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Norconsult Capital Markets Day 2025 Consistent Performance, Clear Plan Going Forward Photo: Herman Dreyer
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Not for general release, publication or distribution, directly or indirectly in Australia, Canada, Japan, the United States o r to US persons or in any other jurisdiction where such distribution would constitute a violation of the relevant laws or regulations of such jurisdiction. This report includes and is based among other things on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this document are based on our current expectations and projections about future events, including in relation to global econ omic conditions and the economic conditions of the regions and industries that are significant to Norconsult. All statements other than statements of historical facts included in this notice, including statem ents regarding our future financial position, risks and uncertainties related to our business, strategy, capital expenditures, projected costs and our plans and objectives for future operations, may be deemed t o be forward-looking statements. These expectations, estimates and projections are generally identifiable by statements containing words such as “believe,” “expect,” “anticipate,” “may,” “assume,” “plan,” “intend,” “will,” “should,” “estimate,” “risk” and similar expressions or the negatives of these expressions. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Important factors that could cause actual results to differ materially from those expectations include, among oth ers, economic and market conditions in the geographic areas and industries that are or may be major markets for Norconsult’s business, changes in governmental regulations, interest rates and fluctuations in currency exchange rates. Forward -looking statements are not guarantees of future performance. Although Norconsult believes that its expectations are based upon reasonable assumptions, it can give no assuran ce that those expectations will be achieved or that the actual results will be as set out in this report. You should therefore not place undue reliance on these forward -looking statements. In addition, any forward-looking statements are made only as of the date of this notice, and we do not intend and do not assume any obligation to update any statements set forth in this report. This report is for information purposes only and is not to be relied upon in substitution for the exercise of independent jud gment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sel l any securities in Norconsult. Information in this document cannot be relied upon as a guide to future performance. This presentation is not for release, publication or distribution, directly or indirectly in Australia, Canada, Japan, the Un ited States or to US persons or in any other jurisdiction where such distribution would constitute a violation of the relevant laws or regulations of such jurisdiction. The information contained herein does not constitute an offer of securities for sale in the United States, Australia, Canada, Japan or any other jurisdiction where such offer would constitute a violation of the relevant laws or regulations of such jurisdiction . The securities may not be offered or sold in the United States unless they are registered under applicable law or exempt from registration. The company does not intend to register its shares in the United States or to conduct a public offer of securities in the United States or any other jurisdiction in which it would be unlawfu l or would require registration or other measures. No money, securities or other consideration is being solicited and, if sent in response to the information contained herein, will not be accepted. Disclaimer 2
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Agenda 10:00 Welcome to CMD Egil Hogna Market update Christian Aasland Norway Head office Bård Hernes Q&A session 11:00 Norway Regions Vegard Jacobsen Sweden Fredrik Holmberg Renewable Energy Håkon Bergsodden Q&A session 12:00 Light lunch & guided office tour 13:00 Project showcase: Governmental Headquarters Fredrik Haukeland M&A strategy and financial targets Dag Fladby Concluding remarks Egil Hogna 14:00 Final Q&A Photo: Hoan Nguyen | Norconsult
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Norconsult – Every day we improve everyday life A local partner, leveraging our size and reach… ...with solid financials1) ~ 7 000 ~ 140 Employees Q3 2025 Offices Country HQs Offices Buildings and architecture2) Public Private OtherTop 50 projects Revenue by customer2) Revenue by projects2) ~35K ~15K projects customers Infrastructure2) Energy and industry2) ~1/3 ~1/3 ~1/3 8% 8% 10% 10% 10% 10% 10% 9% 2018 2019 2020 2021 2022 2023 2024 LTM Q3 2025 4.7 5.5 6.1 6.6 7.5 8.5 9.2 9.8 Adj EBITA margin Net revenue NOKbn Founded in 1929 4 1) Figures for 2018-2020 are presented according to NGAAP accounting principles 2) Estimated split based on 2024 gross revenue
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Professional service offerings to the building and construction market Architecture Form, function, experience Engineering Structures, systems, complexity Project management and digital solutions Scope, schedule, productivity 1. Planning Planning and consultancy services in early-stage phase 2. Design and engineering 3.Project execution 4. Operations and maintenance Advisory services for both new-build and renovation Technical supervision and worksite service tasks Project supervision, quality control and follow-up management Technology and digital solutions applied across the project lifecycle Offering Project lifecycle 5
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Delivery model balancing unmatched local presence with knowledge hubs +30 Unique local presence through ~140 offices combined with network expertise and cross border collaboration 1) Local presence Local networks, in-depth local knowledge and local “footprint” Knowledge hubs Strong knowledge hubs and centers of expertise Capacity and network Capacity, experience and competence drawn from the entire global organisation 70% of >NOK 3m projects utilise competence across offices or departments2) Discipline networks 6 1) As of Q3 2025 | Source: Company information 2) Estimated market split based on gross revenue 2024
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Robust business model ensuring stable margins Risk diversified across ~35k assignments1) ~80% time & material of operating revenue Time & material typical contract form1) Attractive economic attributes Top 50 projects ~35K ~15K projects customers ~20% fixed price of operating revenue Cost-plus model with low-risk contracts priced on accrued hours Utilisation focus on business area rather than projects to optimise team allocation Index-regulated Index-regulated cost components on most contracts 7 Other 1) Estimated split based on 2024 gross revenue
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A people-focused strategy built on a solid foundation Norconsult Management System: Quality system securing risk management and internal control specifying our processes and procedures Management system Nordic top 3 position Every day we improve everyday life Purpose Personal values Honest – Competent Inclusive - Engaged Ethics rule All our behaviour shall be able to withstand public scrutiny Leadership principles Ambition – Cooperation – Transparency – Trust – Care - Accountability Culture Goals Understand the client – creating mutual understanding Building the team – getting the very best out of each and everyone Creating flow - seeing the whole, enabling the best possible process Taking charge – ensuring control and predictability Customer approach Attract, develop and retain the best people Lead a client- oriented culture Create shareholder value with strong employee ownership Ensure sustainability in everything we do Leverage digital technologies to create value Vision Make a decent profit decently 8
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Two years as a listed company – Consistent profitable growth Photo: Hoan Nguyen | Norconsult
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Strengthened position in the Nordics #1 The largest inter- disciplinary consultancy firm in Norway1) 1) Annual reports 2024 , gross revenue 2024 converted to NOK with exchange rates DKK:1.54 SEK: 1.03: Nordics: Norway, Sweden and Denmark 2) EFCA Sector Review 2023 The top engineering services firms operating in Europe ranked by engineering services turnover in Europe #12 Top 12 in the European marketspace 2)#4 Top four of the largest consultancies in the Nordics 1) 10
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Consistent performance - robust financial track record Strong growth over a decade with 10% net revenue CAGR Consistent adj. EBITA margin of ~10%1) NOKm NOKm 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 LTM 3.412 3.514 3.738 4.078 4.691 5.516 6.146 6.593 7.513 8.494 9.186 9.798 Adj EBITA Margin 304 319 316 346 390 465 610 628 733 810 879 918 9% 2014 9% 2015 8% 2016 8% 2017 8% 2018 8% 2019 10% 2020 10% 2021 10% 2022 10% 2023 10% 2024 9% Q3 2025 LTMNet Revenue 11 1) NGAAP accounting principles ‘14-22, IFRS accounting principles, adj. EBITA, adjustments related to former share -based compensation scheme, gain from property sale in 2018 and share program for 2022 and 2023 | Source: Company information
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Revenue growth through balanced organic growth and acquisitions 2022 2023 2024 Q3 2025 LTM 11% 6% 10% 10% 7% 5% 6% 2% Norconsult Publically listed peers1) Strong organic growth 12 1) Multiconsult, Afry Nordics, Sweco Nordics Growth target 2/3 Organic growth 1/3 M&A
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The market leader in Norway with strong pan-Nordic growth The leading player in Norway… …with reinforcing no. 1 position… …and a strong Nordic growth trajectory Gross revenues 2024 (NOKm) 1,2) Norconsult Multiconsult Sweco Afry 7.866 5.289 3.575 2.506 Gross revenue (NOKbn) development 3) 2022 2023 2024 Q3 2025 LTM 5.4 6.2 6.6 6.9 2022 2023 2024 Q3 2025 LTM 1.3 1.6 1.8 2.0 2022 2023 2024 Q3 2025 LTM 0.6 0.8 0.9 0.9 Norway Sweden Denmark 13 1) Revenue in Norway Company annual reports 2024, bygg.no 2) Pro -forma including Aas-Jakobsen Gruppen 3) Norconsult Norway AS, N orconsult Denmark Group and Norconsult Sweden Group
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The role of consulting engineers has expanded in recent years Design and engineering typically 4 -12% of total construction cost while it impacts 100% of cost and quality New digital technologies like AI increase potential impact and importance of design and engineering 14 Increased complexity Building in an urban or established environment is fundamentally more complex Increased requirements Society has increased expectations about: User and worker safety Climate and nature Social sustainability Quality and aesthetics Cultural heritage + more Digital technologies Digital technologies allow better planning, design and engineering reducing total cost and complexity during construction AI further amplifies the benefit of good design and engineering before construction starts
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Training data AI specialization User requirements Two competing visions on the future role of AI Replace or Augment the Expert? Replacing the expert Augmenting the expert Training data AI specialization User requirements Publicly available online data, supplemented by synthetic datasets Artificial General Intelligence (AGI) – systems capable of understanding or learning any intellectual task a human can Minimal formal education or domain experience needed to perform at a competitive level Training data AI specialization User requirements Extensive proprietary datasets built over time from real-world architecture and engineering projects Highly specialized, domain-specific AI tools trained to support and extend professional expertise Deep experience and domain knowledge enhance the user’s ability to leverage AI effectively Based on our experience so far, AI is a valuable tool in the hand of skilled experts 15
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Increased complexity Innovation and digitalisation inherent in our business model Building in an urban or established environment is fundamentally more complex Establishment of a new water treatment plant at Kattås (NOR) to ensure safe and clean drinking water Designed and built as fully integrated BIM project Multiplayer VR and digital twin for project visualisation Sustainable delivery of safe and high-quality drinking water New double-track railway through Drammen and Kobbervikdalen (NOR) Enhancing capacity, safety, and reliability Kattås water treatment plant Drammen - Kobbervikdalen 950 people upskilled through Norway’s largest fully digital rail project Contributed to on-budget delivery and opening on schedule Norconsult’s largest project , developing next- generation expertise in digital infrastructure 16 Source: Company information
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Experienced executive management team Years in Norconsult 10 years Average tenure in Norconsult ~26 years Average relevant experience ~6 ~6~14~22 ~4~40 ~5 ~3 ~4 ~10 EVP Technogarden Kathrine Duun Moen EVP Denmark (interim) Jess Sørensen EVP Human Resources Marisa Ruiz Retamar EVP Norway/ Regions Vegard Jacobsen EVP Renewable Energy Håkon Bergsodden EVP Norway/ Head Office and Norconsult Digital Bård S. Hernes EVP Sweden Farah Al-Aieshy CFO Dag Fladby CEO Egil Hogna EVP Communications and Brand Hege Njå Bjørkmann 17
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Norconsult is a people business – attracting talent is key Outside Norway, Norconsult is the dynamic challenger with a decentralized structure characterized by local decision making without the bureaucracy often found in the established players Having a listed share in combination with attractive share programs open to all employees differentiates Norconsult to most competitors 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 3.200 3.800 4.300 4.600 5.100 5.500 6.300 6.500 7.000 Number of employees1) As the market leader in Norway, Norconsult attracts key talent by offering flagship projects, robust project portfolio and many opportunities for personal development 18 1) End of period
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Norconsult Academy develops the engineers and architects of tomorrow 19 Source: Company information Most learning acquired through experience Flexible career paths Project management 70% of learning through project experience, 20% through mentoring and coaching, and 10% from formal courses and seminars Employees can pursue a career within the line organisation, project management, market areas and/or technical discipline expertise Talent development program focused on project management of the largest projects
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A workplace where people thrive, reflected in low churn and sick leave Overall employee satisfaction Norconsult continues to score high on overall employee satisfaction, reflecting a strong culture of engagement and professional development Sick leave is reduced Sick leave has decreased after the pandemic, driven by focused health initiatives and a supportive work environment Lower employee churn than market average Employee churn remains well below the industry average, underscoring Norconsult’s ability to retain talent in a competitive market Avg. for listed Nordic peers 2024²) Norconsult 20241) 12.5% 10.4% Employee churn Percentage sick leave1) 2022 2023 2024 Q3 2025 LTM 4.8% 4.0% 4.1% 3.9% 20 1) Based on internal reporting and 2) annual reports from peers; Multiconsult, Afry, Sweco, Sitowise & Etteplan
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Norconsult is a leading interdisciplinary consultancy firm solving the most complex engineering problems with the best talents Strong financials High-growth company The best people NOK 9.8bn Net revenue1) Q3 25 LTM 5% Employee CAGR 23-25 Q3 LTM4) NOK 918m Adj. EBITA2) Q3 25 LTM 7% Net revenue1,3) CAGR 23-25 Q3 LTM 4.0 Employee engagement 255) 6% Adj. EBITA2,3) CAGR 23-25 Q3 LTM 21 Notes: 1) Operating revenue and other income less external project costs; 2) IFRS accounting principles, adj. EBITA = earning s before interest, taxes, amortisation and impairment of intangible assets and share program for 2025; 3) CAGR = compound annual growth rate; 4) employee by head count 5) Scores from 1 -5 on Likert scale | Sources: Company information
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Nordic buildings and construction market update Christian Salbu Aasland SVP Investor Relations and Business Intelligence Photo: Mattias Hamrén Täby simhall, Sweden
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Buildings and construction is a large and attractive market with underlying secular growth trends Large and diversified end-markets Engineering consultancies grow above the market Demonstrated resilience through turmoil Attractive outlook backed by secular growth trends 23
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Exposure to numerous large and diversified end-markets Norconsult operates in a NOK 1 729bn end-market1) Engineering consultants more exposed to civil engineering 642 531 245 81 127 103 Residential Non- residential Infrastructure Water Energy Other civil engineering Total 1.729 Total production value in the Nordics 2024 (NOKbn)2) Complexity and share of production value to engineering consultants vary between end-markets Building market Construction market Construction More complex projects demanding high involvement of technical competence Non-residential building Somewhat complex projects, such as hospitals, demanding medium share of technical competence Residential building Involves low amount of complexity, requiring less technical competence Complexity 24 1) Source: Euroconstruct / Prognosesenteret (2024); Company information | 2) Nordic = Norway, Sweden and Denmark
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Demonstrated resilience through market turmoil Total production value in the Nordics1) remains large and stable while engineering consultant firms grow consistently 0 10 20 30 40 50 60 70 80 90 0 250 500 750 1.000 1.250 1.500 1.750 2.000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Competitors Norconsult Total construction output (LHS) NOKbn NOKbn 1) Nordics = Norway, Sweden and Denmark; 2) Total Nordic revenue for the six largest engineering consultant firms in the Nordics, based on reported figures with fixed FX conversion as of 31 December 2024: DKK/NOK=1.54 and SEK/NOK=1.03. Total net revenue for Norconsult and Multiconsult; Companies’ annual reports 2024; Company information – Multiconsult, Afry Nordics, Sweco Nordics, Rambøll Nordics, Cowi Nordics 3) Converted from EUR to NOK with exchange rate as of 04.07.2023 EUR/NOK = 11.6 | Sources: Euroconstruct 2020, Euroconstruct 2023 25
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Construction – less sensitive to short-term economic fluctuations The Nordic buildings and construction marked is positioned for a rebound Development of the Nordic1) market – in a ten-year perspective Building – set for a gradual recovery 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 1.848 1.881 1.893 1.981 1.995 1.812 1.729 1.786 1.880 1.936 -13% +8% 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 1.337 1.363 1.353 1.453 1.464 1.269 1.173 1.208 1.282 1.321 -20% +9% 511 517 540 528 530 543 556 578 598 615 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e +5% +6% Nordics +8%-13% -20% +9% +5% +6% 1) Nordics = Norway, Sweden and Denmark | Source: Euroconstruct/ Prognosesenteret (2025)26
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Nordic building and construction - expected growth Public investments partly offset a weakened private sector Construction markets continue steady growth The Nordic1) buildings market The Nordic1) construction market NOKbn NOKbn 503 420 402 420 440 450 489 412 368 377 401 419 473 436 402 412 441 453 2022 2023 2024 2025E 2026E 2027E 1.464 1.269 1.173 1.208 1.282 1.321bn -20% +9% Norway Sweden Denmark +9% -20% 132 142 154 160 166 165 243 245 248 263 272 289 155 156 154 154 160 161 2022 2023 2024 2025E 2026E 2027E 530 543 556 578 598 615bn+5% +6% Norway Sweden Denmark +5% +6% 1) Nordics = Norway, Sweden and Denmark | Source: Euroconstruct/ Prognosesenteret (2025)27
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Strong fundamentals driving long-term growth Public infrastructure Infrastructure investments Defence and resilience Rehabilitation backlog Private investments Demographics Quality of life Urbanization Population growth Regulatory dynamics Design codes Rules and regulations New technology and AI Private investment sentiments Inflation, interest rates and economic growth Price and availability of power and other crucial input factors Infrastructure Requirements Macroeconomics People Key Drivers 28
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Buildings and construction market forecast Long term market fundamentals persist Large and diversified end-markets Engineering consultancies grow above the market Demonstrated resilience through turmoil Attractive outlook backed by secular growth trends Positive outlook, recovery is expected to be gradual 29
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Business segment Norway Head Office Bård Hernes EVP Illustration: Nordic Office of Architecture med Arup Architecture og Rodeo Arkitekter New head office NRK, Norway
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Norway Head office – At a glance “The engine of business development” Net revenue NOKbn Adj EBITA margin 11% 2021 12% 2022 12% 2023 12% 2024 12% Q3 2025 LTM 2.0 2.3 2.5 2.8 3.0 Organisation Key characteristics Net Revenue and adj. EBITA margin “The heart of Norconsult”, with the skills and scale to deliver the full breadth of building and construction projects A market leader in complex multi-disciplinary infrastructure projects with leading expertise within bridges and railways Home of one of the Nordic’s largest architectural practices, Nordic Office of Architecture ~1900 employees as of Q3 2025 31% Buildings & constructions Technology & industry Geo, Environment & Risk management Community & urban planning Nordic Office of Architecture Transportation Water Aas-Jakobsen group % of segment net revenue 2024 19% 19% 13% 5% 12%10% 7% 15% % of group net revenue as of Q3 2025 31 Source: Company information Q3 2025
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Home of the largest and most complex of projects Half the revenue comes from large multi-year projects in buildings, infrastructure and industry Gross revenue estimate by customer1)Gross revenue estimate by market1) Selected public customers Selected private customers 20242024 Buildings and architecture Infrastructure Energy and industry Private Public 51,0% 49,0% 1) Estimated split based on 2024 gross revenue32 31% % of group net revenue as of Q3 2025
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E18 Fornebukrysset – Ramstadsletta (design and construction) E18 Ramstadsletta – Nesbru (regulation and planning) E18 Vestkorridoren is a 17 km upgrade of the E18 west of Oslo, designed to improve traffic flow, cut noise and air pollution. It separates regional from local traffic through new tunnels and redesigned interchanges between Lysaker and Drengsrud in Asker. The first construction stage, Lysaker–Ramstadsletta, is now under construction. Skanska with Norconsult has won contracts for the design and construction of the new E102 between Fornebukrysset - Strand and E103 Strand - Ramstadsletta. Both Norconsult and Aas-Jakobsen contributes as technical advisors to Statens vegvesen (the Norwegian Public Roads Administration) Project name: E18 Vestkorridoren Customer: Statens vegvesen, Skanska Period: 2023 - ongoing 33 Photo: Bård Gudim E18 Fornebukrysset – Ramstadsletta , Norway
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Aas-Jakobsen integration well underway Work to design a unified organization chart through a broad, inclusive process on track The target is to implement the new organisation by summer 2026 Following the acquisition, 84% of eligible Aas-Jakobsen employees participated in Norconsult’s 2025 employee share program 226 Aas-Jakobsen employees became part of Norconsult in Q3 2025 Gardemoen airport Bybanen, Bergen Regjeringskvartalet Majorstuen Station34 Source: Company information
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Large, multiyear complex infrastructure projects are uniquely effective environments for developing skills and technology because they combine real technical challenges, economies of scale, rigorous governance, and sustained budgets with high consequence for performance Innovation scales in large and complex infrastructure projects 35 People Gather people across the organization to leverage competence, share experience and distribute knowledge Process – Real-world technical problems drive cost-effective solutions – Data richness enables better decisions – Long timelines build capabilities that compound Technology Big projects turn prototypes into real platforms – scale, rigor, and time convert innovation into standard, repeatable capability Denmark Renewable Energy Head office Regions Sweden
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Sotra Bridge – World’s largest fully digital suspension bridge Data-driven design and construction Norconsult has designed the 900-metre Sotra Bridge entirely model-based, no traditional drawings By automating workflows Norconsult achieved a 76 % reduction in design errors saving ~300 hours per month This Norconsult project won the “Most Innovative Use of Autodesk Platform Services" category at the Autodesk Awards 2024 36 Source: Company information Sotra Bridge, Norway
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AI-driven generative design for infrastructure From days to minutes Norconsult is transforming early-phase infrastructure planning by leveraging Infraspace’s AI-powered generative design platform AI-powered design lets Norconsult explore thousands of route alternatives in minutes Norconsult and Infraspace collaboration recognised as a leading example of AI-enabled infrastructure design 37 Source: Company information RV4, Gjøvik - Mjøsbrua, Norway
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Large language models in practical use Leveraging unique databases with AI NORA is a proprietary AI platform built on Microsoft Azure’s language model technology. NORA runs within Norconsult’s data platform, with access to a proprietary data from numerous architectural and engineering projects. NORA is adapted to Norconsult’s workflows, making it easy to use across the company. 38 Source: Company information
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Well positioned, delivering solid performance Has a solid and established position in the Norwegian infrastructure market Acts as a catalyst for innovation and digitalization in state-of-the-art projects Norway Head Office The heart of Norconsult 39 Through our expertise and capacity, we reinforce the rest of Norconsult
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Business segment Norway Regions Vegard Jacobsen EVP Photo: Sindre Narvestad Aarhus/Arkitekturfoto Stavern School, Norway
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Norway Regions – At a glance “Your local partner with a unique network” Organisation Key characteristics Net Revenue and adj. EBITA margin Strong local presence creates distinct competitive edge through proximity to clients and projects Unique ability to leverage group-wide expertise, competency and capacity in local projects Accessing and retaining talents across the country, a clear recruitment edge and growth primer ~1800 employees as of Q3 2025 29% Net revenue NOKbn Adj EBITA margin 9% 2021 10% 2022 10% 2023 8% 2024 9% Q3 2025 LTM 2.0 2.2 2.5 2.7 2.8 Inland Region 5 offices ~290 FTEs 4 offices ~200 FTEs South-Eastern Region 5 offices ~550 FTEs Western Region 4 offices ~505 FTEs Central Region 5 offices ~265 FTEs Northern Region 17% 11% 30% 26% 16% % of segment net revenue 2024 41 % of group net revenue as of Q3 2025 Source: Company information Q3 2025
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Strong in the local buildings market Half of the revenue come from local building projects, both private and public investments Gross revenue estimate by customer1)Gross revenue estimate by market1) Selected public customers Selected private customers 20242024 Buildings and architecture Infrastructure Energy and industry Private Public 51,0% 49,0% 42 29% 1) Estimated split based on 2024 gross revenue % of group net revenue as of Q3 2025
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Døli - Care and nursing home Nittedal Eiendom KF will construct a new 24-hour care- and nursing home in Døli. The building, with associated common areas, a day center and a parking garage, will be ~6 000m2 with a budget of 400 NOKm. The project will, with its innovative approach, provide a dignified quality of living. Norconsult and Nordic Office of Architecture are delivering the preliminary design and zoning plan. Project name: Døli pleie- og omsorgssenter Customer: Nittedal municipality Period: 2025 - ongoing 43 Illustration: Nordic Office of Architecture Døli - Care and nursing center, Norway
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Coping with market head winds Regions hit by reduced activity in the private buildings market 68 69 70 71 72 73 74 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 R12 Billing ratio A large share of revenue from private buildings & architecture market hit hard by reduced building activities from second half of 2023 Organisational adjustments in parts of the organisation to improve billing ratio Pro-active measures taken to increase sales, reduce costs and improve operations Billing ratio1) 1) Billing ratio Norway Regions - rolling twelve-month average | Source: Company information44
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Flexibility to move capacity across market segments Focusing on new market possibilities 16% 2019 19% 2022 21% 2024 Following market headwinds in 2022, Norway Regions moved resources from a slow “buildings and architecture” market to more favourable markets, such as industry “Energy and industry” share of Norway Region net revenue Organisational flexibility Willingness in the organisation on the individual level to accept new challenges A network of capable and operational managers able to match supply and demand across Norconsult Standards in collaboration and work processes across the organisation including digital readiness Source: Company information45
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Defense investments will grow across the Nordics NATO expansion drive investments across Scandinavia Norconsult has been awarded multi-year framework agreements with both the Norwegian and Danish defense, in addition to projects for defense industry Multi-year frame agreements Framework sets scope, duration, price, and parties; individual “call-offs” create binding purchase obligations under predefined terms Both single vendor and multi-vendor contracts are awarded. Often multi-year, may have ceilings for total contract value Varying practices for call-offs (e.g. ranking, rotation, mini-competition) Frame agreements are not included in the order backlog prior to call-offs Source: Company information46 – National defense agencies – Defense industries – NATO funds & agencies – Investments in defense related infrastructure Varied client base
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The military’s nationwide presence is well matched with Norconsult’s distributed office network Norwegian military installations1) The military, with their dispersed geographical presence, will be an important local ‘building’ client, especially for Regions Norway In addition to investments over the defense budget, we expect further investments in national defense industry, as well as infrastructure investments such as ports, rail, road and airports that have military applications 0 10 20 30 40 50 60 70 80 90 100 110 120 Q1 -22 Q2 -22 Q3 -22 Q4 -22 Q1 -23 Q2 -23 Q3 -23 Q4 -23 Q1 -24 Q2 -24 Q3 -24 Q4 -24 Q1 -25 Q2 -25 Q3 -25 Forsvarsbygg entered Norconsult Norway’s top-ten clients in 2025 and is now a key customer for Norway Regions through local outreach Left: Number of ongoing projects with Forsvarsbygg per quarter 22-252) Numbers do not include frame agreements, but includes call-offs Svalbard Jan Mayen 1) Long-Term Plan for the Defence Sector 2025–2036 2) Company information47
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Local presence as a competitive advantage Embedded in local business communities Leverage Norconsult expertise and capacity in local projects Be an attractive local employer Norway Regions Local eyes, local ears and local hearts 48
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Business segment Sweden Fredrik Holmberg CFO Norconsult Sweden Photo: Jansin Hammarling Täby simhall, Sweden
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A high-growth challenger, currently the 8 largest multidisciplinary consultancy in Sweden1 Full multidisciplinary service offering across market areas and disciplines Successfully strengthened position in energy and industrials sectors, two rapidly growing sectors in Sweden ~1600 employees as of Q3 2025, organized in ~40 offices Sweden – At a glance “Strengthening our position as a customer-oriented challenger” Organisation Net revenue NOKbn Adj EBITA margin 7% 2021 8% 2022 7% 2023 8% 2024 6% Q3 2025 LTM 1.0 1.1 1.3 1.5 1.7 % of segment net revenue 2024 18% Key characteristics Net Revenue and adj. EBITA margin 36% 30% 34% Water, Infrastructure & Transportation Energy & Industry Architecture, Environment & Building 50 % of group net revenue as of Q3 2025 Source: Company information Q3 2025
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Strong footprint in infrastructure Gross revenue estimate by customer1)Gross revenue estimate by market1) Selected public customers Selected private customers 20242024 Buildings and architecture Infrastructure Energy and industry Private Public 51,0% 49,0% 18% 51 1) Estimated split based on 2024 gross revenue % of group net revenue as of Q3 2025
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Mälarbanan Mälarbanan is an important part of the railway network connecting Örebro, Västerås and Enköping with long- distance and regional train traffic to Stockholm. The capacity on the line needs to be expanded, and Norconsult has won the assignment to design the surrounding works on the Huvudstad-Spånga section. Norconsult's assignment includes the design of the water management systems as well as the planning and design of traffic measures for cars, bicycle and pedestrians. Project name: Mälarbanen Customer: Trafikverket Period: 2018 - ongoing 52 Photo: Kenneth Hellman, Trafikverket Mälarbanan, Sweden
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Growth tends to follow after a market decline Market outlook: Sweden 2025-2027 219 216 199 194 200 203 270 197 169 183 200 215 2022 2023 2024 2025E 2026E 2027E 489 412 368 377 401 419bn -25% +11% +11% 243 245 248 263 272 2022 2023 2024 2025E 2026E 2027E 289bn +2% +10% +2% +10% -25% Construction – set for a continuing growth 696 695 698 737 732 658 616 640 673 708 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e -16% +11%-16% +11% Non-residential Residential NOKbn Development of the Swedish market – ten-year perspective Buildings – set for a recovery back to historic levels NOKbn NOKbn Source: Euroconstruct / Prognosesenteret (2025)53
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Infrastructure growth driven by public investments Public infrastructure require further improvements and upgrades towards 2030 Proposal: National Plan for Transport Infrastructure 2026–20371) Svenska kraftnät investment plan 2026-20282) 0 50 100 150 200 250 300 350 400 Rail - maintenance Road - maintenance Rail - new Road - new Other 2018-2029 2022-2033 2026-2037 0 10,000 20,000 5,000 15,000 25,000 2024 2025 2026 2027 2028 Integration and connections Reinvestments and upgrades System and operational improvements In September 2025, the Swedish Transport Administration (Trafikverket) submitted its proposal for the National Plan for Transport Infrastructure 2026–2037, totaling SEK 1 171bn, an increase of SEK 200bn compared to 2022-2033 Transport Infrastructure Plan. New infrastructure projects, including railway and road investments, are expected to increase by about 20%. In February 2025, Svenska kraftnät published its investment and financing plan for 2026-2028 totaling SEK 57bn. This is a doubling of investment expenditures compared with today’s level. Over the five-year period 2026–2030, total investment expenditures are estimated at approximately SEK 116bn. 1) Trafikverkets förslaget till nationell plan för transportinfrastruktur för perioden 2026–2037 (2025), 2) Svenska Kraftnät, Verksamhetsplan med investerings- och finansieringsplan 2026–2028 (2025)54
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A strong track record of organic growth Ambition to further strengthen our position Strong organic growth 1) Organic growth - operating revenue and other income after external project costs excluding acquisitions, divestments and currency effects55 2021 2022 2023 2024 Q3 2025 LTM 1.0 1.1 1.3 1.5 1.7 Net revenue NOKbnCAGR organic growth 2022-Q3 20251)12% Focus organic growth CAGR 12% organic growth last three years Expanding service offering Multidisciplinary services across Sweden Invest in people through culture Foster a culture driven organization
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Increased focus on profitability Efforts to improve margins Growth influnces profitability 1) Organic growth - operating revenue and other income after external project costs excluding acquisitions, divestments and currency effects 2) Adj. EBITA % margin excluding costs associated with senior recruitments and Sigma Civll56 CAGR organic growth 2022-Q3 20251)12% Balance growth and profitability Rebalancing areas of growth Growth in attractive niches Senior recruitments a valuable tool Improve efficiencies Organizational economies of scale 7.0% 2021 7.8% 2022 8.9% 2023 8.8% 2024 7.0% Q3 2025 LTM 1.0 1.1 1.3 1.5 1.7 Net revenue NOKbn Adj. EBITA % margin 2)
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The Sigma Civil integration is progressing according to plan All former Sigma Civil employees are now fully integrated into Norconsult Sweden Actions to improve billing ratio, organization, and leadership in place Streamlining of administrative functions progressing as planned Cost synergies related to co-location starting to materialize. Five of five Sigma Civil offices now re-located Stockholm Exergi BECCS Framework agreement Trafik Uppsala Brunflo backen outdoor area E2257
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Ambition to become a top 5 player in Sweden Strong track record of organic growth Continued focus on sustainable growth and profitability Full service multidisciplinary consultancy with a strong local presence across Sweden Norconsult Sweden Strengthening our position through profitable growth 58
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Business segment Renewable Energy Håkon Bergsodden EVP Photo: Parkwind Sørlige Nordsjø II – Design study, Norway
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Renewable Energy – At a glance “Leading the energy transition” Organisation Key function Net Revenue and adj. EBITA margin A pioneer in renewable energy since 1929, with extensive experience and in-depth knowledge of the Nordic power systems World-renowned expertise in hydropower and transmission systems. Competitive edge in solar and wind power A leading position in Norway, a growing position throughout the Nordics, and a niche international player ~490 employees as of Q3 2025 % of segment net revenue 2024 Power & Transmission Dam & Hydrology Climate & Weather Environmental & Permitting Project ExecutionInternational Energy 37% 16% 9% 21% 7%10% Net revenue NOKbn Adj EBITA margin 15% 2021 16% 2022 14% 2023 17% 2024 16% Q3 2025 LTM 0.5 0.6 0.7 0.8 0.8 8% 60 % of group net revenue as of Q3 2025 Source: Company information Q3 2025
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Close client relations developed over decades Gross revenue estimate by customer1)Gross revenue estimate by market1) Selected public customers Selected private customers 20242024 Buildings and architecture Infrastructure Energy and industry Private Public 51,0% 49,0% 8% 61 1) Estimated split based on 2024 gross revenue % of group net revenue as of Q3 2025
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Reconstruction of the Dam Braskereidfoss In August 2023, the extreme weather event “Storm Hans”, caused severe flooding in Norway's largest river Glomma, where Braskereidfoss Power Station is located. The dam's floodgates were not opened when the water level rose, resulting in the dam being overflowed, the power stations being flooded, and the embankment dam partially bursting. Norconsult assists Hafslund Kraft AS with the reconstruction of the embankment dam, as well as designing measures to reinforce the existing concrete dam and to improve the operational safety of the floodgates. Project name: Reconstruction of the Dam Braskereidfoss Customer: Hafslund Kraft AS Period: 2023 - ongoing 62 Photo: Hafslund Reconstruction of the Dam Braskereidfoss, Norway
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Photo: Drax Norconsult at the forefront of the Nordic power system for over 90 years Illustration: Norconsult
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Hydro power plant design continues to evolve with advancing technology As tools and technologies matures, design processes become more efficient, innovative and refined Dam Songa 2020 Fjellhaugen HPP 2025 Vamma HPP 2015 Design “AEC Xcellence Awards 2016” Construction “Construction of the year 2019” Technology-enabled quantifiable achievements Awarded “The Crown Of Dams 2020” 625GWh Annual production Technology-enabled quantifiable achievements Technology-enabled quantifiable achievements + = Domain knowledge (Human) Technology (Machine) Measurable value (Success) 1) HPP – Hydro power plant | Source: Company information64
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Cruachan 1 – Unit #3 and #4 upgrade The Cruachan power plant in Scotland, owned by Drax, consist of 4 reversible pump-turbine units with a combined capacity of 440MW. The power plant plays a crucial role in stabilizing the grid in Scotland. Currently, units 3 and 4 are scheduled for an upgrade from 100MW to 120MW, and Norconsult has been appointed as the Owners Engineer to assist Drax in ensuring the quality of the technical solutions. Project name: Cruachan 1 – Unit #3 and #4 upgrade Customer: DRAX Group Period: 2023 - ongoing Photo: Adobe Stock 65 Cruachan, Scotland
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Growing demand for more power in the Nordic energy system continue ~ 3 800 Hydropower plants in Norway and Sweden1) ~ 300 2024 energy production Norway and Sweden1,2) ~ 107 Statnett’s and Svenska Kraftnät’s est investments in power grid 2026-20281) NOKbn ~ 87 Investments in hydro power est 2025-20302) NOKbn ~ 30 000 High voltage cables in Norway and Sweden1) Km The Nordic power system, with world leading renewable share, needs to increase energy production. Hydropower will increasingly focus on effect to supplemented other production technologies Power transmission systems is the bottleneck for increased production and consumption, across the Nordics 1) Company information, Statnett webpage, Svenske Kraftnet webpage 2) Company information, NVE webpage, Energimyndigheten webpage, DNV webpage66 ~ 560 TWh 2050 energy need Norway and Sweden1,2) TWh
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Renewable energy Strong Nordic base with world-renowned technical expertise Leverage our Nordic heritage to strengthen our position Capitalizing on in-depth knowledge and experience in the Nordic power system Continue to leverage Nordic experience and expertise in international projects Solid foundation for further growth 67
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Project showcase: The new government head quarter Fredrik Haukeland Associate Partner, Nordic Office of Architecture Illustration: Nordic Office of Architecture New Government Quarter, Norway
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Gardermoen Airport Carpe Diem dementia village The Police National Emergency Response Center New office NRK Stavanger Hospital Artic Arena
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A hollistic approach Nordic's goal is to create outstanding architecture Founded on Collaboration – Inspired by Nature – Striving for Simplicity – Enhanced by Diversity Nordic Office of Architecture Illustration: Nordic Office of Architecture 70
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Planning and design competition 2017 – 7 teams, 59 firms of which 20 architectural firms – Our concept “Adapt” won Designing The New Government head quarter Illustration: Nordic Office of Architecture 71
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Varig - Durable Verdig - Worthy Vakkert - Beautiful Vennlig - Friendly Designing The New Governement head quarter Illustration: Nordic Office of Architecture 72 D C E B
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Phase 1: 2021-2025: Høyblokken, D-block, A-block, Basement 1 Phase 2: 2025-2028. C and G block. Kjeller 2, Government Park West Phase 3: 2027-2031: E and B block. Government Park East Three construction stages Ready for review Illustration: Chongqing Airport Terminal 3B | Nordic office of architecture Pent bilde Phase 1 Phase 3 B Phase 2 E C C G A H D Illustration: Nordic Office of Architecture 73
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– A dignified physical manifestation of Norwegian democracy. – Good and easily accessible urban spaces that will invite people to stay and be active for the city's people and the ministry community. – There will be good workplaces that invite interaction in the ministry community. – It will be architecture that will remain as some of the best from our era. A decision-making machine Illustration: Nordic Office of Architecture 74
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Quarterly presentation - Third quarter23/08/2024 Illustration: Nordic Office of Architecture
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Quarterly presentation - Third quarter23/08/2024 Illustration: Nordic Office of Architecture
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Photo: Bjørn-Magnar Granli
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M&A strategy and financial targets Dag Fladby CFO
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Continued strong financial performance Strong growth over a decade with 10% net revenue CAGR Consistent adj. EBITA margin of ~10%2) 304 319 316 346 390 465 610 628 733 810 879 918 9% 2014 9% 2015 8% 2016 8% 2017 8% 2018 8% 2019 10% 2020 10% 2021 10% 2022 10% 2023 10% 2024 9% Q3 2025 LTM 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 LTM 3.412 3.514 3.738 4.078 4.691 5.516 6.146 6.593 7.513 8.494 9.186 9.798 10% 7% 6% Adj EBITA Margin Annual organic revenue growth 1) Not adjusted for calendar effects; 2) NGAAP accounting principles ‘14 -22, IFRS accounting principles, adj. EBITA, adjustments related to former share-based compensation scheme, gain from property sale in 2018 and share program for 2022 and 2023 | Source: Company information79 Net revenue
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Successful M&A is a core part of Norconsult’s business model Strong M&A track record Number of acquisitions | 2014- Q3 2025 Selected acquisitions from 2023 - Q3 2025 11 77 5 5 8 7 12 4 11 5 4 3 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 2025 Total Category: Civ. Eng. FTEs: 115 Swedish engineering consultancy specialized in infrastructure, environment, and project management Category: Civ. Eng. FTEs: 221 Norwegian engineering consultancy, strong in Norwegian infrastructure Category: Civ. Eng. FTEs: 50 Danish engineering consultancy in Jutland, focused on buildings and property 80 Source: Company information
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Home Market Geographies Generalists Niches Nordics Europe Competency Not currently a focus area Acquire niche competency to strengthen full-fledge offering Expand pan-Nordic offering with more interdisciplinary services Niche competency that complements pan-Nordic offering Strengthen #1 position by acquiring manpower Acquire generalists to strengthen Nordics foothold Grow in the geographical areas around the largest cities. Seek expansion within energy, infrastructure and industry Strengthen position as a customer-oriented challenger Focus on bolt-on’s that complement competence and capacity. Strengthen No. 1 position in Norway Enhance geographical reach and diversify business portfolio From a strong niche player to a national leader Build a solid platform for growth in Finland Build a platform for further growth Continue Pan-Nordic M&A execution Solid growth potential outside Norway 81 Source: Company information Main markets M&A strategies for growth
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Strong cash conversion 1) Adj EBITDA - net capex - change in NWC82 2021 2022 2023 2024 97% 98% 84% 109% Cash conversion ratio1) Continuously focus to improve cashflow Cash conversion influenced by seasonality Strong cashflow from operations to support investments and dividends
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Solid balance sheet – still conservative leverage Strong cashflow gives flexibility on amortization profile of external loans Increased leverage in line with strategy. Still room for more leverage 947 -85 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 1 340 1 343 1 612 1) NIBD/EBITDA LTM excl. IFRS: Acquired companies are included with EBITDA excl. IFRS 16 last 12 months83 -2.0 -1.5 -1.0 -0.5 0.0 0.5 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q3 2025 -2.00 -1.74 -1.13 -1.79 0.09 Net debt position excl. IFRS 16 liabilities1) NOKm Leverage excl. IFRS 16 liabilities1)
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Leveraging technology to improve efficiency Planning, scoping and evaluation is ongoing, decision expected to be made end of Q4 84 Photo: Herman Dreyer Norconsult Norway needs to upgrade its on- prem ERP systems to a cloud-based solution Risk-based gradual rollout expected Q4 2026
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Ambition Financial targets going forward Adjusted leverage target to exclude IFRS 16 A top 3 player in the Nordics Growth – Growth slightly above market – Organic growth (2/3) – Selective M&As (1/3) Financial targets – Adjusted EBITA margin of 10% – Net debt/adjusted EBITDA LTM excluding IFRS 16 leasing commitments less than 2.0 – Dividend distribution more than 50% of net income 85
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Closing remarks Egil Hogna CEO Photo: AF Gruppen E18 Tvedestrand-Arendal, Norway
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Attractive and robust economic model primarily based on time and material contracts Competitive edge from full-service offering combining network expertise and local foothold A top-rated employer attracting, developing and retaining the best and most committed people The market leader in Norway and a Nordic challenger driving consolidation Growth supported by increased urbanization, increased quality demands, sustainability/climate adaptation and digital tools A core of strong design and engineering competence utilized across numerous and resilient end-markets1 A Nordic design and engineering leader with a consistent track record of profitable growth Long track record with strong growth, stable margins and solid cash conversion Strong employee ownership aligns employees with shareholders 2 3 4 5 6 7 8 87
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Every day we improve everyday life