Multiconsult (MULTI) Q1 2026 earnings summary

Executive summary

• Net operating revenues grew 5.5% year-over-year to NOK 1,608 million, with 4.4% organic growth and 8.4% growth excluding calendar effects.

• Profitability was impacted by negative calendar effects and a slightly lower billing ratio, but higher billing rates and increased capacity supported performance.

• Order intake increased 4.9% year-over-year to NOK 1,779 million, with a solid order backlog of NOK 4,102 million.

• Market conditions remained stable but competitive, with increased defense-related opportunities and a focus on profitability improvement.

• CEO transition announced, with Karsten Warloe set to take over.

Financial highlights

• EBITDA was NOK 160.5 million (10% margin), adjusted to 12.4% for calendar effects; EBITA was NOK 160.5 million (down from NOK 190.4 million), margin at 10.0%.

• Operating expenses rose by NOK 7 million (4.5%) and employee benefits increased by NOK 106 million (9.6%).

• Earnings per share were NOK 3.99, compared to NOK 4.86 in Q1 2025.

• Free cash flow for the quarter was NOK 164 million; last 12 months' free cash flow was NOK 371 million.

• Net interest-bearing debt stood at NOK 697 million, with a gearing ratio of 1.87.

Outlook and guidance

• Market outlook remains unchanged, with stable activity but continued uncertainty in timing and investment decisions.

• Defence, energy, industry, and infrastructure are key growth drivers; building and property markets remain challenging.

• Profitability targets for 2027 remain, with 2026 focused on stability, efficiency, and organizational adjustments.

• Strong order backlog supports confidence for the remainder of 2026.