Norconsult (NORCO) Q3 2025 earnings summary

Executive summary

• Achieved solid organic growth and improved profitability in Q3 2025, with net revenues up 13% year-over-year to NOK 2.2 billion and adjusted EBITA up 26% to NOK 204 million, supported by 7% organic growth adjusted for calendar effects.

• Employee count increased to nearly 7,000, reflecting both organic hiring and the integration of Aas-Jakobsen staff.

• Completed the largest acquisition in company history, Aas-Jakobsen Group, adding over 200 specialists and NOK 400 million to the order backlog.

• Announced acquisition of Meteor/Metier Group, a leading Norwegian project management firm, for NOK 480 million, to be partly financed by a NOK 400 million loan.

• Order intake included significant contracts in transmission systems, hydropower, and freight terminal upgrades, reinforcing market position.

Financial highlights

• Net revenue for Q3: NOK 2,191 million, up from NOK 1,924 million year-over-year (13% growth), with organic growth of 7% adjusted for calendar effects.

• Adjusted EBITA: NOK 204 million (up from NOK 162 million), margin at 9.3% (8.9% adjusted for calendar effects, up from 8.4%).

• Profit after tax: NOK 132 million, up from NOK 53 million year-over-year; EPS NOK 0.43 (0.18).

• Order book increased to NOK 7.4 billion from NOK 7.1 billion.

• Cash and equivalents at NOK 809 million, with cash flow from operations minus NOK 103 million due to seasonal and acquisition effects.

Outlook and guidance

• Market outlook remains stable, with continued strong demand in renewable energy and infrastructure, and stable public sector activity.

• Some optimism in private Buildings & Architecture, but recovery is gradual; infrastructure demand stable, energy sector activity high.

• Company to maintain proactive measures for profitability and efficiency improvements in selected business areas.