Why invest in Norconsult

Norconsult is a leading pan-Nordic interdisciplinary consultancy firm solving the most complex engineering problems with the best talents. With its purpose “Every day we improve everyday life”, the Company develops the society of tomorrow by combining engineering, architecture and digital expertise across thousands of projects of all sizes, for private and public clients, in areas such as buildings, transport, renewable energy, water, industry, environment, architecture, planning and IT.

Solid financial track-record of consistent profitable growth and cash conversion

In the 10 year period 2012 to 2022 the Company generated a net revenue CAGR of 11% paired with a consistent EBITA adj. margin varying between 8% and 10%, proving Norconsult’s ability to generate stable margins through-the-cycle. With a capital-light business model these profits have been converted to solid cash conversion ratios of 97% in 2021 and 98% in 2022, providing shareholders with a consistently high dividend ratio.

Robust and diversified business model

Norconsult has a highly diversified business mix, both across and within market areas and customers. The company is exposed to a EUR 163 billion Nordic market comprising of new-build and renovation of buildings, infrastructure, water, energy and other civil engineering services. This civil engineering market has portrayed a long-term growth with limited cyclicality balanced by large exposure to fiscal spending. The company also benefits from secular growth and global megatrends such as the urbanization wave, the green transition, digital transformation, and rehabilitation backlog.


M&A compounder in a fragmented market

Since 2012 Norconsult has successfully completed 80 acquisitions that have contributed to approximately 1/3 of revenue growth, demonstrating the Company’s ability to drive inorganic growth across geographies and technical capabilities. The Company believes it has the pre-requisites in place to support a continued high M&A pace with its high cash conversion, strong balance sheet and several actionable inorganic growth levers.


Key enabler for a more sustainable future

Norconsult strives to be a sustainability front-runner in its industry, leveraging sustainability as a core competitive advantage. Norconsult possesses wide-ranging interdisciplinary expertise across numerous areas, positioning the company in a prime position to build the complex societies of tomorrow. Norconsult’s leading expertise spans across areas such as transport, buildings, renewable energy, industry, water, geosciences and environment, architecture, planning and digitalisation, with numerous services and specialist practices within each market area.


Unique culture driving highly satisfied and committed people

With 95 years of history, the Company has created an entrepreneurial culture founded on continuity and common goals with strong commitment to society and customers. This has been manifested in industry-leading employee turnover, amounting to 10.7% in 2022 compared to an average of 14.9% for listed Nordic peers . Both professional engineers and engineering students consistently rank Norconsult within the top 5 most attractive employers in Norway.