Q4 2025 Norconsult ASA Earnings Call Transcript
Key Points
- Norconsult ASA (STU:JL80) reported a net revenue increase of approximately 12% in the fourth quarter, reaching NOK2.8 billion.
- The company achieved an adjusted EBITA of NOK252 million, up 11% from the previous year.
- Norconsult ASA (STU:JL80) maintained a strong cash flow of NOK884 million in the fourth quarter.
- The company was nominated as Norway's most attractive employer in its industry for young professionals for the sixth consecutive year.
- Norconsult ASA (STU:JL80) secured the largest ever technical consulting contract in Norway, the Arna-Stanghelle project, valued at NOK2.2 billion.
- The company's cash flow was slightly lower than the previous year due to a special effect last year.
- Aas-Jakobsen Group's EBITA was lower than last year due to lower billable activity and integration work.
- Denmark's profitability was not according to expectations, with EBITA down from NOK22 million to NOK8 million.
- The private Buildings & Architecture market remains slow, impacting demand.
- The ERP system implementation is expected to incur significant costs, with a total project cost of around NOK200 million.
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Good morning, and welcome to Norconsult's fourth quarter presentation for the year 2025. My name is Egil Hogna, I'm the CEO of the company, and I will share today's presentation with our CFO, Dag Fladby.
After the presentation, we will take questions live here in the auditorium in Oslo first, and then we will take questions we have received through the chat of the webcast. If you're following the webcast, feel free to enter your questions along the presentation, and we will then revert to them later.
The fourth quarter of 2025 was another quarter of solid organic growth and stable profitability. But before we delve into the results, let me say a few words about Norconsult's business model. At the end of last year, we had more than 7,200 employees divided on 140 offices. We have approximately one-third of our activity in Buildings and Architecture, one-third in Infrastructure and one-third in Energy & Industry. We are well diversified with approximately 35,000 projects split on 15,000 customers.
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