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Norconsult
Norconsult (NORCO) investor relations material
Norconsult Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved solid organic growth and stable profitability in Q4 and FY 2025, with net revenue surpassing NOK 10.1 billion and 6% organic growth, supported by major acquisitions including Metier and Aas-Jakobsen Groups.
Order backlog reached NOK 7.7 billion at year-end, reflecting strong market positioning and major infrastructure wins.
Employee count rose 12% to over 7,200, with stable sick leave (4%) and low churn (10.6%), indicating strong organizational health.
Recognized as Norway's most attractive employer in the consulting engineering sector for the sixth consecutive year.
Financial highlights
Q4 2025 net revenue was NOK 2,807 million (up 12%); full-year net revenue NOK 10,103 million (up 10%).
Adjusted EBITA for Q4 was NOK 252 million (margin 9.2%); full-year adjusted EBITA NOK 944 million (margin 9.5%).
FY 2025 net profit was NOK 652 million, up from NOK 498 million in 2024; EPS NOK 2.13.
Q4 cash flow from operations was NOK 884 million; full-year cash flow from operations NOK 1,123 million.
Board proposed a dividend of NOK 1.80 per share (86% payout ratio).
Outlook and guidance
Market expected to remain stable, with continued uncertainty from international political factors and slow private buildings and architecture market, but optimism in larger cities.
Infrastructure and energy sectors expected to maintain high activity, with a record pipeline and major projects like Arna-Stanghelle.
Focus on successful integration of acquisitions and measures to improve efficiency and margins.
When will Aas-Jakobsen integration impact EBITA end?
Update on Denmark's profitability improvement measures
When will B&A private sector volume increase?
How does Norconsult's AI expertise drive demand?
How will Arna-Stanghelle affect resource allocation?
Why adjust ERP costs from adjusted EBITA?
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Next Norconsult earnings date
Q1 202612 May, 2026
Norconsult
Next Norconsult earnings date
Q1 202612 May, 2026
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Frequently asked questions
Norconsult ASA is a Norway-based interdisciplinary consultancy firm offering a wide range of services across multiple sectors. The company's expertise encompasses areas such as transport, buildings, architecture, renewable energy, industry, water, planning, environment, and digitalization. Norconsult ASA provides consultancy services throughout all project phases, from concept development and planning to engineering design, construction, and operational monitoring. The company operates in various industries, including aquaculture, food, data centers, logistics, mining, oil and gas, and renewable energy. They are also involved in societal and urban planning, ensuring sustainable and forward-looking design. Their infrastructure services cover roads, railways, airports, and ports, with additional specialized services in water management, geoscience, and environmental monitoring. Norconsult ASA is headquartered in Sandvika, Norway, and its shares are listed on the Oslo Stock Exchange.
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