Multiconsult (MULTI) Q2 2025 earnings summary

Executive summary

• Moderate performance in Q2 with organic revenue growth of 4.2% year-over-year and high activity in most segments; order intake and backlog remain robust, supporting high activity levels.

• EBITA performance declined in Q2, mainly due to four fewer working days and lower billing ratio; measures underway to address cost pressures.

• Announced intent to acquire ViaNova, the largest strategic acquisition since 2021, to strengthen mobility and transportation expertise.

• Successful refinancing of credit facilities, expanding to NOK 2.5bn with improved terms and sustainability-linked loan intention.

• New group strategy rolled out, with project wins aligning with ambitions in large projects, energy transition, and urban transformation.

Financial highlights

• Net operating revenues for Q2 2025 were NOK 1,415.9 million, down 0.6% year-over-year; H1 2025 revenues up 5.3% to NOK 2,939.4 million.

• Q2 EBITA was NOK 67.4 million (margin 4.8%), down from NOK 185.7 million (13.0%) last year; H1 2025 EBITA NOK 257.8 million (8.8%).

• Adjusted EBITA margin for Q2 2025 was 10.2%, 2.8pp lower year-over-year due to calendar effects.

• Order intake in Q2 2025 was NOK 1,539 million; order backlog at NOK 4,575 million, down 7.4% year-over-year.

• Reported profit for Q2 2025 was NOK 40.3 million (NOK 147.9 million last year); EPS 1.45 (5.36).

Outlook and guidance

• Market outlook remains stable, supported by continued investment in public sectors, especially defence and infrastructure.

• Building and property market faces low investment levels; infrastructure and energy markets remain solid, with positive signs in energy efficiency and hospital projects.

• Competitive landscape is evolving with margin pressure; geopolitical risks and US tariffs expected to have minimal short-term impact.

• Healthy pipeline and framework agreements support stability.

• No formal forecasts provided.