Multiconsult (MULTI) investor relations material

Executive summary

• Q2 2025 was moderate, with stable revenues, increased M&A activity, and high activity in mobility, transportation, and public sectors; order intake and backlog remain strong, supporting future growth.

• EBITA and net profit declined due to cost increases, fewer working days, and project write-downs; measures are underway to address cost pressures.

• Announced intent to acquire ViaNova, the largest strategic acquisition since 2021, expected to close in Q3, strengthening expertise in mobility and transportation.

• Leadership changes include new managing directors for Norway and Sweden subsidiaries.

• New group strategy rolled out, aligning with ambitions in large projects, energy transition, and urban transformation.

Financial highlights

• Q2 net operating revenue: NOK 1,415.9 million, down 0.6% year-over-year; organic growth 4.2% (adjusted for calendar effect); order intake NOK 1,539 million; order backlog NOK 4,575 million.

• Q2 EBITA: NOK 67.4 million (margin 4.8%), down from NOK 185.7 million (13%) last year; adjusted margin 10.2% for calendar effect.

• Q2 net profit: NOK 40.3 million; EPS NOK 1.45 (down from NOK 5.36 last year).

• H1 2025 net operating revenue: NOK 2,939 million, up 5.3% year-over-year; EBITA NOK 257.8 million (margin 8.8%).

• Sotra project write-downs and calendar effects impacted EBITA in both the quarter and half-year.

Outlook and guidance

• Market outlook remains stable, supported by continued investments in public sectors, especially defense and infrastructure.

• Margin pressure and pricing sensitivity are increasing, particularly in building and property markets.

• Energy and infrastructure markets remain strong, with positive signs in energy efficiency and hospital projects.

• US tariffs and geopolitical uncertainty expected to have minimal short-term impact.

• Commitment to deliver 10% EBITDA margin as part of strategy.