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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Norconsult
Norconsult (NORCO) investor relations material
Norconsult Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 net revenue rose 6% to NOK 2,314m; calendar-adjusted organic growth was 1%, and adjusted EBITA increased 19% to NOK 242m.
Calendar-adjusted adjusted EBITA margin improved to 9.8% from 9.3%; order backlog reached NOK 7.9bn.
Renewable Energy and Consulting performed strongly, while Sweden remained weak.
Financial highlights
Operating revenue and other income after external project costs was NOK 2,314m vs NOK 2,191m; positive calendar effects were NOK 17m and negative currency effects NOK 46m.
Adjusted EBITA was NOK 242m vs NOK 204m; adjusted EBITDA was NOK 375m vs NOK 332m, while EBIT was NOK 184m vs NOK 189m.
Profit after tax was NOK 118m vs NOK 132m and EPS NOK 0.38 vs NOK 0.43; net finance was -NOK 32m, including NOK 11m of currency losses.
YTD income after external project costs grew 12% to NOK 8,203m and adjusted EBITA rose to NOK 828m from NOK 691m; net profit fell to NOK 446m from NOK 503m.
Operating cash flow was -NOK 264m vs -NOK 103m, mainly reflecting higher working capital; Q3 is seasonally the weakest cash-flow quarter.
Outlook and guidance
Overall markets are expected to remain stable amid geopolitical uncertainty; no quarterly growth guidance was provided, with an objective to grow faster than the market.
Infrastructure demand is expected to track public spending plans, while high energy activity is expected to continue.
Private Buildings & Architecture markets are expected to remain subdued; other industry segments may develop unevenly as geopolitical factors delay investment decisions.
Proactive profitability and efficiency measures will continue in selected areas; Sweden's improvement is expected to be gradual, with better performance in 2027 rather than a sharp Q4 recovery.
The NOK 7.9bn backlog, including the NOK 2.2bn Arna-Stanghelle frame agreement, supports project workload; larger projects are expected to ramp up.
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Latest events from Norconsult
- Q2 growth and margin held at 6%; Q3 calendar effect estimated at NOK +17m YoY.NORCO
Pre-close call presentation - Strong growth and stable profitability in Q2 2026, with record orders and resilient demand.NORCOQ2 2026
- 7% organic growth and 12.9% EBITA margin highlight strong Q1 2026 performance.NORCOPre-close call presentation
- Nordic market leader combining organic and M&A growth, stable margins, and AI-driven innovation.NORCOInvestor presentation
- Top Nordic consultancy with strong growth, digital expertise, and stable financial performance.NORCONordic Small & Mid Cap Seminar 2026 presentation
- Targets top-three Nordic position with above-market growth, digital innovation, and strong margins.NORCOCMD 2025
- Q3 2025 saw strong growth, higher margins, and major acquisitions strengthening project management.NORCOQ3 2025
- Q3 2024 saw strong growth and margins, with robust order book and resilient public sector demand.NORCOQ3 2024
- NOK 1.43bn acquisition strengthens Nordic infrastructure leadership and delivers synergies.NORCOM&A Announcement
Next Norconsult earnings date
Q4 202611 Feb, 2027
Norconsult
Next Norconsult earnings date
Q4 202611 Feb, 2027
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Frequently asked questions
Norconsult ASA is a Norway-based interdisciplinary consultancy firm offering a wide range of services across multiple sectors. The company's expertise encompasses areas such as transport, buildings, architecture, renewable energy, industry, water, planning, environment, and digitalization. Norconsult ASA provides consultancy services throughout all project phases, from concept development and planning to engineering design, construction, and operational monitoring. The company operates in various industries, including aquaculture, food, data centers, logistics, mining, oil and gas, and renewable energy. They are also involved in societal and urban planning, ensuring sustainable and forward-looking design. Their infrastructure services cover roads, railways, airports, and ports, with additional specialized services in water management, geoscience, and environmental monitoring. Norconsult ASA is headquartered in Sandvika, Norway, and its shares are listed on the Oslo Stock Exchange.