Norconsult

Investor Presentation • Nov 5, 2025

Norconsult Capital Markets Day 2025

Consistent Performance, Clear Plan Going Forward

Disclaimer

Not for general release, publication or distribution, directly or indirectly in Australia, Canada, Japan, the United States or to US persons or in any other jurisdiction where such distribution would constitute a violation of the relevant laws or regulations of such jurisdiction.

This report includes and is based among other things on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this document are based on our current expectations and projections about future events, including in relation to global economic conditions and the economic conditions of the regions and industries that are significant to Norconsult. All statements other than statements of historical facts included in this notice, including statements regarding our future financial position, risks and uncertainties related to our business, strategy, capital expenditures, projected costs and our plans and objectives for future operations, may be deemed to be forward-looking statements. These expectations, estimates and projections are generally identifiable by statements containing words such as "believe," "expect," "anticipate," "may," "assume," "plan," "intend," "will," "should," "estimate," "risk" and similar expressions or the negatives of these expressions. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or may be major markets for Norconsult's business, changes in governmental regulations, interest rates and fluctuations in currency exchange rates. Forward-looking statements are not guarantees of future performance. Although Norconsult believes that its expectations are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this report. You should therefore not place undue reliance on these forward-looking statements. In addition, any forward-looking statements are made only as of the date of this notice, and we do not intend and do not assume any obligation to update any statements set forth in this report.

This report is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in Norconsult. Information in this document cannot be relied upon as a guide to future performance.

This presentation is not for release, publication or distribution, directly or indirectly in Australia, Canada, Japan, the United States or to US persons or in any other jurisdiction where such distribution would constitute a violation of the relevant laws or regulations of such jurisdiction. The information contained herein does not constitute an offer of securities for sale in the United States, Australia, Canada, Japan or any other jurisdiction where such offer would constitute a violation of the relevant laws or regulations of such jurisdiction.

The securities may not be offered or sold in the United States unless they are registered under applicable law or exempt from registration. The company does not intend to register its shares in the United States or to conduct a public offer of securities in the United States or any other jurisdiction in which it would be unlawful or would require registration or other measures. No money, securities or other consideration is being solicited and, if sent in response to the information contained herein, will not be accepted.

Agenda

10:00 Welcome to CMD Egil Hogna Market update Christian Aasland

Norway Head office Bård Hernes

Q&A session

11:00 Norway Regions Vegard Jacobsen Sweden Fredrik Holmberg Renewable Energy Håkon Bergsodden

Q&A session

12:00 Light lunch & guided office tour

13:00 Project showcase:

Governmental Headquarters Fredrik Haukeland M&A strategy

and financial targets Dag Fladby Concluding remarks Egil Hogna

14:00 Final Q&A

Norconsult – Every day we improve everyday life

A local partner, leveraging our size and reach… ...with solid financials1)

Professional service offerings to the building and construction market

Offering

Project lifecycle

1. Planning

Planning and consultancy services in early-stage phase

Advisory services for both new-build and renovation

Technical supervision and worksite service tasks

2. Design and engineering 3.Project execution 4. Operations and maintenance

Project supervision, quality control and follow-up management

Technology and digital solutions applied across the project lifecycle

Delivery model balancing unmatched local presence with knowledge hubs

Unique local presence through ~140 offices combined with network expertise and cross border collaboration1)

Local presence

Local networks, in-depth local knowledge and local "footprint"

Knowledge hubs

Strong knowledge hubs and centers of expertise

Capacity and network

Capacity, experience and competence drawn from the entire global organisation

70% of >NOK 3m projects utilise competence across offices or departments2)

+30

Discipline networks

Robust business model ensuring stable margins

Time & material typical contract form1)

Attractive economic attributes

Cost-plus model with low-risk contracts priced on accrued hours

Index-regulated Index-regulated cost components on most contracts

Utilisation focus on business area

rather than projects to optimise team allocation

A people-focused strategy built on a solid foundation

Every day we improve everyday life

Purpose

Nordic top 3 position

Attract, develop and retain the best people

Lead a clientoriented culture

Create shareholder value with strong employee ownership

Ensure sustainability in everything we do

Leverage digital technologies to create value

Goals

Vision

Norconsult Management System: Quality system securing risk management and internal control specifying our processes and procedures Management system

Understand the client

– creating mutual understanding

Building the team

– getting the very best out of each and everyone

Taking charge

– ensuring control and predictability

Creating flow

• seeing the whole, enabling the best possible process

Customer approach

Leadership principles

Ambition – Cooperation – Transparency – Trust – Care - Accountability

Personal values

Honest – Competent Inclusive - Engaged

Ethics rule

All our behaviour shall be able to withstand public scrutiny

Culture

Make a decent profit decently

Two years as a listed company – Consistent profitable growth

Strengthened position in the Nordics

1

The largest interdisciplinary consultancy firm in Norway¹⁾

4

Top four of the largest consultancies in the Nordics 1)

12

Top 12 in the European marketspace 2)

Consistent performance - robust financial track record

Strong growth over a decade with 10% net revenue CAGR

Consistent adj. EBITA margin of ~10%¹⁾

Revenue growth through balanced organic growth and acquisitions

Strong organic growth

The market leader in Norway with strong pan-Nordic growth

The leading player in Norway… …with reinforcing no. 1 position… …and a strong Nordic growth trajectory

Gross revenues 2024 (NOKm) 1,2)

The role of consulting engineers has expanded in recent years

Increased complexity

Building in an urban or established environment is fundamentally more complex

Increased requirements

Society has increased expectations about:

User and worker safety

Climate and nature

Social sustainability

Quality and aesthetics

Cultural heritage

• more

Digital technologies

Digital technologies allow better planning, design and engineering reducing total cost and complexity during construction

AI further amplifies the benefit of good design and engineering before construction starts

Design and engineering typically 4 -12% of total construction cost while it impacts 100% of cost and quality

New digital technologies like AI increase potential impact and importance of design and engineering

Two competing visions on the future role of Al

Replace or Augment the Expert?

Replacing the expert

User requirements

Minimal formal education or domain experience needed to perform at a competitive level

Al specialization

Artificial General Intelligence (AGI)

– systems capable of understanding or learning any intellectual task a human can

Training data

Publicly available online data, supplemented by synthetic datasets

Augmenting the expert

User requirements

Deep experience and domain knowledge enhance the user's ability to leverage AI effectively

Al specialization

Highly specialized, domain-specific AI tools trained to support and extend professional expertise

Training data

Extensive proprietary datasets built over time from real-world architecture and engineering projects

Based on our experience so far, Al is a valuable tool in the hand of skilled experts

Innovation and digitalisation inherent in our business model

Experienced executive management team

~26 years

Average relevant experience

10 years

Average tenure in Norconsult

Years in Norconsult

Norconsult is a people business – attracting talent is key

As the market leader in Norway, Norconsult attracts key talent by offering flagship projects, robust project portfolio and many opportunities for personal development

Outside Norway, Norconsult is the dynamic challenger with a decentralized structure characterized by local decision making without the bureaucracy often found in the established players

Having a listed share in combination with attractive share programs open to all employees differentiates Norconsult to most competitors

Norconsult Academy develops the engineers and architects of tomorrow

Most learning acquired through experience

70% of learning through project experience, 20% through mentoring and coaching, and 10% from formal courses and seminars

Flexible career paths Project management

Employees can pursue a career within the line organisation, project management, market areas and/or technical discipline expertise

Talent development program focused on project management of the largest projects

A workplace where people thrive, reflected in low churn and sick leave

Overall employee satisfaction

Norconsult continues to score high on overall employee satisfaction, reflecting a strong culture of engagement and professional development

Sick leave is reduced

Sick leave has decreased after the pandemic, driven by focused health initiatives and a supportive work environment

Lower employee churn than market average

Employee churn remains well below the industry average, underscoring Norconsult's ability to retain talent in a competitive market

Norconsult is a leading interdisciplinary consultancy firm solving the most complex engineering problems with the best talents

Strong financials High-growth company The best people

NOK 9.8bn Net revenue1) Q3 25 LTM

7% Net revenue1,3) CAGR 23-25 Q3 LTM

5% Employee CAGR 23-25 Q3 LTM4)

NOK 918m Adj. EBITA2) Q3 25 LTM

6% Adj. EBITA2,3) CAGR 23-25 Q3 LTM

4.0 Employee engagement 255)

Nordic buildings and construction market update

Christian Salbu Aasland

SVP Investor Relations and Business Intelligence

Buildings and construction is a large and attractive market with underlying secular growth trends

Large and diversified end-markets

Demonstrated resilience through turmoil

Engineering consultancies grow above the market

Attractive outlook backed by secular growth trends

Exposure to numerous large and diversified end-markets

Norconsult operates in a NOK 1 729bn end-market1) Engineering consultants more exposed to civil engineering

engineering consultants vary between end-markets

Construction

More complex projects demanding high involvement of technical competence

Non-residential building

Somewhat complex projects, such as hospitals, demanding medium share of technical competence

Residential building

Involves low amount of complexity, requiring less technical competence

Demonstrated resilience through market turmoil

Total production value in the Nordics1) remains large and stable while engineering consultant firms grow consistently

The Nordic buildings and construction marked is positioned for a rebound

Development of the Nordic¹⁾ market – in a ten-year perspective

Building – set for a gradual recovery

Construction – less sensitive to short-term economic fluctuations

Nordic building and construction - expected growth

Public investments partly offset a weakened private sector

The Nordic¹⁾ buildings market

Construction markets continue steady growth

The Nordic¹⁾ construction market

NOKbn

Strong fundamentals driving long-term growth

Demographics

Quality of life Urbanization Population growth

Regulatory dynamics

Design codes Rules and regulations New technology and AI

Public infrastructure

Infrastructure investments Defence and resilience Rehabilitation backlog

Private investments

Private investment sentiments Inflation, interest rates and economic growth Price and availability of power and other crucial input factors

Long term market fundamentals persist

Large and diversified end-markets

Demonstrated resilience through turmoil

Engineering consultancies grow above the market

Attractive outlook backed by secular growth trends

Buildings and construction market forecast

Positive outlook, recovery is expected to be gradual

Business segment Norway Head Office

Bård Hernes

EVP

Norway Head office – At a glance

"The engine of business development"

% of group net revenue as of

31%

% of group net revenue as Q3 2025

Key characteristics

"The heart of Norconsult", with the skills and scale to deliver the full breadth of building and construction projects

A market leader in complex multi-disciplinary infrastructure projects with leading expertise within bridges and railways

Home of one of the Nordic's largest architectural practices, Nordic Office of Architecture

~1900 employees as of Q3 2025

Net Revenue and adj. EBITA margin

Organisation

% of segment net revenue 2024

Home of the largest and most complex of projects

Half the revenue comes from large multi-year projects in buildings, infrastructure and industry

Buildings and architecture

Infrastructure

Energy and industry

Gross revenue estimate by customer Gross revenue estimate by market1) 1) Selected public customers

Oslo kommune Bymiljøetaten	B ∧ NE NOR	± STATSBYGG
Statens vegvesen	NyeVeier	AVINOR

Selected private customers

aibeľ	# Implenia*	'Veidekke
/AF	S <	SKANSKA

E18 Vestkorridoren is a 17 km upgrade of the E18 west of Oslo, designed to improve traffic flow, cut noise and air pollution. It separates regional from local traffic through new tunnels and redesigned interchanges between Lysaker and Drengsrud in Asker. The first construction stage, Lysaker–Ramstadsletta, is now under construction.

Skanska with Norconsult has won contracts for the design and construction of the new E102 between Fornebukrysset - Strand and E103 Strand - Ramstadsletta. Both Norconsult and Aas-Jakobsen contributes as technical advisors to Statens vegvesen (the Norwegian Public Roads Administration)

Project name: E18 Vestkorridoren Customer: Statens vegvesen, Skanska

Period: 2023 - ongoing

Aas-Jakobsen integration well underway

226 Aas-Jakobsen employees became part of Norconsult in Q3 2025

Work to design a unified organization chart through a broad, inclusive process on track

The target is to implement the new organisation by summer 2026

Following the acquisition, 84% of eligible Aas-Jakobsen employees participated in Norconsult's 2025 employee share program

Innovation scales in large and complex infrastructure projects

Large, multiyear complex infrastructure projects are uniquely effective environments for developing skills and technology because they combine real technical challenges, economies of scale, rigorous governance, and sustained budgets with high consequence for performance

People

Gather people across the organization to leverage competence, share experience and distribute knowledge

Denmark Renewable Energy Head office Regions Sweden

Process

• Real-world technical problems drive cost-effective solutions
• Data richness enables better decisions
• Long timelines build capabilities that compound

Technology

Big projects turn prototypes into real platforms

– scale, rigor, and time convert innovation into standard, repeatable capability

Sotra Bridge – World's largest fully digital suspension bridge

Data-driven design and construction

Norconsult has designed the 900-metre Sotra Bridge entirely model-based, no traditional drawings

By automating workflows Norconsult achieved a 76 % reduction in design errors saving ~300 hours per month

This Norconsult project won the "Most Innovative Use of Autodesk Platform Services" category at the Autodesk Awards 2024

AI-driven generative design for infrastructure

From days to minutes

Norconsult is transforming early-phase infrastructure planning by leveraging Infraspace's AI-powered generative design platform

AI-powered design lets Norconsult explore thousands of route alternatives in minutes

Norconsult and Infraspace collaboration recognised as a leading example of AI-enabled infrastructure design

Large language models in practical use

Leveraging unique databases with AI

NORA is a proprietary AI platform built on Microsoft Azure's language model technology.

NORA runs within Norconsult's data platform, with access to a proprietary data from numerous architectural and engineering projects.

NORA is adapted to Norconsult's workflows, making it easy to use across the company.

Well positioned, delivering solid performance

Has a solid and established position in the Norwegian infrastructure market

Acts as a catalyst for innovation and digitalization in state-of-the-art projects

Through our expertise and capacity, we reinforce the rest of Norconsult

Norway Head Office

The heart of Norconsult

Business segment Norway Regions

Vegard Jacobsen

EVP

Norway Regions – At a glance

"Your local partner with a unique network"

Strong local presence creates distinct competitive edge through proximity to clients and projects

Unique ability to leverage group-wide expertise, competency and capacity in local projects

Accessing and retaining talents across the country, a clear recruitment edge and growth primer

~1800 employees as of Q3 2025

Key characteristics Net Revenue and adj. EBITA margin

Organisation

% of segment net revenue 2024

Strong in the local buildings market

29% % of group net revenue as of Q3 2025

Half of the revenue come from local building projects, both private and public investments

Gross revenue estimate by customer Gross revenue estimate by market1) 1) Selected public customers

Selected private customers

WACKER	E Aker Solutions	'Veidekke
NORCEIT HEIDELBERGCEMENTGroup	HENT	SKANSKA

Nittedal Eiendom KF will construct a new 24-hour care- and nursing home in Døli. The building, with associated common areas, a day center and a parking garage, will be ~6 000m² with a budget of 400 NOKm. The project will, with its innovative approach, provide a dignified quality of living.

Norconsult and Nordic Office of Architecture are delivering the preliminary design and zoning plan.

Project name: Døli pleie- og omsorgssenter

Customer: Nittedal municipality

Period: 2025 - ongoing

Coping with market head winds

Regions hit by reduced activity in the private buildings market

A large share of revenue from private buildings & architecture market hit hard by reduced building activities from second half of 2023

Organisational adjustments in parts of the organisation to improve billing ratio

Pro-active measures taken to increase sales, reduce costs and improve operations

Flexibility to move capacity across market segments

Focusing on new market possibilities

"Energy and industry" share of Norway Region net revenue Organisational flexibility

Following market headwinds in 2022, Norway Regions moved resources from a slow "buildings and architecture" market to more favourable markets, such as industry

Willingness in the organisation on the individual level to accept new challenges

A network of capable and operational managers able to match supply and demand across Norconsult

Standards in collaboration and work processes across the organisation including digital readiness

Defense investments will grow across the Nordics

NATO expansion drive investments across Scandinavia

Norconsult has been awarded multi-year framework agreements with both the Norwegian and Danish defense, in addition to projects for defense industry

Varied client base

• National defense agencies
• Defense industries
• NATO funds & agencies
• Investments in defense related infrastructure

Multi-year frame agreements

Framework sets scope, duration, price, and parties; individual "call-offs" create binding purchase obligations under predefined terms

Both single vendor and multi-vendor contracts are awarded. Often multi-year, may have ceilings for total contract value

Varying practices for call-offs (e.g. ranking, rotation, mini-competition)

Frame agreements are not included in the order backlog prior to call-offs

The military's nationwide presence is well matched with Norconsult's distributed office network

The military, with their dispersed geographical presence, will be an important local 'building' client, especially for Regions Norway

In addition to investments over the defense budget, we expect further investments in national defense industry, as well as infrastructure investments such as ports, rail, road and airports that have military applications

Forsvarsbygg entered Norconsult Norway's top-ten clients in 2025 and is now a key customer for Norway Regions through local outreach

Left: Number of ongoing projects with Forsvarsbygg per quarter 22-252)

Numbers do not include frame agreements, but includes call-offs

Norwegian military installations1)

Local presence as a competitive advantage

Embedded in local business communities

Leverage Norconsult expertise and capacity in local projects

Be an attractive local employer

Norway Regions

Local eyes, local ears and local hearts

Business segment Sweden

Fredrik Holmberg

CFO Norconsult Sweden

Sweden – At a glance

18% % of group net revenue as of Q3 2025

"Strengthening our position as a customer-oriented challenger"

A high-growth challenger, currently the 8 largest multidisciplinary consultancy in Sweden¹

Full multidisciplinary service offering across market areas and disciplines

Successfully strengthened position in energy and industrials sectors, two rapidly growing sectors in Sweden

~1600 employees as of Q3 2025, organized in ~40 offices

Key characteristics Net Revenue and adj. EBITA margin

Organisation

% of segment net revenue 2024

Strong footprint in infrastructure

Gross revenue estimate by customer Gross revenue estimate by market1) 1) Selected public customers

VATTENFALL	SVENSKA KRAFTNÅT	TRAFIKVERKET
SKANE	Göteborgs Stad	Region Gotland

Selected private customers

SKANSKA	BOLIDEN	@ fortum
Valmet >	SSAB	sydkraft

Mälarbanan is an important part of the railway network connecting Örebro, Västerås and Enköping with longdistance and regional train traffic to Stockholm. The capacity on the line needs to be expanded, and Norconsult has won the assignment to design the surrounding works on the Huvudstad-Spånga section.

Norconsult's assignment includes the design of the water management systems as well as the planning and design of traffic measures for cars, bicycle and pedestrians.

Project name: Mälarbanen Customer: Trafikverket Period: 2018 - ongoing

Growth tends to follow after a market decline

Market outlook: Sweden 2025-2027

Development of the Swedish market – ten-year perspective Buildings – set for a recovery back to historic levels

Construction – set for a continuing growth

Infrastructure growth driven by public investments

Public infrastructure require further improvements and upgrades towards 2030

Proposal: National Plan for Transport Infrastructure 2026–20371) Svenska kraftnät investment plan 2026-20282)

In September 2025, the Swedish Transport Administration (Trafikverket) submitted its proposal for the National Plan for Transport Infrastructure 2026–2037, totaling SEK 1 171bn, an increase of SEK 200bn compared to 2022-2033 Transport Infrastructure Plan.

New infrastructure projects, including railway and road investments, are expected to increase by about 20%.

In February 2025, Svenska kraftnät published its investment and financing plan for 2026-2028 totaling SEK 57bn.

This is a doubling of investment expenditures compared with today's level. Over the five-year period 2026–2030, total investment expenditures are estimated at approximately SEK 116bn.

A strong track record of organic growth

Ambition to further strengthen our position

Focus organic growth CAGR 12% organic growth last three years

Expanding service offering Multidisciplinary services across Sweden

Invest in people through culture Foster a culture driven organization

Strong organic growth

Increased focus on profitability

Efforts to improve margins

Balance growth and profitability Rebalancing areas of growth

Growth in attractive niches Senior recruitments a valuable tool

Improve efficiencies Organizational economies of scale

Growth influnces profitability

The Sigma Civil integration is progressing according to plan

All former Sigma Civil employees are now fully integrated into Norconsult Sweden

Actions to improve billing ratio, organization, and leadership in place

Streamlining of administrative functions progressing as planned

Cost synergies related to co-location starting to materialize. Five of five Sigma Civil offices now re-located

Ambition to become a top 5 player in Sweden

Full service multidisciplinary consultancy with a strong local presence across Sweden Norconsult Sweden

Strong track record of organic growth

Continued focus on sustainable growth and profitability

Strengthening our position through profitable growth

Business segment Renewable Energy

Håkon Bergsodden

EVP

Renewable Energy – At a glance

"Leading the energy transition"

A pioneer in renewable energy since 1929, with extensive experience and in-depth knowledge of the Nordic power systems

World-renowned expertise in hydropower and transmission systems. Competitive edge in solar and wind power

A leading position in Norway, a growing position throughout the Nordics, and a niche international player

~490 employees as of Q3 2025

Key function Net Revenue and adj. EBITA margin

Organisation

% of segment net revenue 2024

Close client relations developed over decades

Gross revenue estimate by customer Gross revenue estimate by market1) 1) Selected public customers

Statkraft	№ Hafslund	Glvia
Glitre Nett	Statnett	NVE

Selected private customers

drax	V=NTYR	Hydro
Anlegg Øst Entreprenar — PART OF A ELEDA —	equinor 🕊	BUKAKA

In August 2023, the extreme weather event "Storm Hans", caused severe flooding in Norway's largest river Glomma, where Braskereidfoss Power Station is located. The dam's floodgates were not opened when the water level rose, resulting in the dam being overflowed, the power stations being flooded, and the embankment dam partially bursting.

Norconsult assists Hafslund Kraft AS with the reconstruction of the embankment dam, as well as designing measures to reinforce the existing concrete dam and to improve the operational safety of the floodgates.

Project name: Reconstruction of the Dam

Braskereidfoss

Customer: Hafslund Kraft AS

Period: 2023 - ongoing

Hydro power plant design continues to evolve with advancing technology

As tools and technologies matures, design processes become more efficient, innovative and refined

The Cruachan power plant in Scotland, owned by Drax, consist of 4 reversible pump-turbine units with a combined capacity of 440MW. The power plant plays a crucial role in stabilizing the grid in Scotland.

Currently, units 3 and 4 are scheduled for an upgrade from 100MW to 120MW, and Norconsult has been appointed as the Owners Engineer to assist Drax in ensuring the quality of the technical solutions.

Project name: Cruachan 1 – Unit #3 and #4

upgrade

Customer: DRAX Group Period: 2023 - ongoing

Growing demand for more power in the Nordic energy system continue

The Nordic power system, with world leading renewable share, needs to increase energy production.

Hydropower will increasingly focus on effect to supplemented other production technologies

Power transmission systems is the bottleneck for increased production and consumption, across the Nordics

~ 3 800

Hydropower plants in Norway and Sweden¹⁾

~ 87

NOKbn

Investments in hydro power est 2025-2030²⁾

~ 300

2024 energy production Norway and Sweden^1,2) ]

~ 56U

2050 energy need Norway and Sweden^1,2)

~ 30 000

High voltage cables in Norway and Sweden¹⁾

~ 107

NOKbn

Statnett's and Svenska Kraftnät's est investments in power grid 2026-2028¹⁾

Strong Nordic base with world-renowned technical expertise

Capitalizing on in-depth knowledge and experience in the Nordic power system

Continue to leverage Nordic experience and expertise in international projects

Solid foundation for further growth

Renewable energy

Leverage our Nordic heritage to strengthen our position

Project showcase: The new government head quarter

Fredrik Haukeland

Associate Partner, Nordic Office of Architecture

Nordic Office of Architecture

A hollistic approach

Nordic's goal is to create outstanding architecture

Founded on Collaboration

• Inspired by Nature
• Striving for Simplicity
• Enhanced by Diversity

Designing The New Government head quarter

Planning and design competition 2017

• 7 teams, 59 firms of which 20 architectural firms
• Our concept "Adapt" won

Designing The New Governement head quarter

Varig - Durable

Verdig - Worthy

Vakkert - Beautiful

Vennlig - Friendly

Three construction stages

Phase 1: 2021-2025: Høyblokken, D-block, A-block, Basement 1

Phase 2: 2025-2028. C and G block. Kjeller 2, Government Park West

Phase 3: 2027-2031: E and B block. Government Park East

A decision-making machine

• A dignified physical manifestation of Norwegian democracy.
• Good and easily accessible urban spaces that will invite people to stay and be active for the city's people and the ministry community.
• There will be good workplaces that invite interaction in the ministry community.
• It will be architecture that will remain as some of the best from our era.

M&A strategy and financial targets

Dag Fladby

CFO

Continued strong financial performance

Strong growth over a decade with 10% net revenue CAGR Consistent adj. EBITA margin of ~10%2)

Successful M&A is a core part of Norconsult's business model

Strong M&A track record

Number of acquisitions | 2014- Q3 2025 Selected acquisitions from 2023 - Q3 2025

Norwegian engineering consultancy, strong in Norwegian infrastructure	Category: FTEs:	Civ. Eng. 221
Danish engineering consultancy in Jutland, focused on buildings and property	Category: FTEs:	Civ. Eng. 50
Swedish engineering consultancy specialized in infrastructure, environment, and project management	Category: FTEs:	Civ. Eng. 115

Continue Pan-Nordic M&A execution

Solid growth potential outside Norway

Strengthen No. 1 position in Norway

Focus on bolt-on's that complement competence and capacity.

Strengthen position as a customer-oriented challenger

Grow in the geographical areas around the largest cities. Seek expansion within energy, infrastructure and industry

From a strong niche player to a national leader

Enhance geographical reach and diversify business portfolio

Build a platform for further growth

Build a solid platform for growth in Finland

Main markets M&A strategies for growth

Strong cash conversion

Cash conversion influenced by seasonality

Strong cashflow from operations to support investments and dividends

Continuously focus to improve cashflow

Cash conversion ratio1)

Solid balance sheet – still conservative leverage

Increased leverage in line with strategy. Still room for more leverage

Strong cashflow gives flexibility on amortization profile of external loans

Leverage excl. IFRS 16 liabilities1)

Net debt position excl. IFRS 16 liabilities1)

Leveraging technology to improve efficiency

Norconsult Norway needs to upgrade its onprem ERP systems to a cloud-based solution

Planning, scoping and evaluation is ongoing, decision expected to be made end of Q4

Risk-based gradual rollout expected Q4 2026

Financial targets going forward

Adjusted leverage target to exclude IFRS 16

Growth

• Growth slightly above market
• Organic growth (2/3)
• Selective M&As (1/3)

Financial targets

• Adjusted EBITA margin of 10%
• Net debt/adjusted EBITDA LTM excluding IFRS 16 leasing commitments less than 2.0
• Dividend distribution more than 50% of net income

Ambition

A top 3 player in the Nordics

Closing remarks

Egil Hogna

CEO

A Nordic design and engineering leader with a consistent track record of profitable growth

• 1 A core of strong design and engineering competence utilized across numerous and resilient end-markets
• Growth supported by increased urbanization, increased quality demands, sustainability/climate adaptation and digital tools 2
• The market leader in Norway and a Nordic challenger driving consolidation 3
• A top-rated employer attracting, developing and retaining the best and most committed people 4
• Competitive edge from full-service offering combining network expertise and local foothold 5
• Attractive and robust economic model primarily based on time and material contracts 6
• Long track record with strong growth, stable margins and solid cash conversion 7
• Strong employee ownership aligns employees with shareholders 8

Every day we improve everyday life