Multiconsult — Investor Presentation 2021

Nov 3, 2021

«Had I been in Possession of the as yet undiscovered little Remote telephone which one carries around in one`s Pocket You would have long ago recieved Communications from me»

Edvard Munch, 1913

Photo | Einar Aslaksen

DISCLAIMER

This presentation 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 presentation, 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 forwardlooking 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 presentation.

Registration 08:15 - 08:30

• Q3 2021 Presentation | Grethe Bergly, CEO & Hans-Jørgen Wibstad, CFO 08:30 - 09:00
• Break 09:00 - 09:15
• This is Multiconsult | Grethe Bergly, CEO 09:15 - 09:30
• Market | Hans-Jørgen Wibstad, CFO 09:30 – 09:45
• Strategic ambitions | Grethe Bergly, CEO 09:45 - 10:20
• Sustainability in Multiconsult | Heikki Holmås, CEO 10:20 - 10:50

The energy transition | Bjørn Thorud, PhD, section solar, smart grid and storage

• Financial targets | Hans-Jørgen Wibstad, CFO 10:50 - 11:05
• Final words / Q&A | Grethe Bergly, CEO & Hans-Jørgen Wibstad, CFO 11:05 - 11:15
• Lunch 11:15 - 11:45
• 11:45 12:15 Guided tour at MUNCH

NET OPERATING REVENUES | YTD

3Q 2021 vs 3Q 2020

EBIT | YTD

3Q 2021 vs 3Q 2020

9.5%

(-1.2pp)

MNOK 2 735 (+1.5%)

ORDER INTAKE | YTD 3Q 2021 vs 3Q 2020

ORDER BACKLOG | YTD 3Q 2021 vs 3Q 2020

MNOK 3 210 (- 1.6%)

MNOK 3 345 (+ 10.0%)

SHARE PRICE

2 Nov 2021 vs 2 Nov 2020

NOK 180.0 (+ 85.6%)

VALUE CREATORS 3 183 (+8.2%)

Photo | Kolbjørn Hoseth Larssen

#1 Buildings & Properties

MAKING HISTORY

By CEO GRETHE BERGLY

>10 000 PROJECTS FOR MORE THAN 4 500 CLIENTS PER YEAR

EXPORT OF EXPERTISE INTERNATIONALLY

EMPOWERED BY THE MULTICONSULT GROUP

The Harpe Bridge | Photo : Hundven-Clements Photography

DEICHMAN BJØRVIKA

Client | Kultur- og idrettsbygg Oslo KF Place | Oslo, Norway Gross area | 19 600 m2 Awards | Building of the year 2021 | Public Library of the Year 2021 (int.) | Excellence In Concrete Construction Awards 2021

THE HURTIGRUTEN MUSEUM

Place | Stokmarknes, Norway Gross area | 3 600 m2 Environmental aspect | TEK10

Client | Hadsel Municipality Awards | The European Steel Design Award 2021

STILL TO BE EMPOWERED

THE SOTRA LINK

Client | Sotra Link

Place | Sotra, Norway Gross area | 9.4 km 4-lane road, 24 km 2-lane road | 22 bridges, 19 culverts, 23 tunnels | 8.8 km of cycle path, 6 km GS road

CONSTRUCTION CITY

Client Place | Oslo, Norway Gross area Environmental aspect | BREEAM excellent

| Construction City Eiendom | 90 000 m 2

EMPOWERING SUSTAINABILITY

RIGSHOSPITALET NORDFLØJEN

Client | Capital Region, Copenhagen Place | Copenhagen, Denmark Gross area | 90 000 m2 Awards | The WAF Award Best Future Hospital | The European Healthcare Design Award

ZEB LABORATORY

Client | Sintef / NTNU Place | Trondheim, Norway Gross area | 1 700 m2

Environmental aspect | Zero-emission Building, Plus house Awards | Nominated - Statens Byggeskikkpris

Flood Protection Røyslimoen

Environmental aspect | Climate Adaptation

Client | Lillehammer municipality Place | Lillehammer, Norway

HYWIND TAMPEN

Client Place Gross area Environmental aspect | Kværner/Equinor | The North Sea, Norway | 11 floating wind turbines | Electrification | 200 000 ton early reduced CO ² emission

NORTHERN LIGHTS

Client Place | Øygarden, Norway Gross area Environmental aspect

| Equinor | CO ² onshore terminal | CO ² capture and storage

TORVBRÅTEN PRIMARY SCHOOL

Place | Asker, Norway Gross area | 6 700 m2 Environmental aspect | Passive house

Client | Asker Municipality Awards | School Building of the Year 2021

WINNING PHILOSOPHY

By CEO GRETHE BERGLY

ENSURE SOLID PROFITABILITY AND DEVELOPMENT FOR THE FUTURE

multiconsult.no

Our vision |

BRIDGING THE PAST AND THE FUTURE

Fjord Crossing | Illustration : The Norwegian Public Roads Administration

Our social responsibility |

We will create value to society, enable progress and contribute to sustainable development

• for both present and future generations

Our business idea |

We will make it easier to develop and realise value-creating projects with a life-cycle perspective

Our culture of empowerment |

A united team moving towards a common goal will ensure that both our and future generations can continue to do what we are best at: To make the impossible possible

Our culture of empowerment |

Enabling employees to succeed

MARKET & SALES

By CFO HANS-JØRGEN WIBSTAD

SALES AT 3 210 MNOK | -2 % year-on-year

SALES GROUP | MNOK 3.210 Q3 2020 Q3 2021 2020 YTD 2021 YTD 919 749 3.261 -2% -18%

BACKLOG AT 3 345 MNOK | +10 % year-on-year

Q4 2020 2.724 Q2 2020 3.004 Q3 2019 Q1 2020 3.099 Q2 2019 3.327 Q1 2019 Q4 2019 Q3 2020 Q1 2021 Q2 2021 Q3 2021 3.512 2.864 2.732 2.967 3.040 3.579 3.345 +10% -5%

BACKLOG GROUP | MNOK

BACKLOG PER REGION | MNOK

Note: Figures from 2019 have been restated to reflect current organization

Our key clients and relationships

GOOD MARKET OUTLOOK

The State Budget 2022	• Good activity levels to continue within most sectors, highest investment increase within infrastructure • Public spending still on a high level – financing of Statsbygg projects, Norwegian Public Road Administration projects and Nye Veier portfolio remain solid • Gradual shift towards focus on green projects
National Transport Plan	• The National Transport plan 2022-2033 with moderately increased annual investments expected NTP signals increased focus on adoption of new technology, climate changes and environment •
POST COVID - 19	Activity gradually increasing in 2022 and 2023 • • Municipal investment expected to be stable at a good level • Continued competition from international players

BUSINESS AREAS REWORKED

multiconsult.no

BUSINESS AREAS

Stable market outlook for Buildings & Properties, shift towards transformation and modernisation

Public sector investment continues to drive a stable outlook for Mobility & Transportation

SALES YTD	BACKLOG	MARKET OUTLOOK	COMMENTS
+15%		Long Short term term	• Stable pipeline of large opportunities, timing of tenders somewhat unpredictable
1.025 891	1.191 738 T		• Several early-stage planning projects expected to be announced by the road authorities
			• EPC pipeline for the coming years remains solid, although Intercity projects will be negatively affected due to budget overrun
Q3 2020	Q3 2021

Positive outlook for the Industry market with growing opportunities

SALES YTD	BACKLOG	MARKET OUTLOOK	COMMENTS
+37% 403 294		Long Short term term	• Growing opportunities within battery and non fossil fuels production facilities
	247 245		• Market opportunities driven by the green shift and electrifying facilities to reduce CO2 emissions
			• Availability of electrical power to affect market growth pace
Q3 2020	Q3 2021

Increased focus on climate change drives positive outlook for Water & Environment

SALES YTD	BACKLOG MARKET OUTLOOK		COMMENTS
+3%		Long Short term term	• Norsk Vann and RIF expect approximately 30% market increase next years
324 315	344 317		• Demand for services within climate risk and climate adaption expected to grow
			• High demand within wastewater and water treatment plants expected
Q3 2020	Q3 2021

Positive outlook expected within Renewable Energy driven by growing focus on renewable energy solutions

STRATEGIC AMBITIONS

By CEO GRETHE BERGLY

Value creation is maximised when all players are jointly able to deliver comprehensive solutions with a life-cycle perspective

multiconsult.no

multiconsult.no

STRATEGIC POSITION

STRATEGIC POSITION

STRATEGIC POSITION

We enable value-creating projects - when the customer succeeds, we succeed

We shape the industry as an integrating player

Preferred partner towards the green shift

We create an environment where competence is nurtured and thrives

We challenge tradition and recognise opportunities to innovate new business

STRATEGIC POSITION

Multiconsult will make it easier to develop and realise value-creating projects with a life-cycle perspective

We seek complimentary and binding partnerships with the most competent and reputable players. Together, we create opportunities, solve challenges and remove barriers, in order to realise value-creating projects with a life-cycle perspective

We enable successful projects!

STRATEGIC PRIORITIES

We shall become the industry's «solutions architect»

We shall forge powerful partnerships

We shall establish an «innovation-incubator» to accelerate new business

We shall grasp market opportunities unleashed by society's transition towards sustainable energy solutions

We shall strive to leverage the opportunities presented by digitalisation in our industry

Example: We shall establish an «innovation-incubator» to accelerate new business

Alinea| TYPES OF INNOVATION AND ORGANISATIONAL AFFILIATION

INNOVATION:

• Effective innovation
  • to get better at what we already do
• Sustainable innovation
  • to make existing business models more relevant and viable
• Transformative innovation
  • to create the business models of the future

Example:

We shall grasp market opportunities unleashed by society's transition towards sustainable energy solutions

NEW BATTERY FACTORY

• Equinor and Hydro are considering building a large battery factory in Norway
• Use Norwegian renewable energy to start sustainable production of batteries for electric cars

Client | Hydro / Equinor Place | Norway Gross area | ~ 200 000 m2 , 1 000 acres of land, 2 000 jobs Environmental aspect | Sustainable production of batteries for electric cars

Example:

We shall strive to leverage the opportunities presented by digitalization in our industry

PARTNERSHIPS

PRIMARY FOCUS:

How technologies related to automation, data management and future forms of interaction will shape the industry

RELATION:

Collaboration agreement with international technology company

PRIMARY FOCUS:

First Multiconsult financial investment in startup sector

Collaboration towards operational excellency and product development

RELATION:

Collaboration agreement with international technology company

Market collaboration PRIMARY FOCUS:

RELATION:

Development of smart buildings, cities and societies

multiconsult.no

MARKET STRATEGIES

WITHIN TODAY'S CORE BUSINESS WITHIN «NEW BUSINESS»

MARKET STRATEGIES

LEVERAGE ON CORE BUSINESS

• focused and systematic efforts to strengthen and differentiate our competence and services to maintain a strong market positions and exploit new growth opportunities

MARKET STRATEGIES

ARCHITECTURE | THIS IS

VISION to create spaces for better living

• LINK Arkitektur is a leading Scandinavian architectural business with 500 employees located in 15 cities in Denmark, Norway and Sweden.
• LINK Arkitektur is among the world's 50 largest architecture firms, ranked by the number of architects employed.
• Disciplines include architecture, interior design, landscaping and planning. The diverse expertise covers all areas of architecture; from planning extensive urban developments to product design.

ARCHITECTURE |

STRATEGIC TASK

We will make it easier to develop and realise architectural projects in a seamless value chain for property developers and project owners

AMBISION AND FOCUS

Become the natural, first point of contact for property developer and project owner

THE ARCHITECTURAL PROCESS |

- A seamless value chain from A to Z must ensure a holistic perspective

PRIORITY MARKET SEGMENTS

Value creation is maximized when all actors are jointly able to deliver comprehensive solutions with a life-cycle perspective.

By collaborating with the most competent players, we will jointly ensure a seamless project implementation and an interconnected value chain.

multiconsult.no

By taking a new market position, we seek to increase our value creation for society, clients, project owners and Multiconsult.

It is through our participation in projects that we create value.

MOVING THE GREEN SHIFT

By CSO HEIKKI EIDSVOLL HOLMÅS

multiconsult.no

WHY SUSTAINABILITY…

...Right …Have to …Profitable

BOTH THE MARKET, REGULATORS AND OUR EMPLOYEES DEMAND THAT WE INCREASE OUR DELIVERANCE OF SUSTAINABLE SOLUTIONS

BOTH THE MARKET, REGULATORS AND OUR EMPLOYEES DEMAND THAT WE INCREASE OUR DELIVERANCE OF SUSTAINABLE SOLUTIONS

BOTH THE MARKET, REGULATORS AND OUR EMPLOYEES DEMAND THAT WE INCREASE OUR DELIVERANCE OF SUSTAINABLE SOLUTIONS

SUSTAINABILITY AS A MEGATREND

DIGITALISATION

Scandinavia is one of the leading markets for digitalisation of the building and construction industry.

CHANGES URBAN LIFE

In 2015, 54% of the world's population lived in cities. By 2050, 66% of the population is expected to live in cities, ie. over 6.2 billion people.

SUSTAINABILITY

Collaboration for forwardlooking solutions for the benefit of people, the globe and the customer.

VALUE CHAIN DYNAMICS

The Government will ask underlying businesses to develop new contract forms where the contractors will be more involved in designing solutions.

Our vision |

«Bridging the past and the future »

Multiconsult shall act as a bridge between what has been and what will be wherever humans travel, work and live.

By understanding the past, we can make progress, and we will promote sustainable development wherever we are given the opportunity to leave our mark.

multiconsult.no

THE THREE PILLARS OF OUR ESG EFFORTS

OUR OPERATIONS OUR BUSINESS OUR INFLUENCE

OUR BUSINESS

EMPOWERING GREEN ALTERNATIVES

• Basis for sustainable decisions and lasting solutions
• Environmental expertise
• General sustainability competence

Setting the baseline for our taxonomy performance in 2021-22 Aim to increase our share of revenues that are taxonomy compliant and be in the upmost tier among our peers.

Ursula von der Leyen, President of the European Commission | © European Union, 2020 , Photo: Etienne Ansotte

OUR OPERATIONS

OUR TARGET | CLIMATE NEUTRAL BY 2030

• Aim to join the Science based targets to cut our emissions year on year in line with the 1.5 degree targets from Paris including increasing demands in our procurement

multiconsult.no

INCREASED DEMAND IN ENVIRONMENTAL SUSTAINABILITY

PUBLIC TRANSPORTATION The Fornebu Lane

FLOATING OFFSHORE WIND Hywind Tampen

ZERO EMMISION BUILDINGS ZEB – Flexible Lab in Trondheim

CLIMATE ADAPTATION Flood protection of Fetsund

OUR INFLUENCE

• By showing what is possible through our projects – we move the perception of what is feasible.
• Through our engagement in Skift, Klima 2050, ZEN – we share knowledge and change the industry.
• By actively influencing our decision makers, we move the rules of the game that the built environment has to play by in a greener direction.
• By common initiatives in the business on recycling, we enable sustainable solutions.

THE ENERGY TRANSITION

By BJØRN THORUD, PHD, SECTION SOLAR, SMART GRID AND STORAGE

THE MEDIA TRANSITION

THE POWER GRID 1.0

THE «REVOLUTION» IS A SLOW PROCESS WHICH MOVES FAST

Time / volume Time / volume

Time / volume

THE POWER GRID 2.0

multiconsultgroup.com

INTERDICIPLINARY WORK = DIGITALISATION

Buildings & Properties	Transport	Renewable Energy	Industry	Water & Environment
- Healthcare - Industry - Education - Housing - Sports - Culture - Special construction	- Road - Rail - Bridge - Tunnel	- Hydropower - Water Resources Management - Wind Power - Solar Power - Power Systems - Strategic and financial advisory Environmental and social services	- Metal and Chemistry - Fish Farming and Aquaculture - Food and Beverages - Recycling Mining and quarrying - Distribution - Supply	- Soil and Ground - Aquatic Compartment - Water, Drainage and Renovation - Climate Adaption - Air

"By 2030 erecting a new building without integrating solar power, without equipping it with battery and a heat pump, without capturing rainwater, will be an act of deliberate economic self-harm"

Michael Liebreich, Founder of (Bloomberg) New Energy Finance, Dec 2017

CREATING VALUE FOR OUR CLIENTS THROUGH INTEGRATED APPROACH

HYBRIDISATION FACILITATES INCREASED RENEWABLE POWER GENERATION AT REDUCED COST

FINANCIAL TARGETS

By CFO HANS-JØRGEN WIBSTAD

multiconsult.no

Multiconsult has defined objectives, strategies and risk profiles for the company's business activities such that the company creates value for shareholders in a sustainable manner.

MULTICONSULT WITH A HIGH EBIT AMONG TOP PLAYERS IN THE INDUSTRY

Source: Annual/quarterly reports

EBIT as percentage of net operating revenues – reporting varies somewhat between companies; top tier peers including listed competing companies with EBIT% among top three; YTD including relevant reported quarters

multiconsult.no

PROFITABILITY

multiconsult.no

TARGET | PROFITABILITY

EBIT Margin* 10%

*measured on an annual basis, exclusive extraordinary items

REVENUE GROWTH

Net operating revenues

Note: Multiconsult LTM + Erichsen & Horgen 2020 revenue

AMBITION | REVENUE GROWTH

From 2022 to 2026 an ambition of CAGR 8-10% revenue growth over the cycle, including M&A

TARGET | GEARING AND EQUITY

Gearing ratio

Normal: 1.0 - 2.0x

max 2.5x Special: 3.0x up to 18 months

Equity ratio

25%

• Maintain financial strength
• Taking into consideration:
  • Financial position and balanced loan portfolio
  • Expected organic investment requirements, M&A considerations
  • Seasonal change in working capital
  • Market outlook and uncertainty
• Predictable and stable dividend policy

TARGET | DIVIDEND PAYOUT

• When deciding the annual dividend level, the Board of Directors will take into consideration the various aspects of the financing strategy, such as expected cash flows, capital expenditure plans, financing requirements and appropriate financial flexibility.

Ambition to distribute at least

50%

of the group's net profit annually

M&A STRATEGY

• Moderate and selective strategy with primary focus on core business
• Continuously monitoring opportunities – also including opportunities within digitalisation, sustainability and new business models

CLOSING AND Q&A

By CEO GRETHE BERGLY & CFO HANS-JØRGEN WIBSTAD