Norconsult (NORCO) DNB Nordic Small & Medium Enterprises Conference presentation summary

Market position and business overview

• Leading interdisciplinary consultancy in Norway, top five in the Nordics, and among the top 12 in Europe by engineering services turnover as of 2023.

• Operates across buildings, infrastructure, energy, and industry sectors, serving both public and private clients.

• Maintains a diversified revenue base with ~35,000 projects and ~14,500 customers.

• Employs approximately 6,500 people in about 140 offices, ensuring strong local presence and knowledge hubs.

• Recognized for interdisciplinary offerings and repeat business from a broad client base.

Financial performance and growth

• Achieved a 10% net revenue CAGR and 11% adj. EBITA CAGR from 2014 to 2024, with stable margins around 10%.

• Demonstrates strong organic revenue growth, averaging 8% annually from 2019 to 2024.

• Maintains a robust economic model with low project risk, ~80% of revenue from time & material contracts, and NOK 6.4bn order backlog in Q4 2024.

• Financial targets include growth above market, 10% adj. EBITA margin, net debt/EBITDA below 2.0x, and >50% payout ratio.

Strategic initiatives and market trends

• Pursues a pan-Nordic M&A agenda, aiming to be a top 3 player in the Nordics.

• Recent acquisition of Sigma Civil in Sweden adds 125 employees and strengthens infrastructure and project management capabilities.

• Focuses on selective growth in hydropower, green industry, and grid sectors, including outside the Nordics.

• Benefits from secular trends: urbanization, green transition, digital transformation, and infrastructure rehabilitation.