Norconsult (NORCO) Pre-Close presentation summary

Financial performance and profitability

• Achieved 5% organic growth in Q1 2025, adjusted for calendar effects, with an adjusted EBITA margin of 8.5%.

• Billing ratio stood at 71.5%, reflecting ongoing weakness in the private building and architecture market.

• Adjusted manning and cost reductions implemented in Norway Regions and Technogarden to enhance profitability.

• Q2 2025 expected to see a NOK -138m calendar effect and a one-off transaction cost from larger M&As, not included in adjusted EBITA.

• Q2 2024 results were positively impacted by a NOK 24m reversal of bonus provisions.

Market outlook and strategic actions

• Market expected to remain stable, though uncertainty persists due to international political factors.

• Signs of optimism in private Buildings & Architecture, with stable demand in Infrastructure and strong activity in Energy.

• Geopolitical factors may delay investments in certain industry markets.

• Proactive measures will continue to improve profitability and maintain efficiency.

Corporate developments and initiatives

• Employee share program for 2025 distributed 1,783,023 shares, with costs in line with the NOK 50m communicated frame.

• Acquisition of Aas-Jacobsen announced, with closing expected in August 2025.

• Transaction costs from larger M&As will be reported as one-offs.