Multiconsult Reports Moderate Q2 Performance Amid Increased M&A Activity

Multiconsult’s Second Quarter and First Half 2025: A Moderate Performance

Multiconsult ASA (OSE: MULTI) recently reported results for the second quarter and first half of 2025, reflecting a moderate performance amid increased merger and acquisition (M&A) activities within a stable market. The report indicated that the company’s earnings before interest, taxes, and amortization (EBITA) for Q2 2025 stood at NOK 67.4 million, contributing to a first-half EBITA of NOK 257.8 million. The EBITA margin for Q2 was noted at 4.8%, while the first half of the year had a margin of 8.8%.

In reviewing the operating performance, it is evident that while there was high activity across many segments, the results were nevertheless impacted by a reduction in working days, which led to lower capacity. The reduced capacity resulted in a slight decrease in net operating revenues, which totaled NOK 1,415.9 million—down 0.6% compared to the same quarter in 2024. Furthermore, the organic revenue growth adjusted for calendar effects came in at 4.2%.

Financial Breakdown

The financial statistics offer insight into the moderate performance, where the EBITA for the quarter signifies a significant decrease of 17.6% year-on-year after adjustment for calendar discrepancies. Notably, the billing ratio also declined to 72.9%, reflecting a 0.9 percentage point drop year-on-year. Meanwhile, the order intake for the quarter totaled NOK 1,539 million, showcasing resilience despite the fluctuations in the operating environment. As a result, the total order backlog remains robust at NOK 4,575 million.

Strategic Acquisition

A notable aspect of Multiconsult's recent activities includes its intent to acquire the ViaNova group—a consulting engineering firm recognized for its expertise in transportation and mobility. This acquisition, which marks Multiconsult’s most significant strategic move since the acquisition of Erichsen Horgen in 2021, is anticipated to serve as a milestone in the company’s growth trajectory. Grethe Bergly, CEO of Multiconsult, expressed enthusiasm regarding this strategic acquisition, emphasizing that it would strengthen their mobility and transportation team by merging complementary strengths and values. The leadership team at Multiconsult believes that the collaboration with ViaNova will greatly enhance their client value propositions, allowing them to capture a larger share of the transportation market.

Workforce Growth

In other positive news, Multiconsult has seen a rise in full-time equivalents (FTEs) of 6.6%, bringing the total to 3,762 employees. This increase indicates the company’s commitment to growth and expansion, aligned with their pursuit of building a strong workforce capable of navigating future opportunities and challenges.

Highlights and Future Outlook

Despite the moderate results for the second quarter, Multiconsult remains optimistic about the overall market outlook, which appears stable. Looking ahead, the leadership emphasizes the need to tackle challenges such as lower billing ratios and the rising operational costs that are outpacing billing rate increases. Further measures continue to be implemented to mitigate these concerns while maintaining a focus on innovation and employee engagement. Recent accolades, including Multiconsult being recognized as the most attractive employer among Norwegian students in the industry, further validate the company’s positive direction.

In conclusion, while the second quarter of 2025 presented its share of challenges, Multiconsult's proactive approach through strategic acquisitions and workforce growth showcases a promising path towards future stability and expansion in the field of consulting engineering.