Multiconsult

Earnings Release • May 4, 2022

Multiconsult first quarter 2022 - All-time high results

Multiconsult first quarter 2022 - All-time high results

Multiconsult ASA (OSE: MULTI)

Multiconsult's first quarter 2022 EBITA came in at NOK 169.2 million, which is

an all-time high result. The EBITA margin was 14.9 per cent. Net operating

revenues increased 16.2 per cent y-o-y to NOK 1 138.1 million, mainly caused by

M&A and higher number of working days.  The solid result is mainly driven by

strong performance in the segments Region Oslo and Region Norway, improvements

in Energy, an improved billing ratio and higher number of working days. The

order intake was also strong in the quarter at NOK 1 467 million, reflecting

Multiconsult's solid market position, which gives an order backlog of NOK 3 521

million at the end of the quarter.

Multiconsult holds a good portfolio of ongoing projects and has a solid order

backlog. The overall market outlook for Multiconsult's services is expected to

remain good and stable with a solid activity level both in the public and

private sector. Multiconsult expects to benefit from the growing market within

sustainable solutions connected with the green shift. At the same time,

Multiconsult is also exposed to the general uncertainty caused by a more

unstable macro-environment.

"I am pleased to see that Multiconsult started the year with a strong quarter

both in terms of results, growth and order intake. We experienced solid demand

for our services with strong order intake during the quarter. We are winning

important projects that gives us the opportunity to deliver leading innovative

and sustainable solutions, supporting our customers in the green shift.

Multiconsult holds a solid and diversified order backlog and going forward we

will focus on profitable growth and to deliver in accordance with our strategic

ambitions,"  says Grethe Bergly, CEO of Multiconsult ASA.

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First quarter 2022

Net operating revenues came in at NOK 1 138.1 million, an increase of 16.2 per

cent compared to the same quarter last year. The increase in net operating

revenues reflects higher production due to the acquisition of Erichsen & Horgen

group, other small M&A activities, and a higher number of working days. Compared

to the same period last year the organic growth in net operating revenues is

estimated to 1.6 per cent after adjusting for the calendar effect and

acquisitions. The billing ratio increased to 71.4 per cent, up 0.3pp and

contributed positively to growth in net operating revenues. Higher average

billing rates also had a positive effect on net operating revenue when comparing

to the same quarter last year.

Operating expenses increased by 10.3 per cent to NOK 918.0 million. The increase

is mainly attributable to higher employee benefit expenses caused by increased

headcount from acquisitions, in addition to ordinary salary adjustment. Other

operating expenses increased due to higher headcount and increased general

expenditures when compared to the same quarter last year, which was partly

influenced by Covid-19 pandemic.

EBITDA was NOK 220.0 million, up from NOK 146.6 million, an increase of 50.1 per

cent compared to the same period last year, reflecting an EBITDA margin of 19.3

per cent in the quarter compared to 15.0 per cent last year.

EBITA was NOK 169.2 million, up from NOK 98.5 million, reflecting an EBITA

margin of 14.9 per cent in the quarter compared 10.1 per cent in the same period

last year. The strong improvement in EBITDA and EBITA is partly influenced by

four more working days in the first quarter 2022, compared with the same quarter

last year.

In order to position Multiconsult even better towards renewables and

opportunities triggered by the green shift, Energy & Industry is established as

a new business area. As per 2022 Multiconsult group consist of four different

business areas: Buildings & Properties, Mobility & Transportation, Water &

Environment and Energy & Industry.

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

across all four business areas. The opportunities in the pipeline are at a good

level. Multiconsult is expected to benefit from the growing market for

sustainable solutions within such areas as wind power, solar power, facilities

related to hydrogen, batteries and CCS (carbon capture and storage) - all in

connection to the green shift. Increased demand from the industry sector related

to the energy transformation, clean energy, and sustainable projects is expected

to generate opportunities for Multiconsult going forward.  In the building and

properties market the long-term trend with industry transformation and

rehabilitation is expected to increase, and with new projects in other sectors

such as the hospital sector, the market outlook remains stable. The renewable

energy market is foreseen to increase due to the rise of energy demand and

increasing energy costs. The international renewable energy market has

experienced delays due to the pandemic, but projects are currently starting up

with a good pipeline. The maintenance lag in water- and wastewater

infrastructure is significant, which together with a growing market for climate

change adaptations, still suggests a good outlook in this area.

There is a higher than normal risk of delays in certain projects, mainly caused

by increased cost in the building- and construction sector. Furthermore, a more

unstable macro environment, including increases in material costs, interest

rates, inflation, as well as the potential impact of the Ukrainian conflict, may

however cause delays and/or cancellations in our markets.

The recent acquisitions, 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 our report, please refer to our first quarter 2022 report.

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Presentations today 4 May 2022:

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

at Felix Conference Centre, Bryggetorget 3, Oslo, at 08:30 (CET). The results

will also be presented through a live webcast: In Norwegian at 08:30 (CET) and

in English presentation at 09:30 (CET). Participants will have the opportunity

to submit questions online throughout the webcast sessions.

The Norwegian presentation at 08:30 (CET) can be accessed at:

https://channel.royalcast.com/landingpage/hegnarmedia/20220504_7/

The English presentation at 09:30 (CET) can be accessed at:

https://channel.royalcast.com/landingpage/hegnarmedia/20220504_8/

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

be available on www.multiconsult-ir.com and

https://newsweb.oslobors.no/ (https://www.newsweb.oslobors.no/)

For further information, please contact:

Investor relations:

Hans-Jørgen Wibstad, CFO

Phone: +47 916 89 661

E-mail: hans-jorgen.wibstad@multiconsult.no

Media:

Gaute Christensen, VP Communications

Phone: +47 911 70 188

E-mail: gaute.christensen@multiconsult.no