Second quarter and half year 2024 results

Grethe Bergly, CEO | Ove B. Haupberg, CFO

21 August 2024

Sandviken Shoreline, Bergen Illustration: LINK Arkitektur

Bridging the past and the future

*share of net operating revenue FY 2023

Segments Business areas

*share of operating revenue 2Q 2024

0.0 %

9.0 %

18.0 %

Sector balanced portfolio

*share of operating revenue FY 2023

Financial track record

4 500 Clients > 10 000 Projects > 20 Countries > 3 700 Employees

Buildings & Properties Mobility & Transportation

Energy & Industry Water & Environment

SUMMARY & KEY FIGURES | 2Q 2024

GOOD OPERATIONAL PERFORMANCE

All time high billing ratio
Good sales and a high order backlog
High organic revenue growth of 11.4% y-o-y

VERY STRONG RESULTS

EBITA was NOK 185.7 million and the EBITA margin was 13.0 per cent
Margin was 2.2 percentage points higher y-o-y, adjusted for calendar effects
Improved financial results for segment Architecture
Put option affecting financial income

MARKET & SALES

LARGE SALES & NEW CONTRACTS

The Norwegian Defense Estates Agency
Andfjord Salmon Land based fish farm
Skåne University Hospital, Malmö Psychiatry building
Østfold County Municipality Road 109 Alvim – Torsbekkdalen Road 118 - new Sarpsbru

ORDER INTAKE MARKET 2Q 2024

Order intake in the quarter amounted to NOK 1 531 million
High and diversified order backlog
Substantial volume of ongoing projects
Short-term pipeline of upcoming projects remains robust
Increased demand related to defence facilities

ONGOING PROJECTS ORDER BACKLOG

E10 Hålogalandsvegen
The Fornebu Line
Water supply to Oslo
Yggdrasil Power from Shore
New Rikshospitalet

PEOPLE & ORGANISATION

3 785 employees, an increase of 5.6% y-o-y
Full-time equivalents (FTE) increased by 5.1%, to 3 531 (3 360)
A total of 2 800 MULTI shares were transferred to new employees
Diversity and inclusion has been the focus area throughout Multiconsult

PEOPLE ORGANISATION

Multiconsult acquires Petter J. Rasmussen AS and Sitepartner AS
MUST summer programme with 116 students
Grethe Bergly re-elected as chair of RIF (Rådgivende Ingeniørers Forening)
Marianne W. Fledsberg elected as chair of NemiTek

EXCELLENCE

Multiconsult Norge involved in all projects nominated for The BREEAM Awards 2024
LINK Arkitektur AB documents a high trust among clients with a Net Promotor Score (NPS) of 58.3

MULTICAT | NEW DRILLING VESSEL

Specialised drilling vessel to carry out geological investigations and environmental surveys
Unique position for near shore activities
Newest of three drilling vessels
Multicat has an estimated cost of approximately NOK 60 million

Multicat, new drilling vessel Photo: Emma Færevaag / Multiconsult

Financial review

OVE B. HAUPBERG | CFO

multiconsult-ir.com

FINANCIAL HIGHLIGHTS | 2Q 2024

Net operating revenues increased to NOK 1 424.9 million (1 153.8), a y-o-y growth of 23.5%
Organic revenue growth of 11.4% y-o-y
EBITA of NOK 185.7 million (55.6), equal to an EBITA margin of 13.0% (4.8)
Adjusted EBITA (adjusted for calendar effect) of NOK 93.1 million (55.6), equal to a margin of 7.0% (4.8)
- Impact of five more working days compared to same period last year
Order intake of NOK 1 531 million
Solid order backlog of NOK 4 943 million
All time high billing ratio of 73.8%

Consolidated key figures NOK million	2Q 2024	2Q 2023	Change	FY 2023
Net operating revenues	1 424.9	1 153.8	23.5%	4 802.5
EBITA	185.7	55.6	234.1%	419.5
EBITA margin %	13.0%	4.8%	8.2pp	8.7%
EBITA adj.	185.7	55.6	234.1%	446.2
EBITA adj. margin %	13.0%	4.8%	8.2pp	9.3%
Order intake	1 531	1 572	(2.6%)	6 926
Order backlog	4 943	4 943	(0.0%)	4 883
Billing ratio	73.8%	72.1%	1.7pp	70.8%
Number of employees	3 785	3 585	5.6%	3 749
Full-time equivalents (FTE)	3 531	3 360	5.1%	3 388

FINANCIAL HIGHLIGHTS | H1 2024

Net operating revenues increased to NOK 2 791.8 million (2 464.0), a y-o-y growth of 13.3%
Organic revenue growth of 10.7% y-o-y
EBITA of NOK 322.4 million (271.9), equal to an EBITA margin of 11.5% (11.0)
Adjusted EBITA (adjusted for calendar effect) of NOK 343.6 million (271.9), equal to a margin of 12.2% (11.0)
- Impact of one less working day compared to same period last year
Order intake of NOK 3 378 million
Solid order backlog of NOK 4 943 million
High billing ratio of 73.6%

Consolidated key figures NOK million	H1 2024	H1 2023	Change	FY 2023
Net operating revenues	2 791.8	2 464.0	13.3%	4 802.5
EBITA	322.4	271.9	18.6%	419.5
EBITA margin %	11.5%	11.0%	0.5pp	8.7%
EBITA adj.	322.4	271.9	18.6%	446.2
EBITA adj. margin %	11.5%	11.0%	0.5pp	9.3%
Order intake	3 378	4 146	(18.5%)	6 926
Order backlog	4 943	4 943	(0.0%)	4 883
Billing ratio	73.6%	71.5%	2.1pp	70.8%
Number of employees	3 785	3 585	5.6%	3 749
Full-time equivalents (FTE)	3 540	3 289	7.6%	3 388

FINANCIAL HIGHLIGHTS

Note to comparable figure Q4 2023: Adjusted EBITA of NOK 145.1 million, 10.7 per cent margin is adjusted for one-offs related to co-ownership programme (NOK 18.7 million) and restructuring cost (NOK 8.0 million). Reported EBITA of NOK 118.4 million, 8.7 per cent margin.

HIGH ORGANIC GROWTH

	REGION OSLO		REGION NORWAY		ARCHITECTURE		INTERNATIONAL
	Net operating revenues • increased by 17.3% EBITA margin 15.2% • Billing ratio up to • 74.3%		Net operating • revenues increased by 22.0% EBITA margin 15.3% • Billing ratio up to • 73.3%		Net operating • revenues increased by 39.4% EBITA margin 9.0% • Billing ratio 72.2% •		Net operating • revenues increased by 28.7% EBITA margin negative • 0.4% • Improved billing ratio
Amounts in NOK million (except percentage)	2Q 2024	2Q 2023	2Q 2024	2Q 2023	2Q 2024	2Q 2023	2Q 2024	2Q 2023
Net operating revenues	531.6	453.4	575.3	471.8	212.5	152.4	102.7	79.8
EBITA	80.7	39.4	88.2	13.7	19.1	(1.9)	(0.4)	5.5
EBITA margin	15.2%	8.7%	15.3%	2.9%	9.0%	(1.3%)	(0.4%)	6.9%
Billing ratio	74.3%	73.5%	73.3%	71.8%	72.2%	72.4%	79.2%	72.4%

Strong cash flow from operations
- NOK 356 million (279)
Change in working capital
- H1 negative NOK 123 million (negative 220)
Cash effect acquisition negative NOK 62 million
Net interest-bearing debt
- NIBD NOK 375 million
- Gearing ratio 0.80 (NIBD excl. IFRS16, restricted cash/EBITDA)
- Strong financial position

NOK million

Net cash flow from operating activities Free cash flow excl.cash used on aquisitions LTM

Net cash flow used in investment activities excl. acquisitions

Business areas and closing remarks

GRETHE BERGLY | CEO

multiconsult-ir.com

PROJECTS Wilder, wetter and warmer

Ski Towers Illustration: A-lab

THE ARENDAL WATER COURSE

Location: Arendalsvassdraget, Agder | Client: Å Energi Vannkraft AS

Climate change leads to more extreme weather and precipitation, which also challenges Norwegian waterways. It is then important to know the resilience of dams and the possible consequences of dam failure
Mapping flood zones and damages in the event of a breach of 11 dams, as well as assess the risk of a domino effect on an additional 29 dams
The results will be used, among other things, in emergency plans for evacuation in the event of a dam break

Photo: Multiconsult

FLOOD PROTECTION OF VÅGÅMO

Location: Vågåmo, Innlandet county | Client: NVE

Climate change with increasingly extreme weather and heavy rainfall contributes to both more frequent and severe flood situations. Without mitigating measures, this will have significant economic and social consequences
Several serious flood events in Vågåmo village both in older and more recent time. A comprehensive plan for flood protection of the village is now being implemented

Photo: Multiconsult

REHABILITATION OF DAMS

Location: Tromsø, Norway | Client: Tromsø Municipality

A concession application and risk analysis have been prepared for the drinking water supply to Tromsø municipality
Rehabilitation of four dams for Tromsø municipality
Multiconsult is responsible for the design of all damrelated works

Slettaelva dam | Photo: Multiconsult

IMPACT ASSESSMENT OF MPATAMANGA HYDRO POWER PLANT

Location: Shire River Basin, Malawi | Client: EdF/Scatec

Complex impact assessment for the Mpatamanga hydropower plant on the Shire River in Malawi
Focus is on the interconnected impact of the hydropower plant, along with other infrastructure development and environmental changes in the river basin, such as deforestation and climate change
Multiconsult leads the project and is responsible for the final analysis, assessing the combined impacts on defined environmental and social parameters

Photo: Multiconsult

Overall market outlook remains positive and stable
Good level of new opportunities in the pipeline
Continued uncertainty and increased competition in parts of the market
High volume of ongoing projects, a diverse portfolio, and a high order backlog
Stable sales so far in second half 2024

Sjøkanten Park Photo: LINK Arkitektur

CAPITAL MARKETS DAY

06.11.2024 - CMD

FINANCIAL YEAR 2024

06.11.2024 - Quarterly Report – Q3 11.02.2025 - Quarterly Report - Q4 18.03.2025 - Annual Report 10.04.2025 - Annual General Meeting

FINANCIAL YEAR 2025

13.05.2025 Quarterly Report Q1
19.08.2025 Quarterly Report Q2
04.11.2025 Quarterly Report Q3

The Parkside, Gothenburg, Sweden Ill: Visulent / LINK Arkitektur

APPENDIX

multiconsult-ir.com

Note: Variations in time horizon and size across business areas and business units. In addition, call-offs on frame agreements to be included when signed

Collets Kvartal, Oslo Illustration: A-lab