Multiconsult Reports Steady Growth in Q2 2025 with Strategic Acquisitions

Multiconsult's Second Quarter and First Half of 2025: A Focus on Growth and Resilience

In an environment marked by steady market conditions, Multiconsult ASA (OSE: MULTI) has announced moderate performance figures for the second quarter of 2025. The company demonstrated increased activity in mergers and acquisitions (M&A), underscoring its strategic intent to bolster its position in the market.

For the second quarter, Multiconsult's EBITA reached NOK 67.4 million, which translates to an EBITA margin of 4.8 percent. While this shows a decline from the prior year's quarter—where EBITA was NOK 185.7 million and the margin was at 13 percent—the overall impacts of calendar effects and reduced operational days contributed significantly to this dip. The company's EBIT experienced a similar trajectory as it aligned with EBITA, reflecting the underlying business challenges that were prevalent during the quarter.

Net operating revenues for Q2 totaled NOK 1,415.9 million, revealing a slight decrease of 0.6 percent when compared to NOK 1,424.9 million in the previous year. However, it is essential to note that organic revenue growth adjusted for calendar effects held steady at 4.2 percent. This growth was bolstered by higher billing rates, although it was partially countered by a diminished capacity due to fewer working days.

The overall billing ratio stood at 72.9 percent, marking a slight decline of 0.9 percentage points from the same quarter last year. Notable is the order intake, which reached NOK 1,539 million, while the backlog of orders remained robust at NOK 4,575 million, highlighting Multiconsult's strong market demand despite operational hurdles.

Strategic Acquisitions Drive Future Growth

A significant highlight from Multiconsult's performance overview was the announcement of its intent to acquire the ViaNova group. This consulting engineering firm, with a prominent reputation in transport and mobility, represents Multiconsult's largest strategic acquisition since the Erichsen Horgen deal in 2021. The CEO, Grethe Bergly, expressed optimism about joining forces with ViaNova, noting that their respective strengths complement each other and are instrumental in achieving the goal of constructing Norway's most formidable mobility and transportation team.

Bergly commented, "Working together with ViaNova on projects over several years, we know they foster a culture of innovation and development. They are pioneers in utilizing digital tools, particularly in road infrastructure planning. Together, we can enhance our value proposition to clients and seize a larger share of the market."

The acquisition aims to enhance operational capabilities and ensure that Multiconsult can better serve the growing demand within the mobility sector. As Bergly highlighted, their combined expertise is expected to pave the way for elevated innovation and services for clients.

Encouraging Outlook for the Future

Looking at the first half of 2025, Multiconsult posted net operating revenues of NOK 2,939.4 million—a year-on-year growth of 5.3 percent. Similarly, the EBITA for this period reached NOK 257.8 million, resulting in an EBITA margin of 8.8 percent. Despite these positive results, profit margins showed a trend of decreased activity compared to previous quarters, reflective of market challenges.

Regarding workforce growth, the firm reported a rise in full-time equivalents (FTE) by 4.1 percent, reaching a total of 3,687. This increase indicates a continuing focus on expansion and talent acquisition, considering Norwegian students have recognized Multiconsult as the most attractive employer in the industry.

Additionally, the company completed a successful refinancing of its credit facilities, allowing for enhanced liquidity and financial flexibility moving forward. The total available credit now stands at NOK 2.5 billion.

Bergly concluded her comments with a note of pride in Multiconsult's recent achievements and the promising prospects ahead, particularly in light of student engagement and a strong pipeline of projects.

As Multiconsult ASA progresses through 2025, stakeholders eagerly anticipate the impact of the ViaNova acquisition and the company's strategic maneuvers to bolster both growth and operational efficiency.