Multiconsult (MULTI) Q4 2024 earnings summary

Executive summary

• Achieved strong operational performance in Q4 2024, with high activity, robust order intake, and a record-high order backlog.

• Net operating revenue for Q4 grew 6% to NOK 1,443.3 million; full-year net operating revenue reached NOK 5,384 million, up 12.1% year-over-year, with 10% organic growth.

• Full-year EBITA was NOK 523.4 million, up 24.8%, with a margin of 9.7%.

• Board proposes a dividend of NOK 10.00 per share, reflecting solid financial results and a strong balance sheet.

• Employee engagement remains high, with over 85% of employees as co-owners.

Financial highlights

• Q4 EBITA was NOK 98.0 million (margin 6.8%), down from NOK 118.4 million (8.7%) in Q4 2023.

• Full-year profit was NOK 413.3 million, up NOK 96.7 million year-over-year; EPS reached NOK 15.11.

• Q4 order intake was NOK 1,798 million (+25.7% y-o-y); order backlog at year-end was NOK 4,851 million.

• Positive net finance effects from earn-out reversals and put option measurement totaling NOK 57.4 million.

• Free cash flow for the year was NOK 579 million; net interest-bearing debt reduced by NOK 47 million.

Outlook and guidance

• Market outlook remains good and stable, with increased investments expected in defense and energy sectors.

• High project volume and solid order backlog support optimism for 2025.

• Continued uncertainty and increased competition in some markets and segments.

• Infrastructure market stable; housing and real estate expected to remain challenging.

• Good order intake so far in 1Q 2025 and a solid pipeline of framework agreements.