Norconsult (NORCO) investor relations material

Market position and growth strategy

• Holds the top interdisciplinary consultancy position in Norway and ranks among the top four in the Nordics, with a top 12 position in Europe by engineering services turnover.

• Pursues growth through a balanced mix of organic expansion and strategic acquisitions, targeting two-thirds organic and one-third M&A-driven growth.

• Focuses on strengthening its leading position in Norway and expanding its presence in other Nordic countries, especially around major cities and within energy, infrastructure, and industry sectors.

• Maintains a robust M&A track record, with 78 acquisitions from 2014 to 2025, including notable recent deals in Norway, Denmark, and Sweden.

Business model and financial performance

• Operates an asset-light, diversified project portfolio with recurring relationships across public and private sectors.

• Achieved a 10% net revenue CAGR and consistent ~10% adjusted EBITA margin from 2014 to 2025.

• Diversifies risk across approximately 35,000 assignments and 15,000 customers, with 80% of revenue from time & material contracts and 20% from fixed price contracts.

• Utilizes index-regulated cost components and a cost-plus model to ensure stable margins.

Service offerings and delivery model

• Provides architecture, engineering, project management, and digital solutions across the full project lifecycle, from planning to operations and maintenance.

• Leverages a unique delivery model combining ~140 local offices with knowledge hubs and cross-border collaboration, enabling 70% of large projects to utilize expertise across offices.

• Applies advanced digitalization and AI tools in projects, developing proprietary solutions and integrating third-party technologies to enhance value and drive additional sales.