Multiconsult (MULTI) Q4 2025 earnings summary

Executive summary

• Delivered stable operational results in Q4 and full year 2025, with 3.9% organic growth in Q4 and 4% for the year, despite challenging conditions and ongoing legal disputes.

• Defence, energy, and industry were key growth drivers, while profitability was impacted by acquisition-related expenses, improvement measures, and the Sotra project dispute.

• Significant investments in IT, digitalisation, and AI-driven solutions to enhance efficiency and competitiveness.

• Completed the ViaNova acquisition, adding 129 employees and strengthening transport and mobility expertise.

• Announced Karsten Warloe as new CEO, effective June 2026.

Financial highlights

• Q4 net operating revenue: NOK 1,521.5 million, up 5.4% year-over-year; full year: NOK 5,657.3 million, up 5.1%.

• Q4 adjusted EBITA: NOK 92.9 million (margin 6.1%); full year adjusted EBITA: NOK 431.7 million (margin 7.6%), both down from prior year.

• Q4 profit: NOK 38.7 million; full year profit: NOK 252.6 million, both down from prior year.

• Earnings per share: NOK 1.48 (Q4), NOK 9.22 (full year); proposed dividend: NOK 5.00 per share.

• Order intake for FY 2025: NOK 6,077 million; year-end order backlog: NOK 4,233 million.

Outlook and guidance

• Activity levels expected to remain stable but with persistent uncertainty regarding timing and investment decisions.

• Defence, energy, industry, and infrastructure are key growth drivers; Buildings & Properties market remains challenging.

• Competitive intensity and margin pressure expected to continue; healthy pipeline and framework agreements support stability into 2026.

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