Multiconsult

Investor Presentation • Nov 6, 2024

Capital Markets Day 2024 6 November 2024

Disclaimer

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 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 report.

Agenda

1. Introduction

• 1. Multiconsult Group
• 1. Our strategic ambition
• 1. Our financial and sustainability targets

We are enablers

We turn ambitious goals into reality. Since 1908, we've tackled complex challenges and been part of something greater that echoes through generations.

The future

Our work has always served the greater good, but the challenges ahead are even greater. We are at a pivotal moment where our choices will have lasting impacts.

A time for action

To meet tomorrow's demands, we must adapt, innovate and engage more stakeholders.

Agenda

• 1. Introduction
• 2. Multiconsult Group
• 1. Our strategic ambition
• 1. Our financial and sustainability targets

This is the Multiconsult Group

EBITA adj. margin %

We have a robust platform for profitable growth

We have leading positions across domains

Market leader healthcare Scandinavia

Global renewable energy specialist

Urban development specialist

Integrated geotechnical and environmental advisor

Leading infrastructure player in Norway, Sweden and Poland

We have delivered groundbreaking projects

Climate adaptation at Vågåmo Urban transformation of Aarhus Amtssygehus

We have attracted and integrated numerous capabilities

Source: Company information 1.Revenue in the year prior to the acquisition

Extending and strengthening our coverage across the value chain

Acquisition of A-lab in 2023… …enabled a strengthened position across the value chain

It is all about people

Attractive employer position

2024 Universum ranking (Multiconsult Norge)

Strong satisfaction & engagement Co-ownership

eNPS ranking

Top 5

Top 5

ranking Professionals

ranking Students

Share of employees that are co-owners

85%

Diversity and inclusion a continuous priority

Gender balance

In combination with technology

Multisecure

multi Secure Dokumenter Dashbord		E Titzlofiste Adminiportal		Nieche Skarjen vei 2 mi 2 MO V	ibrahim temel@enulbeonult.no MULTICONSULT NORGE AS	8
304		Hiem . MULTICONSULT NORDE AS Nedre Skøyen vel 2 Prosjektoversict				Daparter prosjekt
14 Lintekanding	1	Total ardall filer	Filer lastet opp.	Filer, behandlet	Files mislyktes
261 Kanalnatt i grunnan for lumbehandling		1	1	1	0
262 Kanalivate for Juntberrandfing		365 Utstyr for laftbehandling		7 av 11 er godkjent		Despoctat bygningudel
364 Utstyt for luftfordeling		Type	Filesance		Status
265 Unityr for luftbehandling		Kraudippedialise	Sectricalarytrekk.pdf		Codijant	V
366 holasion as installagion for		AM405A060	Sectrations coukt por		Codijana	V
lubschanding		Beskrivelse	Sentralisotrekk.pdf		Codiciana	V
265 Amerika ufallyit for listitus handling		Crim	Sentralairbrekk.pdf		Codkjent	V
		Vierfill Nat-Part Art	Serbialairtrakk por		Codijana	V
17 Keeshorbistra	-	Produktines	Sentralavlrekk.pdf		Codijana	V
		Bruksanvisning	Sentralastrakk.pdf		Codicant	A
36 Viewsbehandling 19 Andre W5-installatjoner	1 -	KAMMENTATIO Bruksamvissing för produktet er inkfudert. Knobeket Ta vare på denne velledningen for fremtidig bruk brukerveiledning.
40 Ekraffinctallasjonek, penerali	>	Probokul	liche tilgjengelig		likke godkjene	V

LINK Augmented Architect Multimap Multiplacer

Use of AI for efficient quality assurance and analysis of O&M documentation

Use of AI and automation to streamline architectural analyses and calculations

Portfolio mapping for planning and sustainable development of buildings and facilities in a life-cycle perspective

Use of AI in design of technical ceiling infrastructure (air valves, fittings and sprinklers)

Agenda

• 1. Introduction
• 1. Multiconsult Group
• 3. Our strategic ambition
• 1. Our financial and sustainability targets

We stand at multiple crossroads

Geopolitical dynamics A fragmented geopolitically tense economy coupled with expanding governmental intervention

Climate change and adaptation Climate change and environmental degradation posing disruptive dynamics

Technological disruption Fast forward disruption with the onset of advanced AI models

A highly dynamic outlook that creates both risk and opportunities across sectors

An outlook that translates to significant growth drivers

Accelerated investments across the energy transition to reach 2030 targets

2011-2020 avg. 2021-2030 avg.

Growing urban population drives demand for sustainable cities and infrastructure investments

2023 2040

Climate finance needs estimated to increase significantly to avoid the worst impacts of climate change

2021/2022 2050

Source: European Commission; European Central Bank: "Massive investment needs to meet EU green and digital targets"; World Bank (WDI); Climate Policy Initiative: "Global Landscape of Climate Finance 2023"

A position of multiple strongholds

Geographic footprint

National International

Time

We set high ambitions for where and how to grow

Developing position in complex and large projects 1

An attractive market opportunity…

Projects are becoming larger and more complex, impacting customers' demands and requirements

New Rikshospitalet Construction start in 2024

E10 Ongoing

Defence projects Ongoing and increasing portfolio

…that we will address through market leading capability

1 Competitive edge

We leverage multiple disciplines and competence areas to solve complex challenges in the society

• 2
• We lead the way in leveraging digital tools and AI to ensure effective collaboration and efficient processes Technological transformation and collaboration

3 Fields of growth

We continue to develop our expertise in infrastructure, energy and urban development

Expanding position as preferred partner in the energy transition 2

The energy transition requires significant investments…

1 620 NOKbn annual clean energy investments in the EU Required investments in low-emissions electricity and clean supply under the Announced Pledges Scenario (2026-2030)

975 NOKbn annual grids and storage investments in the EU

Required investments in grids and storage under the Announced Pledges Scenario (2026-2030)

European renewable energy capacity in the main scenario

…that we will address through leading end-to-end services

1 Comprehensive services in power production, transmission, industrial development and new industry Meeting different demands for the energy transition

2

• Enhance our position in the energy transition demands in core regions Increase footprint
• 3 Take positions in larger parts of the value chain and utilise group-wide capacities Increased value chain and group offering

Driving urban transformation and development 3

Growing urban population across the Nordics….

… drives investments across Multiconsult markets

Drives the demand for sustainable infrastructure development

Requires efficient transportation networks to support growing populations

Increase the need for advanced water, energy and waste management systems

Urbanisation is driving new demands… …that we will address through leading end-to-end services

1 Leverage our integrated expertise

We combine our capabilities across several areas, from design and planning of sustainable solutions, to engineering and project management

Growth initiatives

2

We build further on our value chain integration in order to meet changing societies and demands

3 Fields of growth

We use our expertise in urban development, mobility and sustainable cities

Safeguarding biodiversity and climate 4

Increasing our impact in the Nordics and Poland 5

Our targeted market holds multiple avenues for growth… …captured through organic and M&A initiatives

Growth outlook across geographies (real annual GDP growth, '23-'30)

NO	DK	FI	SE	PL
Economic activity picking up with higher public spending and increased housing investments	Expected growth driven by industrial production and exports, with resilient public finances	Gradual recovery driven by improving external demand and wage growth	Recovery driven by increased domestic demand and strong exports	Economic growth driven by strong investments and increased public and private consumption
+1.4%	+2.2%	+1.1%	+1.8%	+2.7%

… with 13% of the European energy capacity growth

1 Invest in subsidiaries

We will expand into the identified segments based on existing capabilities across the Nordics and Poland

2 Acquisition of local generalists

We continuously monitor acquisition opportunities with local advisors to build a platform for further growth

3 Acquisition of smaller specialists

We will consider acquisitions of specialised advisors across key focus areas

A phased effort with active monitoring of market opportunities

Strategic ambitions summary

Competitive strength

Profitable long-term growth while strengthening our competitive position

Strategic ambitions summary

Competitive strength

		Expanding our position across geographies and market opportunities Increasing our impact in the Nordics and Poland 5
	Enabling the green transition 4 3 and development 2	Safeguarding biodiversity and climate Driving urban transformation Expanding position as preferred partner in the energy transition
Robust platform for growth	1 0	Developing position in complex and large projects Profitable growth across existing markets
	~2025 Strategy update	2030	2035

M&A a lever for growth and value creation

Structured M&A execution

Agenda

• 1. Introduction
• 1. Multiconsult group
• 1. Our strategic ambition
• 4. Our financial and sustainability targets

Target: Profitability

EBITA Margin*

10%

*measured on an annual basis, exclusive extraordinary items

From 2025 to 2030 An ambition of CAGR 8-10% revenue growth over the cycle, including M&A

NOK million

Net operating revenues

Target: Gearing and equity

Gearing ratio

Normal: 1.0 - 2.0x Max 2.5 x 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

Ambition to distribute at least 50% of the group's net profit annually

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

Payout ratio in % of net profit

Dividend NOK pr share

Ambition - Payout ratio in % of net profit

Target: Sustainability

Multiconsult Group is committed to contribute to the achievement of the Sustainable Development Goals, the Paris Agreement and the achievement of national climate reduction targets, agreements for nature preservation and climate adaptation.

Sustainability targets own operations

(Pending SBTi validation, baseline 2019)

Near term:

• Scope 1 and 2: 50 % reduction Scope 3: 30 % reduction

Net-zero 2040

- Scope 1 and 2: 90 % reduction

• Scope 3: 90 % reduction

Our strategic ambitions

Strategic ambitions summary

Developing our position in complex and large projects

2

Expanding position as preferred partner in the energy transition

3

Driving urban transformation and development

4

Safeguarding biodiversity and climate

We enable green transitions, support climate adaptation and preservation of

5

Increasing our impact in the Nordics and Poland

Expanding service offering across new geographies

Scale our capabilities to lead and execute large and complex projects

Enabling clean energy, transmission and new green industry

Integrating engineering and architecture to enable transformation of cities

biodiversity

How we will get there

Clients

We enable valuecreating projects – linking our success to our clients

Industry

We shape the industry as an integrating player

Climate & Environment We develop sustainable solutions

Colleagues

We create an environment where competence is nurtured and thrives

The Unknown We challenge the established and innovate with technology

What we have done, is what we are. What we do, is what we become

Q&A