Rejlers (REJL-B) investor relations material

Deal rationale and strategic fit

• Merger creates a leading pan-Nordic multidisciplinary engineering and consultancy group with strongholds in energy, industry, infrastructure, mobility, buildings, and environment.

• Combination leverages complementary geographic strengths and technical expertise, expanding reach across Norway, Sweden, Finland, Denmark, Poland, UAE, and the UK.

• Strong cultural alignment, shared values, and a balanced leadership structure with dual listing in Stockholm and Oslo.

• Both organizations have a history of profitable growth and committed long-term ownership, supporting continued value creation.

• The group aims to become a top player in energy, industry, and infrastructure, accelerating growth in Denmark, Poland, and UAE.

Financial terms and conditions

• Exchange ratio set at 0.9725, resulting in 54% ownership for Multiconsult shareholders and 46% for Rejlers shareholders.

• The share exchange represents a 1.7% premium for Multiconsult and a 2.0% discount for Rejlers compared to last closing prices.

• Combined group targets SEK 11.7-12 billion in revenue and SEK 795 million adjusted EBITA, with a 6.7%-10% EBITA margin and a market cap near SEK 8 billion.

• Target yearly growth of 10% and dual listing planned on Oslo Børs and Stockholm.

Synergies and expected cost savings

• Annual cost synergies of SEK 100-120 million expected within three years, mainly from IT, procurement, admin, audit, and office optimization.

• One-off integration costs estimated at SEK 40 million.

• Revenue synergies anticipated through expanded capabilities and market reach.

• Integration expected to improve utilization rates and profitability, especially in underperforming entities.