Half Year 2026 Multiconsult ASA Earnings Call

August 18, 2026

Speaker #1: Hello, and welcome to this presentation of multiconsults group Q2 results. And also, my first Q2 presentation as a new CEO in multiconsult. I will do this together with my CFO, Ove Haugberg, and I will start with some introduction from my side.

Speaker #1: first, sharing my first impression as a new CEO: having now spent 2.5 months I have been warmly welcomed by the staff, and I really see engaged and highly skilled people, so it's really exciting to learn about our organization and how we are well positioned within a lot of areas.

Speaker #1: I'm impressed by your ability to collaborate, both internally and also with our partners and clients. And also how we are able to deliver large and complex projects to our clients in a good way.

Speaker #1: I've noticed we have a very good order backlog, we have a healthy sales pipeline, and we have a lot of framework agreements. So good on the market side.

Speaker #1: One of the things I was curious about when I entered this new role was how we are positioned within digital and AI. Of course, this will be crucial in the coming years, how our strategy and competency is within this area.

Speaker #1: I have to say I'm positively surprised by how the organization has built up competency, they have structured our data, we have started to apply AI, both internally but also in customer projects.

Speaker #1: And we are well positioned to have discussions with our clients and partners on how to apply AI in the projects in the future. Building on this strong foundation, my ambition is that we shall be the preferred consulting company for our clients, and we shall drive growth and profitability to meet our targets.

Speaker #1: Moving to the highlights for the Q2: we had good sales across all business areas, and with energy industry and defense as the key drivers.

Speaker #1: We had a revenue growth of 7.8% with an organic growth of 0.7%. And an EBITDA of 108.2 million NOK, giving a margin of 7.8% compared to 4.8% last year.

Speaker #1: With the comparison being affected by a 2-day calendar effect and the Sutra link project court decision. Ove will go through the numbers more in detail later.

Karsten Warloe: Followed by a two-day calendar effect and the Sotra Link project core decision. Ove will go through the numbers more in detail later. Our billing ratio is not on a satisfactory level, but we are taking measure to adjust capacity to get to the right level, and we have strengthened cost control across all units. As in previous quarter, the market outlook remains stable, and we have a healthy pipeline of opportunities. The sales in the quarter was good. We increased sales year-on-year. We continue to experience a trend where framework agreements are seen as a preferred contract model for our clients. In this quarter alone, we secured three new framework agreements with the Norwegian Defence Estates Agency, having now in total 26 framework agreements with the Nordic Defence Estates Agencies.

Speaker #1: By a two-day calendar text and the Sutra Link project court decision. Ove will go through the numbers more in detail later. Our billing ratio is not at a satisfactory level, but we are taking measures to adjust capacity to get to the right level, and we have strengthened cost control across all units.

Speaker #1: Our billing ratio is not on a satisfactory level, but we are taking measure to adjust capacity to get to the right level, and we have strengthened cost control across all units.

Speaker #1: As in previous Q2, the market outlook remains stable, and we have a healthy pipeline of opportunities. The sales in the Q2 was good, with increased sales year-on-year.

Speaker #1: As in the previous quarter, the market outlook remains stable, and we have a healthy pipeline of opportunities. Sales in the quarter were good. We did increase sales year on year.

Speaker #1: We continue to experience a trend where frame agreements are seen as a preferred contract model for our clients. And in this Q2 alone, we secured 3 framework agreements, new framework agreements, with the Norwegian Defense Estates Agency.

Speaker #1: We continue to experience a trend where framework agreements are seen as a preferred contract model for our clients. In this quarter alone, we secured three new framework agreements with the Norwegian.

Speaker #1: Having now in total 26 framework agreements with the Nordic Estate Defense Agencies, and this is not reported in our backlog nor in the order intake until the call-off is made.

Speaker #1: Defense Estates Agency. We now have a total of 26 framework agreements with the Nordic defense estate agencies, and this is not reported in our backlog nor in the order intake until the call-off is made.

Karsten Warloe: This is not reported in our backlog nor in the order intake until the call-off is made. A couple of sales worth mentioning this quarter is the Multiconsult Norway framework agreement and initial call-off with Kjemring-Nobel Tekna Project and also the Helsingborg Hospital. Both of these awards is a recognition of our experience and competencies and references within this area. We have also entered into framework agreements for Ørland and Rygge air bases. As communicated during previous quarters, our goal is to improve our EBITDA in line with our 10% target. We are not there yet, and we are aligning the organization to the market, improving our processes, and strengthening cost control. This is an area where me and my management team will focus strongly together with the organization.

Speaker #1: A couple of sales worth mentioning: this Q2 is the multiconsult Norway frame agreement, and initial call-off with Kemring Nobel Tekne project, and also the Helsingborg Hospital.

Speaker #1: A couple of sales worth mentioning this quarter are the Multiconsult Norway frame agreement, an initial call-off with the Chemring Nobel Tekne project, and also the Helsingborg Hospital.

Speaker #1: Both of these awards are recognition of our experience and competencies and references within this area. We have also entered into frame agreements for Ørland and Rygge Air Bases.

Speaker #1: Both of these awards are a recognition of our experience, competencies, and references within this area. We have also entered into framework agreements with Erland and Rygge Air Bases.

Speaker #1: As communicated during previous Q2, our goal is to improve our EBITDA in line with our 10% target. We are not there yet, and we are aligning the organization to the market, improving our processes, and strengthening cost control.

Speaker #1: As communicated previously, we aim to improve our EBITDA in line with our 10% target. We are not there yet, and we are aligning the organization to the market, improving our processes, and strengthening cost control.

Speaker #1: This is an area where me and my management team will focus strongly together with the organization. Some examples that have effect during the Q2 are a reduction in the number of employees for multiconsult Norway, with 35 employees from Q1 to Q2, and also our other opex being down 6 million from Q2 last year, even given our revenue has increased 7.8%.

Speaker #1: This is an area where my management team and I will focus strongly, together with the organization. Some examples that had an effect during the second quarter are a reduction in the number of employees for Multiconsult Norway.

Karsten Warloe: Some example that have effect during Q2 is a reduction in number of employees from Multiconsult Norway, with 35 employees from Q1 to Q2, and also our other OpEx being down NOK 6 million from Q2 last year, even given our revenue has increased 7.8%. Moving to our people and organization, we have a 3.1% growth in employees year-on-year. But it's worth mentioning that this is coming from our acquisitions. From spring 2028, we will co-locate our new office campus in Skøyen, where we will have A-lab, LINK arkitektur and Multiconsult together in a cost-effective and very attractive campus close to our current headquarters. We continue to win awards for our great contributions to customer projects. This quarter we won award for Eslöv Distillery Transformation and Førde Upper Secondary School.

Speaker #1: With 35 employees from quarter one to quarter two, and also our other OPEX being down $6 million from the second quarter last year, even given our revenue has increased 7.8%.

Speaker #1: Moving to our people and organization: we have a 3.1% growth in employees, year-on-year, but it's worth mentioning that this is coming from our acquisitions.

Speaker #1: Moving to our people and organization, we have 3.1% growth in employees year on year, but what’s worth mentioning is that this is coming from our acquisitions.

Speaker #1: From spring 2028, we will co-locate to our new office campus in Skøyen, where we will have ALAB link and multiconsult together, in a cost-effective and very attractive campus, close to our current headquarters.

Speaker #1: From spring 2028, we will co-locate to our new office campus in Skøyen, where we will have Arlab, Link, and Multiconsult together in a cost-effective and very attractive campus, close to our current headquarters.

Speaker #1: We continue to win awards for our great contributions to customer projects, and this Q2 we won award for ESLEV, Distillery Transformation, and Førde Øper Secondary School.

Speaker #1: We continue to win awards for our great contributions to customer projects, and this quarter we won awards for Esloe, Distillery Transformation, and Førde Øper Secondary School.

Speaker #1: We also arranged a competition for selecting the Norway's best urban development project, and we received almost 900 proposals for this. And the winner was Jaman Municipality, and it was awarded during last week in Arendalsuka.

Speaker #1: We also arranged a competition for selecting Norway's best urban development project, and we received almost 900 proposals for this. The winner was Jaman Municipality, and it was awarded last week during Arendalsuka.

Karsten Warloe: We also arranged a competition for selecting the Norway's Best Urban Development Project, and we received almost 900 proposals for this. The winner was Jammen Municipality, and it was awarded during last week in Arendalsuka. Then I hand it over to you, Ove, to go through the numbers in more detail.

Speaker #1: Then I hand it over to you, Ove, to go through the numbers in more detail.

Speaker #1: Then I'll hand it over to you, Ove, to go through the numbers in more detail.

Speaker #2: Thank you, Karsten. Good morning. We will start this section with a repetition for most of you, but this is a multiconsult, and for you that haven't heard it before, a brief introduction.

Speaker #2: Thank you, Karsten. Good morning. We will start this section with a repetition for most of you, but this is Multiconsult, and for those of you who haven't heard it before, a brief introduction.

Ove B. Haupberg: Thank you, Karsten. Good morning. We will start this section with a repetition for most of you, but this is Multiconsult, and for you that haven't heard it before, a brief introduction. We operate in three segments. That is Norway with Multiconsult Norge. We have the four ViaNova companies, Sitepartner, Multiconsult UK. We have architecture with LINK arkitektur in Norway, Sweden, and Denmark and A-lab in Norway. We also have international, and that is Iterio, our Swedish engineering operation, and also Multiconsult Polska. With four business areas, that is Buildings and Properties, Mobility and Transportation, we have Energy and Industry, and then Water and Environment. At the end of 2025, our customer base was 44% private and 56% in the public sector. We have more than 4,000 highly skilled employees that deliver more than 15,500 projects going on every year.

Ove Haupberg: Thank you, Karsten. Good morning. We will start this section with a repetition for most of you, but this is Multiconsult, and for you that haven't heard it before, a brief introduction. We operate in three segments. That is Norway with Multiconsult Norge. We have the four ViaNova companies, Sitepartner, Multiconsult UK. We have architecture with LINK arkitektur in Norway, Sweden, and Denmark and A-lab in Norway. We also have international, and that is Iterio, our Swedish engineering operation, and also Multiconsult Polska. With four business areas, that is Buildings and Properties, Mobility and Transportation, we have Energy and Industry, and then Water and Environment. At the end of 2025, our customer base was 44% private and 56% in the public sector. We have more than 4,000 highly skilled employees that deliver more than 15,500 projects going on every year.

Speaker #2: So we operate in three segments. That is Norway, with multiconsult Norge. We have the four Vienna over companies site partner multiconsult UK. We have architecture, with a link in Norway, Sweden, and Denmark, and ALAB in Norway.

Speaker #2: So, we operate in three segments. That is Norway, with Multiconsult Norge. We have the four Vienna-owned companies, Sitepartner and Multiconsult UK. We have architecture, with Link in Norway, Sweden, and Denmark, and A-Lab in Norway.

Speaker #2: And we also have international, and that is Iterio, our Swedish engineering operation, and also multiconsult in Poland. We have four business areas: that is building a property, mobility and transportation, we have energy and industry, and then water and environment.

Speaker #2: And we also have International, and that is Iterio, our Swedish engineering operation, and also Multiconsult in Poland. We have four business areas: that is Building and Property, Mobility and Transportation.

Speaker #2: We have energy and industry, and then water and environment. At the end of 2025, our customer base was 44% private and 56% in the public sector.

Speaker #2: And at the end of 2025, our customer base was 44% private and 56% in the public sector. And we have more than 4,000 highly skilled employees that deliver more than 15,500 projects going on every year.

Speaker #2: And we have more than 4,000 highly skilled employees that deliver more than 15,500 projects going on every year. And after the turnaround in 2019, we have consistently delivered high EBITDA year on year, and the growth has been more than 10% going back to early 2000, from 2002.

Speaker #2: And after the turnaround in 2019, we have consistently delivered high EBITDA year-on-year, and the growth has been more than 10% going back to early 2000, from 2002.

Ove B. Haupberg: After the turnaround in 2019, we have consistently delivered high EBITA year on year, and the growth has been more than 10% going back to early 2000s, from 2002. Our targets, as Karsten mentioned, is to have 10% annual EBITA. Please be prepared for a most busy slide today. We will go to the Q2 in some detail. EBITA for the quarter, as Karsten has mentioned, NOK 102.8 million, with a margin of 7.1%, an adjusted margin of 6.1%, including the Sotra Link effect. As you see on the table top right, there is a positive development in most figures this quarter, you see the green numbers. The bridge down right illustrates the change from Q2 2025, and we'll go through that starting from left.

Ove Haupberg: After the turnaround in 2019, we have consistently delivered high EBITA year on year, and the growth has been more than 10% going back to early 2000s, from 2002. Our targets, as Karsten mentioned, is to have 10% annual EBITA. Please be prepared for a most busy slide today. We will go to the Q2 in some detail. EBITA for the quarter, as Karsten has mentioned, NOK 102.8 million, with a margin of 7.1%, an adjusted margin of 6.1%, including the Sotra Link effect. As you see on the table top right, there is a positive development in most figures this quarter, you see the green numbers. The bridge down right illustrates the change from Q2 2025, and we'll go through that starting from left.

Speaker #2: And our targets, as Karsten mentioned, is to have 10% annual EBITDA. Then please be prepared for a most busy slide today. We will go through the Q2 in some detail.

Speaker #2: And our target, as Karsten mentioned, is to have 10% annual EBITDA. Now, please be prepared for the busiest slide today—we will go through the second quarter in some detail.

Speaker #2: And EBITDA for the Q2, as Karsten has mentioned, 102.8 million, with a margin on 7.1, and adjusted margin of 6.1%, including the Sotra link effect.

Speaker #2: And EBITDA for the quarter, as Karsten has mentioned, NOK 102.8 million, with a margin of 7.1%, and an adjusted margin of 6.1%, including the Sotra Link effect.

Speaker #2: And as you see on the table top right, there is a positive development in most figures this Q2. You see the green numbers. The bridge down right illustrates the change from Q2 2025, and we'll go through that starting from left.

Speaker #2: As you see on the table at the top right, there is a positive development in most figures this quarter—you see the green numbers. The bridge at the bottom right illustrates the change from Q2 2025, and we'll go through that, starting from the left.

Speaker #2: So the reported EBITDA last year, 67.4 million, and we had legal costs, and write down from the Sotra link project last year, 4.7 million, and adjusted EBITDA came in at 72.2 million.

Speaker #2: So, the reported EBITDA last year was NOK 67.4 million. We had legal costs and a write-down from the Sotra Link project last year of NOK 4.7 million, and adjusted EBITDA came in at NOK 72.2 million.

Ove B. Haupberg: The reported EBITA last year, NOK 67.4 million, and we had legal costs and write-downs from the Sotra Link project last year, NOK 4.7 million, and adjusted EBITA came in at NOK 72.2 million. The growth in net operating revenues, 7.8%, that is explained by increased capacity, so growth in permanent employees 3.2%, and the number of FTEs has grown 2.9%. We also have improved billing rates, that is part of the other revenue effect. The positive calendar, highly visible, NOK 49.7 million, two more working days, compared to last year, and the negative effect in billing ratio is 1.3 percentage points. Organic growth, also as mentioned by Karsten, 0.7%, but an M&A activity, then mostly from ViaNova, 3.6%, and adding up to an underlying growth of 4.3%.

Ove Haupberg: The reported EBITA last year, NOK 67.4 million, and we had legal costs and write-downs from the Sotra Link project last year, NOK 4.7 million, and adjusted EBITA came in at NOK 72.2 million. The growth in net operating revenues, 7.8%, that is explained by increased capacity, so growth in permanent employees 3.2%, and the number of FTEs has grown 2.9%. We also have improved billing rates, that is part of the other revenue effect. The positive calendar, highly visible, NOK 49.7 million, two more working days, compared to last year, and the negative effect in billing ratio is 1.3 percentage points. Organic growth, also as mentioned by Karsten, 0.7%, but an M&A activity, then mostly from ViaNova, 3.6%, and adding up to an underlying growth of 4.3%.

Speaker #2: The growth in net operating revenues, 7.8%, that is explained by increased capacity. So growth in permanent employees, 3.2%, and the number of FDEs has grown 2.9%.

Speaker #2: The growth in net operating revenue, 7.8%, is explained by increased capacity. So, growth in permanent employees is 3.2%, and the number of FDEs has grown 2.9%.

Speaker #2: And we also have improved billing rates, that is part of the other revenue effect. The positive calendar, highly visible, 49.7 million, two more working days, compared to last year.

Speaker #2: And we also have improved billing rates. That is part of the other revenue effect. The positive calendar is highly visible: 49.7 million, with two more working days compared to last year.

Speaker #2: And the negative effect in billing ratio is 1.3% points. Organic growth, also as mentioned by Karsten, 0.7%, but the M&A activity, the mostly from ViaNova, 3.6%, and adding up to an underlying growth of 4.3.

Speaker #2: And the negative effect in billing ratio is 1.3 percentage points. Organic growth, also as mentioned by Karsten, is 0.7%, but the M&A activity, mostly from ViaNova, is 3.6%, adding up to an underlying growth of 4.3%.

Speaker #2: But caused by the improvement measures implemented, other operating expenses is slightly below the level for Q2 2025, adjusted for a settlemental legal cost from Sotra link project.

Speaker #2: But, caused by the improvement measures implemented, other operating expenses are slightly below the level for Q2 2025, adjusted for a settlement of legal costs from the Sotra Link project.

Ove B. Haupberg: But caused by the improvement measures implemented, other operating expenses is slightly below the level for Q2 2025, adjusted for a settlement of legal costs from Sotra Link project. In these cost lines we have included NOK 5.2 million in order to achieve the long-term improvement, and this is then, besides internal errors and inefficiencies, in this number. Employee benefits increased by NOK 85 million, 7.6%, and that is a cost increase on 4% per FTE. That is in line with ordinary salary adjustments. Then to the right, this brings us to the EBITA of NOK 93.3 million for the quarter, and the margin effect on Sotra Link, NOK 14.9 million, gives this the solid number of NOK 108.2 million. We made it through the whole bridge. A short reminder on the Sotra Link effect that we have sent messages on during this quarter.

Ove Haupberg: But caused by the improvement measures implemented, other operating expenses is slightly below the level for Q2 2025, adjusted for a settlement of legal costs from Sotra Link project. In these cost lines we have included NOK 5.2 million in order to achieve the long-term improvement, and this is then, besides internal errors and inefficiencies, in this number. Employee benefits increased by NOK 85 million, 7.6%, and that is a cost increase on 4% per FTE. That is in line with ordinary salary adjustments. Then to the right, this brings us to the EBITA of NOK 93.3 million for the quarter, and the margin effect on Sotra Link, NOK 14.9 million, gives this the solid number of NOK 108.2 million. We made it through the whole bridge. A short reminder on the Sotra Link effect that we have sent messages on during this quarter.

Speaker #2: And in this cost lines, we have included 5.2 million in order to achieve the long-term improvement. And this is then besides internal hours and inefficiencies, in this number.

Speaker #2: And in these cost lines, we have included NOK 5.2 million in order to achieve the long-term improvement. And this is then besides internal hours and inefficiencies, in this number.

Speaker #2: Employee benefit increased by 85 million, 7.6%, and that is a cost increase on 4% per FDE, that is in line with ordinary salary adjustments.

Speaker #2: Employee benefit increased by NOK 85 million, or 7.6%, and that is a cost increase of 4% per FTE. That is in line with ordinary salary adjustments.

Speaker #2: And then to the right, this brings us to the EBITDA of 93.3 million for the Q2, and the margin effect on Sotra, 14.9, gives this the solid number of 108.2.

Speaker #2: And then to the right, this brings us to the EBITDA of 93.3 million for the quarter, and the margin effect on Sotra, 14.9, gives this the solid number of 108.2.

Speaker #2: So we made it through the whole bridge. So a short reminder on the Sotra link effect, that we have sent messages on during this Q2.

Speaker #2: So we made it through the whole bridge. So, as a short reminder, on the Sotra Link effect that we have sent messages on during this quarter.

Speaker #2: The payment received April 30 from Sotra link construction has reduced trade receivables by 80.8 million, including VAT. Improved net operating revenues with 3.6 million in internal process costs, and reduced other operating expenses by 12 million due to legal expenses.

Speaker #2: The payment received April 30th from Sotra Link construction has reduced trade receivables by 80.8 million, including VAT. Improved net operating revenues with 3.6 million in internal process costs, and reduced other operating expenses by 12 million due to legal expenses.

Ove B. Haupberg: The payment received 30 April from Sotra Link Construction has reduced trade receivables by NOK 80.8 million, including VAT, improved net operating revenues with NOK 3.6 million in internal process costs, and reduced other operating expenses by NOK 12 million due to legal expenses, and improved financial income with NOK 30. Sorry, NOK 26.4 million. This quarter, a small cost, NOK 0.7 million, but totals on the earnings before tax, NOK 41.3 million for this quarter. Besides, there is a positive upside in these numbers. The court ruling 26 March this year also ordered Sotra Link Constructions to pay us NOK 84.2 million in damages, plus statutory default interest and another NOK 15.7 million in legal and internal costs. These amounts are appealed and subject to court decision scheduled 27 May. Then you have full control on the Sotra effects. Earnings per share, Q3 NOK 3.23, an increase from last year. That it was NOK 1.45.

Ove Haupberg: The payment received 30 April from Sotra Link Construction has reduced trade receivables by NOK 80.8 million, including VAT, improved net operating revenues with NOK 3.6 million in internal process costs, and reduced other operating expenses by NOK 12 million due to legal expenses, and improved financial income with NOK 30. Sorry, NOK 26.4 million. This quarter, a small cost, NOK 0.7 million, but totals on the earnings before tax, NOK 41.3 million for this quarter. Besides, there is a positive upside in these numbers. The court ruling 26 March this year also ordered Sotra Link Constructions to pay us NOK 84.2 million in damages, plus statutory default interest and another NOK 15.7 million in legal and internal costs. These amounts are appealed and subject to court decision scheduled 27 May. Then you have full control on the Sotra effects. Earnings per share, Q3 NOK 3.23, an increase from last year. That it was NOK 1.45.

Speaker #2: And improved financial income with 30, sorry, 26.4 million. So this Q2, a small cost, 0.7 million, but totals on earnings before tax 41.3 million, for this Q2.

Speaker #2: And improved financial income with 26.4 million. So this quarter, a small cost of 0.7 million, but totals on the earnings before tax: 41.3 million for this quarter.

Speaker #2: And besides, there is a positive upside in these numbers. So the Q2 rolling March 2026 this year also ordered Sotra link constructions to pay us 84.2 million in damages, plus that's the trade default interest, and another 15.7 million in legal and internal costs.

Speaker #2: And besides, there is a positive upside in these numbers. So, the court ruling March 26 this year also ordered Sotra Link Constructions to pay us NOK 84.2 million in damages, plus statutory default interest and another NOK 15.7 million in legal and internal costs.

Speaker #2: And these amounts are appealed and subject to court decision scheduled May 2027. And then you have full control on the Sotra effects. So earnings per share Q2, 3.23, an increase from last year, that is was 1.45.

Speaker #2: And these amounts are appealed and subject to court decision scheduled May 27. And then you have full control on the Sotra effects. So earnings per share quarter 3.73, an increase from last year that was 1.45.

Speaker #2: Okay, first half this year. EBITDA 268.8 million, a margin on 8.6, and adjusted margin on 0.0, sorry, 8.1. And the bridge, again, illustrates the change from last year.

Speaker #2: Okay, first half this year. EBITDA 268.8 million, a margin of 8.6, and adjusted margin of—sorry—8.1. And the bridge again illustrates the change from last year, and we explained most of this for Q2, but just a few comments on this.

Ove B. Haupberg: Okay, H1 this year. EBITA NOK 268.8 million, a margin on 8.6%, and adjusted margin on 8.1%. The bridge again illustrates the change from last year, and we explain most of this for Q2, but some few comments on this. Last year, the write-downs on Sotra Link project, NOK 13.8 million, and growth is explained by the increased capacity, improved billing rates, and a positive calendar, and a small negative effect on billing ratio, 0.8. Organic growth 2.6%, and M&A is 3.8. Also caused by these improvement measures, other operating expenses also for the H1 demonstrate improvement from H1 last year of NOK 6 million besides the Sotra Link effect. Also one-off costs to make these improvements, NOK 9.3 million for the H1. Of course there will be internal inefficiencies on top of that.

Ove Haupberg: Okay, H1 this year. EBITA NOK 268.8 million, a margin on 8.6%, and adjusted margin on 8.1%. The bridge again illustrates the change from last year, and we explain most of this for Q2, but some few comments on this. Last year, the write-downs on Sotra Link project, NOK 13.8 million, and growth is explained by the increased capacity, improved billing rates, and a positive calendar, and a small negative effect on billing ratio, 0.8. Organic growth 2.6%, and M&A is 3.8. Also caused by these improvement measures, other operating expenses also for the H1 demonstrate improvement from H1 last year of NOK 6 million besides the Sotra Link effect. Also one-off costs to make these improvements, NOK 9.3 million for the H1. Of course there will be internal inefficiencies on top of that.

Speaker #2: And we explain most of this for Q2, but some few comments on this. Last year, the write downs on Sotra link projects, 13.8 million, and growth is explained by the increased capacity, improved billing rates, and a positive calendar.

Speaker #2: Last year, the write-downs on the Sotra Link project were NOK 13.8 million, and growth is explained by increased capacity, improved billing rates, and a positive calendar.

Speaker #2: And a small negative effect on billing ratio, 0.8. Organic growth, 2.6%, and M&A is 3.8. And also caused by this improvement measures, other operating expenses also for the first half demonstrates improvement from first half last year, of 6 million besides the Sotra link effect.

Speaker #2: And a small negative effect on billing ratio, 0.8. Organic growth 2.6% and M&A is 3.8%. Also, caused by these improvement measures, other operating expenses for the first half demonstrate an improvement from the first half last year of NOK 6 million, besides the Sotra Link effect.

Speaker #2: And also one of costs to make this improvements, 9.3 million, for the first half. And of course, there will be internal inefficiencies on top of that.

Speaker #2: And also, one of the costs to make these improvements was NOK 9.3 million for the first half. And of course, there will be internal inefficiencies on top of that.

Speaker #2: Employee benefit, 4.2% per FDE, again, in line with ordinary salary adjustments. And earnings per share has increased to 7.22, compared to 6.32 last year.

Speaker #2: Employee benefit was up 4.2% per FDE, again in line with ordinary salary adjustments, and earnings per share have increased to 7.22 compared to 6.32 last year.

Ove B. Haupberg: Employee benefit 4.2% per FTE, again in line with ordinary salary adjustments, and earnings per share has increased to NOK 7.22 compared to NOK 6.32 last year. For those of you that follow us closely, we also confirm that the net project write-downs landed well below 1%, this first also. Then going through the numbers per quarter, and the Q2 is in dark blue. As you know, this is highly characterized by the number of available working days. So, you see illustrated top left, the growth in net operating revenue, 7.8. The rolling 12 is 5.8. Top right, the change in billing ratio, -1.3, and down right, also the change in permanent fixed employees by 3.1%. An increase primarily related to the acquisition of ViaNova in December last year. This is partly offset by these improvement measures.

Ove Haupberg: Employee benefit 4.2% per FTE, again in line with ordinary salary adjustments, and earnings per share has increased to NOK 7.22 compared to NOK 6.32 last year. For those of you that follow us closely, we also confirm that the net project write-downs landed well below 1%, this first also. Then going through the numbers per quarter, and the Q2 is in dark blue. As you know, this is highly characterized by the number of available working days. So, you see illustrated top left, the growth in net operating revenue, 7.8. The rolling 12 is 5.8. Top right, the change in billing ratio, -1.3, and down right, also the change in permanent fixed employees by 3.1%. An increase primarily related to the acquisition of ViaNova in December last year. This is partly offset by these improvement measures.

Speaker #2: And for those of you that follow us closely, we also confirmed that the net project write downs landed well below 1% this first also.

Speaker #2: And for those of you that follow us closely, we also confirmed that the net project write-downs landed well below 1% this first half also.

Speaker #2: Then going through the numbers per Q2. And the second Q2 is in dark blue. And as you know, this is highly characterized by the number of available working days.

Speaker #2: Then, going through the numbers per quarter—the second quarter is in dark blue. As you know, this is highly characterized by the number of available working days.

Speaker #2: So you see illustrated top left, the growth in net operating revenue, 7.8. The rolling 12 is 5.8. Top right, the changing billing ratio, minus 1.3.

Speaker #2: So you see illustrated, top left, the growth in net operating revenue: 7.8%. The rolling 12 is 5.8%. Top right, the changing billing ratio, minus 1.3.

Speaker #2: And top, sorry, down right, also the change in permanent fixed employees, by 3.1%. And increased primary related to acquisition of ViaNova in December last year, this is partly offset by this improvement measures.

Speaker #2: And at the bottom right, also the change in permanent fixed employees, by 3.1%, and increase primarily related to the acquisition of ViaNova in December last year.

Speaker #2: So in combination, illustrated then to the left down, we have other revenue effects, changes in employee benefit, and other operating expenses, and an EBITDA of 7.1.

Speaker #2: This is partly offset by these improvement measures. So in combination, illustrated then to the left down, we have other revenue effects, changes in employee benefits, and other operating expenses, and an EBITDA of 7.1.

Ove B. Haupberg: In combination, illustrated then to the left down, we have all the revenue effects, changes to employee benefit and other operating expenses, and an EBITA of 7.1. You also see the different colors illustrate the one-time effect per quarter this year and last year on write-down on Sotra Link. This one-time settlement from our client in Q4, and also the reinforced share ownership program in Q3. Okay. Then we have some comments per segment, and we start with Norway. As I introduced, we have the earlier region Oslo and region Norway here, including Multiconsult Norge, the four ViaNova companies, Sitepartner, Lifetake, and Multiconsult UK Ltd. In this segment, we see strong growth in net operating revenues, 12.8%, caused by increased capacity from crucially ViaNova, higher billing rates, and a positive calendar, NOK 41.4 million. Profitability has increased, supported by the Sotra Link effects, NOK 15 million.

Ove Haupberg: In combination, illustrated then to the left down, we have all the revenue effects, changes to employee benefit and other operating expenses, and an EBITA of 7.1. You also see the different colors illustrate the one-time effect per quarter this year and last year on write-down on Sotra Link. This one-time settlement from our client in Q4, and also the reinforced share ownership program in Q3. Okay. Then we have some comments per segment, and we start with Norway. As I introduced, we have the earlier region Oslo and region Norway here, including Multiconsult Norge, the four ViaNova companies, Sitepartner, Lifetake, and Multiconsult UK Ltd. In this segment, we see strong growth in net operating revenues, 12.8%, caused by increased capacity from crucially ViaNova, higher billing rates, and a positive calendar, NOK 41.4 million. Profitability has increased, supported by the Sotra Link effects, NOK 15 million.

Speaker #2: You also see the different colors, illustrated one-time effect per Q2 this year and last year on write down on Sotra link. And this one-time settlement from a client in 2024, and also the reinforced share ownership program in 2023.

Speaker #2: You also see the different colors illustrating one-time effects per quarter this year and last year, such as the write-down on Sotra Link. You’ll also note the one-time settlement from a client in 2024, and the reinforced share ownership program in 2023.

Speaker #2: Okay, then we have some comments per segment. And we start with Norway. And as I introduced, we have the earlier region, Oslo, and region Norway here, including merchant consult Norge, the four ViaNova companies, site partner Lifetek, and merchant consult UK.

Speaker #2: Okay, then we have some comments per segment. And we start with Norway. And as I introduced, we have the earlier region Oslo and region Norway here, including Multiconsult Norge, the four ViaNova companies, Sitepartner, Lifetek, and Multiconsult UK.

Speaker #2: In this segment, we see strong growth in net operating revenues, 12.8%, caused by increased capacity from crucially ViaNova, higher billing rates, and a positive calendar 41.4 million.

Speaker #2: In this segment, we see strong growth in net operating revenues—12.8%—caused by increased capacity, crucially from Via Nova, higher billing rates, and a positive calendar effect of NOK 41.4 million.

Speaker #2: Profitability has increased, supported by the Lutra link effects, 15 million. Improvements measures are ongoing, adjusting the capacity to the market. The reduction in number of employees by 35 this Q2.

Speaker #2: Profitability has increased, supported by the Lutra Link effects, 15 million. Improvements measures are ongoing, adjusting the capacity to the market. The reduction in number of employees by 35 this quarter.

Ove B. Haupberg: Improvement measures are ongoing, adjusting the capacity to the market, with a reduction in number of employees by 35 this quarter. The improvements are also affecting the organization structure, and there is strong cost control positively influencing other OpEx. The one-off effects are estimated to be NOK 2 million in this quarter. Also in this segment, we confirm a strong market position, especially within defense and industry, demonstrated in the order backlog and complemented by framework agreements. But we see delayed project starts putting pressure on the billing ratio. Moving to architecture, the four companies within our architecture segment are well-positioned for the emerging market trends. Corrected for the negative currency effect of NOK 4.7 million, net operating revenues are in line with Q2 last year.

Ove Haupberg: Improvement measures are ongoing, adjusting the capacity to the market, with a reduction in number of employees by 35 this quarter. The improvements are also affecting the organization structure, and there is strong cost control positively influencing other OpEx. The one-off effects are estimated to be NOK 2 million in this quarter. Also in this segment, we confirm a strong market position, especially within defense and industry, demonstrated in the order backlog and complemented by framework agreements. But we see delayed project starts putting pressure on the billing ratio. Moving to architecture, the four companies within our architecture segment are well-positioned for the emerging market trends. Corrected for the negative currency effect of NOK 4.7 million, net operating revenues are in line with Q2 last year.

Speaker #2: The improvements are also affecting the organization structure, and there is strong cost control, positively influencing other operating expenses. The one-off, sorry, the one-off effects are estimated to be 2 million in this Q2.

Speaker #2: The improvements are also affecting the organization structure, and there is strong cost control positively influencing other operating expenses. The one-off—sorry, the one-off effects are estimated to be NOK 2 million in this quarter.

Speaker #2: Also in this segment, we confirm strong market position, especially within defense and industry, demonstrated in the order backlog and complemented by framework agreements. But you see delayed project starts, putting pressure on the billing ratio.

Speaker #2: Also in this segment, we confirm a strong market position, especially within defense and industry, demonstrated in the order backlog and complemented by framework agreements.

Speaker #2: But we see delayed project starts, putting pressure on the billing ratio. Moving to Architecture. The four companies within our Architecture segment are well positioned for the emerging market trends.

Speaker #2: Moving to architecture. And the four companies within our architecture segment are well positioned for the emerging market trends. Corrected for the negative currency effect of 4.7 million, net operating revenues are in line with Q2 last year.

Speaker #2: Corrected for the negative currency effect of NOK 4.7 million, net operating revenues are in line with Q2 last year. Improvement measures have been implemented, causing the number of FDEs to be reduced by 28 since last year.

Speaker #2: Improvement measures have been implemented, causing the number of FCs to be reduced by 28 since last year. And the effects of the improvement measures will increase in the second half this year.

Ove B. Haupberg: Improvement measures have been implemented, causing the number of FTEs to be reduced by 28 since last year, and the effect of the improvement measures will increase in H2 this year. There are 9 FTEs temporary layoffs at the end of Q2. The billing ratio also demonstrates an improvement from the full-year figures last year, and improvement is 1.9 percentage points since Q1 this year. Reported EBITA includes one-off effects of NOK 1.6 million, and the calendar effect is +NOK 7 million. Then our last segment, international, Multiconsult Polska and Iterio, our Swedish engineering business. We see the Swedish community development and infrastructure market entering a period of gradual recovery, although we expect growth to vary across sectors. The medium-term infrastructure outlook for the Polish market is strong, but we see short-term recovery to be constrained by award timing and public sector acceptance cycles.

Ove Haupberg: Improvement measures have been implemented, causing the number of FTEs to be reduced by 28 since last year, and the effect of the improvement measures will increase in H2 this year. There are 9 FTEs temporary layoffs at the end of Q2. The billing ratio also demonstrates an improvement from the full-year figures last year, and improvement is 1.9 percentage points since Q1 this year. Reported EBITA includes one-off effects of NOK 1.6 million, and the calendar effect is +NOK 7 million. Then our last segment, international, Multiconsult Polska and Iterio, our Swedish engineering business. We see the Swedish community development and infrastructure market entering a period of gradual recovery, although we expect growth to vary across sectors. The medium-term infrastructure outlook for the Polish market is strong, but we see short-term recovery to be constrained by award timing and public sector acceptance cycles.

Speaker #2: And the effects of the improvement measures will increase in the second half of this year. There are nine FDEs on temporary layoffs at the end of the second quarter.

Speaker #2: There are nine FDEs temporary layoffs at the end of second Q2. The billing ratio also demonstrates an improvement from the full year figures last year, an improvement is 1.9 percentage points since Q1 this year.

Speaker #2: The billing ratio also demonstrates an improvement from the full-year figures last year, and the improvement is 1.9 percentage points since Q1 this year. Reported EBITDA includes one-off effects of NOK 1.6 million, and the calendar effect is positive by NOK 7 million.

Speaker #2: Reported EBITDA includes one-off effects of 1.6 million, and the calendar effect is positive by 7 million. Then our last segment, international. Merchant consult Polska and Interio oversee this engineering business.

Speaker #2: Then our last segment, International: Multiconsult Polska and Interio oversee this engineering business. We see the Swedish community development and infrastructure market entering a period of gradual recovery, although we expect growth to vary across sectors.

Speaker #2: We see the Swedish community development and infrastructure market entering a period of gradual recovery, although we expect growth to vary across sectors. The medium-term infrastructure outlook for the Polish market is strong.

Speaker #2: But we see short-term recovery to be constrained by award timing and public sector acceptance cycles. Primary caused by negative currency effect of 8.2 million net operating revenues yet decrease on 6.3 this segment.

Speaker #2: The medium-term infrastructure outlook for the Polish market is strong, but we see short-term recovery to be constrained by award timing and public sector acceptance cycles.

Speaker #2: Primary caused by negative currency effect of 8.2 million net operating revenues yet decrease on 6.3 this segment. And the EBITDA numbers are also affected by lower billing ratios caused by the market conditions and portfolio mixture.

Ove B. Haupberg: Primarily caused by negative currency effect of NOK 8.2 million, net operating revenues see a decrease of 6.3 in this segment. EBITA numbers are also affected by lower billing ratios caused by the market conditions and portfolio mixture. Then what you have been waiting for, the financial position. Starting to the left, the positive cash, NOK 37 million at the beginning of the year. Then we have positive cash from operation, NOK 253 million. Also positive IFRS effects, NOK 108. Then we have a change in net working capital. This is due to seasonal fluctuations, but we continuously have high focus on invoicing on this. We have used NOK 34 million in investments. A major part of that is in our new HR platform. We also have increased our financing by NOK 170 million, and that is mainly due to payment of dividend of NOK 138 million.

Ove Haupberg: Primarily caused by negative currency effect of NOK 8.2 million, net operating revenues see a decrease of 6.3 in this segment. EBITA numbers are also affected by lower billing ratios caused by the market conditions and portfolio mixture. Then what you have been waiting for, the financial position. Starting to the left, the positive cash, NOK 37 million at the beginning of the year. Then we have positive cash from operation, NOK 253 million. Also positive IFRS effects, NOK 108. Then we have a change in net working capital. This is due to seasonal fluctuations, but we continuously have high focus on invoicing on this. We have used NOK 34 million in investments. A major part of that is in our new HR platform. We also have increased our financing by NOK 170 million, and that is mainly due to payment of dividend of NOK 138 million.

Speaker #2: And the EBITDA numbers also affected by lower billing ratios caused by the market conditions and portfolio mixture. And then what you have been waiting for, the financial position.

Speaker #2: And then, what you have been waiting for—the financial position. Starting to the left: the positive cash, NOK 37 million at the beginning of the year.

Speaker #2: Starting to the left. The positive cash, 37 million at the beginning of the year. Then we have positive cash from operation, 263 million, also positive IFRS effect 108.

Speaker #2: Then we have positive cash from operation, 253 million, also positive IFRS effect 108. And then we have a change in networking capital. This is due to seasonal fluctuations.

Speaker #2: And then we have a change in networking capital. This is due to seasonal fluctuations. But we continuous have high focus on invoicing on this.

Speaker #2: But we continue to have a high focus on invoicing on this. We have used NOK 34 million in investments. The major part of that is in our new HR platform.

Speaker #2: We have used 34 million in investments. Major part of that is in our new HR platform. And we also have increased over financing by 170 million.

Speaker #2: And we also have increased our financing by NOK 170 million, and that is mainly due to payment of dividend of NOK 138 million. So then, in combination again with IFRS effects, we end this quarter with a positive cash of NOK 31 million.

Speaker #2: And that is mainly due to payment of dividend on 138 million. So then in combination, again, with IFRS effects, we end this Q2 with a positive cash of 31.

Ove B. Haupberg: Then in combination again with IFRS effects, we end this quarter with a positive cash of NOK 31. Also illustrated to the right, the financial position is still strong. Net debt to interest-bearing debt NOK 788. The gearing ratio is 1.91, and that is well within our financial targets. This should normally be between 1 and 2, and in situations like this, where we have M&A activity, it could be up to 3. Then the last page from me, the free cash flow. In the dark blue bar, we see cash flow from operating activities, that is positive, NOK 136. Cash used for investments is NOK 19, is in the green line. Net positive effect is NOK 117. That gives us the free cash flow over the last 12 months, +NOK 388, as you see on top. Karsten, I hand it back to you.

Ove Haupberg: Then in combination again with IFRS effects, we end this quarter with a positive cash of NOK 31. Also illustrated to the right, the financial position is still strong. Net debt to interest-bearing debt NOK 788. The gearing ratio is 1.91, and that is well within our financial targets. This should normally be between 1 and 2, and in situations like this, where we have M&A activity, it could be up to 3. Then the last page from me, the free cash flow. In the dark blue bar, we see cash flow from operating activities, that is positive, NOK 136. Cash used for investments is NOK 19, is in the green line. Net positive effect is NOK 117. That gives us the free cash flow over the last 12 months, +NOK 388, as you see on top. Karsten, I hand it back to you.

Speaker #2: Also illustrated to the right, the financial position is still strong. Net debt to interest rate debt, 788. The gearing ratio is 1.91. That is well within our financial targets.

Speaker #2: Also illustrated to the right, the financial position is still strong. Net interest-bearing debt is 788, and the gearing ratio is 1.91. That is well within our financial targets.

Speaker #2: We should normally be between 1 and 2. And in situations like this, we have a M&A activity, it could be up to 3. Then the last page from me, the free cash flow.

Speaker #2: We should normally be between 1 and 2, and in situations like this—if we had an M&A activity—it could be up to 3. Then, the last page from me: the free cash flow.

Speaker #2: In the dark blue bar, we see cash flow from operating activities. That is positive 136. And cash used for investments is 19, is in the green line.

Speaker #2: In the dark blue bar, we see cash flow from operating activities. That is positive 136. And cash used for investments is 19; it's in the green line.

Speaker #2: Net positive effect is 117. So then that gives us the free cash flow over the last 12 months, positive 388, as you see on top.

Speaker #2: Net positive effect is 117. So then, that gives us the free cash flow over the last 12 months, positive 388, as you see on top.

Speaker #2: Then Karsten, I hand it back to you.

Speaker #1: Thank you, Yuva.

Speaker #2: Then, Karsten, I hand it back to you.

Speaker #1: Thank you, Hugo.

Karsten Warloe: Thank you, Ove. Looking at the split between the markets and our business areas, we see the same trends as during the last quarters, that we have a slight decline in Buildings and Properties, but that is more than compensated by an increase in Mobility and Transportation and also Energy and Industry. When it comes to our strategy, I have spent some time gaining insight into how we can achieve growth in our selected growth areas. I also went more into our detailed plans on how to execute on our strategy. My reflection so far is that our targeted growth is the right ones in the right areas as we are targeting the key market drivers mentioned here in the second bullet point. These are also the markets where we have strong competencies and experience and also many reference projects.

Speaker #3: Looking at the split between the markets and our business areas, we see the same trends as during the last Q2, that we have a slightly decline in building and properties.

Speaker #3: Looking at the split between the markets and our business areas, we see the same trends as during the last quarters—that we have a slight decline in building and properties.

Speaker #3: But that is more than compensated by an increase in mobility and transportation, and also energy and industry. When it comes to our strategy, I have spent some time gaining insight into our how we can achieve growth in our selected growth areas.

Speaker #3: But that is more than compensated by the increase in mobility and transportation, and also energy and industry. When it comes to our strategy, I have spent some time gaining insight into how we can achieve growth in our selected growth areas.

Speaker #3: And I also went more into our detailed plans on how to execute on our strategy. My reflection so far, is that our targeted growth is the right ones.

Speaker #3: And I also went more into our detailed plans on how to execute on our strategy. My reflection so far is that our targeted growth is the right one.

Speaker #3: In the right areas, as we are targeting the key market drivers mentioned here in the second bullet point. And these are also the markets where we have strong competencies and experience, and also many reference projects.

Speaker #3: In the right areas, as we are targeting the key market drivers mentioned here in the second bullet point. These are also the markets where we have strong competencies and experience, as well as many reference projects.

Speaker #3: We have a unique position in the defense-related projects. And we will continue to pursue opportunities inside and outside of Norway. With the close collaboration between NATO countries, similar type of projects are now being invested in in several countries.

Speaker #3: We have a unique position in defense-related projects, and we will continue to pursue opportunities both inside and outside of Norway. With close collaboration between NATO countries, similar types of projects are now being invested in across several countries.

Karsten Warloe: We have a unique position in the defense-related projects, and we will continue to pursue opportunities inside and outside of Norway. With a close collaboration between NATO countries, similar type of projects are now being invested in in several countries, for instance, submarines and their submarine bases. To sum up the Q2, we had good sales across business areas, including new more framework agreements, which is not showing in the order intake nor backlog. We are on course and following plans and implementing measures for driving our profitability to a higher level. The market outlook. The market overall looks and remains stable with defense, infrastructure, energy, and industry continue to support demand. We have a healthy pipeline, a strong market position, and many framework agreements, especially within defense. Here is our financial calendar. Next, delivering our Q3 results on 3 November.

Speaker #3: For instance, submarines and their submarine bases. So to sum up the second Q2, we had good sales across business areas, including new more frame agreements, which is not throwing in the order intake nor backlog.

Speaker #3: For instance, submarines and their submarine bases. So, to sum up the second quarter, we had good sales across business areas, including new framework agreements, which are not included in the order intake nor the backlog.

Speaker #3: We are on course and following plans and implementing measures for driving our profitability to a higher level. The market outlook the market overall looks and remains stable with defense infrastructure energy and industry continue to support demand.

Speaker #3: We have a healthy pipeline. Strong market position and many framework agreement, especially within defense. So here is our financial calendar next delivering our Q3 results on 3rd of November.

Speaker #3: We have a healthy pipeline, strong market position, and many framework agreements, especially within defense. Here is our financial calendar, next delivering our Q3 results on the 3rd of November.

Speaker #3: And then we open up for questions.

Karsten Warloe: Then we open up for questions.

Speaker #2: Thank you. And this is my name is Simon Mortensen from DNB Carnegie. Thank you for a good presentation. I have a few questions. You're new to this company, but over the last year, you have been communicating that price pressure or the price growth hasn't been at par with cost pressure.

Speaker #1: Thank you. My name is Simon Mortensen from DNB Carnegie. Thank you for a good presentation. I have a few questions. You're new to this company, but over the last year you have been communicating that price pressure, or the price growth, hasn't been at par with the cost pressure.

Simen Mortensen: Thank you. My name is Simen Mortensen from DNB Carnegie. Thank you for a good presentation. I have a few questions. You are new to this company, but over the last year, you have been communicating that the price growth hasn't been at par with cost pressure. In this quarter, there is a lot of variations. We look at the calendar-adjusted revenues being up 0.7% year on year. While at the same time, you have employment costs going up 4%, clearly showing that this is continuing to pressure margins. This seems to be accelerating or decelerating the revenue growth. It was higher in the beginning of the year, and it is now even lower.

Speaker #2: And in this Q2, there's a lot of variations. We look at the calendar adjusted revenues being up 0.7% year on year. While at the same time, we have employment cost going up 4%.

Speaker #1: And in this quarter, there's a lot of variation. We look at the calendar adjusted revenues being up 0.7% year on year, while at the same time we have employment costs going up 4%.

Speaker #2: Clearly showing that this is continuing to pressure margins. This seems to be accelerating or decelerating the revenue growth. It was higher in the beginning of the year, and it's now even lower.

Speaker #1: Clearly showing that this is continuing to pressure margins. It seems to be either accelerating or decelerating the revenue growth. It was higher at the beginning of the year, and it's now even lower.

Speaker #2: How long do you see this trend going on? What steps and measurements do you think you can do in the near term? And a bit in the longer term to compensate for that kind of margin pressure situation, which has occurred.

Speaker #1: How long do you see this trend going on? What steps and measures do you think you can take in the near term, and a bit in the longer term, to compensate for that kind of margin pressure situation which has occurred?

Simen Mortensen: How long do you see this trend going on, and what steps and measurements do you think you can do in the near term and a bit in the longer term to compensate for that kind of margin pressure situation which has occurred? Also in that light, how do you look at the order backlog being down 13.5% year on year?

Speaker #2: And also, in that light, how do you look at the order backlog being down 13.5% year on year?

Speaker #1: And also, in that light, how do you look at the order backlog being down 13.5% year-on-year?

Speaker #3: Did I start? So we see the same. Situation. As you saw also in the presentation, we have a price increase that is higher than 0.7.

Speaker #3: Is that a stock?

Karsten Warloe: Should I start?

Karsten Warloe: Yeah.

Ove Haupberg: Yeah.

Speaker #2: So we see the same situation. As you saw also in the presentation, we have a price increase that is higher than 0.7. So we are getting closer to a more healthy situation.

Karsten Warloe: We see the same situation. As you saw also in the presentation, we have a price increase that is higher than 0.7, so we are getting closer to a more healthy situation when it comes to the, sorry, the differences between increase in the cost of FTEs and over margins. You are right. That is why we put pressure on costs that you see a decline in. So in relative terms, we are more than 8% more effective on operating costs than we were at the same period last year. Also we need to see what we do on the billing ratios and also demonstrated that we have reduced the number of employees both in the segment Norway and especially in Architecture. So we need to continue to work on those issues also going forward.

Speaker #3: So we are getting closer to a more healthy situation. It comes to the sorry, the differences between increase in the cost of FTs and over margins.

Speaker #2: It comes to the—sorry—the differences between the increase in the cost of FTs and our margins. But you are right. So that's why we put pressure on costs, which you see decline in.

Speaker #3: But you are right. So that's why we put pressure on costs that you see decline in. So in relative terms, you have more than 8% more effective on operating cost than we were at the same period last year.

Speaker #2: So in relative terms, we are more than 8% more effective on operating costs than we were in the same period last year. And also, we need to see what we do on the billing ratios.

Speaker #3: And also we need to see what we do on the billing ratios. And also demonstrated that we have reduced the number of employees, both in the segment Norway and especially in architecture.

Speaker #2: And we have also demonstrated that we have reduced the number of employees, both in the segment Norway and especially in Architecture. So, we need to continue to work on those issues going forward as well.

Speaker #3: So we need to continue to work on those issues also going forward. But we are aware of the situation that are facing us. And it's always the struggle to have the best possible margins.

Speaker #2: But we are aware of the situations that are facing us, and it's always a struggle to have the best possible margins. But we are also well positioned.

Karsten Warloe: We are aware of the situation that are facing us, and it is always the struggle to have the best possible margin. We also are well-positioned. We are a company with the best employees, the best situations. So basically also we are able to win contracts based on our competence and this going forward. We will continue to work with this.

Speaker #3: But we also are well positioned. We are a company with the best employees, the best situation. So basically also able to win contracts based on our competence in this coming forward.

Speaker #2: We are a company with the best employees and the best situation, so we are basically also able to win contracts based on our competence going forward.

Speaker #3: So but we will continue to work with this.

Speaker #2: So we'll continue to work with this.

Speaker #2: And the order backlog situation?

Speaker #3: Well, we see the order backlog to be healthy. We saw the sales increase this Q2. And also that was also commented in the last Q2.

Simen Mortensen: And the order backlog situation?

Speaker #3: And the order backlog situation?

Speaker #2: Well, we see the order backlog to be healthy. You saw the sales increase this quarter, and that was also commented on in the last quarter.

Karsten Warloe: Well, we see the order backlog to be healthy. You saw the sales increased this quarter. That was also commented in the last quarter since the framework agreements are now relatively higher than the previous years. With comparable, we think we at least could have NOK 1 billion added to the sales or the order backlog in comparable terms. We are not worried by that. Also in Architecture, our order backlog has increased compared to the last quarter. So we are not worried about the order backlog.

Speaker #3: Since the frame work agreements are now relatively higher than previous years, comparable, we think we at least could have a billion knocks added to the sales or the order backlog in comparable terms.

Speaker #2: Since the framework agreements are now relatively higher than in previous years, comparatively, we think we could at least have a billion NOK added to the sales or the order backlog in comparable terms.

Speaker #3: So basically we're not worried by that. And also in architecture overall, the backlog has increased compared to the last Q2. So we are not worried about the order backlog.

Speaker #2: So, basically, we're not worried about that. Also, in architecture overall, the backlog has increased compared to the last quarter, so we are not worried about the order backlog.

Speaker #2: You also mentioned that you're moving to new headquarter and stated also this will save some costs. Can you quantify the level and expected impact of that?

Speaker #1: You also mentioned that you're moving to a new headquarters, and stated that this will save some costs. Can you quantify the level and expected impact of that?

Simen Mortensen: You also mentioned that you are moving to a new headquarter and stated also this will save some costs. Can you quantify the level when expected impact of that?

Speaker #3: No, we move in 2028. And what we do then is actually that we move out of the premises that we have in also and central.

Karsten Warloe: We will move in 2028. What we do then is actually that we move out to the other premises that we have in Oslo and centralize that and need to come back with the numbers on that, Simen.

Speaker #2: No. We will move in 2028. And what we do then is actually move out of the premises that we have in Oslo and centralize that.

Speaker #3: And we come back with the doors on that scene.

Speaker #2: And we come back with the numbers on that, Simon.

Speaker #2: Thank you.

Speaker #1: Thank you.

Simen Mortensen: Thank you.

Speaker #4: Yes, good morning, Benjamin Lawson from ABG. I just wanted to touch upon the framework agreements, because we have seen that going up in the last couple of years.

Speaker #4: Yes. Good morning, Benjamin Lawson from ABG. I just wanted to touch upon the framework agreements, because we have seen that going up in the last couple of years.

Bengt Jonassen: Yes. Good morning. Bengt Jonassen from ABG. I just wanted to touch upon the framework agreements because we have seen that going up in the last couple of years, and as I said, it's a preferred way of entering new contracts. The question that I don't have the answer is this positive for you or is it negative? Basically, your clients are just securing capacity and you are sitting on the sidelines waiting for these call-offs to happen. When they don't happen, you end up with a lower billing ratio than you probably planned for.

Speaker #4: And as you said, it's a preferred way of entering new contracts. The question that I'm I don't have the answer is, is this positive for you or is it negative?

Speaker #4: And as you said, it's a preferred way of entering new contracts. The question that I don't have the answer to is, is this positive for you or is it negative?

Speaker #4: Basically your clients are just securing capacity and you are sitting on the sidelines waiting for this call off to happen. And when they don't happen, you end up with a lower billing ratio that you probably planned for.

Speaker #4: Basically, your clients are just securing capacity, and you are sitting on the sidelines waiting for this call-off to happen. And when they don't happen, you end up with a lower billing ratio than you probably planned for.

Speaker #3: True. But this is also an opportunity moving into what can you regret that, but defense is a high growth area. At the moment, and for us to have the ability to win this framework agreements due to our capabilities and also the knowledge that we have in this sector is we need to see this as a positive thing.

Speaker #2: True. But this is also an opportunity going forward. We can regret that, but defense is a high growth area at the moment. For us to have the ability to win these framework agreements, due to our capabilities and also the knowledge that we have in this sector, we need to see this as a positive thing.

Karsten Warloe: Well, this is also an opportunity moving into. We get that the defense is a high growth area at the moment. For us to have the ability to win these framework agreements due to our capabilities and also the knowledge that we have in this sector is we need to see that as a positive thing. Also that we are able to win part of that bid with quite good margin. So in general, I would say positive, but of course you can't then report it as part of your sales. That makes questions come like the one we heard from Steven there.

Speaker #3: And also that we are able to win part of that with quite good margins. So in general, I would say positive. But of course, you can't then report it as part of your sales.

Speaker #2: And also that we are able to win part of that with quite good margins. So, in general, I would say positive. But of course, you can't then report it as part of your sales.

Speaker #3: And that makes questions come like the one we heard from Simon.

Speaker #2: And that leads to questions like the one we heard from Simon.

Speaker #4: But what about the timing of call off? Do you have any visibility here at all or is it just wait and see?

Speaker #4: But what about the timing of the call-off? Do you have any visibility here at all, or is it just wait and see?

Bengt Jonassen: What about the timing of call-offs? Do you have any visibility here at all or is it just wait and see?

Speaker #3: It's a combination. On that, that we have some visibility and some contracts. And others is decided on levels above basically our customers. It's a political situation in that.

Karsten Warloe: It's a combination on that we have some visibility on some contracts and others is decided on levels above basically our customers. It's a political situation in that.

Speaker #2: It's a combination. On that, we have some visibility and some contracts, and others are decided on levels above, basically, our customers. It's a political situation in that.

Speaker #1: I think it's also worth to add that some of the challenges we are having is sometimes that the contracts doesn't start. It's a delayed start.

Speaker #3: I think it's also worth adding that some of the challenges we are having are that sometimes the contracts don't start—it's a delayed start.

[Company Representative] (Multiconsult): I think it's also worth to add that some of the challenges we are having is sometimes that the contract doesn't start. It's a delayed start, but when we have started, there are much more firmer plans on the progress and the plans for. So some challenges has mainly now been with some delayed start-up of some of these agreements. But the plans are there and the willingness is there. So that's why we are quite confident that this in addition to all the backlog makes the situation quite okay.

[Unknown Executive]: I think it's also worth to add that some of the challenges we are having is sometimes that the contract doesn't start. It's a delayed start, but when we have started, there are much more firmer plans on the progress and the plans for. So some challenges has mainly now been with some delayed start-up of some of these agreements. But the plans are there and the willingness is there. So that's why we are quite confident that this in addition to all the backlog makes the situation quite okay.

Speaker #1: But when you see when we have started, there are much more firmer plans on the progress. And the plans for so some challenges has mainly now been with some delayed startup of some of these agreements.

Speaker #3: But when you see when we have started, there are much more firmer plans on the progress. And the plans for some challenges has mainly now been with some delayed startup of some of these agreements.

Speaker #1: But the plans are there and the volume is there. So that's why we are quite confident that this in addition to order backlog makes the situation quite okay.

Speaker #3: But the plans are there, and the volume is there. So that's why we are quite confident that this, in addition to the order backlog, makes the situation quite OK.

Speaker #4: I just want to dig further into that on delayed, if I may. Is that due to money? Political reasons or lack of capacity on the customer side that they don't have capacity to push the project through, but they have just secured the capacity?

Speaker #4: I just want to dig further into that on "delayed," if I may. Is that due to money, political reasons, or lack of capacity on the customer side?

Bengt Jonassen: I just want to dig further into that on delayed, if I may. Is that due to money, political reasons, or lack of capacity on the customer side? That they don't have capacity to push the project through, but they have just secured the capacity.

Speaker #4: That they didn't have the capacity to push the project through, but they have just secured the capacity.

Speaker #3: My understanding is that the two letter. They have the money, but decision and capacity.

Karsten Warloe: My understanding is that the two latter. They have the money, but indecision on capacity. Yeah.

Speaker #2: My understanding is that the two letter. They have the money, but the decision on capacity.

Speaker #2: Okay, we have a couple of questions from the webcast. Magnus Rasmussen, SEB. Over the past couple of quarters before second quarter, it seems like the billing ratio and profitability in segment Norway has stabilized.

Speaker #1: OK. We have a couple of questions from the webcast. Magnus Rasmussen, SAB. Over the past couple of quarters before the second quarter, it seems like the billing ratio and profitability in the Norway segment have stabilized.

[Company Representative] (Multiconsult): Okay, we have a couple of questions from the webcast. Magnus Rasmussen, SEB. Over the past couple of quarters before Q2, it seems like the billing ratio and profitability in segment Norway has stabilized. Why was there a significant decline in Q2, and should we expect it to continue also in H2 2026?

[Unknown Executive]: Okay, we have a couple of questions from the webcast. Magnus Rasmussen, SEB. Over the past couple of quarters before Q2, it seems like the billing ratio and profitability in segment Norway has stabilized. Why was there a significant decline in Q2, and should we expect it to continue also in H2 2026?

Speaker #2: Why was there a significant decline in second quarter? And should we expect it to continue also in the second half of 2026?

Speaker #1: Why was there a significant decline in the second quarter? And should we expect it to continue also in the second half of 2026?

Speaker #3: Well, our comment on that, both from Karsten and myself, is that we are adjusting capacity to the volume. Basically to the projects. So that means that we are adjusting up or moving our people in line with the projects that we have in that.

Ove B. Haupberg: Our comment on that, both from Karsten and myself, is that we are adjusting capacity to the volume basically to the projects. That means that we are adjusting up or moving people in line with the projects that we have in that. I think that it will be my answer on that.

Karsten Warloe: Our comment on that, both from Karsten and myself, is that we are adjusting capacity to the volume basically to the projects. That means that we are adjusting up or moving people in line with the projects that we have in that. I think that it will be my answer on that.

Speaker #2: Well, our comment on that, both from Karsten and myself, is that we are adjusting capacity to the volume—basically, to the projects. So that means that we are adjusting up or moving our people in line with the projects that we have in that.

Speaker #3: So I think that will be my answer on that.

Speaker #2: Okay, good. And yes, another question. What can you say about profitability in Via Nova since the acquisition was closed in December?

Speaker #2: So I think that will be my answer to that.

Speaker #1: OK, good. And yes, another question. What can you say about profitability in Via Nova since the acquisition was closed in December?

[Company Representative] (Multiconsult): Okay, good. He has another question. What can you say about profitability in ViaNova since the acquisition was closed in December?

[Unknown Executive]: Okay, good. He has another question. What can you say about profitability in ViaNova since the acquisition was closed in December?

Speaker #3: Yeah. I would say that is in line with our expectation. It's always a challenge when you buy a smaller company and implement that in a listed group with a much tougher requirements on reporting and precision.

Speaker #2: Yeah, I would say that is in line with our expectations. It's always a challenge when you buy a smaller company and integrate it into a listed group with much tougher requirements on reporting and precision.

Ove B. Haupberg: Yeah. I would say that is in line with our expectation. It's always a challenge when you buy a smaller company and implement that in a listed group with much tougher requirements on reporting and precision. Besides that, I would say they deliver in line with our expectations.

Ove Haupberg: Yeah. I would say that is in line with our expectation. It's always a challenge when you buy a smaller company and implement that in a listed group with much tougher requirements on reporting and precision. Besides that, I would say they deliver in line with our expectations.

Speaker #3: But besides that, I would say they deliver in line with our expectations.

Speaker #2: But besides that, I would say they deliver in line with our expectations.

Speaker #2: Thank you. Martine Kverne in Nordea. Can you elaborate on the scale of new defense and healthcare framework agreements and the timing and expected contribution to backlog revenue going forward?

Speaker #1: Thank you. Martine Kverne in Nordea. Can you elaborate on the scale of new defense and healthcare framework agreements, and the timing and expected contribution to backlog revenue going forward?

[Company Representative] (Multiconsult): Thank you. Martine Kverne in Nordea. Can you elaborate on the scale of new defense and healthcare framework agreements and the timing and expected contribution to backlog revenue going forward? Secondly, what billing ratio level do you target and what actions beyond the ongoing profitability program are planned to lift utilization back to prior year's level?

[Unknown Executive]: Thank you. Martine Kverne in Nordea. Can you elaborate on the scale of new defense and healthcare framework agreements and the timing and expected contribution to backlog revenue going forward? Secondly, what billing ratio level do you target and what actions beyond the ongoing profitability program are planned to lift utilization back to prior year's level?

Speaker #2: And secondly, what was no, what billing ratio level do you target and what actions beyond the ongoing profitability program are planned to lift utilization back to prior years level?

Speaker #1: And secondly, what billing ratio level do you target, and what actions—beyond the ongoing profitability program—are planned to lift utilization back to prior years' levels?

Speaker #3: Well, there are two hospitals that we came in in Sweden. One was 80 million and the other was 130 million that we sent out in June, I think.

Ove B. Haupberg: The two hospitals that we came in in Sweden, one was NOK 80 million and the other was NOK 130 million that we sent out in June, I think. We reported that. We have three new framework agreements with the defense this quarter, adding up to more than NOK 4 billion in framework agreements for the total group. We don't set specific targets that we communicate on billing ratios, but we communicated a very solid goal on 10% EBITDA. So that is a combination of all the measures that we do.

Ove Haupberg: The two hospitals that we came in in Sweden, one was NOK 80 million and the other was NOK 130 million that we sent out in June, I think. We reported that. We have three new framework agreements with the defense this quarter, adding up to more than NOK 4 billion in framework agreements for the total group. We don't set specific targets that we communicate on billing ratios, but we communicated a very solid goal on 10% EBITDA. So that is a combination of all the measures that we do.

Speaker #2: Well, there are two hospitals that we came in on in Sweden. One was 80 million, and the other was 130 million that we sent out in June, I think.

Speaker #3: We reported that. And we have three new framework agreements with the defense this quarter. Adding up to more than 4 billion in framework agreements for the total group.

Speaker #2: We reported that. And we have three new framework agreements with the defense this quarter, adding up to more than NOK 4 billion in framework agreements for the total group.

Speaker #3: So but on we don't set specific targets that we communicate on billing ratios, but we communicated very solid goal on 10% EBITDA. So that is a combination of all the measures that we do.

Speaker #2: So, but we don't set specific targets that we communicate on billing ratios, but we communicated a very solid goal on 10% EBITDA. So that is a combination of all the measures that we do.

Speaker #2: And finally, Martine has one more questions regarding the billing ratio. Is there any other effects like timing issues affecting the billing ratio this billing ratio this quarter?

Speaker #1: And finally, Martine has one more question regarding the billing ratio. Is there any other effects, like timing issues, affecting the billing ratio this quarter?

[Company Representative] (Multiconsult): Finally, Martine has one more question regarding the billing ratio. Is there any other effects like timing issues affecting this billing ratio this quarter? For example, some project early start-ups or new, or is it a mix of effect for recent acquisition, bringing the low utilized staff?

[Unknown Executive]: Finally, Martine has one more question regarding the billing ratio. Is there any other effects like timing issues affecting this billing ratio this quarter? For example, some project early start-ups or new, or is it a mix of effect for recent acquisition, bringing the low utilized staff?

Speaker #2: For example, some project early startups or new, or is. The mix of effect risk for recent acquisition bringing the low utilized staff?

Speaker #1: For example, are some projects early startups or new? Or is it a mix of effects, for example, recent acquisitions bringing in low utilized staff?

Speaker #3: Well, we are waiting for a call off of some framework agreements. There are startup on a large project, mobility and transportation that will increase our billing ratios going forward.

Speaker #2: Well, we are waiting for a call-off of some framework agreements. There are startups on large projects in mobility and transportation that will increase our billing ratios going forward.

Ove B. Haupberg: We are waiting for a call-off on some framework agreements. There are start-up on large project Mobility and Transportation that will increase our billing ratios going forward, and architecture as a combination. So it's many reasons this quarter for this number.

Ove Haupberg: We are waiting for a call-off on some framework agreements. There are start-up on large project Mobility and Transportation that will increase our billing ratios going forward, and architecture as a combination. So it's many reasons this quarter for this number.

Speaker #3: And architecture is a combination. So it's many reason. This quarter for this number.

Speaker #2: And architecture is a combination, so it's many reasons. This quarter for this number.

Speaker #2: Okay. All right, fine. Finalize here from this side, I think.

Speaker #1: OK. We're fine. We'll finalize here from this side, I think.

[Company Representative] (Multiconsult): Okay. We are finalized here from this side, I think.

[Unknown Executive]: Okay. We are finalized here from this side, I think.

Ove B. Haupberg: Then thank you for coming, and have a nice day.

Ove Haupberg: Then thank you for coming, and have a nice day.

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Half Year 2026 Multiconsult ASA Earnings Call

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