Multiconsult (MULTI) Q3 2025 earnings summary

Executive summary

• Achieved stable performance in Q3 2025 amid a competitive market, with adjusted organic revenue growth of 6.7% year-over-year and a billing ratio of 70.1%.

• Profitability pressured by rising costs, insufficient rate increases, and a decline in EBITA margin to 5.2% from 9.0% last year.

• Order intake reached NOK 1,205 million, with a strong backlog of NOK 4,316 million, supporting production into H1 2027 despite some slowdown in large project decisions.

• Ongoing restructuring, cost initiatives, and integration of ViaNova aim to restore margins and efficiency.

• Defence, energy, and industry are key growth drivers, while the building and property market remains challenging.

Financial highlights

• Q3 net operating revenue: NOK 1,196.4 million, up 4.2% from Q3 2024; organic growth 3.8%.

• EBITA for Q3: NOK 62.1 million, margin at 5.2%, down from NOK 102.9 million (9.0%) in Q3 2024.

• Earnings per share: NOK 1.41 for the quarter.

• Year-to-date net operating revenue: NOK 4,135.7 million, organic growth 4.1%.

• Free cash flow last 12 months: NOK 289 million; Q3 operational cash flow negative NOK 133 million due to working capital changes.

Outlook and guidance

• Market outlook remains stable but with increased uncertainty, especially in buildings and property.

• Defence, energy, industry, and infrastructure expected to remain key growth drivers.

• Margin pressure and high competition expected to persist; framework agreements to support stability.

• Target to restore EBITDA margin to 10% by end of 2026 through cost and billing ratio initiatives.

• Lower interest rates may boost investments, but energy transition projects face timing and political risks.