#Norway #Oslo #Engineering Services #Multiconsult ASA #Quarter Performance

Multiconsult ASA's Fourth Quarter and Full Year 2025: A Stable Performance in a Competitive Landscape

Multiconsult ASA, listed on the Oslo Stock Exchange under the symbol MULTI, has confirmed its ability to maintain stability despite facing substantial pressures from rising costs and relentless competition throughout 2025. The company’s latest quarterly report, released on February 10, 2026, reflects a mix of growth and challenges encountered as the year drew to a close.

In the fourth quarter, Multiconsult's net operating revenues reached NOK 1,521.5 million, marking an increase of 5.4% compared to the previous year’s quarter, which recorded NOK 1,443.3 million. When accounting for calendar variations, the organic growth stood at 3.9%. However, the EBITA (Earnings Before Interest, Taxes, and Amortization) for the quarter was reported at NOK 74.9 million, translating to a margin of 4.9%. This figure showcases a dip in profitability attributed to legal expenses and write-downs tied to the Sotra project.

Throughout 2025, the overall performance of Multiconsult showcased incremental improvements with net operating revenues soaring to NOK 5,657.3 million, representing a year-on-year growth of 5.1%. This growth is bolstered by a 4.0% increase in organic revenue after adjusting for calendar effects. However, the EBITA for the entire year significantly decreased to NOK 394.8 million from NOK 523.4 million, resulting in an EBITA margin that fell to 7.0% from 9.7% the previous year.

CEO Grethe Bergly remarked on the continual pressure regarding rates in a fiercely competitive market, asserting that the strategies initiated in earlier quarters are progressing as planned. The company remains focused on enhancing profitability and aligning towards a long-term EBITA margin target of 10%.

Key highlights from the fourth quarter include:

• - Increased net operating revenues and a steady yet decreasing EBITA margin
• - An order intake of NOK 1,636 million, contributing to a substantial backlog of NOK 4,233 million
• - A noticeable dip in the billing ratio, which fell to 71.7% from 72.5% in the previous year

Moreover, the full year concluded with a net profit of NOK 252.6 million, down from NOK 413.3 million in 2024, reflecting the fiscal pressures of legal complications and adjustments in project costs. Proposed dividends of NOK 5.00 per share for 2025 aim to reassure stakeholders amidst these fluctuations.

Adding to Multiconsult's strength, with the integration of 129 new ViaNova employees, the organization is now positioned as an enhanced force in the engineering realm of transport and mobility. Bergly emphasized that this acquisition greatly strengthens their existing advisory capabilities, enabling them to provide comprehensive and innovative engineering solutions in transportation throughout Norway.

Furthermore, entering two new framework agreements with the Norwegian Defence Estates Agency positions Multiconsult as a pivotal provider of defense-related engineering services in the region—all the more critical given today's escalating security concerns. This agreement not only shows the confidence defense agencies have in Multiconsult’s capabilities but also promises robust growth in their infrastructure sector offerings.

As the company moves forward, the overall market outlook is expected to remain stable, albeit compounded by uncertainties. Multiconsult will continue promoting its robust performance model through effective project execution and comprehensive service offerings. With thorough attention to market dynamics, Multiconsult ASA prepares itself to face the upcoming challenges head-on and embrace new opportunities for growth in 2026 and beyond.

The official results presentation is scheduled for February 10, 2026, at Hotel Continental in Oslo, where Bergly and CFO Ove B. Haupberg will provide additional insights into the company's yearly performance.