Norconsult (NORCO) Q1 2026 earnings summary

Executive summary

• Net revenue increased 14% year-over-year to NOK 3,005 million, with 7% organic growth after adjusting for calendar effects.

• Adjusted EBITA was NOK 331 million, with a margin of 12.9% (12.7% prior year), reflecting improved billing ratios and stable profitability.

• Order book remained robust at NOK 7.6 billion, excluding the major Arna-Stanghelle project.

• Workforce grew by over 9% to approximately 7,200 employees.

• Integration of Aas-Jakobsen and Metier acquisitions progressed, supporting operational and strategic goals.

Financial highlights

• Net revenue: NOK 3,005 million (up from NOK 2,637 million year-over-year), 7% organic growth adjusted for calendar effects.

• Adjusted EBITA: NOK 331 million (NOK 335 million prior year); margin 12.9% (12.7% prior year).

• Profit after tax: NOK 194 million (down from NOK 257 million), mainly due to calendar effects and higher interest expenses.

• EPS: NOK 0.62 (down from NOK 0.85 year-over-year).

• Cash flow from operations: NOK 189 million (improved from NOK -53 million prior year).

• Net finance: NOK -40 million, impacted by higher interest rates and currency loss.

Outlook and guidance

• Market expected to remain stable, but geopolitical uncertainty may impact private sector and delay investments.

• Public sector and infrastructure demand anticipated to stay robust, supported by public spending.

• High activity expected in energy sector; mixed outlook for other industries.

• Flexibility in technical disciplines and capacity adjustments will be prioritized.

• Net finance cost guided at NOK -20 million per quarter in the near term.