Norconsult (NORCO) Pre-close call presentation summary

Financial performance and growth

• Achieved 7% organic growth in Q1 2026, adjusted for calendar effects.

• Adjusted EBITA margin reached 12.9% in Q1 2026, up from 12.7% the previous year.

• Billing ratio improved to 72.7% from 71.5% year-over-year.

• Net finance expected to be around NOK -20m in upcoming quarters.

• Quarterly performances are influenced by seasonality and number of working days.

Market outlook and operational updates

• Overall market expected to remain stable, but with uncertainty due to international politics.

• Private market for Buildings & Architecture remains slow, with geopolitical risks tempering positive trends.

• Infrastructure demand expected to stay stable, aligned with public spending.

• High activity anticipated in the energy sector, while other industries may see mixed developments.

• Proactive measures will continue to improve profitability and efficiency.

Strategic initiatives and reminders

• Estimated positive calendar effect of NOK +82m for Q2 2026 compared to last year.

• Integration of AAJ Group activities ongoing through Q2.

• Employee share program distributed 2,713,357 shares from treasury in June 2026.