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Introduction & Market Context
Multiconsult AS (OB:MULTI) reported strong first-quarter results on May 13, 2025, with significant revenue growth and margin expansion despite ongoing challenges in certain market segments. The Norwegian consulting engineering firm saw its shares close at 194.5 NOK on May 12, down 1.27% ahead of the earnings release.
The company delivered robust performance across most business segments, with particularly strong growth in the energy and environmental sectors, while noting continued weakness in housing and real estate markets. CEO Grethe Bergly, who recently announced her resignation, presented the results alongside CFO Ove B. Haupberg.
Quarterly Performance Highlights
Multiconsult reported net operating revenues of NOK 1,523.4 million for Q1 2025, representing an 11.4% year-over-year increase. EBITA reached NOK 190.4 million with a margin of 12.5%, marking a significant 2.5 percentage point improvement compared to Q1 2024.
As shown in the following financial highlights chart, the company has maintained consistent growth in both revenues and profitability:
The improved EBITA performance was primarily driven by increased capacity, higher billing rates, and other revenue effects, which more than offset negative impacts from calendar effects and employee benefit expenses. The company’s reported profit was NOK 134.8 million, with earnings per share of 4.86.
Despite the strong financial results, the billing ratio decreased by 1.4 percentage points year-over-year to 72.1%. Order intake also declined by 8.2% to NOK 1,696 million, continuing a downward trend observed since Q1 2023.
The following chart illustrates the company’s key operational metrics over time:
Segment Performance
Multiconsult’s performance varied across its four main segments, with all regions showing revenue growth but mixed results in billing ratios and margins. The following breakdown illustrates the performance by region:
Looking at business areas, Energy & Industry and Water & Environment showed the strongest growth at 23% and 30% respectively, while Buildings & Properties (6%) and Mobility & Transportation (3%) delivered more modest increases. This sectoral performance reflects broader market trends, with energy transition and environmental projects driving significant growth.
The market structure by operating revenues is illustrated in the following chart:
CFO Ove B. Haupberg highlighted the company’s strong cash flow from operations, which reached NOK 202 million in the quarter. The company maintained a solid financial position with a gearing ratio of 0.40, though working capital saw a negative change of NOK 224 million.
Strategic Initiatives & Major Projects
Multiconsult continues to focus on five strategic growth areas, emphasizing complex projects, energy transition, urban transformation, biodiversity and climate initiatives, and Nordic/Polish expansion.
The company’s strategic priorities are outlined in the following slide:
During the quarter, Multiconsult secured several significant contracts, including a NOK 66 million electrification contract with Equinor for oil and gas installations in the Halten, Tampen, and Grane-Balder areas. The project, which involves grid connection, transmission lines, and substation construction, represents a major step in Norway’s energy transition efforts.
The details of this contract are illustrated here:
Additionally, the company won contracts for two carbon capture projects: a NOK 100 million contract for Hafslund Celsio’s carbon capture facility in Oslo and a NOK 40 million contract for the Northern Lights carbon storage project. Internationally, Multiconsult expanded its presence with a new hydropower plant project in Nepal.
Outlook & Leadership Changes
The presentation noted the resignation of CEO Grethe Bergly, marking a significant leadership change for the company. Despite this transition, management maintained a stable outlook supported by a solid project pipeline and increased investments in defense and energy sectors.
The company highlighted positive signs in healthcare projects while acknowledging continued challenges in housing and real estate markets. Geopolitical uncertainty remains a concern, though Multiconsult’s diversified portfolio positions it well to navigate market volatility.
The company’s workforce grew by 5.1% year-over-year to 3,963 employees, reflecting continued investment in capacity despite the challenging macroeconomic environment. Full-time equivalents increased by 1.9% to 3,620.
Multiconsult’s diversified business model and strategic positioning in growth sectors like energy transition and environmental services appear to be delivering results, with the strong Q1 performance providing a solid foundation for the remainder of 2025 despite the upcoming leadership transition.
Full presentation:
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