Third quarter 2024 results

Grethe Bergly, CEO | Ove B. Haupberg, CFO

6 November 2024

Stord High School, Stord Illustration: LINK Arkitektur

Bridging the past and the future

*share of net operating revenue FY 2023

Segments Business areas

*share of operating revenue FY 2023

0.0%

9.0%

18.0%

Sector balanced portfolio

*share of operating revenue FY 2023

Financial track record

5 500 Clients > 15 000 Projects > 45 Countries > 3 800 Employees

SUMMARY & KEY FIGURES | 3Q 2024

POSITIVE MOMENTUM CONTINUES

Robust operational performance
High activity
High organic revenue growth of 15.9% y-o-y

VERY STRONG RESULTS

EBITA was NOK 102.9 million and the EBITA margin was 9.0 per cent
Margin was 6.0 percentage points higher y-o-y
Strong improvement in Region Norway
Client settlement affecting result
Put option affecting financial income

MARKET & SALES

LARGE SALES & NEW CONTRACTS

The Norwegian Defense Estates Agency
Thylander Søagerhusene
Supervision of S12 (road)
Ytre Steinsund bru (road)

ORDER INTAKE MARKET 3Q 2024

Order intake in the quarter amounted to NOK 1 277 million
High and diversified order backlog
Substantial volume of ongoing projects
Short-term pipeline of upcoming projects remains robust
Increased demand related to defence facilities

ONGOING PROJECTS ORDER BACKLOG

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

PEOPLE & ORGANISATION

3 893 employees, an increase of 4.7% y-o-y
Full-time equivalents (FTE) increased by 2.1%, to 3 541 (3 469)
A total of 3 560 MULTI shares were transferred to new employees
Employee survey in the quarter shows high employee satisfaction and commitment (net promoter score)

PEOPLE ORGANISATION

Agathe Bryde Schjetlein appointed as EVP Sustainability
Multiconsult rank top 5 as preferred employer among all engineering/ natural science companies in Norway (Universum)

EXCELLENCE

The Godsbanen project in Aarhus awarded a DGNB Diamond distinction and honored with a certificate for exceptional architecture
Anders Reinertsen Liaøy, specialist in HVAC and environment, ranked top 3 in RIF's award for the Young Advisor of the Year
Inger Lise Gjerdebakken, a GIS specialist, awarded the Lighthouse Award by Geodata

Financial review

OVE B. HAUPBERG | CFO

multiconsult-ir.com

FINANCIAL HIGHLIGHTS | 3Q 2024

Net operating revenues increased to NOK 1 148.4 million (977.0), a y-o-y growth of 17.5%
- Organic revenue growth (ex. calendar effect ) of 15.9% y-o-y
EBITA of NOK 102.9 million (29.2), equal to an EBITA margin of 9.0% (3.0)
EBITA adj. of NOK 71.7 million (29.2), equal to an EBITA adj. margin of 6.4% (3.0)
Order intake of NOK 1 277 million
Solid order backlog of NOK 4 838 million
High billing ratio of 71.2%

Consolidated key figures NOK million	3Q 2024	3Q 2023	Change	FY 2023
Net operating revenues	1 148.4	977.0	17.5%	4 802.5
EBITA	102.9	29.2	252.3%	419.5
EBITA margin %	9.0%	3.0%	6.0pp	8.7%
EBITA adj.	71.7	29.2	145.4%	446.2
EBITA adj. margin %	6.4%	3.0%	3.4pp	9.3%
Order intake	1 277	1 349	(5.3%)	6 926
Order backlog	4 838	5 094	(5.0%)	4 883
Billing ratio	71.2%	67.8%	3.4pp	70.8%
Number of employees	3 893	3 717	4.7%	3 749
Full-time equivalents (FTE)	3 541	3 469	2.1%	3 388

FINANCIAL HIGHLIGHTS | YTD 2024

Net operating revenues increased to NOK 3 940.3 million (3 441.0), a y-o-y growth of 14.5%
- Organic revenue growth (ex. calendar effect) of 12.2% y-o-y
EBITA of NOK 425.4 million (301.1), equal to an EBITA margin of 10.8% (8.8)
EBITA adj. of NOK 394.1 million (301.1), equal to an EBITA adj. margin of 10.1% (8.8)
Order intake of NOK 4 655 million
Solid order backlog of NOK 4 838 million
High billing ratio of 72.9%

Consolidated key figures NOK million	YTD 2024	YTD 2023	Change	FY 2023
Net operating revenues	3 940.3	3 441.0	14.5%	4 802.5
EBITA	425.4	301.1	41.3%	419.5
EBITA margin %	10.8%	8.8%	2.0pp	8.7%
EBITA adj.	394.1	301.1	30.9%	446.2
EBITA adj. margin %	10.1%	8.8%	1.3pp	9.3%
Order intake	4 655	5 495	(15.3%)	6 926
Order backlog	4 838	5 094	(5.0%)	4 883
Billing ratio	72.9%	70.4%	2.5pp	70.8%
Number of employees	3 893	3 717	4.7%	3 749
Full-time equivalents (FTE)	3 540	3 340	6.0%	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 one-offs 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. Note to comparable figure Q3 2024: EBITA adjusted NOK 71.7 million, 6.4 per cent margin. Adjustment related to one-off for settlement payment with client of NOK 31.2 million.

+3.4pp

Billing ratio

Shaded area: incl. one-offs

EBITA, margin EBITA

Rolling 12 months Net operating revenues

FINANCIAL HIGHLIGHTS

NOK million

HIGH ORGANIC GROWTH

	REGION OSLO		REGION NORWAY		ARCHITECTURE		INTERNATIONAL
	• increased by 20.6% EBITA margin 14.8% • Billing ratio up to • 71.1%	Net operating revenues	Net operating revenues • increased by 16.5% EBITA margin 8.2% • Billing ratio up to • 70.5%		Net operating • revenues at the same level EBITA margin negative • 1.4% • Billing ratio 69.6%		Net operating • revenues increased by 34.6% EBITA margin 5.1% • Billing ratio up to • 77.1%
Amounts in NOK million (except percentage)	3Q 2024	3Q 2023	3Q 2024	3Q 2023	3Q 2024	3Q 2023	3Q 2024	3Q 2023
Net operating revenues	448.0	371.5	455.0	390.7	149.7	149.7	93.1	69.2
EBITA	66.4	25.6	37.4	11.9	(2.0)	(10.3)	4.8	5.0
EBITA margin	14.8%	6.9%	8.2%	3.1%	(1.4%)	(6.9%)	5.1%	7.2%
Billing ratio	71.1%	68.2%	70.5%	66.5%	69.6%	70.1%	77.1%	70.2%

FINANCIAL POSITION

Strong cash flow from operations
- NOK 522 million (369)
Change in working capital
- YTD negative NOK 260 million (negative 362)
Cash effect acquisition YTD negative NOK 62 million
Net interest-bearing debt
- NIBD NOK 457 million
- Gearing ratio 0.84 (NIBD excl. IFRS16, restricted cash/EBITDA)
- Strong financial position

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

Net cash flow from operating activities Free cash flow excl.cash used on aquisitions LTM

Net cash flow used in investment activities excl. acquisitions

Business areas and closing remarks

GRETHE BERGLY | CEO

multiconsult-ir.com

Overall market outlook remains good and stable
Good level of new opportunities in the pipeline
Defence, infrastructure and sustainability projects continue to drive demand
Continued uncertainty and increased competition in parts of the market
High volume of ongoing projects, a diverse portfolio, and a high order backlog
Good sales so far in fourth quarter 2024

Sjøkanten Park Photo: LINK Arkitektur

CAPITAL MARKETS DAY

06.11.2024 - CMD

FINANCIAL YEAR 2024

11.02.2025 - Quarterly Report - Q4 18.03.2025 - Annual Report 10.04.2025 - Annual General Meeting

FINANCIAL YEAR 2025

13.05.2025 Quarterly Report Q1
19.08.2025 Quarterly Report Q2
04.11.2025 Quarterly Report Q3

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

APPENDIX

NTNU Faculty of Health and Social Science, Trondheim Photo: Gunnar Næss / LINK Arkitektur

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