Norconsult Q2 2026 slides: 17% revenue growth, healthcare focus

Norconsult, a Norwegian engineering and consulting firm, reported mixed second quarter and first half 2026 results on August 20, 2026. The company, operating in Norway, Sweden, Denmark, and Finland with approximately 7,200 employees, saw a 17% revenue growth while maintaining stable margins. CEO Egil Hogna and CFO Dag Fladby emphasized the firm's focus on resilient public-sector markets, particularly healthcare infrastructure, amid mixed market conditions.

Norconsult's net revenue reached NOK 2,883 million in Q2 2026, a 17% increase from NOK 2,468 million in Q2 2025. Organic growth was driven by more employees, higher billing rates, and an improved billing ratio. Adjusted EBITA rose to NOK 255 million, but the margin remained stable at 6.2%. The billing ratio improved to 75.0%, marking the fifth consecutive quarter of improvement.

For the first half of 2026, net revenue totaled NOK 5,889 million, with organic growth at 6% and an improved adjusted EBITA margin of 9.7%. The company's profitability returned to 10% of the last twelve months target level, with the billing ratio recovering to 73.5% on a rolling twelve-month basis.

Regional results varied. Norway, accounting for 32% of group net revenue, achieved 6% organic growth but experienced a decline in adjusted EBITA margin to 7.7%. Sweden, representing 17% of group net revenue, saw only 1% organic growth and a negative adjusted EBITA margin of -0.5%. Denmark, at 7% of group net revenue, posted a 5% organic growth but a sharp negative adjusted EBITA margin of -2.2%.