NRC Group (NRC) Q1 2026 earnings summary

Executive summary

• Q1 2026 results were broadly in line with expectations, impacted by seasonality and currency headwinds, with major tenders submitted and decisions expected in Q2 2026.

• Order intake was significantly below the same period last year due to timing effects, but a rebound is expected from Q2 onwards.

• Final settlement reached on AGN Haga project after quarter-end; one-off restructuring cost of NOK 14 million in Norway.

• Strategic review of Gunnar Knutsen initiated; cost efficiency program ongoing in Norway.

• Larger share of project execution and revenue expected in the second half of 2026.

Financial highlights

• Q1 2026 revenue at NOK 1,137 million, down from NOK 1,264 million in Q1 2025, impacted by seasonality and FX effects.

• EBIT at NOK -29 million, including NOK 14 million in one-off restructuring costs; EBIT margin at -2.6%.

• Net loss of NOK 34 million, compared to NOK 41 million loss in Q1 2025.

• Operating cash flow at NOK -157 million, compared to NOK -150 million in Q1 2025.

• Order backlog at NOK 8,518 million, with significant order intake expected in Q2.

Outlook and guidance

• Margin guidance above 3.0% and revenue of approximately NOK 7.5 billion for 2026 at constant exchange rates.

• Significant growth in orders and revenue anticipated in the second half of 2026.

• Long-term targets: revenue above NOK 10 billion and EBIT margin above 5.0% by 2028.

• Dividend ambition: minimum 30% of profit for the year.