Norconsult (NORCO) Handelsbanken Nordic Small & Mid Cap Seminar presentation summary

Business overview and market position

• Leading pan-Nordic interdisciplinary consultancy with 6,300 employees and ~140 offices, holding the #1 position in Norwegian infrastructure and strong presence in Sweden and Denmark.

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

• Recognized for digitalization, sustainability, and innovation, with a strong brand and reputation for attracting top talent.

Financial performance and growth

• Achieved NOK 8.5bn net revenue in 2023, with an 11% revenue CAGR and consistent ~10% adj. EBITA margin over the past decade.

• Q1 2024 net revenue was NOK 2,360m, with 6% organic growth and an adj. EBITA margin of 15.9% adjusted for calendar effects.

• Maintains a capital-light model with high cash conversion (85% in 2023) and low leverage, supporting strong dividend capacity.

Strategic direction and M&A

• Pursues a pan-Nordic growth agenda, focusing on sustainability, digitalization, and collaboration.

• Growth split between organic (2/3) and M&A (1/3), with over 83 acquisitions since 2012, targeting both generalist and niche competencies.

• IPO enables further M&A ramp-up and expansion into new geographies and market segments.