Multiconsult (MULTI) Q3 2025 earnings summary

Executive summary

• Stable performance in a competitive market, with defence, energy, and industry as key growth drivers; strong organic revenue growth of 6.7% year-over-year in Q3 2025, supported by new framework agreements.

• Profitability measures underway to address EBITA margin below target, with management implementing cost reductions and capacity adjustments.

• Market outlook remains stable but with increased uncertainty, especially in housing, real estate, and buildings & property.

• Ongoing integration of Via Nova SPA, with acquisition expected to close mid-November, expanding transportation and mobility capabilities.

• Order intake and backlog remain high, though both declined year-over-year.

Financial highlights

• Net operating revenues for Q3 2025 were NOK 1,196.4 million, up 4.2% year-over-year.

• EBITA was NOK 62.1 million (5.2% margin), down from NOK 102.9 million (9.0%) in Q3 2024.

• Adjusted EBITA margin was 5.2%, down from 6.4% year-over-year, excluding one-off effects.

• Order intake was NOK 1,205 million, a 5.6% decrease year-over-year; order backlog at NOK 4,316 million.

• Net profit for the quarter was NOK 38.9 million, with EPS of 1.41, both significantly lower year-over-year.

Outlook and guidance

• Market outlook is stable but with increased uncertainty, especially in buildings and property.

• Defence, energy, industry, and infrastructure expected to remain strong; building and property market remains challenging.

• Lower interest rates may boost investments, but energy transition projects face timing and political risks.

• Competitive landscape is evolving, with margin and pricing pressure.

• No specific financial forecasts provided.