Norconsult — Investor Presentation 2023

Nov 29, 2023

Continued solid performance

Third quarter and nine months of 2023. CEO Egil Hogna and CFO Dag Fladby

Disclaimer

Not for general release, publication or distribution, directly or indirectly in Australia, Canada, Japan, the United States or to US persons or in any other jurisdiction where such distribution would constitute a violation of the relevant laws or regulations of such jurisdiction.

This report includes and is based among other things on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this document are based on our current expectations and projections about future events, including in relation to global economic conditions and the economic conditions of the regions and industries that are significant to Norconsult. 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, may be deemed to be forward-looking statements. These expectations, estimates and projections are generally identifiable by statements containing words such as "believe," "expect," "anticipate," "may," "assume," "plan," "intend," "will," "should," "estimate," "risk" and similar expressions or the negatives of these expressions. 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. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or may be major markets for Norconsult's business, changes in governmental regulations, interest rates and fluctuations in currency exchange rates. Forward-looking statements are not guarantees of future performance. Although Norconsult believes that its expectations are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this report. You should therefore not place undue reliance on these forward-looking statements. In addition, any forward-looking 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. constitute a violation of the relevant laws or regulations of such jurisdiction. The information contained herein does not constitute an offer of securities for sale in the United States, Australia, Canada, Japan or The securities may not be offered or sold in the United States unless they are registered under applicable law or exempt from registration. The company does not intend to register its shares in the United 28/11/2023 2 Quarterly presentation - Third quarter

This report is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in Norconsult. Information in this document cannot be relied upon as a guide to future performance.

This presentation is not for release, publication or distribution, directly or indirectly in Australia, Canada, Japan, the United States or to US persons or in any other jurisdiction where such distribution would any other jurisdiction where such offer would constitute a violation of the relevant laws or regulations of such jurisdiction.

States or to conduct a public offer of securities in the United States or any other jurisdiction in which it would be unlawful or would require registration or other measures. No money, securities or other consideration is being solicited and, if sent in response to the information contained herein, will not be accepted.

Contents

Highlights

Markets and projects

Financial presentation

Outlook

Appendix

Norconsult was listed on Oslo Børs 10 November 2023 Norconsult was listed on Oslo Børs 10 November 2023

• NOK 5.7 billion
• Broad participation from leading Norwegian institutions, as well as selected tier 1 Nordic and international long only investors

Country HQs Offices

28/11/2023

Q3: Continued solid performance

Financial highlights third quarter vs last year

Net revenue*

• 12% growth to NOK 1,705m (1,523)
• 10% organic growth adjusted for calendar effect
• Calendar effect of NOK -27m due to one less working day this year

Adj. EBITA**

• Adj. EBITA of NOK 108m (109)
• Adj. EBITA margin of 6.4% (7.2%), taking into account calendar effects: 7.8% (7.2%) * Net revenue = Operating revenue and other income after external project costs

** Refer to page 31 for Reconciliations of Alternative Performance Measures

Organisational highlights: The industry's most attractive employer

• 6 200 employees as of end Q3 (Q3 22: 5 600)
  • Number of FTEs 6 047 (Q3 22: 5 532)
• Key contract awards motivating factor for retaining employees

  - Important for retaining senior hires with extensive knowledge and networks,

  • Lowest employee turnover in industry
• High number of employee share ownership
• 2,575 shares will be granted to each employee employed as of 1 July 2023 and that remains employed on 10 November 2024 28/11/2023 Quarterly presentation - Third quarter
• Preferred industry employer amongst graduates
  -
  • Graduate hires important for securing future growth

Employees

Acquisitions 2023

LB Consult (DK)

Markets and projects

Market overview: Stable market demand

Good demand in the Energy & Industry segment and Infrastructure projects

Continued strong market in Energy & Industry projects

Good mix of new industry as well as energy projects in segments such as industrial buildings, pharmaceuticals, hydropower production, transmission and transformers 28/11/2023 Quarterly presentation - Third quarter 10

10

Infrastructure (water, transport and environment)

Stable market driven by public infrastructure spending

Investment levels in water infrastructure remain stable

Buildings & Architecture

Continue to see a weaker and more uncertain private market than normal

Still a number of new jobs and ongoing activities in the market, especially in the public, but also in the private sector

capacity of 440MW. The power plant plays a crucial role in stabilizing the grid in Scotland. Currently, units 3 and 4 are scheduled for an upgrade from 100MW to 120MW, and Norconsult has been appointed as the Owners Engineer to assist Drax in ensuring the quality of the technical solutions.

Customer: DRAX Group

Project name: Vilundabadet, Upplands-Väsby, Sweden

The assignment includes updating the preliminary project followed by detailed planning and preparation of tender documentation for execution contracts in the project. For example, this will involve designing new technical

the infrastructure, the project is intended to serve as a climate measure, creating a new blue-green corridor and an attractive park, acting as a catalyst for the revitalization of the Holmen area.

Holmegata Customer: Fredrikstad kommune Period: 2023-2025

Norconsult have been awarded a project to provide engineering consultancy for an upgrade of Jotun's factory at project is already underway and will initially continue until the summer of 2024. If the project continues beyond the summer of 2024, Norconsult has the option for full detailed planning and construction management in the assignment. Norconsult has been involved in several projects for Jotun in the past, including the design of the new headquarters and research center located right next to the binder factory.

Project name: Jotun Future Binder Customer: Jotun

Financial presentation

CFO Dag Fladby

Q3 2023: Continued revenue growth and slightly improved profitability adjusted for calendar effects

• Net revenue increased with 12% y-o-y. Organic revenue growth of 10%***
• Calendar effect of NOK -27m due to one less working day this year
• Taking into account the calendar effects adj. EBITA margin is 7.8% (7.2%)
  • Higher FTE and increased billing rates. Slightly reduced billing ratio
• Additional social security tax in Norway recognised in current quarter: NOK 17m

 Net revenue increased with 12% y-o-y. Organic revenue	NOKm	Q3 2023	Q3 2022	Change
growth of 10%***	Net revenue*	1 705	1 523	182
 Calendar effect of NOK -27m due to one less working day this year	Adj. EBITA** Adj. EBITA margin %	108 6.4 %	109 7.2 %	-1 -0.8 %p
 Taking into account the calendar effects adj. EBITA margin is 7.8% (7.2%)	Adj. EBITA margin %*** Profit after tax	7.8 % 80	7.2 % 81	0.6 %p -1
 Higher FTE and increased billing rates. Slightly reduced billing ratio	Billing ratio FTEs	71.4 % 6 047	72.3 % 5 532	-0.9 %p 515
 Additional social security tax in Norway recognised in current quarter: NOK 17m
* Net revenue = Operating revenue and other income after external project costs Refer to page 31 for Reconciliations of Alternative Performance Measures * Adjusted for calendar effects

YTD Q3 2023: Solid revenue growth and slightly improved profitability

• Net revenue increased with 14% to NOK 6,161m y-o-y. Organic revenue growth of 11%**
• Calendar effect of NOK -34m due to one less working day this year
• Adj. EBITA: NOK 601m (534)
  • Higher FTE and increased billing rates
• Additional social security tax in Norway recognised YTD: NOK 32m

Organic revenue growth of 11%* Net revenue 6 161 5 383  Calendar effect of NOK -34m due to one less working day Adj. EBITA 601 534 this year Adj. EBITA margin % 9.8 % 9.9 % -0.2 %p
Adj. EBITA margin %** 10.3 % 9.9 % 0.3 %p  Adj. EBITA: NOK 601m (534)
Profit after tax 442 394
 Higher FTE and increased billing rates Billing ratio 74.0 % 74.0 % 0.0 %p
FTEs 6 047 5 532  Additional social security tax in Norway recognised YTD: NOK 32m

Solid performance YTD, but significant seasonal variations

* Net revenue = Operating revenue and other income after external project costs

FTEs

Norway Head Office

• Solid organic growth. Calendar effects compared to same quarter last year was NOK -8m
• Organic growth was 11% adjusted for calendar effects
• Corrected for calendar effects adj. EBITA margin decreased to 8.3% (10.2%)
  • Reduction mainly driven by restructuring costs (NOK -10m) in the Architecture division

Norway Head Office				calendar effects (NOK -10m)
 Solid organic growth. Calendar effects compared to same quarter last year was NOK -8m
 Organic growth was 11% adjusted for calendar effects
 Corrected for calendar effects adj. EBITA margin decreased to 8.3% (10.2%)  the Architecture division	Reduction mainly driven by restructuring costs (NOK -10m) in					10.2% (9.1%)
		Q3 2023	Q3 2022	Change
FTEs	#	1 559	1 469	6.1 %
Net revenue*	NOKm	507	464	9.2 %
Adj. EBITA	NOKm	35	47	-26.2 %
Adj. EBITA margin	%	6.9 %	10.2 %	-3.3 %p
* Net revenue = Operating revenue and other income after external project costs 28/11/2023 Quarterly presentation -	Third quarter

• Solid organic growth and improved profitability adjusted for calendar effects (NOK -10m)
• Organic growth was 13% adjusted for calendar effects
• Corrected for calendar effects adj. EBITA margin increased to 10.2% (9.1%)

		30%	Norway Regions				30%
	 Solid organic growth and improved profitability adjusted for calendar effects (NOK -10m)
				Organic growth was 13% adjusted for calendar effects
			 Corrected for calendar effects adj. EBITA margin increased to
			10.2% (9.1%)
Q3 2023	Q3 2022	Change			Q3 2023	Q3 2022	Change
			FTEs	#	1 675	1 536	9.0 %
		9.2 %	Net revenue*	NOKm	509	456	11.6 %
		-26.2 %	Adj. EBITA	NOKm	43	42	3.5 %

• Sweden Denmark Solid organic growth and improved profitability adjusted for calendar effects (NOK -6m)
• Organic growth was 16% adjusted for calendar effects
• Corrected for calendar effects adj. EBITA margin increased to -1.7% (-5.1%)
• Profitability in Q3 negatively affected by substantial recruitment of senior people (NOK ~-10m)

 Solid organic growth and improved profitability adjusted for calendar effects (NOK -6m)
 Organic growth was 16% adjusted for calendar effects
 Corrected for calendar effects adj. EBITA margin increased to -1.7% (-5.1%)				10.7% (5.9%)
 Profitability in Q3 negatively affected by substantial recruitment of senior people (NOK ~-10m)						acquisitions (NOK 13m)
		Q3 2023	Q3 2022	Change
FTEs	#	1 252	1 094	14.4 %
Net revenue*	NOKm	248	214	15.8 %
Adj. EBITA	NOKm	-10	-11	4.7 %
Adj. EBITA margin	%	-4.2 %	-5.1 %	0.9 %p
* Net revenue = Operating revenue and other income after external project costs 28/11/2023 Quarterly presentation -	Third quarter

15% 8%

• Solid growth in net revenue mainly driven by acquisitions. Calendar effects compared to Q3 2022 was NOK -2m
• No organic growth adjusted for calendar effects
• Corrected for calendar effects adj. EBITA margin increased to 10.7% (5.9%)
• Profitability affected by one-off related to settlements from acquisitions (NOK 13m)

		15%					8%
				Solid growth in net revenue mainly driven by acquisitions. Calendar effects compared to Q3 2022 was NOK -2m
			 No organic growth adjusted for calendar effects
			 Corrected for calendar effects adj. EBITA margin increased to 10.7% (5.9%)
			 Profitability affected by one-off related to settlements from acquisitions (NOK 13m)
Q3 2023	Q3 2022	Change			Q3 2023	Q3 2022	Change
			FTEs	#	458	381	20.2 %
		15.8 %	Net revenue*	NOKm	150	113	32.5 %
		4.7 %	Adj. EBITA	NOKm	15	7	121.6 %

• Solid organic growth and improved profitability adjusted for calendar effects (NOK -2m). Organic growth was 22%**
• Corrected for calendar effects adj. EBITA margin increased to 11.8% (8.2%)
• Profitability affected by
  • Continued strong performance in Hydropower & Transmission
  • Solid improvement in Wind & Solar

 Solid organic growth and improved profitability adjusted for calendar effects (NOK -2m). Organic growth was 22%**  Corrected for calendar effects adj. EBITA margin increased to 11.8% (8.2%)  Profitability affected by  	Continued strong performance in Hydropower & Transmission Solid improvement in Wind & Solar
		Q3 2023	Q3 2022	Change
FTEs	#	437	357	22.4 %
Net revenue*	NOKm	144	114	26.3 %
Adj. EBITA	NOKm	15	9	61.6 %
Adj. EBITA margin	%	10.5 %	8.2 %	2.3 %p
* Net revenue = Operating revenue and other income after external project costs **Adjusted for calendar effects 28/11/2023 Quarterly presentation -	Third quarter

Renewable Energy Technogarden & Digital 8% 9%

• Organic growth was 1%, no calendar effect
• Adj. EBITA margin decreased to 11.8% (12.7%)
• Continued solid profitability in Technogarden. Decreased profitability in Digital due to lower utilization in consulting business and higher cost related to development of software

		8%					9%
			 Organic growth was 1%, no calendar effect  Adj. EBITA margin decreased to 11.8% (12.7%)  Continued solid profitability in Technogarden. Decreased profitability in Digital due to lower utilization in consulting business and higher cost related to development of software
Q3 2023	Q3 2022	Change			Q3 2023	Q3 2022	Change
			FTEs	#	543	594	-8.6 %
		26.3 %	Net revenue*	NOKm	168	166	1.1 %
		61.6 %	Adj. EBITA	NOKm	20	21	-5.9 %
	8.2 %	2.3 %p	Adj. EBITA margin	%	11.8 %	12.7 %	-0.9 %p

Q3 2023: Seasonal variations affects cash from operations

• Cash flow from Operating Activities of NOK -21m (-5)
  • Increased working capital due to revenue growth
  • The third quarter is seasonally lower due to the summer holiday period

	Q3 2023	Q3 2022	Change
Cash flows from Operating Activities	-21	-5	-16
Cash flows from Investing Activities	-4	-13
Cash flows from Financing Activities	-107	-112
Total change Cash	-132	-129	9 4 -3

Strong financial position

• Cash and cash equivalents and other current financial assets NOK 1,098m
• Net interest-bearing debt (incl. IFRS 16 effects)*: Mainly related to office leases, leasing of IT equipment and leasing of cars
• NIBD / adj. EBITDA Q3 2023 of 0.39x
• NIBD / adj. EBITDA Q3 2023 excl. IFRS 16 of: -1.31x
• Extraordinary dividend of NOK ~600m is paid out in October

* Net interest-bearing debt/adj. EBITDA (also presented as NIBD/adj. EBITDA) is defined as current and non-current interest-bearing debt divided by adj. EBITDA.

31.12.2022
2 732
1 343
2 203
6 278
1 552
2 386
84
4 022
2 256
-183

23

Solid orderbook Q3: Good momentum in order intake Briskeby tram (NO)

Selected contracts awarded during the quarter

Norconsult has won the consultancy contract for detail design and plans for

Moratunet nursing homes

Moratunet nursing home is to be expanded with 18 new care homes, a new nursing home, as well as upgrading parts of the current nursing home in Stor-Elvdal Community.

* Net revenue = Operating revenue and other income after external project costs last twelve months

Outlook

Outlook

• Stable demand within public buildings, energy and industry, and infrastructure
• Lower activity within the private residential and non-residential building markets
• The orderbook remains stable at approximately 75 percent of our annual revenues
• Some one-off items will affect our profitability in Q4 2023
  • IPO costs (NOK ~75m) and employee share program for 2023 (gift shares), not included in adj. EBITA
  • Higher recruitment of senior people in Sweden than normal

Appendix

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT
Amounts in NOK million
	Q3 2023	Q3 2022	YTD Q3 2023	YTD Q3 2022	FY 2022
Operating revenue	1 914	1 719	6 883	6 032	8 423
Other income	2	-4	6	4	1
External project costs	211	192	728	652	931
Operating revenue and other income after external project costs	1 705	1 523	6 161	5 383	7 493
Salaries and personnel costs	1 327	1 138	4 658	4 035	5 685
Other operating expenses	167	179	588	530	778
Depreciation and impairment tangible assets	111	96	327	285	384
Amortization and impairment intangible assets	4	4	13	11	20
Operating profit (loss) (EBIT)	96	106	574	523	626
Finance income	17	10	48	15	31
Finance expense	10	11	54	29	45
Net financial items	7	-2	-5	-14	-14
Profit (loss) before tax	104	104	569	509	612
Income tax expense	24	23	127	115	158
Profit (loss) for the periods	80	81	442	394	454
Attributable to:
Equity holders of the parent	80	81	442	394	454
	0	0	0	0	0
Non-controlling interest
Earnings per share in NOK: *
Ordinary, profit for the period Diluted, profit for the period	0.28 0.28	0.29 0.29	1.57 1.57	1.38 1.38	1.58 1.58

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

			CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Amounts in NOK million
ASSETS	30.09.2023	31.12.2022	EQUITY AND LIABILITIES	30.09.2023
Goodwill	1 029	943	Share capital	6
Deferred tax assets	6	4	Treasury shares	-1	-1
Other intangible assets	80	70	Share premium	221	221
Property plant and equipment	148	159
Right-of-use asset	1 550	1 528
Non-current financial assets	39	28
Total non-current assets	2 851	2 732	Non-controlling interests	0	0
Trade receivables	1 261	1 393
Contract assets	898	599	Pension liabilities	9	9
Other current assets	275	211
Total receivables	2 434	2 203
Other current financial assets	382	372	Other non-current debt and accruals	34	41
Cash and cash equivalents	716	971
Total current assets	3 532	3 546
Total assets	6 383	6 278	Trade payables	225	233
			Contract liabilities	213	178
			Current tax liabilities	168	165

	Amounts in NOK million
ASSETS	30.09.2023	31.12.2022	EQUITY AND LIABILITIES	30.09.2023	31.12.2022
Goodwill	1 029	943	Share capital	6	6
Deferred tax assets	6	4	Treasury shares	-1	-1
Other intangible assets	80	70	Share premium	221	221
Property plant and equipment	148	159	Other paid in capital	82	82
Right-of-use asset	1 550	1 528	Retained earnings	2 169	1 946
Non-current financial assets	39	28	Equity attributable to the owners of the parent	2 478	2 256
Total non-current assets	2 851	2 732	Non-controlling interests	0	0
Trade receivables	1 261	1 393	Total equity	2 478	2 256
Contract assets	898	599	Pension liabilities	9	9
Other current assets	275	211	Deferred tax	23	34
Total receivables	2 434	2 203	Non-current lease liabilities	1 239	1 241
Other current financial assets	382	372	Other non-current debt and accruals	34	41
Cash and cash equivalents	716	971	Total non-current liabilities	1 305	1 325
Total current assets	3 532	3 546	Current lease liabilities	341	310
Total assets	6 383	6 278	Trade payables	225	233
			Contract liabilities	213	178
			Current tax liabilities	168	165
			Other current liabilities	1 652	1 809
			Total current liabilities	2 600	2 697

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS Amounts in NOK million
	Q3 2023	Q3 2022	YTD Q3 2023	YTD Q3 2022	FY 2022
Profit (loss) before tax	104	104	569	509	612
Taxes paid	-4	-9	-143	-143	-136
Depreciation, amortization and impairment	20	18	59	54	79
Depreciation right of use asset	96	82	281	243	325
Change in working capital items	-223	-208	-357	-280	-15
Other changes and reconciling items	-13	8	21	24	77
Net cash flows from operating activities	-21	-5	431	407	941
Proceeds from sale of property, plant and equipment	-1	4	0	4	12
Purchase of intangible assets	-5	-3	-17	-13	-30
Purchase of property, plant and equipment	-9	-18	-38	-44	-69
Aquisition of subsidiaries, net of cash acquired	-23	0	-102	-108	-206
Other cash flows from investing activites	34	4	15	5	11
Net cash flows from investment activities	-4	-13	-143	-155	-282
Net purchase of treasury shares	-2	-18	17	-80	-97
Acquisition of non-controlling interests	0	0	0	-30	-30
Payment of principal portion of lease liabilities	-93	-78	-273	-232	-312
Interest paid	-12	-8	-33	-24	-33
Change in short term receivable for sale and purchase of shares	0	-7	1	53	61
Dividends paid to equity holders of the parent	0	0	-272	-254	-254
Dividends paid to non-controlling interests	0	0	0	-1	-1
Net cash flows from financing activities	-107	-112	-559	-567	-666
Net change in cash and cash equivalents	-132	-129	-271	-316	-7
			16	8
Net foreign exchange difference on cash and cash equivalents Cash and cash equivalents at beginning of period	-8 856	2 790	971	972	6 972

APM - reconciliations

APM - reconciliations
Amounts in NOK million
Adjusted EBITA and EBITDA	Q3 2023	Q3 2022	YTD Q3 2023	YTD Q3 2022	FY 2022
Operating profit (loss) (EBIT)	96	106	574	523	626
Depreciation and impairment of tangible assets	111	96	327	285	384
Amortisation and impairment of intangible assets	4	4	13	11	20
EBITDA	212	206	914	819	1 030
Depreciation and impairment of tangible assets	-111	-96	-327	-285	-384
EBITA	101	109	587	534	646
Adjusting items to EBITA and EBITDA:
IFRS 2 share based payment expenses	0	0	-3	0	95
IPO expenses	8	0	16	0	0
Adjusted EBITA	108	109	601	534	741
Depreciation and impairment of tangible assets	111	96	327	285	384
Adjusted EBITDA	220	206	928	819	1 125
Adjusted EBITA in % of operating revenue and other income after external projects (Adj EBITA margin)	6.4	7.2	9.8	9.9	9.9
28/11/2023 Quarterly presentation - Third quarter	31

Financial position excl. IFRS 16 effects

• Cash and cash equivalents and other current financial assets NOK 1,098m
• Net interest-bearing debt (incl. IFRS 16 effects)*: Mainly related to office leases, leasing of IT equipment and leasing of cars
• NIBD / adj. EBITDA Q3 2023 incl. IFRS 16 of 0.39x
• NIBD / adj. EBITDA Q3 2023 excl. IFRS 16 of: -1.31x

	30.09.2023	31.12.2022
Non-current assets	2 851	2 732
Cash and equivalents and other current financial assets	1 098	1 343
Receivables	2 434	2 203
Total assets	6 383	6 278
Lease liabilites (current and non-current)	1 580	1 552
Trade, contract and other current liabilities	2 259	2 386
Other liabilities	66	84
Total liabilities	3 905	4 022
Total equity	2 478	2 256
Net working capital	175	-183
Conservative leverage
NIBD/EBITDA LTM excl. IFRS 16 liabilities NOKm NIBD excl. IFRS 16 liabilities

* Net interest-bearing debt/adj. EBITDA (also presented as NIBD/adj. EBITDA) is defined as current and non-current interest-bearing debt divided by adj. EBITDA.

Solid performance YTD, but seasonal variations between quarters Margins are normally higher in the first half of the year Most contracts are index regulated yearly in January/February Salary increases are effective from July in Norway, from April in Sweden and from

Key business drivers

• Revenues impacted by number of FTE's, working days, billing rate and billing ratio
• 76.2% Profitability impacted by FTE's, cost per FTE (salaries), and overhead and other costs

71.4% Workdays per quarter

• Workdays are based on weighted average based on net revenue from Norway, Sweden and Denmark
• Easter effects in Q1 and/or Q2
• Multiple Nordic public holidays during Q2

* Net revenue = Operating revenue and other income after external project costs

** Blended group average workdays per quarter post public holidays and pre vacation days

Seasonal effects

• -1
  -
  • May in Denmark 56 65
• In Norway and Sweden, employees have reduced norm time during part of the summer months. Norm time is 1 hour less than normal from May/June to mid-August, reducing the profitability in Q2 and Q3 vs other quarters Employees usually take 3-4 weeks of summer vacation – impacting Q3
  -
  • Billing ratio in Q3 normally lower impacted by graduate hires and new employees

Long-term financial targets

Financial targets

Metric	Financial targets	Comment
Growth	N/A	• Historical total net revenue growth of ~11% from 2012 to 2022 • Over-the-cycle split between organic growth and acquisitions around 2/3 and 1/3, respectively • Expected growth slightly above the market
Profitability	10% Adj. EBITA margin	• Historical average of ~10% adj. EBITA margin 2021-2022
Capital structure	<2.0x Net debt / Adj. EBITDA	• Net debt/Adj. EBITDA not to exceed 2.0x measured on an IFRS 16 basis • Starting leverage at the IPO significantly lower • Flexibility for M&A
Dividend policy	>50% Pay-out ratio of net income	• Pay-out ratio defined as minimum 50% of net income • Last two years paid out ~60-75% of net income

Quarterly workdays per FTE

Average workdays per quarter1)

Note: 1) Blended group average workdays per quarter post public holidays and pre vacation days

Largest shareholders

	Largest shareholders
Rank	Shareholder	Number of Shares	Percentage %	Country
1	NC-ANSATTES HOLDING AS	65 675 058	21.2 %	Norway
2	NORCONSULT ASA	13 791 582	4.4 %	Norway
3	CARNEGIE AS	9 968 307	3.2 %	Norway
4	The Bank of New York Mellon SA/NV	6 940 000	2.2 %	Belgium
5	DANSKE INVEST NORSKE INSTIT. II.	6 151 500	2.0 %	Norway
6	CACEIS Bank	5 839 377	1.9 %	France
7	VERDIPAPIRFONDET HOLBERG NORGE	5 500 000	1.8 %	Norway
8	VERDIPAPIRFONDET DNB NORGE	5 225 000	1.7 %	Norway
9	KVERVA FINANS AS	4 000 000	1.3 %	Norway
10	VPF DNB AM NORSKE AKSJER	3 562 500	1.1 %	Norway
11	LUDVIG LORENTZEN AS	3 000 000	1.0 %	Norway
12	The Bank of New York Mellon SA/NV	2 918 939	0.9 %	Belgium
13	OBOS BBL	2 631 579	0.8 %	Norway
14	J.P. Morgan SE	2 470 000	0.8 %	Luxembourg
15	State Street Bank and Trust Comp	2 340 000	0.8 %	United States
16	Nordea Bank Abp	2 317 058	0.7 %	Sweden
17	Nordea Bank Abp	2 260 126	0.7 %	Sweden
18	Swedbank AB	1 781 427	0.6 %	Sweden
19	VERDIPAPIRFONDET KLP AKSJENORGE	1 750 000	0.6 %	Norway
20	Nordnet Bank AB	1 696 029	0.5 %	Sweden
	Total shares top 20	149 818 482	48.3 %
	Total outstanding shares	310 496 875	100 %
	Data from Euronext Securities Oslo, last updated 2023-11-24
	28/11/2023 Quarterly presentation - Third quarter			36