Norconsult (NORCO) DNB Real Estate and Construction Conference 2024 presentation summary

Business overview and market position

• Leading pan-Nordic interdisciplinary consultancy with NOK 8.8bn net revenue and NOK 807m adj. EBITA for Q2 2024 LTM.

• Holds #1 market position in Norway, with 1.5x the revenue of the next largest competitor.

• Strong brand recognition and local presence through ~140 offices and over 6,300 employees.

• Diversified revenue across buildings, infrastructure, energy, and industry, serving ~14,500 customers and ~30,000 projects.

• Consistent organic growth, with 11% net revenue CAGR from 2012–2023 and over 84 bolt-on acquisitions since 2012.

Financial performance and targets

• Achieved 14% net revenue CAGR, 12% adj. EBITA CAGR, and 10% FTE CAGR from 2021–2023.

• Maintains robust margins with a historical average adj. EBITA margin of ~10% (2021–2023).

• High cash conversion rate of 103% and NOK 6.4bn order backlog as of Q2 2024.

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

Strategic growth agenda

• Focuses on organic growth (2/3) and M&A (1/3), with a well-defined acquisition strategy targeting complementary skills and reputable companies.

• Aims to strengthen its No. 1 position in Norway and expand as a challenger in other Nordic markets, especially Denmark.

• Strategic levers include sustainability, digitalisation, collaboration, and expanding within energy, railway, and industry sectors.