Multiconsult

Earnings Release • May 10, 2023

Multiconsult first quarter 2023 - best quarter ever

Multiconsult first quarter 2023 - best quarter ever

Multiconsult ASA (OSE: MULTI)

The positive trend and strong market development continues, and Multiconsult

delivered the best quarter ever. Multiconsult's first quarter EBITA was NOK

216.3 million, a margin of 16.5 per cent. There was high activity in most

segments, and the result was positively impacted by higher billing rates and

increased capacity. Net operating revenues grew by 15.1 per cent year-on-year to

NOK 1 310.2 million, while the organic growth was 12.1 per cent y-o-y. The

result from the segment LINK Arkitektur has improved compared to the same

quarter last year. For the second consecutive quarter the order intake was

record high, and with an all-time high result and order backlog Multiconsult is

well positioned going forward.

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"The first quarter of 2023 is historic for Multiconsult with the best financial

result ever. There was high activity in most segments and strong organic growth.

All four business areas had high activity during this period and in addition we

saw good activity and results in our segments.  The improvement in LINK

Arkitektur was driven by good performance in Sweden and Norway. We see the

effects from the turnaround in Sweden and the start of the improvement program

in Norway. Region Norway and Region Oslo delivered a strong performance, while

the International segment was impacted by a more challenging market in Poland.

Our dedicated team of 3 400 employees continue to deliver expertise and

solutions which our clients require. Our highly skilled workforce is inspired by

seeing themselves as part of the solution to the challenges facing us."

-    Grethe Bergly, CEO of Multiconsult

For a full review of comments from our CEO, please refer to our first quarter

2023 report.

Please find enclosed the presentation and first quarter 2023 report.

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FIRST QUARTER 2023 - HIGHLIGHTS

· A strong start to 2023 with an all-time high result, solid growth and strong

order intake

· Solid growth in net operating revenues of 15.1 % to NOK 1 310.2 million (1

138.1)

· Organic growth of 12.1 %

· All-time high result with EBITA of NOK 216.3 million (169.2) and margin of

16.5 % (14.9)

· All-time high order intake of NOK 2 573 million (1 467)

· All-time high order backlog of NOK 4 654 million (3 521)

· Other opex ratio (ex. IFRS 16) decreased to 14.4 per cent (15.2)

· Other operating expenses of NOK 140.2 million (126.6)

· Net profit of NOK 158.1 million (121.6)

· Earnings per share 5.76 (4.44)

· Good market outlook in all business areas, while market related to housing

and real estate is anticipated to continue cooling down

Net operating revenues came in at NOK 1 310.2 million (1 138.1), an increase of

15.1 per cent compared to the same quarter last year. The organic revenue

growth, adjusted for calendar effect, was 12.1 per cent for the quarter. The

increase was driven by higher number of employees and higher billing rates. The

growth in net operating revenues was offset by a slightly lower billing ratio of

0.4pp, which came in at 71.0 per cent (71.4).

Operating expenses consist of employee benefit expenses and other operating

expenses. Operating expenses increased by 13.2 per cent to NOK 1 039.1 million

(918.0) compared to the same quarter in 2022. Employee benefit expenses

increased by 13.6 per cent due to ordinary salary adjustment, increased number

of employees and higher cost from the increased employer contribution tax of 5

per cent (for salaries/compensation above NOK 750 thousand) in Norway. Other

operating expenses increased to NOK 140.2 million (126.6), an increase of 10.8

per cent due to increased office expenditure, IT-cost, and higher travel

expenditure compared to the first quarter 2022.  Other opex ratio (ex. IFRS 16)

decreased to 14.4 per cent, compared to a ratio of 15.2 per cent in the

comparable quarter last year.

EBITDA was NOK 271.1 million (220.0), an increase of 23.2 per cent compared to

the same period last year, reflecting an EBITDA margin of 20.7 per cent (19.3)

in the quarter.

EBITA was NOK 216.3 million (169.2), reflecting an EBITA margin of 16.5 per cent

(14.9) in the quarter.

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OUTLOOK

The overall market outlook for Multiconsult's services remains generally good

across all four business areas. There are still some uncertainties related to

parts of the market within Buildings & Properties. In general, the opportunities

in the pipeline are at a high level. Multiconsult is expected to benefit from

the growing market related to the green shift and demand for sustainable

solutions. Energy transformation and efficiency, circular economy and new green

industries are key drivers in the markets.

Strong and diversified portfolio of ongoing projects and a solid order backlog

provides Multiconsult with an overall good foundation going forward.

For a full review of outlook and report, please refer to our first quarter 2023

report.

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Presentations today 10 May 2023:

Participants are invited to attend the Norwegian presentation that will be held

at Felix Conference Centre, Bryggetorget 3, Oslo, at 08:30 (CEST).

The results will also be presented through a live webcast: In Norwegian at 08:30

(CEST) and in English presentation at 09:30 (CEST). Participants will have the

opportunity to submit questions online throughout the webcast sessions.

The Norwegian presentation at 08:30 can be accessed at:

https://channel.royalcast.com/landingpage/hegnarmedia/20230510_2/

The English presentation at 09:30 can be accessed

at: https://channel.royalcast.com/landingpage/hegnarmedia/20230510_3/

Live webcasts, complete report, presentation and a recording of the webcast will

be available on www.multiconsult-ir.com and https://newsweb.oslobors.no/

For further information, please contact:

Investor relations:

Ove B. Haupberg, CFO

Phone: +47 401 00 900

E-mail: oveb.haupberg@multiconsult.no

Media:

Cato A. Mørk, Senior Communications Advisor

Phone: +47 911 70 188

E-mail: caam@multiconsult.no