Multiconsult (MULTI) Q1 2025 earnings summary

Executive summary

• Net operating revenue for Q1 2025 reached NOK 1,523.4 million, up 11.4% year-over-year, driven by organic growth, M&A, and a positive calendar effect.

• EBITDA increased nearly 40% to NOK 190.4 million, with a margin of 12.5%, up 2.5 percentage points from last year.

• Order intake was NOK 1,696 million, and order backlog stood at NOK 4,749 million, reflecting a robust and diversified pipeline.

• CEO Grethe Bergly announced her resignation after six years, with succession planning underway.

• Strategic focus on energy transition, defence, and sustainability, with several large contracts secured in these areas.

Financial highlights

• Organic growth contributed 4.2%, M&A 1.2%, and calendar effect 6.1% to revenue growth.

• Net profit was NOK 134.8 million, and EPS rose to NOK 4.86 (up from NOK 3.52 last year).

• Billing ratio was 72.1%, down 1.4 percentage points year-over-year.

• EBITDA: NOK 252.5 million (NOK 196.1 million in Q1 2024), EBITDA margin 16.6% (14.3%).

• Employee count increased by 5.1% to 3,963.

Outlook and guidance

• Stable outlook supported by a solid project pipeline and new frame agreements.

• Investments are increasing in defence and energy sectors, with positive signs in healthcare, but housing and real estate remain challenging.

• Expectation to maintain billing ratios around 72% for the year.

• 2025 anticipated to be highly competitive with margin pressure in some markets.

• No specific financial forecast provided.