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Norconsult (NORCO) investor relations material

Norconsult Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary20 Aug, 2025

Executive summary

  • Achieved solid growth and stable profitability in Q2 and H1 2025, with organic revenue growth of 6% after adjusting for calendar effects and stable margins.

  • Completed the strategic acquisition of Aas-Jakobsen Group, the largest in company history, strengthening expertise in complex infrastructure and building projects.

  • Secured major public sector project wins, including NRK’s new headquarters, a new hospital in Tromsø, and Bergen Light Rail extension.

  • Employee engagement remains high, with 66% participating in the share program and headcount stable at over 6,400.

  • Order book increased to NOK 7.1 billion, reflecting robust project intake and a strong outlook for H2.

Financial highlights

  • Q2 2025 net revenue rose to NOK 2,468 million, with 6% organic growth adjusted for calendar effects.

  • Adjusted EBITA for Q2 was NOK 152 million; margin adjusted for calendar effects was 11.2%, up from 11% last year.

  • H1 2025 net revenue reached NOK 5,105 million, with adjusted EBITA of NOK 487 million and margin of 9.9%.

  • Profit after tax for H1 was NOK 371 million, up from NOK 242 million; EPS rose to NOK 1.23 from NOK 0.85.

  • Billing ratio in Q2 was 74.7%, up from 74.6%.

Outlook and guidance

  • Market conditions expected to remain stable, with optimism in private Buildings & Architecture and continued strength in public and infrastructure sectors.

  • Energy and infrastructure sectors continue to perform well; some weakness persists in green and export industries.

  • Geopolitical uncertainty and global trade tensions may delay investments in some segments.

  • Ongoing focus on efficiency, profitability, and utilization, with proactive measures in underperforming areas.

  • No specific guidance on future billing ratios, but actions will continue to drive improvement.

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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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