Norconsult (NORCO) Q4 2025 earnings summary

Executive summary

• Achieved solid organic growth and stable profitability in Q4 and FY 2025, with net revenue surpassing NOK 10.1 billion and 6% organic growth, supported by major acquisitions including Metier and Aas-Jakobsen Groups.

• Order backlog reached NOK 7.7 billion at year-end, reflecting strong market positioning and major infrastructure wins.

• Employee count rose 12% to over 7,200, with stable sick leave (4%) and low churn (10.6%), indicating strong organizational health.

• Recognized as Norway's most attractive employer in the consulting engineering sector for the sixth consecutive year.

Financial highlights

• Q4 2025 net revenue was NOK 2,807 million (up 12%); full-year net revenue NOK 10,103 million (up 10%).

• Adjusted EBITA for Q4 was NOK 252 million (margin 9.2%); full-year adjusted EBITA NOK 944 million (margin 9.5%).

• FY 2025 net profit was NOK 652 million, up from NOK 498 million in 2024; EPS NOK 2.13.

• Q4 cash flow from operations was NOK 884 million; full-year cash flow from operations NOK 1,123 million.

• Board proposed a dividend of NOK 1.80 per share (86% payout ratio).

Outlook and guidance

• Market expected to remain stable, with continued uncertainty from international political factors and slow private buildings and architecture market, but optimism in larger cities.

• Infrastructure and energy sectors expected to maintain high activity, with a record pipeline and major projects like Arna-Stanghelle.

• Focus on successful integration of acquisitions and measures to improve efficiency and margins.