Norconsult (NORCO) Nordic Small & Mid Cap Seminar 2026 presentation summary

Market position and growth

• Holds the #1 position in Norway and is among the top four consultancies in the Nordics, with a top 12 ranking in Europe by engineering services turnover.

• Achieved a 10% net revenue CAGR from 2014 to 2025, with consistent adj. EBITA margins around 10%.

• Demonstrates strong organic growth, with 11% growth in 2022 and a target of two-thirds organic and one-third M&A-driven expansion.

• Maintains a robust business model with risk diversified across approximately 35,000 projects and 15,000 customers.

• Pursues a pan-Nordic M&A strategy, completing 79 acquisitions from 2014 to Q1 2026 to strengthen its market position and competencies.

Service offerings and project expertise

• Provides architecture, engineering, project management, and digital solutions across the full project lifecycle, from planning to operations.

• Engaged in high-profile projects such as Norway's largest integrated road and rail tunnel, with a NOK 2.2 billion contract ceiling.

• Applies advanced digitalization and AI expertise, developing proprietary tools and integrating AI into traditional projects to enhance value.

Financial performance and business model

• Operates an asset-light, diversified portfolio with recurring relationships in both public and private sectors.

• Approximately 80% of operating revenue comes from time & material contracts, with the remainder from fixed-price agreements.

• Index-regulated cost components and a cost-plus model help ensure stable margins and low-risk contract structures.