Norconsult (NORCO) Investor presentation summary

Business overview and market position

• Leading market position in Norway with strong pan-Nordic growth, supported by ~140 offices and ~7,200 employees as of Q4 2025.

• Balanced revenue streams across public and private sectors, with ~35,000 projects and ~15,000 customers.

• Diversified risk profile with 80% of revenue from time & material contracts and 20% from fixed price contracts.

• Strong local presence combined with knowledge hubs and cross-border collaboration.

Financial performance and growth

• Achieved 10% net revenue CAGR and 11% adj. EBITA CAGR from 2014 to 2025, maintaining ~10% EBITA margin.

• Net revenue for 2025 reached NOK 10,103m, with 6% organic growth and adj. EBITA margin of 9.5%.

• Profit after tax for 2025 was NOK 652m, with proposed dividend of NOK 1.80 per share.

• Growth strategy combines two-thirds organic growth and one-third M&A, with a strong acquisition track record.

Service offerings and innovation

• Provides architecture, engineering, project management, and digital solutions across the project lifecycle.

• Expanded role of consulting engineers driven by increased complexity, regulatory requirements, and digital technologies.

• Advanced digitalization and AI capabilities, with proprietary tools and expertise across subsidiaries.

• AI integration in projects is increasingly valued by customers and seen as a key growth opportunity.