Multiconsult (OSE: MULTI) Reference is made to the release issued 21 August
2024, 07:00 CET related to second quarter and first half result 2024: Heading
referred to the first quarter 2024, the correct quarter should be second quarter
2024.

Corrected release follows:

 ______

Multiconsult second quarter and first half result 2024 - very strong performance

Multiconsult ASA (OSE: MULTI)
Multiconsult delivered a very strong quarter, continuing the positive
development with high activity and strong operational efficiency. The EBITA came
in at NOK 185.7 million (55.6), equal to an EBITA margin of 13.0 per cent. The
performance was influenced by high activity, with a billing ratio of 73.8 per
cent, 1.7 percentage points higher than the comparable quarter last year. Net
operating revenues grew by 23.5 per cent to NOK 1?424.9 million, the organic
revenue growth was 11.4 per cent adjusted for the calendar effect. There was an
impact of five more working days compared to the same period last year, with an
estimated positive effect of NOK 92.6 million on net operating revenues and
EBITA. The order intake was solid at NOK 1?531 million resulting in an order
backlog of NOK 4?943 million.

SECOND QUARTER 2024

  · Successful quarter with strong operational performance and results
  · Net operating revenues increased by 23.5 per cent to NOK 1?424.9 million
(1?153.8)
    · The organic revenue growth adjusted for the calendar effect was 11.4 per
cent

  · EBITA of NOK 185.7 million (55.6), equal to an EBITA margin of 13.0 per cent
(4.8)
    · Net revenues and EBITA impacted positively by NOK 92.6 million from the
calendar effect compared with second quarter 2023

  · Significantly improved billing ratio of 73.8 per cent (72.1), up 1.7pp
  · Order intake of NOK 1?531 million (1?572)
  · Order backlog of NOK 4?943 million (4 943)
  · Full-time equivalents (FTE) increased by 5.1 per cent, to 3?531 (3?360)
  · Net profit of NOK 147.9 million (36.0)
  · Earnings per share NOK 5.36 (1.30)
  · The overall market outlook remains good and stable

FIRST HALF 2024

  · Net operating revenues of NOK 2?791.8 million (2?464.0), a y-o-y growth of
13.3 per cent
    · The organic revenue growth adjusted for the calendar effect was 10.7 per
cent

  · EBITA of NOK 322.4 million (271.9), equal to an EBITA margin of 11.5 per
cent (11.0)
    · Net revenues and EBITA impacted negatively by NOK 21.1 million from the
calendar effect compared with first half 2023

  · Order intake of NOK 3?378 million (4?146)
  · Net profit of NOK 243.4 million (194.1)
  · Earnings per share 8.88 (7.07)
  · Full-time equivalents (FTE) increased by 7.6 per cent, to 3?540 (3?289)

EXTRACT OF COMMENTS FROM CEO, GRETHE BERGLY:

Multiconsult delivered a very strong quarter, continuing the positive
development with high activity and good operational performance and efficiency.
An all-time high billing ratio of 73.8 per cent registered in the quarter is a
testament to a high activity level in the organisation. We continue to deliver
strong results and can record a record high first half of 2024. I would like to
express my gratitude to all our employees for contributing to the strong
results.

Multiconsult's strong performance over time demonstrates that we are succeeding
in our strategic priorities to position ourselves to win the right projects and
that we have an organisation with highly skilled employees who are capable of
delivering services that meet our customers' expectations.

The overall market development has been stable, with continued uncertainty
during the quarter. The solid order intake of NOK 1?531 million resulted in a
flat development in our order backlog year-over-year. It is a great achievement
by the organisation that we maintain a strong order backlog giving us a solid
foundation at the end of the second quarter. We see a continued high level of
activity and increased opportunities to provide solutions that support our
clients in their green transition. We are experiencing increased demand for our
services in biodiversity and projects that can help mitigate the consequences of
the climate changes.

To remain relevant and competitive, we must stay at the forefront of both
professional and technological development. Therefore, we invest heavily in this
area. In the quarter, we have started a 12-month mentorship/candidate program to
enhance our capability in managing the largest and most complex transportation
projects.

For a full review of comments from CEO, please refer second quarter and first
half year 2024 report.

FINANCIAL REVIEW, SECOUND QUARTER 2024:

Net operating revenues amounted to NOK 1?424.9 million (1?153.8), an increase of
23.5 per cent compared to the same quarter last year. The organic revenue growth
amounted to 11.4 per cent, adjusted for calendar effect and acquisition. The
increase in net operating revenues was driven by higher billing ratio, increased
capacity, and higher billing rates. The billing ratio exceeded last year's
comparable quarter by 1.7 percentage points, reaching 73.8 per cent (72.1).
Higher capacity, reflected by an increase in full-time equivalents (FTE) of 5.1
per cent and higher billing rates, contributed positively to the growth in net
operating revenues.

Operating expenses consist of employee benefit expenses and other operating
expenses. Operating expenses increased by 12.9 per cent to NOK 1?178.9 million
(1?044.5) compared to the same quarter in 2023. Employee benefit expenses
increased by 14.2 per cent in line with ordinary salary adjustment, increased
manning level from acquisitions, and increase in net recruitment. Other
operating expenses increased by 5.2 per cent to NOK 158.0 million (150.3),
primarily due to higher IT-cost and cost increase in general.

EBITDA was NOK 245.9 million (109.3), an increase of 124.9 per cent compared to
the same period last year, reflecting an EBITDA margin of 17.3 per cent (9.5) in
the quarter.

EBITA was NOK 185.7 million (55.6), an increase of 234.1 per cent year-over
-year, reflecting an EBITA margin of 13.0 per cent (4.8) in the quarter.

Calendar effect: In the second quarter of 2024 there were five more working days
compared to the second quarter 2023. This had an estimated positive impact of
NOK 92.6 million on net operating revenues and operating results.

FINANCIAL REVIEW, FIRST HALF 2024:

Net operating revenues increased by 13.3 per cent to NOK 2?791.8 million
(2?464.0). The organic revenue growth amounted to 10.7 per cent, adjusted for
calendar effect and acquisition. The increase in net operating revenues was
driven by higher billing ratio, increased capacity reflected by an increase in
full-time equivalents (FTE) of 7.6 per cent and higher billing rates. Billing
ratio increased to 73.6 per cent (71.5) an increase by 2.1 percentage points and
contributed positively to growth in net operating revenues.

Operating expenses consist of employee benefit expenses and other operating
expenses. Reported operating expenses increased by 12.8 per cent to NOK 2?349.8
million (2?083.5) compared to the first half year of 2023. Employee benefit
expenses increased by 13.7 per cent and came in at NOK 2?038.8 million
(1?793.0), an increase driven by net recruitment, regular salary adjustment and
employee benefit expenses arising from acquisitions. Other operating expenses
increased by 7.0 per cent to NOK 311.0 million (290.5), partly an effect of
operating expenses included from prior acquisitions and from cost increase in
general.

EBITDA was NOK 442.0 million (380.5), an increase of 16.2 per cent compared to
the same period last year, reflecting an EBITDA margin of 15.8 per cent (15.4).

EBITA was NOK 322.4 million (271.9), an increase of 18.6 per cent y-o-y,
reflecting an EBITA margin of 11.5 per cent (11.0).

Calendar effect: In the first half of 2024 there was one less working day
compared to the same period in 2023. This had an estimated negative impact of
NOK 21.1 million on net operating revenues and operating results.

OUTLOOK

The overall market outlook remains good and stable, with anticipated high
activity levels across various sectors. Despite expected challenges such as
investment delays and shifts in political priorities, the market for
Multiconsult's services is expected to be good across all four business areas.
Demand for infrastructure and projects related to the green transition is likely
to remain strong, and the potential for new opportunities in the pipeline is at
a good level. However, the competitive landscape is expected to evolve due to
lower investment levels in some markets, with pricing and margins for
engineering services being sensitive and varying across the different segments.
Overall, while specific challenges are anticipated, the outlook supports
continued stability and continued performance.

For a full review, please refer to second quarter and first half year 2024
report.

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Presentations today 21 August 2024:
Participants are invited to attend the Norwegian presentation that will be held
at Hotel Continental, Stortingsgata 24/26, Oslo, Norway at 08:30 (CEST). The
results will also be presented through a live webcast: In Norwegian at 08:30 and
in English presentation at 09:30. Participants will have the opportunity to
submit questions online throughout the webcast sessions.

The Norwegian presentation at 08:30 can be accessed at:
https://channel.royalcast.com/landingpage/hegnarmedia/20240821_6/

The English presentation at 09:30 can be accessed at:
https://channel.royalcast.com/landingpage/hegnarmedia/20240821_7/

Live webcasts, complete report, presentation and a recording of the webcast will
be available on www.multiconsult-ir.com and https://newsweb.oslobors.no/

For further information, please contact:

Investor relations:
Ove B. Haupberg, CFO
Phone: +47 401 00 900
E-mail: oveb.haupberg@multiconsult.no

Media:
Gaute Christensen, VP Communications
Phone: +47 911 70 188
E-mail: gaute.christensen@multiconsult.no