025 Profit before tax 152 173 567 651 850 Taxes paid -7 -13 -110 -97 -69 Depreciation, amortisation and impairment 44 32 127 78 121 Depreciation right of use asset 117 110 349 319 431 Change in working capital items -595 -421 -860 -735 -260 Other changes and reconciling items 24 15 86 24 50 Net cash flows from operating activities -264 -103 159 239 1 123 Proceeds from sale of property, plant and equipment 1 1 2 1 2 Purchase of intangible assets -17 0 -35 -28 -43 Purchase of property, plant and equipment -11 -18 -37 -60 -77 Acquisition of subsidiaries, net of cash acquired -6 -1 122 -6 -1 141 -1 537 Acquisition of shares in joint ventures 0 0 -13 0 0 Proceeds from sale of bond funds 0 147 334 147 147 Other cash flows from investing activities 19 9 43 29 31 Net cash flows from investment activities -14 -983 288 -1 052 -1 477 Net sale/purchase of treasury shares 37 34 67 66 80 Proceeds from borrowings 0 895 0 895 1 293 Repayment of loan -40 0 -610 0 0 Payment of principal portion of lease liabilities -113 -103 -336 -307 -415 Interest paid -28 -16 -101 -40 -65 Dividends paid to equity holders of the parent 0 0 -558 -512 -512 Dividends paid to non-controlling interests 0 0 -3 -3 -3 Net cash flows from financing activities -144 810 -1 541 98 377 Net change in cash and cash equivalents -423 -275 -1 094 -714 24 Net foreign exchange difference on cash and cash equivalents -7 -1 -22 -1 -1 Cash and cash equivalents at beginning of period 535 759 1 220 1 198 1 198 Cash and cash equivalents at end of period 105 482 105 482 1 220
Page 35
Amounts in NOK million APM - reconciliations 35 Reconciliation of adjusted EBIT, EBITA and EBITDA Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 FY 2025 Operating profit (EBIT) 184 189 663 654 856 Depreciation and impairment of tangible and ROU assets 134 128 399 368 497 Amortisation and impairment of intangible assets 27 15 78 29 55 EBITDA 345 331 1 139 1 051 1 408 Depreciation and impairment of tangible assets and ROU assets -134 -128 -399 -368 -497 EBITA 211 203 740 683 911 Adjusting items to EBIT, EBITA and EBITDA: Transaction costs related to M&A 0 1 0 8 15 ERP costs 30 0 87 0 18 Adjusted EBITA 242 204 828 691 944 Depreciation and impairment of tangible assets 134 128 399 368 497 Adjusted EBITDA 375 332 1 227 1 059 1 441 Adjusted EBITA in % of operating revenue and other income after external projects (Adj EBITA margin) 10.4% 9.3% 10.1% 9.5% 9.3% Depreciation and Amortisation -161 -142 -477 -397 -552 Adjusted EBIT 214 189 750 662 889 Adjusted EBIT in % of operating revenue and other income after external projects (Adj EBIT margin) 9.3% 8.6% 9.1% 9.1% 8.8%
Page 36
Amounts in NOK million Amortisations of intangible assets – Intangible assets for order backlog and customer relationships were identified in the preliminary purchase price allocation. These assets are amortised over their estimated useful lives, consistent with the expected pattern of economic benefits – The allocation and subsequent amortisation are subject to adjustment upon finalization of the purchase price allocation within the measurement period Expected amortisation of intangibles from the Aas-Jakobsen and Metier acquisitions 36 Total YTD Q326 FY26 FY27 FY28 Amortisation period Aas-Jakobsen Order backlog and customer relations 254 48 63 19 19 1.5-10 years Metier Order backlog and customer relations 34 8 11 11 3 2-7 years Total 288 56 74 30 22
Page 37
Data from Euronext Securities Oslo, last updated 2026-09-30 Daily updated shareholder information is available at investor.norconsult.com or through the public Shareholder Portal provided by Euronext Securities37 Largest shareholders 30 September 2026 Shareholder Number of shares Percentage Country Type 1 VERDIPAPIRFONDET DNB NORGE 11 310 997 3.6% Norway Ordinary 2 FOLKETRYGDFONDET 9 349 556 3.0% Norway Ordinary 3 J.P. Morgan SE 7 022 303 2.2% Luxembourg Nominee 4 VERDIPAPIRFONDET HOLBERG NORGE 6 901 960 2.2% Norway Ordinary 5 VPF DNB AM NORSKE AKSJER 5 256 347 1.7% Norway Ordinary 6 VPF SPAREBANK 1 NORGE VERDI 4 959 316 1.6% Norway Ordinary 7 The Bank of New York Mellon SA/NV 4 741 915 1.5% Irland Nominee 8 State Street Bank and Trust Comp 4 725 930 1.5% U.S Nominee 9 CACEIS Bank 3 882 820 1.2% France Nominee 10 Nordea Bank Abp 3 617 024 1.2% Sweden Nominee 11 Brown Brothers Harriman & Co. 3 589 300 1.1% Japan Nominee 12 VERDIPAPIRFONDET HEIMDAL UTBYTTE 3 500 000 1.1% Norway Ordinary 13 KVERVA FINANS AS 3 318 056 1.1% Norway Ordinary 14 Nordnet Bank AB 3 212 715 1.0% Sweden Nominee 15 VERDIPAPIRFONDET KLP AKSJENORGE IN 2 529 452 0.8% Norway Ordinary 16 UBS SECURITIES LLC 2 500 000 0.8% U.S Nominee 17 OBOS AKSJEINVESTERINGER AS 2 381 579 0.8% Norway Ordinary 18 State Street Bank and Trust Comp 2 123 536 0.7% U.S Nominee 19 VARNER EQUITIES AS 2 121 849 0.7% Norway Ordinary 20 VERDIPAPIRFONDET DNB NORGE INDEKS 2 002 839 0.6% Norway Ordinary Total number of shares owned by top 20 (excl. treasury shares) 89 047 494 28.4% Total number of outstanding shares (excl. treasury shares) 313 006 622 Total number of shares 317 548 462
Page 38
Every day we improve everyday life