Norconsult ASA: Q1 2025 - Moderate revenue growth and profitability

14 May 2025 07:00 CEST

Sandvika, 14 May 2025 (OSE: NORCO): The income after external project costs
increased by 12 percent to NOK 2 637 million (2 360) in the first quarter. The
quarter was significantly affected by an Easter holiday calendar effect of three
working days, positively impacting income after external project costs and
adjusted EBITA with NOK 122 million. Adjusted for calendar effects, income after
external project costs increased with 7 percent, of which organic growth was 5
percent. Adjusted EBITA was NOK 335 million with an adjusted EBITA margin of
12.7 percent. Adjusted for the positive calendar effect, the adjusted EBITA
margin was 8.5 percent compared to 9.6 percent in the corresponding period last
year. The current year margin was affected by a lower billing ratio and more
vacation at the beginning of the year

Highlights Q1 2025

· Growth in income after external project costs of 12 percent to NOK 2 637
million (2 360)
· Significant positive calendar effects estimated to NOK 122 million in the
quarter due to Easter holiday in April, resulting in three working days more
compared with Q1 2024
· Organic growth of 5 percent adjusted for calendar effects
· Adj. EBITA was NOK 335 million (227) with an adj. EBITA margin of 12.7
percent (9.6 percent)
· Adj. EBITA margin was 8.5 percent, adjusted for calendar effects
· Net profit of NOK 257 million (103)
· Earnings per share (EPS) NOK 0.85 (0.36)
· Orderbook increased to NOK 7.0 billion, up from NOK 6.4 billion as of Q4
2024

Comments from CEO Egil Hogna:

"Norconsult delivers moderate revenue growth and profitability in the first
quarter of 2025. We have taken and continued to take measures to improve our
profitability and maintain efficiency. We are pleased with the development of
our orderbook, which ended at NOK 7 billion in the first quarter of 2025, up
from NOK 6.4 billion at year end."

Outlook:

The overall market is expected to be stable, but with continued uncertainty
linked to the international political situation.

There are signs of optimism in the private market for Buildings & Architecture,
but most likely it will take some time before it materialises into increased
activity. The demand in infrastructure is expected to be stable going forward.
We continue to expect a high level of activity in the energy sector, and a more
mixed development in other industry markets as geopolitical factors may delay
investment decisions in certain market areas.

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.

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/ImKeIMySQK6CTZw5ym7mfw

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 6,600 employees across more than 140 offices in Norway, Sweden,
Denmark, Iceland, Poland and Finland.

More information:
Access the news on Oslo Bors NewsWeb site

646248_2025_First_Quarter_Norconsult_presentation.pdf
646248_2025_First_Quarter_Norconsult_report.pdf