Q2 2026 Norconsult ASA Earnings Call Transcript
Key Points
- Strong net revenue growth of 17% in Q2, with 6% organic growth, driven by increased FTEs, billing rates, and billing ratio.
- Record order book of NOK7.8 billion, with the ship tunnel project expected to add to Q3 order intake.
- Improved first-half adjusted EBITDA margin to 9.7%, up from 9.5%, with profitability back to 10% on a last-twelve-months basis.
- Successful integration of Aas-Jakobsen completed, with expected profitability improvements going forward.
- Renewable energy segment delivered strong performance with 22% organic growth and improved EBITDA margin to 13.7% in Q2.
- Sweden market remains challenging with price pressure in building segments and low profitability of 0.5% in Q2, partly due to calendar effects.
- Denmark profitability weak, impacted by final earn-out provisions of NOK11 million and ongoing issues in parts of the building segment.
- Billing ratio still below target at 73.8% year-to-date, with continued efforts needed to reach the 74% level.
- Integration costs for Aas-Jakobsen negatively impacted EBITDA by approximately NOK9 million in Q2, with a total of NOK13 million in H1.
- Private building market remains subdued, with no significant short-term improvement expected, and Swedish public spending hesitation due to upcoming elections.
Ladies and gentlemen, welcome to Norconsult's second-quarter presentation. My name is Egil Hogna, I am the CEO, and I will share today's presentation with CFO, Dag Fladby. After the presentation, we will take questions. We will start with the auditorium. And for those of you following us on the web, we will take questions, which you can put into the chat in the webcast.
The second quarter of Norconsult' was characterized by strong growth and stable profitability. And on the front page, we have a beautiful rendering of our newly won project for the stock ship tunnel, which we will revert to later.
Norconsult is Norway's largest design and engineering company, and we have a strategy with decentralized operations spread out on 140 offices and at the end of the second quarter we were 7,200 employees. Our business is roughly one-third buildings and architecture, one-third infrastructure and one-third energy and industry, and we have a history of consistent growth and profitability, both before and after our stock exchange
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