Norconsult (NORCO) SEB Nordic Seminar 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.

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

• Diversified revenue base with ~30,000 projects and ~14,500 customers.

• Strong local presence with ~140 offices and ~6,500 employees.

Financial performance and growth

• Achieved a 10% revenue CAGR and consistent ~10% adj. EBITA margin from 2012 to Q3 2024.

• Maintains robust revenue visibility with a NOK 6.3bn order backlog as of Q3 2024.

• Revenue model is predominantly time & material (80%), minimizing project risk.

• Focus on organic growth and selective M&A, with recent acquisition of Sigma Civil in Sweden.

Strategic initiatives and market trends

• Pursues a pan-Nordic growth agenda, aiming to be a top 3 player in the region.

• Expanding through M&A, targeting niche competencies and broader geographic coverage.

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

• Increased activity in defense and emergency readiness sectors, with new framework agreements in Norway and Denmark.