Multiconsult (MULTI) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 2.0% YoY to NOK 1,219.7m, while adjusted EBITA fell to NOK 45.0m and reported EBITA was NOK 6.3m; the quarter recorded a NOK 20.9m net loss.

• Order intake rose 12.4% YoY to NOK 1,355m, with improving billing ratio and positive momentum in September.

Financial highlights

• Q3 net operating revenue was NOK 1,219.7m, up 2.0% YoY; organic growth adjusted for calendar effects was 0.1%.

• Adjusted Q3 EBITA was NOK 45.0m, margin 3.7%, versus NOK 67.2m and 5.6% a year earlier; it excluded NOK 38.3m of merger-related costs and NOK 0.4m of Sotra Link-related costs.

• Reported Q3 EBITA was NOK 6.3m, margin 0.5%, versus NOK 62.1m and 5.2% a year earlier; EBITDA was NOK 69.4m, margin 5.7%.

• Q3 net loss was NOK 20.9m and EPS was -NOK 0.74, versus profit of NOK 38.9m and EPS of NOK 1.41 in Q3 2025.

• YTD revenue rose 5.3% to NOK 4,354.7m; adjusted EBITA was NOK 299.3m, margin 6.9%, versus NOK 338.8m and 8.2% in YTD 2025.

Outlook and guidance

• Overall market outlook remains stable, with demand across defence, infrastructure, energy, industry and data centres; order backlog is expected to stabilise at a new level.

• Building and property markets are expected to remain challenging; defence, healthcare and selected public-sector projects support activity. No guidance is provided.

• Profitability initiatives target a 10% EBITA margin through market-aligned capacity, process improvements and stronger cost control, with benefits expected gradually. Outlook is standalone and excludes the proposed merger.