Hello, and welcome to this presentation of Multiconsult Group's second quarter results, and also my first quarter presentation as a new CEO in Multiconsult. I will do this together with my CFO, Ove Haupberg?]

, and I will start with some introduction from my side. First, sharing my first impression as a new CEO.

Having now spent 2 and a half months, I have been warmly welcomed by the staff, and I really see engaged and highly skilled people. It's really exciting to learn about our organization and how we are well positioned within a lot of areas.

I'm impressed by our 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. I notice we have a very good order backlog.

We have a healthy sales pipeline, and we have a lot of framework agreements. Good on the market side.

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 with this within this area.

I have to say I'm positively surprised by how the organization has built up competency. We have structured our data.

We have started to apply AI both internally, but also in customer projects. 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. Moving to the highlights for the second quarter.

We had good sales across all business areas, and with Energy, Industry, and Defense as the key drivers. We had a revenue growth of 7.8% with an organic growth of 0.7%, and an EBITA of 108.2 million NOK giving a margin of 7.8% compared to 4.8% last year, with the comparison being affected by a 2-day calendar effect and the Sotra Link project court 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, with increased sales year on year.

We continue to experience a trend where frame agreements are seen as a preferred contract model for our clients. In this quarter alone, we secured 3 framework agreements, new framework agreements, with the Norwegian Defense Estates Agency, having now in total 26 framework agreements with the Nordic estate defense agencies.

This is not reported in our backlog, nor in the order intake until a call-off is made. A couple of sales worth mentioning this quarter is the Multiconsult Norway frame agreement and initial call-off with Kemira, Nobel, [Techne?]

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 frame agreements with Ørland and Rygge air bases. As communicated during previous quarters, our goal is to improve our EBITA 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.

Some example that have effect during the second quarter is a reduction in number of employees for Multiconsult Norway with 35 employees from quarter 1 to quarter 2, and also our other OPEX being down 6 million from second quarter 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 is that this is coming from our acquisitions. From spring 2028, we will collocate our new office campus in Skøyen, where we will have A-lab, LINK, 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, and this quarter we won award for [Esløv?] Distillery transformation and Førde Upper Secondary School.

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 Drammen 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.

Thank you, Karsten. Good morning.

We will start this section with a repetition for most of you, but this is Multiconsult. For you that haven't heard it before, a brief introduction.

We operate in 3 segments. That is Norway, with Multiconsult Norge, we have the 4 Vianova companies, Sightpartner, and Multiconsult UK.

We have Architecture with LINK 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 in Poland.

We 4 business areas: that is Building & Property, Mobility & Transportation, we have Energy & Industry, and then Water & 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 delivered more than 15,500 projects going on every year. 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. Then please be prepared for the most busy slide today.

We will go through the second quarter in some detail. EBITA for the quarter, as Karsten has mentioned, 102.8 million with a margin of 7.1%, and 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 I will go through that starting from left. The reported EBITA last year, 67.4 million, and we had legal costs and write-downs on the Sotra Link project last year, 4.7 million, and adjusted EBITA came in at 72.2 million.

The growth in net operating revenue, 7.8%, that is explained by increased capacity, 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, 49.7 million, 2 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%.

Caused by the improvement measures implemented, other operating expenses is slightly below the level for Q2 '25 adjusted for settlement of legal costs from Sotra Link project. In these 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.

Employee benefit increased by 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 93.3 million for the quarter, and the margin effect on Sotra, 14.9, gives this the solid number of 108.2.

We made it through the whole bridge. A short reminder on the Sotra Link effect that we have sent messages on during this quarter.

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, and improved financial income with 26.4 million. This quarter, a small cost, 0.7 million, but totals on the earnings before tax 41.3 million for this quarter.

Besides, there's a positive upside in these numbers. The court ruling March 26 this year also orders Sotra Link Constructions to pay us 84.2 million in damages, plus statutory default interest and another 15.7 million in legal and internal costs.

These amounts are appealed and subject to court decision scheduled May 27. Then you have full control on the Sotra effects.

Earnings per share quarter, 3.23, an increase from last year that is was 1.45. Okay.

First half this year: EBITA, 268.8 million, a margin on 8.6%, and adjusted margin on 8.1%. The bridge, again, illustrate the change from last year.

We explained most of this for Q2, but some few comments on this. Last year, the write-downs on Sotra Link project, 13.8 million.

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, 3.6%, and M&A is 3.8.

Also, caused by these improvement measures, other operating expenses also for the first half demonstrate improvement from first half last year of 6 million besides the Sotra Link effect. Also, one-off cost to make these improvements, 9.3 million for the first half.

Of course, there will be internal inefficiencies in on top of that. Employee benefit, 4.2% per FTE, again in line with ordinary salary adjustments.

Earnings per share has increased to 7.22 compared to 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. The second quarter is in dark blue.

As this is highly characterized by the number of available working days. 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%, and an increase primarily related to acquisition of Vianova in December last year.

This is partly offset by these improvement measures. In combination, illustrated then to the left down, we have other revenue effects, changes in employee benefit, and other operating expenses, and an EBITA of 7.1.

You also see the different colors illustrate one-time effect per quarter this year and last year on write-down on Sotra Link, and this one-time settlement from a client in '24, and also the reinforced share ownership program in '23. Okay.

Then we have some comments per segment. We start with Norway.

As I introduced, we have the earlier region Oslo and region Norway here, including Multiconsult Norge, the 4 Vianova companies, Sightpartner, [Roar Gjesti?] , and Multiconsult UK.

In this segment, we see strong growth in net operating revenues, 12.8%, caused by increased capacity from inclusion of Vianova, higher billing rates, and a positive calendar, 41.4 million. Profitability has increased, supported by the Sotra Link effects, 15 million.

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's structure, and there is strong cost control positively influencing other operating expenses.

The one-off effects are estimated to be 2 million in this quarter. Also in this segment, we confirm our strong market position, especially within Defense and Industry, demonstrated in the order backlog and complemented by framework agreements.

We see delayed project starts putting pressure on the billing ratio. Moving to Architecture.

The 4 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.

Improvement measures have been implemented, causing the number of FTEs to be reduced by 28 since last year, and effects of improvement measures will increase in the second half this year. There are 9 FTEs temporary layoffs at the end of second quarter.

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.

Reported EBITA includes one-off effects of 1.6 million, and the calendar effect is positive by 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.

Primarily caused by negative currency effect of 8.2 million, net operating revenues see a decrease of 6.3 in this segment. EBITA number is 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, 37 million at the beginning of the year.

Then we have positive cash from operation, 253 million; also positive IFRS effect, 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 34 million in investments, major part of that is in our new HR platform, and we also have increased our financing by 170 million, and that is mainly due to payment of dividend on 138 million.

Then in combination, again with IFRS effects, we end this quarter with a positive cash of 31. Also illustrated to the right, the financial position is still strong.

Net interest-bearing debt, 788; the gearing ratio is 1.91, and that is well within our financial targets. We 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 136, and cash used for investments is 19 in the green line.

Net positive effect is 117. Then, that gives us the free cash flow the last 12 months, positive 388, as we see on top.

Then, Karsten, I hand it back to you.

Thank you, Ove. Looking at the split between the markets and our business areas, we see the same trends as during last quarters, that we have a slightly decline in Building & Properties, but that is more than compensated by a increase in Mobility & Transportation and also Energy & 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, 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 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. 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 second quarter: we had good sales across business areas, including new more frame 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, strong market position, and many framework agreement, especially within defense. Here is our financial calendar, next delivering our Q3 results on 3rd of November.

Then we open up for questions.

Thank you. This is my name is Simen Mortensen from DNB Carnegie.

Thank you for 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. In this quarter, 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 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's now even lower. 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? Also in that light, how do you look at the order backlog being down 13 and a half percent year-on-year?

Should I start? We see the same situation.

We, as you saw also in the presentation, we have a price increase that is higher than 0.7%, we are getting closer to a more healthy situation with comes to the differences between increase in the cost of FTEs and over margins. You are right, so that's why we put pressure on costs, that you see a decline in.

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.

Also demonstrated that we have reduced the number of employees both in the segment Norway and especially in Architecture. We need to continuous work on those issues also going forward.

We are aware of the situation that are facing us, and it's always the struggle to have the best possible margins. We also are well positioned.

We a company with the best employees, the best situations, basically also able to win contracts based on our competence in this coming forward. We will continue to work with this.

The order backlog situation?

We see the order backlog to be healthy. You saw the sales increased this quarter, and also that was commented in the last quarter.

Since the framework agreements are now relatively higher than previous years, with comparable we think we at least could have a 1 billion NOK added to the sales or the order backlog in comparable terms. Basically, we're not worried by that.

Also in Architecture, our order backlog has increased compared to the last quarter. We are not worried about the order backlog.

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?

We will move in 2028, and what we do then is actually that we move out of the other premises that we have in Oslo and centralize that. Need to come back with the numbers on that, Simen.

Thank you.

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.

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?

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 that you probably planned for.

True, but this is also an opportunity moving into. We can 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 having this sector is we need to see that as a positive thing, and also that we are able to win part of that with quite good margins.

In general, I would say positive, but of course you can't then report it as part of your sales. That makes questions common like the one we heard from Simen here.

What about the timing of call-off? Do you have any visibility here at all, or is this just wait and see?

It's a combination on that, 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.

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. 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 start-up of some of these agreements.

The plans are there, and the volume is there. That's why we are quite confident that this, in addition to our order backlog, makes the situation quite okay.

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 at first?

My understanding is that the two latter. They have the money, but decision and capacity.

We have a couple of questions from the webcast. Let's see.

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. Why was there a significant decline in second quarter, and should we expect it to continue also in the second half of 2026?"

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 will be my answer on that.

Good. He has another question: "What can you say about profitability in Vianova since the acquisition was closed in December?"

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.

Thank you. Martin Kvalø 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?"

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, we reported that. We have 3 new framework agreements with the defense this quarter, adding up to more than 4 billion in framework agreements for the total group.

On We don't set specific targets that we communicate on billing ratios, but we communicated a very solid goal on 10% EBITA. That is a combination of all the measures that we do.

Finally, Martin has one more questions regarding the billing ratio: "Is there any other effects like timing issues affecting the billing ratio this quarter, for example, some project early startups or new? Or is it a mix of effect for recent acquisition, bringing the low-utilized staff?"

We are waiting for call-off of some framework agreements. There are start-up on large project Mobility & Transportation that will increase our billing ratios going forward, and Architecture is a combination.

It's many reasons this quarter for this number.

Okay. We finalize here from this side, I think.

Okay. Then thank you for coming, and have a nice day.