Norconsult (NORCO) SEB Nordic Seminar presentation summary

Service offerings and project lifecycle

• Provides architecture, engineering, project management, and digital solutions for building and construction markets.

• Covers the full project lifecycle: planning, design and engineering, execution, and operations/maintenance.

• Offers advisory services for both new builds and renovations, with technical supervision and quality control.

• Applies technology and digital solutions across all project phases.

Business model and financial performance

• Operates a robust, diversified business model with ~35,000 assignments and ~15,000 customers.

• 80% of operating revenue comes from time & material contracts, 20% from fixed price.

• Maintains stable margins with a cost-plus model and index-regulated contracts.

• Achieved a 10% net revenue CAGR and 11% adj. EBITA CAGR from 2014 to Q3 2025, with consistent ~10% EBITA margin.

Market position and growth strategy

• Holds the leading market position in Norway and demonstrates strong pan-Nordic growth, especially in Sweden and Denmark.

• Revenue in Norway reached NOK 7,866m in 2024, with 9% CAGR in Norway, 16% in Sweden, and 14% in Denmark.

• Growth strategy balances organic growth (2/3) and M&A (1/3), with strong organic growth rates compared to peers.

• M&A is a core strategy, with 78 acquisitions from 2014 to Q3 2025, targeting both generalists and niche competencies.

• Focuses on strengthening the No. 1 position in Norway and expanding pan-Nordic offerings.