MULTI: Multiconsult third quarter 2026 results

Multiconsult's performance gradually improved towards the end of the quarter,
reflecting early effects of measures to strengthen operational efficiency. Order
intake was solid, while the billing ratio in September exceeded the level
recorded in September last year.

"Although the third quarter results were not at the level of our long-term
ambitions, we saw positive developments towards the end of the period. Order
intake and cost control were solid and measures we have implemented to improve
profitability are starting to take effect," says interim CEO Kristin Olsson
Augestad.

In the quarter, net operating revenues increased by 2.0 per cent to NOK 1 219.7
million, while organic revenue growth adjusted for calendar effects and
acquisitions was 0.1 per cent. Order intake was solid at NOK 1 355 million, an
increase of 12.4 per cent compared with the same quarter last year.
Profitability was impacted by a low activity level in the summer months and
transaction costs related to the proposed merger with Rejlers, while
profitability improved in September as measures to strengthen operational
efficiency started to take effect. EBITA amounted to NOK 6.3 million (62.1),
corresponding to a margin of 0.5 per cent (5.2). EBITA adjusted amounted to NOK
45.0 million (67.2), corresponding to a margin of 3.7 per cent (5.6). The
billing ratio remained unchanged at 70.1 per cent (70.1), while higher billing
rates contributed positively.

Third quarter 2026

  - A major strategic step is the merger plan with Rejlers
  - Operational efficiency contributed to improved profitability in September,
however challenging summer months resulted in weaker profitability for the
quarter
  - Net operating revenues increased by 2.0 per cent to NOK 1 219.7 million (1
196.4)
    - The organic revenue growth adjusted for the calendar effect was 0.1 per
cent

  - EBITA of NOK 6.3 million (62.1), equal to an EBITA margin of 0.5 per cent
(5.2)
  - EBITA adjusted was NOK 45.0 million (67.2), equal to an EBITA margin of 3.7
per cent (5.6)
    - EBITA was negatively impacted by NOK 38.3 million in transaction and
restructuring costs related to the merger and internal resources (write-downs)
and legal expenses related to the Sotra Link project of NOK 0.4 million
    - Restructuring costs of NOK 8.4 million related to measures to improve
profitability, not adjusted for in EBITA adjusted

  - Billing ratio of 70.1 per cent (70.1)
  - Strong order intake of NOK 1 355 million (1 205)
  - Strong order backlog of NOK 3 823 million (4 316), complemented by a
significant volume of framework agreements
  - Full-time equivalents (FTE) decreased by 0.3 per cent, to 3 731 (3 744)
  - Net profit of NOK -20.9 million (38.9)
  - Earnings per share of NOK -0.74 (1.41)
  - The overall market outlook remains stable


Year to date 2026

  - Net operating revenues of NOK 4 354.7 million (4 135.7), a y-o-y growth of
5.3 per cent
    - The organic revenue growth adjusted for the calendar effect was 1.9 per
cent

  - EBITA of NOK 275.1 million (319.9), equal to an EBITA margin of 6.3 per cent
(7.7)
    - Net operating revenues and EBITA were impacted by a positive calendar
effect of NOK 7.0 million compared with 2025

  - EBITA adjusted was NOK 299.3 million (338.8), equal to an EBITA margin of
6.9 per cent (8.2)
    - EBITA was negatively impacted by net costs of NOK 24.2 million related to
transaction and restructuring costs related to merger and a positive reversal
from the Sotra Link project
    - Restructuring costs of NOK 17.7 million related to measures to improve
profitability, not adjusted for in EBITA adjusted

  - Billing ratio of 71.2 per cent (71.8), down 0.5 pp
  - Strong order intake of NOK 4 802 million (4 441)
  - Net profit of NOK 178.1 million (213.9)
  - Earnings per share of NOK 6.48 (7.75)
  - Full-time equivalents (FTE) increased by 2.9 per cent, to 3 812 (3 703)


Merger supports growth ambitions
On 7 September, Multiconsult and Rejlers announced the plan to create a leading
Nordic multidisciplinary consultancy group. The merger planwas approved by the
general meetings in both companies on 19 October.

"Together, we will create a leading engineering, architecture and consultancy
group with nearly 8 000 employees across the Nordics. Our ambition is to be a
natural choice for large and complex projects. We also aim to take a leading
position in energy, industry and defence-related assignments," says Kristin
Olsson Augestad.

The companies expect the merger to be completed around year-end 2026 or at the
beginning of 2027, subject to the necessary regulatory approvals and fulfilment
or waiver of the other conditions set out in the merger plan.

"As we begin the important work ahead of the merger, we remain fully focused on
operations and sales. It is business as usual across Multiconsult," says Kristin
Olsson Augestad.

For detailed information, please see attached report and presentation. The
report and presentation wil also be made available on
https://www.multiconsultgroup.com/investor-relations/ and
https://newsweb.oslobors.no/.


For further information, please contact:

   Investor relations:
      Pål-Sverre Jørgensen, Group Treasurer & IRO
      Phone: +47 416 11 161
      E-mail: pal.sverre.jorgensen@multiconsultgroup.com / ir@multiconsult.no

   Media:
      Lars Nermoen, Communications Director
      Phone: +47 902 40 153
      Email: lars.nermoen@multiconsult.no
m / ir@multiconsult.no\
\
   Media:\
      Lars Nermoen\, Communications Director\
      Phone: +47 902 40 153\
      Email: lars.nermoen@multiconsult.no\