Norconsult (NORCO) Pre-Close presentation summary

Financial performance and growth

• Achieved 7% organic growth in Q3 2025, adjusted for calendar effects, with improved profitability and an adjusted EBITA margin of 8.9% (up from 8.4%).

• Net revenue and billing ratio showed steady increases, with billing ratio reaching 72.7% in Q3 2025 compared to 71.0% previously.

• Quarterly performance is influenced by seasonality and the number of working days, with an estimated NOK -3m calendar effect for Q4 2025.

Strategic initiatives and acquisitions

• Completed the acquisition of Aas-Jakobsen Group and closed the Metier Group acquisition on 17 December 2025.

• Distributed 85,092 shares from treasury to Aas Jakobsen participants in the 2025 employee share program.

Market outlook and operational focus

• Market expected to remain stable, with optimism in private Buildings & Architecture and strong activity in energy; infrastructure demand remains stable.

• Geopolitical factors may delay investments in certain industries, leading to mixed development in some markets.

• Continued focus on proactive measures to improve profitability and maintain efficiency in selected business areas.