Norconsult reported a 17% increase in second-quarter net revenue to NOK 2.89 billion, up from NOK 2.47 billion a year earlier, while organic growth remained steady at 6% on a calendar-adjusted basis. The Norwegian engineering and consulting group also posted adjusted EBITDA of NOK 255 million in Q2, compared with NOK 152 million in the same period of 2025.
For the first half of 2026, net revenue rose 15% to NOK 5.9 billion, while adjusted EBITDA climbed to NOK 586 million from NOK 487 million a year earlier. Underlying adjusted EBITDA margin reached 6.2% in Q2 on a calendar-adjusted basis, with the first-half margin at 9.7%. Last-12-month profitability returned to 10%, aligning with management’s target and improving from 9% in the prior quarter.
The company’s order book expanded to a record NOK 7.8 billion, the largest in its history, while the billing ratio improved for the fifth consecutive quarter to 75% in Q2, up from 74.7% a year earlier. Total employees increased 8.7% to 7,157 by quarter-end, with roughly 60% participating in the employee share program.
Chief Executive Egil Hogna noted that Q2 was marked by strong growth and stable profitability, with last-12-month profitability returning to 10%, in line with company targets. Chief Financial Officer Dag Fladby highlighted the fifth consecutive quarter of billing ratio improvement.
Pre-tax profit for Q2 rose to NOK 134 million from NOK 114 million, though the figure includes NOK 40 million in ERP implementation costs. Cumulative first-half ERP costs reached NOK 57 million. Operating cash flow declined to NOK 234 million in Q2 from NOK 395 million a year earlier. Earnings per share increased to 0.43 from 0.37, while first-half EPS totaled 1.05, down from 1.23.
Norconsult’s shares fell 3.9% in pre-market trading to $37, extending declines from the prior close of $38.50. The stock trades at a P/E ratio of 18.7 with a dividend yield of 4.68%, and remains approximately 10.4% above its 52-week low of $33.70 and 25.5% below its 52-week high of $49.60.
