Arctic: Norconsult - Engineered for stronger performance in 2027

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Arctic: Norconsult - Engineered for stronger performance in 2027

Norconsult Buy Hold

NORCO NO | Construction | Equity Company Update | 30 June 2026 | 06:24 Sell

Engineered for stronger performance in 2027 Financials and estimates changes Target NOK 43.00

We increase our billing ratio for Q2 by 20bps, reflecting the average q-q delta from Q1 Key Figures (NOKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

to Q2 since 2022 of ~220bps. Beyond this, estimates are virtually unchanged leaving us Recommendation Buy

Revenue 10,418.0 11,411.0 12,927.5 13,957.8 15,136.0 Target Price NOK 43.00

to model adj. EBITDA of NOK 241m for the quarter (Cons.: NOK 243m). Market trends

EBITDA 1,059.0 1,409.0 1,511.6 1,731.1 1,951.2 Share Price NOK 36

should remain rather unchanged with a slow private building and architecture market. EBIT 570.0 856.0 917.3 1,188.7 1,369.8 Upside (%) 19.4

Infrastructure and energy related activity appears to remain solid. In sum, we continue to EPS 1.74 2.30 2.12 2.87 3.32 Market cap (NOKm) 11,203

find the 12-24m investment case solid and find AI fears exaggerated for multidisciplinary Adj. EBITDA 1,059.0 1,409.0 1,511.6 1,731.1 1,951.2 Enterprise Value (NOKm) 12,696

consultancy companies such as Norconsult. We reiterate Buy and our TP of NOK 43/sh Adj. EBITDA margin (%) 10.2 12.3 11.7 12.4 12.9 Number of shares (NOKm) 311

based on ~15x ’27e EPS. Revenue growth (%) 8.8 9.5 13.3 8.0 8.4

12 months share price performance:

EPS growth (%) -- 32.5 (8.0) 35.6 15.8

Q2: we expect EBITA/adj. EBITA of NOK 211/241m 72.44 Performance (%) 3M 6M 1Y

69.33 OSEBX -9.0% -21.2% -20.7%We model Q2 net revenue of NOK 2.93bn and adj. EBITA of NOK 241m, leaving us 1% above DPS 1.70 1.80 1.63 1.98 2.16 NORCO NO -4.6% -17.4% -16.9%

Factset consensus both items.