Multiconsult (MULTI) Q2 2026 earnings summary

Executive summary

• Net operating revenues rose 7.8% year-over-year in Q2 2026 to NOK 1,527.1 million, with strong contributions from Energy, Industry, and Defense sectors and organic growth of 0.7% after calendar adjustment.

• EBITA improved to NOK 108.2 million (margin 7.1%–7.8%), up from NOK 67.4 million last year, aided by Sotra Link project resolution and positive calendar effects.

• Order intake increased 8.4% to NOK 1,669 million, with a strong backlog of NOK 3,952 million and new framework agreements, especially in defense.

• Ongoing cost control and profitability measures, including capacity adjustments and restructuring, are expected to further enhance margins.

• New CEO highlights strong internal collaboration, skilled workforce, and positive integration of digital and AI capabilities.

Financial highlights

• Q2 2026 net operating revenues: NOK 1,527.1 million (up 7.8%); H1 2026 revenues: NOK 3,135.0 million (up 6.7%).

• Q2 EBITA: NOK 108.2 million (margin 7.1%–7.8%); H1 EBITA: NOK 268.8 million (margin 8.6%).

• Adjusted Q2 EBITA: NOK 93.3 million (margin 6.1%), excluding Sotra Link effects.

• Earnings per share: NOK 3.23 for Q2, NOK 7.22 for H1.

• Free cash flow from operations: NOK 361 million in H1; gearing ratio: 1.91x; net interest-bearing debt: NOK 788 million.

Outlook and guidance

• Market outlook remains stable, with strong demand in defense, infrastructure, energy, and industry; building/property markets remain challenging.

• Targeting 10% EBITA margin; ongoing measures to improve profitability and billing ratios.

• Healthy pipeline and diversified project portfolio support resilience and visibility.

• Framework agreements expected to support future growth, though timing of call-offs can delay revenue recognition.

• No formal guidance provided.