Multiconsult (MULTI) Q3 2024 earnings summary

Executive summary

• Net operating revenue for Q3 2024 was NOK 1,148.4 million, up 17.5% year-over-year, with organic growth of 15.9% and M&A contributing 2.3%.

• EBITA reached NOK 102.9 million (9.0% margin), up 6.0 percentage points year-over-year; adjusted EBITA (excluding a NOK 31.2 million one-time settlement) was NOK 71.7 million (6.4% margin).

• Order intake for the quarter was NOK 1,277 million, and order backlog stood at NOK 4,838 million, both slightly down year-over-year but remaining solid.

• Reported profit for the quarter was NOK 80.2 million, up NOK 70.6 million year-over-year, with EPS of NOK 2.95.

• Workforce totaled 3,893 employees, up 4.7% year-over-year, with continued recognition as a top employer.

Financial highlights

• Year-to-date net operating revenue was NOK 3,940.3 million, up 14.5% from last year; organic growth 12.2%, M&A 3.1%.

• Year-to-date EBITA was NOK 425.4 million (10.8% margin); adjusted EBITA NOK 394 million (10.1% margin).

• Year-to-date reported profit was NOK 323.7 million, up NOK 120 million.

• Free cash flow for the quarter was NOK 4.8 million; rolling 12 months positive at NOK 575 million; net cash flow from operating activities was NOK 29.3 million in Q3 and NOK 262.6 million year-to-date.

• Long-term debt at NOK 457 million; gearing ratio at 0.84, below financial targets.

Outlook and guidance

• Market outlook remains good and stable, with a strong pipeline and high order backlog supporting future quarters.

• Billing ratio expected to fluctuate between 70% and 73% in coming quarters.

• Peak production in large projects will continue into 2025, with a long tail on major contracts extending to 2030.

• Ongoing demand in defense, infrastructure, and sustainability projects, but increased competition and uncertainty in some markets.

• No specific financial forecast provided.