Arctic FLASH: Multiconsult - Q1 meets expectations

Research evidence excerpt

Arctic FLASH: Multiconsult - Q1 meets expectations

Multiconsult Buy Hold

MULTI NO | Construction | Equity Company Flash | 12 May 2026 | 07:17 Sell

Q1 meets expectations Financials Target NOK 185.00

● Q1 revenues of NOK 1,608m vs ARCe/Cons.: 1,633/1,615 Key Figures (NOKm) Dec-23 Dec-24 Dec-25 Dec-26e Dec-27e Highlights

● Q1 adj. EBITA of NOK 161m vs ARCe/Cons.: 162/164 Recommendation Hold

Revenue 4,802.5 5,383.6 5,657.3 6,137.9 6,643.6 Target Price NOK 185.00

● Q1 billing ratio of 71.8% vs ARCe/Cons.: 72.6/72.1

EBITDA 656.3 765.4 646.8 735.9 837.2 Share Price NOK 157.6

● We expect moderate revisions to estimates EBIT 420.8 526.3 396.9 473.1 569.3 Upside (%) 17.4

● Link to Q1 presentation (08:30): Link EPS 11.47 15.00 9.18 11.26 13.93 Market cap (NOKm) 4,356

Adj. EBITDA 656.3 765.4 646.8 735.9 837.2 Enterprise Value (NOKm) 6,168

Q1: EBITA in line

Adj. EBITDA margin (%) 13.7 14.2 11.4 12.0 12.6 Number of shares (m) 28

Multiconsult reported Q1/26 adjusted EBITA of NOK 161m, broadly in line with both our estimate Adj. EPS 11.47 15.00 9.18 11.26 13.93

and the company-collected consensus of NOK 162m and NOK 164m, respectively. While Revenue growth (%) 14.6 12.1 5.1 8.5 8.2 12 months share price performance:

EBITDA was in line with consensus, EBITA was slightly impacted by somewhat higher-than- EPS growth (%) 3.7 30.8 (38.8) 22.5 23.8 307.14 Performance (%) 3M 6M 1Y

OSEBX -0.6% -2.7% -20.0%expected depreciation. EBITA was supported by better-than-expected cost, driven by a lower- 291.43 MULTI NO 2.4% 0.2% -17.6%

than-anticipated FTE base, while salary adjustments (personnel expense per FTE) were in line DPS 8.00 9.50 8.00 7.88 9.75 275.71

with expectations. Although the lower FTE count weighed on revenue, this was largely offset Dividend yield (%) 5.1 6.0 5.1 5.0 6.2 260.00