Q1 2026 Multiconsult ASA Earnings Call Transcript
Key Points
- Multiconsult ASA (STU:3MC) reported a 5.5% revenue growth in Q1 2026, with 4.4% being organic growth.
- The company achieved an EBITA margin of 10%, which adjusts to 12.4% when accounting for calendar effects.
- Sales and order intake were strong, with a significant increase in frame agreements, which have grown over 200% since 2022.
- The company has a robust employee share ownership program, issuing 6,600 shares to new employees, and has introduced a profit-sharing model.
- Multiconsult ASA (STU:3MC) maintains a solid market position with a stable order backlog and high activity in key sectors like Energy & Industry.
- Cost increases continue to outpace revenue growth, although the gap has been reduced compared to previous quarters.
- The Architecture segment faced challenges, with a reduction in FTEs and a lower billing ratio, leading to a decrease in EBITA.
- The Polish market remains competitive, affecting pricing and contributing to a weakened EBITA margin in the International segment.
- There is continued uncertainty regarding the timing and investment decisions in the market, particularly in the Building and Property sector.
- The billing ratio has declined year-over-year for five consecutive quarters, although the gap is narrowing.
Good morning, and welcome to the presentation of the results of the first quarter 2026 for Multiconsult. My name is Grethe Bergly. I am the CEO. And with me today is also our CFO, Ove Haupberg. Before I dive into the figures, just a brief reminder of who Multiconsult is.
We are an engineering and architect firm with a history going back more than 100 years. We report in three segments: Multiconsult Norway that contains our engineering business, Architecture that contains our four architect subsidiaries, LINK in Norway, Sweden and Denmark, and A-lab in Norway.
The segment International contains Multiconsult Polska and our Swedish subsidiary, engineering subsidiary, Iterio. In the market, we operate in 4 business areas and all the subsidiaries and segments work across these four business areas. Historically, the split between private and public clients have been 50-50.
And over the last few years, we have delivered a profitable growth based on a robust business model and
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