First quarter 2024 results

Grethe Bergly, CEO | Ove B. Haupberg, CFO

8 May 2024

The Hurtigruten Museum, Stokmarknes Photo: Kolbjørn Hoseth Larssen

Introduction and highlights

GRETHE BERGLY | CEO

multiconsult-ir.com

This report includes forward-looking statements, which are based on our current expectations and projections about future events. 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, including our plans for future costs savings and synergies may be deemed to be forward-looking statements. Words such as "believe," "expect," "anticipate," "may," "assume," "plan," "intend," "will," "should," "estimate," "risk" and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. 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. Forward-looking statements are not guarantees of future performance. You should 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.

In the first quarter 2023 an order intake, of NOK 1 070 million was for the new Rikshospitalet and Aker hospital

Campus Kvadraturen, Oslo Ill: A-lab

IMPROVED PERFORMANCE

Increased net operating revenues and strong organic growth
Good result with overall good operational performance
High activity with improved billing ratio
Stabile demand for our services
Good sales and a high order backlog

Longyearbyen folk high school Photo: Martin Nerhus Øen - Hæhre Arctic AS

LARGE SALES & NEW CONTRACTS

Nordbykollen waste water treatment plant
Andfjord Salmon
Hvalheim Housing and service centre
Myrdal rail station
Pharma and Life Science project, Denmark
Helix Forensic Psychiatric Clinic, Sweden

ONGOING PROJECTS ORDER BACKLOG

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

ORDER INTAKE MARKET 1Q 2024

Order intake in the quarter amounted to NOK 1 847 million
High and diversified order backlog
Substantial volume of ongoing projects
Short-term pipeline of upcoming projects remains robust
Two major announcements NTP and EPBD during the quarter

PEOPLE & ORGANISATION

3 772 employees, increase of 10.2% y-o-y
Full-time equivalents (FTE) increased by 9.9%, to 3 550 (3 230)
A total of 2 720 MULTI shares were transferred to new employees during the quarter

PEOPLE ORGANISATION

André Teigen has been appointed as new director of business unit West in Multiconsult Norway
NOK 100 000 donation to Engineers Without Borders and their initiative "Ingeniørdugnaden" for the people at Gaza
Ongoing integration of Helm and VA-Resurs

EXCELLENCE

Multiconsult Polska awarded "Technical Advisor of the Year" in Poland
Link Arkitektur on the list among the world's top architecture companies (ranked 44th – Archello)
Isfjord Radio, Svalbard, awarded the Solar Energy Award 2024
Stortorvet 7, Oslo, awarded the "Building of the year 2023"

Financial review

OVE B. HAUPBERG | CFO

multiconsult-ir.com

FINANCIAL HIGHLIGHTS | 1Q 2024

Net operating revenues increased to NOK 1 366.9 million (1 310.2), a y-o-y growth of 4.3%
Organic revenue growth of 9.8% y-o-y
EBITA of NOK 136.8 million (216.3), equal to an EBITA margin of 10.0% (16.5)
Impact of six fewer working days compared to same period last year
- Underlying EBITA (adjusted for calendar effect) of 250.5 million (216.3), equal to a margin of 16.9% (16.5)
Strong order intake of NOK 1 847 million
Solid order backlog of NOK 5 086 million
Improved billing ratio of 73.5%

Consolidated key figures NOK million	1Q 2024	1Q 2023	Change	FY 2023
Net operating revenues	1 366.9	1 310.2 4.3%		4 802.5
EBITA	136.8	216.3	(36.8%)	419.5
EBITA margin %	10.0%	16.5%	(6.5pp)	8.7%
EBITA adj.	136.8	216.3	(36.8%)	446.2
EBITA adj. margin %	10.0%	16.5%	(6.5pp)	9.3%
Order intake	1 847	2 573	(28.2%)	6 926
Order backlog	5 086	4 654	9.3%	4 883
Billing ratio	73.5%	71.0%	2.5pp	70.8%
Number of employees	3 772	3 423	10.2%	3 749
Full-time equivalents (FTE)	3 550	3 230	9.9%	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 oneoffs 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.

	REGION OSLO		REGION NORWAY		ARCHITECTURE		INTERNATIONAL
	• decreased by 0.9% • EBITA margin 12.3% •	Net operating revenues Billing ratio up to 73.6%	Net operating revenues • increased by 0.4% • EBITA margin 11.9% • Billing ratio up to 72.8%		Net operating revenues • increased by 14.2% • EBITA margin 2.6% • Billing ratio up to 72.7%		Net operating revenues • increased by 31.0% • EBITA margin 5.4% • Improved billing ratio
Amounts in NOK million (except percentage)	1Q 2024	1Q 2023	1Q 2024	1Q 2023	1Q 2024	1Q 2023	1Q 2024	1Q 2023
Net operating revenues	510.1	514.9	559.0	556.7	194.3	170.2	96.0	73.3
EBITA	62.9	98.1	66.4	93.0	5.1	22.8	5.2	4.6
EBITA margin %	12.3%	19.1%	11.9%	16.7%	2.6%	13.4%	5.4%	6.3%
Billing ratio %	73.6%	73.2%	72.8%	71.6%	72.7%	70.8%	79.6%	66.8%

Shaded areas show IFRS 16 (non-cash) effects on Cash Flow (CF) from opeations and financing

Cash Flow from operations
- NOK 152 million (252)
Change in working capital
- 1Q NOK 180 million (278)
Cash effect acquisition NOK 33 million
Net interest-bearing debt
- NIBD NOK 298 million
- Gearing ratio 0.87 (NIBD excl. IFRS16, restricted cash/EBITDA)
- Strong financial position

NIBD excl. IFRS 16 liabilities

Business areas and closing remarks

GRETHE BERGLY | CEO

multiconsult-ir.com

MARKET TRENDS

| Transformation and urban development

Lilleakerbyen Illustration: A-lab

Transformation and urban development

THE OFFICE OF THE FUTURE AS AN INTEGRATED PART OF THE SUSTAINABLE CITY

VALUE CREATION IN THE BLUE-GREEN SECTOR

From this To this

Illustration: A-lab

TROMSØ HARBOUR

Strategic plan for the development of the southern part of the Breivika harbour area in Tromsø is being prepared.

The objective is to identify the development potential for the entire area of Breivika south, as well as to facilitate the modernisation of quay facilities for sustainable port operations.

The project also includes overall consultancy related to subsequent planning work.

Tromsø Harbour Photo: Tromsø Havn

Overall market outlook remains stable
Still variations across geographical and business areas
Pipeline of upcoming projects remains robust
Scandinavian architecture market remains challenging with some positive signs
Growth expected in defence, rehabilitation and transformation
Well-positioned for priorities outlined in the Norwegian National Transport Plan 2025-2036
High volume of ongoing projects, a diverse portfolio, and a high order backlog
Good sales year-to-date 2024

Ground investigations Sotra Link Photo: Multiconsult

FINANCIAL YEAR 2024

2Q and 1H - 2024 results	21 Aug 2024
3Q - 2024 results	06 Nov 2024

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

APPENDIX

Torbjørn Bratts veg, Trondheim Illustration: A-lab

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