OSLO – – November 03, 2026 -- Multiconsult's third-quarter EBITA fell to NOK 6.3 million from NOK 62.1 million a year earlier, cutting the margin to 0.5 per cent from 5.2 per cent as weak summer activity and merger-related costs weighed on earnings.
Net operating revenues rose 2.0 per cent to NOK 1,219.7 million (NOK 1,196.4 million). Organic growth, adjusted for calendar effects and acquisitions, was 0.1 per cent. The net loss was NOK 20.9 million against a profit of NOK 38.9 million, and earnings per share were NOK -0.74 (NOK 1.41).
Adjusted EBITA falls to NOK 45.0 million as transaction costs hit
EBITA adjusted came in at NOK 45.0 million (NOK 67.2 million), a margin of 3.7 per cent (5.6). EBITA absorbed NOK 38.3 million in transaction and restructuring costs tied to the proposed Rejlers merger and internal resources (write-downs), plus NOK 0.4 million in legal expenses on the Sotra Link project. A further NOK 8.4 million in restructuring costs for profitability measures was not adjusted out of EBITA adjusted.
The billing ratio held at 70.1 per cent, with higher billing rates contributing positively. Management said the September billing ratio exceeded the level of September last year.
Order intake climbs 12.4 per cent while backlog shrinks
Order intake reached NOK 1,355 million, up from NOK 1,205 million. Order backlog stood at NOK 3,823 million (NOK 4,316 million), supplemented by a significant volume of framework agreements. Full-time equivalents declined 0.3 per cent to 3,731 (3,744). The company described the overall market outlook as stable.
Interim CEO Kristin Olsson Augestad said the quarter was "not at the level of our long-term ambitions," while noting that efficiency measures began to take effect toward the end of the period.
Year-to-date revenue grows 5.3 per cent, but margins narrow
Net operating revenues for the first nine months totalled NOK 4,354.7 million (NOK 4,135.7 million). Organic growth adjusted for calendar effects was 1.9 per cent. A positive calendar effect of NOK 7.0 million supported revenue and EBITA versus 2025.
Year-to-date EBITA was NOK 275.1 million (NOK 319.9 million), a margin of 6.3 per cent (7.7). EBITA adjusted was NOK 299.3 million (NOK 338.8 million), a margin of 6.9 per cent (8.2). Net costs of NOK 24.2 million related to merger transaction and restructuring, partly offset by a positive reversal on Sotra Link, weighed on EBITA. A further NOK 17.7 million in profitability-related restructuring costs was not adjusted for.
The nine-month billing ratio was 71.2 per cent (71.8), down 0.5 percentage points. Order intake rose to NOK 4,802 million (NOK 4,441 million). Net profit was NOK 178.1 million (NOK 213.9 million), and earnings per share were NOK 6.48 (NOK 7.75). FTEs rose 2.9 per cent to 3,812 (3,703).
Rejlers merger plan clears shareholder votes on 19 October
Multiconsult and Rejlers announced the merger plan on 7 September, and both companies' general meetings approved it on 19 October. The combined group would have nearly 8,000 employees across the Nordics, targeting large and complex projects and a leading position in energy, industry and defence-related assignments.
The companies expect completion around year-end 2026 or at the beginning of 2027, subject to regulatory approvals and the other conditions in the merger plan. Augestad said it remains "business as usual" across Multiconsult in the meantime.