Norconsult (NORCO) DNB Carnegie Small Mid & Cap Conference presentation summary

Business overview and market presence

• Operates across buildings and architecture, infrastructure, energy and industry, and digital sectors, with a workforce of 6,600 employees and around 140 offices established since 1929.

• Maintains a strong presence in Norway, Sweden, and Denmark, with 30% of revenue from Norway regions and 18% from Sweden.

• Serves both public and private markets, handling approximately 35,000 projects for about 14,500 customers.

Financial performance and growth

• Demonstrates a solid financial track record with consistent growth in net revenue and stable adjusted EBITA margins from 2018 to Q2 2025.

• Q2 2025 order backlog stands at NOK 7.1bn, supporting revenue visibility and future growth.

Revenue diversification and project mix

• Revenue is well-diversified across sectors and geographies, with a balanced mix between public and private clients.

• Top 50 projects contribute significantly, but the portfolio is spread across thousands of smaller assignments, reducing concentration risk.