Norconsult (NORCO) investor relations material

Executive summary

• Achieved strong revenue and profitability growth in Q2 and H1 2026, with net revenue up 17% year-over-year to NOK 2,883m and adjusted EBITA of NOK 255m.

• Order book reached a record NOK 7.8bn, reflecting robust project wins across infrastructure, energy, and healthcare sectors.

• Completed integration of Aas-Jakobsen Group and acquired 50% of Concrete Structures AS; employee share program saw high participation, reinforcing company culture.

• Employee numbers rose to 7,157, with strong engagement and recognition as a top employer.

• Market conditions remained stable overall, with infrastructure and energy segments performing strongly, while private buildings market stayed subdued.

Financial highlights

• Q2 2026 net revenue grew 17% to NOK 2,883m; H1 2026 net revenue up to NOK 5,889m, both with 6% organic growth after calendar adjustments.

• Adjusted EBITA for Q2 was NOK 255m; margin 6.2% (8.8% unadjusted); H1 adjusted EBITA NOK 586m.

• EPS for Q2 was NOK 0.43 (up from 0.37); H1 EPS 1.05 (down from 1.23) due to higher amortization and ERP costs.

• Operational cash flow in Q2 was NOK 234m, down from NOK 395m, mainly due to increased working capital and tax payment schedule changes.

• Cash and equivalents at period end NOK 535m after significant debt repayments and dividend payments.

Outlook and guidance

• Market expected to remain stable but with continued geopolitical uncertainty; infrastructure and energy demand projected to stay strong, while private buildings market remains subdued.

• Swedish market challenging due to election-related spending hesitancy; Denmark expected to improve after management changes.

• Company will continue proactive measures to improve profitability and shift resources to high-demand segments.