Norconsult (NORCO) Pre-close call presentation summary

Q2 operating performance

• Organic growth 6%, adjusted for calendar effects; adjusted EBITA margin 6.2%, also adjusted for calendar effects.

• Billing ratio 73.8% YTD.

Market outlook

• Overall market expected to remain stable, with continued uncertainty from geopolitical conditions.

• Infrastructure demand expected to remain stable, in line with public spending plans; private Buildings & Architecture market expected to continue at current levels.

• Energy activity expected to remain high; other industry segments face a more mixed outlook, with geopolitical factors potentially delaying investment decisions in some markets.

Q3 operating factors

• Estimated calendar effect of NOK +17m versus Q3 2025.

• Annual salary adjustments in Norway take effect from July; new graduates start in August and September.