Earnings call transcript: Multiconsult AS Q2 2025 reveals EPS miss, shares dip

Multiconsult AS reported its Q2 2025 earnings, revealing a significant miss on earnings per share (EPS) compared to forecasts. The company posted an EPS of 1.45 NOK, falling short of the anticipated 2.57 NOK, representing a surprise of -43.58%. Despite meeting revenue expectations with 1.42 billion NOK, the company’s stock fell by 9.56% in pre-market trading, reflecting investor concerns over profitability. According to InvestingPro data, the company maintains strong fundamentals with a healthy 14% revenue growth over the last twelve months and an impressive return on equity of 36%.

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Key Takeaways

• Multiconsult AS reported a 43.58% miss in EPS for Q2 2025.
• Revenue met expectations at 1.42 billion NOK.
• Stock price dropped by 9.56% in pre-market trading.
• EBITDA margin decreased significantly from the previous year.
• Strategic acquisition of Via Nova announced.

Company Performance

Multiconsult AS experienced mixed results in Q2 2025. While the company achieved organic growth of 4.2%, its net operating revenue slightly decreased by 0.6% year-over-year to 1,415.9 million NOK. The EBITDA margin saw a notable decline, dropping to 4.8% from 13% in the previous year. Despite these challenges, the company maintained a strong order backlog of approximately 4.5 billion NOK, indicating continued demand for its services. The company operates with a moderate debt level, with a debt-to-equity ratio of 0.87, and maintains a solid Altman Z-Score of 4.69, suggesting strong financial stability.

Financial Highlights

• Revenue: 1.42 billion NOK (met forecast)
• Earnings per share: 1.45 NOK (43.58% below forecast)
• EBITDA: 67.4 million NOK (down from 118.3 million NOK in 2024)
• Organic growth: 4.2%

Earnings vs. Forecast

Multiconsult AS’s EPS of 1.45 NOK fell significantly short of the forecasted 2.57 NOK, marking a negative surprise of 43.58%. This miss is substantial compared to previous quarters, where the company has typically aligned more closely with expectations. The revenue, however, met the forecast at 1.42 billion NOK, providing some stability amidst the earnings shortfall.

Market Reaction

Following the earnings announcement, Multiconsult AS’s stock price declined by 9.56% in pre-market trading, settling at 184.5 NOK from the previous close of 204 NOK. This drop places the stock closer to its 52-week low of 161 NOK, highlighting investor apprehension regarding the company’s profitability challenges. InvestingPro analysis suggests the stock is currently undervalued, trading at an attractive P/E ratio of 11.18 and showing a PEG ratio of just 0.16, indicating potential value relative to its growth prospects.

Outlook & Guidance

Looking ahead, Multiconsult AS remains committed to a 10% EBITDA target, despite the current margin pressures. The company expects improved billing ratios over the next six months and minimal impact from geopolitical uncertainties. Strategic focus areas include frame agreements in defense and infrastructure, alongside continued investments in digital engineering capabilities.

Executive Commentary

CEO Greta Bergle stated, "We are seeing that the contracts we are currently winning align well with our strategic ambitions." CFO Uwe Hetberg reiterated the company’s commitment to delivering a 10% EBITDA, despite the challenging competitive landscape. Bergle also noted ongoing margin and pricing pressures, emphasizing the need for strategic adaptation.

Risks and Challenges

• Margin pressures due to competitive pricing.
• Potential impacts from geopolitical uncertainties.
• Execution risks associated with strategic acquisitions like Via Nova.
• Dependence on public sector investments amid evolving market conditions.
• Pressure on building/property sector margins.

Q&A

During the earnings call, analysts inquired about the company’s billing ratios and cost management strategies. Executives acknowledged current margin pressures and emphasized ongoing efforts to stabilize billing ratios and manage costs effectively. The due diligence process for the Via Nova acquisition was also discussed, with management expressing confidence in its strategic fit.

Overall, Multiconsult AS faces a challenging environment with significant pressures on profitability, but remains focused on strategic growth and maintaining its market position. InvestingPro’s comprehensive analysis gives the company a "GREAT" Financial Health Score of 3.14, with particularly strong marks in profitability (4.1) and growth (3.61).

For a complete understanding of Multiconsult AS’s potential, access the detailed Pro Research Report, available exclusively to InvestingPro subscribers, offering deep-dive analysis and actionable insights among 1,400+ top stocks.

Full transcript - Multiconsult AS SE (MULTI) Q2 2025:

Greta Bergle, CEO, Multi Consult: Good morning and welcome to this presentation of the results for Multi Consult for the second quarter twenty twenty five and the half year 2025. My name is Greta Bergle. I’m the CEO and with me today is also our CFO, Uwe Hetberg, who will take part of this presentation. Before I start, just a short reminder of who Multi Consult is. We are a Norwegian consulting and architecture firm with a century of history.

With our primary operations in Norway, we also have a presence in Denmark, Sweden, Poland and The U. K. And with our projects, we have a footprint in 45 countries spanning from Europe, Africa and Asia. Our business is divided into four segments: Regions Oslo, which is the office and surrounding offices around the capital, Oslo regions Norway, which contain the remainder of the offices outside Oslo segment architecture, that contains our four architecture companies and International, that has our Swedish subsidiary, Ittero and Multicomsult, Pulska. In the market, we operate in four business areas: building and properties, mobility and infrastructure, energy and industry and water and environment.

In our portfolio, it’s roughly fifty-fifty split between public and private customers. And in recent years, we have delivered a profitable growth based on a robust business model with a diverse project portfolio and strong professional environment. We have more than 3,900 employees in the company. Moving over to the summary for the quarter. In comparing Q2 twenty twenty five with the 2024, it is largely affected by when in the year Easter falls, but the results in the quarter is somewhat weaker than we had wanted.

There is a satisfactory growth in revenue and good sales, but the EBITA margin picture is moderate, and we have some drop in the billing ratio. Although in the second quarter in 2024, it was particularly strong. Over time, we have established effective cost control measures. However, the trend of cost increasing more than the revenue has intensified in this quarter. We continue to conducting measures to mitigate this issue.

Looking at market and sales. It’s been a good sale in the quarter, with sales well distributed across our various business areas, and we maintain a strong order book. Our strong position in hospitals is confirmed by our involvement in the Telmark Hospital project. Additionally, the positive trend in energy and industry is evident by successful assignment of a new hydropower plant and our involvement in carbon capture. We are also pleased to announce that Link has secured the project for a new headquarter for the deep ocean in Haugesund, indicating some progress within the building and energy, building and property sector.

Looking at people and organization, we continue to have a high level of engagement and employment satisfaction. We are 3,971 employees, and we also continue to, hand out shares to people who enter the company. And in the quarter, we have issued 3,840 shares. When it comes to the organization, we had the announcement that Kristin Algista is appointed managing director of Multikonsilnorge. Up to now, we’ve had I’ve had the role both as CEO and the managing director of Norway, and we are now strengthening the leadership of this very important subsidiary.

I will maintain in my CEO role until the board has found my successor as was announced in March. Gunilla Boygen is also appointed managing director in Sweden, Eterio. She has a long history with the company and is well on her way to take a good position here. We also had summer program in Multikonsur Norway with 100 students, and, it’s a great opportunity for us to to get to know, future employees. When it comes to excellence, Multiconsult Norway has again been, awarded, the preferred employer among technical students.

It’s an important position to have, making us able to recruit some of the best heads that leave the university. Anders Lise, you probably remember his name from the last quarter. Then we announced that he was nominated, for the prize. This time, we can tell you that he actually won and he now got the first prize in the EFCO future leadership competition. It’s a great honor to, the testament to Amnes’ professional excellence, and we are honored to attract individuals who are who aspire to excel in their profession.

When it comes to strategy, we have announced that we are growing our footprint, and ViaNova is a great addition to our portfolio. We announced that we have issued a letter of intent to buy all the shares in Via Nova. Via Nova is a company renowned for its quality and innovation, and this will be our largest acquisition since 2021. The acquisition is expected to be completed in during the third quarter. Established in 1998, ViaNova has been involved with the entire life cycle of projects and has been one of the pioneers when it comes to using and developing digital tools in engineering.

The company has a total of 129 employees with the Sandvikka office just outside Oslo being the largest one housing 78 employees. We have clear goals of what we want to achieve together. We’re looking at enhanced expertise where the combination of the experts from the two companies will build a strong position within road design, water and wastewater and BIM digital collaboration. There’s a good cultural match between the companies. We know each other.

We have worked together for a number of years, and we share similar values and perspective to the company’s contribution to society. Together, we will be a very attractive employer and have a good value proposition to our customers. It will also give us access to more growth opportunities. We have various we have little bit different positions within the markets that we can now share, and it gives us a more robust market position. As a part of a multidisciplinary group with four business areas, Via Nova will gain access to growth opportunities.

It will also strengthen us together on large projects. There are numerous opportunities within rail, renewal and upgrades and Via Nova onboard. We can gain access to capacity, broader expertise and the ability to pursue, projects independent where we previously partnered up with others. And all these four points together, will also then release some collaboration synergies both when it comes to clients and, skill development. And with that, I hand you over to Uwe.

Uwe Hetberg, CFO, Multi Consult: Thank you, Grete, and good morning. We will have now a closer look at the numbers for Q2 and then 2025, and we start with Q2 numbers. Net operating revenue for the quarter ends at 1,415,900,000,000.0. That is a decrease of 0.6 percentage point from last year. In this, the organic growth is positive by 4.2%, and we have M and A activity building on top of that, a total of 1.1%.

This is for M and A activities from last year and this year. The calendar effect is negative by 6% or SEK 85,500,000.0. And this is the impact of four fewer working days in this quarter compared to the same quarter last year due to Easter now in Q2 in 2025. The main drivers behind the growth are higher number of employees, 186 or two thirty one FTEs. We see this in the graph as increased capacity.

And we also have increased billing rates that is part of other revenue effects. The positive growth in FTEs above the growth in number of employees is caused by the calendar effect also applied to our operations outside of Norway. The growth is offset by the calendar effect and by lower billing ratio. As Gjerte already has commented, the billing ratio was at a historic high level in last year’s Q2, and we also continue to see differences in the ratio between our different geographies and business areas. This billing ratio is also somewhat affected by the change in the project portfolio when you have some large projects that are ramping down and we are faced with startup costs in new frame agreements.

Also as reported in Q1, the expected normal level of project write offs is unchanged and below 1% also this year on net operating revenues. This quarter, we had cost of a total NOK 4,700,000.0 reported as write downs on the Sutra project. This is adding to a total of 13,700,000.0 this year. And these are costs related to the preparations for the court trial plan to start in September this year. And bear in mind that the accounting risk on this is unchanged from last quarter’s.

EBITDA in Q2 is 67,400,000.0. That is a decrease from last year, SEK 118,300,000.0, and the margin for the quarter is 4.8%, also decreased from 13% last year. The margin underlying adjusted for a calendar effect is 10.2%. This EBITDA is impacted by the negative calendar effect, also increased benefit expenses caused by the growth in number of employees and also normal salary adjustments and also on other operating expenses, primarily due to higher IT costs. And this graph, you also see a downright in this picture.

As also commented in Q1, the discontinuation of the temporary employers’ contribution resulted in reduced costs to the level of 5,000,000 this quarter compared to the same quarters the two last years. On the cost side, we are somewhat affected by the new frame agreements that requires new investments in offices and also mainly security rooms and also some expertise. Also, the rollout of our new group strategy and increased focus on growth has necessitated some increased costs. And to compensate for this and to ensure that we have a cost structure that is adopted to development in rates and billing ratios. We are now reinforcing the focus we have always had on costs and this will require different measures in different parts of the organization as it’s not a one size fits all approach.

Also as Greta commented, good sales order intake is about NOK 1,500,000,000.0 and a solid order backlog of about NOK 4,500,000,000.0. The reported profit NOK 40,300,000,000.0 is affected on comparison by income on net finance last year that was on a revaluation of a put option obligation on the acquisition of Arlab, and the effect was 25,400,000.0. So this adds up then to earnings per share of 1.45 for q two. I guess then you are waiting for first half and here it is. So we have net operating revenues for this first half of close to NOK 3,000,000,000, 2,939,000,000.000.

That is an increase of 5.3% from last year. Organic growth also here, 4.2% and the M and A activity is 1.2%. Calendar effect, same number of calendar days, so the effect is only 0.1% due to the different values on the different days. And the main drivers also first half, half number of employees has increased and also increased rates. And we see also for this first a lower billing ratio.

We explained Q2 on the previous page. And the first half rate was also affected by a higher focus on competence network activities in the first months of the year and also the low activity and few available hours, the two first days of January. So ended up with an EBITDA of NOK 257,800,000.0, and the margin is 8.8%. We have a solid order intake in the first half, 3,200,000,000.0. So then a highlight on development over time and starting top left, we see that the growth in net operating revenue is slightly negative or 0.6%.

And the rolling 12 is also negative by 0.2%, that is in the blue line. Billing ratio 72.2%, a decrease of 0.9. But bear in mind, we are still at a historic high level also when you compare to the previous quarters on this graph. Growth in number at least 4.9% and in combination then with the change in other revenue effects and the employee benefits and other costs, we end up as you see down left EBITA margin of 4.8% for this quarter. Then we take a closer look at our four segments.

And all numbers are compared Q2 this year with Q2 last year. And to the left, regions also net operating revenue, 5 and 28,800,000.0 that is a decrease from last year of 1.8%. And on that we have a positive drive on the improved billing rates and improved capacity that is 45 full time equivalents. This is offset by the negative calendar effect that is 36,000,000 and a lower billing ratio by 1.5%. And we explained the differences on the first page.

And we also share the Sutra cost 50% of this segment and segments region, Nordke. Compared to previous year, there’s also a small negative effect due to a change in this segment where 15 full tower equivalents is moved to non allocated, that is business support. Operating expenses, NOK 4 and 76,300,000.0 increase of 7.1%, normal decrease on employee benefits and also on operating expenses of NOK 8,400,000.0. So we end an EBITA on SEK 38,300,000.0 in this segment. Moving one step to the right, regions Norway.

Net operating revenue SEK 583,400,000.0, an increase of NOK 8,000,000 from last year. Also here, we see improved rates and increased capacity, 75 FTEs in this segment, but also offset effects on negative calendar effect that is NOK 40,000,000 and lower billing ratio that is reduced by one percentage point. Operating expenses has increased by 13.8% and that is also including the acquisition of this company Petteriot Rasmussen. Employee benefit has increased due to ordinary salary adjustment and change in staffing level, but also recruitment of more senior personnel due to the growth and to have increased capacity. Other operating expenses also increased, and that is a number of onetime costs here due to preparing for the new frame agreements, increased capacity and also new ways of working.

EBITA in these segments end up NOK 29,900,000.0 for this quarter. Two to go. Going to architecture. Net operating revenue, 206,400,000.0. That is a decrease from last year.

Also on EBITA, we see a decrease from last year. But underlying performance has really increased here due to a negative current effect of SEK 9.4 and that we last year had onetime effects on sale of our royalty rights in Denmark and also onetime write offs. And currency is positive in the segment by NOK 3,000,000 on net operating revenue and positive on EBITA of NOK 1,200,000.0. So then some small comments per company and starting with Link Norway, underlying performance in line with previous quarter sorry, the same quarter previous year And the market conditions still differ in this company due to geography and business areas and is challenging part of the country, especially in the Oslo market. And like we saw last quarters, we characterized Oslo market by delayed project startups.

But bear in mind, the sentiment is now slightly more positive than we saw previous quarters. Total capacity has also increased from last year, and there were no temporary layoffs at the end of Q2. Going to Link Sweden, we are still faced with weaker results this quarter due to changes in the project portfolio in Northern Sweden, and this is causing reduced operating revenues and also billing ratios. But the ability to keep more favorable rates in the remaining portfolio, also good performance in the Stockholm and Gothenburg market that is very demanding at the moment for our competitors. In Linter market, improvement in performance continues.

We have improved rates and ratios and also solid cost control, and we have the ability to attract new customers due to our attractive competence in this company. And we ask already commented how a onetime effect last year on the sale of these royalty rights. All of has a significant improvement from last year, improved rates, improved ratios and also reduced costs. And here, no temporary layoffs this quarter. And we see clear signs of improvements in the market, but it’s a still demanding situation, high competition and focus on rates.

So in total, an increase of 14 FTEs, and we are happy to inform there is no temporary layoffs in this segment. International, the last segment, net operating revenue has increased from last year by 7.6% and a positive currency effect of 4.3%, no calendar effect. And also an increase in EBITA and the increased performance is both from Material and Polska. Last year, we had a negative effect on a bad debt provision that was reversed in Q4 last year. So that is a part of the growth in this segment.

So then the financial position. You see on the left the change in cash, starting with a positive NOK 165,000,000 at the January. We are creating a positive cash from our operation, $297,000,000. Then we have a normal change in the working capital, but no increased risk there. We have invested NOK 48,000,000 in combination with M and A and normal investment in the operation.

And then we have paid dividend to U. S. Shareholder that is creating NOK $270,000,000 of this negative cash from financing. But we end up then with a negative cash situation, 197,000,000. But that is included in the graph to the right where interest bearing debt still is at a very low level, EUR $467,000,000, and that means that the gearing ratio is just above one and well in line with our strategy.

And we also have refinanced the company this quarter with Nordea, and we have increased our capacity from SEK 1,100,000,000.0 to SEK 2,500,000,000.0, and that it creates a solid fundament for further growth in the company. And then the last on cash. This quarter from the operation, positive cash on NOK 116,000,000 that you can see in the blue diagram to to the right and negative, sorry, net investment effect is 16. So total cash created a 100,000,000 and rolling 12 is 455 that you can see on top in the black. And then Grete, I hand it back to you.

Greta Bergle, CEO, Multi Consult: Thank you. Looking at the gross revenue, it’s the Sorry, I have to get my notes. Gross revenue, it stays at the same level for the second quarter twenty twenty five as it did for 2024. The trend where Energy the industry and water and environment are increasing is also confirmed in this quarter. And I’d just like to inform you that revenue on our frame agreements with defense authorities is largely entered into the building and property.

We are working systematically on realizing our strategy. Just a short reminder to you all of the five ambitions that we have. I’m not going to go through them with them, but I just want to inform that we are seeing that the contracts that we are currently winning are well aligned with the ambitions that we have set out in our strategy. Also in Norway, there was a big report called the State of the Nation. It is an important one, and it’s receiving a lot of attention because critical infrastructure is an important part of civil society’s preparedness and, Multiconsult have a lot of expertise to close the gaps that are has been identified in this report.

Also, the frame agreements that we have within defense are strategically important to us. They represent a large future investment. It represents stability in our project portfolio, and it is an opportunity to maintain a very strong market position. Then finishing off with outlook. The outlook remains stable.

There is continued investments in key public sectors like defense and infrastructure. The building and property market continues to face low investment levels, but we are seeing some improvements. There are projects now going from planning to actually realization. And in particular, within hospitals, we see that there are several hospitals now being planned. The infrastructure market is solid.

The competitive landscape continues to evolve with pressure on margin and pricing sensitivity. On the other hand, geopolitical uncertainty and U. S. Tariff schemes are expected to have minimal impact on the short term for our business. And a healthy pipeline and several frame agreements support stability for Multi Consult going forward.

Then just finishing off, reminding you on some of the dates going forward. And the next presentation from us will be in November. And with that, we open up for questions.

Moderator/Analyst: Yes. Thank you. We had some questions on the Norwegian presentation this morning, so I translated them over for you. And some of these have you already mentioned in the presentation. So we and there’s quite a lot of them, so maybe you should be quite short on this.

Magnus Rasmussen in SAB, the billing ratio is slightly down compared to the comparable quarter. When will you be back on the same level as the comparison quarters?

Greta Bergle, CEO, Multi Consult: Well, what we have seen that over time, we have lifted the level of our billing ratio. And the level that we saw in the first quarter in twenty twenty four is record high. We expect to stay at least on the level that we see at the moment, but it depends quite a lot on the portfolio that we have with projects. Large projects, billing ratio goes up. A number of smaller projects, their billing ratio will have some downturn.

But normally, the rates are then higher. So the effect on the business is the same level.

Moderator/Analyst: Thank you. Costs are increasing, especially in region Norway. Is is this a onetime cost just for second quarter, or is this something we can expect

Uwe Hetberg, CFO, Multi Consult: going forward? No. That’s a combination of that since we have recruited more more senior personnel and as allocated IT cost as well. But we have some one time effect due to preparation for the frame agreement. So this is a combination.

But we have, as reported, no focus on cost, and we take action then that is actually specific for our different part of the organization.

Moderator/Analyst: Thank you. And then his last question is regarding the outlook. And you are making a small change to the outlook by including that there is a greater margin pressure. What is the reason for including this?

Greta Bergle, CEO, Multi Consult: Well, that’s the that’s what we experience in the market. And as I’ve explained previously, the solid backlog that we have has meant that we could be more selective in the market for the projects that we go for. But we do see when we enter locally in some places, it is very, very competitive on pricing.

Moderator/Analyst: Thank you. Bent Jornassen, Abbeg Sindelkol here. Can you comment on the order backlog and its development?

Greta Bergle, CEO, Multi Consult: Yes. We have had over a number of years now an unusually high order backlog, and it relates back to the sales that we made on the hospital in Oslo, where we got SEK 1,000,000,000 in. And we have prepared the market for the expected downturn to somewhat more normal levels. We still have a record high order backlog, a very healthy backlog.

Moderator/Analyst: And last question from Bent is, can you say what the revenue recognition of onetime income in our architecture last year was in this quarter.

Uwe Hetberg, CFO, Multi Consult: We haven’t been specific on that. I was also commented on the Norwegian road cost.

Moderator/Analyst: Yep. Martin Carne, Nordea. Can you say something about the expected level of other operational costs going forward also with regards to the integration of Via Nova? Yes.

Uwe Hetberg, CFO, Multi Consult: Integration of Via Nova, we need to to plan for. And, logically, there will be some synergies there as well on the cost side, but that is not dealt with yet or agreed upon. And that is a combination of that, but others who are working specifically with like IT costs and other costs, and that refers back to the last answer I gave also.

Moderator/Analyst: Yes. Second question from Martina. Can you say something about the result in Via Novo for 2024 and if there are any extraordinary items here?

Uwe Hetberg, CFO, Multi Consult: Yes. Not that we are aware of, and we have a due diligence going on right now. And we will have a further communication on that when we hopefully then sign a sales purchase agreement by end of this quarter.

Moderator/Analyst: Okay. Thank you. She also had a question about increased competition. Can you say something about in which area this specifically applies to?

Greta Bergle, CEO, Multi Consult: Well, what we’re seeing is primarily it’s in building and and property. But traditionally, then when you get one area with high competition, they try to move into other business areas, and that’s what we’re seeing now. We’re meeting higher competition also in some of the other business areas.

Moderator/Analyst: Good. You commented on new projects from the framework agreements. How will this will the new projects compensation affect the billing ratio when we look looking at the development over the last or next twelve months?

Greta Bergle, CEO, Multi Consult: That’s what we expect because we are just at the beginning of a number of frame agreements, and we have a client who needs to organize itself to get the call off, to get the projects going. And it’s quite normal that there is a bit of a delay on getting production high. But we expect within the next six months, we will start to see the effect of higher billing ratios here.

Moderator/Analyst: Good. And then the question from Siemen Mortensen, who we did not be able to take in the first session this morning. Can you comment on the pricing and margin profile in the order book order backlog? Are these projects profitable enough to support the earnings improvement? Or should investors expect continued pressure despite solid volumes?

Greta Bergle, CEO, Multi Consult: It’s a mixed picture. And I think that’s where you find that our business model, that strength in it is that we can move to more profitable markets, and we are very careful when we do our bidding to make sure that we have a good mix of the margins that we can expect in the various projects.

Uwe Hetberg, CFO, Multi Consult: Yeah. And also that we commented in this presentation that we all the time have a focus on costs and and also other effects to compensate if there are changes. So we still are committed to deliver 10% on EBITDA as communicated as part of our strategy.

Moderator/Analyst: Okay. Then last question from Siemens. Employee costs per head increased further in the second quarter while billable rates lagged. What specific measures, pricing, project mix or productivity, are you implementing to ensure that wage inflation does not continue to exceed seed revenue per FTE in the second half of the year?

Uwe Hetberg, CFO, Multi Consult: Yes. That is a mixed picture on that and also goes back that we are specific on that. But going forward, we need to be very precise on this and to bear in mind this. But as Gjed already commented on, that we have a mix in the portfolio, we need to bear this in mind also planning for the right staffing level. Yes.

Moderator/Analyst: That concludes all the questions.

Greta Bergle, CEO, Multi Consult: Okay. Then we say thank you from Oslo, have a nice day.

Uwe Hetberg, CFO, Multi Consult: Thank you.

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