Multiconsult (MULTI) Q2 2024 earnings summary

Executive summary

• Achieved record operational performance in Q2 2024, with a billing ratio of 73.8%, robust sales, and organic growth of 11.4%.

• EBITA for Q2 was NOK 185.7 million with a 13.0% margin, up significantly year-over-year, driven by increased capacity and improved segment results.

• Order backlog reached NOK 4,943 million, supported by a stable sales pipeline and diversified projects.

• Workforce increased to 3,785, reflecting organizational expansion and focus on diversity and M&A integration.

• Net profit for Q2 was NOK 147.9 million, with EPS of NOK 5.36.

Financial highlights

• Q2 2024 net operating revenue was NOK 1,425 million, up 23.5% year-over-year; H1 revenue was NOK 2,792 million, up 13.3%.

• Q2 EBITDA was NOK 245.9 million (17.3% margin); Q2 EBITA was NOK 185.7 million (13.0% margin); H1 EBITA was NOK 322.4 million (11.5% margin).

• Adjusted EBITA margin for Q2 was 7.0% after calendar effects.

• Free cash flow in Q2 was NOK 242 million; H1 operating cash flow was NOK 356 million.

• Q2 benefited from five extra working days (+NOK 92.6 million); H1 had one less working day (–NOK 21.1 million).

Outlook and guidance

• Market outlook remains positive and stable, with a strong pipeline and robust ongoing projects.

• Some segments face increased competition and uncertainty, especially Building & Properties.

• Growth anticipated in the defense sector and green transition projects.

• Careful optimism for further improvements in the Architecture segment beyond autumn.