Multiconsult (MULTI) investor relations material

Executive summary

• Achieved strong sales and improved reported profitability in Q2 and H1 2026, with all business areas contributing positively; key growth drivers were defense, energy, and industry, supported by a stable market outlook and healthy project pipeline.

• New CEO highlights strong internal collaboration, skilled workforce, and positive integration of digital and AI capabilities.

• Ongoing profitability measures and cost control initiatives are expected to further enhance margins.

• Secured several new framework agreements, especially in defense and healthcare.

Financial highlights

• Q2 2026 net operating revenues rose 7.8% year-over-year to NOK 1,527.1 million; H1 2026 revenues up 6.7% to NOK 3,135.0 million.

• Q2 EBITA was NOK 108.2 million (margin 7.1%), up 60.5% year-over-year; H1 EBITA NOK 268.8 million (margin 8.6%).

• Adjusted EBITA for Q2 was NOK 93.3 million (margin 6.1%), and for H1 NOK 254.3 million (margin 8.1%), excluding Sotra Link project effects.

• Q2 EBITDA was NOK 172.5 million (margin 11.3%).

• Earnings per share for Q2 was NOK 3.23, up from NOK 1.45 last year; H1 EPS NOK 7.22.

Outlook and guidance

• Market outlook remains stable, with continued strong demand from defense, infrastructure, energy, and industry sectors; healthy pipeline and diversified project portfolio support resilience.

• Ongoing focus on improving EBITDA/EBITA margin towards 10% target.

• Delayed project starts and framework agreement call-offs may impact short-term billing ratios.

• No formal financial guidance provided.