Multiconsult ASA-Q1’26 in line, limited estimate changes expected-05/12/2026

Research evidence excerpt

Multiconsult ASA-Q1’26 in line, limited estimate changes expected-05/12/2026

Multiconsult ASA

NEWSFLASH | 12 MAY 2026

Q1’26 in line, limited estimate changes expected

MULTI reported Q1’26 largely in line with consensus. NIBD is down NOK ~80m on good cash flow, with gearing ratio at 1.87x,

still in the higher end of the ~1-2x target, following recent M&A. Backlog continues to decline, with BtB of ~0.86x. Market

outlook is overall unchanged, with continued high pricing pressure and uncertainty regarding timing. We expect marginal

changes on the back of the report, with the stock trading at P/E ~13x on 2026e cons. estimates. HOLD, TP NOK 180.

Deviation table

Actual Q1'26e Deviation vs.

P&L - Multiconsult Q1'25 Q4'25 Q1'26E Cons. Pareto Cons. Pareto

Revenues NOKm 1 523 1 522 1 608 1 615 1 620 (0%) (1%)

Operating costs " (1 271) (1 383) (1 382) (1 388) (1 400) - -

EBITDA " 252 139 226 227 220 (0%) 3%

EBITA " 190 75 161 164 156 (2%) 3%

EBITA adj. " 190 75 161 164 156 (2%) 3%

EBIT " 189 73 158 162 154 (3%) 3%

EBIT adj. " 189 73 158 162 154 (3%) 3%

Pre-tax profit " 173 55 140 146 137 (4%) 2%

Net profit " 134 39 110 114 106 (3%) 4%

Net profit (adjusted) " 134 39 110 114 106 (3%) 4%

EPS (reported) NOK 4.9 1.4 4.0 4.2 3.9 (3%) 4%

EPS (adjusted) " 4.9 1.4 4.0 4.1 3.9 (3%) 3%

Margins Q1'25 Q4'25 Q1'26E Cons. Pareto Cons. Pareto

EBITDA margin 16.6% 9.1% 14.1% 14.1% 13.6% 2 bps 50 bps

EBITA margin 12.5% 4.9% 10.0% 10.2% 9.6% -17 bps 38 bps

EBITA adj. margin 12.5% 4.9% 10.0% 10.2% 9.6% -15 bps 41 bps

EBIT margin 12.4% 4.8% 9.8% 10.0% 9.5% -22 bps 32 bps

Net profit margin 8.8% 2.5% 6.8% 7.1% 6.6% -22 bps 29 bps

Key highlights

• Multiconsult reports Q1’26 EBITA/EPS largely in line with consensus

• Organic revenue growth (ex. calendar effect) was ~4.4%