Multiconsult (MULTI) Q4 2025 earnings summary

Executive summary

• Delivered stable operational results in Q4 and FY 2025, with 3.9% organic growth in Q4 and 4% for the full year, supported by a diversified project portfolio and robust business model.

• Defence, energy, and industry were key growth drivers, while profitability was impacted by acquisition-related expenses, improvement measures, and the Sotra project dispute.

• Significant investments in IT, digitalisation, and AI-driven solutions to enhance efficiency and competitiveness.

• Announced new CEO, Karsten Warloe, to take office in June 2026, and completed the ViaNova acquisition, with integration ongoing.

• Ongoing measures to improve profitability and a long-term EBITA margin target of 10%.

Financial highlights

• Q4 net operating revenue: NOK 1,522 billion, up 5.4% year-over-year; full-year net operating revenue: NOK 5,657.3 million, up 5.1%; organic growth 3.9% in Q4, 4% for the year.

• Q4 EBITDA: NOK 74.9 million, margin 4.9%; full-year EBITDA: NOK 394.8 million, margin 7% (down from 9.7%).

• Q4 adjusted EBITA: NOK 92.9 million (margin 6.1%); full-year adjusted EBITA: NOK 431.7 million (margin 7.6%).

• Q4 profit: NOK 38.7 million; full-year profit: NOK 252.6 million; EPS: NOK 1.48 (Q4), NOK 9.22 (full year).

• Proposed dividend: NOK 5 per share.

Outlook and guidance

• Activity levels expected to remain stable, but uncertainty persists regarding timing and investment decisions.

• Defence, energy, industry, and infrastructure are key growth drivers; Buildings & Properties market remains challenging.

• Competitive intensity and margin pressure expected to continue; healthy pipeline and framework agreements support stability into 2026.

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