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Norconsult (NORCO) investor relations material
Norconsult CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary5 Nov, 2025
Strategic direction and business model
Aims for a top-three Nordic position, maintaining #1 in Norway and targeting top 5 in Sweden through organic growth and targeted M&A, leveraging a people-focused strategy and local presence across ~140 offices.
Maintains a diversified client base with 15,000 customers and 35,000 projects annually, focusing on time and material-based contracts for 80% of projects.
Expands multidisciplinary service offerings, especially in infrastructure, energy, and industry, integrating recent large acquisitions like Aas-Jakobsen, Sigma Civil, Metier, and LB Consult.
Emphasizes sustainability, digitalization, and innovation, including AI-driven tools, digital twins, and proprietary platforms to enhance project quality and efficiency.
Pursues sustainability, employee engagement, and strong shareholder alignment through broad employee ownership and talent development.
Financial performance and strategy
Achieved a 10% net revenue CAGR and 11% adjusted EBITA CAGR from 2014 to Q3 2025, with consistent adjusted EBITA margins around 10%.
Sets forward targets of growth slightly above market, with two-thirds organic growth and one-third from selective M&A.
Maintains a strong balance sheet, conservative leverage (net debt/EBITDA <2.0, excl. IFRS 16), and cash conversion ratios above 95%.
Dividend policy targets distribution of more than 50% of net income, with historical payouts above 60%.
Continues to invest in digital transformation, including a planned ERP system upgrade in 2025 and cloud migration by Q4 2026.
Market outlook and business segment highlights
Nordic building and construction market is large, resilient, and expected to recover gradually over the next 2–3 years, with public infrastructure and regulatory complexity driving long-term growth.
Company has consistently outgrown the market, achieving 10% average annual growth over the last decade and maintaining stable margins.
Norway Head Office and Regions contribute 31% and 29% of group net revenue, respectively, with strong local and national project portfolios.
Sweden segment shows 12% organic growth CAGR (2022–Q3 2025), with ambitions to strengthen its market position and profitability.
Renewable Energy segment leads in hydropower and transmission, with 8% of group revenue and high margins (14–17%).
AI's role in design and project efficiency
Norway Regions' market adaptation strategy
M&A strategy for pan-Nordic expansion
AI efficiency vs. time-based billing: long-term revenue impact?
M&A outside Norway: How to balance growth vs. margin?
Weak building market: How to ensure regional profitability?
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Next Norconsult earnings date
Q4 202512 Feb, 2026
Next Norconsult earnings date
Q4 202512 Feb, 2026
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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.
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