Norconsult reported a 17% increase in net revenue to NOK 2.88 billion in the second quarter of 2026, up from NOK 2.47 billion a year earlier, as demand from the healthcare and infrastructure sectors offset regional pressures.
Organic growth reached 6% on a calendar-adjusted basis, supported by a positive calendar effect of NOK 82 million. Adjusted earnings before interest, taxes, and amortization rose to NOK 255 million from NOK 152 million, while the adjusted EBITA margin remained stable at 6.2%. Profit after tax increased to NOK 134 million from NOK 114 million, and ordinary earnings per share climbed to NOK 0.43 from NOK 0.37.
The order book expanded to NOK 7.8 billion at the end of the quarter, up from NOK 7.6 billion in the first quarter. Operating cash flow declined to NOK 234 million from NOK 395 million in the prior-year period, reflecting higher dividend payments and debt repayments totaling NOK 968 million.
Healthcare and public infrastructure projects accounted for a growing share of revenue, with Norway’s national budget allocating an additional NOK 5.5 billion for hospital operations in 2025. Helse Sør-Øst plans to invest NOK 73.8 billion between 2027 and 2030 across hospitals, medical technology, and digital solutions, while Norway’s population aged 70 and older is projected to rise 55% by 2040.
Regionally, Norway contributed 60% of group revenue with 6% organic growth, though adjusted EBITA margin softened to 7.7% due to integration costs at Aas-Jakobsen. Sweden and Denmark reported negative margins amid price pressures and project mix shifts, while the renewable energy segment posted 22% organic growth and a 13.7% EBITA margin. Consulting services, boosted by the Metier acquisition, delivered an 8.6% margin, up from 3.4%.
The company maintained a conservative financial position with net interest-bearing debt to adjusted EBITDA at 0.18x and negative net working capital of NOK 12 million. An overdraft facility was increased to NOK 800 million to support liquidity.
