Multiconsult (MULTI) Q3 2025 earnings summary

Executive summary

• Stable performance in Q3 2025 amid a competitive market, with organic revenue growth of 6.7% year-over-year and key growth drivers in defence, energy, and industry.

• Profitability declined due to increased competition, higher costs, and margin pressure, with EBITA margin below target.

• Strong order backlog and continued wins in strategic areas, including new defence agreements and large projects supporting production into 2027.

• Ongoing restructuring, cost initiatives, and integration of ViaNova to improve profitability and efficiency.

• Management transition underway, with CEO succession process ongoing and new leadership appointments.

Financial highlights

• Net operating revenue for Q3 2025 was NOK 1,196.4 million, up 4.2% year-over-year; organic revenue growth was 3.8%.

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

• Order intake was NOK 1,205 million, with order backlog at NOK 4,316 million, both lower year-over-year but still high.

• Earnings per share for the quarter were NOK 1.41.

• Operating expenses rose 8.8% year-over-year, mainly due to higher salaries and increased staffing.

Outlook and guidance

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

• Defence, energy, industry, and infrastructure expected to drive future growth; building and property expected to remain challenging.

• Target to restore EBITDA margin to 10% by end of 2026 through improved billing ratios and cost measures.

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