Multiconsult (MULTI) AGM 2025 presentation summary

2024 operating and financial performance

• Net operating revenues rose 12.1% YoY to NOK 5,383.6 million; organic growth excluding calendar effects was 10.0%.

• EBITA increased to NOK 523.4 million from NOK 419.5 million; EBITA margin was 9.7% vs. 8.7%.

• Adjusted EBITA reached NOK 492.1 million, up 10.3%; adjusted margin was 9.2% vs. 9.3%. Net profit was NOK 413.3 million and EPS NOK 15.11.

• Order intake was NOK 6,454 million, down 6.8%; backlog was NOK 4,851 million, down 0.7%. Billing ratio rose to 72.8% from 70.8%.

• Cash flow from operations was NOK 677 million (NOK 591 million); net interest-bearing debt was NOK 91 million and gearing ratio 0.22.

Operations and strategy

• Demand was stable, with strong organic growth, high sales activity, an all-time-high billing ratio and solid profitability; an updated group strategy was introduced.

• Headcount reached 3,923, up 4.6% YoY; more than 85% of employees were co-owners following the annual share-purchase programme.

• Acquisitions included Petter J. Rasmussen AS, Sitepartner AS and Sweden’s VA-Resurs AB, adding regional, construction-phase and water-sector capabilities.

• Major awards included Vossebanen and Bergensbanen rail capacity work, Hammerfest LNG electrification, Hauglifjell water treatment plant and contracts with Norwegian Defence Estates Agency.

• Construction began on Nye Aker and Rikshospitalet; Multicat, a 24-metre catamaran, began near-shore surveys in Norway.

AGM proposals and resolutions

• The board proposed approval of the 2024 annual accounts and report, including an ordinary dividend of NOK 10.00 per share.

• BDO AS was proposed as new external auditor from FY2025, following a review after Deloitte’s more than 30 years as auditor.

• The nomination committee proposed two-year board terms for Rikard Appelgren, Tove Raanes and Eva Kristensen, and re-election of Arnor Jensen as nomination committee chair.

• Proposed board authorities included share capital increases up to NOK 2,767,491 for acquisitions and employee or executive share programmes, and own-share purchases up to NOK 1,383,745 nominal value.

• Shareholder-elected directors were proposed to buy shares equal to 20% of gross annual board remuneration, subject to a continuing holding requirement up to one year’s board fee.