#Q3 2025 #Norway #Oslo #EBITDA #Multiconsult

Multiconsult's Q3 2025 Performance: Navigating Challenges in a Competitive Landscape

Multiconsult ASA (OSE: MULTI) reported a stable performance in the third quarter of 2025 amidst the backdrop of rising costs and an increasingly competitive marketplace. This Norwegian consultancy firm demonstrated resilience, delivering net operating revenues of NOK 1,196.4 million, reflecting a 4.2% growth compared to NOK 1,148.4 million in the previous year. When adjusted for seasonal factors and one-off items, organic revenue growth reached 6.7%.

Key Financial Metrics

The company's adjusted EBITA for the quarter was NOK 62.1 million, yielding a margin of 5.2%. This is a decrease from the previous year’s margin of 6.4%, largely influenced by a one-time settlement of NOK 31.2 million in Q3 2024 arising from a client dispute. Thus, when factoring out this past event, there was a decline in EBITA by NOK 9.6 million year-over-year.

Productivity continued to be a focal point, although there were indicators of margin pressures as the billing ratio declined to 70.1%, down 1.1 percentage points from the same quarter last year. The sluggish initiation of major projects contributed to this issue, which Multiconsult is aiming to address by implementing strategies to enhance efficiency and restore a more favorable billing ratio.

Insights from the CEO

Grethe Bergly, the CEO of Multiconsult, shared insights on the company's ongoing challenges and future strategies. She emphasized the company's stable performance underpinned by robust demand for their services, facilitated by new framework agreements and assignments aligned with Multiconsult's strategic objectives. However, she acknowledged that the overall outcomes were somewhat below expectations.

To combat the current pressures — particularly the insufficient increase in hourly rates relative to salary and cost inflation — the company is focusing on enhancing sales efforts and optimizing project execution in high-demand areas. Bergly stated, “Going forward, we are concentrating our efforts on sales and project execution, following leads in areas that remain in high demand.”

Market Outlook and Future Directions

Despite the challenges, the company remains optimistic about its market outlook, which stays stable but acknowledges an increase in uncertainties. The total order intake for Q3 was NOK 1,205 million, with a current order backlog of NOK 4,316 million. Moreover, an acquisition agreement for the ViaNova group has been finalized, which is expected to close by mid-November, offering potential avenues for growth and diversification.

Looking at the year-to-date performance, Multiconsult reported net operating revenues of NOK 4,135.7 million, marking a year-over-year growth of 5%. The year-to-date EBITA, adjusted for the previous one-off settlement, was NOK 319.9 million, which corresponds to a margin of 7.7%. However, net profit has now reached NOK 213.9 million, down from NOK 323.7 million last year.

Addressing Increasing Competition

The competitive landscape continues to intensify, requiring Multiconsult to adapt swiftly. As part of their strategy, they are strengthening existing initiatives while rolling out new measures to elevate the billing ratio and manage costs effectively. With a full-time workforce of over 3,700 employees who are dedicated and highly skilled, Multiconsult is ensuring that it is well-equipped to meet future demands.

“I am grateful for their commitment to driving our strategic ambitions and creating valuable solutions for society,” Bergly remarked regarding her team.

For those interested in further exploring the detailed quarterly results and strategic directions of Multiconsult, they are encouraged to review the full 2025 Q3 report and presentations available on the company’s investor relations page.