Norconsult (NORCO) Pre-close call presentation summary

Financial performance and growth

• Achieved 6% organic growth in Q4 2025, adjusted for calendar effects.

• Adjusted EBITA margin reached 9.2% in Q4 2025, reflecting stable profitability.

• Strong cash flow from operating activities at NOK 884 million in Q4 2025.

• Billing ratio improved to 73.3% in Q4 2025.

• Quarterly performance influenced by seasonality and number of working days.

Market outlook and operational updates

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

• Private market for Buildings & Architecture remains slow, but optimism is rising in larger cities.

• Infrastructure demand projected to stay stable; energy sector activity remains high.

• Mixed development expected in other industries due to geopolitical factors.

• Proactive measures underway to improve profitability and efficiency.

Strategic initiatives and integration

• Completed acquisition of Metier Group, supporting growth strategy.

• Integration of AAJ Group activities continues through Q2 2026.

• Estimated calendar effect for Q1 2026 is NOK -66 million compared to the previous year.