Rejlers (REJL-B) investor relations material

Deal rationale and strategic fit

• Merger creates a leading pan-Nordic multidisciplinary consultancy group with SEK 11.7–12 billion in sales, nearly 8,000 employees, and strongholds in energy, industry, mobility, buildings, and environment.

• Highly complementary geographic footprints, expanding reach across Norway, Sweden, Finland, Denmark, Poland, UAE, and the UK.

• Minimal office overlap reduces integration complexity and preserves local leadership.

• Shared values, culture, and technical expertise, with a balanced leadership team and dual stock listing in Stockholm and Oslo.

• Enhanced ability to compete for large-scale energy, industry, and infrastructure projects and accelerate growth in new markets.

Financial terms and conditions

• Exchange ratio set at 0.9725, resulting in 54% ownership for Multiconsult shareholders and 46% for Rejlers shareholders.

• Combined revenue of SEK 12 billion and market cap near SEK 8 billion as of LTM Q2 2026.

• Combined EBITA of SEK 795 million and EBITA margin of 6.7% (rolling 12 months); target EBITA margin of 10%.

• Premium of 1.7% for Multiconsult and discount of 2.0% for Rejlers based on last closing price.

• Dual listing planned on Oslo Børs and Stockholm.

Synergies and expected cost savings

• Annual cost synergies of SEK 100–120 million expected within three years, mainly from IT, procurement, admin, audit, and office optimization.

• One-off integration costs estimated at SEK 40 million.

• Revenue synergies anticipated through expanded capabilities and market reach.

• Integration of overlapping operations in Norway, Sweden, and Poland to optimize efficiency.