Norconsult ASA Q4 and full year 2023 - Continued solid performance

The growth continued in the fourth quarter with an 11 percent growth compared with the same quarter last year. Organic growth was 7 percent. Adjusted EBITA margin was 9.0 percent in the quarter, down from 9.9 percent the same quarter last year.

Highlights Q4 2023

  • Solid growth in income after external project costs of 11 percent to NOK 2 333 million (2 110)
  • No calendar effect for the quarter compared with Q4 2022
  • Organic growth of 7 percent
  • Adj. EBITA increased to NOK 209 million (208) with an adj. EBITA margin of 9.0 percent (9.9)
  • IPO costs of NOK 59 million (0) and employee share program 2023 (gift shares) of NOK 43 million (95) is excluded from adj. EBITA
  • Net profit of NOK 74 million (56)
  • Ordinary earnings per share NOK 0.26 (0.20)

Highlights FY 2023

  • Solid growth in Income after external project costs of 13 percent to NOK 8 494 million (7 493)
  • Calendar effect of NOK 34 million due to one less working day in 2023 compared to last year
  • Organic growth of 10 percent adjusted for calendar effects
  • Adj. EBITA increased to NOK 810 million (741) with an adj. EBITA margin of 9.5 percent (9.9)
  • Adj. EBITA margin adjusted for calendar effects of 9.9 percent (9.9)
  • IPO costs of NOK 76 million (0) and employee share program 2023 (gift shares) of NOK 41 million (95) is excluded from adj. EBITA
  • Net profit of NOK 516 million (454)
  • Ordinary earnings pr share NOK 1.83 (1.58)
  • The Board of Directors propose a dividend of NOK 1.20 per share for 2023

Comments from CEO Egil Hogna

“Norconsult ended the fourth quarter and 2023 with continued solid growth and good profitability. We delivered another stable quarter thanks to our broad portfolio and our healthy mix of private and public clients, despite macroeconomic and geopolitical uncertainties in the market.

2023 was an eventful year for Norconsult. In addition to our employees’ competent and dedicated work with more than 30 000 projects resulting in solid growth and strong profitability, we completed a successful listing on Oslo Børs under the ticker NORCO on November 10. Our roots go back to 1929, when the company Engineer A. B. Berdal was established, and the public listing of Norconsult has marked the beginning of a new era for us.”


The increased inflation, higher interest rates and market uncertainties continue to influence Norconsult’s markets. The market for Buildings and Architecture have been particularly influenced by macroeconomics, although we start to see some signs of improvement. In Energy and Industry, the activity remains strong, with healthy demand from new projects across our different sub-segments. Activity levels in Infrastructure remain stable and is expected to continue so moving forward.

Norconsult has considerable flexibility, a diversified mix of services and end-market exposures in the Nordics, and the majority of demand for our services comes from the public sector. This makes us less exposed towards short-term cyclicality in the general economy. We continue to expect a relatively stable market outlook going forward, given the macroeconomic uncertainties we are experiencing.

For detailed information, please see the attached report and presentation.


The report and presentation will be made available on Tuesday 20 February 2024 at 7:00 CET at and on NewsWeb.

The Company will present the results at 09:00 CET at VIA – House of Oslo, Ruseløkkveien 34, Oslo. The presentation will be held by CEO Egil Hogna and CFO Dag Fladby.

A live webcast will be available at:

In addition to questions from the audience, we will open up for questions sent to with subject "Question Q4 presentation". Please note that questions from the audience will be prioritised in the event of time constraints.

For further information:

Investors: Dag Fladby, CFO,

Media: Henrik Charlesen, Senior Communication Advisor,

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

downloadable attachments