Multiconsult

Earnings Release • Jan 14, 2026

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	Key figures - Norway
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Amounts in TNOK	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Net operating revenues	1 076 418	1 109 410	905 423	1 128 096	1 195 487	1 098 463	942 149
Operating expenses	902 319	886 206	755 407	992 058	978 305	982 467	830 550
EBITDA	174 098	223 204	150 016	136 038	217 182	115 996	111 599
Depreciation & impairments	44 781	45 857	45 977	46 901	47 079	47 992	47 893
EBITA	129 317	177 347	104 039	89 137	170 104	68 004	63 706
EBITA %	12.0 %	16.0 %	11.5 %	7.9 %	14.2 %	6.2 %	6.8 %
Billing ratio	73.2 %	73.8 %	70.8 %	72.0 %	71.6 %	72.6 %	69.3 %
Full-time equivalents (FTE)	2 529	2 540	2 542	2 615	2 626	2 686	2 706

Key figures - Architecture

Amounts in TNOK	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Net operating revenues	194 280	212 510	149 746	200 909	217 356	206 447	163 351
Operating expenses	180 631	184 712	143 019	190 323	187 386	192 120	154 391
EBITDA	13 648	27 798	6 727	10 586	29 969	14 327	8 960
Depreciation & impairments	8 585	8 734	8 761	8 701	8 851	8 934	8 904
EBITA	5 064	19 064	-2 034	1 885	21 118	5 393	56
EBITA %	2.6 %	9.0 %	-1.4 %	0.9 %	9.7 %	2.6 %	0.0 %
Billing ratio	72.7 %	72.2 %	69.6 %	72.6 %	71.8 %	72.2 %	70.2 %
Full-time equivalents (FTE)	542	527	472	520	525	549	502

Key figures - International

Amounts in TNOK	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Net operating revenues	96 043	102 740	93 144	114 082	110 016	110 542	95 157
Operating expenses	85 704	97 887	82 885	94 557	98 002	98 152	87 994
EBITDA	10 339	4 852	10 259	19 524	12 014	12 390	7 164
Depreciation & impairments	5 142	5 229	5 491	5 426	5 455	5 503	5 497
EBITA	5 197	-377	4 768	14 098	6 559	6 887	1 666
EBITA %	5.4 %	-0.4 %	5.1 %	12.4 %	6.0 %	6.2 %	1.8 %
Billing ratio	79.6 %	79.2 %	77.1 %	78.4 %	78.9 %	78.9 %	77.6 %
Full-time equivalents (FTE)	457	442	505	481	446	503	513

Key figures - Group Services

Amounts in TNOK	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Net operating revenues	31 403	23 832	28 875	31 726	30 402	29 846	32 432
Operating expenses	33 396	33 758	32 105	38 226	37 110	41 967	35 015
EBITDA	-1 993	-9 926	-3 230	-6 500	-6 707	-12 121	-2 584
Depreciation & impairments	796	447	628	630	716	718	727
EBITA	-2 789	-10 373	-3 859	-7 130	-7 423	-12 839	-3 310
Full-time equivalents (FTE)	23	21	21	22	23	25	25

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Key figures - Norway

Amounts in TNOK		H1 2024 YTD Q3 2024	FY 2024		H1 2025 YTD Q3 2025
Net operating revenues	2 185 828	3 091 251	4 219 346	2 293 950	3 236 099
Operating expenses	1 788 526	2 543 932	3 535 990	1 960 772	2 791 322
EBITDA	397 302	547 318	683 357	333 178	444 777
Depreciation & impairments	90 639	136 616	183 517	95 071	142 963
EBITA	306 664	410 703	499 840	238 108	301 814
EBITA %	14.0 %	13.3 %	11.8 %	10.4 %	9.3 %
Billing ratio	73.5 %	72.7 %	72.5 %	72.1 %	71.3 %
Full-time equivalents (FTE)	2 535	2 537	2 557	2 654	2 669

Key figures - Architecture

Amounts in TNOK		H1 2024 YTD Q3 2024	FY 2024		H1 2025 YTD Q3 2025
Net operating revenues	406 790	556 536	757 444	423 803	587 153
Operating expenses	365 343	508 363	698 686	379 506	533 897
EBITDA	41 446	48 173	58 759	44 296	53 256
Depreciation & impairments	17 319	26 080	34 781	17 785	26 689
EBITA	24 127	22 093	23 978	26 511	26 567
EBITA %	5.9 %	4.0 %	3.2 %	6.3 %	4.5 %
Billing ratio	72.4 %	71.7 %	71.9 %	72.0 %	71.5 %
Full-time equivalents (FTE)	534	516	517	536	526

Key figures - International

Amounts in TNOK		H1 2024 YTD Q3 2024	FY 2024		H1 2025 YTD Q3 2025
Net operating revenues	198 782	291 927	406 008	220 558	315 716
Operating expenses	183 592	266 477	361 034	196 154	284 147
EBITDA	15 191	25 450	44 974	24 405	31 568
Depreciation & impairments	10 372	15 862	21 289	10 959	16 456
EBITA	4 819	9 587	23 686	13 446	15 112
EBITA %	2.4 %	3.3 %	5.8 %	6.1 %	4.8 %
Billing ratio	79.4 %	78.7 %	78.6 %	78.9 %	78.5 %
Full-time equivalents (FTE)	450	466	470	472	484

Key figures - Group Services

Amounts in TNOK		H1 2024 YTD Q3 2024	FY 2024		H1 2025 YTD Q3 2025
Net operating revenues	55 235	84 110	115 836	60 249	92 680
Operating expenses	67 154	99 259	137 485	79 077	114 092
EBITDA	-11 919	-15 149	-21 650	-18 828	-21 412
Depreciation & impairments	1 243	1 871	2 501	1 434	2 161
EBITA	-13 162	-17 020	-24 151	-20 262	-23 573
Full-time equivalents (FTE)	22	21	22	24	24