nor-2025-12-31-1-en

Statement by the

Board of Directors and CEO

We confirm that, to the best of our knowledge, the financial statements for the period 1 January to 31 December 2025 have been prepared in
accordance with current applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of
the Company and of the Group.
We confirm that the Board of Directors' report provides a true and fair view of the development and performance of the business and the position
of the Company and the Group, together with a description of the key risks and uncertainty factors that the company is facing.
We confirm that the Board of Directors' report has been prepared in compliance with sustainability reporting standards in accordance with the
Norwegian accounting act section 2-6, and with rules established from the EU Taxonomy Regulation, article 8 no. 4.


Norconsult Annual Report 2025	4		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Message from the CEO:

Consistent performance, clear plan going forward

In 2025, we delivered another year with solid organic growth and stable profitability. In addition we improved our position in the Nordic region

CEO of Norconsult, Egil Hogna | Photo: Hoan Nguyen, Norconsult

by three strategic acquisitions. All important steps to become one of the top three interdisciplinary consultancy firms in the Nordics.

2025 was a year marked by continued progress

despite macroeconomic uncertainty. Buildings &

Architecture remained somewhat subdued

particularly in the private sector, while long-term

public investment plans continued to support

demand in Infrastructure. In Energy & Industry the

demand for power-related projects remained

strong, whereas there was a more mixed picture

for Industry projects.

On track

We are continuing the trend of solid organic

growth and stable profitability in line with our

historical performance. We delivered solid

financial numbers also in 2025, with a 10 percent

growth in income after external project costs,

reaching NOK 10.1 billion and an adjusted EBITA

margin of 9.5 percent adjusted for calendar

effects, in line with last year. With approximately

NOK 2 billion invested in growth opportunities

through the acquisitions of Sigma Civil, the

Aas-Jakobsen Group and Metier Group, we are

on track with our ambition to become a top three

player in the Nordics.

AI augments our experts

The role of consulting engineers has expanded in

recent years, due to increased complexity of building

projects, increased requirements and digital

technologies. New digital technologies like artificial

intelligence (AI) increase the potential impact and

importance of design and engineering.

There are two competing visions on the future role

of AI, replacing the expert or augmenting the expert.

Norconsult is actively exploring the potential of AI

across our consultancy offerings, integrating

advanced digital tools to enhance efficiency and

support our teams in delivering innovative solutions.

AI has already become a helpful enabler, supporting

us in analysing complex data, automating routine

tasks, and unlocking new insights for our clients.

However, our experience shows that the unique

expertise, judgement, and creative problem-solving

skills of our consultants remains irreplaceable. AI

serves as valuable support, strengthening our

advisory services rather than replacing the human

element, and ensures that our clients benefit from

both technological advancements and expert

guidance. This approach allows us to maintain the

highest standards of quality and trust in all our

projects.

Attractive Nordic employer

Norconsult expanded its workforce to approximately

7 200 last year. Our commitment to technology,

sustainability, workplace culture, and employee

share programmes continues to position Norconsult

as an attractive employer for both students and

professionals. Additionally, we provide a diverse and

challenging portfolio of assignments, fostering

professional development and career advancement

opportunities for our employees.

Norconsult was once again recognised as Norway's

most attractive employer for professionals in the

Engineering Consulting category and ranked among

the top choices for students within the industry. In

Sweden, Norconsult received the Karriärföretag

designation for the fifth consecutive year - an

honour awarded to organisations that emphasise

employee development, sustainability, and

collaboration.

A sincere thank you to our external shareholders for

believing in us and investing in Norconsult. We also

appreciate our clients for choosing us as their

trusted partner, and above all, our employees, whose

dedication ensures that we deliver on our purpose -

Every day we improve everyday life. We look forward

to continuing this journey together in 2026.


Norconsult Annual Report 2025	5		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

About Norconsult

This is Norconsult

Norconsult is a leading pan-Nordic interdisciplinary

consulting company. We combine engineering,

architecture and digital expertise across projects of

all sizes, for private and public clients.

Through innovation and creativity, we are constantly

seeking more sustainable and efficient solutions

which are beneficial to society. Headquartered in

Sandvika, Norway, with approximately 7 200

employees across more than 140 offices in Norway,

Sweden, Denmark, Iceland, Poland and Finland, we

combine interdisciplinary knowledge with local

presence.

The Group possesses leading expertise in several

areas, such as architecture, building and property,

digitalisation, geo sciences and environment,

industry, renewable energy, safety, society and urban

planning, transport,water and project management.

We offer consultancy services in all phases of a

project and follow up our clients all the way from the

development of ideas and concepts, through

planning and engineering design to operation and

monitoring.

Norconsult must operate efficiently, sustainably, and

ethically, benefiting shareholders, employees, and

society at large.

In November 2023, Norconsult ASA was listed on

Oslo Børs (Oslo Stock Exchange).

Vision and Purpose

At Norconsult, it is the people who are the

foundation of our business. It is our forward-thinking

and collective knowledge and skills that enables us

to deliver small and big differences that add to our

clients. We share knowledge and collaborate

efficiently across professional, organisational and

geographical boundaries. With skilled advisers, a

wide portfolio of disciplines and services, and a

strong corporate culture, we have the relevant

expertise and capacity to handle both large and

small challenges.

Vision: Nordic top three position

Purpose: Every day we improve everyday life

Norconsult is a leading interdisciplinary consultancy

firm solving complex engineering problems with the

best talents. The Group operates under a Pan-Nordic

delivery model balancing unmatched local presence

with knowledge hubs in over 140 locations.


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Our values

The purpose we have adopted at Norconsult is Every day we improve everyday life. Our mission

inspires us each day to challenge established truths and search new solutions that can create an

even more sustainable and productive society for the future.

This purpose makes us stand out from our

competitors and helps us attract the right

employees, exciting projects and be attractive to our

private and public clients.

LiVE: Our culture

Norconsult’s corporate culture is based on diversity,

transparency and mutual respect. Our attitudes to

management, values and ethics characterise the

entire business, from how we collaborate with

colleagues, to how we follow up with clients and

conduct decent, profitable business operations.

Our corporate culture is summarised in LiVE, which

comprises our principles for Leadership, Values and

Ethics.

– Our leadership principles are relevant to all

of us as they also include self-leadership:

Ambition, Cooperation, Transparency,

Trust, Care, Accountability

– Our personal values expect us to be:

Honest, Competent, Inclusive, Engaged

– Our rule of ethics, maybe the most important

principle: All our behaviour shall be able to

withstand public scrutiny

Photo: Herman Dreyer

LiVE PRO: Our promise to clients

LiVE PRO is our promise to clients and comprises

Norconsult’s principles that guide how we work to

meet our clients in the best possible way. Interviews

with clients and employees have identified common

denominators that characterise successful

assignments. The outcome is our four main

principles: Understand the client, Building the team,

Creating flow, and Taking charge. Since 2018,

Norconsult has used these as a guiding framework

for creating value in all our projects.

These principles support effective learning, the

exchange of experiences, and ongoing

improvement, enhancing our capacity to address

tasks efficiently and innovatively. They are

systematically incorporated throughout each stage

of our assignments to ensure seamless execution.

Furthermore, they intend to offer clients confidence

and a positive experience from inception through to

final delivery.

LiVE PRO is also a fundamental part of our strategy,

which encompasses our culture LiVE.

NORMS: Norconsult management system

NORMS (Norconsult Management System) is our

integrated management system and handles external

and internal requirements and expectations, to

manage and continuously improve quality and

manage risk and meet client and other’s needs and

expectations.

The Norconsult Group governing policies, functional

policies and procedures shall ensure that Norconsult

prevents, quickly detects and remediates instances of

misconduct throughout the Group. The documents

are part of NORMS and available to all employees. 

Subsidiaries in the Norconsult Group are responsible

for practicing corporate governance in accordance

with the requirements in the Group governing

policies, functional policies and procedures.

Corporate governance are built on best practice, and

the Norwegian Corporate Governance Boards

(NCGB) or Norwegian Code of Practice for

Corporate Governance (NUES) recommendation on

corporate governance for publicly listed companies

in Norway.


Norconsult Annual Report 2025	7		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Strategy

Norconsult’s vision is to become one of the top three interdisciplinary consultancy companies in the

Nordics. Building on our purpose Every day we improve everyday life, we have an ambition to ensure

sustainability into everything we do, as well as leveraging digital technologies to create value.

The world is changing rapidly. Climate change,

demographic developments, technological

advances, including AI, geopolitical uncertainty and

shifting economic conditions are reshaping the

needs of clients, communities and society at large.

These megatrends influence where and how we live,

how we move, how we use resources, and how we

interact with technology, the environment and each

other.

Norconsult continuously monitors these drivers of

change and integrates them into our strategic

priorities. Our strategy reflects a clear ambition: to

combine interdisciplinary expertise, innovation and

responsible practices to deliver solutions that create

long-term value for clients and society.

We contribute to the development of resilient,

sustainable and thriving communities. With strong

professional environments, engaged employees and

a collaborative culture, we are well equipped to meet

today’s needs while shaping solutions for tomorrow.

Norconsult has a clear and long-term strategy with

five strategic goals involving people, clients, owners,

sustainability and digitalisation.

Our five strategic goals

Attract, develop and retain the best people

Norconsult ensures equal opportunities for all

employees to reach their potential, regardless of

identity. We enhance our employer appeal by

creating transparent career paths, effective talent

identification, and encouraging key staff rotation to

boost mobility and competence. Additionally, we

prioritise strong leadership, a positive work

environment, and diversity throughout the

organisation.

The organisation maintains its company culture

through a one company philosophy and adherence

to core values (LiVE). The employer brand is

communicated with reference to this culture, aiming

to attract professionals and graduates.

Commitment and high performance are encouraged

by combining interdisciplinary expertise, local

presence, and autonomy. Long-term engagement

and employee ownership are facilitated through

share programmes and by offering competitive

benefits and salaries.

Lead a client-oriented culture

We are committed to driving innovation and

fostering growth within our organisation. By

embracing innovation, ongoing development, and

digitalisation, we continually challenge established

norms to deliver profitable growth and generate

value for both our clients and society at large.

Our approach to understanding and serving clients

centres on the establishment of dedicated teams for

major clients and the cultivation of strong

relationships with relevant contractors. We strive to

fully comprehend our clients’ requirements and

create tangible value by leveraging our robust local

presence and interdisciplinary expertise.

We prioritise excellence in cooperation and the

sharing of knowledge. Our aim is to be recognised as

best in class for collaboration and the dissemination

of knowledge and technology among our clients,

partners, and colleagues.


Norconsult Annual Report 2025	8		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Create shareholder value with strong

employee ownership

Throughout the business cycle, our strategic growth

comprises approximately two-thirds organic growth

and one-third expansion through acquisitions. We

are committed to reinforcing our leading position in

Norway, with primary growth initiatives focused in

the Nordic countries. We continually evaluate M&A

transactions to further strengthen our market

presence.

Our assignments are underpinned by robust business

acumen, enabling us to identify, assess, and respond

effectively to risks and opportunities inherent in

contract frameworks. This comprehensive

understanding ensures that each assignment is

managed with diligence and foresight.

We maintain a high billing ratio by fostering

cooperation and adaptability within our teams,

ensuring that capacity is appropriately scaled in

response to demand in a timely manner.

Our operational model is designed to be cost

efficient, delivering stable margins throughout

market fluctuations. This is complemented by a

capital-light business structure, supporting

sustainable and resilient financial performance.

Ensure sustainability in everything we do

We aim at empowering our clients to proactively

address the growing and significant sustainability

challenges they face. This is achieved by enhancing

the integration of sustainability within tendering

processes and by engaging specialist sustainability

consultants and workshops throughout our

assignments, thereby increasing the proportion of

our revenue derived from green initiatives.

Our approach to profitability is rooted in

responsibility and integrity. We strive to achieve

sound financial results through sustainable

operations, with a particular emphasis on reducing

CO2 emissions across travel, procurement, and office

space optimisation. Additionally, we are dedicated to

advancing equal treatment and opportunities for all,

supported by diverse leadership, employee well-

being, and a strong commitment to psychological

safety.

We foster the continual development of

competence and the sharing of knowledge across

our organisation. This is facilitated through

discipline-specific networks, targeted training

courses, and dedicated events such as the annual

Sustainability Week, which promote ongoing

professional growth and collaboration.

Finally, we are steadfast in strengthening our

sustainability governance. This includes ensuring

robust leadership, transparent reporting, and

effective oversight, all of which underpin our

ambition for sustainable practices across the

business.

Leverage digital technologies to create value

In Norconsult, we are committed to leveraging

digital technologies to generate substantial value for

our clients and stakeholders. By adopting advanced

technologies such as Artificial Intelligence (AI), we

harness client insights to develop, pilot, and

implement innovative solutions and methodologies

that enhance productivity, elevate quality, and

accelerate the green transition.

Our focus on IT security, digital maturity and

business development involves the continuous

improvement of our digital competencies and the

cultivation of a culture that values lifelong learning

and innovation within projects. We aim to

professionalise our approach to business

development and sales, thereby maximising the

opportunities presented by the effective use of

digital technologies.

Mass handling, Norway | Photo: Bård Gudim


Norconsult Annual Report 2025	9		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

At Norconsult, we use artificial intelligence across

projects and administration to boost quality,

efficiency, and innovation. We see AI as a valuable

tool to improve our expertise and client decision-

making. By continually applying and refining AI in our

work, we responsibly build knowledge and create

value while ensuring its safe, relevant adoption

throughout the organisation.

To further strengthen our Group’s market position

and profitability, we are dedicated to enhancing

synergies between Norconsult Digital and the rest of

the Group. By disseminating and expanding proven

solutions and best practices across the Nordic

market, we seek to increase client value and

operational efficiency.

In addition, we are committed to challenging

existing practices and advancing our ways of

working through the continued adoption of shared

engineering data environments. This approach

enables us to maintain a high-quality portfolio of

applications and software, supporting the delivery of

superior outcomes for our clients and reinforcing

our reputation as a leader in digital innovation.

Organisation

The Group is organised into business segments

based on a combination of geography and services.

Each business segment has an Executive Vice

President (EVP) who is responsible for day-to-day

operations and financial performance.

Norway Head Office is located in Sandvika, in the

greater Oslo, and supports the entire Group with

expertise and execution of large complex projects in

the market areas of transport, buildings, industry,

water, environment as well as society and urban

planning. Counting approximately 1 900 FTEs,

Norway Head Office also has a dedicated unit that

assists the Group with innovation, digital

transformation, business development and

sustainability in assignments. Nordic Office of

Architecture, organised under Norway Head Office,

is one of the largest and leading architectural

companies in the Nordic region. The company

specialises in complex projects and plans, including

international airport design, with assignments

ranging from the largest ongoing construction

projects in Norway to real estate development. The

Aas-Jakobsen Group, a leading Norwegian

engineering consultancy specialising in complex

infrastructure and building projects, acquired in

August 2025, is organised under Norway Head

Office. Norway Head Office is led by EVP Bård Sverre

Hernes.

Norway Regions has offices throughout Norway and

approximately 1 750 FTEs, divided into five regions. A

local and interdisciplinary presence ensures

proximity, relationships and value for the clients

while making Norconsult an attractive employer for

potential recruitments. All regions are characterised

by a strong collaborative culture in which the

Group’s special expertise and capacity are fully

utilised. Infrastructure, industry and defence related

projects are important focus areas for Norway

Regions. The segment has a larger exposure towards

Norconsult’s Group Executive Management team: Kathrine Duun Moen, EVP Technogarden, Håkon Bergsodden, EVP Renewable Energy,

Marisa Ruiz Retamar, EVP HR, Dag Fladby, CFO, Egil Hogna, CEO, Vegard Jacobsen, EVP Norway Regions, Farah Al-Aieshy, EVP Sweden,

Bård Hernes, EVP Norway Head Office and Digital, Jess Sørensen, EVP Denmark and Hege Njå Bjørkmann, EVP Communication & Brand

Photo: Hoan Nguyen, Norconsult

Buildings & Architecture compared to the other

segments in Norway. Norway Regions is led by EVP

Vegard Jacobsen.

Sweden has its head office in Gothenburg, a large

office in Stockholm and around 40 offices across the

country. With almost 1 600 FTEs, Norconsult

Sweden has a full multidisciplinary service offering

across market areas and disciplines, and is a major

player within Infrastructure, Buildings & Architecture

and Energy & Industry. In 2025, Norconsult

completed the acquisition of Sigma Civil AB, a

Swedish infrastructure consulting firm with 115

employees. This transaction enhances Norconsult’s

capabilities and strengthens its presence within the

Swedish market. Sweden is led by EVP Farah Al-

Aieshy.

Denmark has over 500 FTEs, is headquartered in

Herlev outside of Copenhagen and has offices in 12

additional locations across the country. Operations

in Denmark consist of projects mainly within

Buildings & Architecture, geotechnical services, in

addition to life science. The architects in Denmark

work together under the brand Nordic Office of

Architecture to provide advice to public and private

clients in the building industry. Effective 1 May,

Jess Sørensen was appointed as Interim EVP and

Managing Director of Norconsult Danmark. In

September 2025, Norconsult announced the

appointment of Jes Hansen as Executive Vice

President (EVP) and Managing Director for

Norconsult Denmark; Mr. Hansen will assume his

role on 1 May 2026. Upon this transition, Jess

Sørensen will resume his permanent post as Director

for Nordic Office of Architecture in Denmark.


Norconsult Annual Report 2025	10		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Renewable Energy has approximately 500 FTEs with

operations in Norway, Poland and Iceland in addition

to smaller project offices in Asia. Renewable Energy

supplies services to the entire renewable industry

and is transferring decades of experience from

hydropower and transmission, to solar power and

wind power. Håkon Bergsodden was appointed as

EVP Renewable Energy from 1 February 2025.

Consulting segments include Norconsult Digital,

Technogarden and Metier, which are grouped

together as operating segments.

Norconsult Digital is a comprehensive digitalisation

partner across Norway and Sweden, providing

software and services, including advanced AI

competence to stakeholders in real estate and

infrastructure. For over 30 years, they have

developed innovative technology by combining

extensive industry expertise with technological

competence. Norconsult Digital offers solutions and

expertise throughout the entire lifecycle of projects,

from initial planning and design through to

construction and management. Norconsult Digital is

led by EVP Bård Sverre Hernes.

Technogarden is a leading consultancy company

offering engineers and technical specialists within

industry, energy, construction, telecommunications,

infrastructure and IT for hire. Technogarden has

been a trusted partner to clients in the private and

public sectors for more than 20 years.

Technogarden has operations in Norway and

Sweden and is led by EVP Kathrine Duun Moen.

Photo: Pontus Johansson

Metier is a leading Norwegian consultancy

specialised in project management, business

development, digitalisation and educational

programs. The company serves a broad and diverse

client base across both public and private clients.

Norconsult closed the acquisition of Metier Group

in December 2025 and is led by EVP Kathrine Duun

Moen.

Consulting segments has over 700 FTEs combined.


Norconsult Annual Report 2025	11		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Business model and value chain

Norconsult offers consulting, engineering and

architecture services though our three markets:

Building and Architecture, Infrastructure, Energy

and Industry.

Our business model and value chain are designed to

deliver sustainable and innovative solutions to our

clients, ensuring long-term value creation for clients

and owners and adherence to environmental, social

and governance (ESG) principles. Our main impact

on society is through the solutions proposed to our

clients in our assignments.

The most important asset of Norconsult is the

knowledge of our employees. Our ability to attract,

develop and motivate our employees to continue

working in Norconsult is vital to our business.

Intangible resources like maintaining a strong brand

and goodwill of employees, clients and stakeholders,

are also important input factors.

Norconsult ASA is a publicly listed company and

attracts strong interest from stakeholders, including

leading Norwegian institutions as well as Nordic and

international long-only investors. A large majority of

Norconsult’s employees are shareholders in the

company, ensuring broad participation and

engagement.

Multidisciplinary consultancy services

Norconsult’s primary activity is providing

multidisciplinary consultancy services to our clients.

Norconsult provides services with engineering,

architecture and digital expertise for clients in

buildings and architecture, infrastructure and energy

and industry.

The Group possesses leading expertise in several

areas, such as transport, buildings, architecture,

renewable energy, industry, water, planning,

environment, project management and digitalisation.

The services cover all phases of a client project, and

we follow our clients from the development of ideas

and concepts, through planning and engineering

design to operation and monitoring.

Our clients have diverse requirements for projects in

terms of size, duration, and complexity. From

smaller, single discipline assignments to

comprehensive projects that necessitate

interdisciplinary collaboration among multiple

divisions within engineering consulting companies

that span over several years.We tailor our

assignments to meet the specifications of our

clients, and aligned with regulatory and

environmental standards.

By responding to societal needs and expectations,

Norconsult aims to ensure that our assignments are

not only technically sound but also socially and

environmentally responsible and beneficial.

Norconsult must operate efficiently, sustainably, and

ethically, to benefit shareholders, employees, and

society at large.

Photo: Herman Dreyer


Norconsult Annual Report 2025	12		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Client projects

Norconsult delivers detailed design for 

400 kV power line between Vattjom

and Njutånger

As both electricity production and consumption

increase, a robust 400 kV transmission grid is

essential for the green transition.

The project includes detailed design of two air-

insulated 400 kV transmission lines spanning

approximately 90 kilometers, located in

the Västernorrland and Gävleborg regions. The

purpose of the project is to enable increased

electricity production to be connected to the

national grid and to transport electricity to major

consumption areas. The project is part of Svenska

kraftnät’s Nordsyd program.

Norconsult support Drax in upgrading the

440 MW Chruachan 1 Pump Storage plant

The British power generation company Drax is set to

refurbish two of the four units at Cruachan Power

Station, Scotland's largest pumped storage

hydropower station. Norconsult has been given the

task to follow up the delivery of new equipment and

construction work on behalf of the client.

Since 2023, Norconsult has been engaged as the

Owner's Engineer at the Cruachan pumped storage

hydropower plant (PSH) in Scotland, and in 2025

Norconsult extended the contract with Drax to

oversee the delivery of new equipment and

construction work on behalf of the power producer.

Drax will refurbish two of the four units at the PSH

plant and replace all key components while

increasing the installed capacity. 

PSH plants with good flexibility are an essential part

of the British power system, which has a significant

share of less regulable thermal power production

and offshore wind. Cruachan is one of these

pumped storage plants playing a central role in

keeping the grid stable.

The Cruachan plant was commissioned in 1965 and

has four reversible pump turbines with an original

output of 100 MW. Two units were upgraded to 120

MW in 2005, and now the time has come for a major

upgrade of the remaining two units. Norconsult

contributes technical expertise across all disciplines

Cruachan Power Station, Scotland's largest pumped storage hydropower station

in connection with the upgrade and acts as the

client's advisor, monitoring design and deliveries.  

As part of the extended contract, Norconsult's

involvement is increasing, especially in project

management and execution, with resources from

Norconsult's Project Execution Division.

Board of

Directors’ Report

Illustration: Therese Aasvik, Norconsult


Norconsult Annual Report 2025	14		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Report from the Board of Directors

In 2025, we delivered another year with solid organic growth and stable profitability.

We achieved several strategically important milestones, most notably the acquisition of the

Aas-Jakobsen Group, the largest transaction so far in Norconsult’s history. This acquisition

strengthens the Group’s position within advanced infrastructure and building projects.

In addition, the acquisition of the Metier Group further expanded Norconsult’s interdisciplinary

service offering. Collectively, these achievements represent an important step toward the Group’s

ambition of becoming one of the top three leading interdisciplinary consultancy firms in the

Nordic region.

Photo: Herman Dreyer

Norconsult delivered solid financial numbers in

2025, with a 10 percent growth in income after

external project costs and an adjusted EBITA of

9.5 percent adjusted for calendar effects, in line with

last year. This is a result of our 7 200 employees’

competent and dedicated work with more than

35 000 assignments executed during the year.

The business

Business model

Norconsult’s services include planning, design,

engineering, project execution and follow-up

through the entire project cycle. Norconsult is

primarily an engineering and architecture company,

delivering services that create value for clients,

shareholders, employees and other stakeholders.

Norconsult leverages multidisciplinary expertise to

deliver services to all phases of a client project. We

follow up our clients from the development of ideas

and concepts, through planning and engineering

design to operation and monitoring. Further

description is available under SBM 1- Strategy,

business model and value chain in the sustainability

statement.

Organisational structure

Norconsult ASA is the parent company of the Group

and most of the Group’s interdisciplinary consulting

services are provided by the company Norconsult

Norge AS and its subsidiaries in Norway, Sweden and

Denmark. In addition, IT consulting services and

software solutions to the building and construction

market are delivered by the subsidiary Norconsult

Digital, while the subsidiary Technogarden specialise

in hiring out expertise within the fields of

engineering, project management and IT services in

Norway and Sweden. The Metier Group is a leading

Norwegian consultancy specialised in project

management, business development, digitalisation

and educational programs headquartered in Oslo.

The subsidiary Nordic Office of Architecture is one of

Norway, Denmark and Iceland’s leading architectural

firms, and a recognised international player within

certain highly specialised fields of expertise such as

airports and hospitals. Combined with the rest of the

Group’s architectural enterprises, Norconsult is one

of the strongest architectural groups in the Nordic

region.

For management and reporting purposes, the Group

is organised into business segments based on a

combination of geography and services. Digital,

Technogarden and Metier are operating segments

not separately reportable under IFRS and therefore

aggregated under Consulting segments. Each

business segment has an Executive Vice President

responsible for day-to-day operations and financial

performance.

The segments are:

– Norway Head Office

– Norway Regions

– Sweden

– Denmark

– Renewable Energy

– Consulting segments


Norconsult Annual Report 2025	15		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Acquisitions of complementary engineering and

architecture consultancy firms have for many years

been important for Norconsult’s growth. This

continued to be the case in 2025 when the Group

completed the acquisitions of the Aas-Jakobsen

Group, the Metier Group in Norway, and the Swedish

company Sigma Civil.

Norconsult’s strategy

Norconsult’s strategy is focused on strengthening

our market position and seizing new opportunities,

with a long-term strategic ambition to become a top

three interdisciplinary consultancy firm in the

Nordics. Building on the Group’s purpose Every day

we improve everyday life, we work to create value

for our clients, employees, and owners with an

ambition to include sustainability into everything we

do, as well as leveraging digital technologies to

create value.

Profitable growth

Norconsult is committed to profitable growth, both

through organic expansion and acquisitions. Our

strategy emphasises reinforcing our leading market

position in Norway, further growth in the Nordic

countries, as well as selective growth in renewables

outside the Nordics.

Focus on employees, clients and shareholders

Attracting and developing top talent, strengthening

our market position through a client-oriented

culture, and ensuring strong shareholder value for

both internal and external owners are key elements

in Norconsult’s strategy. Our strong local presence

and interdisciplinary expertise make the group a

unique and trusted advisor for our clients, with focus

on innovation and challenging established practices.

Risk management and internal controls are governed

through the Norconsult management system

(NORMS).

Sustainability and digital technology

To promote a more sustainable development,

Norconsult uses expertise in innovation and

digitalisation to develop solutions that are relevant

for today and equipped for tomorrow’s challenges.

We aim at empowering our clients to proactively

address the growing and significant sustainability

challenges they face. Through multidisciplinary and

knowledge-based, consultancy, climate, resource

use, biodiversity, nature impacts and social

conditions are assessed to provide a balanced

decision-making basis.

In our own operations, we aim to make a decent

profit decently, with a particular emphasis on

reducing CO2 emissions across travel, procurement,

and office space optimisation, as well as ensuring

high levels of employee engagement.

Through the systematic use of digital solutions and

further development of expertise in digitalisation, the

Group will strengthen deliveries to clients and

streamline internal processes. Artificial intelligence

(AI) is used actively across projects and

administration to increase quality, efficiency and

innovation. We see AI as a valuable tool that supports

our competent employees and our client’s decision-

making. By continuously applying and improving use

of AI in our work, we build responsible knowledge

and create value, while ensuring safe and relevant

use throughout the organisation.

Development within the Group’s

core business

Norconsult continued to demonstrate solid

operational performance also in 2025. Operating

revenue and other income ended at NOK

11 411 million for 2025, an increase of 10 percent

and NOK 992 million compared with last year.

Operating revenue and other income after external

project costs ended at NOK 10 103 million, an

increase of 10 percent compared with the previous

year. Organic growth adjusted for calendar effects

amounted to 6 percent. Acquired growth was 3

percent, while growth from currency effects was

1 percent. Organic growth was mainly driven by the

higher number of employees, improved billing ratio

and increased average billing rates.

Operating profit (EBIT) for 2025 ended at NOK

856 million, compared with NOK 570 million last

year. Acquisition-related transaction cost of NOK

15 million (0) and external ERP project costs of NOK

18 million (0) have been expensed for in the year.

Net profit for the period ended at NOK 652 million,

up 31 percent from NOK 498 million the previous

year. Earnings per share was NOK 2.13 for 2025

compared with NOK 1.72 for 2024.

Cash and cash equivalents was NOK 1 220 million

(1 198) at year-end 2025. Including placements in

bond funds, with a fair value of NOK 332 million

(414) million, total liquidity was NOK 1 552 million

(1 612) at the end of 2025. Net cash flow from

operations was NOK 1 123 million in 2025, down

from NOK 1 497 million compared with 2024. This

includes payment of employee withholding tax of

approximately NOK 160 million made in the

beginning of 2025, related to the gift shares

distributed at the end of 2024. Fluctuations in

working capital items are in general in line with

seasonal variations and change in operating revenue.

A dividend of NOK 1.80 (1.70) per share amounting

to NOK 559 million (512) is proposed for 2025.

Reflecting that the Board of Directors is satisfied with

the underlying operating performance and financial

results for 2025.

Solid growth and stable profitability

For management purposes, the Group is organised

into business areas based on a combination of

geography and services and has five reportable

segments. Digital, Technogarden and Metier are

segments not separately reportable under IFRS. Each

business segment has an Executive Vice President

responsible for day-to-day operations and financial

performance.

Norway Head Office includes Norwegian operations

in the greater Oslo area and a large proportion of

large and complex national projects. Norway Head

Office supports the entire Group with competence

and capacity in areas such as transportation,

buildings, industry, water, environment, architecture

as well as society and urban development. In 2025,

Norway Head Office had operating revenue and

other income after external project costs of

NOK 3 139 million (2 777). The increase was driven

by a higher number of FTEs, increased average

billing rates and maintained high billing ratio

compared with the same period last year. The Aas-

Jakobsen Group was included in the Norway Head

Office segment from 6 August 2025 and contributed

to operating revenue and other income after

external project costs with NOK 197 million for the

year. Operating profit ended at NOK 338 million

(251). The special employee share programme for

2023 (gift shares) reduced operating profit by NOK

80 million in 2024 (0 in 2025).

Norway Regions includes operations in Norway

outside the greater Oslo area. Buildings &

Architecture, Infrastructure, industry and defence

related projects are important focus areas for

Norway Regions. The segment has a larger exposure

towards the Buildings & Architecture market


Norconsult Annual Report 2025	16		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

compared with other segments in Norconsult

Norway. Norway Regions had operating revenue and

other income after external project costs of

NOK 2 875 million in 2025, compared to NOK

2 672 million in 2024. The increase was mainly

driven by increased billing ratio and higher billing

rates. Operating profit ended at NOK 286 million

(143). The special employee share programme for

2023 (gift shares) reduced operating profit by NOK

81 million in 2024 (0 in 2025).

Sweden consists of operations within Infrastructure,

Buildings & Architecture and Energy & Industry.

Sweden had an operating revenue and other income

after external project costs of NOK 1 830 million, an

increase of 18 percent compared with last year

(1 548). The increase was mainly driven by a higher

number of FTEs and increased billing ratio. Sigma

Civil was included in the Sweden business segment

from February 2025 and contributed to operating

revenue and other income after external project

costs with NOK 85 million for the year. Operating

profit ended at NOK 110 million (52). The special

employee share programme for 2023 (gift shares)

reduced operating profit with NOK 70 million in

2024 (0 in 2025).

Denmark consists of operations within Buildings &

Architecture, geotechnical services and industry.

Denmark had operating revenue and other income

after external project costs of NOK 761 million (720).

The increase was mainly driven by higher number of

FTEs. Operating profit ended at NOK 37 million (46).

The special employee share programme for 2023

(gift shares) reduced operating profit with NOK 14

million for 2024 (0 in 2025).

Renewable Energy supplies services to the entire

renewable industry and is leveraging decades of

experience from hydropower, solar, wind and power

transmission. The segment includes services for the

renewable sector with locations in Norway, Poland,

Iceland and Finland in addition to smaller project

offices in Asia. Operating revenue and other income

after external project costs ended at NOK

854 million in 2025, an increase from NOK

791 million in 2024. The strong organic growth

within the hydropower and transmission business

continued, driven by higher number of FTEs,

increased average billing rates, as well as maintained

high level of billing ratio. Operating profit ended at

NOK 136 million (116). The special employee share

programme for 2023 (gift shares) reduced operating

profit with NOK 14 million in 2024 (0 in 2025).

Consulting segments include Digital,

Technogarden and Metier, and are three separate

operating segments. However, due to qualitative

thresholds these three segments are not separately

reportable under IFRS and are therefore aggregated.

Digital develops and distributes IT-solutions and

offers IT-consultancy for the building and

construction markets. Technogarden is a

consultancy company offering engineers, technical

specialists, project managers and IT consultants for

hire. Metier is a Norwegian consultancy specialising

in project management, digitalisation and

educational programs with focus on the building and

construction markets.

Total revenue ended at NOK 1 040 million compared

to NOK 1 192 million in 2024. Operating revenue and

other income after external project costs ended at

NOK 694 million (738 million). Operating profit

ended at NOK 37 million, up from NOK 22 million in

2024. Operating profit for Technogarden is below

the corresponding level compared with last year

due to lower voume and changes in the portfolio.

The increase in operating profit in Digital is primarily

attributable to higher license revenue, lower

personnel expenses following reduction of

employees, and increased capitalised costs in project

development. The Metier Group was acquired on 17

December 2025 and is reflected in the consolidated

financial statements as of 31 December 2025. The

financial impact of the results for the intervening

period is considered immaterial. The special

employee share programme for 2023 (gift shares)

reduced operating profit with NOK 20 million for

2024 (0 in 2025).

Nykøbing Falster, Denmark


Norconsult Annual Report 2025	17		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Markets

The markets for Norconsult’s services remained

stable through 2025.

Infrastructure, energy projects and public buildings

sustained healthy demand, while residential and

commercial building segments remained somewhat

subdued. Industrial activity continued to show mixed

demand across different segments. Macroeconomic

expectations across the Nordics continue to look

mildly positive, despite some uncertainty due to

international geopolitical events.

Norconsult reports on markets and projects through

the following three main markets:

– Buildings & Architecture

– Infrastructure

– Energy & Industry

Buildings & Architecture

Overall activity in the Buildings & Architecture

segment remained fairly stable. Public sector

investment continues to offset somewhat weak

demand from the private sector. Defence and

defence-related projects continue to materialise.

Infrastructure

The infrastructure market continued stable, in line

with long-term public investment plans.

Energy & Industry

The Energy segment delivered a strong performance

during the year with continued high demand for

power generation and grid-related projects. Activity

in the Industry segment continued to vary across sub

segments. Demand remained healthy for medium-

to-large projects related to operations, maintenance,

upgrades and modifications of existing facilities.

Environment, Social

and Governance

Norconsult has an ambition to be a sustainability

frontrunner. Within the Group’s strategy,

sustainability in everything we do is one of the

strategic areas, expressing a long-term ambition to

integrate sustainability considerations into how we

operate and create value. This year, the Group

presents our second annual report integrating

sustainability matters, in line with the EU Corporate

Sustainability Reporting Directive (CSRD). A

comprehensive description of Norconsult’s efforts

within sustainability is available in this section.

Social conditions and Working environment

Information about social conditions including

working environment is available under S1 Own

workforce.

Transparency Act

In line with the Norwegian Transparency Act,

Norconsult has carried out due diligence

assessments and published a statement describing

how it addresses human rights and decent working

conditions. The statement is available on the Group’s

webpage.

The Board of Directors, Corporate

governance and Risk management

The Board of Directors

The Board of Directors shall comply with the

requirements in the Norwegian Public Limited

Liability Companies Act to manage the net assets of

the Group on behalf of the owners. The Board shall

also monitor the day-to-day management, which is

delegated to the President & CEO, and the Group’s

conduct of business in general. Norconsult has

prepared a Corporate Governance Report where the

responsibilities of the Board of Directors and Risk

management are described. Norconsult complies

with the Norwegian Code of Practice for Corporate

Governance (NUES). More information is to be found

under ESRS 2 General.

Board insurance

Norconsult ASA has a Board liability insurance that

covers possible liability to the company or a third

party. The insurance covers the CEO, Group

Executive Management and board members and

covers all companies that are part of the Norconsult

Group.

Research, development and innovation

Norconsult invests in research, development and

innovation to continue to be a leading and attractive

supplier and to ensure new growth and profitability.

These investments are made both through the

execution of projects and in the organisation as

such. Norconsult continuously seeks renewal of its

services to meet future client needs, contribute to

the green transition and to ensure that the Group

delivers forward-looking and attractive services in

the market.

The Group actively works to adapt to current and

future requirements and opportunities, to ensure

good solutions, work processes and relevant use of

technology in our assignments. Norconsult works in

structured processes to identify innovation potential,

create room for innovation, and – most importantly

– to deliver services that create value for our clients

and society. This ensures tailored and innovative

solutions that are adapted to our clients’ needs and

challenges.

Through systematic development and innovation

processes, the Group strengthens its ability to apply

digital technologies, including responsible use of

artificial intelligence (AI), that improve quality,

efficiency and innovation in both client projects and

internal processes. By combining strong domain

expertise with capabilities in data analytics, machine

learning and software development, Norconsult

supports clients in identifying opportunities and

assessing costs and benefits.


Norconsult Annual Report 2025	18		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

The Norconsult Share and

400 kV projektering Letsi-Svartbyn_foto-tomas-arlemo.jpg

shareholder matters

Norconsult’s shares are listed on Oslo Børs under the

ticker NORCO. The share capital of Norconsult ASA

is NOK 6 350 969 divided into 317 548 462 shares,

each with a nominal value of NOK 0.02.

At the annual general meeting in May 2025 the

Board was authorised to increase the share capital in

the Company with up to 10 percent. The

authorisation may be used to facilitate future

investments, share or incentive programmes for the

employees of the Norconsult group, to strengthen

the Company’s capital, or as consideration in

connection with acquisitions, mergers, demerger or

other strategic transactions. The authorisation is

valid until the next ordinary annual meeting, but not

longer than to 30 June 2026.

400 kV power line Letsi-Svartbyn, Sweden | Photo: Tomas Arlemo

Norconsult ASA has only one share class, and all

shares have equal rights. The articles of association

states under §6 that no shareholder may at a general

meeting vote for more than 25 percent of the shares

issued by the company. The shares are registered in

the Norwegian Central Securities Depository (VPS).

At year-end 2025 the 10 largest shareholders

accounted for 17.0 percent of the share capital and

the 20 largest shareholders accounted for 26.1

percent. Foreign shareholders held 29 percent of the

total issued shares in Norconsult ASA per

31 December 2025.


Norconsult Annual Report 2025	19		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Annual financial statements

Income statement, financial position and

statement of cash flows in Norconsult

Group

In 2025, the Group achieved operating revenues and

other revenues after expenses for external project

costs of NOK 10 103 million (9 186). The operating

profit for 2025 amounted to NOK 856 million (570),

with a corresponding net operating margin of 8.5

percent (6.2 percent). Acquisition-related transaction

cost of NOK 15 million (0) and external ERP project

cost of NOK 18 million have been expensed in 2025.

The special employee share programme for 2023

(gift shares) reduced operating profit with NOK 285

million for 2024 (0 in 2025).

Total assets amounted to NOK 9 400 million (7 117),

an increase of 32 percent compared with year-end

2024. The change is mainly due to an increase in

goodwill, other intangible assets and net working

capital items following the acquisitions of the Aas-

Jakobsen Group and the Metier Group.

The Company’s equity totalled NOK 3 114 million

compared to NOK 2 532 million at year-end 2024.

The change in equity primarily reflects the net profit

for the period, the issuance of new shares as a

partial consideration for the acquisition of the Aas-

Jakobsen Group, and the capital increase related to

the ordinary employee share programs, partly offset

by distributed dividends.

Net interest-bearing debt (NIBD) amounted to

NOK 1 418 million, compared to NOK -15 million at

year-end 2024. NIBD excluding IFRS leasing liabilities

amounted to NOK -259 million, compared with NOK

-1 612 million on 31 December 2024. The change is

mainly due to entry into secured Term Loan Facility

agreements with DNB Bank ASA for a total amount

of NOK 1 300 million for the purpose of financing

the acquisitions of the Aas-Jakobsen Group and the

Metier Group. During the year bond funds were sold,

generating proceeds of NOK 147 million. The Group

acquired additional investment funds as part of the

Aas-Jakobsen acquisition, with a fair value of

NOK 45 million at year-end.

The secured Term Loan facilities established with

DNB Bank ASA have a financial covenant. The Group

is fully compliant with all covenant requirements as

of 31 December 2025.

Cash and cash equivalents at year-end were

NOK 1 220 million. Including placements in bond

funds, with a fair value of NOK 332 million (414), total

liquidity was NOK 1 552 million, down from

NOK 1 612 million at the end of 2024. Net cash flow

from operating activities was NOK 1 123 million in

2025, down from NOK 1 497 million compared with

2024. This includes payment of employee

withholding tax of approximately NOK 160 million

made in the beginning of 2025, related to the gift

shares distributed at the end of 2024. Fluctuations in

working capital items are in general in line with

seasonal variations and change in operating revenue.

Net cash flow used in investing activities was NOK

-1 477 million compared with NOK -138 million in

2024, mainly due to payments related to the

acquisitions of the Aas-Jakobsen Group and the

Metier Group.

Net cash flow from financing activities was

NOK 377 million, compared with NOK -728 million in

2024 mainly due to proceeds from borrowings,

partly offset by increased payment of dividends.

The Group’s equity was NOK 3 114 million at the end

of 2025 (2 532), and the equity ratio was 33.1 percent

(35.6 percent). A dividend of NOK 1.80 (1.70) per

share amounting to NOK 559 million (512) is

proposed for 2025. The Board considers the Group’s

capital structure and equity ratio to be robust.

Income statement, financial position and

cash flow for Norconsult ASA

The Group’s parent company Norconsult ASA has no

operational activities. The operating profit was NOK

-10 million (-8) in 2025. Profit before tax amounted

to NOK 665 million (488). Total cash balance at the

end of the year ended at NOK 921 million (974).

Including placements in bond funds, with a fair value

of NOK 287 (413), total liquidity was NOK

1 208 million, down from NOK 1 388 million at the

end of 2024. The decrease primarily reflects the net

proceeds from borrowings arranged to finance the

acquisitions of the Aas-Jakobsen Group and the

Metier Group.

The company’s equity amounts to NOK 1 031 million

at the end of 2025 (522) with an equity ratio of 21.3

percent (27.1 percent) after provision for dividend of

NOK 559 million.

Financial risk

For Norconsult, the risk of the company’s clients not

being able to meet their financial obligations has

historically been low. At all levels, the Group has

focused on invoicing outstanding balances as soon

as possible and closely monitoring customer

receivables. The solidity of Norconsult is considered

strong. Excess cash is used for payment of dividends,

investments in operating activities and acquisitions,

as well as temporary conservative investments in

financial instruments.

The Group has the possibility to reduce all these

elements, if required. All acquisitions are subject to a

due diligence process and the Group focuses on

identifying companies that complement the Group’s

strategy and business.

Norconsult is to a limited extent exposed to currency

fluctuations related to cross-border activities within

the Group. The Group’s largest units outside of

Norway report in SEK and DKK. The currency

exposure is considered low as the Danish and

Swedish business units are currency neutral in their

local markets. The current currency strategy

suggests that the Group should hedge currency risks

where appropriate or aim for contract terms that

limit currency exposure. In addition, changes in

exchange rates affect the net book value of the

Group’s investments.

Significant events after the balance sheet

date

There are no events of significance to Norconsult’s

financial position after the end of the fiscal year that

require disclosure.

Going concern

In accordance with Norwegian Accounting Act, the

Board confirms that the going concern assumption

is present and that the financial statement has been

prepared under the going concern assumption.

Profit distribution

The Board has considered the overall financial status

for the Group, including level of equity and

prospects as part of the basis for proposed dividends

based on the profit for the period of 2025. This year’s

profit for Norconsult ASA amounts to NOK

662 million.The Board proposes that the profit is

distributed of as following:


Dividend proposed	559 million
Transferred to retained earnings	104 million
Profit for the period	662 million


Norconsult Annual Report 2025	20		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Outlook

The overall market is expected to continue to be

stable, however, with continued uncertainty linked to

the international political situation.

The private market for Buildings & Architecture is still

slow, but there are signs of optimism in the larger

cities. However, it will likely still take some time

before this materialises into increased volumes. The

demand in Infrastructure is expected to be stable

going forward. We continue to expect a high level of

activity in the energy sector, and a more mixed

development in other industry markets as

geopolitical factors may delay investment decisions

in certain market areas.

Norconsult has considerable flexibility with a

diversified mix of services and end-market exposures

New Bodø Lufthavn, Norway | Illustration: Norconsult

in the Nordics. Most of the demand for our services

comes from the public sector. This makes

Norconsult less exposed towards short-term

cyclicality in the economy in general.

Norconsult will continue to take proactive measures

to improve underlying profitability and maintain

efficiency in selected parts of the business.


Norconsult Annual Report 2025	21		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Corporate Governance report

Item 1: Implementation and reporting on

corporate governance

The Board of Directors is committed to maintaining

a high standard of corporate governance across the

Norconsult Group, in line with applicable Norwegian

and international laws and internationally recognised

standards, including the most recent Norwegian

Code of Practice for Corporate Governance (the

Code of Practice).

Norconsult’s Code of Ethics, the corporate culture

summarised in LiVE (Leadership, Values, Ethics) and

the principles for good corporate governance guide

the Group.

With this as a foundation and framework, Norconsult

monitors and reduces business risk, maximises value

and utilises the resources in an efficient and

sustainable manner to the benefit of shareholders,

employees and society at large, creating a decent

profitability in a decent way.

Principles for corporate governance are described in

a Group policy adopted by the Board of Directors.

Norconsult’s corporate governance shall comply

with the Norwegian Public Limited Liability

Companies Act (the PLC), the Norwegian Accounting

Act, Code of Practice and Oslo Børs code of practice

for investor relations. Furthermore, Norconsult

presents its management report in line with ESRS 2

General disclosures.

As a part of Norconsult’s work to ensure

transparency and responsible business practices, and

as aligned with good practice, Norconsult

communicates relevant and required information via

its Investor Relations website,

www.investor.norconsult.com (investor webpage)

Reporting on corporate governance shall be

presented annually, and all reports are available at

the investor webpage, under Corporate governance

reports.

The Board’s annual statement on corporate

governance for 2025 follows below and covers each

item of the Code of Practice. To the Board’s best

assessment, Norconsult has in total three deviations

from the Code of Practice:

– Item 5 – Shares and negotiability

– No shareholder may vote at general meetings

for more than 25 percent of the shares issued

by the Company. This is to prevent one single

shareholder from taking control of the General

Meeting and a possible hostile take-over of the

Company. As a knowledge-based company

with a strong tradition for employee ownership,

Norconsult believes it is in no shareholder’s

interest to do a hostile take-over.

– Item 6 - General meeting

– It is not a requirement that all members of the

Board of Directors attend general meetings.

The Board of Directors did not do so in 2025,

due to the items on the agenda not requiring

this. The Chair of the Board of Directors is

always present at general meetings.

– It is not possible to vote separately on each

candidate nominated for election to the Board

and Nomination Committee. This choice is

based on the Nomination Committee’s process

and recommendation being focused on the

combined qualifications and experience of the

proposed members of the Board and the

Nomination Committee, and that the voting

should therefore also be combined.

Item 2: Business

Norconsult Group comprises the parent company

Norconsult ASA with subsidiaries. Most of the

Group’s interdisciplinary consultancy services are

performed through the company Norconsult Norge

AS and its subsidiaries in Norway, Sweden and

Denmark. The Group’s operations are organised in

eight business areas.

Norconsult’s business is to provide consulting

engineering services and other business connected

thereto, research and development and acquiring

interests in other companies through purchase of

shares or in other manner. The Group contributes

with defined goals, strategy and risk management to

a more sustainable society through innovative and

targeted consultancy services.

Norconsult has a long-term strategy to create value

for our clients, employees, and owners and a vision

to become a top three interdisciplinary consultancy

firm in the Nordic region. We will work towards this

ambition by building on the Group’s purpose Every

day we improve everyday life, with an ambition to

include sustainability into everything we do, as well

as leveraging digital technologies to create value.

The strategy is monitored regularly vis- à-vis the

business area action plans, and an annual

assessment of strategic risk facilitated by the Internal

Audit function. Sustainability, including

environmental, social and governance matters, and

compliance, is integrated into the group’s risk

management and strategy processes and are at the

centre of the Board’s considerations and decision-

making throughout the year. More detailed

information on sustainability and material matters is

given in the sustainability section of the annual

report and approved by the Board.

Norconsult’s Articles of Association are available on

the investor webpage, under Corporate governance.

Item 3: Equity and dividends

The financing of Norconsult is to a large extent

supported on retained earnings accumulated over

many years, which has contributed to a solid

underlying capital structure. In connection with the

completion of two strategically important

acquisitions in 2025, the Aas-Jakobsen group and

the Metier Group, the company raised external

interest-bearing debt to partly finance the

acquisitions. As of 31 December 2025, the

company’s external interest bearing debt amounted

to NOK 1.3 billion, excluding IFRS 16 lease liabilities.

The Group’s equity ratio as of 31 December 2025

was 33 percent. To maintain financial flexibility and

ensure sufficient liquidity under potential market-

related or operational volatility, Norconsult also has

an overdraft facility of NOK 500 million with DNB

Bank ASA.


Norconsult Annual Report 2025	22		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Norconsult’s objective is to pay a dividend of more

than 50 percent of the net profit for the year over

time. The Board’s annual dividend recommendation

will, however, be based on comprehensive

assessment of factors such as expected future cash

flows, funding requirements, investment plans and

the need to preserve a robust financial position.

Payment of dividends normally occurs after

Norconsult has held its Annual General Meeting.

For the financial year 2025, the Board of Directors

proposes a dividend of NOK 1.80 per share,

compared with NOK 1.70 per share in 2024.

Dividend paid out in 2025 was NOK 512 million.

The Board is authorised to issue shares subject to the

restrictions imposed by the general meeting. At the

annual general meeting in 2025 the following

authorisations were given:

– The Board was authorised to increase the share

capital in the Company by up to 10 percent for

use in connection with future investments, to

optimise the Group's capital structure or as

consideration in relation to acquisitions, mergers,

demergers or other transactions.

– The Board was authorised to increase the share

capital in the Company by up to 10 percent for

use in connection with share or incentive

programmes for the employees of the Norconsult

group.

The authorisations include capital increases against

contributions in cash and contributions other than in

cash, and are valid until the next ordinary annual

meeting, but not longer than to 30 June 2026.

Item 4: Equal treatment of shareholders

All shares carry equal rights, including voting rights,

except for shares owned by the Company. All shares

are traded through Oslo Børs (Oslo Stock Exchange).

Through their work, the management and Board of

Directors of Norconsult focus strongly on the equal

treatment of shareholders. All shareholders are

simultaneously informed through the investor

webpage and stock exchange releases.

Harjagersbadet, Sweden | Photo: Jansin Hammarling

No shareholder may vote at general meetings for

more than 25 percent of the shares issued by the

Company. This is to prevent one single shareholder

from taking control of a general meeting and a

possible hostile takeover of the Company.

Item 5: Shares and negotiability

Norconsult has only one class of shares, and the

shares of Norconsult are listed on Oslo Børs.

Apart from that no shareholder may vote at general

meetings for more than 25 percent of the shares

issued by the Company, the Company’s Articles of

Association do not contain any further limitations on

the transferability of shares, and the shares are

consequently freely transferable.

Norconsult regularly updates and publishes a list of

the largest shareholders on the investor webpage.


Norconsult Annual Report 2025	23		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Item 6: General Meetings

The owners exercise the highest authority in the

Company through the general meetings of

Norconsult. The Board shall make it possible for as

many shareholders as possible to participate in

general meetings and ensure that general Meetings

are an effective meeting place between the Board

and the shareholders.

The Annual General Meeting is held before the end

of June each year, and all general meetings are

convened by the Board at least 21 calendar days

before the relevant general meeting date. The

general meetings are by decision of the Board

conducted as physical and/or virtual meetings.

The general meeting notice is sent to all

shareholders individually or to their depository

banks. The meeting notice includes information

regarding shareholders’ rights and guidelines for

meeting registration and voting, including

information regarding the processes for

shareholders’ digital participation, digital advance

voting, and the use of proxy.

Documents regarding agenda items to be

considered at general meetings are made available at

the investor webpage. A shareholder may still

request the relevant documents to be sent to him or

her.

The general meeting elects an independent person

to chair the meeting. The Chair of the Board, the

President & CEO and the CFO are required to attend

the General Meeting.

The Nomination Committee, through its Chair,

attends the General Meeting and submits

recommendations for shareholder-elected Board

members and fees for Board members and

committee meetings.

The Company has chosen not to follow the Code of

Practice’s recommendation to vote separately on

each candidate nominated for election to the Board

and Nomination Committee. This choice is based on

the Nomination Committee’s process being focused

on the combined qualifications and experience of

the proposed members of the Board and the

Nomination Committee, and that the voting should

therefore also be combined.

The Group’s external auditor attends general

meetings to the extent the agenda items make such

attendance relevant.

The minutes of general meetings will be made

available on the investor webpage shortly after the

relevant meeting.

Item 7: Nomination Committee

The Nomination Committee for Norconsult ASA

consists of four members who are elected for up to

two years at a time. Normally a new member is

elected each year, so there is a gradual rotation

among the committee members. This is regulated by

the Articles of Association and decided by each

annual general meeting.

The work of the Nomination Committee is described

in a guideline approved by the general meeting. The

Nomination Committee is required each year to

propose shareholder-elected candidates for the

Board, fees to the Board members for board

meetings and committee meetings, as well as

candidates for the Nomination Committee.

The Nomination Committee currently comprises

Solveig Fosse Egeberg (Chair), Roger Alfredsen,

Petter Kittelsen and Karl G. Høgtun. Høgtun has a

background from DNB, one of the major

shareholders, while the other members represent

shareholders who are also employed by the

Company. None of its members are part of the

Board of directors or the Group Executive

Management. The Nomination Committee fulfils all

formalities, including those in the Company’s articles

of association and recommendations pursuant to

chapter 7 of the Code of Practice.

Members of the Nomination Committee are paid a

fixed fee as from the Annual General Meeting in

2025, with the Chair receiving NOK 52 500 annually

and each member receiving NOK 47 250 annually.

Candidates for the Board who are proposed to the

Annual General Meeting, are required as a collective

to provide the Group with a qualified, committed

and insightful Board for the best possible operation

and development of the Group. The candidates must

have the necessary capacity and experience and

expertise in matters concerning the Group’s

strategic, marketing, business and operational

challenges and meet formal requirements for

expertise and composition.

The final recommendation to the Annual General

Meeting is based on interviews with the Board

members, the Group Executive Management, a

selection of the shareholders, as well as the Board’s

self-evaluation.

More information about the Nomination Committee

and how shareholders may propose candidates for

the Board is found on the investor webpage, under

Corporate governance.


Norconsult Annual Report 2025	24		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Item 8: Board of Directors: composition

and independence

Composition of the Board of Directors

The Board shall comply with the requirements of the

PLC to manage assets in the Company and Group

on behalf of the owners and to supervise the day-to-

day management delegated to the President & CEO.

The Board shall appoint and remove the President &

CEO. Members of the Group’s Executive

Management may not serve on the Board.

Pursuant to the Articles of Association §4, the

Company’s Board of Directors shall be composed of

6 to 9 members. The members and any deputy

members are elected for up to two years at a time. In

2025, all the shareholder-elected members were

elected for one year only.

The current Board consists of eight members,

including five shareholder-elected Board members

and three members elected by and among the

employees. At the Annual General Meeting in May

2025, Nils Morten Huseby was elected as Board

Chair and Mari Thjømøe was elected as Deputy

Chair. Karl Erik Kjelstad, Lars-Petter Nesvåg and

Sandra A Kuru was elected as shareholder-elected

Board members.

The employee-elected members are elected as part

of the agreed arrangement for employee

representation in the Group, whereby all employees

in the Group have the right to vote and stand as

candidates in the election of employee

representatives to the board of the Company.

Elections for the Board are conducted in two

constituencies – Norway and abroad. The following

employees have been elected to the Group Board

for the period 2025-2027: Oskar Hove Zimmer

(Norway), Helge Hesjedal Wiberg (Norway) and

Maria Hjerppe (Sweden).

There is an appropriate gender balance amongst

both the shareholder-elected and the employee-

elected board members, with 62 percent men and

38 percent women, and the Board’s gender

composition is accordingly compliant with the

mandatory requirements.

Members of the Board of Directors

– Nils Morten Huseby

Drammen train station, Norway | Photo: Hans-Magnus Bjølgerud

– Mari Thjømøe

– Karl Erik Kjelstad

– Lars-Petter Nesvåg

– Sandra Annette Angelica Kuru

– Helge Hesjedal Wiberg

– Oskar Hove Zimmer

– Maria Hjerppe

For more information about the members of the

Board, see the investor webpage.

Board Independence

The shareholder-elected members of the Board are

independent of the Group Executive Management,

main shareholders and material business contracts,

and do not have specific assignments for any Group

company in addition to their duties as Board

members. The same is valid for the employee-

elected Board members, other than their

employment contracts. Two of the shareholder-

elected board members are also employees in the

Group. The Chair of the Board is the CEO of the

Institute for Energy Technology (IFE), which is a

client of minor importance for Norconsult.

The percentage of independent Board members, i.e

not employees of Norconsult, is 37.5 percent.


Norconsult Annual Report 2025	25		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Item 9: The work of the Board of Directors

There is a clear delineation of duties between the

Board of Directors and Group Executive

Management. In accordance with the PLC, the

President & CEO is responsible for day-to-day

management of the Group and follows guidelines

and instructions issued by the Board.

The primary responsibilities of the Board, and the

frameworks governing the Board’s work, are

documented in the instructions for the Board of

Directors, available on the investor webpage, under

Governing policies and instructions. Matters for the

Board are prepared by the President & CEO and the

administration in consultation with the Chair of the

Board.

Among other things, the Board instructions states

that all Board members shall immediately notify the

Board in writing if he or she has an interest in a

transaction or agreement that has been entered into

or is considered to be entered into by the Company.

The Board instructions include regulations on the

handling of agreements with related parties and

intra-group agreements, including instructions that

all such agreements shall be in writing or

documented in writing, entered into on arms-length

basis, and that it shall be assessed on a case-by-case

basis whether a third-party fairness opinion of the

relevant agreement is required. There were no

significant transactions between the Company and

related parties in 2025.

The Board has the overall responsibility for ensuring

that the Group management system is efficient and

well-functioning. Group policies and procedures are

implemented in order to ensure good corporate

governance and professional conduct. The Group’s

management system ensures that the Group

prevents, detects and stops corruption and other

financial and ethical irregularities, complies with

external requirements and expectations as expressed

in key external laws and regulations, as well as

implementing adequate risk management

procedures. Compliance with the management

system is audited by the Internal Audit department

who reports to the Board’s Audit Committee.

The Board of Directors of Norconsult held in total 11

board meetings in 2025. Attendance to board

meetings is very high, and deputy representatives are

rarely summoned.

The Group Executive Management and Board are

also in contact between the Board meetings, as

required from time to time. Participation in Board

and committee meetings in 2025 is listed below.

The Board has established an annual cycle which

sets out all planned meeting dates, regular Board

agenda items, and procedures for Board document

preparations. The Board instructions and annual

cycle are evaluated by the Board on an annual basis.

In the board meetings, the CEO reports to the Board

on operational and financial developments and

results, as well as other material company and

industry developments, including sustainability

topics. The Board’s work on sustainability in Board

meetings and committees is described in the

Sustainability statements.

The Board conducts an annual evaluation of its

qualifications, experience, and performance to

consider improvements in the work of the Board.

The report from this self-evaluation is presented to

the Nomination Committee.

Board committees

The Board may establish the committees it deems

necessary. During the reporting period, the Board

has had an Audit Committee and a Compensation

Committee. Tasks for the Compensation Committee

and the Audit Committee are described in specific

instructions, available on the investor webpage,

under Governing bodies - committees.

The Audit Committee is required to conduct checks

on the Group’s financial and sustainability reporting

and control systems and maintains a continuous


Meetings in 2025
Board Member	Board member since	Board meetings	Audit committee meetings	Compensation committee meetings
Nils Morten Huseby	2017	11		3
Mari Thjømøe	2017	11	7
Karl Erik Kjelstad	2024	11	7
Lars-Petter Nesvåg	2021	10	3
Helge Hesjedal Wiberg	2023	11		3
Sandra Annette Angelica Kuru	2024	10		3
Maria Hjerppe	2025	6
Oscar Hove Zimmer	2025	6

dialogue with the internal and external auditor. The

committee has a responsibility to govern external

and internal audit and their independence. The

Committee is also required to supervise the Group’s

internal control, compliance, risk assessment and

management, and sustainability matters, in addition

to the whistleblowing function. It is also a

preparatory and advisory working committee for the

Board. Mari Thjømøe has been the Chair of the Audit

Committee, and she holds a master’s degree in

general business and finance and has more than 20

years of relevant experience. Mari Thjømøe is

independent of the Group’s operations, the Group

Executive Management and main shareholders. Karl

Erik Kjelstad and Lars-Petter Nesvåg are also

members of the Audit Committee.

The Compensation Committee evaluates

remuneration paid to senior executives and provides

advice on establishing general principles and a

strategy for remuneration of key managers in the

Norconsult Group, as well as other significant HR

matters. The Compensation Committee reports and

makes recommendations to the Board of Directors,

but the Board of Directors retains responsibility for

implementing such recommendations, subject to

approval of such recommendations by the general

meeting. Chair of the Board Nils Morten Huseby has

been the Chair of the Compensation Committee,

and the other members are Sandra Kuru and Helge

Hesjedal Wiberg.

Changes in the Board composition

All the shareholder-elected members of the board

were re-elected by the General Meeting in May 2025

for one year.


Norconsult Annual Report 2025	26		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

President & CEO and the

Group Executive Management

The General Manager of Norconsult ASA is the

Group President & CEO. The Board of the Company

appoints the President & CEO. Instructions

established by the Board provide framework

conditions for the President & CEO.

The President & CEO determines which roles will be

represented in the Group’s Executive Management.

The Group Executive Management is collectively

responsible for looking after the Group’s interests

and ensuring that the President & CEO has the best

possible basis for preparing an annual strategy

update on Group level, making decisions and

ensuring the execution and monitoring of the

business.

The Group Executive Management consisted in 2025

of managers for the business areas and staff areas.

The Group Executive Management consists of 10

members, including the President & CEO. Four of

these are women, six are men.

Changes in the Group Executive Management

In February 2025, Sten-Ole Nilsen was succeeded by

Håkon Bergsodden as EVP Renewable Energy.

Thomas Bolding Rasmussen resigned from his

position as EVP Denmark 31 March 2025. Jess

Sørensen has acted as interim EVP Denmark from

1 May 2025.

The Group Internal Audit Department

Norconsult Group has an Internal Audit Department

with two auditors. Internal audit in Norconsult shall

assist the Board and the Group Executive

Management in exercising good corporate

governance through an independent and objective

assessment of whether the Group’s most significant

risks are adequately managed and controlled.

Furthermore, the Internal Audit contributes to the

Group’s achievement of its objectives by evaluating

and improving the suitability and effectiveness of the

Group’s corporate governance, risk management

and internal control procedures. Internal audit is

managing and facilitating the Group’s annual

strategic risk assessment process.

Internal Audit performs independent audits in the

business units, as well as audits and reviews of

specialist functions involved in business operations

and risk management. Internal Audit has unrestricted

access to all functions, records, physical properties,

and personnel relevant to the performance of its

Ibsen-biblioteket, Norway | Kengo Kuma and Associates, Mad arkitekter and Brick

tasks. It also has full and free access to the Group

Executive Management, the Board of Directors, and

the Audit Committee. The Group Whistleblower

channel, Norconsult Speak Up, is administered by

the Internal Audit Department.

An external assessment of Internal Audit must be

conducted at least once every five years by a

qualified, independent assessor or assessment team

from outside the organisation. The purpose of the

assessment is to verify that Internal Audit is aligned

with the Global Internal Audit Standards. The

external assessment last took place in 2024, and no

discrepancies were found.

The Internal Audit Department reports to the Chair

of the Board’s Audit Committee and to the Chief

Financial Officer (CFO).


Norconsult Annual Report 2025	27		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Item 10: Risk management and internal

control

Norconsult’s risk management and internal control

activities are integrated with the Group strategy and

business planning processes, based on the principle

that risk evaluation is an integral part of all business

activities.

The purpose of risk management in Norconsult is to

ensure that the business areas reach their strategic

objectives, within acceptable and appropriate risk

levels, and through this the ambition of sustainable

and profitable development. The Board and the

Group Executive Management have the overall

responsibility for risk management activities at

Norconsult.

Risk management at Norconsult contributes to

identifying, assessing and dealing with risks that may

lead to violations of laws and regulations, harm the

Group’s reputation or impair the quality of the

Group’s services.

Appropriate measures shall be taken to ensure that

the business and assignments meet the

requirements and expectations of clients, owners,

employees and society in general.

Risk management is an important tool for ensuring

that the Norconsult Group complies with the

requirements of the Group’s management system.

The Group’s authority matrix has been established to

reduce risk and assign authority for the most

important matters in the Group’s management

system.

Norconsult is exposed to risk through all the Group’s

activities. The most significant risks relate to

assignment execution, operating activities,

acquisitions, breaches of Norconsult Code of Ethics,

political changes and/or changes in other framework

conditions, as well as unintended or intended serious

incidents in the countries where Norconsult

operates.


Level	Approach	Responsible
Strategic risk management	Risks and opportunities for the Company, with reference to strategic direction and goals.	The Internal Audit Department facilitates an annual process for strategic risk management with the management of the business areas and Group Executive Management
Sustainability risk with double materiality assessment, climate risk and nature risk	Assessment of how the company’s actions have an impact on environmental, social and governance matters, and how sustainability matters can affect the company’s financial performance.	CFO and Group Sustainability
Risks in working environment	Assessment of risk factors for occupational health and safety in the working environment within and outside office premises.	EVP HR
Risks to human rights and decent working conditions	Assessment of the risk of breaches in own operations and the value chain, with due diligence assessments and in line with the Norwegian Transparency Act.	EVP HR
IT-risks	Ongoing monitoring and assistance in handling incidents via third parties. Weekly analysis of trends for reported incidents. Periodic (every two weeks) risk and emergency preparedness status with a focus on recent changes. Annual comprehensive risk analysis.	CFO and Group IT
Risks in assignments	Risk factors in assignment execution, authority requirements, client and business partners, contract standards, work outside office premises etc.	Managed and followed up by the individual assignment manager
Risks in solutions planned and designed for clients	Risk assessment and documentation concerning matters that may have an impact on safety, health and working environment in connection with future works, i.e. with operation, maintenance, reconstruction and demolition.	Company level: Methodology is controlled and followed up by the discipline/technical networks Assignments: Managed and followed up by the individual assignment manager
Risks in the client’s project	Some clients set specific requirements for managing project related risks.	Managed and followed up by the individual assignment manager.
Risk as discipline and methodology	Disciplines, services and deliverables to clients, based on risk management methodology.	Group-level methodology: Internal Audit Department Company-level methodology: Discipline network for Safety and risk management Assignments: Specific products and services, such as RAMS consultancy, ROS analyses in spatial plans, HSE coordinator role etc.

The Board carries out annual reviews of the Group’s

most important risk exposures and internal control

systems, in close cooperation with Internal Audit.

Risks are also considered by the Board in relation to

the assessment of specific projects and ongoing

operations.

Risk management on different levels of the

organisation is listed in the enclosed table.

Norconsult takes whistleblowing very seriously and

all employees or external parties are encouraged to

report concerns or actual violations of laws, rules or

Norconsult Code of Ethics in the Group’s

whistleblower channel Norconsult Speak Up.

External parties and the Group’s own employees can

report anonymously in Norconsult Speak Up which is

administered by an external law firm. Group Internal

Audit is the case handler of all whistleblowing cases

after the initial evaluation is completed by the

external lawyer.

Whistleblowing cases reported by own employees

counted for 100 percent, while external cases

counted zero in 2025.


Norconsult Annual Report 2025	28		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Item 11: Remuneration of the Board of

Directors

The remuneration of the Board of Directors is

proposed by the Nomination Committee and

approved by the Annual General Meeting each year

and is not linked to the Company’s performance.

Shareholder-elected Board members are not

granted share options.

The remuneration for the Board is determined by

such factors as competence, complexity, time spent

and level of responsibilities. The remuneration is

approved on an annual basis and consists of a fixed

yearly amount. The Board members’ remuneration is

in accordance with the Group’s remuneration policy.

The current remuneration policy and the

remuneration reports, including details on the total

compensation to Board members, will be made

available at the investor webpage, under Executive

Remuneration, after approval by the Annual General

Meeting.

Item 12: Salary and other remuneration for

executive personnel

The remuneration programmes for the President &

CEO and the Group Executive Management consist

of both fixed and variable components.

Fixed salary

The fixed salary, which is the main element in the

remuneration, is considered to be competitive

relative to comparable positions and companies in

the industry. Salary adjustments to the fixed salary

are made in accordance with the overall salary

increases in the Group and are regulated annually.

Short-Term Incentive Schemes

Variable remuneration is an annual cash bonus tied

to the business strategy and targets, and operational

performance. Targets are reviewed annually and

frb_frihedsplads_Rune Brandt Hermannsson.jpg

adjusted for market conditions, with final approval by

the Board.

The variable salary is based 75 percent on the Group

and Unit targets primarily focused on EBITA. The

remaining 25 percent of the variable salary is based

on individual results including a review of the

Group’s leadership principles such as ambition,

transparency, cooperation, openness, trust, care and

accountability. Sustainability considerations are

included in the leadership principles and strategy

KPIs.

The goal over time is to achieve 75 percent of the

variable salary. The annual payment for variable

salary is maximum 6 months’ salary for the President

& CEO and 4 months’ salary for the Group Executive

Management, and it is not included in the basis for

pension calculation.

Long-Term Incentive Schemes

The long-term incentive programme for the

President & CEO and Group Executive Management

was implemented in 2024 and remained unchanged

for 2025. The programme may be subject to

revisions after 2025. The President & CEO and the

Group Executive Management are required to

allocate 25 percent of their achieved variable pay to

the purchase of shares at a 20 percent discount,

subject to a mandatory two-year holding period.

Each purchased share qualifies for 0.4 matching

shares after 3 years and an additional 0.6 matching

shares after 5 years, provided that the executive still

owns the share and remains employed by the Group.

The programme is linked to strategic goals,

performance and sustainability.

In addition, the President & CEO and Group

Executive Management may allocate a further 25

percent of the potential variable pay to purchase

shares at a 20 percent discount, also with a

mandatory 2-years holding period. These shares are

not eligible for matching shares.

John Winthers Plads, Denmark | Photo: Rune Brandt Hermannsson


Norconsult Annual Report 2025	29		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

The Group reserves the right to reclaim

remuneration in case of errors or contractual

breaches that result in termination of employment.

Other benefits

Additional benefits include mobile phone, insurance

coverage, broadband, newspaper subscriptions, car

allowance, and pension contributions.

Pension benefits include participation in the defined

contribution plan available for all employees and a

supplementary pension plan for President & CEO

and Group Executive Management.

The remuneration policy and the remuneration

report for 2025 will be made available on the

investor webpage following approval by the General

Meeting.

Item 13: Information and communication

Norconsult complies with the Oslo Børs Code of

Practice for IR of 1 March 2021.

All communication with shareholders shall be on an

equal treatment basis and in compliance with the

provisions of applicable laws and regulations.

Norconsult shall continuously provide its

stakeholders, Oslo Børs and the financial markets in

general with timely and precise information about

Norconsult and its operations.

Norconsult’s main communication channels include

quarterly financial reports, stock exchange releases,

press releases, and its Investor website, ensuring

simultaneous access for all audiences. The Investor

Relations Policy, governing the interactions with

shareholders and the financial community outside of

the General Meeting is available on the investor

webpage.

Norconsult publishes financial results on a quarterly

basis according to its financial calendar which is

published annually on the websites of Norconsult

and Oslo Børs. Norconsult practices a silent period

of three weeks prior to publication of quarterly

financial reports. No analyst or investor meetings will

be held, and spokespersons will not comment upon

or discuss matters related to Norconsult’s

operations, financial performance or expectations

during this period.

The Board ensures that the interim reports and

annual reports from Norconsult give a correct and

complete picture of the Group’s financial and

business position, as well as how the Group works to

achieve operational and strategic goals. Norconsult’s

annual and quarterly presentations are open to all

stakeholders and are transmitted directly as a

webcast and made available on the investor

webpage.

The Company’s contact with shareholders outside

general meetings is kept within the framework of

securities legislation, the Accounting Act and stock

exchange regulations.

The Company’s right to provide individual parties,

including analysts, with information about the

Company is limited both by these regulations,

including the rules on good stock exchange practice,

and the general requirement for equal treatment.

The President & CEO and the CFO are responsible

for communication with the shareholders.

Norconsult also has an emergency preparedness

plan for information to the market, should issues of a

special nature or interest in the media arise.

Information about the Group on Norconsult

websites is available for different countries in

Norwegian, Swedish, Danish, Polish, Icelandic and

English. Information on the investor webpage is

given in English.

Item 14: Take-overs

Enquiries from external parties regarding a possible

takeover bid for the Company will be considered

seriously by the Board and Group Executive

Management. The Board will seek to comply with

the Code of Practice recommendations by obtaining

a valuation from an independent expert and making

a recommendation to Norconsult’s shareholders

regarding acceptance of the bid. The Board will

ensure that shareholders are given sufficient

information and time to form an opinion on an offer.

Item 15: Auditor

Norconsult’s external auditor has been Ernst &

Young AS since 2019. The auditor annually submits

its plan for conducting the audit work to the Audit

Committee. The Group governing principles

provides guidelines for the day-to-day

management’s opportunity to use the auditor for

services other than auditing.

The auditor participated at the Annual General

Meeting in 2025.

During 2025, the auditor participated in one board

meeting and seven meetings of the Audit

Committee. The following have been dealt with in

the meetings:

– Annual financial statements

– Significant changes in accounting principles, key

matters for the audit, assessment of accounting

estimates and other significant matters

– The Group’s internal control including measures

– Group governing documents on ethics

– Sustainability reporting in line with CSRD and

target-setting for GHG emissions

– Fees to the auditor are reported by the Board to

the Annual General Meeting, and the Annual

General Meeting approves the auditor’s fee.

The audit engagement partner, who has served in

this role since 2019, is required to rotate off the

Norconsult engagement following completion of the

audit of the 2025 financial statements, pursuant to

the Norwegian Auditors Act §12-1. The rotation

requirement applies only to the responsible audit

partner, and the rest of the audit team will remain in

place also after 2025, ensuring continuity.

Sustainability

Statement

This Sustainability statement has been prepared in accordance

with the Corporate Sustainability Reporting Directive (CSRD).

It provides an overview of Norconsult’s material impacts, risks

and opportunities, and how sustainability considerations shape

our business.


General information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	31
Environmental information . . . . . . . . . . . . . . . . . . . . . . . . . .	46
Social information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	59
Governance information . . . . . . . . . . . . . . . . . . . . . . . . . . . .	72

General

information

This section provides the general information required under

ESRS 2. It sets out Norconsult’s approach to sustainability

governance, strategy and materiality, and explains how these

support the disclosures in this statement. Included is our basis

for preparation of the sustainability statement, governance,

strategy, and, impact, risk and opportunity management

Illustration: Therese Aasvik, Norconsult


ESRS 2 Basis for preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	32
ESRS 2 Sustainability governance . . . . . . . . . . . . . . . . . . . . . . . . . . .	35
ESRS 2 Strategy, business model and value chain . . . . . . . . . . . . .	39
ESRS 2 Interests and views of stakeholders . . . . . . . . . . . . . . . . . . .	42
ESRS 2 Impact, risk and opportunity management . . . . . . . . . . . .	43


Norconsult Annual Report 2025	32		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

General Information

Basis for preparation

ESRS 2, BP-1

General basis for preparation of the

sustainability statement

Norconsult ASA (Norconsult or the Group) has

prepared the 2025 sustainability statement on a

consolidated basis, integrated with the 2025 Board

of Directors report.

The scope of consolidation includes the Company

and all its subsidiaries as of 31 December 2025. This

is in accordance with financial statement material

accounting policies item 2.3 Basis of consolidation.

Norconsult has prepared the sustainability statement

in compliance with the Corporate Sustainability

Reporting Directive (CSRD), and the European

Sustainability Reporting Standards (ESRS) pursuant to

the Accounting Act §§ 2-3 and 2-4. 2025 is the

second year of mandatory reporting under the

directive.

Accordingly, this sustainability statement presents all

material disclosures in line with the ESRS

requirements. Disclosures deemed material are

referenced in ESRS 2, IRO-2, page 34.

The double materiality assessment covers

Norconsult’s material impacts, risks and

opportunities (IROs). The extent to which the

sustainability statement covers the upstream and

downstream value chain, including direct and

indirect business relationships, is illustrated in the

figure under SBM-1 on, page 40.

No information relating to intellectual property,

know-how or the results of information have been

omitted from the sustainability statement.

Norconsult has not applied any exemptions

regarding impending developments or matters under

negotiation.

Unless specifically stated, no metrics included in the

sustainability statement has been validated by any

external part besides the Group auditor.

ESRS 2, BP-2

Disclosures in relation to specific

circumstances

Changes in preparation or presentation of

sustainability information

Norconsult grows both organically, and through

mergers and acquisitions. In 2025 Sigma Civil AB was

integrated into Norconsult Sverige AB following their

acquisition. In 2025, the Group also acquired the

Aas-Jakobsen Group and Metier Group AS. Their

employees are included in our workforce metrics

and GHG accounts, based on estimates for the

period Norconsult has been in control.

Value chain estimation and outcome

uncertainty

We work to continuously improve our sustainability

data governance processes to reduce uncertainty

and strengthen the integrity of disclosures over time.

For the annual reporting period, value chain

estimation and outcome uncertainty is related to

reporting of E1 – Climate change and S1 – Own

workforce. For details on accounting policies, see

further information in the relevant chapter.

Value chain estimation and outcome uncertainty: E1

– Climate change

Basis for reporting

Norconsult utilises both primary and secondary data

sources to calculate its scope 1, 2, and 3 GHG

emissions in line with ESRS E1 requirements. Where

primary data is unavailable, emissions are estimated

using reasonable proxies based on available data at

the reporting date.

Value chain estimation

The largest share of Norconsult’s business is

currently conducted by our subsidiaries in Norway,

Sweden, and Denmark. As a consultancy business

with many smaller offices and a varied IT system

landscape for data collection, not all subsidiaries

have the capacity to generate and process complete

and accurate data. The emissions profile is largely

comprised of indirect emissions related to purchased

goods and services, business travel, and leased

assets. These scope 3 categories are challenging to

measure and require broad coverage across

distributed operations. Data is collected from many

sites, each with low emissions. Extrapolation from

representative entities with higher data quality is

therefore necessary to avoid imposing an excessive

administrative burden on the organisation.

Outcome uncertainty

For all parts of the organisation, access to high-

quality data depends on individual effort and

adherence to centralised reporting routines. With

self-reporting and varying financial coding practices,

errors and gaps are inevitable.

Limitations and continuous improvements

Norconsult’s overall strategy to improve the GHG

accounting process is to improve data quality and

flow through:

– Improved categorisation of costs for spend-based

emission sources, including a more granular chart

of accounts and improved reporting procedures

across offices, units, and subsidiaries.

– Increasingly replacing spend-based reporting with

activity-based reporting where possible, with a

focus on improving vendor management and

procurement processes.

– Revising our set of emission factors, including

applying more geographically relevant emission

factors where available.

– Harnessing digital transformation activities,

including ERP, business intelligence, and other

systems and tools to increase automation, and

improve data generation, capture, flow, and

quality.


Norconsult Annual Report 2025	33		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Value chain estimation and outcome uncertainty - S1 Own Workforce

Basis for reporting

Employee data is sourced from a centralised HR system, which serves as the master repository for workforce-

related data across all units. This system enables consistent tracking of headcount, employment type, diversity

indicators, and other workforce metrics.

Value chain estimation

As our operations primarily consists of professional services delivered by our own workforce, the value chain

estimation for workforce-related disclosures is straightforward and limited to employees under direct employment

contracts. No estimation is required for subcontracted or outsourced labour, as these represent an immaterial

share of our activities.

Outcome uncertainty

Outcome uncertainty arises from variations in data quality across smaller units. These differences may result from

local administrative practices or resource constraints, potentially affecting the precision of aggregated metrics. In

addition, some metrics are subject to varying legal definitions across subsidiary countries. To minimise residual

uncertainty, we apply standardised definitions, and periodic data validation checks before consolidation. We aim to

reduce uncertainty and improve workforce-related disclosures over time.

Disclosures stemming from other legislation or other sustainability reporting standards

The statement integrates disclosures required under other legislation, including the Norwegian Accounting Act

and the Norwegian Transparency Act.

Incorporation by reference

Norconsult has used incorporation by reference for the following disclosure requirements and data points.

Illustration: Therese Aasvik, Norconsult


Disclosure requirement	Data point	Reference Location
ESRS 2 SBM-1 Strategy and Business Model	40; Key elements of strategy related to sustainability matters	Annual report, page 7


Norconsult Annual Report 2025	34		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

ESRS 2, IRO-2 Disclosure requirements in the ESRS covered in Norconsult’s Annual Report 2025

Refer to IRO-1 on page 43 for an overview of the double materiality assessment process and methodology. The table below provides an overview of our material ESRS disclosure requirements and where to find them in

the sustainability statement.


Topic		Section	Page reference
ESRS 2 General disclosures
BP-1	General basis for preparation of the sustainability statement	Basis of preparation	p. 32
BP-2	Disclosures in relation to specific circumstances	Basis of preparation	p. 32
GOV-1	The role of the administrative, management and supervisory bodies	Sustainability governance	p. 35
GOV-2	Information provided to, and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	Sustainability governance	p. 37
GOV-3	Integration of sustainability-related performance in incentive schemes	Sustainability governance	p. 37
GOV-4	Statement on due diligence	Sustainability governance	p. 38
GOV-5	Risk management and internal controls over sustainability reporting	Sustainability governance	p. 37
SBM-1	Strategy, business model and value chain	Strategy, business model, value chain	p. 39
SBM-2	Interests and views of stakeholders	Stakeholder engagement	p. 42
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	Impact, risk and opportunity management	p. 44, 47, 60, 63, 67, 68, 73
IRO-1	Description of processes to identify and assess material impacts, risks and opportunities	Impact, risk and opportunity management	p. 43, 48
IRO-2	Disclosure requirements in the ESRS covered elsewhere in the undertaking’s sustainability statement	Double materiality assessment methodology	p. 34
E1 Climate change
E1, GOV-3	Integration of sustainability-related performance in incentive schemes	Sustainability governance	p. 37
E1-1	Transition plan for climate change mitigation	Climate change	p. 51
E1, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	Climate change	p. 47
E1, IRO-1	Description of the processes to identify and assess material climate-related impacts, risks and opportunities	Double materiality assessment methodology	p. 43, 48
E1-2	Policies related to climate change mitigation and adaptation	Climate change	p. 50
E1-3	Actions and resources in relation to climate change policies	Climate change	p. 51
E1-4	Targets related to climate change mitigation and adaptation	Climate change	p. 51
E1-5	Energy consumption and mix	Climate change	p. 51
E1-6	Gross Scopes 1, 2, 3 and total GHG emissions	Climate change	p. 52
E1-7	GHG removals and GHG mitigation projects financed through carbon credits	N/a (omitted)	N/a
E1-8	Internal carbon pricing	N/a (omitted)	N/a
E1-9	Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	N/a (omitted)	N/a


Topic		Section	Page reference
S1 Own workforce
S1, SBM-2	Interests and views of stakeholders	Stakeholder engagement	p.42
S1, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	Own workforce	p. 60, 63, 67, 68
S1-1	Policies related to own workforce	Own workforce	p. 60
S1-2	Processes for engaging with own workforce and workers’ representatives about impacts	Own workforce	p. 61
S1-3	Processes to remediate negative impacts and channels for own workforce to raise concerns	Own workforce	p. 62
S1-4	Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	Own workforce	p. 63, 67, 68
S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	Own workforce	p. 63, 67, 68
S1-6	Characteristics of the undertaking’s employees	Own workforce	p. 64
S1-7	Characteristics of non-employees in the undertaking’s own workforce	Omitted due to phase-in	N/a
S1-8	Collective bargaining and social dialogue	N/a (omitted)	N/a
S1-9	Diversity metrics	Own workforce	p. 69
S1-10	Adequate wages	Own workforce	p. 66
S1-11	Social protection	Own workforce	p. 66
S1-12	Person with disabilities	Omitted due to phase-in	N/a
S1-13	Training and skills development metrics	Omitted due to phase-in	N/a
S1-14	Health and safety metrics	Own workforce	p. 67
S1-15	Work-life balance metrics	Omitted due to phase-in	N/a
S1-16	Remuneration metrics (pay gap and total remuneration)	Own workforce	p. 70
S1-17	Incidents, complaints and severe human rights impacts	Own workforce	p. 66
G1 Business conduct
G1, GOV-1	The role of the administrative, management and supervisory bodies	Sustainability governance	p. 35
G1, IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	Double materiality assessment methodology	p. 43
G1-1	Business conduct policies and corporate culture	Business conduct	p. 73
G1-2	Management of relationships with suppliers	N/a (omitted)	N/a
G1-3	Prevention and detection of corruption and bribery	Business ethics	p. 75
G1-4	Incidents of corruption and bribery	Business ethics	p. 75
G1-5	Political influence and lobbying activities	N/a (omitted)	N/a
G1-6	Payment practices	N/a (omitted)	N/a


Norconsult Annual Report 2025	35		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Sustainability Governance

ESRS 2, GOV-1

The role of the administrative, management and supervisory bodies

The administrative, management and supervisory bodies of Norconsult consists of the Board of Directors with an

audit committee and a compensation committee, and the Group Executive Management team. The governance

structure is designed to ensure efficient oversight and management of sustainability across all organisational

levels. The key functions and contributions of the respective bodies related to sustainability are described in the

following sections.

Board of Directors

The Board of Directors (hereafter referred to as the Board) comprises eight members, including five shareholder-

elected and three employee-elected representatives. The shareholder-elected members of the Board are

independent of the Group Executive Management team. With three women (40 percent) and five men (60

percent), the Board maintains a balanced gender composition.

The Board collectively brings expertise in sustainability matters material to Norconsult, including climate change

adaptation and mitigation, renewable energy, sustainable infrastructure, human resources and working conditions,

and corporate governance.

Some members have completed formal training in sustainability reporting and bring long experience in energy

research, technology-driven industries, and renewable sectors. Others provide knowledge in environmental

engineering and infrastructure projects. For business conduct matters, members bring leadership experience from

line management, involvement with trade unions, and employee representation.

This combination of experience and expertise ensures the Board is well-equipped to address Norconsult’s material

IROs. The Board of Directors holds the overall responsibility for sustainability, including workforce and business

conduct matters. They oversee the management of IROs in Norconsult, ensuring that it is effectively integrated

into the company’s strategy and risk management processes. This sustainability statement has been reviewed and

formally approved by the Board.

More information on the Board’s background and composition can be found in the Corporate Governance section

on page 23 of this report.

Sustainability governance


Norconsult Annual Report 2025	36		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Audit committee

The Audit Committee serves as an advisory and preparatory body, supporting the Board’s oversight responsibilities,

including sustainability and the management of IROs. Matters presented to the Audit committee are prepared by

the administration, primarily the CEO, the CFO, and EVP HR.

The responsibility of monitoring sustainability matters has been delegated to the Audit Committee by the Board.

The Committee is responsible for ensuring the Board is informed on the status of IROs through regular updates.

Annual reviews are scheduled to assess the progress of actions and targets in line with the Group’s strategic

objectives. The Audit Committee comprises Mari Thjømøe (Chair), Karl Erik Kjelstad and Lars-Petter Nesvåg.

Identified IROs were aligned with the Group’s overarching strategic risk register at the top management level.

Strategic risk assessments are conducted at the business area level and consolidated by Group Management into a

company-wide risk register.

Group Executive Management

The Group Executive Management consists of 10 members, including the President & CEO, with a gender

distribution of four (40 percent) women, and six (60 percent) men. The team is responsible for promoting

Norconsult’s interests and ensuring that the President & CEO has the best possible basis for setting direction,

making decisions, and overseeing implementation and monitoring of operations. The functions represented in the

Group Executive Management team are determined by the President & CEO.

The Group Executive Management is responsible for the Group’s management system, and managing day-to-day

sustainability efforts, with the CFO holding overall responsibility on behalf of the CEO. The Group Executive

Management and the teams reporting to the top management collectively cover expertise in sustainability matters

material to Norconsult. Each EVP has insight into sustainability challenges relevant to their individual roles and

responsibilities.

Business areas

Each business area is responsible for implementing and monitoring the Group’s sustainability initiatives and goals,

including coordinating development, learning, experience-sharing, and reporting. In Norway, Sweden, and

Denmark, sustainability strategists have been appointed, supported by networks and groups that promote a

systematic approach, collaboration, interdisciplinary focus, and the sharing of expertise across markets, disciplines,

and assignments. In addition, CFOs in each subsidiary hold the formal responsibility for the local ESG reporting

process. Local HR departments are responsible for preparing and validating workforce‑related data.


Norconsult Annual Report 2025	37		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

ESRS 2, GOV-2 Information provided to and

sustainability matters addressed by the

Board and the Group Executive

Management

The responsibility for preparation and presentation

of sustainability matters for the governing bodies lies

with the CFO. Group CFO has the overall

responsibility for sustainability reporting,

implementing due diligence, and ensuring the

effectiveness of policies, actions, metrics, and

targets. EVP HR has the responsibility for matters

related to ethics, employee welfare, and

compensation. Sustainability and human resource

staff provide expertise and support.

During the year, the Board, with its committees, and

the Group Executive Management team considers

material impacts, risks and opportunities (IROs) as

part of regular and planned organisational processes.

This includes strategic risk assessment, revisions on

ethics and strategy, and the approval of updated

goals related to GHG emission reductions.

The management of IROs at different levels in the

organisation include informal considerations of

trade-offs to balance immediate business needs with

long-term strategic objectives. For instance, in

assignments there might be trade-offs in aligning

emissions reduction targets with project feasibility

and client expectations to ensure that decisions

address both short-term priorities and overarching

sustainability goals. The integration of sustainability

into the strategic risk process establishes a

structured framework for assessing the interaction

between financial performance, sustainability

objectives, and regulatory compliance.

ESRS 2, GOV-5 Risk management and

internal controls over sustainability

reporting

Norconsult has implemented a structured risk

management and internal control framework to

oversee the sustainability reporting process.

Sustainability reporting is overseen by the Chief

Financial Officer (CFO), Executive Vice President

Human Resources (EVP HR), and the Director of

Sustainability, reporting to the CFO. The Board of

Directors maintains oversight of key developments

and risk mitigation efforts.

Clearly assigned roles are implemented to ensure

accountability and data accuracy at all stages of

reporting. This involves data providers, collectors,

consolidators, reviewers, verifiers, management, and

the Board.

Each subsidiary is responsible for contributing

sustainability data. Data owners perform internal

control checks before submission, while corporate-

level validation is designed to ensure consistency.

Internal controls, including the four-eye principle,

are in place to ensure accuracy and accountability of

the process.

Risk management is adapted to the specific needs of

each reporting area. This ensures that

environmental, social and governance (ESG) risks are

appropriately identified, assessed and mitigated.

The main risks to Norconsult’s sustainability

reporting include incomplete data, low data quality,

inaccurate estimates, and failures of procedures and

controls. A formal risk identification and assessment

of these risks have not been performed during the

reporting period.

ESRS 2, GOV-3 Integration of sustainability-

related performance in incentive schemes

The Compensation Committee oversees the

integration of sustainability performance into

incentive schemes for Group Executive

Management, as outlined in Norconsult’s

Remuneration Policy and Report. Variable

remuneration includes an individual score, which

can account for up to 25 percent of total variable

Illustration: Therese Aasvik, Norconsult

pay. The basis for this assessment is qualitative,

based on Norconsult’s leadership principles and

strategic goals. Performance is not yet assessed

against greenhouse gas emissions. The incentive

schemes and remuneration policies are prepared by

the EVP HR, reviewed by the Compensation

Committee and approved by the Board of Directors.


Norconsult Annual Report 2025	38		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

ESRS 2, GOV-4 Statement on due diligence

It is Norconsult’s policy, embedded in our Code of Ethics, to act in accordance with relevant international conventions, frameworks, and guidelines set by international organisations. Due diligence is integrated into business processes

and performed at different levels. See the following table for an overview of core elements of our overarching due diligence approach for the sustainability statement.


Core elements of Due Diligence	Paragraphs or pages in the Sustainability Statement	Does the disclosure relate to people and/or the environment?
a) Embedding due diligence in governance, strategy and business model	ESRS 2 GOV-2, p. 37	People and environment
	ESRS 2 GOV-3, p. 37
	ESRS 2 SBM-3, p. 44
	ESRS 2 SBM-3-E1, p. 47	Environment
	ESRS 2 SBM-3-S1, p. 60, 63, 67, 68	People
	ESRS 2 SBM-3-G1, p. 73	People and environment
b) Engaging with affected stakeholders in all key steps of the due diligence	ESRS 2 GOV-2, p. 37	People and environment
	ESRS 2 SBM-2, p. 42
	ESRS 2 IRO-1, p. 43
	E1-2, p. 50	Environment
	S1-1, p. 60	People
	S1-2, p. 61	People
	G1-1, p. 73	People and environment
c) Identifying and assessing adverse impacts	ESRS 2 SBM-3, p. 44	People and environment
	ESRS 2 SBM-3-E1, p. 47	Environment
	ESRS 2 SBM-3-S1, p. 60, 63, 67, 68	People
	ESRS 2 SBM-3-G1, p. 73	People and environment
	ESRS 2 IRO-1, p. 43	People and environment
d) Taking actions to address those adverse impacts	E1-1, p. 51	Environment
	E1-3, p. 51	Environment
	S1-4, p. 63, 67, 68	People
	G1-1, p. 73	People and environment
	G1-3, p. 75	People and environment
e) Tracking effectiveness of these efforts and communicating	E1-4, p. 51	Environment
	E1-5, p. 51
	E1-6, p. 52
	S1-5, p. 63, 67, 68	People
	S1-6, p. 64
	S1-9, p. 69
	S1-10, p. 66
	S1-11, p. 66
	S1-14, p. 67
	S1-16, p. 70
	S1-17, p. 66
	G1-4, p. 75	People and environment


Norconsult Annual Report 2025	39		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Strategy

ESRS 2, SBM-1 Strategy, business model and value chain

Business model

Norconsult is an engineering and architecture

company, delivering value for clients, shareholders,

employees and other stakeholders. Norconsult

leverages multidisciplinary expertise to deliver

services to all phases of client projects. We follow up

our clients from the development of ideas and

concepts, through planning and engineering design

to operation and monitoring.

The Group provides services that span the lifecycle

of the client projects, including:

– Planning and consulting: Early-stage services that

include strategic planning, feasibility studies, and

impact assessments to guide project decisions

– Engineering and design: Technical solutions for

buildings, infrastructure, and energy, delivering

innovative and sustainable designs tailored to

client needs

– Project execution: Supervision, quality control,

and project management to ensure efficient

delivery on time and within budget

– Operational and maintenance: Lifecycle support,

asset management, and operational optimisation

to ensure long-term reliability and sustainability

Norconsult’s services translate into several benefits

for our stakeholders. Clients receive innovative,

efficient and high-quality solutions addressing

complex project needs. Shareholders benefit from a

stable, well-governed company that delivers long-

term value underpinned by strong financial

performance. Communities and society gain

improved infrastructure, economic development,

and solutions that enhance public well-being,

resilience and quality of life.

Key markets

Norconsult’s key client groups range from

government bodies, municipalities and public

organisations to private companies, developers and

investors. The Group also supports energy

producers, energy transmission and distribution, and

manufacturers and heavy industries.

Norconsult provides advisory and planning services

across three primary markets: Buildings &

Architecture, Infrastructure, and Energy & Industry.

Each of these three markets contribute to

approximately one-third of the Group’s revenue.

Headquartered in Sandvika, Norway, the Group

operates through more than 140 offices across

Norway, Sweden, Denmark, Iceland, Finland and

Poland. Our distributed operations ensure a local

foothold and presence throughout the markets we

operate in. The Group has two small subsidiaries in

South-East Asia and leverages its global knowledge

hubs to address international client needs. This

strategy allows Norconsult to further strengthen its

Nordic presence while selectively pursuing high-

potential opportunities in international markets.

The Group is divided into the following business

areas: Norway Head Office, Norway Regions,

Renewable Energy, Sweden, Denmark, Norconsult

Digital, Technogarden and Metier. Each business

area is led by an Executive Vice President (EVP).

Our employees

The table below presents a breakdown of employees

by location, excluding interns, external contractors,

and individuals currently on regular leave. For further

information about our employees, see S1 Own

workforce on page 60.


Employees by geographical area (headcount)
Country	2025	2024
Norway	5 031	4 503
Sweden	1 693	1 563
Denmark	565	524
Iceland	87	76
Poland	44	32
Finland	8	7
Other*	14	14
Total	7 442	6 719


Norconsult Annual Report 2025	40		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Our value chain

Upstream

Our upstream value chain provides the inputs we rely on to operate our business and execute our assignments.

The primary input is the human capital in terms of employees with their experience and knowledge. In addition,

inputs include products and services, such as office infrastructure and IT equipment, and selected professional

services and tools.

Own operations

Own operations refers to our workforce, and the elements of our operations over which we have direct

operational control. Supported by our governance framework, we transform our input factors into services,

including: studies, designs, models, analyses, management advice and other documentation and tools that enables

client decisions and implementation.

Human capital is combined with structural capital in Norconsult’s management system (NORMS), corporate

values, knowledge-sharing networks, and technological infrastructure to support our execution and improvement

processes. The result is professional decision basis and suitable solutions provided to our clients. We carefully

select the clients we want to work with, and subsequently the client projects we want to engage in.

Downstream

Norconsult’s advice and solutions has implications for the long-term outcome of client projects. The clients

decide on which advice and solutions to pursue, and the boundary of our downstream value chain is limited by the

scope and extent of the contract with the client. As the clients are responsible for project outcomes and effects,

downstream considerations largely determine the requirements and expectations we deliver according to.

Norconsult’s value chain

Strategy

Norconsult has a clear and long-term strategy focused on creating value for our clients, employees, and owners.

To meet the diverse needs of our clients, the Group combines a strong local presence with the specialised

expertise of its workforce. The vision is to become a top three interdisciplinary consultancy firm in the Nordics. Se

page 7 for more details about the strategy.

Building on the purpose Every day, we improve everyday life, the ambition is to ensure sustainability in everything

we do by integrating sustainability into assignments and operations. Sustainability is also reflected through the

other strategic goals including leveraging digital technologies to create value, attract, develop and retain the best

people, lead a client-oriented culture and create shareholder value with strong employee ownership.

Satisfying a growing demand for sustainable solutions is both a key strategic challenge and an opportunity for

Norconsult. Norconsult’s key markets are resource-intensive, significant contributors to climate and nature

changes, and they demand considerable societal resources.

As advisors, the greatest potential to drive sustainability lies in how we plan and execute our assignments. Our

contributions, whether it is to clean energy, liveable cities, or resilient infrastructure is determined by the quality of

the solutions we provide. Providing solutions that demonstrate considerations for, and results within sustainability

topics, is important to the long-term competitiveness of Norconsult. As sustainability topics and the overall impact

on society is important to our clients, it stands to reason that this must be reflected in our strategic considerations.

Norconsult’s strategy and business model are designed to remain resilient in the face of material impacts and risks,

while enabling the Group to realise material opportunities. The combination of a diversified Nordic market

presence, a decentralised operating model, and multidisciplinary expertise, enables flexibility and adaptability. It

ensures that we can respond adequately to regulatory developments, changing client expectations, and growing

demand for sustainable solutions. It enables us to manage our impacts, mitigate strategic and financial risk, and

leverage the inherent opportunities in sustainability challenges.


Norconsult Annual Report 2025	41		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Sustainability-related goals

The ambitions for sustainability are grounded in four key action areas, and the business strategy outlines specific

KPIs that can be related to these.


Action area	Approach	Relevant strategic KPIs
Enable clients to address large and growing sustainability challenges	Partner with ambitious clients to advance sustainable innovation, ensuring material sustainability issues are integrated and supported by expert‑driven measures across assignments.	– LiVEing-score on sustainability – Client satisfaction
Making a decent profit through sustainable operations	Uphold high standards of integrity, pursue emission‑reduction goals, ensure strong employee engagement, and act responsibly as both an employer and community partner.	– Financial performance – Sick leave – Employee turnover – Employee satisfaction – Climate mitigation
Competence development and knowledge sharing	Advance sustainable development by applying expertise and sharing knowledge, fostering collaboration across the value chain, and supporting individual and organisational commitment.	– LiVEing-score on sustainability – Employee turnover – Employee satisfaction – Client satisfaction
Effective sustainability governance and reporting	Ensure clear accountability and governance, provide transparent and credible disclosures, and maintain a robust system for continuous improvement in managing sustainability risks and opportunities.	– N/A

strategic approach to sustainability.png

The four action areas in Norconsult’s policy and strategic approach to sustainability


Norconsult Annual Report 2025	42		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

ESRS 2, SBM-2 Interests and views of stakeholders

Active stakeholder engagement is central for addressing the expectations of our stakeholders. Insights from stakeholders are reflected in our double materiality process and in Norconsult’s strategy. The current strategy period started in

2025, and at present, no amendments to the strategy or business model are planned to address further interests and views of stakeholders. See section 7 for information about the Group’s strategy. The following table describes our key

stakeholders, how engagement is structured, its purpose, as well as how the outcomes of these engagements are taken into consideration.


Stakeholders	Communication channels and type of dialogue	Purpose of engagement	Outcome of engagement
Clients	– Follow-up meetings in assignments – Collaboration meetings with major clients – Client surveys – Tender requests and procurement processes	– Effective communication during assignments and across various platforms to create value and support clients in addressing sustainability challenges. – Client feedback drives the improvement of processes, competencies, and solutions. – Engagement fosters an understanding of the importance of decision-making that balances economic and ESG considerations	– Ensure that we meet client expectations and sustainability goals, and that Norconsult can contribute to stretching sustainability targets
Employees (current and future)	– The Panorama intranet, providing information, tools and collaboration – The Viva Engage communication platform – Courses and seminars for specialists, assignments, markets, and line managers – Meetings (internal staff meetings, town halls, etc.) – Development reviews – Employee engagement survey, Group (LiVEing) – Recruitment events at educational institutions and brand perception surveys – Regular meetings between CEO, EVP HR and trade union representatives – EWC - European Works Council – Safety committee with management involvement – Employee representative participation in annual top management meeting, EXECOM	– Ensuring the attraction, development, and retention of skilled and dedicated employees to achieve business and client goals. – Promoting dialogue and respect to create a safe and supportive workplace where employees thrive.	– Insights from employees are integrated into strategic processes to inform and shape organisational strategies, policies and goals. – Organisational practices that promote well-being, motivation, development and employee satisfaction at the workplace are continuously improved, based on employee input
Shareholders in the financial market	– Oslo Børs (the Stock Exchange) information system and Norconsult Investor Relations webpage (www.investor.norconsult.com) – Quarterly results presentations – Capital market-days – Analyst meetings and other communication with the financial community and press	– Communicating strategy and results with shareholders and the financial market to support informed investment decisions. – Gaining insight from shareholders and the financial market to align assignments and operations with external expectations.	– Strategy is adjusted according to insight from the CEO/CFO/ IR functions who interact with shareholders and the financial market
Suppliers and business partners	– Procurement processes – Norconsult’s Code of Conduct for Business Partners – Surveys and due diligence assessments	– Procurement processes include sustainability and ethics criteria, thereby communicating Norconsult’s statements on these issues. – Engaging in dialogue with suppliers, business partners and others in the value chain as means to advocate for sustainability and business ethics consistent with Norconsult’s Code of Ethics – Feedback from suppliers and business partners provides a foundation for how the Group operates and can generate decent profit in a decent way. – Surveys to gather insights into the risks, practices and conditions affecting workers within the supply chain.	– Fair and decent working conditions in own operations and the value chain
Society (Local communities, governments, trade associations, membership organisations, etc.)	– Legislation, regulations, guidelines and standards – Membership and involvement in trade organisations, and different membership organisations and trade networks – Dialogue with the public in client projects (like urban development and community planning) – Media and social media	– Collaborating with government bodies, trade organisations, and civil society to align with societal needs and expectations. – Leveraging forums for interaction to share expertise and advance the green transition. – Monitoring and cooperating to understand evolving sustainability, legal, and industry expectations impacting Norconsult, its clients, and employees.	– Value creation and community building, especially related to infrastructure that promotes social conditions and urban development – Norconsult as an employer with a strong local foothold that creates employment opportunities for competence workers and positive ripple effects for local communities and business


Norconsult Annual Report 2025	43		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Impact, risk and opportunity management

ESRS 2, IRO-1 Description of the processes

to identify and assess material climate-

related impacts, risks and opportunities

Double Materiality Assessment process

Norconsult ASA’s Double Materiality Assessment

(DMA) process, first conducted in 2023, identifies

and prioritises sustainability topics that are material

from both an impact perspective and a financial

perspective. The process is aligned with the

European Sustainability Reporting Standards (ESRS)

and the Corporate Sustainability Reporting Directive

(CSRD) and covers the full value chain. We review

our DMA process regularly, and our material topics

are reviewed annually.

2025 DMA review

In 2025, the DMA was reviewed, resulting in a refined

set of IROs. Adjustments include changes in IRO

titles, descriptions, and type of impact. Some IROs

were split up to expand on or better reflect existing

material topics. In addition, some IROs were

removed entirely as they were deemed not

specifically relevant for Norconsult and therefore not

material.

The changes have contributed to increased

alignment with ESRS and the DMA framework, and

higher consistency across material topics and

subtopics. We rely on, and employ the ESRS

language to a higher degree, for instance related to

the way we discuss corporate culture under the

business conduct chapter. The 2025 review process

have ensured that our IROs more accurately reflect

what is important to Norconsult and our

stakeholders and ensure higher relevance to our

business model and strategy. The review has not

resulted in any changes to our overall material topics

but have expanded our scope and level of detail with

regards to the subtopics we include and discuss in

our report.

The IRO Poor corporate culture was split up and

revised to improve the scope of business conduct

topics and place higher emphasis on our corporate

culture. The new IROs, Professional conduct and

quality, and Professional conduct and compliance

reflect that this topic is material in both perspectives,

with high significance for our business context.

Examples of removed IROs include Privacy of

employee information and Freedom of association

and collective bargaining. These topics are both

well-regulated in our business context and is

otherwise addressed through our governance

frameworks. Collective bargaining coverage is for

instance an important measure of our employee

engagement.

Several IROs have been subject to refinements to

improve clarity and reflect a more accurate rendition

of their impact. Clarity has been improved by

reducing overlap, for instance by moving the topics

double materiality assessment process.png

discrimination and harassment from separate IROs

to a unified one. This change is justified by their

topical similarity and practical likeness as to how

they are addressed within Norconsult.

Clarity has also been improved by refining the

language of IRO titles. For instance, the IRO

Competitiveness through enhanced competence

development has been changed to Competence

development .

Two IROs have also been revised in terms of

changes to their type of impact. These changes are

effects of an improved understanding and

application of the DMA framework. The IROs in

questions are under E1 – Climate and energy, with

the titles: GHG emissions in client projects and

Energy efficiency in client projects. Their impact has

been changed from potential negative to potential

positive.

The rationale for these changes is that the negative

impacts in question are not caused by or the

responsibility of Norconsult. It is the responsibility of

the client and the constituents of their value chain

that have a direct impact on climate and energy

performance, including entrepreneurs, and

contractors. From the perspective of Norconsult, our

operational boundaries and our materiality, the

potential impact on GHG emissions and energy

efficiency we can have in client projects may be

positive.

The Double Materiality Assessment process

The process of identifying and assessing IROs were

informed by stakeholder engagement, Norconsult’s

due diligence processes, strategic risk register, as

well as Group policies, procedures and governance

practices, and internal assessments.

Our assessment follows a three-step process:

Identification

The basis for identifying potential IROs and

reconfirming existing IROs, is the current business

context Norconsult operates in. The Norconsult

Group has a decentralised business model, a strong

regional foothold based on many smaller offices,

combined with growth ambitions through both

acquisitions and organic growth. Given our market

position and the nature of our business, the

elements of business context we most closely

monitor include legal and regulatory changes,

industry conditions, client expectations, competitors,

and current and potential employees.

The identification step is also informed by internal

processes including assignment execution,

stakeholder engagement, and the result of

management and governance processes.

For both new and existing IROs, we consider where

in the value chain the impact may occur, type of

impact, risk and opportunity, and which stakeholders

are affected, all in accordance with ESRS

requirements.

Determination

The process of assessing identified IROs to

determine their materiality is guided by the EFRAG

guidelines. The process of confirming existing IROs

follows an abridged version of the same

determination process. When we conduct a full

review of our DMA process and material topics, all

IROs will be subject to the full process.

The materiality thresholds and time horizons were

established in alignment with the definition provided

in ESRS 1, and Norconsult’s strategic risk

management system.


Norconsult Annual Report 2025	44		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

The quantitative scoring parameters are based on

the requirements of ESRS 1:

Impact materiality:

– The severity of the Group’s impact on people and

nature was assessed according to scale, scope,

irremediability and likelihood and taking into

account whether an impact is direct/indirect,

positive/negative and actual/potential

– Negative impacts were assessed based on their

relative severity and likelihood: for instance,

impacts that are widespread, severe, and difficult

to remediate were given higher priority scores

compared to localised and less severe impacts

Financial materiality:

– The financial effect of the identified risks and

opportunities are assessed according to the

magnitude of the risk/opportunity, as well as the

likelihood of the risk materialising.

– The risks and opportunities are determined and

assessed based on structured criteria aligned with

ESRS requirements, according to the magnitude

of the risk/opportunity, as well as the likelihood of

the risk materialising.

The thresholds follow the categorisation of short-,

medium-, and long-term horizons, defined by the

following intervals and time horizons:

– Short term: less than 1 year

– Medium term: 1–5 years

– Long term: more than 5 years

Final approval of the DMA process and the list of

IROs is given by Group Executive Management and

the Board.

Reporting

Reporting is based on the outcome of the DMA

process, according to current CSRD/ESRS

requirements. In the reporting process, data is

gathered and reported on based on our material

IROs. Revisions are made to our sustainability

statement to reflect material changes since the prior

reporting period. After the reporting process is

completed, the DMA process and list of IROs is

evaluated and a debrief is conducted to inform the

identification stage of the next DMA cycle.

ESRS 2, SBM-3 Material impacts, risks and

opportunities

The material impacts, risks, and opportunities

identified during the materiality assessment are

summarised in the following table. No IROs arising

from impacts and dependencies have been

identified. For a more detailed description of each

material impact, risk, and opportunity, please refer to

the respective topical ESRS chapters. Unless

otherwise specified, all impacts, risks, and

opportunities are fully addressed by the

corresponding ESRS disclosure requirements. No

material risks or opportunities have affected the

Group’s financial position, financial performance, or

cash flows to date. Note that Norconsult has

exercised the phase-in provision to omit the

anticipated financial effects of material risks.


Norconsult Annual Report 2025	45		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information


List of material impacts, risks and opportunities					Location in the value chain		Time horizon
					Own operations	Downstream	Short	Medium	Long
	Subtopic	IRO Title	IRO description	IRO type	Own operations	Downstream	Short	Medium	Long
E1 Climate change	Climate change mitigation	GHG emissions from own operations	Norconsult generates GHG emissions from its own operations, including from office facilities, purchased goods and services, business travel, and commuting.	Actual negative impact	X		X
	Climate change mitigation	GHG emissions in client projects	Norconsult can affect GHG emissions through the advice and solutions we provide to our clients	Potential positive impact		X		X
	Energy consumption	Energy efficiency in client projects	Norconsult can contribute to reduced energy consumption through providing energy efficient solutions to our clients	Potential positive impact		X			X
	Energy consumption	Demand for energy efficient solutions	Regulatory requirements and client demand for energy-efficient solutions can increase Norconsult’s revenue	Opportunity		X		X
	Climate change mitigation	Demand for low-carbon expertise	Norconsult can enhance its market position and increase revenue through providing low-carbon expertise	Opportunity		X			X
	Climate change adaptation	Demand for resilient infrastructure	The need for resilient infrastructure in client projects is expected to increase the scope, complexity, and technical challenge of our assignments, thereby increasing revenue	Opportunity		X			X
S1 Own workforce	Working conditions	Workload and work-life balance	Our employees are impacted by excessive workloads, extended working hours, and tight deadlines	Actual negative impact	X				X
		Employee value proposition	Norconsult has a strong employee value proposition, ensuring high retention, engagement, and job satisfaction	Actual positive impact	X			X	X
		Employee engagement	With reduced employee engagement, Norconsult runs the risk of weakened competitiveness and high employee turnover, decreasing revenue and increasing costs.	Risk	X			X	X
		Competence development	By failing to develop employee competence and adapt to changing market demand, Norconsult risks weakened competitiveness and reduced revenue	Risk	X			X	X
	Health and safety	Health and safety outside office premises	When working outside office premises on site visits and inspections, employees experience health and safety accidents and other incidents.	Actual negative impact	X		X
	Health and safety	Health and safety in the office environment	Employees are subject to occupational health and safety issues in the office environment, including ergonomic and psychosocial challenges	Actual negative impact	X		X
	Equal treatment	Discrimination and harassment	Discrimination and harassment may occur in our working environment and impact the well-being and job satisfaction of Norconsult’s employees.	Potential negative impact	X		X	X	X
	Equal treatment	Workforce diversity	Failure to consider workforce diversity may reduce our ability to attract and retain valuable talent, thereby degrading our human capital and market competitiveness	Risk	X			X	X
G1 Business conduct	Corporate culture	Strong corporate culture	Norconsult has a positive impact on the workforce through fostering integrity, ethical and professional conduct, and responsible business practices	Actual positive impact	X			X
		Professional conduct and quality	Failure to uphold professional standards and expectations in assignments, can have societal impacts through compromising project quality, public safety, and community well-being	Potential negative impact		X		X	X
		Professional conduct and compliance	Failure to adhere to legal, regulatory, and contractual requirements can incur sanctions, reputational harm, operational disruption, and loss of competitiveness	Risk	X		X	X
	Whistleblowers	Protection of whistleblowers	By not safeguarding whistleblowers, Norconsult can have negative impact on our employees through enabling unethical behaviour and allowing it to persist	Potential negative impact	X		X
	Corruption and bribery	Corruption and bribery	Norconsult can have a negative impact on society thorough incidents of corruption and bribery	Potential negative impact		X	X
	Corruption and bribery	Conflicts of interest	If conflicts of interest are not sufficiently addressed, this can erode trust and damage the Group’s reputation and financial standing	Risk	X		X

Environmental

information

Climate change presents both risks and opportunities for Norconsult, shaping our strategic approach and influencing our role as a

leading engineering and architecture company. Norconsult’s most substantial and lasting impact on climate change is through the

execution of our assignments, where consulting engineers and architects play an important role in shaping sustainable solutions.

Sustainability ambitions are embedded in the Group’s strategy and operations, guiding efforts to minimise our environmental

footprint within our own operations, and maximise the positive impact we can provide through our advice in client projects.

This section outlines the identified impacts, risks, and opportunities (IROs) related to climate change, along with the policies,

actions, metrics, and targets in place to manage these factors.


E1 Climate change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	47
EU Taxonomy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	56


Norconsult Annual Report 2025	47		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

E1 Climate change

Material impacts, risks and opportunities related to climate change

The double materiality assessment identified three impacts and three opportunities related to climate change.


Subtopic	IRO Title	IRO type	Location in the value chain	Time Horizon
Climate change mitigation	GHG emissions from own operations	Actual negative impact	Own operations	Short
Climate change mitigation	GHG emissions in client projects	Potential positive impact	Downstream	Medium
Energy consumption	Energy efficiency in client projects	Potential positive impact	Downstream	Long
Energy consumption	Demand for energy efficient solutions	Opportunity	Downstream	Medium
Climate change mitigation	Demand for low-carbon expertise	Opportunity	Downstream	Long
Climate change adaptation	Demand for resilient infrastructure	Opportunity	Downstream	Long

Material impacts

GHG emissions from own operations

Norconsult is an office-based business, generating GHG emissions from own operations, including through

energy consumption, travel, and procurement.

GHG emissions in client projects

Norconsult can play an important role in shaping client projects by integrating climate change considerations into

planning, engineering and design. If Norconsult can effectively influence clients to implement more

environmentally friendly solutions with lower GHG emissions, we can have a positive impact.

Energy efficiency in client projects

Norconsult has identified a potential positive impact through enhancing energy efficiency in client projects

through the solutions we plan and design. By increasingly integrating energy efficiency and promoting best

practices, we can contribute to reducing energy consumption and its associated greenhouse gas emissions

throughout the project lifecycle.

Material opportunities

Growing demand for energy efficient solutions

As demand for more sustainable energy solutions continues to grow, Norconsult has identified energy efficiency

as a material opportunity to strengthen competitiveness and improve margins. Regulatory requirements and client

demand for energy-efficient solutions are increasing in areas including industry, buildings and infrastructure.

Norconsult can positively impact energy consumption by providing energy efficient solutions for design, material

use, retrofitting, rehabilitation, and optimisation.

Growing demand for low-carbon expertise

As industries and public sectors accelerate their sustainability commitments, Norconsult has identified a market

opportunity to support the green transition with engineering and architectural expertise. The transition to a low-

carbon economy is driving demand for new competencies and expanded capacity in renewable energy, carbon

management, and evolving regulations. By continuously adapting to market needs and broadening our portfolio of

low-carbon services, Norconsult can enhance its market position, and accelerate revenue from both existing and

new services.

Growing demand for resilient infrastructure

Climate change is driving more frequent and severe extreme weather events, requiring resilient infrastructure. Key

areas include enhanced flood protection and drainage, and robust energy and transport networks. These needs

shape both client demand and the execution of our assignments. This will provide opportunities to leverage our

expertise to advocate for solutions with demonstrated longevity and resistance to extreme weather events. This is

expected to increase the scope, complexity, and technical challenge of client projects, thereby increasing revenue


Norconsult Annual Report 2025	48		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

ESRS 2 IRO-1 Risk analysis and resilience assessment

In 2023, Norconsult conducted a climate risk assessment in line with TCFD recommendations and ESRS E1

requirements. The objective was to understand, test and improve the resilience of the Group’s strategy and

business model, in the context of climate change adaptation.

The climate risk assessment identified transition risks and opportunities that were closely related to those identified

in the double materiality assessment. The risk assessment was also conducted over short- medium- and long-

term time horizons, and the results similarly emphasize changing demand for services and competences.

To support this work, three bespoke climate scenarios were developed, based on publicly available frameworks

from the International Energy Agency (IEA), the Network for Greening the Financial system (NGFS) and the IPCC

Assessment Report.


Scenario	Temperature increase	Description
Net zero 2050	1.5 °C	Rapid transition towards a decarbonised economy
Delayed transition	1.7 – 2 °C	Slower progress and moderate transition risks
Current policies	2 – 2.5 °C	Continuation of existing policies and increased exposure to physical risks

To carry out the assessment, workshops were conducted with key internal stakeholders including Group Executive

Management and internal strategists in finance, sustainability, and business development. Each scenario was

evaluated to determine climate-related risks and opportunities, and their associated financial and strategic

implications including scenario-dependent likelihood assessments and an assessment of magnitude of financial

effect.

Physical risk

One of the scenarios, Current policies, reflects higher physical climate risk and is used to assess climate-related

hazards and their implications for the Group. In Norconsult’s context, direct physical risks to owned assets and

own operations are assessed as low, as the Group does not own or operate assets that are vulnerable to climate

change.

However, climate-related hazards can materially influence the technical requirements, complexity, and

governance expectations applied to client projects and delivered assignments. Physical risk relevance for

Norconsult therefore primarily manifests through our role as an advisor and designer, including potential liability

exposure if our advice and solutions do not reflect up-to-date requirements and standards as climate conditions

change. This is illustrated by the physical risk identified in the assessment Changed criteria due to climate change.

Transition risk

The scenario analysis identified transition-related risks for Norconsult’s competitiveness. The assessment identified

two financially material transition risks, Changing demand for services and Regulatory changes create demand for

new knowledge to win contracts. These risks reflect that the advice we provide and the solutions we plan and

design must comply with changing policies, technologies, laws, regulations and standards. It also reflects that

shifts in market demand creates risks to existing services and also provide opportunities to expand into new

service areas and disciplines.

Results of the climate risk assessment

The results of the climate risk assessment are summarised in the table. Two financially material climate-related

transition risks, one physical risk, and three opportunities were identified. All were analysed with a short-,

medium-, and long-term time horizon, and the likelihood of their occurrence and associated financial effects

were assessed in the workshop evaluations. The magnitude of financial effects is considered to be limited for all

risks and opportunities


Norconsult Annual Report 2025	49		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Result of climate risk assessment


			Likelihood of occurrence based on prevailing scenario
Type of risk	Name	Description	Net Zero 2050	Delayed Transition	Current Policies
Transition risk	Changing demand for services	This change will affect our market and its players, creating a risk of the loss of services the group currently provides, and opportunities to provide services in new professional disciplines.	Likely	Unlikely	Unlikely
Transition risk	Regulatory changes create demand for new knowledge to win contracts	The advice we provide and the solutions we plan and design must at all times comply with changing policies, technologies, laws, regulations, and standards. To stay compliant and competitive, this requires a dynamic and adaptable management system, and highly skilled employees.	Likely	Likely	Possible
Physical risk	Changed criteria due to climate change	Physical risk is considered low as the Group do not own or operate assess that are vulnerable to climate change. However, assets that are part of delivered assignments and client projects represent liability risk and can result in compensation claims and reputational damage if we do not advise our clients according to up-to-date requirements and standards. Relevant areas include climate resilience requirements for stormwater or flood management.	Unlikely	Possible	Likely
Opportunities	Severe weather increases demand for services	More dramatic weather may increase demand for competence and services in climate change adaptation and mitigation. It represents an opportunity to provide more services and increase revenue.	Likely	Likely	Likely
Opportunities	Low-carbon solutions increase demand for services	There may be demand for additional or new competencies related to low-carbon services, for instance within hydrogen and carbon capture and storage. New emerging low-carbon markets are collaborative in nature and presents opportunities for assignments, partnerships, and increased revenue.	Likely	Possible	Possible
Opportunities	Renewable energy sources increase demand for services	The ongoing transition away from fossil fuels increase the demand for renewable energy sources and all related knowledge and services, including our expertise in wind-, solar-, and hydropower. It represents an opportunity to provide more services and increase revenue.	Likely	Possible	Possible

The findings from the assessment provide increased understanding of Norconsult’s climate-related risks and

opportunities. While the assessment reinforces our perception that our business model is resilient and diversified,

it highlights the need to continuously refine and adjust our service portfolio in response to evolving market

demands and regulatory requirements. Norconsult’s employees are our most important resource, and it is

essential for our development and adaptability that they understand climate and nature changes and relevant

regulations. The findings from the assessment have been incorporated into the Group’s strategic risk process.

To support decision-making, the climate risk assessment is used as an input to strategic discussions on service

portfolio development and competence planning, including how Norconsult positions its services in markets

where demand is influenced by climate adaptation needs, low-carbon solutions, and regulatory developments.

This strengthens the Group’s ability to remain competitive while managing risk and supporting resilient outcomes

in client projects.


Norconsult Annual Report 2025	50		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Management of Impacts, risks and

opportunities

E1-2 Policies

Norconsult’s Sustainability Policy describes how the

Group contributes to, measures, reports on, and

commits to a sustainable development that

integrates environmental and social concerns with

economic development. It covers the topics

identified in our climate change IROs, and

contributes to our ability to manage impacts, risks

and opportunities. The policy states that

sustainability is to be embedded in our decision-

making processes, and all aspects of our operations

and our assignments. It is accessible to all employees

through our management system (NORMS). The

policy is derived from our Code of Ethics, including

the ambition to make a decent profit decently. Refer

to G1-1 on page 73 for a description of our Code of

Ethics.

The Sustainability policy is owned by the CEO and

formally approved by the Board of Directors.

Responsibility for the implementation and

development of the policy lies with the Group

Executive management, supported by the Group

Sustainability department reporting to the CFO. The

responsibility is to ensure that the policy remains up

to date, adhered to across the organisation, and

effectively integrated into operations.

Climate and energy in client projects

Our most significant potential to create positive

environmental and societal impact lies in the

advisory services we provide. It is in our assignments

that solutions are developed, while the actual impact

is realised through the client projects. By providing

advice and basis for decision-making, we enable

clients to address sustainability challenges across the

life cycle of their projects.

As we operate in markets with high environmental

and societal impacts, our services can contribute to

solving critical sustainability challenges. In Buildings

& Architecture, Infrastructure, and Energy & Industry,

we can address a multitude of challenges related to

climate change mitigation, climate change

adaptation and energy consumption.

Norconsult acknowledges the financial and strategic

opportunities associated with providing low-carbon

and energy efficient solutions. By increasingly

considering the client projects’ implications for these

sustainability topics, we can both deliver a positive

societal impact and harness market opportunities to

generate revenue for Norconsult.

In order to address the opportunities, sustainability is

to be embedded at every stage of our assignments,

from early planning and design to project execution

and the operations and maintenance of

infrastructure and buildings. To ensure this, we rely

on effective governance frameworks. This includes

our Assignment policy, Sustainability policy, and the

LiVE PRO framework which outlines the way we

conduct our assignments to enable clients to reach

their goals, while also achieving our own. Our

policies are embedded in our management system

(NORMS), defining a holistic approach to the

concept of quality, in which delivering

environmentally beneficial impacts is elevated to the

level of requirements for technical quality, time, and

cost.

To ensure that we embed sustainability throughout

our assignments, we also rely on competence

development, knowledge sharing, and development

of our corporate culture. Our assignments are

conducted for a wide range of client projects,

constituting multiple professional disciplines,

services and tasks. Our ability to deliver sustainable

outcomes depends on how effective we are at

considering sustainability in- and across such

dimensions.

Sustainability impacts may be identified and

considered in all stages of a client project. For

instance, the planning & consulting stage may

involve climate and nature impact assessments,

social aspects, and feasibility studies in early project

phases. Engineering & Design can deliver energy-

efficient infrastructure and renewable energy

solutions. Project execution can ensures efficient

delivery of assignments aligned with governance and

reporting standards, while Operational &

Maintenance services can promote resource

efficiency and lifecycle optimisation. The advice and

solutions we provide must consider implications

across project phases as well as across disciplines.

For instance will engineering and design have

implications for energy efficiency and lifecycle

optimisation.

By leveraging knowledge sharing, competence

development and continuous improvement, we will

be increasingly able to consider a project’s

implications for GHG emissions and energy

consumption. This will enable us to generate positive

impact by providing effective and purposeful

solutions, for the benefit of our clients and society.

Climate and energy in our own operations

As part of our long-term strategy, Norconsult seeks

to mitigate the impact from our own operations by

promoting sustainable practices throughout the

value chain. While the impact of our assignments is

more significant, we acknowledge the importance of

aligning our own operations with global climate

goals. Since we first accounted for our GHG

emissions in 2016, emission calculations have been a

tool for driving operational improvements.

Norconsult’s direct emissions are predominantly

driven by office operations, travel, and procurement,

and while the impact of these emissions remains

low, the Group is dedicated to implementing

measures to improve efficiency and reduce

emissions.

The following sections, E1-1 throughout E1-6 are

concerned with the impact, management, and

development of the GHG emissions from our own

operations.


Norconsult Annual Report 2025	51		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

E1-1 Transition plan for climate change

While a climate transition plan is yet to be developed, Norconsult has taken steps to formalise a structured

approach to emissions reduction. In Q1 2026 our targets were validated by the Science-Based Targets initiative

(SBTi). The formal transition plan will be developed, integrated into our overall strategy and financial planning, and

presented in the annual report for 2026.

Targets, actions and metrics

E1-3 Actions and resources

In 2025, Norconsult has continued several prior initiatives related to mitigating GHG emissions in our own

operations. These measures include optimisation of office space usage for greater efficiency, integration of

sustainability into procurement processes and initiatives to reduce emissions from business travel. As Norconsult

formalise a climate transition plan, the specific decarbonisation levers will be outlined, with relevant actions and

resources.

E1-4 Targets

Norconsult has set an ambition to achieve carbon neutrality in our own operations by 2030. Norconsult Norge AS

specifically, has set a carbon productivity (CAPRO) target of 8 percent increase per year. CAPRO measures the

relationship between value creation (NOK) and GHG emissions (CO₂e tonnes). Norconsult Norge aims to align

with the Paris agreement's 1.5 degree goal while supporting economic growth.

E1-5 Energy consumption

Norconsult’s energy consumption primarily consists of electricity, district heating and cooling, and geothermal

heating, with the latter used in the offices in Iceland. In addition, solar energy is a minor source of energy. Our

share of renewable energy is based on documented guarantees of origin for several offices in Sweden and three

offices in Norway. Nuclear energy accounts for a minor share of the energy mix in Sweden. Norconsult does not

operate in a high climate impact sector. For more information related to energy consumption metrics, see E1

accounting policies on page 54.


Energy consumption and mix
	Unit	2025	2024
Total energy consumption from fossil sources	MWh	16 968	16 332
Share of fossil sources in total energy consumption	%	86 %	87 %
Total energy consumption from nuclear sources	MWh	5	42
Share of energy consumption from nuclear sources in total energy consumption	%	0 %	0 %
Fuel consumption from renewable sources	MWh	0	0
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources	MWh	2 366	2 037
Consumption of self-generated non-fuel renewable energy	MWh	320	301
Total energy consumption from renewable sources	MWh	2 686	2 337
Share of renewable sources in total energy consumption	%	14 %	12 %
Total energy consumption related to own operations	MWh	19 659	18 711


Norconsult Annual Report 2025	52		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Overview of climate emissions in Norconsult Group

E1-6 Gross scopes 1, 2, and 3 and total GHG emissions

The methodologies, significant assumptions and emission factors used to calculate Norconsult’s GHG emissions

are presented in the accounting policies on page 54.

Overview of Norconsult’s total GHG emissions for 2025

Compared to 2024, the total GHG emissions for Norconsult Group have increased by 11 percent based on the

location-based method. The increase is largely driven by an 11 percent growth in the workforce compared to

2024, and an increase in social work trips which are back to base years levels after a reduction in 2024.


Gross scopes 1, 2 and 3 and total GHG emissions
	Retrospective
	Base year 2023	2024	2025	% 2025/ 2024
Scope 1 GHG Emissions
Gross Scope 1 GHG emissions (tCO2eq)	497	579	509	-12 %
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)	0 %	0 %	0 %
Scope 2 GHG Emissions
Gross location-based Scope 2 GHG emissions (tCO2eq)	885	914	840	-8 %
Gross market-based Scope 2 GHG emissions (tCO2eq)	5 310	4 653	5 381	16 %
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO2eq)	17 354	16 877	19 007	13 %
1 Purchased goods and services	11 143	11 164	12 374	11 %
3 Fuel and energy-related Activities (not included in Scope1 or Scope 2)	822	859	804	-6 %
4 Upstream transportation and distribution	140	218	258	18 %
5 Waste generated in operations	35	22	39	74 %
6 Business traveling	3 550	2 701	3 502	30 %
7 Employee commuting	1 352	1 391	1 498	8 %
8 Upstream leased assets	311	521	531	2 %
Total GHG emissions
Total GHG emissions (location-based) (tCO2eq)	18 736	18 369	20 356	11 %
Total GHG emissions (market-based) (tCO2eq)	23 161	22 108	24 897	13 %

Norconsult Norge AS accounts for the largest share of the Group’s total emissions, reflecting its proportion of the

Group’s employees and offices. For the direct emissions in Scope 1 however, Norconsult Sverige AB and

Norconsult Danmark A/S cause the largest emissions, as these subsidiaries possess a greater number of vehicles,

equipment, and heavy machinery.


Climate Accounting Norconsult Group 2025	Total Group	Norconsult Norge AS	Norconsult Sverige AB	Norconsult Danmark A/S	Norconsult Island ehf	Norconsult Polska Sp.z.o.o.	Other Subsidiaries
Scope and category (tCO2eq)
Scope 1 - Direct emissions	509	80	231	181	3	7	8
Scope 2 - Indirect energy emissions (location- based)	840	574	153	25	0	16	72
Scope 2 - Indirect emissions (market-based)	5 381	4 860	84	111	11	18	298
Scope 3 - Other indirect emissions	19 007	12 315	3 515	842	124	150	2 061
1 Purchased goods and services	12 374	8 295	2 083	584	87	88	1 237
3 Fuel and energy-related Activities (not included in Scope1 or Scope 2)	804	586	83	69	1	5	60
4 Upstream transportation and distribution	258	0	258	0	0	0	0
5 Waste generated in operations	39	24	9	2	0	0	4
6 Business traveling	3 502	2 349	466	97	21	19	550
7 Employee commuting	1 498	671	608	81	6	14	119
8 Upstream leased assets	531	390	9	10	9	23	90
Total GHG emissions (location-based)	20 356	12 968	3 899	1 049	128	172	2 140
Total GHG emissions (market-based)	24 897	17 254	3 830	1 134	138	175	2 366

GHG Intensity based on net revenue

The net revenue used to calculate GHG intensity for 2025 is 11 411 MNOK (2024: 10 419 MNOK) and corresponds

to the sum of operating revenue and other income in the financial statement. Compared to 2024, the GHG

intensity per net revenue has increased in 2025.


GHG emission intensity Norconsult Group
	Unit	2024	2025	%2025/2024
Total GHG emissions (location-based) per net revenue	tCO2eq/mNOK	1.8	1.8	1 %
Total GHG emissions (market-based) per net revenue	tCO2eq/mNOK	2.1	2.2	3 %


Norconsult Annual Report 2025	53		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

GHG accounts 2025 by scope

Norconsult’s GHG accounts for 2025 by scope and category is visualised in the figure below, based on the

location-based method for scope 2 emissions.

Scope 1

Norconsult’s absolute scope 1 emissions are linked to fossil fuel use in leased and owned company cars and in

heavy machinery. Scope 1 emissions accounts for 2.5 percent of total location-based emissions. The 12 percent

decrease in scope 1 compared to 2024 is caused by increased electrification of cars at office locations, particularly

in Norconsult Danmark A/S and Norconsult Sverige AB.

Scope 2

Scope 2 emissions accounts for 4.1 percent of total location-based emissions, caused by energy use in our offices,

including electricity, district heating and cooling, and charging of electric vehicles. Emissions from district heating

and district cooling constitute the largest portion of these emissions. Scope 2 emissions have decreased by 8

percent compared to 2024 which is partially driven by some offices changing location. In addition the reduction is

caused by improved information about the energy supply at select office locations.

Scope 3

Indirect emissions in scope 3 are the Group’s largest contributor to emissions, constituting 93.4 percent of total

emissions, with purchased goods and services, business travel and employee commuting as the largest

contributors. Scope 3 emissions increased by 13 percent compared to 2024 largely driven by a 30 percent

increase in business travel emissions due to more social work trips and an increase in emissions from flights. For

Norconsult Norway and Sweden, the increase is mainly due to a methodological change in how our travel

provider calculates flight emissions. From 2025, Berg‑Hansen uses Google’s Travel Impact Model (TIM), which

includes non‑CO₂ effects and more detailed flight data. This results in higher, but more accurate emissions.

Purchased goods and services increased by 11 percent, particularly due to an increase in the use of various

consulting services. There has also been an increase in advertising and the procurement of cars and an additional

drilling rig, causing an increase in the emissions linked to vehicles and machinery.

Upstream transportation and distribution increased by 18 percent due to an increase in freight volumes, both from

higher transport emissions reported by our logistics provider, and from the transport of drilling rigs related to work

carried out our subsidiaries conducting geotechnical surveying.

Use of primary data in scope 3

Norconsult collects data from the value chain and suppliers for various emission categories in scope 3, but this is

mainly done for the subsidiaries Norconsult Norge AS and Norconsult Sverige AB.

In total for the Norconsult Group, the amount of measured GHG emissions based on primary data constitutes

4 percent. See accounting policies for further explanation on what’s included in the calculated percentages.


Norconsult Annual Report 2025	54		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

E1 Accounting policies

This section discloses the accounting principles of

Norconsult’s E1 metrics and data points. All metrics

cover the reporting period 1 January 2025 – 31

December 2025.

E1-5 Energy consumption in own operations

Energy consumption calculation

The total energy consumption for the Group

includes the consumption of electricity, district

heating and cooling, and geothermal heating. The

electricity consumption includes electricity used in

electric company cars and in our offices, including

that produced by solar power and electricity with a

certificate of origin.

Norconsult leases all office premises, and several

locations are shared with other companies, where

the Group does not have control over the building

managers or their choice of energy suppliers. As the

Group sets science-based targets (SBTi-aligned), it

will work towards establishing greater oversight of

energy sources used across its office operations.

Our two offices in Iceland use geothermal heating as

an energy source, and the consumption is reported

in m³ of hot water. The energy from geothermal

heating is not included in the total energy

consumption and renewable energy consumption

reported in kWh in the previous paragraph. It is

reported separately due to the lack of a conversion

factor from m³ to kWh, since the temperature

difference in the specific geothermal power plant is

unknown.

Energy from nuclear sources is considered fossil-

free, but not renewable. Two offices, in Umeå and

Kiruna, have specified that they purchase fossil-free

electricity containing nuclear power. The share of

nuclear power has been calculated directly from the

certificates reported by the offices.

Use of certificates of origin

Some office locations in Norconsult Norge AS and

Norconsult Sverige AB acquire certificates of origin

from their electricity providers. Many of the offices in

Sweden use eco-labelled or renewable energy and

most energy companies report having guarantees of

origin for their electricity trade. When calculating the

market-based emissions from electricity, renewable/

fossil-free energy is only included where we have an

approved guarantee of origin or an invoice showing

the origin for 2025.

E1-6 Gross scope 1, 2 and 3 and total GHG

emissions

Our climate accounts are based on the GHG

protocol and uses the operational control approach.

During 2025, Norconsult has acquired the

companies Sigma Civil AB, the Aas Jakobsen

companies, and the Metier Group. Sigma has been

integrated in Norconsult Sverige AB, while Aas

Jakobsen and Metier are reported as separate

entities for 2025. Due to lack of available data for the

acquired companies, their climate accounts are

estimated based on headcount, extrapolating from

Group emissions per headcount. For Sigma, the

estimate is based on headcount emissions for

Norconsult Sverige AB, and for Aas Jakobsen and

Metier, the estimate is based on Norconsult Norge

AS.

When considering the GHG protocol’s accounting

and reporting principles, Norconsult considers the

principles of relevance and completeness as the

most important.

Scope 1 and 2 GHG emissions

Scope 1 emissions include direct emissions from the

consumption of fossil fuels by company cars. In

addition, some emissions are linked to the use of

heavy machinery such as drill rigs and tractors, the

latter only relevant for Norconsult Sverige AB and

Norconsult Danmark A/S.

Scope 2 emissions include indirect GHG emissions

from the generation of power, heating and cooling

purchased for office locations, and the charging of

electric company vehicles. Data is measured in kWh

and is collected from all subsidiaries and office

locations with more than 10 employees in the

reporting period. For the smallest offices and in the

case of missing data for some locations, power and

heat consumption is estimated using the average

consumption per FTE. Information about energy

used to charge electric vehicles is collected from

leasing partners.

The total GHG accounts are reported with both

location-based and market-based electricity. The

location-based method quantifies scope 2 GHG

emissions based on average energy generation

emission factors for defined locations, while the

market-based method is based on GHG emissions

emitted by the generators from which the reporter

contractually purchases electricity. Certificates of

origin are accounted for when calculating the

market-based electricity.

Scope 3 GHG emissions

Norconsult’s most significant categories in scope 3

are: 1. Purchased goods and services, 6. Business

travel and 7. Employee commuting. Some categories

in Scope 3 are only relevant to individual subsidiaries.

Category 1: Purchased goods and services

Norconsult reports on all material categories within

the boundary of purchased goods and services. Most

data in Category 1 are based on financial spend data.

However, for some purchases in Norconsult Norge

AS and Norconsult Sverige AB, such as IT equipment

(computers, docking stations, cell phones, and IT

supplies), emission data is either collected from the

product provider or calculated using Product Carbon

Footprints (PCFs). The PCF’s quantify environmental

information through the life cycle of a product.

Category 3: Fuel and energy related activities (not

included in scope 1 or 2)

In category 3, Norconsult reports on scope 3

emissions linked to energy consumption in our

offices, and WTT (Well-to-Tank) emissions linked to

the use of the different fossil fuels in our company

cars and heavy machinery. The calculation of scope

3 emissions from electricity is conducted by applying

country-specific location-based emission factors to

collected consumption data (kWh). Due to lack of

accurate emission factors in scope 3, scope 2

emission factors are used for district heating and

cooling.

Category 4: Upstream transportation and

distribution

This category is only reported by Norconsult Sverige

AB, and is related to the transport of drilling rigs.

Norconsult Sverige also report emissions from

freight and mail in this category as they collect

specific data from a supplier. Other subsidiaries

report spend-based emissions related to mail in

category 1.

Category 5: Waste generated in own operations

Data on waste is collected from building managers

at the major locations in Norway. For the remaining

locations and subsidiaries, emissions from waste is

extrapolated based on FTEs.

Category 6: Business travel

The data is collected through travel agencies or from

financial accounts, depending on the subsidiary. For

Norconsult Norge AS, air travel emissions are

collected through our travel agency and

supplemented with financial data to cover flights not

booked through the agency. The other subsidiaries

mostly collect air travel distance in km or based on

spend. Emissions from rental cars and driving

allowance are mostly based on distance travelled.

Information about social company trips have been

collected through travel surveys and financial data.

Data about train travel, hotel accommodation and in

some cases, taxi transport is based on financial data.


Norconsult Annual Report 2025	55		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Category 7: Employee commuting

Data on employee commuting is collected through travel surveys in the largest parts of the Group, including

Norconsult Norge AS and Norconsult Sverige AB. The most recent travel surveys were conducted in 2022 for

Norconsult Norge AS and in 2023 for Norconsult Sverige AB. Calculations based on these surveys are used as a

basis for estimating the emissions from employee commuting also for 2025.

Category 8: Upstream leased assets

Collected data on leased IT equipment from service providers covers computers in Norconsult Norge AS and

Norconsult Sverige AB, as well as printers in Norconsult Norge AS. As the emissions from the use-phase of this

equipment primarily derive from energy consumption, which is already reported under scope 2, the use-phase

emissions from the leased equipment are excluded in scope 3. Norconsult Sverige AB includes a portion of these

emissions based on the use of computers in home offices.

Most of the reported emissions in this category are therefore calculated based on financial data. In Norconsult

Norge AS, this data primarily relates to the purchase of cloud storage services. As the energy consumption for

these services does not occur in our offices, the emissions are included in Category 8. For the remaining

subsidiaries, Category 8 emissions are based on financial data and double counting may occur to a limited degree.

Overview of emission categories excluded

Some emission categories have been excluded from Norconsult’s GHG accounts due to relevance, as explained in

the following table.


Scope	Category	Reason for exclusion
Scope 1	Refrigerants	As a consulting business, Norconsult will have some unintentional emissions of refrigerants as a result of cooling in the office premises, but these are not considered significant emissions for our core business and are therefore excluded from the calculations.
Scope 1	Stationary combustion	Stationary combustion is not used in any of the Group's locations.
Scope 3	Capital goods	Corporate finance only considers acquisitions of other companies as capital goods, and thus, this is also the basis for the GHG accounts. All purchased goods are therefore included in category 1.
	Downstream transportation and distribution	Norconsult does not manufacture or sell products. Consequently, emissions from the transport, processing, use, and end-of-life treatment of such products are not relevant.
	Processing of sold products
	Use of sold products
	End-of life treatment of sold products
	Downstream leased assets	Norconsult does not lease any assets downstream
	Franchises	There are no franchises in Norconsult
	Investments	Not relevant to Norconsult as it primarily applies to investors and financial service companies. The only relevant entity, NorCiv Engineering Co Ltd, are excluded as they are considered immaterial and an associated company in our financial statements, and generate immaterial emissions in the reporting period.

Total GHG emissions intensity based on net revenue

This Is calculated by dividing total GHG emissions (TCO2e) by net revenue (monetary value MNOK).

Use of primary data in scope 3

Norconsult relies on collecting data throughout the value chain and from suppliers to calculate scope 3 emissions.

As we have described in the previous section and in ESRS 2 under Value chain estimation and outcome

uncertainty on page 32, we rely on estimates and extrapolation in order to achieve more comprehensive climate

accounts. Generally, we extrapolate based on emissions from Norconsult Norge AS and Norconsult Sverige AB, as

these are the subsidiaries with the most reliable and complete data.

In the context of disclosing the percentage of emissions calculated based on primary data, it is presumed that both

the input data and emission factor must be primary. Therefore, it is insufficient for the input data to be provided

directly by the supplier if this quantity is subsequently multiplied by an industry average emission factor. Given that

industry average emission factors have been predominantly employed for the emissions in Scope 3, the proportion

of emissions derived from primary data is relatively low. In scope 3, the volume of GHG emissions that is based on

primary data constitutes 5 percent of emissions for Norconsult Norge AS, 2 percent for Norconsult Sverige AB, and

4 percent in total for the Group. The remaining subsidiaries’ emissions are based on secondary data.


Norconsult Annual Report 2025	56		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

EU Taxonomy

The EU Taxonomy Regulation is a classification framework that defines which economic activities are

environmentally sustainable. According to Directive (EU) 2020/852, companies within its scope must report the

share of their activities, broken down by revenue, capital expenditure (CAPEX), and operational expenditure, that

are taxonomy-eligible and taxonomy-aligned. Eligibility indicates that an activity has the potential to contribute to

one of the six environmental objectives defined by the regulation. Aligned activities, are those that not only are

eligible, but meet the criteria for substantial contribution, Do No Significant Harm, and Minimum Safeguards.

As a listed company in the EU, Norconsult complies with the Taxonomy framework, and monitors sustainability

impact according to alignment with the regulations. While we consider the framework to be primarily designed for

other industries and types of businesses, our approach to the regulation highlights the role of technical

consultants and architects in contributing to sustainable development. 2025 represents Norconsult’s third year of

EU Taxonomy Reporting and we continue to reference the FAQ guidance from December 2022 to ensure

compliance and relevance in our reporting.

Methodology and data collection

We have used the revised template as part of the Omnibus I package to disclose our eligible and taxonomy-

aligned activities. Reporting and assessment of eligibility and alignment has been conducted on a subsidiary level.

Each subsidiary has been responsible for its own reporting, which has then been coordinated and consolidated at

Group level. Data collection is based on assignment information in the local ERP systems.

First, we have assessed which economic activities that are relevant to Norconsult’s business. To identify which

assignments may be eligible within each economic activity, we use relevant attributes including disciplines,

products, services, and types of client projects.

Selected sustainability experts in each subsidiary have assessed what share of revenue within each assignment can

be ascribed to the specific economic activity in question. From this step, the amount of eligible revenue is derived.

By assessing eligible revenue against the technical criteria for each economic activity, we can assess taxonomy

alignment.

Scope

All subsidiaries in the Norconsult Group have been considered for the reporting on the EU taxonomy for 2025.

Joint ventures and associated companies are not included as they are not consolidated in the Group’s financial

statements. Subsidiaries have identified their business activities and conducted a thorough assessment of each

activity in relation to the EU Taxonomy economic activities, encompassing all six environmental objectives.

Results and analysis

According to our assessment, 5 percent (2024: 6) of our turnover and 77 percent (2024: 62) of our capital

expenditure is taxonomy-eligible, meaning that they contribute to one or more of the environmental objectives.

Total turnover is NOK 11 411 million (2024: 10 419) in accordance with, and as specified in the financial statements

note 6 and 7.

Norconsult has total capital expenditures (CapEx) of NOK 442 million (2024: 355). Total CAPEX has been identified

as follows:


CAPEX	2025	2024
Additions PPE, Note 11	77	81
Additions IFRS 16, new leases, note 12	365	274
Total	442	355

A total of NOK 340 million (2024: 219) have been identified as eligible CapEx (77 percent, 2024: 62 percent).

Because it has not been possible to obtain complete data concerning the Do No significant Harm Criteria (DNSH)

for the CapEx, no CapEx have met the criteria for CapEx to be reported as aligned.

Turnover

Norconsult is a project-driven business and works on approximately 35 000 assignments every year. A top-down

reporting process has been developed to manage reporting in a validated, resource-efficient way.

Norconsult has identified the following economic activities as possible reporting items in Annex 1:

Climate change mitigation

– Infrastructure for rail transport*

– Professional services related to energy performance of buildings

Climate change adaptation

– Computer programming, consultancy and related activities contributing to adaptation to climate change

adaptation

– Engineering activities and related technical consultancy dedicated to adaptation to climate change

*Infrastructure for rail transport can contribute to both climate change mitigation and climate adaptation

objectives. Norconsult contribute with architectural services, engineering services and drafting services primarily

focused at establishing new and maintain existing infrastructure, and hence infrastructure rail is evaluated as a

mitigation activity (CCM). For climate change adaptation (CCA) the criterion for eligible activities is outside the

scope of Norconsult’s assignments and is therefore not met.


Norconsult Annual Report 2025	57		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Consultancy for physical climate risk management and adaptation has been investigated. But this has not been

included as it was found challenging to separate revenue under this item against revenue under contribution,

under the criteria engineering activities and related technical consultancy dedicated to adaptation to climate

change.

All assignments identified have been evaluated for double counting and for identifying individual assignments

under multiple reporting items. There have been manual controls to ensure that the turnover identified has not

been double counted under several reporting items.

Turnover identified has been reported under each reporting item according to revenue identified under IFRS 15

(Note 6). Total turnover is NOK 11 411 million as reported in note 6.

The low level of eligible turnover is because the regulation does not include the provision of engineering and

architectural services in all economic activities in the delegated acts for Climate and for Environment.

In 2025 and 2024, 0 percent of Norconsult operating turnover was evaluated as taxonomy-aligned with the EU-

taxonomy. The cause of the low level of alignment is primarily that the specification of activities is not tailored to

our line of business:

– Norconsult is involved in the early phases of infrastructure rail projects, and are therefore not involved in the

actual construction of rail. Hence, we do not have the information to assess whether the design meets all the

Do No Significant Harm criteria.

– Our energy performance consultancy methodology does not include physical climate risks analysis in line with

appendix A. There might be instances where we advise our clients on both energy performance in buildings and

climate risk, but not as part of the same activity. We have therefore not identified any of the turnover related to

this activity, as aligned in accordance with EU-taxonomy regulations.

– Engineering activities and related technical consultancy dedicated to climate change adaptation is not aligned

due to not fulfilling the substantial contribution criteria.

– Computer Programming, Consultancy, and Related Activities for Climate Adaptation does not include physical

climate risks analysis in line with appendix A. We have therefore not identified any of the turnover related to this

activity as aligned in accordance with EU Taxonomy regulations.

Capital Expenditures (CapEx)

Norconsult’s main impact and contributions are related to assignment revenue. Economic activities of materiality

for our operations are mainly related to office premises and vehicles.

Norconsult has identified two reporting items under the EU-taxonomy for CapEx, all related to climate change

mitigation:

– Transport by motorbikes, passenger cars and light commercial vehicles

– Acquisitions and ownership of buildings

Our primary target related to CAPEX activities is to reduce climate emissions from our assets. Further as a lessee

we do not meet the eligibility criteria for climate change adaptation (CCA). Hence, these are evaluated against the

criteria for climate mitigation (CCM), not adaptation (CCA).

– In activity for transport by motorbikes, passenger cars and light commercial vehicles we have not fulfilled the

evaluation of substantial contribution for all vehicles and therefore no alignment also for this activity.

– In activity for acquisitions and ownership of buildings we do not fulfil the substantial contribution criteria as we

do not have an overview of all energy certificates of leased office buildings or premises.

CapEx analysed were property plant and equipment, internally developed intangible assets, as well as right of use

assets according to IFRS 16. Total CAPEX is higher in 2025 and varies when leases are renewed. A higher total of

leases in 2025 were related to leases of buildings resulting in a higher percentage of eligible CAPEX in 2025.

Operating Expenditures (OpEx)

Salary and other personnel costs are the main contributors to the Group’s operating expenses. No relevant

taxonomy-eligible OpEx activities were identified for FY 2025 or 2024, and the Group has therefore reported 0 as

eligible OpEx. Total operating expenses for 2025 is NOK 9 247 million.

Minimum safeguards

Alignment assessment of minimum safeguards is based on the guidelines presented in the Final Report on

Minimum Safeguards by the Platform on Sustainable Finance. None of the criteria for non-compliance defined in

the report applies to Norconsult and Norconsult has therefore defined itself as aligned with minimum safeguards,

i.e. human rights including workers’ rights, bribery/corruption, taxation, and fair competition.

Norconsult has carried out due diligence on human rights and social conditions according to the Norwegian

Transparency Act and the OECD guidelines. No relevant issues have been identified. The topics are covered in S1

Social conditions in the annual report and in the annual reporting in line with the Norwegian Transparency Act.

Bribery and corruption is covered in G1 Governance in this report. Relevant policies are in place, and no instances

of corruption or bribery have been reported.


Norconsult Annual Report 2025	58		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Template I: Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or

Taxonomy-aligned economic activities


KPI (1)	Total (2)	Proportion of Taxonomy eligible activities (3)	Taxonomy aligned activities (4)	Proportion of Taxonomy aligned activities (3)	Breakdown by environmental objectives of Taxonomy aligned activities						Proportion of enabling activities (12)	Proportion of transitional activities (13)	Not assessed activities considered non-material (14)	Taxonomy aligned activities in previous financial year (N-1) (15)	Proportion of Taxonomy aligned activities in previous financial year (N-1) (16)
KPI (1)	Total (2)	Proportion of Taxonomy eligible activities (3)	Taxonomy aligned activities (4)	Proportion of Taxonomy aligned activities (3)	Climate Change Mitigation (6)	Climate Change Adaptation (7)	Water (8)	Pollution (9)	Circular Economy (10)	Biodiversity (11)	Proportion of enabling activities (12)	Proportion of transitional activities (13)	Not assessed activities considered non-material (14)
Text	MNOK	%	MNOK	%	%	%	%	%	%	%	%	%	%	MNOK	%
Turnover	11 411	5 %	0	0 %	—	—	—	—	—	—	—	—	—	0	0 %
CapEx	442	77 %	0	0 %	—	—	—	—	—	—	—	—	—	0	0 %
OpEx	9 247	0 %	0	0 %	—	—	—	—	—	—	—	—	—	0	0 %

Template 2: Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-

aligned economic activities


Economic Activities (1)	Code (2)	Taxonomy eligible KPI (Proportion of Taxonomy eligible CapeEx) (3)	Taxonomy aligned KPI (monetary value of CapeEx) (4)	Taxonomy aligned KPI (Proportion of aligned CapeEx) (5)	Environmental objectives of Taxonomy aligned activities						Enabling activity (12)	Transitional activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
Economic Activities (1)	Code (2)		Taxonomy aligned KPI (monetary value of CapeEx) (4)	Taxonomy aligned KPI (Proportion of aligned CapeEx) (5)	Climate Change Mitigation (6)	Climate Change Adaptation (7)	Water (8)	Pollution (9)	Circular Economy (10)	Biodiversity (11)	Enabling activity (12)	Transitional activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
Text		%	MNOK	%	%	%	%	%	%	%	(E)	(T)	%
Transport by motorbikes, passenger cars and light commercial vehicles	CCM 6.5	0 %	0	0 %	—	—	—	—	—	—			0
Acquisition and ownership of buildings	CCA 7.7	77 %	0	0 %	—	—	—	—	—	—			0
Sum of alignment per objective					—	—	—	—	—	—
Total KPI CapeEx		77 %	0	0 %	—	—	—	—	—	—	%	%	0

Template 2: Proportion of turnover from products or services associated with Taxonomy-eligible or Taxonomy-

aligned economic activities


Economic Activities (1)	Code (2)	Taxonomy eligible KPI (Proportion of Taxonomy eligible Turnover) (3)	Taxonomy aligned KPI (monetary value of Turnover) (4)	Taxonomy aligned KPI (Proportion of aligned Turnover)(5)	Environmental objectives of Taxonomy aligned activities						Enabling activity (12)	Transitional activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
Economic Activities (1)	Code (2)		Taxonomy aligned KPI (monetary value of Turnover) (4)	Taxonomy aligned KPI (Proportion of aligned Turnover)(5)	Climate Change Mitigation (6)	Climate Change Adaptation (7)	Water (8)	Pollution (9)	Circular Economy (10)	Biodiversity (11)	Enabling activity (12)	Transitional activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
Text		%	MNOK	%	%	%	%	%	%	%	(E)	(T)	%
Infrastructure for rail transport	CCM 6.14	5 %	0.0	0 %	—	—	—	—	—	—			0 %
Computer programming, consultancy and related activities contribution to climate adaptation	CCA 8.1	0 %	0.0	0 %	—	—	—	—	—	—			0 %
Engineering activities and related technical consultancy dedicated to adaptation to climate change	CCA 9.1	0 %	0.0	0 %	—	—	—	—	—	—			0 %
Professional services related to energy performance of buildings	CCM 9.3	0 %	0.0	0 %	—	—	—	—	—	—			0 %
Sum of alignment per objective					—	—	—	—	—	—
Total KPI Turnover		5 %	0	0 %	—	—	—	—	—	—	%	%	0 %

Social

information

Our employees are our most valuable resource, and attracting,

developing and retaining the best people is one of Norconsult’s

strategic goals.

This section details the identified impacts, risks and opportunities

(IRO) related to Norconsult’s workforce, along with the policies,

actions, metrics and targets in place to address these IROs.


ESRS S1 Own workforce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	60
Working conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	63
Health and safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	67
Equal treatment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	68


Norconsult Annual Report 2025	60		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

S1 Own workforce

Overview of material impacts, risks and opportunities related to own

workforce

See overview below of IROs related to own workforce. Descriptions of IROs and further details are found under

each sub-topic section.

All the material impacts, risks, and opportunities affect all employees in own workforce, including permanent,

temporary, and non-employees. Non-employees include contingent workers hired from other employers, who

participate in the organisation with similar tasks as employees. A climate transition plan has not yet been

developed. Therefore, we currently do not have information about any possible negative impacts due to this

transition.


Subtopic	IRO Title	IRO type	Location in the value chain	Time Horizon
Working conditions	Workload and work-life balance	Actual negative impact	Own operations	Long
	Employee value proposition	Actual positive impact	Own operations	Medium-Long
	Employee engagement	Risk	Own operations	Medium-Long
	Competence development	Risk	Own operations	Medium-Long
Health and Safety	Health and safety outside office premises	Actual negative impact	Own operations	Short
Health and Safety	Health and safety in the office environment	Actual negative impact	Own operations	Short
Equal treatment	Discrimination and harassment	Potential negative impact	Own operations	Short-Medium-Long
Equal treatment	Workforce diversity	Risk	Own operations	Medium-long

Management of impacts, risks and opportunities

S1-1 Policies related to own workforce

To address our impact on working conditions, employee health and safety, equal treatment, and human rights,

Norconsult has established policies, strategies, targets and measures. Group governing policies include the Code

of Ethics with LiVE (principles for Leadership, Values and Ethics), and the HR policy, which are embedded in

Norconsult’s management system (NORMS). The policies are available to all employees on the intranet.

Human rights policies

Our commitment to respecting human rights is stated in Norconsult’s Code of ethics. We believe all individuals are

equal and entitled to be recognised and treated with respect and dignity.

Norconsult supports and respects the United Nations’ Universal Declaration of Human Rights. Our operations

adhere to internationally recognised guidelines and conventions that protect indigenous peoples and other

marginalised population groups.

In Norconsult, all relationships and business practices are grounded in fundamental human rights. All employees

shall respect the personal dignity, privacy, and rights of everyone they interact with.

Norconsult has committed to the UN Global Compact principles for responsible business. In addition, we align our

operations with the following international frameworks and conventions:

– UN Guiding Principles for Business and Human Rights

– OECD Guidelines for Multinational Enterprises

– ILO Declaration on Fundamental Principles and Rights at Work

– National legislations in countries where we operate

Norconsult aims to be a safe workplace with an inclusive working environment. We uphold freedom of association

and recognise the right to collective bargaining in accordance with national laws and regulations. While not

explicitly mentioned in our workforce policies, we support the elimination of all forms of human trafficking, child

labour, and forced labour.


Norconsult Annual Report 2025	61		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Working conditions policies

Principles for working condition are embedded in

the Code of Ethics and HR Policy. The Executive Vice

President HR (EVP HR) is responsible for people and

culture-related policies, which are approved by the

Chief Executive Officer (CEO). These policies apply

globally to all employees, both permanent and

temporary. All employees are expected to raise any

concerns related to compliance with working

condition policies. See S1-3 on page 62 for more

information about our reporting channel for

workplace grievances.

Health and safety policies

All employees are responsible for identifying,

evaluating, and documenting occupational risks

related to assignments and tasks. Appropriate

measures and controls to reduce these risks must be

identified, implemented, and documented in a

verifiable manner. Employees are also required to

report any concerns that may threaten health, safety,

or security.

Norconsult’s Code of Ethics states that no one

should be injured or become ill as a result of working

for the company. We share the industry-wide

principle that everyone has the right to arrive home

safely, and this applies to both Norconsult

employees and the users of the solutions we plan

and design. Health and safety considerations are

integrated into the Group’s management system,

(NORMS).

A shared IT system for incident reporting is in use in

Norway and Sweden, while other subsidiaries report

manually. The system covers injuries, near-misses,

environmental damage, property damage, non-

conformities, observations, improvement

suggestions, findings from external audits, and

external complaints. The system plays a key role in

the Group’s efforts to promote continuous

improvement, learning, experience sharing, and risk

prevention.

Equal treatment policies

Norconsult does not tolerate any form of

harassment, discrimination, or intimidation.

Employees must never contribute to, perform, or

experience discrimination based on any grounds,

including personal characteristics and attributes. We

consider vulnerable groups to be covered by our

policies, but they are not specifically mentioned.

To prevent discrimination and other types of

violations of Norconsult’s Code of Ethics, all

employees are required to regularly complete

relevant training. For more information about this,

see chapter G1 - Business Conduct on page 73.

In 2025, we initiated the development of our

Diversity and Inclusion Policy, aimed at providing

clear guidelines and a common language for

working with diversity and inclusion within

Norconsult. This work continues in 2026.

Resources allocated to the management of material

impacts, risks and opportunities

To effectively manage material impacts, Norconsult

allocates resources across the Group. This includes

dedicated HR personnel in all subsidiaries, focusing

on attracting, developing, and retaining employees.

The Quality and HSE department ensure compliance

with relevant policies and guidelines. Employee

voices are represented through unions and elected

representatives, while legal advisors provide advice

on labour law and other regulatory matters.

S1-2 Engagement processes

Employee engagement is a strategic priority for

Norconsult and Engaged is one of our core values.

Continuous awareness of employee feedback is

essential to maintain and improve working

conditions across the Group. To receive feedback

and engage with employees, we have multiple

communication channels, both formal and informal.

The EVP HR holds operational responsibility for

ensuring that engagement activities are carried out

and that feedback informs Group-level initiatives.

In each subsidiary, the operational responsibility for

employee engagement is delegated to the Managing

Director or HR Manager, who ensures that

engagement is embedded locally and aligned with

Group standards.

Employee survey – LiVEing

Our annual employee survey LiVEing is an integral

part of Norconsult’s employee engagement

processes. The purpose of LiVEing is to capture

employees’ perceptions of Norconsult across key

topics such as well-being, engagement, autonomy,

leadership and collaboration in addition to strategic

focus areas including sustainability and digitalisation.

In 2025, the employee survey was redesigned to

reflect the start of a new strategic period and the

transition to a new service provider. The survey is a

system-oriented solution based on a Likert scale (1–

5), replacing the previous index format (0–100).

Survey results are benchmarked against all other

companies using the same survey provider, as well

as companies within our industry, professional

services.

The survey is distributed to all permanent employees

who are not in a termination process or on leave,

and everyone is encouraged to participate. In 2025,

the response rate was 89 percent, a slight decrease

from 90 percent in 2024. The results are considered

representative and reliable. The survey results form

the basis for further efforts to maintain and improve

working conditions across the Group, and are

referenced throughout this report.


LiVEing	Target	2025	2024
Response rate	100 %	89 %	90 %

The survey results are presented to the management

teams of all business areas , as well as to the Group

Executive Management and the Board. Line

managers follow up on results with their teams,

ensuring that employees are engaged directly in

tracking performance against targets. HR Business

Partners provide targeted support to units with low

scores.

Survey results are analysed both at multiple

organisational levels, including Group, business areas

and departments, and across demographic groups.

For example, we compare results across genders and

different age groups to gain insights into how

material impacts affect different employee

segments. This enables us to identify patterns,

address specific needs, and ensure that

improvement efforts are inclusive, and data driven.

Workplace democracy

Norconsult aims to foster a strong culture of

corporate workplace democracy, and recognises the

right to collective bargaining. Open dialogue and

strong collaboration between management and

employees is highly valued, and in Norconsult we are

committed to ensuring that everyone has an

opportunity to influence decisions that affect their

working lives.


Norconsult Annual Report 2025	62		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Norconsult has a strong tradition for employee

ownership, which provides solid foundations for

making mutually beneficial decisions for both the

Group and our employees. Further, approximately

90 percent of all employees are covered by

collective bargaining agreements , and 60-70

percent are covered by local employee

representatives.

In Norconsult Norge AS, these agreements include

detailed information on dialogue, consultations and

negotiation processes related to employee rights.

This includes matters such as the financial and

operational situation of the Group, changes in

ownership, and other issues that may affect

employment and working conditions.

By engaging directly with trade unions, Norconsult

gains valuable insight into the perspectives of our

workforce, enabling us to address concerns

effectively and ensure that the employee voices are

heard and respected.

Employee representatives also participate in several

formal bodies, including:

– The Board of Directors, with employee-elected

members at both Group and subsidiary level.

Employee representatives also participate in the

Audit Committee and Compensation committee,

both of which are integral parts of the Board

– The European Works Council (EWC), established

in 2025, with 14 elected representatives from all

European subsidiaries. The EWC meets twice a

year to address transnational matters affecting

employees in at least two countries

– Other committees, such as the Working

Environment Committee

– Safety delegate roles

– The Young Professionals’ Council, consisting of

ten employees in Norconsult Norge aged 36

years or younger, which reports to the

management team in Norway twice a year

Employee representatives to the Board of Directors

and the European Works Council are elected by, and

represent all permanent and temporary employees.

Contingent workers are not eligible to vote.

Digital arenas for communication with employees

Norconsult offers several digital communication

channels to support employee dialogue,

involvement and engagement:

– Viva Engage: a collaboration and engagement

platform for all employees

– Panorama: the Group intranet providing news,

updates and internal information

– Digital town hall meetings: both at Group level

and within individual subsidiaries

These platforms are available for all permanent,

temporary and contingent workers.

Local engagement within subsidiaries

Each subsidiary is responsible for organising

employee engagement processes with its employees

and their representatives. This includes managing the

forms of interaction, including meeting formats,

participants and frequency

Subsidiaries with active unions and a high proportion

of employees represented by elected representatives

typically hold structured meetings between

management and representatives, following set

agendas, usually every quarter or every month. For

smaller subsidiaries without active unions,

engagement is facilitated in department meetings,

newsletters and town hall meetings.

S1-3 Remediation and complaints

mechanism

Employees are encouraged to raise any concerns or

needs in the workplace, with Group or local HR-

department, line management, assignment

management, or union and safety representatives.

Relevant matters include working conditions,

discrimination, harassment, and health and safety

incidents or concerns.

Norconsult also provides a secure and confidential

mechanism for reporting concerns, including

workplace grievances. Norconsult Speak Up, and

investigation procedures are described in further

detail in the governance chapter on page 75. On

average, 10 incidents are reported annually. See

further metrics in S1-17 on page 66.

Results from the employee survey, LiVEing, indicate

high levels of adherence to the Code of Ethics, and a

strong confidence in the reporting mechanism. The

relevant questions received scores of 4.3 and 4.2

respectively, on a scale from 1 to 5. All employees

are required to complete an annual e-learning Ethics

course, which includes training on the reporting

mechanism. In 2025, 88 percent of permanent

employees completed the course.


LiVEing	2025
Knowledge of ethical guidelines and where to find them*	4.3
Knowledge of whistleblowing channel*	4.2

*In the revised employee survey, these questions

have been made more action-oriented compared to

previous questions which focused primarily on

awareness. As a result, the 2025-results cannot be

directly compared with those from previous years.


Norconsult Annual Report 2025	63		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Working conditions

Material impacts, risks and opportunities related to working conditions

The double materiality assessment identified two impact and two risks related to working conditions.


IRO Title	IRO type	Location in the value chain	Time Horizon
Workload and work-life balance	Actual negative impact	Own operations	Long
Employee value proposition	Actual positive impact	Own operations	Medium-Long
Employee engagement	Risk	Own operations	Medium-Long
Competence development	Risk	Own operations	Medium-Long

All the material impacts, risks and opportunities affect all employees in own workforce, including permanent,

temporary and non-employees. Non-employees include contingent workers hired from other employers, who

participate in the organisation with similar tasks as employees.

Material impacts

Workload and work-life balance

Norconsult has an actual negative impact on our workforce related to excessive workloads and extended working

hours. High market demand and tight deadlines in the consulting industry can create significant work pressure,

which can lead to stress, anxiety, burnout, and a reduced ability to maintain work-life balance. These factors may

negatively affect employees’ health and overall well-being.

Employee value proposition

At Norconsult, we create a positive impact on our own workforce by offering a strong employee value proposition

that supports retention, well-being, and professional development. This includes competitive compensation and

benefits, opportunities for growth, and an inclusive corporate culture. Furthermore, financial and organisational

stability and growth support a predictable and secure work environment, contributing to long-term employee

satisfaction and engagement.

Material risks

Employee engagement

High employee engagement is important for Norconsult as it is essential to provide services aligned with client

demands and expectations. Norconsult must avoid actions or decisions that could unnecessarily undermine

employee engagement, including changes to the organisation or its priorities that are poorly communicated or

lacking in value. Lower engagement may reduce our ability to adapt to changing market and employee needs, and

by this diminish the potential value of our engagement processes. Lower engagement may therefore be harmful to

the quality of our services, adaptability, competitiveness and financial performance.

Competence development

The competence of our employees is a key driver of value creation. As professional advisors, we rely on

up-to-date knowledge and skills within a wide range of specialised disciplines. Without continuously developing

our competences, we will have fewer opportunities in the market, and lower success rate in tenders. This is likely

to hinder growth and reduce our revenue. Furthermore, insufficient competence development may degrade our

employee value proposition.

Management of impacts, risks and opportunities related to working

conditions

S1-4, S1-5 Actions and targets related to working conditions

Workload and work-life balance

Norconsult promotes a healthy balance between professional and personal life, recognising its importance for

employee well-being and engagement. We are committed to ensuring that working hours are reasonable and in

compliance with applicable laws and regulations. Our work environment prioritises health and safety, and we strive

to provide support, particularly in challenging periods.

Norconsult monitor employees’ experienced work-life balance through the annual employee survey, LiVEing.

The goal, set by the Group Executive Management, is to improve the work-life balance score each year. Survey

results are reviewed and discussed across all departments. In 2025, the score was 3.8 on a scale from 1 to 5, a

slight decrease from 3.9 in 2024.

In 2025, we introduced new questions in the LiVEing survey to assess employee health. The aim is to identify both

early signs and more severe symptoms of stress. The initial health score was 3.6 out of 5. As this is the first year of

measurement, trend analysis is not yet possible. However, the result aligns with benchmarks for both all

companies using the same survey provider, and companies within our industry.


Norconsult Annual Report 2025	64		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

The survey results revealed that questions related to

work-related stress and its impact on health received

the lowest score. In departments with high levels of

overtime and accumulated vacation days, managers

are supported to identify measures to reduce

employee workload. At the same time, we recognise

that insufficient workload can also be a source of

stress. Therefore, departments experiencing low

activity levels also receive support.

To promote work-life balance, Norconsult offers a

range of services, including stress management

courses, psychological counselling, and medical

support. Employees benefit from flexible working

hours, and may work from home part-time in

agreement with their line manager. Benefits may

vary across subsidiaries of the Group.

In 2025, we continued our efforts to assess working

conditions within assignments in Norconsult Norge

AS. A second pilot was conducted, leading to the

decision to implement regular assessments. We are

currently developing their scope and structure, and

plan to integrate them into regular operations.

Norconsult marks the World Mental Health Day

annually with a group-wide initiative. In 2025, the

focus was on building mental resilience in the

workplace.

Employee value proposition

Norconsult monitors its attractiveness as an

employer among students and professionals through

employer rankings. In 2025, Norconsult was named

Norway’s most attractive employer for professional

consulting engineers for the sixth consecutive year

by the employer branding agency Universum. In

Sweden, Norconsult was recognised as a career

company for the fifth year in a row by another

branding agency, Karriärföretagen. In 2025, we

achieved an Employee Net Promoter Score (eNPS) of

25, which is 14 points above the average for other

companies using the same survey provider.

Employee engagement.

Employee Group Engagement is measured through

the annual LiVEing survey. The Engagement Index

reflects the overall result, and is calculated as the

average of all survey questions. Group Management

has set an Engagement target of above 4.0 on a

scale from 1 to 5. In 2025, the Engagement score

was 4.0. Due to revisions made to the survey in

2025, the results are not directly comparable to

those from previous years. However, compared to

external benchmarks, the engagement score for

Norconsult is higher than both the general average

and the industry-specific average among companies

using the same survey provider.

This year’s survey results show that Norconsult

performs well across several areas, particularly in

comparison with external benchmarks. Employees

report a strong sense of meaning in their work and

highlight positive relationships with their colleagues

and managers.

A high proportion of employees within the Group are

covered by collective agreements and are

represented by employee representatives. Clear

frameworks for working conditions, combined with

genuine influence in decision-making processes,

foster strong engagement and a sense of belonging.

Competence development

Professional development at Norconsult is managed

by Norconsult Academy at Group level, and by our

discipline networks in Norway and Sweden.

Norconsult Academy is based on the principle that

competence is the sum of knowledge, skills and

attitude. Our training initiatives follow the 70:20:10

model, which defines learning as a combination of

experience in assignments (70 percent), guidance

from colleagues in assignments and discipline

networks (20 percent), and formal training (10

percent). We support this through structured

learning pathways, active reflection on ways of

working, and follow-up in assignments,

development work and performance appraisals.

Norconsult Academy provides training programmes

in core consulting skills, project management, and

leadership. Topics include Group culture,

organisation, ethics, HSE, IT security, and project

execution.

Our advisors collaborate through national discipline

networks to promote competence development,

knowledge sharing, and mutual support. These

networks also develop specialised routines to ensure

high and consistent quality in our services. The wide

range of specialised knowledge and expertise within

these communities enhance knowledge sharing,

which contributes to Norconsult’s competitive

position. All employees, except those in staff

functions, are required to be part of a discipline

network.

In 2025, we implemented several initiatives to

strengthen learning and development across the

organisation. These included the introduction of a

new project manager training programme in

Norway, leadership forums across the group with a

focus on business acumen, and locally managed

project manager courses in Norway, Sweden, and

Denmark. For the first time, performance appraisals

were conducted consistently across the Group, as

part of the implementation of the new Group-wide

job architecture.

Learning and development, along with perceived

development opportunities, are monitored through

the LiVEing survey. In 2025, Learning and

development received a score of 3.9 out of 5, while

development opportunities scored 3.5. As these are

new additions to the revised employee survey,

comparisons with previous years are not possible.

Our score for learning and development matches

the average for other companies, while no

benchmark is currently available for development

opportunities.

Equal access to talent-developing and

career-promoting assignments is an important

measure of equality in competence development. In

the 2025 survey, both indicators received equal

scores by female and male employees.

Metrics related to own workforce

S1-6 Characteristics of Group employees

The Group has 7 442 employees in 23 different

subsidiaries located in eight countries. Key

employees presented under Norconsult in brief on

page 3 includes only a rounded figure for permanent

employees. In the financial statements note 8, FTE is

reported as 7 051 at year-end, including only

permanent employees. In the sustainability report,

we use headcount numbers, including both

temporary and permanent employees, while

contingent workers are excluded. In 2025, our

employee turnover rate was 10.6 percent, i.e., 669

employees left the Group.

The following table shows subsidiaries with the

corresponding headcount number per country. In

the other metrics and tables included, we report

individually for countries with 50 or more

employees, i.e., Norway, Sweden, Denmark and

Iceland . Poland and Finland are grouped as Other

EEA, while Malaysia and Indonesia are grouped as

Non-EEA. All assumptions and calculations are

explained in S1 - Accounting policies on page 71 at

the end of the chapter.


Norconsult Annual Report 2025	65		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information


Headcount per country including temporary employees
Company	Norway	Sweden	Denmark	Iceland	Poland	Finland	Other*
Dr. Ing. A. Aas-Jakobsen AS	154
Geovita AS	27
Kjeller Vindteknikk Oy						8
Metier AS	252
Norconsult Boreteknikk AS	21
Norconsult Danmark A/S			421
Norconsult Digital AB		22
Norconsult Fältgeoteknik AB		12
Norconsult Ísland ehf.				26
Norconsult Norge AS	4 110
Norconsult Polska Sp. Z.o.o					44
Norconsult Sverige AS		1 601
Nordic Office of Architecture AS	195
Nordic Office of Architecture A/S			144
Nordic Office of Architecture ehf.				61
NorPower SDN Bhd							10
PT Norconsult Indonesia Consulting							4
SQM AS	8
Technogarden Albatross Prosjektledelse AS	5
Technogarden AS	80
Technogarden Engineering Resources AB		58
Technogarden Human Resources AS	139
Aas-Jakobsen Trondheim AS	40
Total	5 031	1 693	565	87	44	8	14

*Other consists of Indonesia and Malaysia

The following tables provide more detail about the structure of our workforce, including permanent and

temporary employees, as described in S1 Accounting policies.


Employee turnover	2025	2024
Employee turnover rate	10.6 %	10.4 %
Number of employees who left	669	628


Number of employees by gender (headcount)
Gender	2025	2024
Male	4 786	4 305
Female	2 589	2 290
Other	2	1
Not reported	65	123
Total employees	7 442	6 719


Number of employees by country with significant employment (headcount)
Country	2025	2024
Norway	5 031	4 503
Sweden	1 693	1 563
Denmark	565	524
Iceland	87	76


Number of employees by contract and gender (headcount)
	2025					2024
	Female	Male	Other*	Not Disclosed	Total	Female	Male	Other*	Not Disclosed	Total
Number of employees	2 589	4 786	2	65	7 442	2 290	4 305	1	123	6 719
Number of permanent	2 554	4 627	2	56	7 239	2 238	4 135	1	90	6 464
Number of temporary	29	148	0	7	184	43	155	0	25	223
Number of non- guaranteed	6	11	0	2	19	9	15	0	8	32
Number of full- time employees	2 308	4 460	2	58	6 828	2 031	3 993	1	112	6 137
Number of part- time employees	281	326	0	7	614	259	312	0	11	582


Norconsult Annual Report 2025	66		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

During 2025, the number of permanent employees has increased from 6 464 to 7 239, an increase of 12 percent.

The turnover ratio has increased slightly from 10.4 percent in 2024 to 10.6 percent in 2025.

In total, 92 percent of our employees have full-time contracts. The share of female employees with part-time

contracts is slightly higher than for male employees.

S1-10 Adequate wages

All employees are compensated in accordance with Directive (EU) 2022/2041. The Group adheres to legal

minimum standards for wages and benefits, ensuring regular payments. Norconsult guarantees that both

employees and subcontractors receive wages and working conditions that meet industry standards for their

location and profession. Due diligence processes are conducted to mitigate the risk of non-compliance.

Not all subsidiaries are covered by collective bargaining agreements. Alternative mechanisms ensure adequate

wages based on market levels, official reports, industry statistics and feedback from recruiting agencies.

S1-11 Social protection

All employees in EU/EEA locations are covered by social protection through public programmes and company

benefits. As detailed in S1-6, we have 14 employees in countries outside the EU/EEA, specifically in Malaysia and

Indonesia. These employees are protected through company-provided insurance and other measures. All

Norconsult employees are covered by social protection programmes related to sickness, unemployment,

employment injury, parental leave, and retirement.

S1-17 Incidents, complaints and severe human rights impacts

In 2025, a total of ten incidents and concerns related to workplace grievances were raised in the reporting

channel, Norconsult Speak Up. Of these, there were no severe cases that led to disciplinary actions. All cases were

followed up, and appropriate measures were implemented by HR, Internal Audit or management. Of the ten cases

raised, two were related to discrimination and one case was related to harassment. No complaints were reported

to the national contact points for OECD Multinational Enterprises.

There were no severe human rights incidents in the period, and therefore no fines, penalties or compensation

were paid to remedy this.


Incidents and complaints	2025	2024
Severe human rights incidents connected to workforce	0	0
Incidents of discrimination & harassment	3	1
Complaints filed through grievance/complaints mechanisms	10	10
Total amount paid in fines, penalties and compensation for damages as a result of incidents of discrimination, including harassment and complaints filed	0	0
Complaints filed to national contact points	0	0
Amount paid in fines, penalties and compensation for damages as a result of violations regarding social and human rights factors	0	0
Number of severe human rights issues and incidents connected to own workforce that are cases of non-respect of UN Guiding Principles and OECD guidelines	0	0


Norconsult Annual Report 2025	67		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Health and safety

Material impacts, risks and opportunities related to health and safety

The double materiality assessment identified two impacts related to health and safety.


IRO Title	IRO type	Location in the value chain	Time Horizon
Health and safety outside office premises	Actual negative impact	Own operations	Short
Health and safety in the office environment	Actual negative impact	Own operations	Short

Material impacts

Health and safety outside office premises

Norconsult has an actual negative impact on our workforce by exposing employees to health and safety risks

during site visits, inspections and other field work conducted outside office premises. These environments may

involve physical hazards, unpredictable conditions, and limited control over local safety practices. As a result,

employees may experience accidents, injuries, near misses or other work-related health and safety impacts.

Health and safety in the office environment

Norconsult has an actual negative impact on our workforce by exposing employees to health and safety risks

within the office environment. Factors such as ergonomic strain and psychosocial challenges in the working

environment may have adverse impacts on physical and mental well-being.

Management of impacts, risks and opportunities

Norconsult conducts its operations with the highest regard for the health, safety and security of all employees. We

strive to maintain a safety conscious working environment in line with relevant health and safety requirements and

guidelines. We ensure that all employees are properly involved, equipped, trained, and informed to maintain and

develop our safety culture.

We maintain a continuous focus on identifying risks, potential accidents and non-conformities. Hazards shall be

identified, mitigated and monitored to prevent accidents, occupational illnesses, and deliberate threatening or

violent actions in, or resulting from Norconsult’s business operations.

S1-4, S1-5 Health and safety actions and targets

Norconsult has implemented comprehensive health and safety initiatives in all subsidiaries. Various initiatives

strengthen the safety culture, including group-wide definitions of injury indicators and potentially dangerous

situations. Initiatives also include ergonomic assessments in the workplace, gender-adapted protective equipment,

and active sports teams at several office locations. The Group encourages physical activity in daily life

Further, procedures for safe work outside the office is part of the management system. Risk assessments are to be

tailored to specific work situations and continuously updated based on reported near misses and injuries. All new

employees receive training in relevant safety procedures. Norconsult Norge AS has set a target of achieving a near

miss to injury ratio above 3.0. In 2025, the ratio was 2.9. The plan is to expand this target to all subsidiaries in the

Group. Use of this indicator promotes a strong reporting culture and emphasises the importance of near miss

reporting to gain insights that help prevent more serious accidents and injuries.

Norconsult has an ambition to keep sickness absence below 3 percent, covering both short-term and long-term

absence. In Norconsult Norge AS, the development is reviewed and discussed quarterly with employee

representatives and the Working Environment Committee. Among initiatives to reduce sickness absence, we

analyse absence across demographic groups to identify those most at risk and plan appropriate measures.

S1-14 Employee health and safety metrics

In 2025, the Group reported 203 HSE (Health, Safety, and Environment)-related incidents, including four lost-time

injuries, 53 minor injuries, and four injuries that required medical treatment. The number of reported near-misses

has continuously increased from 52 in 2022 to 142 in 2025, primarily due to improved reporting processes and

systems in subsidiaries, and strengthened focus on using near-miss reporting for improvement and risk mitigation.

The Group’s Lost Time Incidents Rate (LTIR) result is 0.4 and the Total Recordable Incidents Rate (TRIR) is 0.81.


Health and safety	2025	2024
% workforce covered by H&S management system	100 %	100 %
Number of fatalities	0	0
Number of fatalities of other workers working on own sites	0	0
Number of incidents	203	155
Total recordable incident rate ('TRIR')	0.81	0.76
Days lost to work-related injuries, ill-health, accidents and fatalities	50	193

Sickness absence at group level was unchanged from 2024, with the same short-term and long-term absence.


Sickness absence	2025	2024
Total	4.0 %	4.0 %
Short-term	2.2 %	2.2 %
Long-term	1.8 %	1.8 %


Norconsult Annual Report 2025	68		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Equal treatment

Material impacts, risks and opportunities related to equal treatment

The double materiality assessment identified one impact related to equal treatment, and one risk.


IRO Title	IRO type	Location in the value chain	Time Horizon
Discrimination and harassment	Potential negative impact	Own operations	Short-Medium-Long
Workforce diversity	Risk	Own operations	Medium-long

Material impacts

Discrimination and harassment

Ensuring equal treatment and inclusion is critical in a work environment that is highly reliant on a satisfied and

engaged workforce. Failure to prevent incidents of discrimination and harassment can damage and undermine

employee well-being and trust. Incidents may lead to psychological harm and reduced engagement, and over

time, this can increase turnover, decrease retention, and impair our employee value proposition.

Material risks

Workforce diversity

Failure to actively promote and manage workforce diversity can limit our ability to attract and retain top talent,

which can have adverse consequences on the quality of our assignments. Lack of diversity may be perceived as a

hindrance to innovation or new perspectives among existing employees, and be viewed as a drawback by

potential employees. Effectively managing workforce diversity enables Norconsult to attract and leverage talent

from a broad range of backgrounds.

Management of impacts, risks and opportunities

Attracting, developing, and retaining top talent is essential to maintaining Norconsult’s competitiveness. To remain

an attractive employer for a wide pool of talent, the organisation is actively working to strengthen diversity.

Norconsult recognises diversity as a driver of innovation, high employee engagement, and a healthy and

supportive work environment. We are committed to ensuring that every employee can reach their full potential,

regardless of their identity or background.

S1-4, S1-5 Actions and targets related to equal treatment

Discrimination and harassment

Norconsult has zero tolerance for any form of workplace harassment, whether it originates from colleagues within

the Group, clients, or other external parties.

As detailed in S1-3, incidents of workplace harassment are monitored through the reporting channel Norconsult

Speak Up, with an ambition of zero reported cases annually. In 2025, three cases were reported. In the 2025

employee survey, we introduced a question related to harassment and bullying where a higher score indicates low

frequency. The score was 4.7 out of 5, exceeding the 4.5 benchmark for all organisations using the same provider.

HR business partners follow up incidents with line management.

Workforce diversity

Equal treatment and an inclusive business culture is important to Norconsult. In 2025, we conducted a diversity

assessment across the group, to identify inclusiveness and diversity in our organisation, and assess the relationship

between them. As stated in section S1-1, we have initiated the development of a Diversity and Inclusion Policy to

address these topics.

To monitor diversity and inclusion, we introduced additional questions in the LiVEing survey related to perceptions

of inclusion and diversity. The aggregate score across these questions were 4.0 out of 5 in 2025.

We have continued to follow up on the outcomes of the Diverse Recruitment project which was implemented in

2024. Measures have been implemented in Norway and Sweden, and we plan to expand to Denmark next. The

project aims to increase diversity in recruitment, including characteristics such as ethnicity, gender, religion, and

sexual orientation. As such characteristics is difficult and often illegal to register, we currently rely on gender

distribution as an indicator of diversity in recruitment. Our ambition is to achieve a gender distribution of 40/60,

and we are working on translating this ambition into specific targets for different disciplines and parts of the

organisation. Gender distribution is reported quarterly in meetings with employee representatives.


Gender distribution
	Ambition		Current
	Female	Male	Female	Male
Norway	40 %	60 %	34 %	66 %
Sweden	40 %	60 %	40 %	60 %


Gender distribution in recruitment
	Applicants		New hires
	Female	Male	Female	Male
Norway	38 %	62 %	41 %	59 %
Sweden	40 %	60 %	45 %	55 %


Norconsult Annual Report 2025	69		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Norconsult marks International Women’s Day, Pride, World Mental Health Day, and the Say Hello campaign to

raise awareness and create spaces for dialogue, discussions, and reflections within the organisation. Norconsult

Norge AS partners with the non-profit organisation MOT to further their work to support and develop youth.

S1-9 Diversity metrics

The age distribution remained stable from 2024 to 2025, with a slight decrease in younger age groups and an

increase in the oldest age groups. This caused by the acquisition of companies with a slightly larger proportion of

employees in higher age groups.


Age distribution
	2025		2024
	Headcount	%	Headcount	%
Under 30 years old	1 096	15 %	1 147	17 %
Between 30-50 years old	4 117	56 %	3 796	56 %
Over 50 years old	2 162	29 %	1 776	26 %

Gender distribution varies by region, with both Sweden and Iceland above the 40/60 target. The proportion of

female employees is particularly low in the highest age group (above 50 years). Overall, 35 percent of all

employees are female, and 33 percent of all managers are female.


Norconsult Annual Report 2025	70		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

S1-16 Remuneration metrics

Norconsult practices individualised salary

determination to ensure a competitive, motivating,

and accountable remuneration policy, which reflects

employees’ position, performance and skills.

Norconsult’s remuneration packages consists of

fixed and variable pay, including performance related

elements, employee share schemes, pension plans

and other benefits, such as health insurance. The aim

is to offer competitive compensation packages

aligned with industry benchmarks in all operating

countries.

Active efforts are made to promote equitable pay

across the Group. In 2024, the average salary of a

female employee was approximately 8 percent lower

than the average male employee’s remuneration.

Across the Group, the highest-paid individual earns

4.5 times the median salary (remuneration ratio).

Gender pay gaps are on level with 2024 with slight

variation between countries. In Iceland, where the

number of employees is lower, individual salary

differences have a greater impact on the overall

figures. Here we observe a slight reduction in the

gender pay gap from 2024 to 2025.

Higher salaries among senior employees, combined

with a lower representation of female employees in

this subset, contribute to the overall gap. When

analysing salary by experience level, the gap

narrows, particularly for employees with less than 15

years of experience. The gap is also smaller among

those in managerial positions. These findings suggest

that the pay gap is largely explained by the higher

proportion of male employees in older age groups

and in managerial positions.

In 2025, Norconsult introduced a new career

framework, placing all employees into defined Job

Families and Job Levels based on their roles. This

framework forms a basis for our continued

alignment with the EU Equal Pay Directive, which will

take effect in 2026. As a next step, we plan to

implement a pay equity platform to enable internal

salary comparisons and further strengthen

transparency.


Gender pay gap	2025	2024
Gender pay gap total	8 %	8 %
Norway	8 %	8 %
Sweden	9 %	9 %
Denmark	8 %	8 %
Iceland	18 %	21 %
Remuneration ratio of the highest paid individual	4.5	4.0

Gender pay gap is now presented according to ESRS

requirements for calculating pay gap, rather than a

ratio of female to male remuneration ratio as

presented in our 2024 annual report


Gender pay gap by experience level
	0-5 years	5-10 years	10-15 years	>15 years
Norway	0 %	1 %	4 %	6 %
Sweden	0 %	5 %	0 %	8 %
Denmark	8 %	4 %	-2 %	12 %


Gender pay gap by manager position
	Is manager	Not managers
Norway	2 %	7 %
Sweden	4 %	8 %
Denmark	7 %	9 %


Norconsult Annual Report 2025	71		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

S1 Accounting policies


ESRS DR	Data point /metric	Accounting policy
S1-6	Data Quality	As of December 31st, 2025, 99 percent of employees have registered gender and birthdate in the HRM System.
S1-6	Headcount / FTE	We present the data as headcounts at the end of the reporting period, December 31st, 2025.
S1-6	Permanent employee	Permanent employees are employed within one of the subsidiaries in the Group and have working contracts with no fixed end date.
S1-6	Temporary employee	Temporary employees are employed within one of the subsidiaries in the Group with a working contract with a fixed end date.
S1-6	Non-guaranteed hours employee	Non-guaranteed hours employees are employed by a Group subsidiary on hourly-based contracts. They do not have a fixed employment percentage employment but record hours as they receive tasks.
S1-6	Total number of employees	Employee data is based on data in Norconsult’s HRM system Workday. The total number of employees is based on the headcount value per December 31st, 2025. Total number of employees includes permanent, temporary and non-guaranteed hours employees. Contingent workers are not included.
S1-6	Number and rate of employee turnover	The number of employees who left Norconsult during the reporting year includes employees who resigned their position at their own request, or due to dismissal, retirement, downsizing or death. The turnover rate is calculated as the total number of employees who left the subsidiary during the reporting year divided on the average of total headcount on January 1st and December 31st. All turnover numbers are based on permanent employees only. Technogarden, Aas-Jakobsen Group and Metier are not included in the calculations.
S1-6	Full-time employee	Total number of employees includes permanent, temporary and non-guaranteed hours employees. Contingent workers are not included.
S1-6	Part-time employee	A part-time employee is an employee who is registered with less than 100 percent position. All employee types except contingent workers are included.
S1-11	Social protection	Social protection refers to whether the employees get medical help or income support in the case of illness, employment injury or disability, giving birth or retiring, no matter if they are covered by the company or the government. We include countries with more than 10 employees in the reporting.
S1-14	Health and Safety Management System	Percentage of people in own workforce covered by the health and safety management system
S1-14	Total Recordable Incidents	Number of Lost Time Incidents and Medical Treatment Incidents
S1-14	Lost Time Incidents Rate (LTIR)	Number of lost time incidents* 1 million / total working hours
S1-14	Total Recordable Incidents rate (TRIR)	Total recordable incidents* 1 million / total working hours
S1-14	Days Lost	Number of full lost workdays due to injuries and fatalities, including lost days from injuries that occurred in the previous year
S1-14	Sick Leave	Sick leave is calculated based on input from the subsidiaries; total number of short-term/long term sick leave, divided by total standard working hours for all permanent employees. Hours for employees on parental leave are deducted from the total number of standard working hours.Technogarden is not included, due to differences in available data.
S1-17	Incidents, complaints and severe human rights impacts	Number of complaints raised are based on number of cases reported in the Norconsult Speak Up reporting channel. The channel covers all subsidiaries in the Group. We report the total number of reported cases as well as substantiated cases. Substantiated cases refer to instances where there have been violations of the law or serious breaches of our ethical guidelines that lead to reporting or dismissal. Registered cases are categorised based on content into five different categories: human rights incidents, corruption and bribery, discrimination, harassment and other.
S1-9	Women in top management	Top management is defined as Norconsult’s executive management team and includes the Chief Executive Officer (CEO) and all Executive Vice Presidents (EVPs). The calculation is based on number of women divided by total number of individuals.
S1-9	Age distribution	Age distribution is based on headcount-numbers. All employee types except contingent workers are included.
S1-16	Total remuneration	Total remuneration is calculated based on the ratio between median annual base salary for all employees (excluding the highest paid individual) and annual salary for the highest paid employee in each country. Salaries are converted to full-time salaries for those with part-time positions.Total remuneration ratio for the Group is based on remuneration ratio for each country, weighted with number of employees.
S1-16	Gender pay gap	Gender pay gaps are calculated based on average annual base salary for each gender. Salaries are converted to full-time salaries for those with part-time positions. Employees with hourly pay are not included in the calculations. All employee types except contingent workers are included. Gender pay gaps are calculated as (average pay male employees – average pay female employees)/(average pay male employees). We also differentiate for managers/ non-managers and different experience levels. Experience level is based on age as an estimate of experience level. Employees compensated on an hourly basis are not included in the calculations.

Governance

information

High standards for business conduct are essential for

maintaining trust, reputation, and long-term success for

Norconsult.

This section outlines Norconsult’s impacts, risks, and

opportunities related to governance, along with relevant

policies, actions, metrics, and targets


ESRS G1 Business conduct . . . . . . . . . . . . . . . . . . . . . . . . . . . .	73


Norconsult Annual Report 2025	73		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

G1 Business conduct

Material impacts, risks and opportunities related to business conduct

The double materiality assessment identified four impacts and two risks related to business conduct.


Subtopic	IRO Title	IRO type	Location in the value chain	Time Horizon
Corporate culture	Strong corporate culture	Actual positive impact	Own operations	Medium
	Professional conduct and quality	Potential negative impact	Downstream	Medium-long
	Professional conduct and compliance	Risk	Own operations	Medium
Whistleblowers	Protection of whistleblowers	Potential negative impact	Own operations	Short
Corruption and bribery	Corruption and bribery	Potential negative impact	Own operations	Short
Corruption and bribery	Conflicts of interest	Risk	Own operations	Short

Material impacts

Strong corporate culture

Norconsult’s corporate culture has an actual positive impact on the workforce by fostering employees’

professional conduct and development. By encouraging responsible business practices and supporting our

employees’ learning and development, we improve their ability to deliver quality work. This leads to motivation,

engagement, and well-being among our employees.

Professional conduct and quality

Failure to uphold professional standards, requirements, and expectations in assignments can compromise project

quality. It can result in errors in design or execution which undermines the societal value of the client project, and

can diminish trust in infrastructure and institutions. Accidents, incidents and systemic failures can have adverse

effects on public health, safety, and economics. This potential negative impact extends to a wide group of

stakeholders downstream in the value chain, and in society at large.

Protection of whistleblowers

Norconsult has a potential negative impact if the organisation fails to effectively safeguard whistleblowers.

Concerns over anonymity or fear of retaliation can affect individual’s well-being and discourage them from

reporting misconduct. Failing to adequately protect whistleblowers may allow unethical behaviours to emerge and

persist in our organisation.

Corruption and bribery

Norconsult has a potential negative impact on society through corruption and bribery in the value chain,

particularly in geographic locations with weak regulatory enforcement. Insufficient anti-corruption measures can

undermine public trust, distort market competition, and increase inequality.

Material risks

Professional conduct and compliance

In addition to its adverse impacts on society, failure to perform according to high standards for professional

conduct also exposes the organisation to financial and operational risks. Not adhering to regulatory framework or

client expectations can incur contractual penalties and reputational damage, diminishing Norconsult’s

competitiveness and reputation.

Conflicts of interest

Conflicts of interest occur when personal or financial factors compromise impartiality in professional decisions.

For Norconsult, conflicts of interest are relevant in context of our assignments and relationships with business

partners. Conflicts of interest may impair the quality of the solutions we design, lead to corruption and bribery, and

inhibit fair competition. Such instances can erode trust in Norconsult, damage our reputation and result in legal or

financial consequences including loss of key business relationships.

Management of impacts, risks, and opportunities related to

business conduct

G1-1 Business conduct policies and corporate culture

Code of Ethics

Norconsult’s approach to ethics is governed by our Code of Ethics (The Code), which applies to all employees,

permanent and temporary, regardless of position. Our guiding principle in ethics is that all our behaviour must

withstand public scrutiny. The Code defines the ethical standards we shall act upon, laying the foundation for how

we engage with other employees, clients, suppliers and business partners. The Code is available to all employees

through the Norconsult intranet.

The Code addresses business conduct topics through embedding our LiVE principles for leadership, values, and

ethics, by defining principles for whistleblower protection, and by outlining zero tolerance for corruption and

bribery. The code contributes to fostering a culture of integrity, transparency, and accountability. It is formally

approved by the Board of Directors and overseen by the CEO.

The code is aligned with internationally recognised frameworks, including the UN Global Compact, the Norwegian

Transparency Act, and the World Bank Group Integrity compliance guideline. The latter has been central to the

establishment of the Code and our anti-corruption efforts related to external parties.


Norconsult Annual Report 2025	74		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Professional conduct

Norconsult’s has an ambition to make a decent profit

decently for the benefit of our shareholders,

employees, and society. To achieve this, we must

operate according to high expectations and

standards for professional conduct. Employees of

Norconsult are expected to provide quality services

tailored to the specific needs of each individual client

and their project.

Our clients place trust in our competence and

expertise to support their value creation and project

success. We do so by delivering according to

commitments and expectations for time, cost, and

quality of the solutions.

In our ambition to make a decent profit decently, it is

important that we remain an independent, impartial

party. To ensure this, we must avoid any conflicts of

interest that can interfere with the objective exercise

of our duties. Norconsult employees shall not

attempt to gain unfair advantages for Norconsult,

themselves, friends or relatives. Professional conduct

is a key component of our corporate culture and is

embedded in our management system (NORMS).

Relevant policies include the Code of Ethics, our

Policy for Assignments, and our principles for

assignment execution LiVE PRO. These policies and

principles promote integrity, accountability, and

transparency throughout our organisation and

services.

It is our belief that stringent standards and

frameworks for professional conduct is both a

prerequisite for conducting business in our industry,

and is essential to maximise outcomes for both

Norconsult, our clients, and all people involved in

our undertakings.

Supporting business conduct performance

All employees are required to familiarise themselves

with Norconsult’s business conduct policies and act

in accordance with their principles. We have

established several initiatives within knowledge

sharing and training to support business conduct

performance. Training covers topics such as line

management, and assignment execution and

management. For knowledge sharing, networks have

been established to ensure interdisciplinary

collaboration and sharing of expertise between

assignments and business units. These initiatives

empower employees to make informed, responsible

and ethical decisions aligned with Norconsult’s

values and stakeholder expectations.

Norconsult provides mandatory annual training for

all employees, with practical guidance on navigating

role-relevant ethical and professional dilemmas,

including conflicts of interest and anti-corruption

and bribery. Management ensures near-total training

completion, while HR monitors and assesses

progress. As the mandatory training includes anti-

corruption and anti-bribery, 100 percent of functions

deemed at risk of exposure are covered.

Integrity due diligence (IDD) is performed on

business partners including suppliers, clients in high-

risk jurisdictions, and companies under consideration

for acquisition. Risk of corruption and bribery is

assessed using Transparency International’s

Corruption Perceptions Index (CPI), and based on

countries that are considered to be tax havens or are

subject to EU, UN or US sanctions. The IDD

screening involves systematic ethical background

checks using digital tools and open-source research.

A third-party vendor is engaged when enhanced due

diligence is considered necessary.

In addition to training, knowledge sharing, and IDD,

business conduct is a regular topic in management

processes such as strategic risk management, and

meetings with Group Executive Management and

the Board.

Employee feedback and engagement surveys are

used to continuously monitor and enhance ethical

standards, business conduct performance, and our

corporate culture. Refer to S1-2 on page 61 and S1-3

on page 62 for more details on employee

engagement. Business conduct performance is also

evaluated through structured monitoring and

reporting mechanisms, and external and internal

audits. Over time, these processes and controls

contribute to maintaining the Group’s reputation and

stakeholder trust.

Business conduct –

actions and targets

Reporting and investigating business conduct

incidents

It is the duty of all employees to report any ethical

concerns or breaches of conduct. In the context of

conflicts of interest, employees must notify their line

manager as soon as the potential for a conflict arises.

Managers at all levels must ensure that their teams

are aware of these responsibilities and encourage

them to seek guidance on application from relevant

staff functions.

Employees are encouraged to raise any concerns

with Group or local HR-department, line

management, assignment management, or union

and safety representatives. All reported matters and

concerns will be handled fairly, appropriately, and

with confidentiality.


Norconsult Annual Report 2025	75		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Norconsult’s management system (NORMS) defines the framework for prompt, independent, and objective

investigation of business conduct concerns and incidents, including those related to corruption and bribery. All

investigations are conducted by employees which are independent from the management chain involved and

have relevant competences to the matter under review.

The processing of reported matters depends on the nature and severity of the incident in question. Emergency

preparedness procedures apply in cases involving serious or immediate threats to safety. The outcome of

processed matters may be disciplinary actions, system-wide preventive measures, and termination of employment

or business relationships.

Norconsult Speak Up

Norconsult Speak Up (Speak Up) is the Group’s secure channel for reporting ethical concerns and breaches of

conduct, including whistleblowing. This anonymous, third-party managed platform helps Norconsult become

aware of and address potential instances of misconduct. Speak Up is governed by the Code of Ethics and

implemented in compliance with Directive (EU) 2019/1937 which ensures that whistleblowers who report in good

faith can do so safely and without fear of retaliation.

Both employees and external stakeholders, including clients and business partners, may use Speak Up to report

any behaviour or incidents they consider to be illegal or in violation of the Code. The platform is managed by an

independent external lawyer and the Group Internal Audit Department. It is available in Norwegian, English,

Swedish, and Danish and is accessible via Norconsult’s website and intranet. All matters through Speak Up are

initially investigated by the external lawyer, followed by Internal Audit as the primary case handler. Internal Audit

adheres to a structured process of evidence collection, interviews, and documentation review. For particularly

sensitive or complex cases, oversight is provided by the Integrity Council, comprising senior management

representatives and the Chief Internal Auditor. Statistics about cases handled are reported to the Board of

Directors and the Audit Committee.

Refer also to S1-3 on page 62 for how Norconsult Speak Up is used for workplace grievances, and to S1-17 on

page 66 for associated metrics.

G1-3 Corruption and Bribery

In Norconsult we exercise zero tolerance towards all types of corruption and bribery, as outlined by the Code.

Norconsult employees with decision-making powers are considered to be most at risk of corruption and bribery.

This includes line and assignment managers, and CFOs at group and subsidiary levels due to their roles and

responsibilities. However, we consider the risk of internal incidents to be low on account of our corporate culture,

governance frameworks, and the low risk associated with the business environment in our predominantly Nordic

operations. We consider the risk to be higher in the value chain for our operations in South-East Asia.

Multiple measures are intended to mitigate the risk of corruption and bribery throughout our value chain. Potential

business partners considered to be at high risk are subject to integrity due diligence (IDD) and must sign a

declaration on code of conduct. Employees must report transactions that can be misinterpreted as facilitation

payments, and the use of intermediaries must be documented and reviewed in line with Norconsult’s Procedure

for use of intermediaries. Any such involvement requires board approval and periodic reassessment.

Metrics related to business conduct

G1-4 Incidents of corruption and bribery

During the reporting period, Norconsult has not experienced any incidents of fraud, corruption, bribery, or

breaches of anti-trust or competition laws. No cases of corruption and bribery were brought against the Group,

and no convictions or fines were issued for violations of anti-corruption and anti-bribery regulations.

G-1 Accounting policies


ESRS DR	Paragraph	Data point / metric	Accounting principle
All	-	-	All metrics reflect the year-to-date period starting January 1, 2025, to 31 December 2025
G1-1	10c	Whistleblowing reports	This represents the total number of reports related to business conduct submitted through the whistleblowing channel. It reflects the number of cases reported, not the number of confirmed incidents
G1-4	24a	Number of convictions for violation of anti-corruption and bribery laws	The number of convictions recorded against Norconsult employees during the reporting period.
G1-4	24a	Amount paid in fines for violation of anti-corruption and anti-bribery laws	Amount paid in fines in NOK during the reporting period.
G1-4	36d	Information about public legal cases regarding bribery or corruption	Number of cases recorded


Norconsult Annual Report 2025	76		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information



	This document has been digitally signed
	Sandvika 9 April 2026

Nils Morten Huseby	Mari Thjømøe	Lars-Petter Nesvåg	Karl Erik Kjelstad
Chair	Deputy Chair	Board member	Board member

Helge Hesjedal Wiberg	Sandra Annette Angelica Kuru	Oskar Hove Zimmer	Maria Elisabeth Hjerppe
Board member	Board member	Board member	Board member

	Egil Olav Hogna
	Chief Executive Officer


Norconsult Annual Report 2025	77		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Independent Sustainability Auditor's Limited Assurance Report

To the General Meeting of Norconsult ASA

Limited assurance conclusion

We have conducted a limited assurance engagement

on the consolidated sustainability statement of

Norconsult ASA («the Group») included in

Sustainability Statement of the Board of Directors’

report (the “Sustainability Statement”), as of 31

December 2025 and for the year then ended.

Based on the procedures we have performed and

the evidence we have obtained, nothing has come to

our attention that causes us to believe that the

Sustainability Statement is not prepared, in all

material respects, in accordance with the Norwegian

Accounting Act section 2-3, including:

– compliance with the European Sustainability

Reporting Standards (ESRS), including that the

process carried out by the Group to identify the

information reported in the Sustainability

Statement (the “Process”) is in accordance with

the description set out in ESRS 2, IRO-1

Description of the processes to identify and

assess material climate-related impacts, risks and

opportunities, and

– compliance of the disclosures in EU Taxonomy of

the Sustainability Statement with Article 8 of EU

Regulation 2020/852 (the “Taxonomy

Regulation”).

Basis for conclusion

We conducted our limited assurance engagement in

accordance with International Standard on

Assurance Engagements (ISAE) 3000 (Revised),

Assurance engagements other than audits or reviews

of historical financial information (“ISAE 3000

(Revised)”), issued by the International Auditing and

Assurance Standards Board.

We believe that the evidence we have obtained is

sufficient and appropriate to provide a basis for our

conclusion. Our responsibilities under this standard

are further described in the Sustainability auditor’s

responsibilities section of our report.

Our independence and quality management

We have complied with the independence and other

ethical requirements as required by relevant laws and

regulations in Norway and the International Code of

Ethics for Professional Accountants (including

International Independence Standards) issued by the

International Ethics Standards Board for Accountants

(IESBA Code), which is founded on fundamental

principles of integrity, objectivity, professional

competence and due care, confidentiality and

professional behavior.

The firm applies International Standard on Quality

Management 1, which requires the firm to design,

implement and operate a system of quality

management including policies or procedures

regarding compliance with ethical requirements,

professional standards and applicable legal and

regulatory requirements.

Other matter

The comparative information included in the

Sustainability Statement was not subject to an

assurance engagement. Our conclusion is not

modified in respect of this matter.

Responsibilities for the

Sustainability Statement

The Board of Directors and the Chief Executive

Officer (management) are responsible for designing

and implementing a process to identify the

information reported in the Sustainability Statement

in accordance with the ESRS and for disclosing this

Process in ESRS 2, IRO-1 Description of the

processes to identify and assess material climate-

related impacts, risks and opportunities of the

Sustainability Statement. This responsibility includes:

– understanding the context in which the Group's

activities and business relationships take place

and developing an understanding of its affected

stakeholders;

– the identification of the actual and potential

impacts (both negative and positive) related to

sustainability matters, as well as risks and

opportunities that affect, or could reasonably be

expected to affect, the, Group's financial position,

financial performance, cash flows, access to

finance or cost of capital over the short-,

medium-, or long-term;

– the assessment of the materiality of the identified

impacts, risks and opportunities related to

sustainability matters by selecting and applying

appropriate thresholds; and

– making assumptions that are reasonable in the

circumstances.

Management is further responsible for the

preparation of the Sustainability Statement, in

accordance with the Norwegian Accounting Act

section 2-3, including:

– compliance with the ESRS;

– preparing the disclosures in EU Taxonomy of the

Sustainability Statement, in compliance with the

Taxonomy Regulation;

– designing, implementing and maintaining such

internal control that management determines is

necessary to enable the preparation of the

Sustainability Statement that is free from material

misstatement, whether due to fraud or error; and

– the selection and application of appropriate

sustainability reporting methods and making

assumptions and estimates that are reasonable in

the circumstances.


Norconsult Annual Report 2025	78		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Inherent limitations in preparing the

Sustainability Statement

In reporting forward-looking information in

accordance with ESRS, management is required to

prepare the forward-looking information on the

basis of disclosed assumptions about events that

may occur in the future and possible future actions

by the Group. Actual outcomes are likely to be

different since anticipated events frequently do not

occur as expected.

Sustainability auditor’s responsibilities

Our responsibility is to plan and perform the

assurance engagement to obtain limited assurance

about whether the Sustainability Statement is free

from material misstatement, whether due to fraud or

error, and to issue a limited assurance report that

includes our conclusion. Misstatements can arise

from fraud or error and are considered material if,

individually or in the aggregate, they could

reasonably be expected to influence decisions of

users taken on the basis of the Sustainability

Statement as a whole.

As part of a limited assurance engagement in

accordance with ISAE 3000 (Revised) we exercise

professional judgement and maintain professional

scepticism throughout the engagement.

Our responsibilities in respect of the Sustainability

Statement, in relation to the Process, include:

– Obtaining an understanding of the Process, but

not for the purpose of providing a conclusion on

the effectiveness of the Process, including the

outcome of the Process;

– Considering whether the information identified

addresses the applicable disclosure requirements

of the ESRS; and

– Designing and performing procedures to evaluate

whether the Process is consistent with the

Group’s description of its Process set out in ESRS

2, IRO-1 Description of the processes to identify

and assess material climate-related impacts, risks

and opportunities.

Our other responsibilities in respect of the

Sustainability Statement include:

– Identifying where material misstatements are

likely to arise, whether due to fraud or error; and

– Designing and performing procedures responsive

to where material misstatements are likely to arise

in the Sustainability Statement. The risk of not

detecting a material misstatement resulting from

fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of

internal control.

Summary of the work performed

A limited assurance engagement involves performing

procedures to obtain evidence about the

Sustainability Statement. The procedures in a limited

assurance engagement vary in nature and timing

from, and are less in extent than for, a reasonable

assurance engagement. Consequently, the level of

assurance obtained in a limited assurance

engagement is substantially lower than the

assurance that would have been obtained had a

reasonable assurance engagement been performed.

The nature, timing and extent of procedures selected

depend on professional judgement, including the

identification of disclosures where material

misstatements are likely to arise in the Sustainability

Statement, whether due to fraud or error.

In conducting our limited assurance engagement,

with respect to the Process, we:

– Obtained an understanding of the Process by:

– performing inquiries to understand the sources

of the information used by management (e.g.,

stakeholder engagement, business plans and

strategy documents), and

– reviewing the Group’s internal documentation

of its Process, and

– Evaluated whether the evidence obtained from

our procedures with respect to the Process

implemented by the Group was consistent with

the description of the Process set out in ESRS 2,

IRO-1 Description of the processes to identify and

assess material climate-related impacts, risks and

opportunities.

In conducting our limited assurance engagement,

with respect to the consolidated Sustainability

Statement, we:

– Obtained an understanding of the Group's

reporting processes relevant to the preparation of

its Sustainability Statement by:

– obtaining an understanding of the Group's

control environment, processes, control

activities and information system relevant to

the preparation of the consolidated

Sustainability Statement, but not for the

purpose of providing a conclusion on the

effectiveness of the Group's internal control;

and

– obtaining an understanding of the Group's risk

assessment process.

– Evaluated whether the information identified by

the Process is included in the Sustainability

Statement;

– Evaluated whether the structure and the

presentation of the Sustainability Statement is in

accordance with the ESRS;

– Performed inquires of relevant personnel and

analytical procedures on selected information in

the Sustainability Statement;

– Performed substantive assurance procedures on

selected information in the Sustainability

Statement;

– Where applicable, compared disclosures in the

Sustainability Statement with the corresponding

disclosures in the financial statements and other

sections of the Board of Directors’ report;

– Evaluated the methods, assumptions and data for

developing estimates and forward-looking

information;

– Obtained an understanding of the Group's

process to identify taxonomy-eligible and

taxonomy-aligned economic activities and the

corresponding disclosures in the Sustainability

Statement;

– Evaluated whether information about the

identified taxonomy-eligible and taxonomy-

aligned economic activities is included in the

Sustainability Statement; and

– Performed inquiries of relevant personnel,

analytical procedures and substantive procedures

on selected taxonomy disclosures included in the

Sustainability Statement.

Oslo, 9 April 2026 ERNST & YOUNG AS

This document is signed electronically

Petter Frode Larsen State Authorised Public

Accountant (Norway) – Sustainability Auditor

Norconsult ASA

Financial statements 2025


Norconsult ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	79
Financial statements 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	79
Consolidated statement of income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	80
Consolidated statement of comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	80
Consolidated statement of financial position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	81
Consolidated statement of changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	83
Consolidated statement of cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	84


Notes to Norconsult ASA consolidated financial statements . . . . . . . . . . . . . . . . . . . . . . .	85
1.Corporate information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	85
2.Material accounting policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	85
2.1 Basis of preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	85
2.2 New and amended standards and interpretations . . . . . . . . . . . . . . . . . . . . . . .	85
2.3 Basis of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	86
2.4 Joint arrangements and investment in associates . . . . . . . . . . . . . . . . . . . . . . .	86
2.5 Foreign currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	86
2.6 Current versus non-current classification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	86
2.7 Impairment of non-financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	86
2.8 Statement of cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	86
3.Significant accounting judgements, estimates and assumptions . . . . . . . . . . . . . .	86
4.Financial risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	86
5.Business combinations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	89
6.Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	93
7.Segment reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	94
8.Salaries and personnel costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	96
9.Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
10.Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
11.Property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	99
12.Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	99
13.Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	100


14.Finance income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	101
15.Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	101
16.Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	102
17.Non-current financial assets and associated companies . . . . . . . . . . . . . . . . . . . .	102
18.Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	103
19.Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	103
20.Share capital and shareholder information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	103
21.Interest-bearing loans and borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	104
22.Changes in liabilities arising from financing activities . . . . . . . . . . . . . . . . . . . . . . .	105
23.Other non-current debt and accruals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	105
24.Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	105
25.Subsidiaries and composition of the group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	106
26.Pledges and commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	107
27.Related party transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	107
28.Subsequent events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	107


Norconsult Annual Report 2025	80		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Norconsult ASA

Consolidated statement of income

1 January - 31 December


(Amounts in NOK million)	Note	2025	2024

Operating revenue	6, 7	11 399	10 414
Other income		12	4
External project costs	7	1 308	1 233
Operating revenue and other income after external project costs	6, 7	10 103	9 186

Salaries and personnel costs	7,8,9	7 744	7 287
Other operating expenses	7,12,13	950	840
Depreciation and impairment tangible and ROU assets	11, 12	497	466
Amortisation and impairment intangible assets	10	55	24
Total operating expenses		9 247	8 616
Operating profit (EBIT)		856	570

Finance income	14	99	80
Finance expense	14	105	83
Net financial items		-6	-3

Profit before tax		850	567

Income tax expense	15	197	69

Profit for the year		652	498

Attributable to:
Equity holders of the parent		651	496
Non-controlling interest		1	2


Earnings per share:
Basic earnings per share in NOK	16	2.13	1.72
Diluted earnings per share in NOK	16	2.13	1.65

Norconsult ASA

Consolidated statement of comprehensive income

1 January - 31 December


(Amounts in NOK million)	Note	2025	2024

Profit for the year		652	498
Other comprehensive income that may be reclassified to profit or loss in subsequent years:
Exchange differences on translation of foreign subsidiaries		22	29
Total comprehensive profit		674	527

Attributable to:
Equity holders of the parent		673	525
Non-controlling interest		1	2


Norconsult Annual Report 2025	81		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Norconsult ASA

Consolidated statement of financial position


(Amounts in NOK million)	Note	31.12.2025	31.12.2024

ASSETS
Goodwill	5,10	2 691	1 079
Deferred tax assets	15	10	28
Other intangible assets	10	498	109
Property plant and equipment	11	191	178
Right-of-use asset	12	1 613	1 550
Non-current financial assets	9,17	78	59
Total non-current assets		5 082	3 003
Trade receivables	4,6	1 987	1 730
Contract assets	4,6	543	537
Other current assets	4,18	236	235
Total receivables		2 766	2 502
Other current financial assets	4	332	414
Cash and cash equivalents	4,19	1 220	1 198
Total current assets		4 318	4 113
Total assets		9 400	7 117


(Amounts in NOK million)	Note	31.12.2025	31.12.2024

EQUITY AND LIABILITIES
Share capital	20	6	6
Treasury shares		0	0
Share premium		525	221
Other paid in capital		361	264
Retained earnings		2 221	2 040
Equity attributable to the owners of the parent		3 114	2 532
Total equity		3 114	2 532
Pension liabilities	9	5	7
Deferred tax	15	142	83
Non-current interest-bearing liabilities	21,22	1 053	0
Non-current lease liabilities	12	1 260	1 229
Other non-current debt and accruals	4,23	65	79
Total non-current liabilities		2 526	1 398
Current lease liabilities	12	417	367
Trade payables	4	308	220
Contract liabilities	4,21	195	229
Current tax liabilities	15	218	87
Current interest-bearing liabilities	4,21	240	0
Other current liabilities	5,23	2 381	2 283
Total current liabilities		3 760	3 187
Total equity and liabilities		9 400	7 117


Norconsult Annual Report 2025	82		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information



	This document has been digitally signed
	Sandvika 9 April 2026

Nils Morten Huseby	Mari Thjømøe	Lars-Petter Nesvåg	Karl Erik Kjelstad
Chair	Deputy Chair	Board member	Board member

Helge Hesjedal Wiberg	Sandra Annette Angelica Kuru	Oskar Hove Zimmer	Maria Elisabeth Hjerppe
Board member	Board member	Board member	Board member

	Egil Olav Hogna
	Chief Executive Officer

Denmark’s rock museum | Photo: Rasmus Hjortshøj


Norconsult Annual Report 2025	83		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Norconsult ASA

Consolidated statement of changes in equity


(Amounts in NOK million)	Note	Share capital	Treasury shares	Share premium	Other paid in capital	Foreign currency	Other retained	Equity attributable	Non- controlling	Total equity

Equity at 1 January 2024		6	-1	221	19	40	1 780	2 065	0	2 065
Profit		0	0	0	0	0	496	496	2	498
Other comprehensive income		0	0	0	0	29	0	29	0	29
Total comprehensive income		0	0	0	0	29	496	525	2	527
Capital increase share based payment		0	0	0	223	0	0	223	0	223
Net change equity shares	20	0	0	0	23	0	58	81	0	81
Dividends paid	20	0	0	0	0	0	-343	-343	0	-343
Other changes		0	0	0	0	0	-19	-19	-2	-22
Equity at 31 December 2024		6	0	221	264	69	1 971	2 532	0	2 532
Profit		0	0	0	0	0	651	651	1	652
Other comprehensive income		0	0	0	0	22	0	22	0	22
Total comprehensive income		0	0	0	0	22	651	673	1	674
New share issue		0	0	304	0	0	0	304	0	304
Capital increase share based payment		0	0	0	26	0	0	26	0	26
Net change equity shares	20	0	0	0	70	0	7	77	0	77
Dividends paid	20	0	0	0	0	0	-512	-512	-3	-515
Other changes	5	0	0	0	0	0	16	16	2	18
Equity at 31 December 2025		6	0	525	361	91	2 132	3 114	0	3 114


Norconsult Annual Report 2025	84		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Norconsult ASA

Consolidated statement of cash flows

1 January - 31 December


(Amounts in NOK million)	Note	2025	2024

Profit before tax		850	567
Taxes paid	15	-69	-150
Depreciation, amortisation and impairment	10,11	121	86
Depreciation right-of-use asset	12	431	403
Net interest expense		42	19
(Gain)/loss on disposal of property, plant and equipment		2	1
Other non-cash profit and loss items		4	194
Change in trade receivables and other current receivables		-106	99
Change in contract assets		118	-1
Change in current liabilities		-273	281
Movement in employee benefit obligations and other accruals		2	-2
Net cash flows from operating activities		1 123	1 497
Proceeds from sale of property, plant and equipment		2	1
Purchase of intangible assets	10	-43	-33
Purchase of property, plant and equipment	11	-77	-81
Aquisition of subsidiaries, net of cash acquired	5	-1 537	-59
Proceeds from sale of bond funds		147	0
Change in other non-current assets		-1	1
Dividends received		0	3
Interest received		32	30
Net cash flows used in investment activities		-1 477	-138


(Amounts in NOK million)	Note	2025	2024

Net sale/purchase of treasury shares		80	51
Proceeds from borrowings	5	1 293	0
Payment of principal portion of lease liabilities	12	-415	-389
Interest paid on lease liabilities	12	-49	-41
Interest paid on bank loans		-14	0
Other interest paid		-2	-8
Change in short term receivable for sale and purchase of shares		0	3
Dividends paid to equity holders of the parent		-512	-343
Dividends paid to non-controlling interests		-3	0
Net cash flows used in financing activities		377	-728
Net change in cash and cash equivalents		23	631
Net foreign exchange difference		-1	14
Cash and cash equivalents at beginning of period		1 198	553
Cash at cash equivalents at end of period	19	1 220	1 198

Here of:
Free cash		1 197	1 173
Restricted cash		23	25


Norconsult Annual Report 2025	85		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Notes to Norconsult ASA consolidated financial statements

(All amounts in NOK million unless otherwise stated)

1. Corporate information

These consolidated financial statements of Norconsult ASA (the Company) and its subsidiaries (collectively the

Group or Norconsult) for the year ended 31 December 2025 were authorized for issue by the Board of Directors

on 9 April 2026 and submitted the Annual General Meeting for approval on 4 May 2026.

Norconsult ASA is a public limited liability company (ASA) registered and domiciled in Norway. The Group was

listed on the Oslo Børs on 10 November 2023. The registered office is located at Vestfjordgaten 4, 1338 Sandvika,

Norway.

The Group is principally engaged in the provision of planning and consultancy services across all phases of social

planning, engineering design and architecture projects. The Group also develops and distributes complete IT

solutions for project, building and facility management for infrastructure and property, and has also a staffing

company with engineers and technical specialists for hire. In addition, the Group provides consultancy specialising

in project management and educational programmes. Information of the Group’s structure is provided in Note 25.

2. Material accounting policies

2.1 Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with International Financial

Reporting Standards (IFRS® Accounting Standards) as adopted by the EU.

The consolidated financial statements have been prepared on a historical cost basis, except for certain financial

investments and contingent considerations assumed in connection with business combinations that have been

measured at fair value. The consolidated financial statements are presented in Norwegian Kroner (NOK) and all

values are rounded to the nearest NOK million, except when otherwise indicated. Due to rounding, the numbers in

one or more lines or columns in the consolidated financial statements may not be summarized to the total in the

line or column. The Group has prepared the consolidated financial statements on the basis that it will continue to

operate as a going concern.

2.2 New and amended standards and interpretations

Amendments to standards and interpretations with a future effective date

The Group’s intention is to adopt the relevant new and amended standards and interpretations when they become

effective and approved by EU. Amendments and interpretations that apply for the first time in 2025 have no impact

on the Group’s consolidated financial statements.

In April 2024, IASB issued IFRS 18 Presentation and disclosure in Financial Statements which replaces IAS 1

Presentation of Financial Statements and is a response to investors demand for better information about the

financial performance of companies.

IFRS 18 builds upon the foundation laid by IAS 1, keeping many sections with minimal revisions. However, it

introduces new requirements on presentation within the statement of profit or loss, which includes the

introduction of specified required totals and subtotals, and new categories of profit or loss. IFRS 18 also requires

entities to classify all income and expenses within the statement of profit or loss into one of five categories:

operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.

Additionally, it requires disclosure of management-defined performance measures and new principles for

determining the location of information with aggregation and disaggregation to reference similar and dissimilar

characteristics in the financial statement. Also, the narrow‑scope amendments to IAS 7 require entities using the

indirect method to start operating cash flow reconciliation with operating profit or loss, rather than profit or loss.

The amendments also remove classification options for interest and dividends to ensure consistent presentation,

and they introduce related consequential changes to other standards.

IFRS 18 will have effect on Norconsult’s presentation of financial information when effective for reporting periods

beginning on or after 1 January 2027. The standard is expected to have an impact on the presentation and

disclosure of the Group’s financial statements, but it is not expected to affect recognition or measurement of

assets, liabilities, income or expenses. The Group is currently working to identify all impacts the amendments will

have on the primary financial statements and notes to the financial statements. The initial expected material

impacts on Norconsult’s financial statements are, as follows:

– Foreign exchange differences will be presented within the same category as the related income and expenses

that give rise to these differences

– New disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature

if expenses are presented by function in the operating category of the statement of profit or loss; and (c) a

reconciliation for each line item in the statement of profit or loss between the restated amounts presented

applying IFRS 18 and the amounts previously presented applying IAS 1.

– Interest received will be classified as investing activities, and interest paid will be classified as financing activities,

on the statement of cash flows.


Norconsult Annual Report 2025	86		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

The Group has not early adopted any standards, interpretation or amendment that has been issued but is not yet

effective.

2.3 Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at

31 December 2025. Non-controlling interests are not significant.

Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from

consolidation when control ends. If the Group loses control over a subsidiary, it derecognises the related assets

(including goodwill) and liabilities, while any resulting gain or loss is recognised in profit or loss together with

cumulative translation differences.

All internal transactions, unsettled balances and unrealised gains between Group companies are eliminated.

Unrealised losses are also eliminated unless the transaction establishes an impairment for the transferred asset.

2.4 Joint arrangements and investment in associates

Investments in associated companies and joint ventures are accounted for using the equity method. The Group

accounts for its investment in joint operations by recognising its relative share of the investee’s assets liabilities,

revenues and expenses. The Group currently has no joint arrangements or investments in associates that are

considered material to the consolidated accounts.

2.5 Foreign currencies

The consolidated accounts are presented in Norwegian kroner (NOK), which is the functional and presentation

currency of the parent company. Transactions involving foreign currencies are translated into the functional

currency using the exchange rates that are in effect at the time of the transactions.

When consolidating the accounts of foreign subsidiaries, the income statement is translated into the presentation

currency according to average exchange rates per month.

2.6 Current versus non-current classification

The Group presents assets and liabilities in the statement of financial position based on current/ non-current

classification.

2.7 Impairment of non-financial assets

The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any

indication exists, the Group estimates the asset’s recoverable amount. Goodwill is tested for impairment annually.

The Group also holds an indefinite-lived trademark arising from the acquisition of Metier, which is tested for

impairment annually.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks specific to the

asset. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are

prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and

forecast calculations generally cover a period of three years. A long-term growth rate is calculated and applied to

project future cash flows after the third year.

2.8 Statement of cash flows

The statement of cash flows is prepared using the indirect method. Acquisitions of subsidiaries are presented as

investing activities net of cash in target. Interest paid is presented as part of financing activities. Interest received is

presented as a part of investing activities.

3. Significant accounting judgements, estimates and assumptions

The preparation of the Group’s consolidated financial statements requires management to make judgements,

estimates and assumptions about the future that affect the reported amounts of revenues, expenses, assets and

liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these

assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of

assets or liabilities affected in future periods. Areas with such management assessments in the Group are:

– Revenue recognition and projects in progress (note 6)

– Impairment of goodwill (note 10)

4. Financial risk management

Risk exposures

The Group is exposed to credit risk, foreign currency risk, interest rates risk and liquidity risk.

Credit risk

Credit risk is mainly related to trade receivables, cash and cash equivalents and other non-current receivables.

Risk related to trade receivables is the risk that customers will not be able to settle their payment obligations. The

Group has established procedures for credit assessment of new customers. Expected credit losses for trade

receivables and net project work in progress are assessed using the simplified approach which uses a lifetime

expected loss allowance. Loss levels have been adjusted to reflect relevant current and forward-looking

information potentially impacting on the customer’s ability to settle their obligations.

Historically the level of losses on trade receivables has been low. The risk that trade receivables are not paid is

mainly related to customer disputes and, in some cases, customer bankruptcies. Work in progress is continually

monitored and is, for a large portion of the revenues, billed as incurred. In some instances, hours used are not

billed or accepted by the customer, and in such cases, revenues would be reduced by credit notes.


Norconsult Annual Report 2025	87		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information


	2025	2025	2024	2024
Age analysis of trade receivables	Gross	Expected credit loss	Gross	Expected credit loss
Not due	1 682	4	1 449	3
<30 days	231	2	188	1
30-60 days	26	1	38	3
60-90 days	11	2	11	1
>90 days	84	38	92	42
Total	2 033	47	1 779	49
Net trade receivables	1 987		1 730

Change in expected credit loss		2025		2024
Opening balance		49		64
Increase through acquisitions		0		0
Provision in the year		37		28
Write-off of uncollectible receivables		-6		-11
Reversal of unutilized amounts		-33		-33
Translation differences		0		0
Closing balance		47		49
Loss on receivables in income statement		5		-3

Other current and non-current financial receivables have a carrying value of NOK 366 million (2024: NOK 440

million) and mainly consists of investments in debt instruments with investment grade rating. Cash and cash

equivalents have a carrying value of NOK 1 220 million (2024: NOK 1 198 million) and are held to settle

commitments as they fall due and cover payment of dividends. Cash and cash equivalents are mainly kept with the

Group’s main banking partner.

Liquidity risk

Liquidity risk is the risk that the Group will be unable to meet its obligations as they fall due. This risk is considered

to be low in view of the Group’s financial position with a steady cash flow from operations.

The Group’s interest‑bearing debt consists of a Term Loan and lease liabilities (see notes 12 and 21). The Group

utilises cash pool arrangements to minimise the use of overdraft facilities. The Group has an overdraft facility of

NOK 500 million, which was unutilised at the reporting date. The Group maintains sufficient liquidity to meet its

financial liabilities as they fall due, supported by available cash and cash equivalents, committed credit facilities and

stable operating cash flows.

Maturity of financial liabilities excluding lease liabilities is as follows:


2025	<1 year	1-5 years	>5 years
Other non-current debt	0	23	41
Trade payables	304	4	0
Other current financial liabilities	205	16	0
Current interest-bearing liabilities	240	0	0
Non-current interest-bearing liabilities	0	960	93
Total	749	1 003	134


2024	<1 year	1-5 years	>5 years
Other non-current debt	0	44	35
Trade payables	219	1	0
Other current financial liabilities	239	14	0
Total	458	59	35

For maturity of lease liabilities see note 12.

Currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes

in foreign exchange rates. The Group’s exposure primarily arises from net investments in foreign subsidiaries,

affecting both net assets and the profit or loss of these operation. The current strategy suggests that the Group

should hedge currency risks where appropriate or aim for contract terms that limit currency exposure.

Transaction exposure

Transaction exposure arises from the risk that changes in foreign exchange rates may affect the value of

contracted or anticipated cash flows denominated in foreign currencies. The Group benefits from a natural hedge,

as revenues and expenses are generally denominated in the respective local currencies. Accordingly, the volume

of transactions in non‑local currencies is limited.

The Group’s largest operational transaction exposure varies between years and is in 2025 between currencies ISK/

NOK, USD/NOK and EUR/NOK (2024: ISK/NOK, USD/NOK and SEK/NOK). A change in 10% of the exchange rate

for these currencies would affect the Group’s operating profit by approximately NOK 5 million (2024: NOK 2

million). Effect on other comprehensive income is expected to be 0.

Interest rate risk

Interest rate risk is the effects of changes in interest rates on the Group’s net financial items and fair value of

financial instruments. The Term Loan Facility Agreement with DNB Bank ASA is subject to variable interest rate

based on NIBOR. A +/- 100 bps would have an estimated annual impact on profit or loss of approximately

NOK 9 million, assuming constant balance. Apart from this, the Group’s profit is to a limited extent affected by

changes in interest rates and primarily relate to interest income on cash and cash equivalents and return on

financial investments.


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Financial instruments

Accounting policy

The Group has current and non-current financial assets in the form of investments in bond funds. These assets are

classified and subsequently measured at fair value through profit or loss.

The Group’s other financial assets are classified and measured at amortised cost as they are held within a business

model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and

non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as

a loss allowance based on lifetime ECLs at each reporting date.

Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities

including term loan are recognised at fair value and subsequently measured at amortised cost.

Categories of financial instruments

Carrying amounts and fair value of financial assets and liabilities are presented below. For all categories, the

carrying amount is considered to be a reasonable approximation of fair value.


2025

Financial instruments per category	Carrying amount at 31.12.2025	Amortized cost	Non-financial item	Fair value over P&L - level 1 input	Fair value over P&L - level 3 input

Non-current financial assets	78	44	0	34
Trade receivable	1 987	1 987
Contract assets	543	543
Other current assets	236	68	168	0
Other current financial assets	332			332
Cash and cash equivalents	1 220	1 220
Total assets	4 396	3 862	168	366	0

Other non-current liabilities excluding lease liabilities	42	41	1
Trade payables	308	308
Contract liabilities	195	195
Contingent considerations	23				23
Other current liabilities	2 381	25	2 356		0
Non-current Interest-bearing liabilities	1 060	1 053
Current Interest-bearing liabilities	240	240
Total liabilities	4 250	1 862	2 357	0	23


2024

Financial instruments per category	Carrying amount at 31.12.2024	Amortized cost	Non-financial item	Fair value over P&L - level 1 input	Fair value over P&L - level 3

Non-current financial assets	59	20	13	26
Trade receivable	1 730	1 730
Contract assets	537	537
Other current assets	235	51	183	2
Other current financial assets	414			414
Cash and cash equivalents	1 198	1 198
Total assets	4 172	3 536	196	441	0

Other non-current liabilities excluding lease liabilities	37	37	0
Trade payables	220	220
Contract liabilities	229	229
Contingent considerations	43				43
Other current liabilities	2 283	25	2 259		0
Non-current Interest-bearing liabilities	0	0	0	0	0
Current Interest-bearing liabilities	0	0	0	0	0
Total liabilities	2 812	510	2 259	0	43

Other current financial assets consist of investments in bond funds with a remaining term of up to 3 years and

interest duration of 1 -2 years. The funds hold an investment grade rating. Fair value is measured at hierarchy-level

1. Non-current financial assets at fair value comprise investments in equity and debt instrument funds.

Other non-current accruals measured at fair value consist of contingent considerations related to acquisitions. Fair

value is measured at hierarchy-level 3. Fair value for contingent consideration is determined based on terms in the

purchase agreement. The most likely outcome is assessed and discounted to reflect the present value of future

cash flows. Please see note 5 for further information.

For financial assets and liabilities measured at amortised cost the carrying amount is considered a good

approximation of fair value using hierarchy-level 3 measures, except for the Term Loan which is measured using

level 2 inputs.


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Fair value hierarchy
The Group measures fair value using the following hierarchy:
Level 1	Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2	Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
Level 3	Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. This usually involves estimating future cash flows and discounting to net present value using a relevant discount factor.

Capital management

The Group’s financial objective is to maintain an appropriate capital structure in order to secure the basis for

continuous development of its operations as well as meeting its obligations and financial targets. The Group has

the following financial targets:

– Adjusted EBITA margin of 10% of operating revenue and other income after external project costs over a

business cycle

– Maximum net interest-bearing debt/adjusted EBITDA ratio of 2.0 (12 months rolling EBITDA LTM excluding IFRS

16 leasing commitments)

The adjusted EBITA margin for 2025 is 9.3% (2024: 9.6%). The net interest-bearing debt/adjusted EBITDA ratio

excluding IFRS 16 leasing commitments at 31 December 2025 is -0.27 (2024: -1.79).

The Group’s dividend policy is to distribute a dividend equivalent to a minimum 50% of profit after tax to the

shareholders while at the same time considering expected future cash flows, financing requirements, investments

and financial flexibility. A dividend of NOK 1.80 per share is proposed for 2025, in total NOK 559 million

(2024: NOK 512 million), representing a dividend of 86 % (2024: 103 %) of profit after tax.

The Group’s equity as a percentage of total assets is 33.1 % (2024: 35.6 %).

5. Business combinations

Accounting policy

The Group applies the acquisition method to all business combinations. For each business combination, the

Group chooses whether to measure any non-controlling interests in the acquiree at fair value or at the

proportionate share of the acquiree’s identifiable net assets. The Group does not have material non-controlling

interests neither in 2025 nor 2024.

Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. If

the contingent consideration is classified as an equity instrument it is not remeasured and settlement is recognised

in equity. Otherwise, the fair value of contingent consideration is remeasured at each reporting date and any

change is recognised in profit and loss.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of

impairment testing goodwill that is acquired in a business combination is allocated to each of the Group’s cash-

generating units that are expected to benefit from the combination. Goodwill allocated to foreign cash-generating

units are denominated in foreign currency and is subject to change due to variation in currency rates.

Acquisitions in 2025

Acquisition of Sigma Civil

In December 2024 Norconsult agreed to purchase all shares in Sigma Civil AB for a consideration of

NOK 32 million.

Sigma Civil AB specialises in water and sewage, landscape planning, traffic, roads and streets, project

management, environment and construction, serving predominantly public sector clients. The company, which is

based in Malmö, Göteborg, Umeå and Karlstad in Sweden, had 115 employees and recorded revenues of NOK 163

million in their fiscal year ending December 2024. Closing date for the transaction was 3 February 2025 and the

company is consolidated as part of the Sweden business segment. Purchase price allocations of assets and

liabilities acquired shows the following:


Norconsult Annual Report 2025	90		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information


FY2025	Sigma Civil AB

Date of acquistion	03.02.2025
Share of ownership	100 %

Cash settlement	31
Other adjustments	1
Total consideration	32
Cash in target	0
Net cash paid	31

Assets
Intangible assets: Customer contracts and relations	1
Deferred tax asset	13
Current assets	34
Liabilities
Current liabilities	-26
Total identifiable net assets at fair value	22
Goodwill	10
Total purchase consideration	32

Goodwill is related to market access and assembled workforce. The goodwill is not deductible for tax purposes.

Acquisition of Aas-Jakobsen

On 12 June 2025, Norconsult announced its agreement to acquire the Aas-Jakobsen Group, a leading Norwegian

engineering consultancy with 230 employees specialising in complex infrastructure and building projects with

offices in Oslo and Trondheim. The acquisition will strengthen Norconsult’s position and significantly enhance the

Groups ability to deliver large and complex interdisciplinary infrastructure projects. Closing date for the transaction

was 6 August 2025 and the group is consolidated as part of the Norway Head Office business segment. The total

purchase price was NOK 1 523 million, where 20 percent was settled through the issuance of new shares in

Norconsult to the sellers. A total of 7 051 587 shares has been issued to the sellers at a subscription price of

NOK 43.19. Norconsult has identified intangible assets as part of the preliminary purchase price allocation. These

comprise NOK 63 million related to order backlog, NOK 191 million relating to customer relationships and NOK 10

million related to financial assets. Order backlog and customer relationships will be amortised over a period of

1-10 years. Preliminary purchase allocations of assets and liabilities acquired shows the following:


FY2025	Aas-Jakobsen Group

Date of acquistion	06.08.2025
Share of ownership	100 %

Cash settlement	1 218
Settlement in Norconsult shares	305
Total consideration	1 523
Cash in target	108
Net cash paid	1 111

Assets
Property, plant and equipment	3
Right-of-use-asset	26
Intangible assets: Customer contracts and relations	254
Non-current financial assets	18
Deferred tax asset	0
Trade receivables	69
Contract assets	99
Other current assets	163

Liabilities
Deferred tax liability	-57
Long term lease liability	-15
Interest-bearing debt	0
Short term lease liability	-10
Other current liabilities	-278
Total identifiable net assets at fair value	270
Goodwill	1 252
Total purchase consideration	1 523

The acquired goodwill is attributed to benefits from integration of complementary competencies, expected

synergies, assembled workforce, track record and references, in addition to expected cash flows from customers

which are not separately recognised. The goodwill is not deductible for tax purposes. Transaction costs of NOK 8

million were expensed as part of other operating expenses.

Acquisition of Metier

On 5 November 2025, Norconsult announced its agreement to acquire the Metier Group, a leading Norwegian

consultancy with 247 employees specialised in project management, business development, digitalisation and

educational programs. The group is headquartered in Oslo and maintains a small office in Ålesund. The

acquisition will strengthen Norconsult’s position particularly within project management and early phase

consulting. Metier is also a strategic fit with it’s educational services related to project management. In addition,


Norconsult Annual Report 2025	91		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Metier’s digital business is complementary compared to Norconsult’s digital services. The acquisition represents a

strategic milestone in Norconsult’s goal to become the leading full-service interdisciplinary consultancy in the

Nordics. Closing date for the transaction was 17 December 2025. The total purchase price was NOK 475 million,

including settlement of a long-term loan facility granted by the previous owner.

Norconsult has identified intangible assets as part of the preliminary purchase price allocation. These comprise

NOK 110 million related to trademark, NOK 17 million related to customer relationships and NOK  16 million

related to order backlog. Order backlog and customer relationships will be amortised over a period of 6-7 years.

The acquired goodwill is attributed to benefits from complementary competencies, assembled workforce, track

record and references, in addition to expected cash flows from customers which are not separately recognized.

The goodwill is not deductible for tax purposes.

Transaction costs of NOK 7 million were expensed as part of other operating expenses.

Norconsult acquired the Metier Group on 17 December 2025. For practical purposes, Metier Group was included

in the consolidated figures from 31 December 2025, as the results for the intervening period are not material.


FY2025	Metier Group

Date of acquistion	17.12.2025
Share of ownership	100 %

Cash settlement	475
Total consideration	475
Cash in target	79
Net cash paid	396

Assets
Property, plant and equipment	2
Right-of-use-asset	53
Intangible assets: Customer contracts, customer relations and trademark	144
Non-current financial assets	0
Deferred tax asset	0
Trade receivables	91
Contract assets	11
Other current assets	12

Liabilities
Deferred tax liability	-32
Long term lease liability	-44
Interest-bearing debt	0
Short term lease liability	-90
Other current liabilities	-178
Total identifiable net assets at fair value	49
Goodwill	346
Total purchase consideration	396

Impact of the acquisitions on the result of the Group

Consolidated operating revenue and other income of the acquired business amounted to NOK 434 million for YTD

Q4 2025, with a profit after tax of NOK 13 million. Norconsult acquired the Metier Group on 17 December 2025.

For practical purposes, Metier Group was included in the consolidated figures from 31 December 2025, as the

results for the intervening period are not material.

Operating revenue and other income would have increased with approximately NOK 900 million and net profit

increased with NOK 50 million had the acquired companies been included in the Group from the beginning of the

year.


Norconsult Annual Report 2025	92		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Reconciliation of goodwill

The gross and carrying value of goodwill was NOK 1 079 million at the beginning of the year. At end of Q4 2025

the gross and carrying value of goodwill has increased with NOK 10 million from the acquisition of Sigma Civil AB,

NOK 1 252 from the acquisition of the Aas-Jakobsen Group, NOK 346 million from the acquisition of the Metier

Group and NOK 5 million following from foreign currency translation.

Acquisitions in 2024

In January 2024 Norconsult acquired 51% of the shares in SQM AS for an estimated consideration of NOK 31

million with an option to acquire the remaining 49%. SQM AS is a project management and consultancy company

based in Oslo, Norway. The company has 7 FTEs and had revenues of NOK 21 million in 2023. The company is

consolidated from 31 January 2024 and included in the Norway Head Office business segment.

In February 2024 Norconsult acquired all of the shares in Concreto AS for an estimated consideration of NOK 21

million. Concreto operates within buildings, infrastructure and urban planning with services which primarily focus

on economic analysis as a basis for decision-making by project owners in the early phases of projects. The

company based in Oslo, Norway, has 13 FTEs and had revenues of NOK 20 million in 2023. The company is

consolidated from 29 February 2024 and included in the Norway Head Office business segment.

In June 2024 Norconsult agreed to purchase all shares in Wermlands Infrakonsult AB for an estimated

consideration of NOK 20 million. Wermlands Infrakonsult AB is an infrastructure consulting company, specialising

in water and sewage, land, traffic, roads and streets with both public and private customers. The company, which

is based in Karlstad, Sweden, has 11 employees and recorded revenues of NOK 19 million in their fiscal year ending

April 2024. The company is consolidated from 5 August 2024 and included in the Sweden business segment.

The purchase allocations of assets and liabilities acquired shows the following:


FY2024	SQM AS	Other acquisitions during the year

Cash settlement	31	40
NPV of option on NCI	17	0
Cash in target	4	9
Net settlement	44	31

Right-of-use-asset	0	3
Intangible assets: Customer contracts and relations	17	1
Intangible assets: Trademark	3	0
Current assets	3	7
Deferred tax	-5	-1
Lease liability	0	-3
Other current liabilities	-5	-6
Net identifiable assets and liabilities	15	2
Goodwill	30	30

Consolidated operating revenue and other income of the acquired businesses amounted to NOK 40 million 2024,

with a profit after tax of NOK 4 million. Operating revenue and other income would have increased with

approximately NOK 11 million and net profit increased with NOK 2 million had the acquired companies been

included in the Group from the beginning of the year. The Group measured the acquired lease liabilities using the

present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured

at an amount equal to the lease liabilities.

Norconsult has call options, and the non-controlling interest (NCI) shareholders have put options, on the

remaining 49 percent of the shares in SQM. These options are exercisable between 2028 and 2030 and the

valuation of the shares is based on a multiple of SQM’s average EBIT over a 4-year period. Upon consolidation of

SQM, and in accordance with IFRS 10, the cost of acquiring the remaining 49 percent have been estimated and

recognized as other non-current debt and accruals at fair value with NOK 23 million. At the same time the related

non-controlling interests have been derecognised. The difference between derecognizing the non-controlling

interest and the fair value of the liability is accounted for as an equity transaction.

The gross and carrying value of goodwill was NOK 1 003 million at the beginning of the year. In 2024 the gross

and carrying value of goodwill has increased with NOK 60 million due to acquisitions and increase of NOK 16

million following from foreign currency translation.


Norconsult Annual Report 2025	93		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

6. Revenue

Accounting policy

The Group’s main business is providing consultancy services across project phases in areas such as transport,

buildings, architecture, renewable energy, industry, water, planning, environment, digitalization and project

management. In addition, the Group earns revenue from the sale of licenses and software services within Digital

and revenue from staffing services and specialists for hire in Technogarden and Metier.

Consultancy services

The Group identifies a single performance obligation in its consultancy agreements with its customers, as all

activities are considered inputs to a combined output to the customer. Revenue is recognised over time, as the

customer either simultaneously receives and consumes the benefits of the services or the work performed does

not create an asset with an alternative use and the Group has an enforceable right to payment for work completed

to date. The Group measures progress based on the costs incurred over total expected costs (‘percentage of

completion method’). Under this method, total expected costs are estimated recurrently, to reflect the best

estimate based on the time to be spent in the projects.

Contracts often include variable consideration such as scope changes under time and material agreements,

bonuses or penalties. The Group estimates variable amounts using the most likely amount method and includes

them in revenue only when it is highly probable that a significant reversal will not occur. Clients are typically

invoiced monthly.

Contract modifications, such as change orders and options within contracts, are common. When modifications do

not add distinct services, they are accounted for as part of the existing contract, with adjustments made on a

cumulative basis.

The Group does not sell service-type warranties for its customers. Warranties cannot be purchased separately by

the customers, and the Group is not providing a service in addition to the assurance offered under the contract.

When the unavoidable costs of fulfilling a contract exceed the expected benefits, the Group recognises an

onerous contact provision for the expected loss, typically for the cost of fulfilling the contract. These costs

comprise the incremental costs of fulfilling the contract and an allocation of directly related costs to fulfilling the

contract.

Contract asset and liabilities

The sum of project revenue less progress billings is calculated for each project. Contracts where this amount is

positive are presented as contract assets, and contracts where the amount is negative are presented as contract

liabilities.

Software services

The Group offers software services ranging from on-premise software to software-as-a-service (SaaS). Contracts

often include maintenance agreements, providing post-contract support such as client support; unspecified

software updates, recurrent updates to the data included in the systems, etc. Together with these services, the

Group also provides its customers with installation services, integration, and training.

Each of the services above is considered a separate performance obligation and revenues are recognised over

time. In the case of the software services and post-contract support, these are recognised linearly over the

subscription period. Additional services such as installation, integration and training are recognised over time

based on the percentage-of-completion, however these services do not typically take more than a month to be

completed (although it can vary from contract to contract), as they are considered separate performance

obligations from the software services.

Transaction price is not typically subject to significant variability, and payment typically made 30 days or less after

invoices are sent to the customers.

Significant accounting judgements, estimates and assumptions

The Group’s business mainly consists of execution of projects. Most projects are billed based on hours worked,

while a portion also includes fixed price elements. At each period end the Group assess the probability that the

hours charged can be billed to the customer, as well as estimating remaining costs of the project. Uncertainty is

particularly related to change orders, claims and other contract changes. There is an inherent risk associated with

these estimates.

Disaggregation of customer revenues


2025	Norway Head Office	Norway Regions	Sweden	Denmark	Renewable Energy	Consulting segments*	Other	Group
Revenues by business area
Energy & Industry	611	661	639	78	908	0	-47	2 850
Buildings & Architecture	1 118	1 292	662	814	15	0	-3	3 899
Infrastructure & Public works	1 734	1 091	751	0	70	0	-36	3 610
Other businesses	70	13	114	0	2	1 040	-188	1 051
Sum	3 533	3 057	2 166	892	996	1 040	-274	11 411


Revenues by geographical market
Norway	3 321	3 053	116	8	839	789	-226	7 899
Sweden	16	1	2 031	0	22	248	-36	2 283
Denmark	1	0	2	880	5	0	-7	881
Europe	185	3	13	5	79	3	-4	282
Other countries	10	0	5	0	51	1	0	66
Sum	3 533	3 057	2 166	892	996	1 040	-274	11 411


Norconsult Annual Report 2025	94		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information


2024	Norway Head Office	Norway Regions	Sweden	Denmark	Renewable Energy	Consulting segments*	Other	Group
Revenues by business area
Energy & Industry	604	626	540	52	813	10	-24	2 622
Buildings & Architecture	945	1 300	404	738	17	0	-12	3 391
Infrastructure & Public works	1 447	894	831	71	80	0	-36	3 287
Other businesses	48	8	38	3	7	1 182	-167	1 119
Sum	3 044	2 826	1 814	864	918	1 192	-239	10 419


Revenues by geographical market
Norway	2 884	2 825	107	5	715	788	-203	7 121
Sweden	10	0	1 687	0	13	387	-15	2 082
Denmark	2	0	1	851	18	0	-14	857
Europe	146	1	13	8	88	15	-6	265
Other countries	3	0	5	0	85	1	0	94
Sum	3 044	2 826	1 814	864	918	1 192	-239	10 419

*Operating segments that due to quantitative thresholds are not separately reportable under IFRS and therefore aggregated.

Revenues are allocated based on the location of the customer.

Contract balances


	31.12.2025	31.12.2024	01.01.2024

Trade receivables	1 987	1 730	1 769
Contract assets	543	537	536
Contract liabilities	195	229	196

Contract assets relate to revenue earned from ongoing projects. Therefore, the balances in this account will vary

depending on the number, composition and status of projects in progress. The increase in trade receivables in

2025 is mainly due to timing of customer payments at year-end, additions from acquisitions and growth.

Remaining revenues on contract in progress at 31 December 2025 is estimated to NOK 7 700 million

(2024: NOK 6 400 million). The timing of revenue recognition is uncertain but the Group estimates that

approximately NOK 5 400 million (2024: NOK 4 400 million) of these revenues will be recognised in the following

year and NOK 2 300 million (2024: NOK 2 000 million) thereafter.

7. Segment reporting

Accounting policy

Segments are reported in the same manner as the internal financial reporting to the Group’s chief operating

decision-maker, defined as the CEO. The internal financial reporting follows current IFRS standards as described in

these notes to the Group accounts. Transactions between operating segments are recorded on an arm’s length

basis similar to transactions with third parties.

For management purposes, the Group is organized into business units based on a combination of geography and

services and has 5 reportable segments. Digital, Technogarden and Metier are operating segments not separately

reportable under IFRS and therefore aggregated under Consulting segments. The management reporting for these

segments are reviewed by the CEO. Each business segment has an Executive Vice President that is responsible for

day-to-day operations and financial performance.

– Norway Head Office – operations in the greater Oslo area and supports the entire group with expertise in the

market areas of transportation, buildings, industry, water, environment, architecture as well as society and

urban development

– Norway Regions – operations in Norway outside the greater Oslo area

– Renewable Energy – services for the renewable sector with locations in Norway, Poland, Iceland, Finland in

addition to smaller project offices in Asia

– Sweden – operations in Sweden except Swedish Digital and Technogarden operations

– Denmark – operations in Denmark

– Consulting segments* –Norconsult Digital develops and distributes IT-solutions and offers IT-consultancy for

the infrastructure and property sectors. Technogarden is a consultancy company offering engineers, technical

specialists, project managers and IT consultants for hire. Both divisions have operations in Norway and Sweden.

Metier is a Norwegian consultancy specialising in project management, digitalisation and educational programs.

Head office costs, IT costs and other shared costs are allocated based on FTE per segment.

EBITA is the segment profit and the Group’s key operational measurement metric and is defined as earnings before

financial items, taxes, and amortisation and impairment of intangible assets. The accounting policies for segments

are the same as for the Group.

Finance expense, finance income and taxes are not allocated to individual segments as the underlying instruments

are managed on a group basis. Balance sheet items are not allocated to segments other than goodwill when

tested for impairment.


Norconsult Annual Report 2025	95		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information


2025
	Norway Head Office	Norway Regions	Sweden	Denmark	Renewable Energy	Consulting segments*	Other - corporate cost and eliminations	Total
External revenue	3 517	3 037	2 059	882	959	951	6	11 411
Internal revenue	16	20	107	10	36	90	-279	0
Total revenue and other income	3 533	3 057	2 166	892	996	1 040	-274	11 411
External project costs	394	183	336	131	142	346	-223	1 308
Operating revenue and other income after external project costs	3 139	2 875	1 830	761	854	694	-51	10 103
Personnel expenses	2 262	2 087	1 384	610	557	564	280	7 744
Other operating expenses	306	375	235	81	140	81	-266	950
Operating profit before depreciation and amortization (EBITDA)	572	412	211	71	157	50	-65	1 408
Depreciation and impairment tangible and ROU assets	199	126	99	31	20	5	17	497
Operating profit before amortisation (EBITA)	372	286	113	40	136	45	-82	911
Amortisation and impairment intangible assets	34	1	3	3	1	8	6	55
Operating profit (EBIT)	338	286	110	37	136	37	-88	856


2024
	Norway Head Office	Norway Regions	Sweden	Denmark	Renewable Energy	Consulting segments*	Other - corporate cost and eliminations	Total
External revenue	3 031	2 819	1 716	854	886	1 105	7	10 419
Internal revenue	14	7	98	9	32	86	-246	0
Total revenue and other income	3 044	2 826	1 814	864	918	1 192	-239	10 419
External project costs	268	155	265	144	127	453	-179	1 233
Operating revenue and other income after external project costs	2 777	2 672	1 548	720	791	738	-60	9 186
Personnel expenses	2 050	2 056	1 212	559	534	609	267	7 287
Other operating expenses	283	356	193	81	121	93	-287	840
Operating profit before depreciation and amortization (EBITDA)	444	260	143	80	136	37	-40	1 060
Depreciation and impairment tangible and ROU assets	187	115	90	31	20	5	17	466
Operating profit before amortisation (EBITA)	257	144	54	49	116	31	-57	594
Amortisation and impairment intangible assets	6	1	2	3	1	9	2	24
Operating profit (EBIT)	251	143	52	46	116	22	-59	570

*Includes the operating segments Digital, Technogarden and Metier that due to quantitative thresholds are not

separately reportable under IFRS and therefore aggregated.

External project costs:


	2025	2024
Sub consultants	933	911
Travel costs	92	81
Other external project costs	283	241
Total	1 308	1 233

The Group has no customers that represent more than 10% of consolidated revenue.


Norconsult Annual Report 2025	96		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

8. Salaries and personnel costs

Employee benefit expense:


	2025	2024
Salaries	5 987	5 620
Social security taxes	970	985
Pension expenses (note 9)	525	478
Other personnel costs	263	204
Total	7 744	7 287

Full time equivalent employees	7 051	6 315

Compensation to executive management and Board of Directors (NOK thousand):


	2025	2024

Base salary	28 442	27 248

Salary paid	28 570	28 235
Other benefits	1 416	1 213
Variable compensation	8 134	7 803
Pensions expenses	4 252	4 028
Share based payment	178	1 313
Total compensation	42 550	42 594

Number of shares	4 574 346	5 471 327
Non-vested shares	60 545	39 798
Loans	0	13

More detailed information on the compensation to the Group’s directors including executive personnel as well as

members of the Board of Directors is provided in the Norconsult Remuneration Report. The report for the financial

year 2025 will be published on the Group’s website following the annual general meeting. Company shares held

by the Board of Directors and Executive management are presented in note 20.

Share based payment

Accounting policy

The Group has share-based payment programs for executives and employees. The programs are assessed to be

equity-settled and the cost of the transactions is determined by the fair value at the date when the grant is made.

The calculated cost is recognised in employee benefits expense, together with a corresponding increase in equity,

over the period in which the services are rendered.

The cumulative expense recognised at each reporting date reflects the elapsed portion of the vesting period and

the Group’s best estimate of the equity instruments that are expected to vest.

Specification of share-based payment expense, as included in the table above, by year:


	2025	2024
Share based payment	26	224
Social security taxes	5	83
Total expense	30	307

An annual share program for employees was introduced in 2024. Eligible employees are offered the opportunity to

purchase shares at a 20% discount, subject to an annual cap of NOK 30,000 before the discount. In addition, a

matching share programme allows eligible employees to purchase shares at market price for an amount of up to

NOK 30 000. Employees who remain employed by the Group and hold their shares will receive 40% additional

shares after three years and 60% after five years, corresponding to one additional share for each share

purchased.The total annual expenses of these programs, including social security taxes, are capped at

NOK 60 million.

The expense for the 20% discount programme was recognised in full in Q1 and Q2. Expenses related to the

matching share programme will be recognised over the vesting period of three to five years, including an

additional five‑month service period.

The Board of Directors has established a share-based incentive program for the Group Executive Management.

Members are required to invest 25% of their variable salary to purchase shares in Norconsult at a 20% discount

and are eligible for matching shares on the same terms as the broader employee programme. Moreover, members

may allocate up to 25% of their total variable salary potential to the purchase of discounted shares. Shares

acquired through these programmes carry a mandatory two‑year lock‑up period.

Tier 3 managers may purchase shares for up to 25% of their potential variable salary at a 20% discount and are

entitled to matching shares on the same terms as the programme described above. Shares acquired under this

programme are subject to a two‑year lock‑up period.

The annual cost of the programs designated for the Group management team and tier 3 management is capped at

NOK 10 million. Consequently, the total cost of all programmes, including social security tax, is capped at

NOK 60 million.

Further information is provided in the Group’s remuneration report.

Participation in the 2025 programme was very high, resulting in a reduced purchase allocation per employee of

60% (2024: 50%). The Group recognised NOK 26 million (2024: NOK 19 million) in share-based payment expense

and NOK 5 million (2024: NOK 3 million) in social security taxes related to the programmes. During 2025,

Norconsult sold 1 027 394 discounted shares to employees based on a price of NOK 37.02 per share, representing

a 20% discount to the volume‑weighted average price


Norconsult Annual Report 2025	97		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

on Oslo Børs for the period 19 May 2025 to 4 June 2025. In addition, 809 243 matching shares were granted

based on a price of NOK 46.28, corresponding to the volume‑weighted average price traded on the Oslo Børs in

the same period.

Following the acquisition of the Aas-Jakobsen Group in August 2025, employees in the three acquired companies

were offered the opportunity to purchase shares on the same terms and for the same amounts as employees

participating in the ordinary June programme. Norconsult sold 45 948 discounted shares to Aas-Jakobsen Group

employees at a price of NOK 38.01 per share, representing a 20% discount to the volume‑weighted average price

traded on the Oslo Børs for the period from 15 to 29 October 2025. In addition, 39 144 matching shares were

granted at a price of NOK 47.51, corresponding to the volume‑weighted average price for the same period.

During 2024, Norconsult sold 1 604 214 discounted shares to its employees at a price of NOK 25.94 per share,

representing a 20% discount to the volume‑weighted average price traded on Oslo Børs for the period 3–14 June

2024. In addition, 1 369 246 matching shares were granted at a price of NOK 32.43, corresponding to the

volume‑weighted average price traded on Oslo Børs for the same period

Participants in the share program were offered the option to finance their shares purchase through monthly

instalments over a 12‑month period. Employee receivables totalled NOK 27 million at 31 December 2025

(2024: NOK 30 million).

The cost of equity‑settled transactions is measured at fair value at the grant date. The expense is recognised, with

a corresponding increase in equity, over the period during which the service conditions are met, ending on the

date the employee becomes fully entitled to the award. Social security taxes are recognised as cash‑settled

share‑based payments, measured at intrinsic value and remeasured at each reporting date.

9. Pensions

Accounting policy

In accordance with IFRS, defined contribution pension plans are accounted for by recognizing contributions as an

expense when they are due. The Group’s pension plans in Norway, Sweden and Denmark are classified as defined

contribution plans and are accounted for accordingly.

The Norwegian defined contribution pension plans cover 4 930 employees (2024: 4 450 employees).

Contributions are 5.5% of salary up to approximately NOK 880 000 and 23.6% of salary between NOK 880 000 to

NOK 1 488 000.

The Swedish group companies have two pension plans covering 1 625 employees (2024: 1 400 employees). The

ITP1 plan is a defined contribution plan and contributions are 4.5 % of salary up to approximately NOK 625 000

and 30% of salary from NOK 625 000 up to approximately NOK 2.5 million. The ITP2 plan is a multi-employer plan

and classified as a defined benefit plan according to Interpretation UFR 10 from the Swedish Corporate Reporting

Board. The Group does not have access to the necessary information to report the plan as a defined benefit

pension plan. Therefore, the ITP2 pension plan, which is secured through contributions to Alecta Tjänstepension

Ömesidigt (“Alecta”), is reported as a defined contribution plan. Alecta’s total overfunding, measured as the market

value of assets as a percentage of insurance obligations computed in accordance with Alecta’s own actuarial

assumptions is 167% as of 31 December 2024 (2024: 162%). Alecta’s computation olf pension obligations is not

consistent with IAS 19. Alecta has 35 000 corporate customers and total assets under management amounts to

NOK 1.375 billion in 2025. Further, the Swedish group companies also maintain a flexible pension plan with an

additional provision of 1.1 % of salary that employees can waive in favour of a higher monthly salary.

The Danish companies have defined contribution pension plans covering 544 employees (2024: 491 employees).

Contribution rates range from 8% to 12% of salaries.

The Group also has a small number of defined benefit plans covering a limited number of employees and retirees.

These commitments are insignificant to the Group, and no further disclosures are provided.

10. Intangible assets

Accounting policy

The Group’s intangible assets, excluding goodwill, are trademarks, customer relations and contracts acquired in

business combinations, as well as licenses and software. Intangible assets acquired separately are initially

recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of

acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and

accumulated impairment losses. Internally generated intangible assets are recognized only if they arise from the

development phase and meet the recognition criteria in IAS 38. Expenditure on research and other internally

generated intangible items are expensed as incurred.

The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are

amortised on a straight-line basis over their estimated useful lives, which are reviewed at least annually. The

amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at

least at the end of each reporting period, and any changes are accounted for as changes in accounting estimates.

Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or more

frequently if there is an indication of impairment.

Amortisation is performed on a straight-line basis over the estimated useful lives of the intangible asset:



Licenses and software	3-10	years
Customer relations	5-10	years
Customer contracts	1-6	years


Norconsult Annual Report 2025	98		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information


	2025	2025	2024	2024
	Goodwill	Other intangible assets	Goodwill	Other intangible assets
Acquisition cost as of 01.01	1 079	223	1 003	175
Addition from business combinations	1 608	399	60	22
Addition	0	43	0	33
Disposals	0	0	0	-9
Translation differences	5	4	16	2
Acquisition cost as of 31.12	2 691	669	1 079	223

Accumulated amortisation and impairment as of 01.01	0	-113	0	-97
Amortisations	0	-53	0	-19
Impairments	0	-2	0	-5
Disposal	0	0	0	9
Translation differences	0	-3	0	-1
Accumulated amortisation and impairment as of 31.12	0	-171	0	-113
Closing carrying amount as of 31.12	2 691	498	1 079	109

By business area
Norway Head Office	1 723	0	471	0
Norway Regions	130	0	130	0
Renewable Energy	101	0	101	0
Sweden	75	0	60	0
Denmark	276	0	275	0
Consulting Segments	388	0	42	0
Licenses and software acquired	0	213	0	8
Licenses and software internally developed	0	0	0	71
Customer relations and contracts capitalised on acquisition	0	284	0	31
Total	2 691	498	1 079	109

Licenses and software capitalised during the year amounted to NOK 43 million (2024: NOK 33 million) and were

mainly related to the development of software for use in the Group’s Digital business as well as software for

internal use. The carrying value of software for internal use amounts to NOK 33 million (2024: NOK 23 million).

The remaining amortisation period for other intangible assets is approximately 5 years.

No impairment of goodwill has been identified for 2025. No impairment losses have been made during the year

relating to software developed for specific customers (2024: NOK -5 million).

Additions from business combinations are customer relations, customer contracts and trademark, see note 5.

Impairment test of goodwill

Impairment test of goodwill is carried out annually during the fourth quarter, or more frequently if there are

indicators of impairment.

Tests are carried out at the level of cash‑generating units (CGUs) to which goodwill is allocated. These CGUs

correspond to the Group’s segment structure, and the allocation is shown in the table above.

The recoverable amount of each CGU is determined using value in use calculations, based on discounted cash

flows. Forecasts for the next year are derived from the board approved operating budget, which represents

managements best estimates of future market conditions. Thereafter, terminal value based on an annual growth in

the cash flow of 1.3%, is estimated. The growth rate is a conservative estimation of the long-term growth for the

CGUs.

The key variables that impact the value in use calculation are sales growth, EBITA margin and discount rate. The

estimates reflect past experience as well as external sources of information and have included consideration of

future economic uncertainties related to global trade and macroeconomic development. Impairment tests

indicate no requirement to make write-downs nor does sensitivity analysis with reasonable changes in

assumptions. However, future outcomes may deviate materially from the estimates to the extent that write-down

of goodwill is required.

Climate‑related risks and opportunities have also been considered. Norconsult experience transition risk in that the

advice and solutions that we plan and design must comply with relevant changes in policy, technology, laws,

regulations and standards. This requires a dynamic and adaptable management system and skilled employees. This

will affect both our market and its stakeholders, creating both a risk of reduction in the services we currently

provide, but also opportunities to provide additional services in current and new professional disciplines. The

potential impact of climate risk on future cash flows has been assessed, and no material effects were identified

neither for 2024 nor 2025.

Estimated future cash flows are discounted using the weighted average cost of capital for the CGU. The net

present value of future cash flows is compared to the carrying value of each CGU. Discount rates are estimated

based on risk free interest rate (10-year government bond), market risk premium and beta values per CGU, and are

as follows:


Discount rate before tax in %	2025	2024

Norway Head Office	10.3 %	10.5 %
Norway Regions	10.3 %	10.5 %
Renewable Energy	10.3 %	10.5 %
Sweden	9.2 %	8.9 %
Denmark	9.2 %	9.0 %
Consulting Segments	10.3 %	10.5 %


Norconsult Annual Report 2025	99		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

The change in pre-tax discount rates from 2024 to 2025 partly reflects the Group’s transition from an all‑equity

capital structure to a mix of equity and interest‑bearing debt. In addition, the risk-free interest rate increased

slightly during the year, partially offset by a reduction in the market risk premium.

No impairment is identified for reasonable changes in key assumptions.

11. Property, plant and equipment

Accounting policy

The Group’s main items of property, plant and equipment are leasehold improvements, fixtures and furniture and

office machinery. The Group leases all office buildings, see note 12. Plant and equipment are stated at cost, net of

accumulated depreciation and accumulated impairment losses, if any. Cost includes costs that are directly

attributable to the acquisition of the asset.

Estimated useful lives are as follows:


Fixtures, fittings, and office equipment	3-10 years


		2025			2024
	Land, offices and buildings	Machinery, cars, office equipment etc	Total	Land, offices and buildings	Machinery, cars, office equipment etc	Total
Acquisition cost as of 31.12	6	795	801	6	723	729
Accumulated depreciation as of 31.12	-5	-605	-609	-4	-545	-550
Carrying amount as of 31.12	1	190	191	2	177	179
Opening carrying amount as of 01.01	2	176	178	1	157	158
Addition from business combination	0	5	5	0	1	1
Addition	0	77	77	1	81	81
Disposals	0	-4	-4	0	-2	-2
Depreciation	0	-67	-67	0	-62	-62
Translation differences	0	2	2	0	2	2
Closing carrying amount as of 31.12	1	190	191	2	177	178

Depreciation method	Linear	Linear		Linear	Linear
Depreciation period	0 - 30 years	3-10 years		0 - 30 years	3-10 years

12. Leases

Accounting policy

The Group leases all office buildings. Leases are also generally used for IT equipment, office machines, motor

vehicles and to some extent mobile phones.

Leases are recognised as a right-of-use assets and a corresponding liability at the commencement date of the

lease (i.e., the date the underlying asset is available for use). Each lease payment is allocated between the liability

and finance cost. The finance costs are recognised over the lease period based on the remaining balance of the

liability for each period. Right-of-use assets are recognised at cost less depreciation and impairment loss. Assets

are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the

assets, as follows:


– Office buildings:	1 to 17 years
– IT equipment:	1 to 6 years
– Motor vehicles and other equipment:	1 to 9 years

If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise

of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets

are also subject to impairment.

The lease liabilities include the net present value of lease payments to be made over the lease term. The lease

payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an

index or a rate, and amounts expected to be paid under residual value guarantees. Several of the Group’s leases

include options for renewal of the leases. Options that are reasonably certain to be exercised, considering office

size and growth, potential for relocation with other Norconsult offices, rent level and location of the office relative

to alternative locations in the relevant area are included in lease payments. Lease options for long-term contracts,

mainly over 3-4 years, are not taken into account as there are constant changes to the Group and it is difficult to

assess the probability of future renewals. In calculating the present value of lease payments, the Group uses its

incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not

readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the

accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities

is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in

the assessment of an option to purchase the underlying asset.

The Group applies the short-term lease recognition exemption to its short-term leases of certain office locations,

smaller machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the

commencement date and do not contain a purchase option). It also applies the lease of low-value assets

recognition exemption to leases of office equipment that are considered to be low value. Lease payments on

short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease

term.


Norconsult Annual Report 2025	100		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information


Right-of-use assets	2025	2024
Opening carrying amount as of 01.01	1 550	1 546
New leases	365	274
Addition through acquisitions	78	0
Changes in existing leases	40	128
Depreciation for the year	-431	-403
Translation differences	11	5
Closing carrying amount as of 31.12	1 613	1 550
Office property	1 500	1 445
Cars, IT equipment and office machines	113	105
Total right-of-use assets	1 613	1 550

Amounts recognised in profit and loss	2025	2024
Depreciation office property	358	334
Depreciation cars, office- and IT-equipment	73	69
Gains and losses	-2	0
Interest expense on lease liabilities	49	41
Cost of short-term leases	11	11
Cost of low-value leases	2	5
Total amount recognised in the statement of income	491	460

Lease liabilities	2025	2024
Non-current	1 260	1 229
Current	417	367
Total lease liabilities	1 677	1 597

Maturity of undiscounted lease commitments	2025	2024
Within one year	464	406
Between 1 and 5 years	1 124	1 097
Over 5 years	242	222
Total undiscounted lease liabilities	1 830	1 725

Movement in the lease liability:	2025	2024
Opening carrying amount as of 01.01	1 597	1 580
Amortisation of debt, cash flow	-465	-430
New leases and revaluation	406	402
Increase through acquisition	78	0
Interest expense	49	41
Translation differences	12	4
Closing carrying amount as of 31.12	1 677	1 597

The Group has two material leases that are committed and commence during 2026 and 2027. The average length

of the leases is 11 years with an average annual rent is NOK 13 million.

13. Other operating expenses


	2025	2024
Office expenses	188	191
IT expenses	433	345
Travel expenses	76	72
External services	64	75
Marketing and advertising expenses	23	18
Loss on receivables	5	-3
Insurance expenses	62	55
Other operating expenses	100	88
Total	950	840

Expenses related to research and development cost amount to NOK 29 million (2024: NOK 35 million).


Compensation to auditors (NOK thousand)	2025	2024
Statutory audit fees	6 763	6 569
Statutory audit fees other than group auditor	135	629
Other assurance engagements	326	170
CSRD audit fee	1 021	631
Tax related services	153	318
Other services	2 054	1 309
Total	10 452	9 626

Compensation to auditors does not include VAT.


Norconsult Annual Report 2025	101		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

14. Finance income and expense


Finance income	2025	2024
Share of income from associates	-1	6
Interest income	32	30
Foreign currency gain	39	21
Other financial income	28	23
Total financial income	99	80


Finance expense	2025	2024
Interest expenses	-25	-8
Foreign currency loss	-28	-25
Financial expenses lease liabilities	-49	-41
Other financial expenses	-4	-8
Total financial expense	-105	-83
Net financial items	-6	-3

Included in other financial income is increase in the fair value of bond funds with NOK 21 million

(2024: NOK 19 million).

15. Taxes

Accounting policy

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the

taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or

substantively enacted at the reporting date in the countries where the Group operates and generates taxable

income.

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and

liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities and assets are recognised for all taxable temporary differences between carrying amount

and their respective tax bases. Deferred tax liabilities or deferred tax assets are not recognised for the initial

recognition of goodwill.

Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which

the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be

utilized.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is

no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be

utilized. Unrecognised deferred tax assets are reassessed at each reporting date.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the

asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively

enacted at the reporting date.

The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set

off current tax assets and current tax liabilities.

The Group has applied the mandatory exception to recognising and disclosing information about deferred tax

assets and liabilities arising from Pillar Two income taxes. Furthermore, the Group has reviewed its corporate

structure in light of the introduction of Pillar Two Model Rules in various jurisdictions. Based on the Safe Harbour

tests, Norconsult Group is not exposed to top-up tax payments. Therefore, the consolidated financial statements

do not include information required by paragraphs 88A-88D of IAS 12. Given the complexity involved in applying

the legislation and in the requisite calculations, Norconsult will continue to evaluate its exposure.

The major components of income tax expense:


	2025	2024
Current income tax charge	200	72
Taxes from prior years	-4	-31
Change in deferred tax	1	28
Income tax expense (income)	197	69

Reconciliation of tax expense and profit (loss) before tax:


	2025	2024
Profit before tax	850	567
Estimated tax on profit (loss) before tax (22%)	187	125
Effect of permanent differences	12	-47
Effect of different tax rates in foreign operations	-1	-1
Adjustment to previous years' taxes	-3	-12
Changes in unrecognised deferred tax asset	3	3
Income tax expense (income)	197	69

Permanent differences for 2025 primarily relates to tax effects arising from on gain on internal transfer of business

in Sweden, leavers penalty and earn-out i Denmark, as well as non-deductible transaction costs related to

acquisitions in Norway.

Permanent differences for 2024 primarily relates to the settlement of the Group’s share-based payment, with a

positive tax effect of NOK -55 million for subsidiaries that have booked the settlement of the share-based payment

partly against equity in accordance with IFRS 2. In addition, other non-deductible expenses amounted to

NOK 8 million.


Norconsult Annual Report 2025	102		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Deferred tax assets (liabilities) relate to the following:


	2025	2024
Goodwill and property plant and equipment	88	112
Net deferred gain on sale of property plant and equipment	-56	-67
Right of use assets, net	14	10
Net contract assets/receivables	-92	-92
Intangible assets	-85	-7
Receivables	13	8
Tax loss carry forward	21	8
Other temporary differences	-24	-20
Total deferred tax assets (liabilities)	-122	-49
Deferred tax assets not recognised	-9	-6
Net deferred tax assets (liabilities) in statement of financial position	-132	-55

Deferred tax assets	10	28
Deferred tax liabilities	-142	-83
Net deferred tax assets (liabilities) in statement of financial position	-132	-55

Reconciliation of net deferred tax asset (liability):


	2025	2024
Opening carrying amount as of 01.01	-55	-20
Tax expense (income) for the period	-1	-10
Change in deferred tax related to prior years	0	-18
Deferred tax from acquisition and disposal of subsidiaries	-74	-6
Effect of foreign currency translation	-1	-2
Closing carrying amount as of 31.12	-132	-55

Deferred tax assets not recognised relate to tax loss carry forwards both within and outside the Nordic countries.

Tax loss carry forward in the Nordic countries may be carried forward indefinitely.

16. Earnings per share

Accounting policy

Earnings per share is calculated by dividing the profit for the year after non-controlling interests by the average

number of shares outstanding during the reporting period. Norconsult has share programs that potentially could

give rise to a dilutive effect for other shareholders. Earnings per share is therefore presented with and without a

dilutive effect.


	2025	2024
Profit for the period (NOK million)	651	496
Weighted average shares outstanding excluding treasury shares	305 226 497	288 908 931
Average shares outstanding including dilutive shares	306 068 982	300 210 990

Basic earnings per share, in NOK	2.13	1.72
Diluted earnings per share, in NOK	2.13	1.65

17. Non-current financial assets and associated companies


	2025	2024
Shares in associates	4	6
Non-current financial investments	0	26
Other non-current receivables	74	28
Total	78	59


Movement in shares in associates	2025	2024
Opening carrying amount as of 01.01	6	3
Share of profit	-1	6
Dividend	0	-3
Closing carrying amount as of 31.12	4	6

Associated companies are listed in note 25. The Group had revenues from associated companies running projects

with joint operations of NOK 100 million (2024: NOK 106 million). The associated companies are deemed not to

be material to the Group and further information is therefore not provided.


Norconsult Annual Report 2025	103		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

18. Other current assets


	2025	2024
Prepaid operating expenses	145	114
Prepaid corporate taxes	23	69
Accrued income	0	0
Other current receivables	68	52
Total	236	235

19. Cash and cash equivalents

Accounting policy

Cash and cash equivalents in the statement of financial position comprise cash in banks and on hand and short-

term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount

of cash and subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of

cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above. The Group’s

investment of excess cash in bond funds is not classified as cash.


	2025	2024
Cash and bank deposits	1 220	1 173
Cash restricted for payment of employee taxes	0	23
Other restricted cash	0	2
Total	1 220	1 198

20. Share capital and shareholder information

Accounting policy

Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.

No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity

instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in

retained earnings.


Ordinary shares issued and fully paid	Number of shares	Share capital in NOK
Ordinary shares of NOK 0.02 each	317 548 462	6 350 969

	2025	2024
Dividends paid to shareholders of Norconsult ASA	512	343
Dividends per share	1.70	1.20

After 31 December 2025, dividends of NOK 559 million (NOK 1.80 per share) are proposed by the Board of

Directors for approval at the annual general meeting in 2026.

During the year the Company purchased 79 760 (2024: 376 725) corresponding to 0.0 % (2024: 0.1%) of the issued

shares. The Group sold 1 906 973 (2024: 16 230 057) corresponding to 0.6 % of issued shares (2024: 5.2%)

At 31 December 2025 the Company held 7 248 072 treasury shares (2024: 9 075 285) corresponding to 2.3 % of

issued shares.

At the annual general meeting in May 2025 the Board was authorized to increase the share capital in the Company

with up to 10%, to be used in connection with future investments, share or incentive programs for the employees

of the Norconsult group, to optimize the Group’s capital structure, or as consideration in relation to acquisitions of

businesses, mergers, demerger or other transactions. The authorisation is valid until the next ordinary annual

meeting, but not longer than to 30 June 2026.

The Aas-Jakobsen Group was acquired in August 2025. 20 percent of the purchase price was settled through

issuance of new shares in Norconsult ASA (Consideration Shares). The issuance was resolved by Norconsult's

Board of Directors, pursuant to the authorisation granted by the Annual General Meeting held on 5 May 2025 (the

"Authorisation"). A total of 7 051 587 Consideration Shares were issued to the sellers at a subscription price of

NOK 43.19, corresponding to the volume weighed average share price for the five trading days prior to closing.

Following the issuance of the Consideration Shares, Norconsult's new share capital is NOK 6 350 969, divided into

317 548 462 shares, each with a nominal value of NOK 0.02.


Norconsult Annual Report 2025	104		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

The Company’s 20 largest external shareholders at 31 December 2025:


Name	Country	Number of shares	% of shares outstanding

FOLKETRYGDFONDET	Norge	10 775 066	3.5 %
J.P. Morgan SE	Luxembourg	6 347 610	2.0 %
VERDIPAPIRFONDET HOLBERG NORGE	Norge	6 151 885	2.0 %
VERDIPAPIRFONDET DNB NORGE	Norge	5 859 493	1.9 %
The Bank of New York Mellon SA/NV	Irland	5 150 000	1.7 %
State Street Bank and Trust Comp	U.S.A.	4 005 616	1.3 %
CACEIS Bank	Frankrike	3 787 146	1.2 %
Nordea Bank Abp	Sverige	3 780 187	1.2 %
Brown Brothers Harriman & Co.	Japan	3 589 300	1.2 %
VPF SPAREBANK 1 NORGE VERDI	Norge	3 413 909	1.1 %
KVERVA FINANS AS	Norge	3 294 455	1.1 %
Nordnet Bank AB	Sverige	3 265 829	1.1 %
The Bank of New York Mellon SA/NV	Storbritannia	3 174 620	1.0 %
JPMorgan Chase Bank N.A. London	Storbritannia	3 095 027	1.0 %
VPF DNB AM NORSKE AKSJER	Norge	2 870 394	0.9 %
UBS SECURITIES LLC	U.S.A.	2 831 000	0.9 %
Skandinaviska Enskilda Banken AB	Sverige	2 579 704	0.8 %
Société Générale	Frankrike	2 550 742	0.8 %
VERDIPAPIRFONDET KLP AKSJENORGE IN	Norge	2 248 798	0.7 %
VERDIPAPIRFONDET DNB NORGE INDEKS	Norge	2 105 315	0.7 %
Total shares owned by top 20		80 876 096	26.1 %
Total number of shares including treasury shares		317 548 462
Total number of shares outstanding excluding treasury shares		310 300 390

Foreign shareholders hold 29% (2024: 27%) of the total issued shares in Norconsult ASA.

No shareholder may exercise voting rights representing more than 25 percent of the issued shares at general

meetings.

Shares and share options held by members of the Board of Directors and Executive Management including shares

controlled through holding companies and related parties as of 31 December 2025:


Shares held by Board of Directors and Executive Management	2025		2024
	Shares	Non-vested shares	Shares	Non-vested shares
Nils Morten Huseby, Chair of the Board	60 300		57 931
Mari Thjømøe, Deputy Chair of the Board	41 052		31 052
Karl Erik Kjelstad, Board member	30 000		30 000
Lars-Petter Nesvåg, Board member	671 826	721	671 308	462
Sandra Annette Angelica Kuru, Board member	9 742	721	9 224	462
Oskar Hove Zimmer, Board member	5 069	721
Maria Hjerppe, Board member	13 967	721
Helge Hesjedal Wiberg, Board member	43 434		43 175

Egil Hogna, CEO	1 161 612	14 679	1 150 623	9 314
Dag Fladby, CFO	221 058	6 169	216 507	3 932
Hege Njå Bjørkmann, EVP Communication & Brand	149 729	3 320	146 755	1 878
Marisa Ruiz Retamar. EVP Human Resources	70 103	2 302	68 262	1 410
Bård Hernes, EVP Norway Head Office and Norconsult Digital	1 342 030	5 778	1 337 628	3 616
Vegard Jacobsen, EVP Norway Regions	396 398	5 256	392 499	3 424
Håkon Bergsodden, EVP Renewable Energy	59 559	4 854
Kathrine Duun Moen, EVP Technogarden and Metier	113 993	5 158	112 312	3 477
Farah Al-Aieshy, EVP Sweden	176 861	5 820	172 371	3 602
Jess Sørensen, EVP Denmark (constituted)	7 354	4 325

21. Interest-bearing loans and borrowings

Norconsult ASA entered into a secured NOK 1 300 million Term Loan Facility Agreement (Term Loan) with DNB

Bank ASA for the purpose of purpose of the financing of the acquisitions of the Aas-Jakobsen Group and the

Metier Group. The Term Loan has a maturity of five years with quarterly repayments of NOK 60 million and a final

bullet repayment at maturity. The amount payable within 12 months after the reporting date has been classified as

short term.

The Term Loan is secured by a pledge over the trade receivables and by a first priority pledge over all shares in

Norconsult Norge AS. The carrying amount of the receivables in Norconsult Norge AS was NOK 1 168 million as of

31 December 2025. Additionally, the Term Loan is secured by a first priority pledge over all shares in Norconsult

Norge AS. All facilities include a negative pledge over other assets, restricting the granting of further security

except as permitted under the agreements.

The loan carries a variable interest rate of NIBOR + 1.70 percent, corresponding to approximately 6.0 percent per

annum as of December 2025. The loan is measured at amortised cost, and interest expense is recognised using

the effective interest rate (EIR). The calculated annual EIR is 6,34 percent. Interest is payable quarterly, and the total

interest accrued amounted to NOK 9 million as of 31 December 2025.


Norconsult Annual Report 2025	105		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information


Interest-bearing loans and borrowings
Liabilities		Amortised cost	Fair value	Level in the fair value hierarchy
Interest-bearing liabilities (excluding lease liabilities)		1 293	1 300	2

	Carrying amount	Maturities
		< 1 year	1-2 years	> 2 Years
Interest-bearing liabilities	1 300	240	240	820
Interest on interest-bearing liabilities	9	9	0	0
Total liability	1 309	249	240	820

22. Changes in liabilities arising from financing activities

The table below sets out the changes in the Group’s liabilities arising from financing activities.

Changes in liabilities arising from financing activities


2025	1 January 2025	Cash flows	Increase through acquisition	Foreign exchange movement	New leases and revaluation	Other	31 December 2025
Interest on interest-bearing liabilities	0	-14				23	9
Current interest-bearing loans and borrowings	0	240					240
Non-current interest bearing loans and borrowings	0	1 053					1 053
Lease liabilities (Note 12)	1 597	-465	78	12	406	49	1 677
Total liabilities from financing activities	1 597	814	78	12	406	72	2 979


2024	1 January 2024	Cash flows	Increase through acquisition	Foreign exchange movement	New leases and revaluatio	Other	31 December 2024
Lease liabilities (Note 12)	1 580	-430	0	4	402	41	1 597
Total liabilities from financing activities	1 580	-430		4	402	41	1 597

The ‘Other’ column includes interest accretion on leasing liabilities as well as accrued but unpaid interest on loans.

23. Other non-current debt and accruals


	2025	2024
Contingent consideration for business combinations	23	43
Other long term debt	42	37
Total	65	79

Movement in contingent consideration for business combinations	2025	2024
Opening carrying amount as of 01.01	43	0
Increased	0	43
Released	-20	0
Paid	0	0
Reclassified to current liabilities	0	0
Effect of foreign currency translation	0	0
Closing carrying amount as of 31.12	23	43
Expected to be settled within one year	0	0
Expected to be settled between one and five years	23	43

Reduced contingent considerations in 2025 is mainly related to the option to purchase the remaining 49% of

shares in SQM AS to be settled between 2029 and 2031.

24. Other current liabilities

Accounting policies

Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an

outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate

can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are

discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When

discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.


	2025	2024
Public duties payable	1 062	1 198
Accrued salary	1 181	1 002
Accrued expenses	138	84
Total	2 381	2 283


Norconsult Annual Report 2025	106		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

25. Subsidiaries and composition of the group


Subsidiaries owned by Norconsult ASA
Company	Office	Voting and ownership	Voting and ownership

Norconsult Norge AS	Sandvika	100 %	100 %
Shares owned by subsidiaries
Company	Office	Voting and ownership share 2025	Voting and ownership share 2024	Shares owned by
Norconsult International AS	Sandvika	100 %	100 %	Norconsult Norge AS
Norfin AS	Sandvika	100 %	100 %	Norconsult Norge AS
Technogarden AS	Sandvika	100 %	100 %	Norconsult Norge AS
Norconsult Digital AS	Sandvika	100 %	100 %	Norconsult Norge AS
Nordic Office of Architecture AS	Oslo	100 %	100 %	Norconsult Norge AS
Norconsult Sverige AB	Gøteborg	100 %	100 %	Norconsult Norge AS
Norconsult Danmark A/S	København	100 %	100 %	Norconsult Norge AS
Norconsult Polska Sp. z o.o	Krakow	100 %	100 %	Norconsult Norge AS
Norconsult Island ehf	Reykjavik	100 %	100 %	Norconsult Norge AS
SQM AS	Oslo	51 %	51 %	Norconsult Norge AS
Norconsult Africa (PtY) Ltd	Johannesburg	100 %	100 %	Norconsult Norge AS
Norpower Sdn Bhd	Kuching	100 %	100 %	Norconsult Norge AS
Norconsult New Zealand Ltd.	Auckland	100 %	100 %	Norconsult Norge AS
Kjeller Vindteknikk AB	Stockholm	100 %	100 %	Norconsult Norge AS
Kjeller Vindteknikk OY	Espoo	100 %	100 %	Norconsult Norge AS
Dr. Ing. A. Aas-Jakobsen AS	Oslo	100 %	0 %	Norconsult Norge AS
Team Major AS	Oslo	100 %	50 %	Norconsult Norge AS/Dr. Ing. A. Aas- Jakobsen AS
Aas-Jakobsen Trondheim AS	Trondheim	100 %	100 %	Dr. Ing. A. Aas-Jakobsen AS
Geovita AS	Oslo	100 %	100 %	Dr. Ing. A. Aas-Jakobsen AS
Norconsult Fältgeoteknik AB	Gøteborg	100 %	100 %	Norconsult Sverige AB
Wermlands Infrakonsult AB	Karlstad	100 %	100 %	Norconsult Sverige AB
Sigma Civil AB	Malmö	100 %	0 %	Norconsult Sverige AB
Norconsult Boreteknikk AS	Torp	100 %	100 %	Norconsult Fältgeoteknik AB
Moldskred AS	Ålesund	100 %	100 %	Norfin AS
JAF Arkitektkontor AS	Gjøvik	100 %	100 %	Norfin AS
Concreto AS	Oslo	100 %	100 %	Norfin AS
KHS Arkitekter A/S	Kongens Lyngby	100 %	100 %	Norconsult Danmark A/S
Nordic - Office of Architecture A/S	København	100 %	100 %	Norconsult Danmark A/S
LB Consult A/S	Grenaa	100 %	100 %	Norconsult Danmark A/S
Ingeniørværket ApS	Esbjerg	100 %	100 %	Norconsult Danmark A/S


Norconsult Jord-Miljø A/S	Smørum	100 %	100 %	Norconsult Danmark A/S
Norconsult Jord Teknik A/S	Smørum	100 %	100 %	Norconsult Jord-Miljø A/S
Nordic Office of Architecture A/S	København	100 %	100 %	Norconsult Danmark A/S
Rubow Arkitekter Aarhus A/S	Aarhus	100 %	100 %	Norconsult Danmark A/S
Norconsult Digital AB	Stockholm	100 %	100 %	Norconsult Digital AS
Pure Logic AS	Oslo	100 %	100 %	Norconsult Digital AS
Nordic Office of Architecture ehf	Reykjavik	100 %	100 %	Nordic Office of Architecture AS
Technogarden Albatross Prosjektledelse AS	Sandvika	100 %	100 %	Technogarden AS
Technogarden AB	Gøteborg	100 %	100 %	Technogarden AS
Technogarden Human Resources AS	Sandvika	100 %	100 %	Technogarden AS
Metier AS	Oslo	100 %	100 %	Metier Group AS
Metier Resources AS	Oslo	100 %	100 %	Metier AS
Metier AB	Stockholm	100 %	100 %	Metier AS

Associated companies:
NorCiv Engineering Co. Ltd	Bangkok	49.0 %	24.5 %	Norconsult Norge AS and Dr. Ing. A. Aas- Jakobsen AS
Team Urbis AS	Oslo	35.0 %	22.5 %	Nordic Office of Architecture AS/Dr. Ing. A. Aas-Jakobsen AS
Avro Design Group EHF	Reykjavik	30.0 %	30.0 %	Nordic Office of Architecture AS


Norconsult Annual Report 2025	107		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

26. Pledges and commitments

In June 2025, Norconsult transferred its global cash pool agreement, overdraft facility and multi-currency

guarantee facility to DNB Bank ASA. The overdraft facility has a limit of NOK 500 million and the uncommitted

multi-currency guarantee facility has a limit of NOK 100 million. Both are subject to annual renewal. Norconsult

also entered into a secured NOK 1 300 million Term Loan Facility Agreement (Term Loan) with DNB Bank ASA for

the purpose of the financing of the acquisitions of the Aas-Jakobsen Group and Metier Group. The Term Loan has

a maturity of five years.

The overdraft facility, guarantee facility and Term Loan are secured by a NOK 2 000 million floating pledge over

the trade receivables of Norconsult Norge AS. Additionally, the Term Loan is secured by a first priority pledge over

all shares in Norconsult Norge AS. All facilities include a negative pledge over other assets, restricting the granting

of further security except as permitted under the agreements.

The facilities established with DNB Bank ASA has a financial covenant requiring the Group to ensure that the ratio

of net interest-bearing debt to adjusted EBITDA excluding IFRS 16 for the last 12 months, measured quarterly,

remains below 2.50:1.

The Group is fully compliant with all covenant requirements as of 31 December 2025.

Guarantees issued by financial institutions on behalf of the Group:


	2025	2024
Guarantee for employee taxes withheld	322	258
Contract guarantees	73	78
Total	395	336

Disputes

Norconsult participated in two groups of advisers that entered into contracts with AOT Airport of Thailand (AAT) in

connection with the establishment of Suvarnabhumi Airport in Bangkok. Neither of these contracts had an agreed

limitation of liability. Shortly after the airport's opening in September 2006, there was damage to the asphalt

surface as a result of flooding. The Group’s opinion is that this is not due to design errors. AAT has nevertheless

demanded approximately NOK 600 million in compensation for the remedial costs. The dispute was dealt with in

arbitration in Thailand in 2017. The arbitral tribunal assessed that the claim should have been raised before ordinary

courts and the merits of the case were therefore not dealt with. The AAT has not initiated new proceedings before

ordinary courts. In the Company’s view, there is very little risk in this case.

27. Related party transactions

Transactions with related parties comprising shareholders, Board of Directors and members of Group

management are described in note 8. Transactions with associated companies are insignificant. There are no other

related party transactions.

28. Subsequent events

No additional events have been identified that require disclosure.


			Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Parent Company

Financial statements


Parent Company Financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	108
Statement of income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	108
Statement of financial position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	109
Statement of cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	109
Notes to Norconsult ASA financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	110
1.Corporate information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	110
2.Material accounting policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	110
3.Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	110
4.Finance income and expense and interest bearing liabilities . . . . . . . . . . . . . . . . . . . . . . . . .	111
5.Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	111
6.Share capital and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	112
7.Shares in subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	112
8.Related party transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	112
9.Other current financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	113
10.Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	113

Norconsult ASA

Statement of income

1 January - 31 December


(Amounts in NOK million)	Note	2025	2024

Operating revenue and other income
Other operating expenses	3	10	8
Operating profit (loss) (EBIT)		-10	-8
Income from subsidiaries and associates	8	654	511
Finance income	4	100	61
Finance expense	4	-79	-76
Net financial items		675	496
Profit (loss) before tax		665	488
Income tax expense	5	3	4
Profit (loss) for the period		662	484


Allocation of profit (loss) for the year
Dividends	6	559	512
Transferred to/from other equity	6	104	-29
Total allocations		662	484


Norconsult Annual Report 2025	109		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Norconsult ASA

Statement of financial position

1 January - 31 December


(Amounts in NOK million)	Note	2025	2024

ASSETS
Shares in subsidiaries	7	1 190	169
Long term receivables on group companies	8	1 454	0
Total non-current assets		2 644	169
Receivables on group companies	8	986	366
Other current receivables		2	2
Total receivables		988	368
Other current financial assets	9	287	413
Cash and cash equivalents	10	921	974
Total current assets		2 196	1 756
Total assets		4 839	1 924

EQUITY AND LIABILITIES
Share capital		6	6
Treasury shares		0	0
Share premium		525	221
Other paid-in capital		360	264
Retained earnings		139	30
Total equity	6	1 031	522
Deferred tax	5	12	10
Non-current interest-bearing liabilities	4	1 053	0
Total non-current liabilities		1 065	10
Liabilities to group companies	8	1 935	880
Dividends	8	559	512
Current tax liabilities	5	0	0
Current interest-bearing liabilities	4	240	0
Other current liabilities		10	0
Total current liabilities		2 744	1 393
Total equity and liabilities		4 839	1 924

Norconsult ASA

Statement of cash flows

1 January - 31 December


(Amounts in NOK million)	Note	2025	2024

Profit (loss) before tax		665	488
Taxes paid		-1	-1
Income from subsidiaries	8	-654	-511
Other non-cash profit and loss items		-21	-19
Change in current liabilities		1	-12
Net cash flows from operating activities		-10	-56
Ordinary dividends received		239	518
Dividend from subsidiaries related to the group's share program for employees		0	270
Net change in current and non-current interest-bearing receivables to group companies		-1 706	0
Proceeds from sale of bond funds		147	0
Net cash flows from investment activities		-1 320	788
Net change in receivables and liabilities to group companies		392	-201
Purchase/sale of own shares		0	81
Proceeds from borrowings	4	1 293	0
Interests paid		14	0
Change in short term receivable for sale and purchase of shares		3	3
Payments from subsidiaries related to the group's share program for employees		86	333
Dividends paid to equity holders of the parent		-512	-343
Net cash flows from financing activities		1 276	-127
Net change in cash and cash equivalents		-54	605

Cash and cash equivalents at beginning of period		974	369
Cash at cash equivalents at end of period	10	921	974


Norconsult Annual Report 2025	110		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Notes to Norconsult ASA financial statements

(All amounts in NOK million unless otherwise stated)

1. Corporate information

The financial statements for Norconsult ASA (“the Company”) have been prepared in accordance with the

Norwegian Accounting Act of 1998 and Generally Accepted Accounting Principles in Norway (NGAAP). The

Company was listed on Oslo Børs on 10 November 2023. See also note 1 to the consolidated financial statements.

2. Material accounting policies

Currency

Norwegian kroner (NOK) is the parent company’s functional currency. Transactions in foreign currency are

converted into the functional currency by utilizing the exchange rate at the of date of the transaction. Currency

translation effects are recognised and presented under financial items.

Subsidiaries

Investments in subsidiaries are recognised at acquisition cost in the accounts of the parent company. The

investments are written down to fair value if impairment is not considered temporary. Dividends received and

group contributions are recognised as financial income.

Taxes

The income tax expense is recognised in the income statement for the period to which it relates. Items associated

with equity transactions are recognised directly in equity. The income tax expense consists of current taxes

payable and changes in net deferred tax liabilities and assets. Deferred tax assets and liabilities are calculated based

on the liability method and include all temporary differences between the carrying amounts and tax bases of

assets and liabilities in the consolidated financial assets, including tax losses carried forward. Deferred tax assets

are recognised to the extent that the tax is probable that future taxable profit will be available against which the

temporary differences can be utilised.

Statement of cash flows

The statement of cash flows has been prepared in accordance with the indirect method.

3. Other operating expenses

Norconsult ASA has no employees and is therefore not obligated to have an occupational pension scheme in

accordance with the Mandatory Occupational Pension Schemes Act.

Remuneration to executives in the Norconsult Group is recognised as an expense in the subsidiary in which the

executives are employed.


Compensation to Executive Management and Board of Directors (NOK thousand):	2025	2024
Board remuneration	2 134	2 036
Number of shares	875 390	1 097 320
Number of non-vested shares	2 884	1 386
Loans	0	0

See note 8 in the Group financial statements and the Group Remuneration Report for information on executive

remuneration.

The company has entered into a currency forward contract to mitigate exposure to USD arising from certain

procurement contracts in the Group. The gain recognised for 2025 amounts to NOK 0.2 million.


Compensation to auditors (NOK thousand):	2025	2024
Statutory audit fees	1 208	956
Other assurance engagements	62	0
CSRD audit fee	1 021	631
Other fees	0	128
Total	2 290	1 716


Norconsult Annual Report 2025	111		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

4. Finance income and expense and interest bearing liabilities


	2025	2024
Interest income from group companies	41	10
Other interest income	22	26
Other financial income	38	25
Finance income	100	61

Interest expense to group companies	35	60
Other interest expense	1	7
Interest expense on interest-bearing liabilities	23	0
Other financial expense	20	9
Finance expense	79	76

Non-current interest-bearing liabilities	1 053	0
Current interest-bearing liabilities	240	0
Total interest bearing liabilities	1 293	0

Norconsult ASA entered into a secured NOK 1 300 million Term Loan Facility Agreement (Term Loan) with

DNB Bank ASA for the purpose of purpose of the financing of the acquisitions of the Aas-Jakobsen Group and the

Metier Group. The Term Loan has a maturity of five years with quarterly repayments of NOK 60 million and a final

bullet repayment at maturity. The amount payable within 12 months after the reporting date has been classified as

short term.

The Term Loan is secured by a pledge over trade receivables in the wholly owned subsidiary Norconsult Norge AS,

and by a first‑priority pledge over all shares in the subsidiary. The carrying amount of the receivables in Norconsult

Norge AS was NOK 1 168 million as of 31 December 2025. Additionally, the Term Loan is secured by a first priority

pledge over all shares in Norconsult Norge AS. All facilities include a negative pledge over other assets, restricting

the granting of additional security except as permitted under the loan agreement.

The loan carries a variable interest rate of NIBOR + 1.70 percent, which corresponded to approximately

6.0 percent per annum as of December 2025. The loan is measured at amortised cost, and interest expense is

recognised using the effective interest rate (EIR). The calculated annual EIR is 6,34 percent. Interest is payable on a

quarterly basis, and the total interest accrued amounted to NOK 9 million as of 31 December 2025.

The loan facility at DNB includes a financial covenant requiring the Group to ensure that the ratio of net interest-

bearing debt to adjusted EBITDA for the last 12 months excluding IFRS 16 leasing commitments, measured

quarterly, remains below 2.50:1. The parent company and the group is compliant with the requirement as of

31 December 2025.

5. Taxes

The major components of income tax expense:


	2025	2024
Current income tax charge	0	0
Taxes from prior years	1	0
Change in deferred tax	2	4
Income tax expense (income)	3	4

Reconciliation of tax expense and profit (loss) before tax:


	2025	2024
Profit (loss) before tax	665	488
Estimated tax on profit (loss) before tax (22%)	146	107
Effect of permanent differences	-146	-103
Income tax expense (income)	0	4

Deferred tax assets (liabilities) relate to the following:


	2025	2024
Other temporary differences	-12	-10
Net deferred tax assets (liabilities) in balance sheet	-12	-10


Norconsult Annual Report 2025	112		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

6. Share capital and equity


(Amounts in NOK million)	Share capital	Treasury shares	Share premium	Other paid in capital	Retained earnings	Total

Equity at 1 January 2024	6	-1	221	19	0	245
Profit (loss)					484	484
Capital increase share based payment				224		224
Net change equity shares		0		23	58	81
Dividend proposed					-512	-512
Other changes					-1	-1
Equity at 31 December 2024	6	0	221	265	30	522
Profit (loss)					662	662
New share issue	0		304			304
Capital increase share based payment				26		26
Net change equity shares		0		70	7	77
Dividend proposed					-559	-559
Equity at 31 December 2025	6	0	525	361	140	1 031

The Aas-Jakobsen was acquired by the wholly owned subsidiary Norconsult Norge AS in August 2025. 20 percent

of the purchase price of the Aas-Jakobsen Group was settled through issuance of new shares in Norconsult ASA

(“Consideration Shares”). The issuance was resolved by Norconsult's Board of Directors, pursuant to the

authorisation granted by the Annual General Meeting held on 5 May 2025 (the "Authorisation"). A total of 7 051 587

Consideration Shares were issued to the sellers at a subscription price of NOK 43.19, corresponding to the volume

weighed average share price for the five trading days prior to closing. Following the issuance of the Consideration

Shares, Norconsult's new share capital is NOK 6 350 969, divided into 317 548 462 shares, each with a nominal

value of NOK 0.02.

A proposed dividend of NOK 1.80 per share amounting to NOK 559 million is included above.

Movements in Other paid in capital are related to the groups share-based payment programs. For information on

share capital, treasury shares and share based payment see note 8 and 20 in the consolidated financial statements.

7. Shares in subsidiaries

Shares in subsidiaries owned by Norconsult ASA


Subsidiaries owned by Norconsult ASA	Office	Voting and ownership share 2025	Voting and ownership share 2024	2025 Carrying amount	2024 Carrying amount

Norconsult Norge AS	Oslo	100 %	100 %	1 190	169

The change in carrying amount relates to the capital increase of NOK 305 million associated with the acquisition

of the Aas-Jakobsen Group, NOK 25 million arising from the Groups share-based payment program for 2025, and

NOK 700 million in group contribution with no tax effect. Further information on the share‑based payment

program is provided in Note 8 to the Group financial statements.

8. Related party transactions

The parent company does not have any operating transactions with its subsidiaries. Transactions with the

Company’s executives and Board of Directors are described in note 8 in the Group Accounts. The parent company

operates the global cash pool agreement including the associated credit facility, and therefore has receivables and

liabilities arising from the cash pool, together with related interest income and interest expense. Reference is made

to note 24 in the Group Accounts, which provides further informations on pledges related to the cash pool and

the associated loan facility. Intercompany receivables and loans carry interest rates that approximates market rates

for positions with a comparable risk profile.


	2025	2024
Long-term receivables from group companies	1 454	0
Short-term receivables from group companies	253	3
Dividend and group contribution receivable from group companies	654	239
Intercompany receivables group bank account	79	125
Deposit in the group bank account	921	974
Intercompany liabilities group bank account	1 224	880
Group contribution to group companies	700	0

Dividend and group contribution from group companies	654	511
Interest income from group companies	41	10
Interest expense to group companies	35	60


Norconsult Annual Report 2025	113		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

9. Other current financial assets


	2025	2024
Money market funds, carrying amount at fair value	287	413
Money market funds, cost price	233	358
Money market funds, income recognized in period	21	19

During the year, Norconsult sold part of the bond funds, generating proceeds of NOK 147 million.

See also note 4 in the consolidated financial statements.

10. Cash and cash equivalents

Norconsult operates a group bank pool covering the largest subsidiaries in the Group. Entities participating in the

cash pool are jointly and severally liable for any drawings in the pool.

In June 2025, Norconsult transferred its global cash pool arrangement and the related overdraft facility to DNB

Bank ASA. The overdraft facility has a limit of NOK 500 million and is subject to annual renewal. Refer to note 26 in

the Group accounts for further information. The Company has no restricted cash.


	2025	2024
Cash and bank deposits	921	974
Total	921	974

11. Subsequent events

No additional events have been identified that require disclosure.


Norconsult Annual Report 2025	114		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Normoria, Norway | Photo: Vilde Roksvåg Ludvigsen, Norconsult



	This document has been digitally signed
	Sandvika 9 April 2026

Nils Morten Huseby	Mari Thjømøe	Lars-Petter Nesvåg	Karl Erik Kjelstad
Chair	Deputy Chair	Board member	Board member

Helge Hesjedal Wiberg	Sandra Annette Angelica Kuru	Oskar Hove Zimmer	Maria Elisabeth Hjerppe
Board member	Board member	Board member	Board member

	Egil Olav Hogna
	Chief Executive Officer


Norconsult Annual Report 2025	115		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Auditors report

To the General Meeting in Norconsult ASA

INDEPENDENT AUDITOR'S REPORT

Report on the audit of

the financial statements

Opinion

We have audited the financial statements of

Norconsult ASA (the Company), which comprise:

– The financial statements of the Company, which

comprise statement of financial position as at 31

December 2025, the statement of income and

statement of cash flows for the year then ended

and notes to the financial statements, including a

summary of significant accounting policies, and

– The financial statements of the Group, which

comprise statement of financial position as at 31

December 2025, the statement of income,

statement of comprehensive income, statement

of changes in equity and statement of cash flows

for the year then ended and notes to the financial

statements, including material accounting policy

information.

In our opinion:

– the financial statements comply with applicable

statutory requirements,

– the financial statements of the Company give a

true and fair view of the financial position of the

Company as at 31 December 2025, and its

financial performance and cash flows for the year

then ended in accordance with the Norwegian

Accounting Act and accounting standards and

practices generally accepted in Norway, and

– the financial statements of the Group give a true

and fair view of the financial position of the Group

as at 31 December 2025, and its financial

performance and cash flows for the year then

ended in accordance with IFRS Accounting

Standards as adopted by the EU.

Our opinion is consistent with our additional report

to the audit committee.

Basis for opinion

We conducted our audit in accordance with

International Standards on Auditing (ISAs). Our

responsibilities under those standards are further

described in the Auditor’s responsibilities for the

audit of the financial statements section of our

report. We are independent of the Company and the

Group in accordance with the requirements of the

relevant laws and regulations in Norway and the

International Ethics Standards Board for

Accountants’ International Code of Ethics for

Professional Accountants (including International

Independence Standards) (the IESBA Code) as

applicable to audits of financial statements of public

interest entities, and we have fulfilled our other

ethical responsibilities in accordance with these

requirements. We believe that the audit evidence we

have obtained is sufficient and appropriate to

provide a basis for our opinion.

To the best of our knowledge and belief, no

prohibited non-audit services referred to in the Audit

Regulation (537/2014) Article 5.1 have been

provided.

We have been the auditor of the Company for 7

years from the election by the general meeting of

the shareholders on 25.06.2019 for the accounting

year 2019.

Key audit matters

Key audit matters are those matters that, in our

professional judgment, were of most significance in

our audit of the financial statements for 2025. These

matters were addressed in the context of our audit

of the financial statements as a whole, and in

forming our opinion thereon, and we do not provide

a separate opinion on these matters.

Recognition of revenue from contracts with

customers

Basis for the key audit matter

Revenues from contracts with customers are

recognized when Norconsult has satisfied the

performance obligations for the transfer of the

agreed service to the customer and amounted to

NOK 11 399 million in 2025. Norconsult provides

services where the contracts include various terms,

prices and delivery conditions. Recognition of

revenues from the various customer contracts

require assessment and measurement of whether

the performance obligations are satisfied. Due to the

vast number of contracts, the length and complexity

of certain contracts and various contractual

conditions, there is a risk that revenues are not

recognized in the correct period and with the

correct amount. Recognition of revenue from

contracts with customers is therefore a key audit

matter in the audit.

Our audit response

We assessed the Group’s accounting principles

related to the recognition of revenue from contracts

with customers. For a sample of revenue contracts,

we tested the recognized revenue against

contractual terms and incurred hours against time

sheets. Furthermore, we evaluated managements

key estimates, such as cost to complete, estimated

losses and performed look-back analysis on previous

years estimates. We tested a sample of invoices

issued before and after the balance sheet date, and

credit notes after the balance sheet date. Further, we

performed analysis of the Group’s revenues. We refer

to note 6 regarding revenue and projects in progress

and note 3 regarding significant accounting

judgements, estimates and assumptions.

Other information

Other information consists of the information

included in the annual report other than the financial

statements and our auditor’s report thereon. The

Board of Directors and Chief Executive Officer

(management) are responsible for the other

information. Our opinion on the financial statements

does not cover the information in the Board of

Directors’ report and the other information

presented with the financial statements.


Norconsult Annual Report 2025	116		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

In connection with our audit of the financial

statements, our responsibility is to read the

information in the Board of Directors’ report and for

the other information presented with the financial

statements. The purpose is to consider if there is

material inconsistency between the information in

the Board of Directors’ report and the other

information presented with the financial statements

and the financial statements or our knowledge

obtained in the audit, or otherwise the information in

the Board of Directors’ report and for the other

information presented with the financial statements

otherwise appears to be materially misstated. We are

required to report if there is a material misstatement

in the Board of Directors’ report and the other

information presented with the financial statements.

We have nothing to report in this regard.

Based on our knowledge obtained in the audit, it is

our opinion that the Board of Directors’ report

– is consistent with the financial statements and

– contains the information required by applicable

statutory requirements.

Our statement on the Board of Directors’ report

applies correspondingly for the statement on

Corporate Governance.

Our statement that the Board of Directors’ report

contains the information required by applicable law

does not cover the sustainability report, for which a

separate assurance report is issued.

Responsibilities of management for

the financial statements

Management is responsible for the preparation of

financial statements of the Company that give a true

and fair view in accordance with the Norwegian

Accounting Act and accounting standards and

practices generally accepted in Norway, and for the

preparation of the consolidated financial statements

of the Group that give a true and fair view in

accordance with IFRS Accounting Standards as

adopted by the EU. Management is responsible for

such internal control as management determines is

necessary to enable the preparation of financial

statements that are free from material misstatement,

whether due to fraud or error.

In preparing the financial statements, management is

responsible for assessing the Company’s and the

Group’s ability to continue as a going concern,

disclosing, as applicable, matters related to going

concern and using the going concern basis of

accounting unless management either intends to

liquidate the Company or the Group, or to cease

operations, or has no realistic alternative but to do

so.

Auditor’s responsibilities for the audit of

the financial statements

Our objectives are to obtain reasonable assurance

about whether the financial statements as a whole

are free from material misstatement, whether due to

fraud or error, and to issue an auditor’s report that

includes our opinion. Reasonable assurance is a high

level of assurance, but is not a guarantee that an

audit conducted in accordance with ISAs will always

detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are

considered material if, individually or in the

aggregate, they could reasonably be expected to

influence the economic decisions of users taken on

the basis of these financial statements.

As part of an audit in accordance with ISAs, we

exercise professional judgment and maintain

professional scepticism throughout the audit.

We also:

– Identify and assess the risks of material

misstatement of the financial statements, whether

due to fraud or error, design and perform audit

procedures responsive to those risks, and obtain

audit evidence that is sufficient and appropriate to

provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from

fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of

internal control.

– Obtain an understanding of internal control

relevant to the audit in order to design audit

procedures that are appropriate in the

circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the

Company’s and the Group’s internal control.

– Evaluate the appropriateness of accounting

policies used and the reasonableness of

accounting estimates and related disclosures

made by management.

– Conclude on the appropriateness of

management’s use of the going concern basis of

accounting and, based on the audit evidence

obtained, whether a material uncertainty exists

related to events or conditions that may cast

significant doubt on the Company’s and the

Group’s ability to continue as a going concern. If

we conclude that a material uncertainty exists, we

are required to draw attention in our auditor’s

report to the related disclosures in the financial

statements or, if such disclosures are inadequate,

to modify our opinion. Our conclusions are based

on the audit evidence obtained up to the date of

our auditor’s report. However, future events or

conditions may cause the Company and the

Group to cease to continue as a going concern.

– Evaluate the overall presentation, structure and

content of the financial statements, including the

disclosures, and whether the financial statements

represent the underlying transactions and events

in a manner that achieves fair presentation.

– Obtain sufficient appropriate audit evidence

regarding the financial information of the entities

or business activities within the Group to express

an opinion on the consolidated financial

statements. We are responsible for the direction,

supervision and performance of the Group audit.

We remain solely responsible for our audit

opinion.

We communicate with the board of directors

regarding, among other matters, the planned scope

and timing of the audit and significant audit findings,

including any significant deficiencies in internal

control that we identify during our audit.

We also provide the audit committee with a

statement that we have complied with relevant

ethical requirements regarding independence, and

to communicate with them all relationships and

other matters that may reasonably be thought to

bear on our independence, and where applicable,

related safeguards.

From the matters communicated with the board of

directors, we determine those matters that were of

most significance in the audit of the financial

statements of the current period and are therefore

the key audit matters. We describe these matters in

our auditor’s report unless law or regulation

precludes public disclosure about the matter or

when, in extremely rare circumstances, we

determine that a matter should not be

communicated in our report because the adverse

consequences of doing so would reasonably be

expected to outweigh the public interest benefits of

such communication.


Norconsult Annual Report 2025	117		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Report on other legal and regulatory

requirements

Report on compliance with regulation on European

Single Electronic Format (ESEF)

Opinion

As part of the audit of the financial statements of

Norconsult ASA we have performed an assurance

engagement to obtain reasonable assurance about

whether the financial statements included in the

annual report, with the file name

Norconsult-2025-12-31-0-en.zip, have been

prepared, in all material respects, in compliance with

the requirements of the Commission Delegated

Regulation (EU) 2019/815 on the European Single

Electronic Format (the ESEF Regulation) and

regulation pursuant to Section 5-5 of the Norwegian

Securities Trading Act, which includes requirements

related to the preparation of the annual report in

XHTML format and iXBRL tagging of the

consolidated financial statements.

In our opinion, the financial statements, included in

the annual report, have been prepared, in all material

respects, in compliance with the ESEF Regulation.

Management’s responsibilities

Management is responsible for the preparation of

the annual report in compliance with the ESEF

Regulation. This responsibility comprises an

adequate process and such internal control as

management determines is necessary.

Auditor’s responsibilities

Our responsibility, based on audit evidence obtained,

is to express an opinion on whether, in all material

respects, the financial statements included in the

annual report have been prepared in accordance

with the ESEF Regulation. We conduct our work in

accordance with the International Standard for

Assurance Engagements (ISAE) 3000 – “Assurance

engagements other than audits or reviews of

historical financial information”. The standard

requires us to plan and perform procedures to obtain

reasonable assurance about whether the financial

statements included in the annual report have been

prepared in accordance with the ESEF Regulation.

As part of our work, we perform procedures to

obtain an understanding of the Company’s

processes for preparing the financial statements in

accordance with the ESEF Regulation. We test

whether the financial statements are presented in

XHTML-format. We evaluate the completeness and

accuracy of the iXBRL tagging of the consolidated

financial statements and assess management’s use

of judgement. Our procedures include reconciliation

of the iXBRL tagged data with the audited financial

statements in human-readable format. We believe

that the evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Oslo, 9 April 2026

ERNST & YOUNG AS

The auditor's report is signed electronically

Petter Frode Larsen

State Authorised Public Accountant (Norway)


Norconsult Annual Report 2025	118		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Norconsult ASA

Alternative performance measures

1 January - 31 December


	2025	2024
Adjusted EBITA and EBITDA
Operating profit (EBIT)	856	570
Depreciation and impairment of tangible and ROU assets	497	466
Amortisation and impairment of intangible assets	55	24
EBITDA	1 408	1 060
Depreciation and impairment of tangible and ROU assets	-497	-466
EBITA	911	594
Adjusting items to EBITA and EBITDA:
Employee share programs for 2022 and 2023	0	285
Transaction costs related to M&A	15	0
ERP costs	18	0
Adjusted EBITA	944	879
Depreciation and impairment of tangible assets	497	466
Adjusted EBITDA	1 441	1 344
Adjusted EBITA in % of operating revenue and other income after external projects (Adj EBITA margin)	9.3 %	9.6 %

Psychiatric Centre at Nordbyhagen, Norway | Rasmus Hjortshøj Studio


	2025	2024
Net interest-bearing debt to Adj. EBITDA
Other current financial assets	-332	-414
Cash and cash equivalents	-1 220	-1 198
Non-current lease liabilities	1 260	1 229
Non-current interest-bearing liabilities	1 053	0
Current lease liabilities	417	367
Current interest-bearing liabilities	240	0
Net interest-bearing debt	1 418	-15
Net interest-bearing debt/LTM adjusted EBITDA	0.98	-0.01
Net interest-bearing debt excluding IFRS 16	-259	-1 612
Net interest-bearing debt ex IFRS 16/LTM adjusted EBITDA ex IFRS 16	-0.27	-1.79


Norconsult Annual Report 2025	119		Contents	Introduction	Board of Director’s Report	Sustainability statement	Financial statements	Additional information

Definitions

The Group believes that the presentation of these APMs enhances an investor’s understanding of the Group’s operating performance and the Group’s ability to service its debt. In addition, the Group believes that these APMs are commonly

used by companies in the market in which it competes and are widely used by investors in comparing performance on a consistent basis without regard to factors such as depreciation and amortisation, which can vary significantly

depending upon accounting methods or based on non-operating factors. Accordingly, the Group discloses the APMs presented herein to permit a more complete and comprehensive analysis of its operating performance relative to other

companies and across periods, and of the Group’s ability to service its debt. However, these APMs may be calculated differently by other companies and may not be comparable. The Group’s APMs are not measurements of financial

performance under IFRS and should not be considered as alternatives to other indicators of the Group’s operating performance, cash flows or any other measures of performance derived in accordance with IFRS. The Group’s APMs have

important limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis of the Group’s results of operations as reported under IFRS.

EBIT is defined as earnings before financial items and

taxes.

EBITA is defined as earnings before amortisation and

impairment of intangible assets, financial items and

taxes.

EBITDA is defined as earnings before depreciation

and impairment of tangible assets, amortisation and

impairment of intangible assets, financial items and

taxes.

Adj. EBIT is defined as EBIT before transaction costs

related to M&A and ERP costs. The Group believes

that this ratio is a measure relevant to investors to

understand the Group’s ability to generate earnings.

Adj. EBITA is defined as EBITA before share based

compensation expenses for the employee share

program for 2023, transaction costs related to M&A

and external ERP costs. Adj. EBITA is a common

measure in the industry in which the Group operates,

however it may be calculated differently by other

companies and may not be comparable. The Group

believes that adj. EBITA defined above is a measure

relevant to investors to understand the Group’s

ability to generate earnings.

Adj. EBITDA is defined as EBITDA before share based

compensation expenses for the employee share

program for 2023, transaction costs related to M&A

and external ERP costs. Adj. EBITDA is a common

measure in the industry in which the Group operates,

however it may be calculated differently by other

companies and may not be comparable. The Group

believes that adj. EBITDA is a key metric relevant to

investors to understand the generation of earnings

before investment in fixed assets and the Group’s

ability to service its debt.

Adj. EBITA margin is defined as adj. EBITA (as defined

above) as a percentage of operating revenue and

other income after external project costs. The Group

believes that this ratio is a measure relevant to

investors to understand the Group’s ability to

generate earnings.

Acquisition related growth is defined as increase in

operating revenue and other income after external

project costs in local currencies based on acquired

businesses for 12 months from acquisition date.

Currency related growth is defined as effect of

exchange rates on operating revenue and other

income after external project costs.

Organic growth is defined as growth in operating

revenue and other income after external project

costs excluding the impact of acquisitions,

divestments and currency effects. The Group

believes it is relevant to investors to have information

about the level of organic growth.

Organic growth adjusted for calendar effects is

defined as growth in operating revenue and other

income after external project costs adjusted for

calendar effects. Calendar effects adjust for number

of working days towards comparable periods. The

Group believes that organic growth adjusted for

calendar effects is a relevant metric to investors to

understand the underlying growth from one

reporting period to the corresponding reporting

period as most projects are invoiced on an hourly

basis.

Billing ratio is defined as hours recorded on

chargeable projects as percentage of total hours

worked (including administrative staff) and

employer-paid absence. The Group believes this is a

key metric to investors to analyse the underlying

profitability as the greater part of the project

portfolio is charged on hourly basis.

Number of full-time equivalents (FTEs) is a

mathematical calculation of employees with regards

to percentage of a full-time position. The term

includes all staff on payroll including staff on

temporary leave excluding temporary personnel. The

Group believes this is a key metric to investors to

monitor in order to analyse underlying growth due

to increased capacity.

Net interest-bearing debt is defined as current and

non-current interest-bearing debt reduced by cash

and cash equivalents and other current financial

assets. The Group believes that this is a key metric

relevant to investors to understand the Group’s net

financial indebtedness.

Net interest-bearing debt/LTM adj. EBITDA (also

presented as NIBD/adj. EBITDA) where Net interest-

bearing debt and adj. EBITDA are defined above.

LTM adj. The Group believes that this is a key metric

relevant to investors to understand the Group’s

ability to service its debt.

Net interest-bearing debt/adj EBITDA excluding

IFRS 16 is defined as net interest-bearing debt

excluding lease liabilities divided by LTM adjusted

EBITDA under which all leases are treated as

operating leases. The Group believes that this is a

key metric relevant to investors to understand the

Group’s ability to service its debt.



	Introduction
	Norconsult in brief . . . . . . .	3
	Highlights . . . . . . . . . . . . . . .	3
	Message from the CEO . . .	4
	About Norconsult . . . . . . . .	5
	Our values . . . . . . . . . . . . . . .	6
	Strategy . . . . . . . . . . . . . . . . .	7
	Business model . . . . . . . . . .	11



Board of Directors’ Report

	Report from the Board . . .	14
	Corp Gov report . . . . . . . .	21



Sustainability statement
General . . . . . . . . . . . . . . . . . .	31
Environment . . . . . . . . . . . . .	46
Social . . . . . . . . . . . . . . . . . . . .	59
Governance . . . . . . . . . . . . . .	72
Signatures by BoD and CEO . . . . . . . . . . . . . . . . .	76
Sustainability Auditor’s report . . . . . . . . . . . . . . . . . . .	77



Financial statements
Group financial statement . . . . . . . . . . . . . . .	79
Parent financial statement . . . . . . . . . . . . . . .	108
Statement by BoD and CEO . . . . . . . . . . . . . . . .	114
Auditor’s report . . . . . . . . . .	115



Additional information
Alternative performance measures (APM) . . . . . . . . . .	118
Definitions . . . . . . . . . . . . . . .	119


7 200	10.1 BN NOK	944 MNOK
Employees	Income after external project costs	Adj. EBITA



10 %	6 %	9.3 %
Growth in income after external project costs	Organic growth adjusted for calendar effects	Adj. EBITA margin


652 MNOK	2.13 NOK	73.0 %
Profit for the year	Earnings per share	Billing ratio