Norconsult (NORCO) Q4 2025 earnings summary

Executive summary

• Achieved solid organic growth and stable profitability in Q4 and FY 2025, with net revenue for Q4 at NOK 2,807 million and FY at NOK 10,103 million, supported by 6% organic growth and significant contributions from acquisitions including Metier and Aas-Jakobsen.

• Adjusted EBITA margin remained stable at 9.2% for Q4 and 9.5% for the full year, with adjusted EBITA for Q4 at NOK 252 million and FY at NOK 944 million.

• Profit after tax for FY 2025 was NOK 652 million, up from NOK 498 million, with EPS of 2.13.

• Workforce grew to over 7,200 employees, with stable sick leave and low churn.

• Board proposed a dividend of NOK 1.80 per share for 2025, with an 86% payout ratio, well above policy.

Financial highlights

• Q4 2025 net revenue was NOK 2,807 million (up from NOK 2,502 million); FY 2025 net revenue reached NOK 10,103 million (up from NOK 9,186 million).

• Adjusted EBITA for Q4 was NOK 252 million (margin 9.2%); FY was NOK 944 million (margin 9.5%).

• Profit after tax for FY 2025 was NOK 652 million, with EPS of 2.13, a 24% increase.

• Q4 cash flow from operations was NOK 884 million; FY cash flow from operations was NOK 1,123 million.

• Cash and equivalents at year-end were NOK 1,552 million; net debt (excl. IFRS) was -NOK 260 million.

Outlook and guidance

• Market expected to remain stable, with continued uncertainty from international political and macroeconomic factors.

• Private Buildings & Architecture market remains slow but shows optimism in larger cities; infrastructure and energy sectors expected to maintain high activity.

• Infrastructure pipeline is at a record high, supported by major contract wins, notably the NOK 2.2 billion Arna-Stanghelle project.

• Focus on successful integration of recent acquisitions and maintaining efficiency, with ongoing measures in Denmark and Technogarden.