Multiconsult (MULTI) investor relations material

Deal rationale and strategic fit

• Merger creates a leading pan-Nordic multidisciplinary consultancy group with strongholds in energy, industry, mobility, buildings, environment, and infrastructure, leveraging complementary strengths and geographic footprints.

• Both organizations have a history of profitable growth, strong cultures, and complementary technical expertise, supported by committed long-term owners.

• The combined group aims to accelerate investments in employees, AI, and service offerings, becoming the natural partner for large Nordic projects.

• Shared culture and strengthened employer branding are emphasized, with a focus on talent recruitment, collaboration, and retention.

• The merger leverages scale for growth in Denmark, Poland, UAE, and expands capabilities in defense, oil & gas, and infrastructure.

Financial terms and conditions

• Exchange ratio set at 0.9725, resulting in 54% ownership for Multiconsult shareholders and 46% for Rejlers shareholders.

• The share exchange represents a 1.7% premium for Multiconsult and a 2.0% discount for Rejlers compared to last closing prices.

• Combined revenue of SEK 12 billion and market capitalization close to SEK 8 billion as of LTM Q2 2026.

• Adjusted EBITA of SEK 795 million for the twelve months ending June 2026, with a 6.7% EBITA margin.

• Dual listing planned in Stockholm and Oslo.

Synergies and expected cost savings

• Annual cost synergies of SEK 100–120 million expected within three years, mainly from IT, procurement, admin, audit, and office optimization.

• Full cost synergy effects expected within approximately three years.

• One-off integration costs estimated at SEK 40 million.

• Revenue synergies anticipated through expanded capabilities and market reach.

• Integration of management teams, board, and reporting functions will drive efficiency.