Norconsult — Earnings Release 2026

May 12, 2026

Norconsult ASA: Q1 2026 - Strong growth and stable profitability

Norconsult ASA: Q1 2026 - Strong growth and stable profitability

Sandvika, 12 May 2026 (OSE: NORCO): The income after external project costs

increased by 14 percent to NOK 3 005 million (2 637) in the first quarter of

2026. Organic growth adjusted for calendar effects was 7 percent. The adjusted

EBITA margin adjusted for calendar effects was 12.9 percent in the quarter, up

from 12.7 percent in the same quarter last year.

Highlights Q1 2026

· Strong growth in income after external project costs of 14 percent to NOK 3

005 million (2 637)

· Negative calendar effects of NOK 66 million

· Organic growth of 7 percent adjusted for calendar effects

· Adj. EBITA was NOK 331 million (335) with an adj. EBITA margin of 11.0

percent (12.7)

· Adj. EBITA margin was 12.9 percent adjusted for calendar effects

· Net profit of NOK 194 million (257)

· Cash flow from operating activities of NOK 189 million (-53)

· Earnings per share (EPS) NOK 0.62 (0.85)

· Billing ratio 72.7 percent (71.5)

· Orderbook ended at NOK 7.6 billion, down from NOK 7.7 billion in Q4 2025

Comments from CEO Egil Hogna:

"Norconsult delivered strong growth in the first quarter, alongside stable

profitability. Integration of recently acquired companies Aas-Jakobsen and

Metier is progressing well, and the Group continues to build on a solid

operational and strategic foundation entering 2026."

Outlook:

The overall market is expected to remain stable, however, with uncertainty

linked to the international political situation.

The private market for Buildings & Architecture is still slow, and the increased

geopolitical uncertainty may temper the positive signs seen during last quarter.

The demand in Infrastructure is expected to be stable going forward in line with

public spending plans. We continue to expect a high level of activity in the

energy sector, and a more mixed development in other industry segments as

geopolitical factors may further delay investment decisions in certain markets.

Norconsult has considerable flexibility with a diversified mix of services and

end-market exposures in the Nordics. Most of the demand for our services comes

from the public sector. This makes Norconsult less exposed towards short-term

cyclicality in the economy in general.

Norconsult will continue to take proactive measures to improve underlying

profitability and maintain efficiency in selected parts of the business.

For detailed information, please see the attached report and presentation.

The company will present the results today at 09:00 CET at VIA - House of Oslo,

Ruseløkkveien 34, Oslo. The presentation will be held by CEO Egil Hogna and CFO

Dag Fladby. The results will also be presented online through a live webcast

where the participants will have the opportunity to submit questions.

The live webcast can be accessed at:  https://qcnl.tv/p/vPBqsasp6GitiuSEYnKshw

For further information, please contact:

Investors: Christian Salbu Aasland, SVP Investor Relations & Business

Intelligence, IR@norconsult.com

Media: Henrik Charlesen, Senior Communication Advisor,

Henrik.Charlesen@norconsult.com

This information is considered to be inside information pursuant to the EUR

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act. This stock exchange

release was published by Elin Spieler, Head of Treasury and Investor Relations

Manager, Norconsult ASA at the date and time as set out above.

***

About Norconsult:

Norconsult is a leading pan-Nordic interdisciplinary consulting firm combining

engineering, architecture and digital expertise across projects of all sizes,

for private and public customers in infrastructure, energy and industry,

buildings and architecture. Headquartered in Sandvika, Norway, Norconsult's

delivery model is centred around knowledge hubs and local presence through

approximately 7,200 employees across more than 140 offices in Norway, Sweden,

Denmark, Iceland, Poland and Finland.