Norway · Delayed Price · Currency is NOK Norconsult ASA Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw 12% revenue growth and stable margins, driven by organic expansion and acquisitions. Major contract wins, especially in infrastructure, and strong energy sector activity support a positive outlook, while integration costs and ERP investments are being managed.
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The company targets a top-three Nordic position through organic growth and strategic M&A, focusing on sustainability, digitalization, and local presence. Financial targets remain unchanged, with strong cash flow supporting acquisitions and dividends. AI and innovation drive operational efficiency and project quality.
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Q3 saw 13% revenue growth and a 26% rise in adjusted EBITA, driven by organic expansion and acquisitions. The order book grew to NOK 7.4 billion, with strong performance in Norway and renewable energy, while Sweden and Denmark faced margin pressure.
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Solid Q2 growth with net revenues up 6% organically and an 11.2% adjusted EBITDA margin. Major project wins and the Aas-Jakobsen acquisition strengthen infrastructure capabilities, while stable markets and proactive measures support continued profitability.
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The acquisition will reinforce the acquirer's leadership in Norwegian infrastructure, deliver NOK 25 million in cost synergies by 2028, and is expected to be accretive to margins and growth. Employees support the deal, and regulatory risk is minimal.
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Net revenue grew 12% year-over-year to NOK 2.6 billion, with 5% organic growth and a higher order book. Profitability was impacted by a lower billing ratio, but major project wins and a strong cash position support a stable outlook amid some market optimism.
Fiscal Year 2024
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Q4 2024 saw steady growth, improved profitability, and strong cash flow, with net revenue up 7% year-over-year and an increased dividend. Energy and infrastructure remain robust, while buildings and architecture show early recovery signs, especially in Sweden and Denmark.
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Q3 delivered strong growth with net revenue up 13% and adjusted EBITDA up 50% year-over-year, driven by higher billing rates and increased FTEs. Market conditions remain stable but uncertain, with public sector and energy strong, and Buildings and Architecture showing early signs of improvement.
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Q2 saw 14% revenue growth (7% organic, adjusted), stable EBITA margin, and strong cash flow. Public sector and infrastructure markets remain stable, while energy is robust and private building markets are weak. Order book and billing ratios are steady, with ongoing cost optimization and selective M&A focus.