Norconsult (NORCO) Q3 2026 earnings summary

Executive summary

• Q3 net revenue rose 6% to NOK 2,314m; calendar-adjusted organic growth was 1%, and adjusted EBITA increased 19% to NOK 242m.

• Calendar-adjusted adjusted EBITA margin improved to 9.8% from 9.3%; order backlog reached NOK 7.9bn.

• Renewable Energy and Consulting performed strongly, while Sweden remained weak.

Financial highlights

• Operating revenue and other income after external project costs was NOK 2,314m vs NOK 2,191m; positive calendar effects were NOK 17m and negative currency effects NOK 46m.

• Adjusted EBITA was NOK 242m vs NOK 204m; adjusted EBITDA was NOK 375m vs NOK 332m, while EBIT was NOK 184m vs NOK 189m.

• Profit after tax was NOK 118m vs NOK 132m and EPS NOK 0.38 vs NOK 0.43; net finance was -NOK 32m, including NOK 11m of currency losses.

• YTD income after external project costs grew 12% to NOK 8,203m and adjusted EBITA rose to NOK 828m from NOK 691m; net profit fell to NOK 446m from NOK 503m.

• Operating cash flow was -NOK 264m vs -NOK 103m, mainly reflecting higher working capital; Q3 is seasonally the weakest cash-flow quarter.

Outlook and guidance

• Overall markets are expected to remain stable amid geopolitical uncertainty; no quarterly growth guidance was provided, with an objective to grow faster than the market.

• Infrastructure demand is expected to track public spending plans, while high energy activity is expected to continue.

• Private Buildings & Architecture markets are expected to remain subdued; other industry segments may develop unevenly as geopolitical factors delay investment decisions.

• Proactive profitability and efficiency measures will continue in selected areas; Sweden's improvement is expected to be gradual, with better performance in 2027 rather than a sharp Q4 recovery.

• The NOK 7.9bn backlog, including the NOK 2.2bn Arna-Stanghelle frame agreement, supports project workload; larger projects are expected to ramp up.