Multiconsult (MULTI) Q2 2025 earnings summary

Executive summary

• Q2 2025 results show stable revenue, strong sales, and robust order intake, but moderate EBITDA/EBITA margin due to cost increases, lower billing ratio, and project write-downs.

• Order backlog remains strong, supported by notable wins in hospital, energy, and property sectors, and continued high activity in mobility, transportation, and defence.

• Acquisition of ViaNova, the largest since 2021, is expected to close in Q3/Q4, strengthening expertise in mobility and transportation.

• Leadership changes include new managing directors in Norway and Sweden, and ongoing CEO succession planning.

• New group strategy and expanded framework agreements align with ambitions in large projects, energy transition, and urban transformation.

Financial highlights

• Q2 net operating revenue: NOK 1,415.9 million, down 0.6% year-over-year; organic growth 4.2% (adjusted for calendar effect); M&A 1.1%.

• Q2 EBITDA: NOK 67.4 million (margin 4.8%), down from NOK 118.3 million (13%) last year; adjusted margin 10.2%.

• Q2 net profit: NOK 40.3 million; EPS NOK 1.45.

• H1 net operating revenue: NOK 2,939/2,939.4 million, up 5.3% year-over-year; EBITDA/EBITA NOK 257.8 million (margin 8.8%).

• Order intake Q2: NOK 1,539/1.5 billion; order backlog: NOK 4,575/4.5 billion.

Outlook and guidance

• Outlook remains stable with continued investments in public sectors, especially defence and infrastructure.

• Margin pressure and competitive pricing expected to persist, especially in building and property.

• Healthy pipeline and frame agreements support future stability.

• Billing ratio expected to remain at current levels, with potential improvement as new agreements ramp up.

• US tariffs and geopolitical uncertainty expected to have minimal short-term impact.