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"2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-324": { "value": "164488000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-325": { "value": "278088000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-326": { "value": "36637000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-327": { "value": "164488000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-330": { "value": "
Note 1 General information and basis for the preparation of the consolidated financial statements
Multiconsult Group (\u201cMulticonsult\u201d or \u201cthe group\u201d) comprises
Multiconsult ASA (\u201cthe parent company\u201d) and all subsidiaries and
associated companies.
Multiconsult ASA is a Norwegian public limited liability company
listed on the Oslo Stock Exchange. The company's head office is
located at Nedre Sk\u00f8yen vei 2, 0276 Oslo.
The group is among the leading suppliers of consultancy and design
services in Norway and the Nordic region. The group has some activity
and subsidiaries outside the Nordic region \u2013 in Poland, United
Kingdom, Portugal and Serbia. The principal activities of the group are
described in note 5 Segments. These consolidated financial
statements were approved by the board of directors on 16 March
2026 for adoption by the annual general meeting on 16 April 2026.
The group prepares the consolidated financial statements in
accordance with IFRS\u00ae Accounting Standards as adopted by the EU
and the Norwegian Accounting Act. References to \"IFRS\" in these
financial statements refer to IFRS Accounting Standards as adopted
by the EU.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-329": { "value": "
Note 1 General information and basis for the preparation of the consolidated financial statements
Multiconsult Group (\u201cMulticonsult\u201d or \u201cthe group\u201d) comprises
Multiconsult ASA (\u201cthe parent company\u201d) and all subsidiaries and
associated companies.
Multiconsult ASA is a Norwegian public limited liability company
listed on the Oslo Stock Exchange. The company's head office is
located at Nedre Sk\u00f8yen vei 2, 0276 Oslo.
The group is among the leading suppliers of consultancy and design
services in Norway and the Nordic region. The group has some activity
and subsidiaries outside the Nordic region \u2013 in Poland, United
Kingdom, Portugal and Serbia. The principal activities of the group are
described in note 5 Segments. These consolidated financial
statements were approved by the board of directors on 16 March
2026 for adoption by the annual general meeting on 16 April 2026.
The group prepares the consolidated financial statements in
accordance with IFRS\u00ae Accounting Standards as adopted by the EU
and the Norwegian Accounting Act. References to \"IFRS\" in these
financial statements refer to IFRS Accounting Standards as adopted
by the EU.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-328": { "value": "
Note 1 General information and basis for the preparation of the consolidated financial statements
Multiconsult Group (\u201cMulticonsult\u201d or \u201cthe group\u201d) comprises
Multiconsult ASA (\u201cthe parent company\u201d) and all subsidiaries and
associated companies.
Multiconsult ASA is a Norwegian public limited liability company
listed on the Oslo Stock Exchange. The company's head office is
located at Nedre Sk\u00f8yen vei 2, 0276 Oslo.
The group is among the leading suppliers of consultancy and design
services in Norway and the Nordic region. The group has some activity
and subsidiaries outside the Nordic region \u2013 in Poland, United
Kingdom, Portugal and Serbia. The principal activities of the group are
described in note 5 Segments. These consolidated financial
statements were approved by the board of directors on 16 March
2026 for adoption by the annual general meeting on 16 April 2026.
The group prepares the consolidated financial statements in
accordance with IFRS\u00ae Accounting Standards as adopted by the EU
and the Norwegian Accounting Act. References to \"IFRS\" in these
financial statements refer to IFRS Accounting Standards as adopted
by the EU.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-331": { "value": "Multiconsult", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-332": { "value": "Multiconsult ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-333": { "value": "Multiconsult ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "Nedre Sk\u00f8yen vei 2, 0276 Oslo", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "Nedre Sk\u00f8yen vei 2, 0276 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "The group is among the leading suppliers of consultancy and design services in Norway and the Nordic region.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-338": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-339": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-340": { "value": "
Note 2 AMaterial accounting policy information
Basis of preparation
The consolidated financial statements have been prepared based on
the historical cost basis, except for certain financial assets and
liabilities that are measured at fair value, including contingent
consideration obligations related to acquisitions. Pension liabilities
are measured at present value. The consolidated financial statements
are presented in Norwegian kroner (NOK). Amounts are rounded to
the nearest thousand NOK, unless stated otherwise. As a result of
such rounding, amounts and percentages presented may not add up
to the total. All amounts in brackets are comparative figures for 2024
unless otherwise specifically stated.
Standards, interpretations and amendments implemented in 2025
Amendments to IAS 21 (Lack of exchangeability) effective from 1
January 2025 had no material impact on the group.
Consolidation principles, investments accounted for in
accordance with the equity method and working partnerships
The consolidated financial statements incorporate Multiconsult ASA
and companies that Multiconsult ASA (directly or indirectly) controls
(the group). Control is achieved when the group is exposed or has
rights to variable returns from its involvement with a company in
which it has invested and has the ability to use its power to affect its
returns from this company.
Acquisitions of subsidiaries are accounted for using the acquisition
method in accordance with IFRS 3 Business Combinations. This
entails that the consideration, as well as the acquired entity's assets
and liabilities are measured at fair value on the date of acquisition,
and any excess consideration is classified as goodwill. Acquisition-
related costs are recognised in profit or loss as incurred. Non-
controlling interest in the acquiree is measured at fair value or at an
amount corresponding to the proportional share of the non-
controlling interest of the identifiable net assets of the acquiree.
Associated companies are entities over which the group has
significant, but non-controlling influence, normally through ownership
of 20 to 50 per cent of the voting power. Investments in associated
companies are reported according to the equity method. Refer to note
14 for more information.
Joint arrangements are classified either as joint operations or joint
ventures, depending on the contractual rights and obligations of each
investor. Joint ventures are reported under the equity method, while
joint operations are reported using the group's share of the
operation's income, expenses, assets and liabilities.
The group enters into working partnerships in certain projects where
parties collaborate to deliver joint services to clients that are
organised without establishing a separate legal entity which are
classified as joint operations. Each participant is responsible for, and
entitled to, the income related to its own deliverables, and bears the
costs associated with its own resources, utilising its own employees
and subcontractors. The parties have joint decision-making authority
regarding the execution of the project.
Foreign currencies
The consolidated financial statements are presented in Norwegian
kroner (NOK), which is the functional currency and the presentation
currency of the parent company.
Transactions in foreign currencies are translated into the functional
currency at the exchange rates prevailing at the dates of the
transactions. Currency gains and losses arising on the payment of
such transactions and on translation of monetary items in foreign
currencies at the exchange rates prevailing at the end of the reporting
period, are recognised in profit or loss as financial items.
For companies with a functional currency other than Norwegian
kroner, income and expense items are translated based on the
average exchange rates, and assets and liabilities are translated using
the exchange rates prevailing at the end of the reporting period.
Exchange differences are recognised in other comprehensive income.
Revenue recognition
Revenue is generated by delivering consulting services. The group
provides a range of services, including multidisciplinary consulting
and design, project engineering and management, verification,
inspection, supervision and architecture, both in Norway and abroad.
See note 6 for a more detailed description of the services offered
within the four business areas, as well as for information on revenues
from contracts with clients and contract balances.
The group's rendering of services consists of contracts that are either
time-based, time-based with a cap, or fixed price. The vast majority of
contracts in terms of transaction price are time-based, i.e. the group
earns revenue per hour worked. Contracts which are time-based with
a cap, or fixed price, are minor compared to the total. The group also
enters into a limited number of target\u2011price contracts, where the
transaction price consists of a base fee and a variable component
that depends on the outcome of agreed performance parameters
relative to a predefined target. The mechanisms giving rise to variable
consideration may differ between contracts.
Multiconsult has determined that each customer contract typically
constitutes a single performance obligation, as the activities
performed are highly interrelated and represent integral inputs to the
final deliverable for the client. For some services, for example
construction management and coordination, the client
simultaneously receives and consumes the benefits as the services
are performed.
For other contracts, the services are highly customised, with no
alternative use for Multiconsult. These contracts usually include
enforceable right to payment for performance completed to date if the
client terminates the contract for reasons other than Multiconsult's
failure to deliver. Accordingly, Multiconsult has determined that the
client controls the work in progress as the services are provided. A
limited number of contracts may contain non-standard contract
clauses, but these are immaterial to the group's total revenue.
Revenue is measured based on the consideration specified in the
contract with the client. For time-based contracts, revenue reflects
hours worked multiplied by agreed hourly rates. Caps and fixed-price
elements represent a small portion of total revenue.
Because each client contract constitutes one performance
obligation, the transaction price is not allocated to multiple
obligations.
Revenue is recognised over time as the group satisfies its
performance obligation. The total scope is evaluated on an on-going
basis.
Expenses for sub\u2011consultants, temporary employees and
disbursements comprise costs that are directly related to the
execution of client projects, including fees to sub\u2011consultants,
purchased specialist and expert services, project\u2011related travel
expenses, as well as other external costs and disbursements that are
re\u2011invoiced to the client. The line item includes both direct project
costs and disbursements incurred by Multiconsult on behalf of the
client. These costs are recognised as incurred.
Onerous contracts and billing terms
When it is probable that a project will incur a loss (remaining total
direct costs exceed remaining total revenue), the estimated loss is
recognised immediately. Direct costs primarily include costs for own
personnel and sub-consultants. As only a minor share of the group's
projects is with fixed price or with a cap, provisions for onerous
contracts are limited.
Invoices are issued according to contractual terms and are usually
payable within 30 days. Trade receivables arise when the group has
an unconditional right to consideration, meaning that the
performance obligation has been fulfilled and only the passage of
time remains before payment.
Work in progress represents the group\u2019s right to consideration for
work performed but not yet billed at the reporting date. When the
group has an unconditional right to payment, meaning that only the
passage of time remains before invoicing, the amount is recognised
as work in progress. These amounts remain in work in progress until
an invoice is issued, at which point they are reclassified to account
receivables.
A portion of work in progress within the group consists of earned
amounts that remain conditional on factors other than the passage of
time, typically related to formal client approval prior to invoicing. Such
amounts meet the definition of contract assets and are presented as
work in progress.
Accordingly, work in progress comprises both amounts for which the
group has an unconditional right to payment and contract assets.
Contract assets represents a small share of total work performed and
arise when the group\u2019s right to consideration is conditional on further
performance obligations or client approval.
Contract liabilities arise when customers pay in advance of the
related performance obligation being satisfied. For each contract, a
net position is presented as either a contract asset or a contract
liability.
Working partnerships
In working partnerships not organised as separate legal entities, the
group assesses whether it acts as principal or agent under IFRS 15.
When the other parties are responsible for their own performance
obligations and the group does not control their services before
transfer to the client, the group recognises only its own share of
revenue and expenses (net presentation). In contracts where the
group has overall responsibility and controls the services before they
are delivered to the client, revenue is recognised gross, and payments
to other parties are presented as sub\u2011contractors and disbursements.
The presentation therefore reflects whether the group controls the
specified services before transfer to the client.
Interest and dividends received
Interest income that reflects the effective return on an asset is
recognised as income over the period earned and classified as
financial income in the statement of profit or loss. Dividends received
on investments are recognised as income when the group's right to
receive payment has been established. Dividends from investments
that are recognised using the equity method are recognised as a
reduction of the investment.
Classification of current and non-current items
An asset is classified as current when it is expected to be realised or
sold, or to be used in the group's normal operating cycle or falls due or
is expected to be realised within 12 months after the end of the
reporting period. Other assets are classified as non-current. Liabilities
are classified as current when these liabilities are expected to be
settled in the normal operating cycle of the group, are held for trading,
are expected to be settled within 12 months of the end of the reporting
period, or if the group does not have an unconditional right to defer
settlement for at least 12 months after the reporting date. Provisions
for obligations and assets for reimbursement are classified as non-
current.
Property, plant and equipment
Property, plant and equipment are recognised at cost less
accumulated depreciation. Cost of acquisition includes costs directly
attributable to the acquisition of the fixed asset. Subsequent
expenditure is added to the carrying amount of the asset or is
recognised separately when it is probable that future economic
benefits related to the expenditure will flow to the group, and the cost
can be measured reliably. The carrying amount of replacement parts
is expensed. Other repair and maintenance costs are recognised in
profit or loss in the period during which the cost is incurred. Property,
plant and equipment are depreciated on a straight-line basis. The cost
of acquisition of property, plant and equipment is depreciated to its
expected residual value, which in general is estimated to be nil. The
estimated useful lives, residual values and depreciation methods are
reviewed at the end of each reporting period and changed if
necessary. When the carrying amount of an item of property, plant
and equipment is higher than its estimated recoverable amount (the
higher of fair value less costs to sell and value in use), the carrying
amount is reduced to the recoverable amount and recognised as
impairment in the statement of profit or loss. Gains and losses on
disposal of property, plant and equipment are recognised in the
statement of profit or loss as the difference between the sales price
and the carrying amount.
Intangible assets
Intangible assets consist mainly of standard software, licences and
an ERP system. A minor part of intangible assets consists of internally
generated cost incurred in the development phase of software, as
these costs meet the specific criteria for recognition in the balance
sheet. Intangible assets are recognised at cost of acquisition less
amortisation. Intangible assets are amortised on a straight-line basis
to an estimated residual value of nil.
Order backlog arising upon a business combination is amortised over
its estimated useful life. When the carrying amount of an intangible
asset is higher than its estimated recoverable amount, the carrying
amount is reduced to the recoverable amount and recognised as
impairment in the statement of profit or loss. Brands arising from a
business combination are not amortised. Brands are reviewed for
impairment on an annual basis, or more frequently if there are
indications of impairment.
Goodwill
Cash-generating units to which goodwill has been allocated are
reviewed for impairment on an annual basis, or more frequently if
there are indications of impairment. If the recoverable amount of the
cash-generating unit is less than its carrying amount, the impairment
loss is allocated first to reduce the carrying amount of goodwill and
then to the other assets in the cash-generating unit pro rata based on
the carrying amount of each asset in the unit. The carrying amount of
individual assets is not reduced below zero. An impairment loss
recognised for goodwill is not reversed in subsequent periods if the
recoverable amount of the cash-generating unit increases. Any
impairment is recognised as part of impairment in the statement of
profit or loss.
Cash-generating units
A cash-generating unit (CGU) is the smallest identifiable group of
assets that generates cash inflows that are largely independent of
cash inflows from other assets or groups of assets. In order to identify
whether cash inflows from an asset (or a group of assets) are
independent of cash inflows from other assets (or groups of assets),
management assesses various factors, including how operations are
monitored, e.g. based on service- or product areas, businesses or
geographical areas. Each CGU or group of CGUs to which goodwill
has been allocated represents the lowest level in the entity where
goodwill is monitored for internal management purposes. The group
of CGUs is in all instances no larger than an operating segment.
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the group\u2019s
statement of financial position when the group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value.
Financial assets
The group's financial assets are primarily cash and cash equivalents,
trade and other receivables and work in progress.
Impairment of financial assets
The group applies the simplified expected credit loss (ECL) model for
trade receivables. Accordingly, lifetime ECL is recognised from initial
recognition and throughout the life of these assets. The loss
allowance is measured on a portfolio basis for all trade receivables,
including balances that are not past due.
The allowance is based on historical credit loss experience for
relevant customer groups and project portfolios, adjusted for
forward\u2011looking information and known circumstances at the
reporting date. In addition, individual assessments are performed for
specific customers or projects where there are indicators of
increased credit risk or a specific risk of loss.
The group does not normally discount expected credit losses, as the
receivables have short maturities and the effect of discounting is
considered immaterial. A receivable is considered credit\u2011impaired
when there is objective evidence that it will not be recovered, such as
bankruptcy, unsuccessful collection efforts, or other specific
circumstances.
When the group no longer has reasonable expectations of recovering
the receivable, the balance is written off against the loss allowance.
The assessment of credit\u2011impaired assets does not affect the
measurement of ECL beyond this, as the group does not calculate
interest income using the effective interest method.
Financial liabilities
The group has financial liabilities measured at amortised cost and fair
value through profit or loss. Financial liabilities at amortised cost
comprise largely trade payables, other current liabilities and interest-
bearing liabilities. These obligations are initially recognised at fair
value less transaction costs and subsequently measured at
amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents include cash, bank deposits and other
cash equivalents with a maturity of less than three months at the date
of acquisition.
Restricted cash
Restricted cash is cash with restrictions lasting more than three 3
months. Restricted funds are classified as non-current when the
restriction is more than 12 months and is presented as non-current
financial asset in the balance sheet.
Provision for obligations
Provisions for obligations such as restructuring, onerous contracts,
project liabilities and legal claims are recognised when the group, as a
result of a past event, has an existing legal or constructive obligation,
it is probable that the group will be required to settle the obligation,
and the amount can be measured reliably. Provisions are measured at
management's best estimate of the expenditure required to settle the
obligation at the reporting date. The estimate is made based on the
actual circumstances related to each individual item.
Provisions for project liabilities are measured at the expected cost to
settle the obligation. A reimbursement asset is recognised if the
company is covered for losses incurred through an insurance
company and it is virtually certain that the company will receive
compensation. A reimbursement asset reduces the net cost
recognised in the statement of profit or loss.
Pensions
The group has primarily defined contribution pension plans.
For defined contribution plans, the group pays contributions to
private, administered insurance plans for pensions on a statutory,
contractual or voluntary basis. The group has no additional
obligations after the contributions have been paid. Contributions to
defined contribution plans are expensed as incurred. LINK Arkitektur
AB participates in a defined benefit multi-employer plan that is
accounted for as a defined contribution plan. The group has no early
retirement plans.
The remaining defined benefit pension plan relates to an individual
unfunded agreement in Multiconsult Norge AS. The pension obligation
for the defined benefit plan is estimated annually by an independent
actuary. See note 8.
Income tax
Assets and liabilities related to current tax payable are measured at
the amount expected to be received from or paid to the taxation
authorities. Deferred tax assets and liabilities are calculated based on
the liability method, including all temporary differences between the
carrying amounts and tax bases of assets and liabilities in the
consolidated financial statements, including losses carried forward.
Deferred tax assets and liabilities are not recognised if the temporary
difference arises from the initial recognition of goodwill. For
investments in subsidiaries, associated companies or joint ventures,
deferred tax liabilities are not recognised for taxable temporary
differences when the group is able to control the timing of reversal of
temporary differences and it is probable that the temporary difference
will not reverse in the foreseeable future. Similarly, deferred tax
assets are only recognised for such investments if it is probable that
the temporary difference will reverse in the foreseeable future and
that sufficient taxable income will be available to allow the asset to be
recovered.
Deferred tax assets are recognised to the extent that it is probable
that the tax assets will be utilised. Tax rates that are enacted or
substantially enacted at the end of the reporting period and
undiscounted amounts are used. Deferred tax assets and liabilities
are recognised net when there is a legal right to offset payable tax
assets and liabilities, and the group is able to and intends to settle
payable income tax net.
The group considers expenses as tax deductible and income as not
taxable based on interpretation of applicable legislation and
regulations and when it is considered probable that the treatment will
be accepted by the taxation authorities. The group provides for
uncertain and contested tax positions based on the expected
payment.
The income tax expense for a period consists of income tax payable
and deferred tax. Income tax is recognised in profit or loss, except for
when it relates to items that are recognised in equity, either directly or
through other comprehensive income.
Statement of cash flows
The statement of cash flows has been prepared in accordance with
the indirect method. Interest received and paid are reported as part of
financing activities. Dividends paid are presented as part of financing
activities.
Lease agreements
The group as lessee
The group recognises right\u2011of\u2011use (ROU) assets and lease liabilities
for leases of office premises and cars. These represent the group\u2019s
only significant lease categories.
Recognition exemptions
The group applies the recognition exemptions for leases with a
remaining lease term of 12 months or less and leases where the
underlying asset is of low value (e.g. office equipment, dispensers,
small IT equipment and similar). Payments for exempt leases are
expensed on a straight\u2011line basis.
Identifying a lease
Contracts are assessed at inception to determine whether they
contain a lease. For Multiconsult, this assessment is straightforward,
and primarily relates to office premises and company cars.
Recognition and measurement of right-of-use assets and lease
liabilities
Lease liabilities are measured at the present value of future lease
payments, discounted using the group\u2019s incremental borrowing rate
when the interest rate implicit in the lease is not readily determinable.
The group updates its borrowing rate model annually and applies
different rates for property and vehicles.
Lease payments included in the measurement consist of fixed
payments and CPI\u2011indexed adjustments. The group has no leases
with variable payments linked to performance, no purchase options
and no residual value guarantees.
Lease liabilities are remeasured when lease terms change or when
CPI indexation results in updated payments.
ROU assets are measured at cost and depreciated over the lease
term.
Lease term
The lease term includes non\u2011cancellable periods and extension
options when the group is reasonably certain to exercise them.
Multiconsult generally considers extension options to be reasonably
certain for medium-term leases (approximately 4\u20135 years) unless
specific facts indicate uncertainty about continued operations at the
location. Longer-term options are evaluated based on economic
incentives and historical practice.
Interest rate
Lease payments are discounted using the interest rate implicit in the
lease when available. For the majority of the group\u2019s contracts this
rate is not readily determinable, and the group therefore uses its
incremental borrowing rate.
The group has a model for determining the incremental borrowing
rate, which includes the risk\u2011free rate, country risk and credit spread.
The rate is determined based on relevant government bond maturities
aligned with the lease term and is updated annually. Separate rates
are used for property leases and car leases.
Dividends
Dividends to the company's shareholders are classified as a liability
when the dividends proposed have been approved by the annual
general meeting.
Employee Ownership Programme
Multiconsult ASA has two share ownership programmes for
employees of the group. Through the share purchase plan, the
company offers employees of the group shares in Multiconsult ASA
with a discount of 20 per cent. Shares purchased by the employees
through the programme are subject to a two-year lock-in period.
Based on independent party calculations according to an option-
pricing model (\u201cBlack Scholes\u201d), a part of the discount is recognised
as employee benefit expense in the statement of profit or loss and a
part is recognised directly in equity. The reduction in value due to the
lock-in period is recognised directly in equity as an equity transaction.
Through the share ownership plan, the company offers newly hired
employees of the group to receive a defined number of
complimentary shares in Multiconsult ASA. The value of these shares
is recognised as employee benefit expense and constitute a taxable
benefit for the employee. See further details in note 7.
New and revised IFRS Accounting Standards in issue but not yet
effective
At the date of authorisation of these financial statements, the group
has not applied the following new and revised IFRS Accounting
Standards that have been issued but are not yet effective. The
directors do not expect that the adoption of the Standards listed
below will have a material impact on the financial statements in
future periods, except where indicated below.
The amendments will become effective for annual reporting periods
beginning on or after 1 January 2026:
\u2014 Amendments to IFRS 9 and IFRS 7 - Classification and
Measurement of Financial Instruments: Clarifies classification of
financial assets with ESG-linked features, derecognition via
electronic payments, and introduces enhanced disclosure
requirements.
\u2014 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing
Nature-dependent Electricity: Provides guidance for the
accounting of power purchase agreements linked to variable
renewable energy sources.
\u2014 Annual Improvements to IFRS Standards - Volume 11: Includes
minor amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7 to
clarify wording and correct inconsistencies.
These amendments and interpretations are assessed to have no
material impact on the group's consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements was
issued by the IASB in April 2024 and replaces IAS 1 Presentation of
Financial Statements. The standard was endorsed by the EU on 13
February 2026. IFRS 18 establishes the overall requirements for the
presentation and disclosure of financial statements and responds to
investor demand for improved transparency regarding financial
performance. The standard introduces three main changes: New
required categories and subtotals in the statement of profit or loss,
including a mandatory \u2018operating profit\u2019 subtotal, Disclosure
requirements for management-defined performance measures
(MPMs), Enhanced guidance on the aggregation and disaggregation of
information.
Although the standard is not effective until 2027, the group has
already assessed the potential implications and is preparing
necessary system and process changes, particularly related to the
chart of accounts, reporting processes, and internal controls. As part
of this work, the group has assessed which of its current APMs are
likely to qualify as management\u2011defined performance measures
(MPMs) under IFRS 18, and several existing APMs are expected to
meet the definition. These will, upon adoption, be presented in a
separate MPM note with the required reconciliations and
explanations. Based on preliminary evaluations, IFRS 18 is not
expected to have a material impact on the group\u2019s financial results
but will affect the presentation and disclosure in the financial
statements.
Other amendments
IFRS 18 includes amendments to other standards, including IAS 7, IAS
33, and IAS 34.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-341": { "value": "
Basis of preparation
The consolidated financial statements have been prepared based on
the historical cost basis, except for certain financial assets and
liabilities that are measured at fair value, including contingent
consideration obligations related to acquisitions. Pension liabilities
are measured at present value. The consolidated financial statements
are presented in Norwegian kroner (NOK). Amounts are rounded to
the nearest thousand NOK, unless stated otherwise. As a result of
such rounding, amounts and percentages presented may not add up
to the total. All amounts in brackets are comparative figures for 2024
unless otherwise specifically stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-346": { "value": "
Consolidation principles, investments accounted for in
accordance with the equity method and working partnerships
The consolidated financial statements incorporate Multiconsult ASA
and companies that Multiconsult ASA (directly or indirectly) controls
(the group). Control is achieved when the group is exposed or has
rights to variable returns from its involvement with a company in
which it has invested and has the ability to use its power to affect its
returns from this company.
Acquisitions of subsidiaries are accounted for using the acquisition
method in accordance with IFRS 3 Business Combinations. This
entails that the consideration, as well as the acquired entity's assets
and liabilities are measured at fair value on the date of acquisition,
and any excess consideration is classified as goodwill. Acquisition-
related costs are recognised in profit or loss as incurred. Non-
controlling interest in the acquiree is measured at fair value or at an
amount corresponding to the proportional share of the non-
controlling interest of the identifiable net assets of the acquiree.
Associated companies are entities over which the group has
significant, but non-controlling influence, normally through ownership
of 20 to 50 per cent of the voting power. Investments in associated
companies are reported according to the equity method. Refer to note
14 for more information.
Joint arrangements are classified either as joint operations or joint
ventures, depending on the contractual rights and obligations of each
investor. Joint ventures are reported under the equity method, while
joint operations are reported using the group's share of the
operation's income, expenses, assets and liabilities.
The group enters into working partnerships in certain projects where
parties collaborate to deliver joint services to clients that are
organised without establishing a separate legal entity which are
classified as joint operations. Each participant is responsible for, and
entitled to, the income related to its own deliverables, and bears the
costs associated with its own resources, utilising its own employees
and subcontractors. The parties have joint decision-making authority
regarding the execution of the project.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-345": { "value": "
Consolidation principles, investments accounted for in
accordance with the equity method and working partnerships
The consolidated financial statements incorporate Multiconsult ASA
and companies that Multiconsult ASA (directly or indirectly) controls
(the group). Control is achieved when the group is exposed or has
rights to variable returns from its involvement with a company in
which it has invested and has the ability to use its power to affect its
returns from this company.
Acquisitions of subsidiaries are accounted for using the acquisition
method in accordance with IFRS 3 Business Combinations. This
entails that the consideration, as well as the acquired entity's assets
and liabilities are measured at fair value on the date of acquisition,
and any excess consideration is classified as goodwill. Acquisition-
related costs are recognised in profit or loss as incurred. Non-
controlling interest in the acquiree is measured at fair value or at an
amount corresponding to the proportional share of the non-
controlling interest of the identifiable net assets of the acquiree.
Associated companies are entities over which the group has
significant, but non-controlling influence, normally through ownership
of 20 to 50 per cent of the voting power. Investments in associated
companies are reported according to the equity method. Refer to note
14 for more information.
Joint arrangements are classified either as joint operations or joint
ventures, depending on the contractual rights and obligations of each
investor. Joint ventures are reported under the equity method, while
joint operations are reported using the group's share of the
operation's income, expenses, assets and liabilities.
The group enters into working partnerships in certain projects where
parties collaborate to deliver joint services to clients that are
organised without establishing a separate legal entity which are
classified as joint operations. Each participant is responsible for, and
entitled to, the income related to its own deliverables, and bears the
costs associated with its own resources, utilising its own employees
and subcontractors. The parties have joint decision-making authority
regarding the execution of the project.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-344": { "value": "
Consolidation principles, investments accounted for in
accordance with the equity method and working partnerships
The consolidated financial statements incorporate Multiconsult ASA
and companies that Multiconsult ASA (directly or indirectly) controls
(the group). Control is achieved when the group is exposed or has
rights to variable returns from its involvement with a company in
which it has invested and has the ability to use its power to affect its
returns from this company.
Acquisitions of subsidiaries are accounted for using the acquisition
method in accordance with IFRS 3 Business Combinations. This
entails that the consideration, as well as the acquired entity's assets
and liabilities are measured at fair value on the date of acquisition,
and any excess consideration is classified as goodwill. Acquisition-
related costs are recognised in profit or loss as incurred. Non-
controlling interest in the acquiree is measured at fair value or at an
amount corresponding to the proportional share of the non-
controlling interest of the identifiable net assets of the acquiree.
Associated companies are entities over which the group has
significant, but non-controlling influence, normally through ownership
of 20 to 50 per cent of the voting power. Investments in associated
companies are reported according to the equity method. Refer to note
14 for more information.
Joint arrangements are classified either as joint operations or joint
ventures, depending on the contractual rights and obligations of each
investor. Joint ventures are reported under the equity method, while
joint operations are reported using the group's share of the
operation's income, expenses, assets and liabilities.
The group enters into working partnerships in certain projects where
parties collaborate to deliver joint services to clients that are
organised without establishing a separate legal entity which are
classified as joint operations. Each participant is responsible for, and
entitled to, the income related to its own deliverables, and bears the
costs associated with its own resources, utilising its own employees
and subcontractors. The parties have joint decision-making authority
regarding the execution of the project.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-343": { "value": "
Consolidation principles, investments accounted for in
accordance with the equity method and working partnerships
The consolidated financial statements incorporate Multiconsult ASA
and companies that Multiconsult ASA (directly or indirectly) controls
(the group). Control is achieved when the group is exposed or has
rights to variable returns from its involvement with a company in
which it has invested and has the ability to use its power to affect its
returns from this company.
Acquisitions of subsidiaries are accounted for using the acquisition
method in accordance with IFRS 3 Business Combinations. This
entails that the consideration, as well as the acquired entity's assets
and liabilities are measured at fair value on the date of acquisition,
and any excess consideration is classified as goodwill. Acquisition-
related costs are recognised in profit or loss as incurred. Non-
controlling interest in the acquiree is measured at fair value or at an
amount corresponding to the proportional share of the non-
controlling interest of the identifiable net assets of the acquiree.
Associated companies are entities over which the group has
significant, but non-controlling influence, normally through ownership
of 20 to 50 per cent of the voting power. Investments in associated
companies are reported according to the equity method. Refer to note
14 for more information.
Joint arrangements are classified either as joint operations or joint
ventures, depending on the contractual rights and obligations of each
investor. Joint ventures are reported under the equity method, while
joint operations are reported using the group's share of the
operation's income, expenses, assets and liabilities.
The group enters into working partnerships in certain projects where
parties collaborate to deliver joint services to clients that are
organised without establishing a separate legal entity which are
classified as joint operations. Each participant is responsible for, and
entitled to, the income related to its own deliverables, and bears the
costs associated with its own resources, utilising its own employees
and subcontractors. The parties have joint decision-making authority
regarding the execution of the project.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-342": { "value": "
Consolidation principles, investments accounted for in
accordance with the equity method and working partnerships
The consolidated financial statements incorporate Multiconsult ASA
and companies that Multiconsult ASA (directly or indirectly) controls
(the group). Control is achieved when the group is exposed or has
rights to variable returns from its involvement with a company in
which it has invested and has the ability to use its power to affect its
returns from this company.
Acquisitions of subsidiaries are accounted for using the acquisition
method in accordance with IFRS 3 Business Combinations. This
entails that the consideration, as well as the acquired entity's assets
and liabilities are measured at fair value on the date of acquisition,
and any excess consideration is classified as goodwill. Acquisition-
related costs are recognised in profit or loss as incurred. Non-
controlling interest in the acquiree is measured at fair value or at an
amount corresponding to the proportional share of the non-
controlling interest of the identifiable net assets of the acquiree.
Associated companies are entities over which the group has
significant, but non-controlling influence, normally through ownership
of 20 to 50 per cent of the voting power. Investments in associated
companies are reported according to the equity method. Refer to note
14 for more information.
Joint arrangements are classified either as joint operations or joint
ventures, depending on the contractual rights and obligations of each
investor. Joint ventures are reported under the equity method, while
joint operations are reported using the group's share of the
operation's income, expenses, assets and liabilities.
The group enters into working partnerships in certain projects where
parties collaborate to deliver joint services to clients that are
organised without establishing a separate legal entity which are
classified as joint operations. Each participant is responsible for, and
entitled to, the income related to its own deliverables, and bears the
costs associated with its own resources, utilising its own employees
and subcontractors. The parties have joint decision-making authority
regarding the execution of the project.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-348": { "value": "
Foreign currencies
The consolidated financial statements are presented in Norwegian
kroner (NOK), which is the functional currency and the presentation
currency of the parent company.
Transactions in foreign currencies are translated into the functional
currency at the exchange rates prevailing at the dates of the
transactions. Currency gains and losses arising on the payment of
such transactions and on translation of monetary items in foreign
currencies at the exchange rates prevailing at the end of the reporting
period, are recognised in profit or loss as financial items.
For companies with a functional currency other than Norwegian
kroner, income and expense items are translated based on the
average exchange rates, and assets and liabilities are translated using
the exchange rates prevailing at the end of the reporting period.
Exchange differences are recognised in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-347": { "value": "
Foreign currencies
The consolidated financial statements are presented in Norwegian
kroner (NOK), which is the functional currency and the presentation
currency of the parent company.
Transactions in foreign currencies are translated into the functional
currency at the exchange rates prevailing at the dates of the
transactions. Currency gains and losses arising on the payment of
such transactions and on translation of monetary items in foreign
currencies at the exchange rates prevailing at the end of the reporting
period, are recognised in profit or loss as financial items.
For companies with a functional currency other than Norwegian
kroner, income and expense items are translated based on the
average exchange rates, and assets and liabilities are translated using
the exchange rates prevailing at the end of the reporting period.
Exchange differences are recognised in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-349": { "value": "
Revenue recognition
Revenue is generated by delivering consulting services. The group
provides a range of services, including multidisciplinary consulting
and design, project engineering and management, verification,
inspection, supervision and architecture, both in Norway and abroad.
See note 6 for a more detailed description of the services offered
within the four business areas, as well as for information on revenues
from contracts with clients and contract balances.
The group's rendering of services consists of contracts that are either
time-based, time-based with a cap, or fixed price. The vast majority of
contracts in terms of transaction price are time-based, i.e. the group
earns revenue per hour worked. Contracts which are time-based with
a cap, or fixed price, are minor compared to the total. The group also
enters into a limited number of target\u2011price contracts, where the
transaction price consists of a base fee and a variable component
that depends on the outcome of agreed performance parameters
relative to a predefined target. The mechanisms giving rise to variable
consideration may differ between contracts.
Multiconsult has determined that each customer contract typically
constitutes a single performance obligation, as the activities
performed are highly interrelated and represent integral inputs to the
final deliverable for the client. For some services, for example
construction management and coordination, the client
simultaneously receives and consumes the benefits as the services
are performed.
For other contracts, the services are highly customised, with no
alternative use for Multiconsult. These contracts usually include
enforceable right to payment for performance completed to date if the
client terminates the contract for reasons other than Multiconsult's
failure to deliver. Accordingly, Multiconsult has determined that the
client controls the work in progress as the services are provided. A
limited number of contracts may contain non-standard contract
clauses, but these are immaterial to the group's total revenue.
Revenue is measured based on the consideration specified in the
contract with the client. For time-based contracts, revenue reflects
hours worked multiplied by agreed hourly rates. Caps and fixed-price
elements represent a small portion of total revenue.
Because each client contract constitutes one performance
obligation, the transaction price is not allocated to multiple
obligations.
Revenue is recognised over time as the group satisfies its
performance obligation. The total scope is evaluated on an on-going
basis.
Expenses for sub\u2011consultants, temporary employees and
disbursements comprise costs that are directly related to the
execution of client projects, including fees to sub\u2011consultants,
purchased specialist and expert services, project\u2011related travel
expenses, as well as other external costs and disbursements that are
re\u2011invoiced to the client. The line item includes both direct project
costs and disbursements incurred by Multiconsult on behalf of the
client. These costs are recognised as incurred.
Onerous contracts and billing terms
When it is probable that a project will incur a loss (remaining total
direct costs exceed remaining total revenue), the estimated loss is
recognised immediately. Direct costs primarily include costs for own
personnel and sub-consultants. As only a minor share of the group's
projects is with fixed price or with a cap, provisions for onerous
contracts are limited.
Invoices are issued according to contractual terms and are usually
payable within 30 days. Trade receivables arise when the group has
an unconditional right to consideration, meaning that the
performance obligation has been fulfilled and only the passage of
time remains before payment.
Work in progress represents the group\u2019s right to consideration for
work performed but not yet billed at the reporting date. When the
group has an unconditional right to payment, meaning that only the
passage of time remains before invoicing, the amount is recognised
as work in progress. These amounts remain in work in progress until
an invoice is issued, at which point they are reclassified to account
receivables.
A portion of work in progress within the group consists of earned
amounts that remain conditional on factors other than the passage of
time, typically related to formal client approval prior to invoicing. Such
amounts meet the definition of contract assets and are presented as
work in progress.
Accordingly, work in progress comprises both amounts for which the
group has an unconditional right to payment and contract assets.
Contract assets represents a small share of total work performed and
arise when the group\u2019s right to consideration is conditional on further
performance obligations or client approval.
Contract liabilities arise when customers pay in advance of the
related performance obligation being satisfied. For each contract, a
net position is presented as either a contract asset or a contract
liability.
Working partnerships
In working partnerships not organised as separate legal entities, the
group assesses whether it acts as principal or agent under IFRS 15.
When the other parties are responsible for their own performance
obligations and the group does not control their services before
transfer to the client, the group recognises only its own share of
revenue and expenses (net presentation). In contracts where the
group has overall responsibility and controls the services before they
are delivered to the client, revenue is recognised gross, and payments
to other parties are presented as sub\u2011contractors and disbursements.
The presentation therefore reflects whether the group controls the
specified services before transfer to the client.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-351": { "value": "
Interest and dividends received
Interest income that reflects the effective return on an asset is
recognised as income over the period earned and classified as
financial income in the statement of profit or loss. Dividends received
on investments are recognised as income when the group's right to
receive payment has been established. Dividends from investments
that are recognised using the equity method are recognised as a
reduction of the investment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-350": { "value": "
Interest and dividends received
Interest income that reflects the effective return on an asset is
recognised as income over the period earned and classified as
financial income in the statement of profit or loss. Dividends received
on investments are recognised as income when the group's right to
receive payment has been established. Dividends from investments
that are recognised using the equity method are recognised as a
reduction of the investment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-352": { "value": "
Classification of current and non-current items
An asset is classified as current when it is expected to be realised or
sold, or to be used in the group's normal operating cycle or falls due or
is expected to be realised within 12 months after the end of the
reporting period. Other assets are classified as non-current. Liabilities
are classified as current when these liabilities are expected to be
settled in the normal operating cycle of the group, are held for trading,
are expected to be settled within 12 months of the end of the reporting
period, or if the group does not have an unconditional right to defer
settlement for at least 12 months after the reporting date. Provisions
for obligations and assets for reimbursement are classified as non-
current.", "dimensions": { "concept": "mul:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-353": { "value": "
Property, plant and equipment
Property, plant and equipment are recognised at cost less
accumulated depreciation. Cost of acquisition includes costs directly
attributable to the acquisition of the fixed asset. Subsequent
expenditure is added to the carrying amount of the asset or is
recognised separately when it is probable that future economic
benefits related to the expenditure will flow to the group, and the cost
can be measured reliably. The carrying amount of replacement parts
is expensed. Other repair and maintenance costs are recognised in
profit or loss in the period during which the cost is incurred. Property,
plant and equipment are depreciated on a straight-line basis. The cost
of acquisition of property, plant and equipment is depreciated to its
expected residual value, which in general is estimated to be nil. The
estimated useful lives, residual values and depreciation methods are
reviewed at the end of each reporting period and changed if
necessary. When the carrying amount of an item of property, plant
and equipment is higher than its estimated recoverable amount (the
higher of fair value less costs to sell and value in use), the carrying
amount is reduced to the recoverable amount and recognised as
impairment in the statement of profit or loss. Gains and losses on
disposal of property, plant and equipment are recognised in the
statement of profit or loss as the difference between the sales price
and the carrying amount.
Intangible assets
Intangible assets consist mainly of standard software, licences and
an ERP system. A minor part of intangible assets consists of internally
generated cost incurred in the development phase of software, as
these costs meet the specific criteria for recognition in the balance
sheet. Intangible assets are recognised at cost of acquisition less
amortisation. Intangible assets are amortised on a straight-line basis
to an estimated residual value of nil.
Order backlog arising upon a business combination is amortised over
its estimated useful life. When the carrying amount of an intangible
asset is higher than its estimated recoverable amount, the carrying
amount is reduced to the recoverable amount and recognised as
impairment in the statement of profit or loss. Brands arising from a
business combination are not amortised. Brands are reviewed for
impairment on an annual basis, or more frequently if there are
indications of impairment.
Goodwill
Cash-generating units to which goodwill has been allocated are
reviewed for impairment on an annual basis, or more frequently if
there are indications of impairment. If the recoverable amount of the
cash-generating unit is less than its carrying amount, the impairment
loss is allocated first to reduce the carrying amount of goodwill and
then to the other assets in the cash-generating unit pro rata based on
the carrying amount of each asset in the unit. The carrying amount of
individual assets is not reduced below zero. An impairment loss
recognised for goodwill is not reversed in subsequent periods if the
recoverable amount of the cash-generating unit increases. Any
impairment is recognised as part of impairment in the statement of
profit or loss.
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the group\u2019s
statement of financial position when the group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value.
Financial assets
The group's financial assets are primarily cash and cash equivalents,
trade and other receivables and work in progress.
Impairment of financial assets
The group applies the simplified expected credit loss (ECL) model for
trade receivables. Accordingly, lifetime ECL is recognised from initial
recognition and throughout the life of these assets. The loss
allowance is measured on a portfolio basis for all trade receivables,
including balances that are not past due.
The allowance is based on historical credit loss experience for
relevant customer groups and project portfolios, adjusted for
forward\u2011looking information and known circumstances at the
reporting date. In addition, individual assessments are performed for
specific customers or projects where there are indicators of
increased credit risk or a specific risk of loss.
The group does not normally discount expected credit losses, as the
receivables have short maturities and the effect of discounting is
considered immaterial. A receivable is considered credit\u2011impaired
when there is objective evidence that it will not be recovered, such as
bankruptcy, unsuccessful collection efforts, or other specific
circumstances.
When the group no longer has reasonable expectations of recovering
the receivable, the balance is written off against the loss allowance.
The assessment of credit\u2011impaired assets does not affect the
measurement of ECL beyond this, as the group does not calculate
interest income using the effective interest method.
Financial liabilities
The group has financial liabilities measured at amortised cost and fair
value through profit or loss. Financial liabilities at amortised cost
comprise largely trade payables, other current liabilities and interest-
bearing liabilities. These obligations are initially recognised at fair
value less transaction costs and subsequently measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-355": { "value": "
Property, plant and equipment
Property, plant and equipment are recognised at cost less
accumulated depreciation. Cost of acquisition includes costs directly
attributable to the acquisition of the fixed asset. Subsequent
expenditure is added to the carrying amount of the asset or is
recognised separately when it is probable that future economic
benefits related to the expenditure will flow to the group, and the cost
can be measured reliably. The carrying amount of replacement parts
is expensed. Other repair and maintenance costs are recognised in
profit or loss in the period during which the cost is incurred. Property,
plant and equipment are depreciated on a straight-line basis. The cost
of acquisition of property, plant and equipment is depreciated to its
expected residual value, which in general is estimated to be nil. The
estimated useful lives, residual values and depreciation methods are
reviewed at the end of each reporting period and changed if
necessary. When the carrying amount of an item of property, plant
and equipment is higher than its estimated recoverable amount (the
higher of fair value less costs to sell and value in use), the carrying
amount is reduced to the recoverable amount and recognised as
impairment in the statement of profit or loss. Gains and losses on
disposal of property, plant and equipment are recognised in the
statement of profit or loss as the difference between the sales price
and the carrying amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-354": { "value": "
Property, plant and equipment
Property, plant and equipment are recognised at cost less
accumulated depreciation. Cost of acquisition includes costs directly
attributable to the acquisition of the fixed asset. Subsequent
expenditure is added to the carrying amount of the asset or is
recognised separately when it is probable that future economic
benefits related to the expenditure will flow to the group, and the cost
can be measured reliably. The carrying amount of replacement parts
is expensed. Other repair and maintenance costs are recognised in
profit or loss in the period during which the cost is incurred. Property,
plant and equipment are depreciated on a straight-line basis. The cost
of acquisition of property, plant and equipment is depreciated to its
expected residual value, which in general is estimated to be nil. The
estimated useful lives, residual values and depreciation methods are
reviewed at the end of each reporting period and changed if
necessary. When the carrying amount of an item of property, plant
and equipment is higher than its estimated recoverable amount (the
higher of fair value less costs to sell and value in use), the carrying
amount is reduced to the recoverable amount and recognised as
impairment in the statement of profit or loss. Gains and losses on
disposal of property, plant and equipment are recognised in the
statement of profit or loss as the difference between the sales price
and the carrying amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-357": { "value": "
Intangible assets
Intangible assets consist mainly of standard software, licences and
an ERP system. A minor part of intangible assets consists of internally
generated cost incurred in the development phase of software, as
these costs meet the specific criteria for recognition in the balance
sheet. Intangible assets are recognised at cost of acquisition less
amortisation. Intangible assets are amortised on a straight-line basis
to an estimated residual value of nil.
Order backlog arising upon a business combination is amortised over
its estimated useful life. When the carrying amount of an intangible
asset is higher than its estimated recoverable amount, the carrying
amount is reduced to the recoverable amount and recognised as
impairment in the statement of profit or loss. Brands arising from a
business combination are not amortised. Brands are reviewed for
impairment on an annual basis, or more frequently if there are
indications of impairment.
Goodwill
Cash-generating units to which goodwill has been allocated are
reviewed for impairment on an annual basis, or more frequently if
there are indications of impairment. If the recoverable amount of the
cash-generating unit is less than its carrying amount, the impairment
loss is allocated first to reduce the carrying amount of goodwill and
then to the other assets in the cash-generating unit pro rata based on
the carrying amount of each asset in the unit. The carrying amount of
individual assets is not reduced below zero. An impairment loss
recognised for goodwill is not reversed in subsequent periods if the
recoverable amount of the cash-generating unit increases. Any
impairment is recognised as part of impairment in the statement of
profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-356": { "value": "
Intangible assets
Intangible assets consist mainly of standard software, licences and
an ERP system. A minor part of intangible assets consists of internally
generated cost incurred in the development phase of software, as
these costs meet the specific criteria for recognition in the balance
sheet. Intangible assets are recognised at cost of acquisition less
amortisation. Intangible assets are amortised on a straight-line basis
to an estimated residual value of nil.
Order backlog arising upon a business combination is amortised over
its estimated useful life. When the carrying amount of an intangible
asset is higher than its estimated recoverable amount, the carrying
amount is reduced to the recoverable amount and recognised as
impairment in the statement of profit or loss. Brands arising from a
business combination are not amortised. Brands are reviewed for
impairment on an annual basis, or more frequently if there are
indications of impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-358": { "value": "
Goodwill
Cash-generating units to which goodwill has been allocated are
reviewed for impairment on an annual basis, or more frequently if
there are indications of impairment. If the recoverable amount of the
cash-generating unit is less than its carrying amount, the impairment
loss is allocated first to reduce the carrying amount of goodwill and
then to the other assets in the cash-generating unit pro rata based on
the carrying amount of each asset in the unit. The carrying amount of
individual assets is not reduced below zero. An impairment loss
recognised for goodwill is not reversed in subsequent periods if the
recoverable amount of the cash-generating unit increases. Any
impairment is recognised as part of impairment in the statement of
profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the group\u2019s
statement of financial position when the group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value.
Financial assets
The group's financial assets are primarily cash and cash equivalents,
trade and other receivables and work in progress.
Impairment of financial assets
The group applies the simplified expected credit loss (ECL) model for
trade receivables. Accordingly, lifetime ECL is recognised from initial
recognition and throughout the life of these assets. The loss
allowance is measured on a portfolio basis for all trade receivables,
including balances that are not past due.
The allowance is based on historical credit loss experience for
relevant customer groups and project portfolios, adjusted for
forward\u2011looking information and known circumstances at the
reporting date. In addition, individual assessments are performed for
specific customers or projects where there are indicators of
increased credit risk or a specific risk of loss.
The group does not normally discount expected credit losses, as the
receivables have short maturities and the effect of discounting is
considered immaterial. A receivable is considered credit\u2011impaired
when there is objective evidence that it will not be recovered, such as
bankruptcy, unsuccessful collection efforts, or other specific
circumstances.
When the group no longer has reasonable expectations of recovering
the receivable, the balance is written off against the loss allowance.
The assessment of credit\u2011impaired assets does not affect the
measurement of ECL beyond this, as the group does not calculate
interest income using the effective interest method.
Financial liabilities
The group has financial liabilities measured at amortised cost and fair
value through profit or loss. Financial liabilities at amortised cost
comprise largely trade payables, other current liabilities and interest-
bearing liabilities. These obligations are initially recognised at fair
value less transaction costs and subsequently measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the group\u2019s
statement of financial position when the group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value.
Financial assets
The group's financial assets are primarily cash and cash equivalents,
trade and other receivables and work in progress.
Impairment of financial assets
The group applies the simplified expected credit loss (ECL) model for
trade receivables. Accordingly, lifetime ECL is recognised from initial
recognition and throughout the life of these assets. The loss
allowance is measured on a portfolio basis for all trade receivables,
including balances that are not past due.
The allowance is based on historical credit loss experience for
relevant customer groups and project portfolios, adjusted for
forward\u2011looking information and known circumstances at the
reporting date. In addition, individual assessments are performed for
specific customers or projects where there are indicators of
increased credit risk or a specific risk of loss.
The group does not normally discount expected credit losses, as the
receivables have short maturities and the effect of discounting is
considered immaterial. A receivable is considered credit\u2011impaired
when there is objective evidence that it will not be recovered, such as
bankruptcy, unsuccessful collection efforts, or other specific
circumstances.
When the group no longer has reasonable expectations of recovering
the receivable, the balance is written off against the loss allowance.
The assessment of credit\u2011impaired assets does not affect the
measurement of ECL beyond this, as the group does not calculate
interest income using the effective interest method.
Financial liabilities
The group has financial liabilities measured at amortised cost and fair
value through profit or loss. Financial liabilities at amortised cost
comprise largely trade payables, other current liabilities and interest-
bearing liabilities. These obligations are initially recognised at fair
value less transaction costs and subsequently measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the group\u2019s
statement of financial position when the group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value.
Financial assets
The group's financial assets are primarily cash and cash equivalents,
trade and other receivables and work in progress.
Impairment of financial assets
The group applies the simplified expected credit loss (ECL) model for
trade receivables. Accordingly, lifetime ECL is recognised from initial
recognition and throughout the life of these assets. The loss
allowance is measured on a portfolio basis for all trade receivables,
including balances that are not past due.
The allowance is based on historical credit loss experience for
relevant customer groups and project portfolios, adjusted for
forward\u2011looking information and known circumstances at the
reporting date. In addition, individual assessments are performed for
specific customers or projects where there are indicators of
increased credit risk or a specific risk of loss.
The group does not normally discount expected credit losses, as the
receivables have short maturities and the effect of discounting is
considered immaterial. A receivable is considered credit\u2011impaired
when there is objective evidence that it will not be recovered, such as
bankruptcy, unsuccessful collection efforts, or other specific
circumstances.
When the group no longer has reasonable expectations of recovering
the receivable, the balance is written off against the loss allowance.
The assessment of credit\u2011impaired assets does not affect the
measurement of ECL beyond this, as the group does not calculate
interest income using the effective interest method.
Financial liabilities
The group has financial liabilities measured at amortised cost and fair
value through profit or loss. Financial liabilities at amortised cost
comprise largely trade payables, other current liabilities and interest-
bearing liabilities. These obligations are initially recognised at fair
value less transaction costs and subsequently measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the group\u2019s
statement of financial position when the group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value.
Financial assets
The group's financial assets are primarily cash and cash equivalents,
trade and other receivables and work in progress.
Impairment of financial assets
The group applies the simplified expected credit loss (ECL) model for
trade receivables. Accordingly, lifetime ECL is recognised from initial
recognition and throughout the life of these assets. The loss
allowance is measured on a portfolio basis for all trade receivables,
including balances that are not past due.
The allowance is based on historical credit loss experience for
relevant customer groups and project portfolios, adjusted for
forward\u2011looking information and known circumstances at the
reporting date. In addition, individual assessments are performed for
specific customers or projects where there are indicators of
increased credit risk or a specific risk of loss.
The group does not normally discount expected credit losses, as the
receivables have short maturities and the effect of discounting is
considered immaterial. A receivable is considered credit\u2011impaired
when there is objective evidence that it will not be recovered, such as
bankruptcy, unsuccessful collection efforts, or other specific
circumstances.
When the group no longer has reasonable expectations of recovering
the receivable, the balance is written off against the loss allowance.
The assessment of credit\u2011impaired assets does not affect the
measurement of ECL beyond this, as the group does not calculate
interest income using the effective interest method.
Financial liabilities
The group has financial liabilities measured at amortised cost and fair
value through profit or loss. Financial liabilities at amortised cost
comprise largely trade payables, other current liabilities and interest-
bearing liabilities. These obligations are initially recognised at fair
value less transaction costs and subsequently measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the group\u2019s
statement of financial position when the group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value.
Financial assets
The group's financial assets are primarily cash and cash equivalents,
trade and other receivables and work in progress.
Impairment of financial assets
The group applies the simplified expected credit loss (ECL) model for
trade receivables. Accordingly, lifetime ECL is recognised from initial
recognition and throughout the life of these assets. The loss
allowance is measured on a portfolio basis for all trade receivables,
including balances that are not past due.
The allowance is based on historical credit loss experience for
relevant customer groups and project portfolios, adjusted for
forward\u2011looking information and known circumstances at the
reporting date. In addition, individual assessments are performed for
specific customers or projects where there are indicators of
increased credit risk or a specific risk of loss.
The group does not normally discount expected credit losses, as the
receivables have short maturities and the effect of discounting is
considered immaterial. A receivable is considered credit\u2011impaired
when there is objective evidence that it will not be recovered, such as
bankruptcy, unsuccessful collection efforts, or other specific
circumstances.
When the group no longer has reasonable expectations of recovering
the receivable, the balance is written off against the loss allowance.
The assessment of credit\u2011impaired assets does not affect the
measurement of ECL beyond this, as the group does not calculate
interest income using the effective interest method.
Financial liabilities
The group has financial liabilities measured at amortised cost and fair
value through profit or loss. Financial liabilities at amortised cost
comprise largely trade payables, other current liabilities and interest-
bearing liabilities. These obligations are initially recognised at fair
value less transaction costs and subsequently measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the group\u2019s
statement of financial position when the group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value.
Financial assets
The group's financial assets are primarily cash and cash equivalents,
trade and other receivables and work in progress.
Impairment of financial assets
The group applies the simplified expected credit loss (ECL) model for
trade receivables. Accordingly, lifetime ECL is recognised from initial
recognition and throughout the life of these assets. The loss
allowance is measured on a portfolio basis for all trade receivables,
including balances that are not past due.
The allowance is based on historical credit loss experience for
relevant customer groups and project portfolios, adjusted for
forward\u2011looking information and known circumstances at the
reporting date. In addition, individual assessments are performed for
specific customers or projects where there are indicators of
increased credit risk or a specific risk of loss.
The group does not normally discount expected credit losses, as the
receivables have short maturities and the effect of discounting is
considered immaterial. A receivable is considered credit\u2011impaired
when there is objective evidence that it will not be recovered, such as
bankruptcy, unsuccessful collection efforts, or other specific
circumstances.
When the group no longer has reasonable expectations of recovering
the receivable, the balance is written off against the loss allowance.
The assessment of credit\u2011impaired assets does not affect the
measurement of ECL beyond this, as the group does not calculate
interest income using the effective interest method.
Financial liabilities
The group has financial liabilities measured at amortised cost and fair
value through profit or loss. Financial liabilities at amortised cost
comprise largely trade payables, other current liabilities and interest-
bearing liabilities. These obligations are initially recognised at fair
value less transaction costs and subsequently measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the group\u2019s
statement of financial position when the group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value.
Financial assets
The group's financial assets are primarily cash and cash equivalents,
trade and other receivables and work in progress.
Impairment of financial assets
The group applies the simplified expected credit loss (ECL) model for
trade receivables. Accordingly, lifetime ECL is recognised from initial
recognition and throughout the life of these assets. The loss
allowance is measured on a portfolio basis for all trade receivables,
including balances that are not past due.
The allowance is based on historical credit loss experience for
relevant customer groups and project portfolios, adjusted for
forward\u2011looking information and known circumstances at the
reporting date. In addition, individual assessments are performed for
specific customers or projects where there are indicators of
increased credit risk or a specific risk of loss.
The group does not normally discount expected credit losses, as the
receivables have short maturities and the effect of discounting is
considered immaterial. A receivable is considered credit\u2011impaired
when there is objective evidence that it will not be recovered, such as
bankruptcy, unsuccessful collection efforts, or other specific
circumstances.
When the group no longer has reasonable expectations of recovering
the receivable, the balance is written off against the loss allowance.
The assessment of credit\u2011impaired assets does not affect the
measurement of ECL beyond this, as the group does not calculate
interest income using the effective interest method.
Financial liabilities
The group has financial liabilities measured at amortised cost and fair
value through profit or loss. Financial liabilities at amortised cost
comprise largely trade payables, other current liabilities and interest-
bearing liabilities. These obligations are initially recognised at fair
value less transaction costs and subsequently measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
Cash and cash equivalents
Cash and cash equivalents include cash, bank deposits and other
cash equivalents with a maturity of less than three months at the date
of acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
Restricted cash
Restricted cash is cash with restrictions lasting more than three 3
months. Restricted funds are classified as non-current when the
restriction is more than 12 months and is presented as non-current
financial asset in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
Provision for obligations
Provisions for obligations such as restructuring, onerous contracts,
project liabilities and legal claims are recognised when the group, as a
result of a past event, has an existing legal or constructive obligation,
it is probable that the group will be required to settle the obligation,
and the amount can be measured reliably. Provisions are measured at
management's best estimate of the expenditure required to settle the
obligation at the reporting date. The estimate is made based on the
actual circumstances related to each individual item.
Provisions for project liabilities are measured at the expected cost to
settle the obligation. A reimbursement asset is recognised if the
company is covered for losses incurred through an insurance
company and it is virtually certain that the company will receive
compensation. A reimbursement asset reduces the net cost
recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "
Pensions
The group has primarily defined contribution pension plans.
For defined contribution plans, the group pays contributions to
private, administered insurance plans for pensions on a statutory,
contractual or voluntary basis. The group has no additional
obligations after the contributions have been paid. Contributions to
defined contribution plans are expensed as incurred. LINK Arkitektur
AB participates in a defined benefit multi-employer plan that is
accounted for as a defined contribution plan. The group has no early
retirement plans.
The remaining defined benefit pension plan relates to an individual
unfunded agreement in Multiconsult Norge AS. The pension obligation
for the defined benefit plan is estimated annually by an independent
actuary. See note 8.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
Income tax
Assets and liabilities related to current tax payable are measured at
the amount expected to be received from or paid to the taxation
authorities. Deferred tax assets and liabilities are calculated based on
the liability method, including all temporary differences between the
carrying amounts and tax bases of assets and liabilities in the
consolidated financial statements, including losses carried forward.
Deferred tax assets and liabilities are not recognised if the temporary
difference arises from the initial recognition of goodwill. For
investments in subsidiaries, associated companies or joint ventures,
deferred tax liabilities are not recognised for taxable temporary
differences when the group is able to control the timing of reversal of
temporary differences and it is probable that the temporary difference
will not reverse in the foreseeable future. Similarly, deferred tax
assets are only recognised for such investments if it is probable that
the temporary difference will reverse in the foreseeable future and
that sufficient taxable income will be available to allow the asset to be
recovered.
Deferred tax assets are recognised to the extent that it is probable
that the tax assets will be utilised. Tax rates that are enacted or
substantially enacted at the end of the reporting period and
undiscounted amounts are used. Deferred tax assets and liabilities
are recognised net when there is a legal right to offset payable tax
assets and liabilities, and the group is able to and intends to settle
payable income tax net.
The group considers expenses as tax deductible and income as not
taxable based on interpretation of applicable legislation and
regulations and when it is considered probable that the treatment will
be accepted by the taxation authorities. The group provides for
uncertain and contested tax positions based on the expected
payment.
The income tax expense for a period consists of income tax payable
and deferred tax. Income tax is recognised in profit or loss, except for
when it relates to items that are recognised in equity, either directly or
through other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
Income tax
Assets and liabilities related to current tax payable are measured at
the amount expected to be received from or paid to the taxation
authorities. Deferred tax assets and liabilities are calculated based on
the liability method, including all temporary differences between the
carrying amounts and tax bases of assets and liabilities in the
consolidated financial statements, including losses carried forward.
Deferred tax assets and liabilities are not recognised if the temporary
difference arises from the initial recognition of goodwill. For
investments in subsidiaries, associated companies or joint ventures,
deferred tax liabilities are not recognised for taxable temporary
differences when the group is able to control the timing of reversal of
temporary differences and it is probable that the temporary difference
will not reverse in the foreseeable future. Similarly, deferred tax
assets are only recognised for such investments if it is probable that
the temporary difference will reverse in the foreseeable future and
that sufficient taxable income will be available to allow the asset to be
recovered.
Deferred tax assets are recognised to the extent that it is probable
that the tax assets will be utilised. Tax rates that are enacted or
substantially enacted at the end of the reporting period and
undiscounted amounts are used. Deferred tax assets and liabilities
are recognised net when there is a legal right to offset payable tax
assets and liabilities, and the group is able to and intends to settle
payable income tax net.
The group considers expenses as tax deductible and income as not
taxable based on interpretation of applicable legislation and
regulations and when it is considered probable that the treatment will
be accepted by the taxation authorities. The group provides for
uncertain and contested tax positions based on the expected
payment.
The income tax expense for a period consists of income tax payable
and deferred tax. Income tax is recognised in profit or loss, except for
when it relates to items that are recognised in equity, either directly or
through other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
Statement of cash flows
The statement of cash flows has been prepared in accordance with
the indirect method. Interest received and paid are reported as part of
financing activities. Dividends paid are presented as part of financing
activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
Lease agreements
The group as lessee
The group recognises right\u2011of\u2011use (ROU) assets and lease liabilities
for leases of office premises and cars. These represent the group\u2019s
only significant lease categories.
Recognition exemptions
The group applies the recognition exemptions for leases with a
remaining lease term of 12 months or less and leases where the
underlying asset is of low value (e.g. office equipment, dispensers,
small IT equipment and similar). Payments for exempt leases are
expensed on a straight\u2011line basis.
Identifying a lease
Contracts are assessed at inception to determine whether they
contain a lease. For Multiconsult, this assessment is straightforward,
and primarily relates to office premises and company cars.
Recognition and measurement of right-of-use assets and lease
liabilities
Lease liabilities are measured at the present value of future lease
payments, discounted using the group\u2019s incremental borrowing rate
when the interest rate implicit in the lease is not readily determinable.
The group updates its borrowing rate model annually and applies
different rates for property and vehicles.
Lease payments included in the measurement consist of fixed
payments and CPI\u2011indexed adjustments. The group has no leases
with variable payments linked to performance, no purchase options
and no residual value guarantees.
Lease liabilities are remeasured when lease terms change or when
CPI indexation results in updated payments.
ROU assets are measured at cost and depreciated over the lease
term.
Lease term
The lease term includes non\u2011cancellable periods and extension
options when the group is reasonably certain to exercise them.
Multiconsult generally considers extension options to be reasonably
certain for medium-term leases (approximately 4\u20135 years) unless
specific facts indicate uncertainty about continued operations at the
location. Longer-term options are evaluated based on economic
incentives and historical practice.
Interest rate
Lease payments are discounted using the interest rate implicit in the
lease when available. For the majority of the group\u2019s contracts this
rate is not readily determinable, and the group therefore uses its
incremental borrowing rate.
The group has a model for determining the incremental borrowing
rate, which includes the risk\u2011free rate, country risk and credit spread.
The rate is determined based on relevant government bond maturities
aligned with the lease term and is updated annually. Separate rates
are used for property leases and car leases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
Dividends
Dividends to the company's shareholders are classified as a liability
when the dividends proposed have been approved by the annual
general meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
Employee Ownership Programme
Multiconsult ASA has two share ownership programmes for
employees of the group. Through the share purchase plan, the
company offers employees of the group shares in Multiconsult ASA
with a discount of 20 per cent. Shares purchased by the employees
through the programme are subject to a two-year lock-in period.
Based on independent party calculations according to an option-
pricing model (\u201cBlack Scholes\u201d), a part of the discount is recognised
as employee benefit expense in the statement of profit or loss and a
part is recognised directly in equity. The reduction in value due to the
lock-in period is recognised directly in equity as an equity transaction.
Through the share ownership plan, the company offers newly hired
employees of the group to receive a defined number of
complimentary shares in Multiconsult ASA. The value of these shares
is recognised as employee benefit expense and constitute a taxable
benefit for the employee. See further details in note 7.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
Note 2 B Critical accounting judgements and key sources of estimation uncertainty
In the process of applying the group's accounting policies, executive
management has made several judgements and estimates. All
estimates are assessed based on management\u2019s best knowledge of
the most probable outcome. Changes in key assumptions may have
significant effect and may cause material adjustments to the carrying
amounts of assets and liabilities, equity and the profit for the year.
Critical judgements in applying accounting policies
The following are the critical judgements, apart from those involving
estimations (which are dealt with separately below), that executive
management has made in the process of applying the group\u2019s
accounting policies and that have the most significant effect on the
amounts recognised in the consolidated financial statements:
Business combinations
As part of business combinations, the group is required to allocate
the purchase price to identifiable assets acquired and liabilities
assumed, including intangible assets such as brand, client
relationships and order backlog. This process involves executive
management judgement, particularly in selecting appropriate
valuation methodology for brand and client relationships and the
appropriate valuation approach for order backlog. Determining key
assumptions used in the valuation models, including expected cash
flows, discount rates, and the economic life of the assets also
includes executive management judgement. Refer to note 4 Business
combinations for more information.
Revenue
A key area of judgement relates to assessing the group\u2019s performance
obligations. The group assesses that client contracts generally
consist of one single performance obligation, as the services are
delivered through integrated activities that together provide value to
the client. The assessments require judgement, where especially the
identification of the performance obligation in the contract with the
client and the assessment of when and how the performance
obligation is satisfied is important when concluding on the
appropriate timing of the revenue recognition.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of
estimation uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, are as follows:
Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of
the value in use of the cash-generating units (CGUs) to which goodwill
has been allocated. The value in use calculation requires executive
management to estimate the future cash flows expected to arise from
the CGU and a suitable discount rate to calculate present value.
Key assumptions include revenue growth, EBIT margins, and discount
rates (pre-tax and post-tax). These assumptions are determined for
each cash\u2011generating unit (CGU) that carries significant goodwill
relative to the group\u2019s total goodwill. For detailed information on
intangible assets and goodwill, refer to note 11.
Regarding sensitivity linked to macro-economic conditions see
section on Macro-economic development in Director\u2019s report.
Climate- and nature-related risks
In 2025, Multiconsult updated its double materiality assessment
(DMA) as presented in the sustainability reporting. In connection with
this update, climate- and nature-related risks were assessed from
both an impact and a financial risk perspective.
Climate-related physical risks are considered low for Multiconsult, as
the group does not own material assets exposed to acute or chronic
climate impacts. Transition risks are primarily related to market and
regulatory developments and are assessed as low over the short,
medium and long term, conditional on maintaining insight into
evolving client needs and regulatory requirements.
Nature-related physical risks are likewise assessed as low, as the
group does not hold significant nature-exposed assets. The DMA
identifies a reputational risk related to biodiversity, particularly
connected to projects that may involve nature disturbance.
The electrification plan primarily involves replacing vehicles and
equipment with available electric alternatives that provide
functionality and expected useful lives comparable to those of
current assets. The transition does not introduce new or untested
technology, nor does it result from regulatory changes requiring
earlier replacement. Accordingly, the electrification plan does not
affect the expected useful lives of the assets.
In assessing potential impairment of goodwill, climate-related factors
have been considered as part of the group\u2019s ordinary budgeting and
forecasting processes. Based on these assessments, neither physical
climate change nor transition risks are expected to materially affect
assumptions about future earnings.Therefore, no indicators of
impairment have been identified.
Based on the assessments performed, climate- and nature-related
risks did not have a material impact on the group\u2019s financial reporting
for 2025. The underlying evaluations remain relevant for users of the
financial statements, particularly regarding judgement and estimation
uncertainty. Further information is provided in ESRS E1 Climate
Change and ESRS E4 Biodiversity and Ecosystems in the
Sustainability Report.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
Note 2 B Critical accounting judgements and key sources of estimation uncertainty
In the process of applying the group's accounting policies, executive
management has made several judgements and estimates. All
estimates are assessed based on management\u2019s best knowledge of
the most probable outcome. Changes in key assumptions may have
significant effect and may cause material adjustments to the carrying
amounts of assets and liabilities, equity and the profit for the year.
Critical judgements in applying accounting policies
The following are the critical judgements, apart from those involving
estimations (which are dealt with separately below), that executive
management has made in the process of applying the group\u2019s
accounting policies and that have the most significant effect on the
amounts recognised in the consolidated financial statements:
Business combinations
As part of business combinations, the group is required to allocate
the purchase price to identifiable assets acquired and liabilities
assumed, including intangible assets such as brand, client
relationships and order backlog. This process involves executive
management judgement, particularly in selecting appropriate
valuation methodology for brand and client relationships and the
appropriate valuation approach for order backlog. Determining key
assumptions used in the valuation models, including expected cash
flows, discount rates, and the economic life of the assets also
includes executive management judgement. Refer to note 4 Business
combinations for more information.
Revenue
A key area of judgement relates to assessing the group\u2019s performance
obligations. The group assesses that client contracts generally
consist of one single performance obligation, as the services are
delivered through integrated activities that together provide value to
the client. The assessments require judgement, where especially the
identification of the performance obligation in the contract with the
client and the assessment of when and how the performance
obligation is satisfied is important when concluding on the
appropriate timing of the revenue recognition.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of
estimation uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, are as follows:
Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of
the value in use of the cash-generating units (CGUs) to which goodwill
has been allocated. The value in use calculation requires executive
management to estimate the future cash flows expected to arise from
the CGU and a suitable discount rate to calculate present value.
Key assumptions include revenue growth, EBIT margins, and discount
rates (pre-tax and post-tax). These assumptions are determined for
each cash\u2011generating unit (CGU) that carries significant goodwill
relative to the group\u2019s total goodwill. For detailed information on
intangible assets and goodwill, refer to note 11.
Regarding sensitivity linked to macro-economic conditions see
section on Macro-economic development in Director\u2019s report.
Climate- and nature-related risks
In 2025, Multiconsult updated its double materiality assessment
(DMA) as presented in the sustainability reporting. In connection with
this update, climate- and nature-related risks were assessed from
both an impact and a financial risk perspective.
Climate-related physical risks are considered low for Multiconsult, as
the group does not own material assets exposed to acute or chronic
climate impacts. Transition risks are primarily related to market and
regulatory developments and are assessed as low over the short,
medium and long term, conditional on maintaining insight into
evolving client needs and regulatory requirements.
Nature-related physical risks are likewise assessed as low, as the
group does not hold significant nature-exposed assets. The DMA
identifies a reputational risk related to biodiversity, particularly
connected to projects that may involve nature disturbance.
The electrification plan primarily involves replacing vehicles and
equipment with available electric alternatives that provide
functionality and expected useful lives comparable to those of
current assets. The transition does not introduce new or untested
technology, nor does it result from regulatory changes requiring
earlier replacement. Accordingly, the electrification plan does not
affect the expected useful lives of the assets.
In assessing potential impairment of goodwill, climate-related factors
have been considered as part of the group\u2019s ordinary budgeting and
forecasting processes. Based on these assessments, neither physical
climate change nor transition risks are expected to materially affect
assumptions about future earnings.Therefore, no indicators of
impairment have been identified.
Based on the assessments performed, climate- and nature-related
risks did not have a material impact on the group\u2019s financial reporting
for 2025. The underlying evaluations remain relevant for users of the
financial statements, particularly regarding judgement and estimation
uncertainty. Further information is provided in ESRS E1 Climate
Change and ESRS E4 Biodiversity and Ecosystems in the
Sustainability Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
Note 2 B Critical accounting judgements and key sources of estimation uncertainty
In the process of applying the group's accounting policies, executive
management has made several judgements and estimates. All
estimates are assessed based on management\u2019s best knowledge of
the most probable outcome. Changes in key assumptions may have
significant effect and may cause material adjustments to the carrying
amounts of assets and liabilities, equity and the profit for the year.
Critical judgements in applying accounting policies
The following are the critical judgements, apart from those involving
estimations (which are dealt with separately below), that executive
management has made in the process of applying the group\u2019s
accounting policies and that have the most significant effect on the
amounts recognised in the consolidated financial statements:
Business combinations
As part of business combinations, the group is required to allocate
the purchase price to identifiable assets acquired and liabilities
assumed, including intangible assets such as brand, client
relationships and order backlog. This process involves executive
management judgement, particularly in selecting appropriate
valuation methodology for brand and client relationships and the
appropriate valuation approach for order backlog. Determining key
assumptions used in the valuation models, including expected cash
flows, discount rates, and the economic life of the assets also
includes executive management judgement. Refer to note 4 Business
combinations for more information.
Revenue
A key area of judgement relates to assessing the group\u2019s performance
obligations. The group assesses that client contracts generally
consist of one single performance obligation, as the services are
delivered through integrated activities that together provide value to
the client. The assessments require judgement, where especially the
identification of the performance obligation in the contract with the
client and the assessment of when and how the performance
obligation is satisfied is important when concluding on the
appropriate timing of the revenue recognition.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of
estimation uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, are as follows:
Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of
the value in use of the cash-generating units (CGUs) to which goodwill
has been allocated. The value in use calculation requires executive
management to estimate the future cash flows expected to arise from
the CGU and a suitable discount rate to calculate present value.
Key assumptions include revenue growth, EBIT margins, and discount
rates (pre-tax and post-tax). These assumptions are determined for
each cash\u2011generating unit (CGU) that carries significant goodwill
relative to the group\u2019s total goodwill. For detailed information on
intangible assets and goodwill, refer to note 11.
Regarding sensitivity linked to macro-economic conditions see
section on Macro-economic development in Director\u2019s report.
Climate- and nature-related risks
In 2025, Multiconsult updated its double materiality assessment
(DMA) as presented in the sustainability reporting. In connection with
this update, climate- and nature-related risks were assessed from
both an impact and a financial risk perspective.
Climate-related physical risks are considered low for Multiconsult, as
the group does not own material assets exposed to acute or chronic
climate impacts. Transition risks are primarily related to market and
regulatory developments and are assessed as low over the short,
medium and long term, conditional on maintaining insight into
evolving client needs and regulatory requirements.
Nature-related physical risks are likewise assessed as low, as the
group does not hold significant nature-exposed assets. The DMA
identifies a reputational risk related to biodiversity, particularly
connected to projects that may involve nature disturbance.
The electrification plan primarily involves replacing vehicles and
equipment with available electric alternatives that provide
functionality and expected useful lives comparable to those of
current assets. The transition does not introduce new or untested
technology, nor does it result from regulatory changes requiring
earlier replacement. Accordingly, the electrification plan does not
affect the expected useful lives of the assets.
In assessing potential impairment of goodwill, climate-related factors
have been considered as part of the group\u2019s ordinary budgeting and
forecasting processes. Based on these assessments, neither physical
climate change nor transition risks are expected to materially affect
assumptions about future earnings.Therefore, no indicators of
impairment have been identified.
Based on the assessments performed, climate- and nature-related
risks did not have a material impact on the group\u2019s financial reporting
for 2025. The underlying evaluations remain relevant for users of the
financial statements, particularly regarding judgement and estimation
uncertainty. Further information is provided in ESRS E1 Climate
Change and ESRS E4 Biodiversity and Ecosystems in the
Sustainability Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "In the process of applying the group's accounting policies, executive management has made several judgements and estimates. All estimates are assessed based on management\u2019s best knowledge of the most probable outcome. Changes in key assumptions may have significant effect and may cause material adjustments to the carrying amounts of assets and liabilities, equity and the profit for the year. As part of business combinations, the group is required to allocate the purchase price to identifiable assets acquired and liabilities assumed, including intangible assets such as brand, client relationships and order backlog. This process involves executive management judgement, particularly in selecting appropriate valuation methodology for brand and client relationships and the appropriate valuation approach for order backlog. Determining key assumptions used in the valuation models, including expected cash flows, discount rates, and the economic life of the assets also includes executive management judgement.A key area of judgement relates to assessing the group\u2019s performance obligations. The group assesses that client contracts generally consist of one single performance obligation, as the services are delivered through integrated activities that together provide value to the client. The assessments require judgement, where especially the identification of the performance obligation in the contract with the client and the assessment of when and how the performance obligation is satisfied is important when concluding on the appropriate timing of the revenue recognition.Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units (CGUs) to which goodwill has been allocated. The value in use calculation requires executive management to estimate the future cash flows expected to arise from the CGU and a suitable discount rate to calculate present value. Key assumptions include revenue growth, EBIT margins, and discount rates (pre-tax and post-tax). These assumptions are determined for each cash\u2011generating unit (CGU) that carries significant goodwill relative to the group\u2019s total goodwill. In 2025, Multiconsult updated its double materiality assessment (DMA) as presented in the sustainability reporting. In connection with this update, climate- and nature-related risks were assessed from both an impact and a financial risk perspective.Climate-related physical risks are considered low for Multiconsult, as the group does not own material assets exposed to acute or chronic climate impacts. Transition risks are primarily related to market and regulatory developments and are assessed as low over the short, medium and long term, conditional on maintaining insight into evolving client needs and regulatory requirements.Nature-related physical risks are likewise assessed as low, as the group does not hold significant nature-exposed assets. The DMA identifies a reputational risk related to biodiversity, particularly connected to projects that may involve nature disturbance.The electrification plan primarily involves replacing vehicles and equipment with available electric alternatives that provide functionality and expected useful lives comparable to those of current assets. The transition does not introduce new or untested technology, nor does it result from regulatory changes requiring earlier replacement. Accordingly, the electrification plan does not affect the expected useful lives of the assets.In assessing potential impairment of goodwill, climate-related factors have been considered as part of the group\u2019s ordinary budgeting and forecasting processes. Based on these assessments, neither physical climate change nor transition risks are expected to materially affect assumptions about future earnings.Therefore, no indicators of impairment have been identified.Based on the assessments performed, climate- and nature-related risks did not have a material impact on the group\u2019s financial reporting for 2025. The underlying evaluations remain relevant for users of the financial statements, particularly regarding judgement and estimation uncertainty.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
Business combinations
As part of business combinations, the group is required to allocate
the purchase price to identifiable assets acquired and liabilities
assumed, including intangible assets such as brand, client
relationships and order backlog. This process involves executive
management judgement, particularly in selecting appropriate
valuation methodology for brand and client relationships and the
appropriate valuation approach for order backlog. Determining key
assumptions used in the valuation models, including expected cash
flows, discount rates, and the economic life of the assets also
includes executive management judgement. Refer to note 4 Business
combinations for more information.
Revenue
A key area of judgement relates to assessing the group\u2019s performance
obligations. The group assesses that client contracts generally
consist of one single performance obligation, as the services are
delivered through integrated activities that together provide value to
the client. The assessments require judgement, where especially the
identification of the performance obligation in the contract with the
client and the assessment of when and how the performance
obligation is satisfied is important when concluding on the
appropriate timing of the revenue recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
Note 3 Financial risk management and capital management
The group's exposure to financial risk is primarily related to credit risk,
liquidity risk, currency risk and interest rate risk. These risks primarily
arise from financial assets and liabilities and are managed in
accordance with the group's financial risk, as described below. In
addition, the group is exposed to risks related to capital resources.
Information on the group\u2019s objectives, principles and processes for
capital management is provided in the capital management section
below.
Risk management in the group aims to support value creation in the
group and to secure a continuing solid financial platform through
transparency and strategic management of both financial and
operational risk factors. Operational risk relates mainly to larger
projects, which are continuously reviewed by the executive
management team.
Financial risk management
a) Credit risk
Credit risk is the risk that clients are not able to settle their payment
obligations. Credit risk is considered to be a part of business risk and
is reviewed as part of ongoing operations. A major part of the group's
activities was conducted in the subsidiary Multiconsult Norge AS
(77.4 per cent of operating revenues in 2025), with the subsidiary LINK
Arkitektur AS as the second largest (4.8 per cent of operating revenues
in 2025). The companies in the group have established procedures for
credit assessment of clients as well as suppliers. The risk that clients
do not have the financial ability to settle their obligations is
considered to be low. Historically, only minor credit losses on
receivables have been incurred. The group's clients are to a large
extent public sector or well-established companies.
The largest proportion of the group's clients are Norwegian, thus
creating a geographical concentration of risk. Of the group's revenues
in 2025 and 2024, approximately half relates to public sector clients
and approximately 84 per cent relates to clients in Norway.
Multiconsult Norge AS has some large contracts that, to a certain
extent, lead to a concentration of risk within a small number of large
clients. The group's ten largest individual clients in relation to trade
receivables and work in progress on 31 December 2025 comprised
approximately 41 per cent (32) and 61 per cent (40), respectively.
The group's maximum credit exposure comprises the carrying amount
of trade receivables, work in progress, and cash and cash equivalents
including restricted cash. General payment terms are 30 days.
Individual assessments are performed for material overdue
receivables, particularly those more than 60 days overdue. Realised
losses presented in the table below relate mainly to client
bankruptcies and represent actual credit losses.
In connection with the Sotra Link project, Multiconsult Norge AS has
outstanding claims against the client relating to performed work that
has not been fully remunerated. The claims are subject to an ongoing
dispute.
In December 2023, the client established a bank guarantee in favour
of Multiconsult Norge AS as security for unpaid remuneration for
performed work, including accrued late payment interest. The bank
guarantee does not constitute an unconditional right to payment, but
serves as security for the claim, and payment under the guarantee is
conditional upon the outcome of the legal proceedings.
As at 31 December 2025, receivables related to the Sotra Link project
are recognised in the balance sheet at an amount that Multiconsult
Norge AS considers recoverable based on available information and
an assessment of the credit risk. As at 31 December 2025, the
receivable related to the Sotra Link project is recognised as part of
trade receivables and is included in the ageing category over 90 days.
Legal proceedings relating to the dispute commenced in September
2025 and are ongoing as at the date of publication of the annual
report. The outcome of the proceedings remains uncertain. Further
information regarding legal disputes is provided in note 18.
Maturities of trade receivables, work in progress and other receivables 31 December 2025
Maturities of receivables that have not been impaired
Amounts in NOK thousand
Not due
0-30 Days
30-60 Days
60-90 Days
>90 Days
Trade receivables
1\u00a0263\u00a0352
1\u00a0005\u00a0101
100\u00a0251
21\u00a0575
7\u00a0520
128\u00a0904
Work in progress
337\u00a0025
337\u00a0025
-
-
-
-
Other current receivables\u00b9\u207e
69\u00a0729
69\u00a0729
-
-
-
-
Other non-current receivables\u00b2\u207e
3\u00a0530
3\u00a0530
-
-
-
-
Allowance for losses on receivables
(4\u00a0432)
-
(96)
(232)
(103)
(4\u00a0001)
Total trade and other receivables
1\u00a0669\u00a0204
1\u00a0415\u00a0386
100\u00a0155
21\u00a0343
7\u00a0417
124\u00a0903
1) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.
2) Other non-current receivables do not include net pension assets and reimbursement assets.
Maturities of trade receivables, work in progress and other receivables 31 December 2024
Maturities of receivables that have not been impaired
Amounts in NOK thousand
Not due
0-30 Days
30-60 Days
60-90 Days
>90 Days
Trade receivables
954\u00a0027
684\u00a0769
86\u00a0660
14\u00a0150
7\u00a0008
161\u00a0441
Work in progress
320\u00a0491
320\u00a0491
-
-
-
-
Other current receivables\u00b9\u207e
62\u00a0939
62\u00a0939
-
-
-
-
Other non-current receivables\u00b2\u207e
3\u00a0174
3\u00a0174
-
-
-
-
Allowance for losses on receivables
(5\u00a0621)
(521)
-
(266)
(48)
(4\u00a0786)
Total trade and other receivables
1\u00a0335\u00a0011
1\u00a0070\u00a0852
86\u00a0660
13\u00a0883
6\u00a0961
156\u00a0655
1) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.
2) Other non-current receivables do not include net pension assets and reimbursement assets.
Changes in allowances for losses on receivables during the year
Amounts in NOK thousand
2025
2024
Opening balance allowance for losses on receivables
5\u00a0621
4\u00a0625
Change in allowances for losses on trade receivable during the year
(1\u00a0189)
996
Closing balance allowance for losses on receivables
4\u00a0432
5\u00a0621
Realised losses in the event of bankruptcy etc.
1\u00a0479
1\u00a0785
Loss on receivables in other operating expenses in the statement of profit or loss
639
3\u00a0073
b)\u00a0Liquidity risk
Liquidity risk refers to the risk that the group may encounter difficulty
in meeting its financial obligations as they fall due. Multiconsult\u2019s
business model is primarily based on consultancy fees generated by
its own employees, resulting in predictable but seasonally fluctuating
cash flows.
The group continuously monitors its liquidity position and forecasts
short\u2011 and long\u2011term liquidity developments through regular
forecasting processes and annual budgets. Liquidity risk is
considered limited, however, significant short\u2011term and seasonal
variations require close monitoring.
The group\u2019s liquidity is managed through a combination of cash on
hand, cash flows from operating activities and available committed
credit facilities. The loan portfolio consists of an overdraft facility
linked to the group\u2019s global cash pool and a revolving credit facility
(RCF), which together provide financial flexibility and mitigate liquidity
risk.
The table below presents the changes from the opening to the closing
balance in the group\u2019s financing\u2011related liabilities, specifically
interest\u2011bearing liabilities and lease liabilities under IFRS 16. The
movements are presented by category, including (i) cash flows from
financing activities, (ii) effects of acquisitions, (iii) foreign currency
translation effects and (iv) other non\u2011cash movements such as new
and modified lease agreements, amortisation of loan transaction
costs and settlement of the share loan through return of shares.
Amounts in NOK thousand
Non-current liabilities
Current interest-bearing
liabilities
Lease liabilities
1 January 2024
450\u00a0000
-
799\u00a0707
Cash-flows
-
-
Loan proceeds
350\u00a0000
-
-
Loan instalments
(550\u00a0000)
-
-
Lease instalments and interest
-
-
(178\u00a0013)
Non-cash changes
Lease additions/reassessments/terminations
-
-
93\u00a0305
Acquisitions
-
-
271
Loan of shares
-
34\u00a0920
-
Currency translation effects
-
-
2\u00a0327
31 December 2024
250\u00a0000
34\u00a0920
717\u00a0597
Cash-flows
-
-
-
Loan proceeds
1\u00a0420\u00a0000
-
-
Loan instalments
(800\u00a0000)
-
-
Net increase (decrease) related to cash pool arrangement
-
76\u00a0904
-
Lease instalments and interest
-
-
(190\u00a0170)
Non-cash changes
Lease additions/reassessments/terminations
-
-
54\u00a0046
Acquisitions
-
-
9\u00a0013
Other
(500)
-
-
Settlement of loan of shares (return of shares)
-
(34\u00a0920)
-
Currency translation effects
-
-
1\u00a0946
31 December 2025
869\u00a0500
76\u00a0904
592\u00a0432
The group\u2019s operations are subject to normal fluctuations that impact
cash flows throughout the year, with the majority of payments relating
to salaries and subcontractor costs. Cash flows from operating
activities were positive in both 2025 and 2024.
Maturity of financial liabilities as at 31 December 2025
Carrying amount
Maturities
Total payments
Amounts in NOK thousand
< 1 year
1-2 year
> 2 years
Trade payables
147\u00a0783
147\u00a0783
147\u00a0783
Salaries payable
461\u00a0860
461\u00a0860
-
-
461\u00a0860
Current lease liabilities
209\u00a0055
209\u00a0055
209\u00a0055
Interest bearing liabilities
946\u00a0404
76\u00a0904
869\u00a0500
-
946\u00a0404
Interest on Interest-bearing liabilities\u00b9\u207e
-
55\u00a0574
55\u00a0574
55\u00a0574
166\u00a0721
Non-current lease liabilities
383\u00a0376
162\u00a0893
220\u00a0483
383\u00a0376
Total financial liabilities incl. interest
2\u00a0148\u00a0478
951\u00a0176
1\u00a0087\u00a0967
276\u00a0056
2\u00a0315\u00a0199
1) Calculated for total interest-bearing liabilities up until maturity in June 2028
Maturity of financial liabilities as at 31 December 2024
Carrying amount
Maturities
Total payments
Amounts in NOK thousand
< 1 year
1-2 year
> 2 years
Trade payables
123\u00a0522
123\u00a0522
123\u00a0522
Salaries payable
434\u00a0589
434\u00a0589
-
-
434\u00a0589
Current lease liabilities
211\u00a0082
211\u00a0082
211\u00a0082
Interest bearing liabilities
284\u00a0920
34\u00a0920
250\u00a0000
284\u00a0920
Interest on Interest-bearing liabilities\u00b9\u207e
-
25\u00a0641
6\u00a0391
-
32\u00a0032
Non-current lease liabilities
506\u00a0515
192\u00a0753
313\u00a0762
506\u00a0515
Total financial liabilities incl. interest
1\u00a0560\u00a0628
829\u00a0754
449\u00a0144
313\u00a0762
1\u00a0592\u00a0660
1) Calculated up until maturity of loan portfolio with Nordea Bank Abp, March 2026
For information on maturities of lease liabilities, see note 13.
There are no significant restrictions on the company's ability to
access or use the group's assets or to settle the group's liabilities, see
however restricted cash in note 19.
c)\u00a0Currency risk
Several business units carry out a small number of projects in other
currencies than their functional currency. The currency risk relates to
the delivery of services where revenue is in a foreign currency. Several
ongoing foreign assignments have agreed exchange rates in
currencies other than the functional currency of the business unit,
mainly EUR and USD. When a significant currency risk arises, the risk
is assessed separately, and the risk may be mitigated through the use
of forward currency contracts. The group had no forward currency
contracts on 31 December 2025 and 2024. The group has, to a limited
degree, bank accounts, trade receivables and trade payables in
foreign currency. When entering contracts in foreign currency, the
company evaluates currency risks and the need to secure these risks.
The subsidiaries hold monetary items primarily in their functional
currency. Changes in currency rates between NOK and foreign
currencies will influence the group's statement of profit or loss and
equity.
For accounting purposes, the group is exposed to currency translation
risk related to foreign subsidiaries and associated companies,
primarily to the following currencies - mentioned here by ISO currency
code: PLN, DKK, SEK, EUR and GBP. Currency risk arising from equity
in foreign entities is not hedged, and currency changes affect the
group's equity through other comprehensive income. Subsidiaries
that conduct services abroad may be subject to currency risk that
may influence their profit or loss and equity. The effect on monetary
items from a reasonably possible change in currency rates compared
to the separate group entities' functional currency would be
insignificant on 31 December 2025 and 2024.
d)\u00a0Interest rate risk
The group is exposed to interest rate risk primarily through variable
interest rates on bank deposits and interest\u2011bearing liabilities. The
group\u2019s interest\u2011bearing debt is subject to floating interest rates
based on market reference rates plus a margin. The margin is
determined by a pricing grid linked to the group\u2019s financial leverage
ratios. Changes in market interest rates may affect the group\u2019s net
interest expense and cash flows.
As of 31 December 2025, the group\u2019s net interest\u2011bearing liabilities
had increased compared with the previous year. A change in interest
rates of half a percentage point would therefore result in a higher
impact on annual net interest expense than in prior periods. Based on
the net interest-bearing liabilities on 31 December 2025, a change in
market interest rates of 0.5 percentage points would result in an
increase in interest expenses of approximately NOK 4.7 million,
assuming all other factors remain unchanged.
Subsequent to the reporting period, Multiconsult has secured
approximately 50 per cent of net interest\u2011bearing liabilities related to
M&A activity in 2025.
e) Categories of financial instruments
The carrying amount of the group\u2019s financial assets and financial
liabilities is a reasonable approximation of their fair value. As a result,
the group has not disclosed a fair value hierarchy under for these
instruments.
31 December 2025
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
ASSETS\u00b9\u207e
Other non-current financial
assets and shares
3\u00a0920
119\u00a0808
123\u00a0728
123\u00a0728
Trade receivables
1\u00a0263\u00a0352
1\u00a0263\u00a0352
1\u00a0263\u00a0352
Work in progress
337\u00a0025
337\u00a0025
337\u00a0025
Other current receivables
and prepaid expenses
77\u00a0793
77\u00a0793
77\u00a0793
Cash and cash equivalents
-
113\u00a0541
113\u00a0541
113\u00a0541
Total assets
3\u00a0920
1\u00a0911\u00a0518
1\u00a0915\u00a0438
1\u00a0915\u00a0438
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
LIABILITIES\u00b2\u207e
Non-current interest-
bearing liabilities
-
869\u00a0500
869\u00a0500
869\u00a0500
Current interest-bearing
liabilities
-
76\u00a0904
76\u00a0904
76\u00a0904
Other current liabilities
-
1\u00a0207\u00a0979
1\u00a0207\u00a0979
1\u00a0207\u00a0979
Total liabilities
-
2\u00a0154\u00a0383
2\u00a0154\u00a0383
2\u00a0154\u00a0383
1) Prepayments and net pension assets are excluded, as they are not financial instruments.
2) Provisions, net pension liabilities, lease liabilities, prepaid revenues, deferred taxes and taxes payable, as they are not financial instruments.
31 December 2024
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
ASSETS\u00b9\u207e
Other non-current financial
assets and shares
2\u00a0130
102\u00a0003
104\u00a0134
104\u00a0134
Trade receivables
-
954\u00a0027
954\u00a0027
954\u00a0027
Work in progress
-
320\u00a0491
320\u00a0491
320\u00a0491
Other current receivables
and prepaid expenses
-
58\u00a0824
58\u00a0824
58\u00a0824
Cash and cash equivalents
-
164\u00a0488
164\u00a0488
164\u00a0488
Total assets
2\u00a0130
1\u00a0599\u00a0834
1\u00a0601\u00a0964
1\u00a0601\u00a0964
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
LIABILITIES\u00b2\u207e
Non-current interest-
bearing liabilities
-
250\u00a0000
250\u00a0000
250\u00a0000
Current interest-bearing
liabilities
-
34\u00a0920
34\u00a0920
34\u00a0920
Other current liabilities
-
1\u00a0134\u00a0849
1\u00a0134\u00a0849
1\u00a0134\u00a0849
Total liabilities
-
1\u00a0419\u00a0769
1\u00a0419\u00a0769
1\u00a0419\u00a0769
1) Prepayments and net pension assets are excluded, as they are not financial instruments.
2) Provisions, net pension liabilities, lease liabilities, prepaid revenues and income taxes payable are excluded, as they are not financial instruments.
Capital management
Capital resources
The group\u2019s capital management objectives are to maintain a solid
capital base that supports daily operations, enables the execution of
the group\u2019s strategy, including mergers and acquisitions, and ensures
sufficient financial flexibility to withstand periods of weaker market
conditions.
The group defines capital primarily as total equity and monitors its
capital structure through leverage and equity ratio metrics. Capital
management is aligned with the group\u2019s financial targets and
financing agreements and is designed to ensure compliance with
financial covenants and continued access to external funding.
The group aims to maintain a leverage ratio (net interest\u2011bearing debt
to EBITDA) of 1.0x\u20132.0x under normal circumstances. In connection
with acquisitions or other extraordinary events, leverage may
temporarily increase, but is not expected to exceed 3.0x for a limited
period. Lease liabilities recognised under IFRS\u202f16 are excluded from
net interest\u2011bearing debt in the leverage assessment.
The group also seeks to maintain a strong equity position, with an
equity ratio exceeding 25 per cent, excluding lease liabilities
recognised under IFRS\u202f16. The dividend policy is aligned with the
capital management objectives, with an ambition to distribute at least
50 per cent of the group\u2019s net profit over time, subject to maintaining
an appropriate capital structure.
Capital resources refer to the group\u2019s approach to managing its
capital structure in order to support operations and investments,
maintain adequate financial flexibility and ensure compliance with
financial covenants. The group monitors capital primarily through
leverage and equity ratio metrics, in line with the requirements set out
in its financing agreements. The group\u2019s loan portfolio consists of an
overdraft facility and a revolving credit facility, together with a
guarantee facility, all of which were renewed in June 2025.
The overdraft facility amounts to NOK 400.0 million (320.0) and forms
part of the group\u2019s financing structure supporting its capital
management. The facility is included in a multi\u2011currency,
multi\u2011account cash pool structure covering the majority of the group\u2019s
subsidiaries, including Multiconsult Norge AS, LINK Arkitektur AS,
LINK Arkitektur AB, LINK Arkitektur A/S, Iterio AB, A-Lab AS and
Multiconsult UK Limited. Multiconsult ASA is the owner of the cash
pool\u2019s top account and the debtor under the facility.\u00a0Subsidiary
balances within the cash pool are recorded as receivables from or
liabilities to Multiconsult ASA in the statement of financial position.
At renewal Multiconsult expanded its revolving credit facility (RCF),
from NOK 800 million to NOK 2.1 billion, including an uncommitted
accordion option of NOK 1.0 billion. The committed revolving credit
facility amounted to NOK 1.1 billion on 31 December 2025. The facility
has a three\u2011year maturity and expires on 30 June 2028. Compliance
with financial covenants is a key element of the group\u2019s capital
management.
The group\u2019s loan agreements include financial covenants related to
leverage - gearing ratio and equity ratio. The leverage covenant
requires that net interest\u2011bearing debt in relation to EBITDA does not
exceed 3.50 times, and does not exceed 3.00 times for a period of 18
consecutive months. The EBITDA may be adjusted for extraordinary
items when calculating the leverage covenant to the lender. In
addition, the loan agreements include an equity ratio covenant
requiring an equity ratio (equity in relation to total assets) of at least
20 per cent at all times, and more than 25 per cent for a period of 18
consecutive months.
Net interest\u2011bearing debt is defined as total interest\u2011bearing debt less
freely available cash and cash equivalents. Lease liabilities
recognised under IFRS 16 are excluded from net interest\u2011bearing debt
in the covenant calculations. EBITDA is calculated on a rolling
twelve\u2011month basis and excludes depreciation, amortisation and
write\u2011downs.
Covenant ratios are calculated quarterly based on figures excluding
lease liabilities recognised under IFRS 16, as described above.
Calculated covenants related to leverage and equity ratio based on
amounts adjusted for lease liabilities recognised under IFRS 16
effects, and extraordinary items in \"Covenant net interest-bearing
liabilities/EBITDA adjusted\" for the leverage ratio:
31.12.2025
31.12.2024
Covenant net interest-
bearing liabilities/EBITDA\u00b9\u207e
1.95
0.22
Covenant net interest-
bearing liabilities/EBITDA
adjusted\u00b9\u207e
1.80
0.22
Covenant Equity ratio\u00b9\u207e
34.2%
43.2%
1) See section APM
Multiconsult ASA was in compliance with all financial covenants as
on 31 December 2025.
The existing loan agreement, overdraft facility and guarantee
agreement contain negative pledge in relation to new loan
agreements and cross-default clauses, and limitations in entering
into new loan agreements without the consent of the lender.
As part of capital\u2011related transactions, in December 2024,
Multiconsult ASA entered into a share loan agreement with its largest
shareholder, Stiftelsen Multiconsult, in connection with the 2024
employee share purchase programme. Under the agreement,
Stiftelsen Multiconsult lent 180\u202f000 Multiconsult shares to the
company. The shares were returned during 2025, and the associated
loan of NOK 34.9 million was fully settled on 31 December 2025.
Multiconsult ASA did not enter into any new share loan arrangements
in connection with the 2025 employee share purchase programme.
The change in interest-bearing liabilities in the balance sheet from
2024 to 2025 corresponds to the proceeds and instalments reported
in the statement of cash flows. The repayment of the loan of shares
from Stiftelsen Multiconsult, amounting to NOK 34.9 million
represents a non-cash transaction and is therefore excluded from the
statement of cash flows.
Interest-bearing liabilities 31 December 2025
Amounts in NOK thousand
31.12.2025
31.12.2024
Non-current and current interest-bearing liabilities
946\u00a0404
284\u00a0920
Total interest-bearing liabilities
946\u00a0404
284\u00a0920
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
a) Credit risk
Credit risk is the risk that clients are not able to settle their payment
obligations. Credit risk is considered to be a part of business risk and
is reviewed as part of ongoing operations. A major part of the group's
activities was conducted in the subsidiary Multiconsult Norge AS
(77.4 per cent of operating revenues in 2025), with the subsidiary LINK
Arkitektur AS as the second largest (4.8 per cent of operating revenues
in 2025). The companies in the group have established procedures for
credit assessment of clients as well as suppliers. The risk that clients
do not have the financial ability to settle their obligations is
considered to be low. Historically, only minor credit losses on
receivables have been incurred. The group's clients are to a large
extent public sector or well-established companies.
The largest proportion of the group's clients are Norwegian, thus
creating a geographical concentration of risk. Of the group's revenues
in 2025 and 2024, approximately half relates to public sector clients
and approximately 84 per cent relates to clients in Norway.
Multiconsult Norge AS has some large contracts that, to a certain
extent, lead to a concentration of risk within a small number of large
clients. The group's ten largest individual clients in relation to trade
receivables and work in progress on 31 December 2025 comprised
approximately 41 per cent (32) and 61 per cent (40), respectively.
The group's maximum credit exposure comprises the carrying amount
of trade receivables, work in progress, and cash and cash equivalents
including restricted cash. General payment terms are 30 days.
Individual assessments are performed for material overdue
receivables, particularly those more than 60 days overdue. Realised
losses presented in the table below relate mainly to client
bankruptcies and represent actual credit losses.
In connection with the Sotra Link project, Multiconsult Norge AS has
outstanding claims against the client relating to performed work that
has not been fully remunerated. The claims are subject to an ongoing
dispute.
In December 2023, the client established a bank guarantee in favour
of Multiconsult Norge AS as security for unpaid remuneration for
performed work, including accrued late payment interest. The bank
guarantee does not constitute an unconditional right to payment, but
serves as security for the claim, and payment under the guarantee is
conditional upon the outcome of the legal proceedings.
As at 31 December 2025, receivables related to the Sotra Link project
are recognised in the balance sheet at an amount that Multiconsult
Norge AS considers recoverable based on available information and
an assessment of the credit risk. As at 31 December 2025, the
receivable related to the Sotra Link project is recognised as part of
trade receivables and is included in the ageing category over 90 days.
Legal proceedings relating to the dispute commenced in September
2025 and are ongoing as at the date of publication of the annual
report. The outcome of the proceedings remains uncertain. Further
information regarding legal disputes is provided in note 18.
Maturities of trade receivables, work in progress and other receivables 31 December 2025
Maturities of receivables that have not been impaired
Amounts in NOK thousand
Not due
0-30 Days
30-60 Days
60-90 Days
>90 Days
Trade receivables
1\u00a0263\u00a0352
1\u00a0005\u00a0101
100\u00a0251
21\u00a0575
7\u00a0520
128\u00a0904
Work in progress
337\u00a0025
337\u00a0025
-
-
-
-
Other current receivables\u00b9\u207e
69\u00a0729
69\u00a0729
-
-
-
-
Other non-current receivables\u00b2\u207e
3\u00a0530
3\u00a0530
-
-
-
-
Allowance for losses on receivables
(4\u00a0432)
-
(96)
(232)
(103)
(4\u00a0001)
Total trade and other receivables
1\u00a0669\u00a0204
1\u00a0415\u00a0386
100\u00a0155
21\u00a0343
7\u00a0417
124\u00a0903
1) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.
2) Other non-current receivables do not include net pension assets and reimbursement assets.
Maturities of trade receivables, work in progress and other receivables 31 December 2024
Maturities of receivables that have not been impaired
Amounts in NOK thousand
Not due
0-30 Days
30-60 Days
60-90 Days
>90 Days
Trade receivables
954\u00a0027
684\u00a0769
86\u00a0660
14\u00a0150
7\u00a0008
161\u00a0441
Work in progress
320\u00a0491
320\u00a0491
-
-
-
-
Other current receivables\u00b9\u207e
62\u00a0939
62\u00a0939
-
-
-
-
Other non-current receivables\u00b2\u207e
3\u00a0174
3\u00a0174
-
-
-
-
Allowance for losses on receivables
(5\u00a0621)
(521)
-
(266)
(48)
(4\u00a0786)
Total trade and other receivables
1\u00a0335\u00a0011
1\u00a0070\u00a0852
86\u00a0660
13\u00a0883
6\u00a0961
156\u00a0655
1) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.
2) Other non-current receivables do not include net pension assets and reimbursement assets.
Changes in allowances for losses on receivables during the year
Amounts in NOK thousand
2025
2024
Opening balance allowance for losses on receivables
5\u00a0621
4\u00a0625
Change in allowances for losses on trade receivable during the year
(1\u00a0189)
996
Closing balance allowance for losses on receivables
4\u00a0432
5\u00a0621
Realised losses in the event of bankruptcy etc.
1\u00a0479
1\u00a0785
Loss on receivables in other operating expenses in the statement of profit or loss
639
3\u00a0073
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
a) Credit risk
Credit risk is the risk that clients are not able to settle their payment
obligations. Credit risk is considered to be a part of business risk and
is reviewed as part of ongoing operations. A major part of the group's
activities was conducted in the subsidiary Multiconsult Norge AS
(77.4 per cent of operating revenues in 2025), with the subsidiary LINK
Arkitektur AS as the second largest (4.8 per cent of operating revenues
in 2025). The companies in the group have established procedures for
credit assessment of clients as well as suppliers. The risk that clients
do not have the financial ability to settle their obligations is
considered to be low. Historically, only minor credit losses on
receivables have been incurred. The group's clients are to a large
extent public sector or well-established companies.
The largest proportion of the group's clients are Norwegian, thus
creating a geographical concentration of risk. Of the group's revenues
in 2025 and 2024, approximately half relates to public sector clients
and approximately 84 per cent relates to clients in Norway.
Multiconsult Norge AS has some large contracts that, to a certain
extent, lead to a concentration of risk within a small number of large
clients. The group's ten largest individual clients in relation to trade
receivables and work in progress on 31 December 2025 comprised
approximately 41 per cent (32) and 61 per cent (40), respectively.
The group's maximum credit exposure comprises the carrying amount
of trade receivables, work in progress, and cash and cash equivalents
including restricted cash. General payment terms are 30 days.
Individual assessments are performed for material overdue
receivables, particularly those more than 60 days overdue. Realised
losses presented in the table below relate mainly to client
bankruptcies and represent actual credit losses.
In connection with the Sotra Link project, Multiconsult Norge AS has
outstanding claims against the client relating to performed work that
has not been fully remunerated. The claims are subject to an ongoing
dispute.
In December 2023, the client established a bank guarantee in favour
of Multiconsult Norge AS as security for unpaid remuneration for
performed work, including accrued late payment interest. The bank
guarantee does not constitute an unconditional right to payment, but
serves as security for the claim, and payment under the guarantee is
conditional upon the outcome of the legal proceedings.
As at 31 December 2025, receivables related to the Sotra Link project
are recognised in the balance sheet at an amount that Multiconsult
Norge AS considers recoverable based on available information and
an assessment of the credit risk. As at 31 December 2025, the
receivable related to the Sotra Link project is recognised as part of
trade receivables and is included in the ageing category over 90 days.
Legal proceedings relating to the dispute commenced in September
2025 and are ongoing as at the date of publication of the annual
report. The outcome of the proceedings remains uncertain. Further
information regarding legal disputes is provided in note 18.
Maturities of trade receivables, work in progress and other receivables 31 December 2025
Maturities of receivables that have not been impaired
Amounts in NOK thousand
Not due
0-30 Days
30-60 Days
60-90 Days
>90 Days
Trade receivables
1\u00a0263\u00a0352
1\u00a0005\u00a0101
100\u00a0251
21\u00a0575
7\u00a0520
128\u00a0904
Work in progress
337\u00a0025
337\u00a0025
-
-
-
-
Other current receivables\u00b9\u207e
69\u00a0729
69\u00a0729
-
-
-
-
Other non-current receivables\u00b2\u207e
3\u00a0530
3\u00a0530
-
-
-
-
Allowance for losses on receivables
(4\u00a0432)
-
(96)
(232)
(103)
(4\u00a0001)
Total trade and other receivables
1\u00a0669\u00a0204
1\u00a0415\u00a0386
100\u00a0155
21\u00a0343
7\u00a0417
124\u00a0903
1) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.
2) Other non-current receivables do not include net pension assets and reimbursement assets.
Maturities of trade receivables, work in progress and other receivables 31 December 2024
Maturities of receivables that have not been impaired
Amounts in NOK thousand
Not due
0-30 Days
30-60 Days
60-90 Days
>90 Days
Trade receivables
954\u00a0027
684\u00a0769
86\u00a0660
14\u00a0150
7\u00a0008
161\u00a0441
Work in progress
320\u00a0491
320\u00a0491
-
-
-
-
Other current receivables\u00b9\u207e
62\u00a0939
62\u00a0939
-
-
-
-
Other non-current receivables\u00b2\u207e
3\u00a0174
3\u00a0174
-
-
-
-
Allowance for losses on receivables
(5\u00a0621)
(521)
-
(266)
(48)
(4\u00a0786)
Total trade and other receivables
1\u00a0335\u00a0011
1\u00a0070\u00a0852
86\u00a0660
13\u00a0883
6\u00a0961
156\u00a0655
1) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.
2) Other non-current receivables do not include net pension assets and reimbursement assets.
Changes in allowances for losses on receivables during the year
Amounts in NOK thousand
2025
2024
Opening balance allowance for losses on receivables
5\u00a0621
4\u00a0625
Change in allowances for losses on trade receivable during the year
(1\u00a0189)
996
Closing balance allowance for losses on receivables
4\u00a0432
5\u00a0621
Realised losses in the event of bankruptcy etc.
1\u00a0479
1\u00a0785
Loss on receivables in other operating expenses in the statement of profit or loss
639
3\u00a0073
Note 20 Receivables, work in progress and prepaid expenses
Amounts in NOK thousand
31.12.2025
31.12.2024
Trade receivables
1\u00a0263\u00a0352
954\u00a0027
Allowance for credit losses on receivables (see note 3)
(4\u00a0432)
(5\u00a0621)
Total trade receivables
1\u00a0258\u00a0920
948\u00a0407
Work in progress
337\u00a0025
320\u00a0491
Prepaid expenses
113\u00a0168
90\u00a0730
Other
82\u00a0225
64\u00a0445
Total other current receivables and prepaid expenses
195\u00a0393
155\u00a0175
Total receivables and prepaid expenses
1\u00a0791\u00a0338
1\u00a0424\u00a0073
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
a) Credit risk
Credit risk is the risk that clients are not able to settle their payment
obligations. Credit risk is considered to be a part of business risk and
is reviewed as part of ongoing operations. A major part of the group's
activities was conducted in the subsidiary Multiconsult Norge AS
(77.4 per cent of operating revenues in 2025), with the subsidiary LINK
Arkitektur AS as the second largest (4.8 per cent of operating revenues
in 2025). The companies in the group have established procedures for
credit assessment of clients as well as suppliers. The risk that clients
do not have the financial ability to settle their obligations is
considered to be low. Historically, only minor credit losses on
receivables have been incurred. The group's clients are to a large
extent public sector or well-established companies.
The largest proportion of the group's clients are Norwegian, thus
creating a geographical concentration of risk. Of the group's revenues
in 2025 and 2024, approximately half relates to public sector clients
and approximately 84 per cent relates to clients in Norway.
Multiconsult Norge AS has some large contracts that, to a certain
extent, lead to a concentration of risk within a small number of large
clients. The group's ten largest individual clients in relation to trade
receivables and work in progress on 31 December 2025 comprised
approximately 41 per cent (32) and 61 per cent (40), respectively.
The group's maximum credit exposure comprises the carrying amount
of trade receivables, work in progress, and cash and cash equivalents
including restricted cash. General payment terms are 30 days.
Individual assessments are performed for material overdue
receivables, particularly those more than 60 days overdue. Realised
losses presented in the table below relate mainly to client
bankruptcies and represent actual credit losses.
In connection with the Sotra Link project, Multiconsult Norge AS has
outstanding claims against the client relating to performed work that
has not been fully remunerated. The claims are subject to an ongoing
dispute.
In December 2023, the client established a bank guarantee in favour
of Multiconsult Norge AS as security for unpaid remuneration for
performed work, including accrued late payment interest. The bank
guarantee does not constitute an unconditional right to payment, but
serves as security for the claim, and payment under the guarantee is
conditional upon the outcome of the legal proceedings.
As at 31 December 2025, receivables related to the Sotra Link project
are recognised in the balance sheet at an amount that Multiconsult
Norge AS considers recoverable based on available information and
an assessment of the credit risk. As at 31 December 2025, the
receivable related to the Sotra Link project is recognised as part of
trade receivables and is included in the ageing category over 90 days.
Legal proceedings relating to the dispute commenced in September
2025 and are ongoing as at the date of publication of the annual
report. The outcome of the proceedings remains uncertain. Further
information regarding legal disputes is provided in note 18.
Maturities of trade receivables, work in progress and other receivables 31 December 2025
Maturities of receivables that have not been impaired
Amounts in NOK thousand
Not due
0-30 Days
30-60 Days
60-90 Days
>90 Days
Trade receivables
1\u00a0263\u00a0352
1\u00a0005\u00a0101
100\u00a0251
21\u00a0575
7\u00a0520
128\u00a0904
Work in progress
337\u00a0025
337\u00a0025
-
-
-
-
Other current receivables\u00b9\u207e
69\u00a0729
69\u00a0729
-
-
-
-
Other non-current receivables\u00b2\u207e
3\u00a0530
3\u00a0530
-
-
-
-
Allowance for losses on receivables
(4\u00a0432)
-
(96)
(232)
(103)
(4\u00a0001)
Total trade and other receivables
1\u00a0669\u00a0204
1\u00a0415\u00a0386
100\u00a0155
21\u00a0343
7\u00a0417
124\u00a0903
1) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.
2) Other non-current receivables do not include net pension assets and reimbursement assets.
Maturities of trade receivables, work in progress and other receivables 31 December 2024
Maturities of receivables that have not been impaired
Amounts in NOK thousand
Not due
0-30 Days
30-60 Days
60-90 Days
>90 Days
Trade receivables
954\u00a0027
684\u00a0769
86\u00a0660
14\u00a0150
7\u00a0008
161\u00a0441
Work in progress
320\u00a0491
320\u00a0491
-
-
-
-
Other current receivables\u00b9\u207e
62\u00a0939
62\u00a0939
-
-
-
-
Other non-current receivables\u00b2\u207e
3\u00a0174
3\u00a0174
-
-
-
-
Allowance for losses on receivables
(5\u00a0621)
(521)
-
(266)
(48)
(4\u00a0786)
Total trade and other receivables
1\u00a0335\u00a0011
1\u00a0070\u00a0852
86\u00a0660
13\u00a0883
6\u00a0961
156\u00a0655
1) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.
2) Other non-current receivables do not include net pension assets and reimbursement assets.
Changes in allowances for losses on receivables during the year
Amounts in NOK thousand
2025
2024
Opening balance allowance for losses on receivables
5\u00a0621
4\u00a0625
Change in allowances for losses on trade receivable during the year
(1\u00a0189)
996
Closing balance allowance for losses on receivables
4\u00a0432
5\u00a0621
Realised losses in the event of bankruptcy etc.
1\u00a0479
1\u00a0785
Loss on receivables in other operating expenses in the statement of profit or loss
639
3\u00a0073
e) Categories of financial instruments
The carrying amount of the group\u2019s financial assets and financial
liabilities is a reasonable approximation of their fair value. As a result,
the group has not disclosed a fair value hierarchy under for these
instruments.
31 December 2025
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
ASSETS\u00b9\u207e
Other non-current financial
assets and shares
3\u00a0920
119\u00a0808
123\u00a0728
123\u00a0728
Trade receivables
1\u00a0263\u00a0352
1\u00a0263\u00a0352
1\u00a0263\u00a0352
Work in progress
337\u00a0025
337\u00a0025
337\u00a0025
Other current receivables
and prepaid expenses
77\u00a0793
77\u00a0793
77\u00a0793
Cash and cash equivalents
-
113\u00a0541
113\u00a0541
113\u00a0541
Total assets
3\u00a0920
1\u00a0911\u00a0518
1\u00a0915\u00a0438
1\u00a0915\u00a0438
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
LIABILITIES\u00b2\u207e
Non-current interest-
bearing liabilities
-
869\u00a0500
869\u00a0500
869\u00a0500
Current interest-bearing
liabilities
-
76\u00a0904
76\u00a0904
76\u00a0904
Other current liabilities
-
1\u00a0207\u00a0979
1\u00a0207\u00a0979
1\u00a0207\u00a0979
Total liabilities
-
2\u00a0154\u00a0383
2\u00a0154\u00a0383
2\u00a0154\u00a0383
1) Prepayments and net pension assets are excluded, as they are not financial instruments.
2) Provisions, net pension liabilities, lease liabilities, prepaid revenues, deferred taxes and taxes payable, as they are not financial instruments.
31 December 2024
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
ASSETS\u00b9\u207e
Other non-current financial
assets and shares
2\u00a0130
102\u00a0003
104\u00a0134
104\u00a0134
Trade receivables
-
954\u00a0027
954\u00a0027
954\u00a0027
Work in progress
-
320\u00a0491
320\u00a0491
320\u00a0491
Other current receivables
and prepaid expenses
-
58\u00a0824
58\u00a0824
58\u00a0824
Cash and cash equivalents
-
164\u00a0488
164\u00a0488
164\u00a0488
Total assets
2\u00a0130
1\u00a0599\u00a0834
1\u00a0601\u00a0964
1\u00a0601\u00a0964
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
LIABILITIES\u00b2\u207e
Non-current interest-
bearing liabilities
-
250\u00a0000
250\u00a0000
250\u00a0000
Current interest-bearing
liabilities
-
34\u00a0920
34\u00a0920
34\u00a0920
Other current liabilities
-
1\u00a0134\u00a0849
1\u00a0134\u00a0849
1\u00a0134\u00a0849
Total liabilities
-
1\u00a0419\u00a0769
1\u00a0419\u00a0769
1\u00a0419\u00a0769
1) Prepayments and net pension assets are excluded, as they are not financial instruments.
2) Provisions, net pension liabilities, lease liabilities, prepaid revenues and income taxes payable are excluded, as they are not financial instruments.
Note 6 Revenues from contracts with clients and contract balances
All revenues for the group in 2025 are from contracts with clients.
Revenue is generated by delivering consulting services. The group
provides a range of services, including multidisciplinary consulting
and design, project engineering and management, verification,
inspection, supervision and architecture \u2013 both in Norway and
abroad.
As described in note 5, the group reports its financial performance
through operating segments. In addition to the segment reporting
structure, the group also reports its revenues divided by four business
areas:
\u2014 Buildings & Properties
\u2014 Energy & Industry
\u2014 Mobility & Transportation
\u2014 Water & Environment.
Buildings & Properties covers the traditional construction market,
including housing, public and private buildings as well as real-estate
management. Multiconsult provide services in all phases of the
lifetime of a building, from early planning stages through the
construction phase, operation and modernisation phases as well as
demolition and renewal of a building. Its focus is to provide innovative
and sustainable solutions in line with its clients\u2019 strategies and goals.
Energy & Industry includes planning and construction of industrial
facilities and installations, which in addition to traditional industrial
developments, includes onshore aqua-culture facilities, hydropower
and dams as well as wind and solar power generation. The portfolio
also covers electrical grid distribution and transmission. The business
area is heavily involved in design and engineering of onshore
processing plants within energy production and energy
transformation. Multiconsult provides services in all the project
phases, from feasibility and location studies, through concept design,
FEED and execution phase. Much emphasis is put on supporting its
clients in transforming their business to meet society\u2019s demand for
sustainable solutions.
Mobility & Transportation delivers engineering and advisory services
for safe and forward-looking transportation systems. The business
area covers both road and rail, airport and harbour facilities and
channel transportation systems. This business area also comprises a
highly competent bridge construction department. Multiconsult
utilises its broad experience within environmental issues to give
clients the best advice on how to achieve sustainable solutions and
how to meet increasing environmental demands.
Water & Environment focuses on assisting clients in finding good
solutions and design in a world where more extreme weather will put
infrastructure and the environment to an increasingly harder test. This
business area covers advisory within all phases of a project related to
greenhouse gas emissions, flood and mud slide protection, blue-
green structures and water and drainage systems including water
treatment. It also gives advice on most air, water and soil pollution
issues.
Revenues are disaggregated by business area and geography in the
tables below.
Disaggregation of revenues from contracts with clients
2025
Amounts in NOK thousand
Norway
Architecture
International
Total
External revenues
Revenues per business area
Buildings & Properties
1\u00a0537\u00a0498
799\u00a0537
3\u00a0804
2\u00a0340\u00a0840
Energy & Industry
1\u00a0661\u00a0016
34\u00a0436
23\u00a0045
1\u00a0718\u00a0497
Mobility & Transportation
1\u00a0205\u00a0140
8\u00a0024
486\u00a0412
1\u00a0699\u00a0575
Water & Environment
806\u00a0010
1\u00a0573
58\u00a0561
866\u00a0143
Total
5\u00a0209\u00a0663
843\u00a0569
571\u00a0822
6\u00a0625\u00a0055
Revenues per geography \u00b9\u207e
Norway
5\u00a0125\u00a0549
447\u00a0715
-
5\u00a0573\u00a0264
Sweden
1\u00a0036
246\u00a0851
244\u00a0454
492\u00a0341
Denmark
196
143\u00a0584
-
143\u00a0780
Poland
-
-
327\u00a0344
327\u00a0344
All other countries
82\u00a0883
5\u00a0419
23
88\u00a0325
Total
5\u00a0209\u00a0663
843\u00a0569
571\u00a0822
6\u00a0625\u00a0055
1) Revenues distributed by geography is based on the client\u2019s location.
2024
Amounts in NOK thousand
Norway
Architecture
International
Total
External revenues
Revenues per business area
Buildings & Properties
1\u00a0611\u00a0712
765\u00a0580
-
2\u00a0377\u00a0292
Energy & Industry
1\u00a0465\u00a0592
41\u00a0094
-
1\u00a0506\u00a0687
Mobility & Transportation
1\u00a0215\u00a0864
1\u00a0900
496\u00a0918
1\u00a0714\u00a0682
Water & Environment
666\u00a0240
457
84\u00a0130
750\u00a0827
Total
4\u00a0959\u00a0409
809\u00a0030
581\u00a0048
6\u00a0349\u00a0488
Revenues per geography \u00b9\u207e
Norway
4\u00a0846\u00a0044
442\u00a0930
-
5\u00a0288\u00a0974
Sweden
1\u00a0429
245\u00a0311
235\u00a0723
482\u00a0463
Denmark
441
113\u00a0384
-
113\u00a0825
Poland
-
-
344\u00a0629
344\u00a0629
All other countries
111\u00a0494
7\u00a0406
696
119\u00a0597
Total
4\u00a0959\u00a0409
809\u00a0030
581\u00a0048
6\u00a0349\u00a0488
1) Revenues distributed by geography is based on the client\u2019s location.
The group's five largest individual clients comprised approximately 24
per cent (22) of the group\u2019s operating revenues in 2025. The ten
largest individual clients comprised approximately 36 per cent (35) of
the group\u2019s operating revenues in 2025.
Contract balances
Amounts in NOK thousand
Note
31.12.2025
31.12.2024
Trade receivables
3, 20
1\u00a0258\u00a0920
948\u00a0407
Work in progress
3, 20
337\u00a0025
320\u00a0491
Prepaid revenues (contract
liabilities)
163\u00a0271
169\u00a0383
The increase in work in progress and trade receivables is partly driven
by revenue growth. In addition, the development reflects changes in
the project mix, including a higher share of long\u2011duration projects, as
well as timing effects related to invoicing cycles and year\u2011end cut\u2011off.
The ageing profile of unpaid trade receivables also improved slightly
as at 31 December 2025 compared with 31 December 2024. See more
information in note 3.
The group assesses whether client prepayments give rise to a
significant financing component, based on the timing difference
between transfer of services and payment. At year\u2011end, 18.9 per cent
(15.0) of prepaid revenues relates to contracts in Multiconsult Norge
AS, 2.2 per cent (2.5) to LINK Arkitektur AS, 0.02 per cent (0.05) to
Multiconsult UK and 78.8 per cent (82.5) to Multiconsult Polska.
Certain contracts in Multiconsult Polska include prepayments for
long\u2011term projects. Revenue from these contracts is recognised only
when the client has approved the work performed. As a result, the
timing of revenue recognition reflects the client\u2019s approval process,
and not a financing arrangement. Based on this assessment, the
group concludes that the prepayments do not contain a significant
financing component. No interest expense or corresponding revenue
adjustment has therefore been recognised.
Multiconsult estimates that prepaid revenues of NOK 67 821
thousand on 31 December 2024 has been recognised as revenue
during 2025.
Order backlog
Remaining performance obligations represent revenues expected to
be recognised in the future related to performance obligations that
are unfulfilled (or partially fulfilled) on 31 December 2025. Options
and call-offs under frame agreements are not included in the order
backlog until they are signed and thereby committed.
Some contracts include an agreed hourly rate without a fixed number
of hours. Such arrangements are considered variable consideration.
Multiconsult includes in the order backlog only the portion of
estimated hours that forms part of the transaction price and is
assessed as highly probable not to result in a significant revenue
reversal. The order backlog comprises the total value of work sold but
not yet delivered to clients. When a contract is signed, the contractual
amount is registered in the ERP system. As work progresses and
hours are delivered, the recorded amount is adjusted to reflect work
performed and the remaining order backlog. The order backlog is also
adjusted for contract amendments, including change orders and
variation orders.The order backlog on 31 December 2025 is estimated
to NOK 4\u00a0233 million. The timing of the recognition of revenue is
uncertain, as it depends on the actual progress in many different
projects which involves a number of parties. The group has estimated
that it may recognise approximately 53 per cent of the order backlog
as revenue during 2026 and the remaining 47 per cent in the
subsequent years.
Project partnership - joint arrangements
For some projects, the group has entered into partnership
agreements. Some of these have been assessed as joint operations.
Participants work together to deliver a project in cooperation through
a common project group. There are no assets in these project groups.
Each participant is responsible for delivering the services that it has
agreed to deliver, as well as being responsible for its own expenses
and having a right to agreed revenues from the services the
participant performs. Each participant uses its own assets, and
obligations in the operation are limited to parts of the fee that may be
held back to cover common costs (for example insurance premiums
and travel expenses). One of the parties is typically appointed project
manager with specific responsibilities in the project group. The
participants have, when it is relevant, agreed that they are jointly and
separately liable for the project deliverables.
The main projects that are organised in this manner that are
considered joint operations are Fornebubanen, Nye Rikshospitalet
and Prosjekteringsgruppe Tr\u00f8ndelag, Kampflybase \u00d8rland, V\u00e6rnes all
in Norway. The group is the project manager, and there is no fixed
participating share in these operations. In 2025 these projects
contributed revenues of NOK 512 million (NOK 484 million in 2024).
Note 20 Receivables, work in progress and prepaid expenses
Amounts in NOK thousand
31.12.2025
31.12.2024
Trade receivables
1\u00a0263\u00a0352
954\u00a0027
Allowance for credit losses on receivables (see note 3)
(4\u00a0432)
(5\u00a0621)
Total trade receivables
1\u00a0258\u00a0920
948\u00a0407
Work in progress
337\u00a0025
320\u00a0491
Prepaid expenses
113\u00a0168
90\u00a0730
Other
82\u00a0225
64\u00a0445
Total other current receivables and prepaid expenses
195\u00a0393
155\u00a0175
Total receivables and prepaid expenses
1\u00a0791\u00a0338
1\u00a0424\u00a0073
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
b)\u00a0Liquidity risk
Liquidity risk refers to the risk that the group may encounter difficulty
in meeting its financial obligations as they fall due. Multiconsult\u2019s
business model is primarily based on consultancy fees generated by
its own employees, resulting in predictable but seasonally fluctuating
cash flows.
The group continuously monitors its liquidity position and forecasts
short\u2011 and long\u2011term liquidity developments through regular
forecasting processes and annual budgets. Liquidity risk is
considered limited, however, significant short\u2011term and seasonal
variations require close monitoring.
The group\u2019s liquidity is managed through a combination of cash on
hand, cash flows from operating activities and available committed
credit facilities. The loan portfolio consists of an overdraft facility
linked to the group\u2019s global cash pool and a revolving credit facility
(RCF), which together provide financial flexibility and mitigate liquidity
risk.
The table below presents the changes from the opening to the closing
balance in the group\u2019s financing\u2011related liabilities, specifically
interest\u2011bearing liabilities and lease liabilities under IFRS 16. The
movements are presented by category, including (i) cash flows from
financing activities, (ii) effects of acquisitions, (iii) foreign currency
translation effects and (iv) other non\u2011cash movements such as new
and modified lease agreements, amortisation of loan transaction
costs and settlement of the share loan through return of shares.
Amounts in NOK thousand
Non-current liabilities
Current interest-bearing
liabilities
Lease liabilities
1 January 2024
450\u00a0000
-
799\u00a0707
Cash-flows
-
-
Loan proceeds
350\u00a0000
-
-
Loan instalments
(550\u00a0000)
-
-
Lease instalments and interest
-
-
(178\u00a0013)
Non-cash changes
Lease additions/reassessments/terminations
-
-
93\u00a0305
Acquisitions
-
-
271
Loan of shares
-
34\u00a0920
-
Currency translation effects
-
-
2\u00a0327
31 December 2024
250\u00a0000
34\u00a0920
717\u00a0597
Cash-flows
-
-
-
Loan proceeds
1\u00a0420\u00a0000
-
-
Loan instalments
(800\u00a0000)
-
-
Net increase (decrease) related to cash pool arrangement
-
76\u00a0904
-
Lease instalments and interest
-
-
(190\u00a0170)
Non-cash changes
Lease additions/reassessments/terminations
-
-
54\u00a0046
Acquisitions
-
-
9\u00a0013
Other
(500)
-
-
Settlement of loan of shares (return of shares)
-
(34\u00a0920)
-
Currency translation effects
-
-
1\u00a0946
31 December 2025
869\u00a0500
76\u00a0904
592\u00a0432
The group\u2019s operations are subject to normal fluctuations that impact
cash flows throughout the year, with the majority of payments relating
to salaries and subcontractor costs. Cash flows from operating
activities were positive in both 2025 and 2024.
Maturity of financial liabilities as at 31 December 2025
Carrying amount
Maturities
Total payments
Amounts in NOK thousand
< 1 year
1-2 year
> 2 years
Trade payables
147\u00a0783
147\u00a0783
147\u00a0783
Salaries payable
461\u00a0860
461\u00a0860
-
-
461\u00a0860
Current lease liabilities
209\u00a0055
209\u00a0055
209\u00a0055
Interest bearing liabilities
946\u00a0404
76\u00a0904
869\u00a0500
-
946\u00a0404
Interest on Interest-bearing liabilities\u00b9\u207e
-
55\u00a0574
55\u00a0574
55\u00a0574
166\u00a0721
Non-current lease liabilities
383\u00a0376
162\u00a0893
220\u00a0483
383\u00a0376
Total financial liabilities incl. interest
2\u00a0148\u00a0478
951\u00a0176
1\u00a0087\u00a0967
276\u00a0056
2\u00a0315\u00a0199
1) Calculated for total interest-bearing liabilities up until maturity in June 2028
Maturity of financial liabilities as at 31 December 2024
Carrying amount
Maturities
Total payments
Amounts in NOK thousand
< 1 year
1-2 year
> 2 years
Trade payables
123\u00a0522
123\u00a0522
123\u00a0522
Salaries payable
434\u00a0589
434\u00a0589
-
-
434\u00a0589
Current lease liabilities
211\u00a0082
211\u00a0082
211\u00a0082
Interest bearing liabilities
284\u00a0920
34\u00a0920
250\u00a0000
284\u00a0920
Interest on Interest-bearing liabilities\u00b9\u207e
-
25\u00a0641
6\u00a0391
-
32\u00a0032
Non-current lease liabilities
506\u00a0515
192\u00a0753
313\u00a0762
506\u00a0515
Total financial liabilities incl. interest
1\u00a0560\u00a0628
829\u00a0754
449\u00a0144
313\u00a0762
1\u00a0592\u00a0660
1) Calculated up until maturity of loan portfolio with Nordea Bank Abp, March 2026
For information on maturities of lease liabilities, see note 13.
There are no significant restrictions on the company's ability to
access or use the group's assets or to settle the group's liabilities, see
however restricted cash in note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
b)\u00a0Liquidity risk
Liquidity risk refers to the risk that the group may encounter difficulty
in meeting its financial obligations as they fall due. Multiconsult\u2019s
business model is primarily based on consultancy fees generated by
its own employees, resulting in predictable but seasonally fluctuating
cash flows.
The group continuously monitors its liquidity position and forecasts
short\u2011 and long\u2011term liquidity developments through regular
forecasting processes and annual budgets. Liquidity risk is
considered limited, however, significant short\u2011term and seasonal
variations require close monitoring.
The group\u2019s liquidity is managed through a combination of cash on
hand, cash flows from operating activities and available committed
credit facilities. The loan portfolio consists of an overdraft facility
linked to the group\u2019s global cash pool and a revolving credit facility
(RCF), which together provide financial flexibility and mitigate liquidity
risk.
The table below presents the changes from the opening to the closing
balance in the group\u2019s financing\u2011related liabilities, specifically
interest\u2011bearing liabilities and lease liabilities under IFRS 16. The
movements are presented by category, including (i) cash flows from
financing activities, (ii) effects of acquisitions, (iii) foreign currency
translation effects and (iv) other non\u2011cash movements such as new
and modified lease agreements, amortisation of loan transaction
costs and settlement of the share loan through return of shares.
Amounts in NOK thousand
Non-current liabilities
Current interest-bearing
liabilities
Lease liabilities
1 January 2024
450\u00a0000
-
799\u00a0707
Cash-flows
-
-
Loan proceeds
350\u00a0000
-
-
Loan instalments
(550\u00a0000)
-
-
Lease instalments and interest
-
-
(178\u00a0013)
Non-cash changes
Lease additions/reassessments/terminations
-
-
93\u00a0305
Acquisitions
-
-
271
Loan of shares
-
34\u00a0920
-
Currency translation effects
-
-
2\u00a0327
31 December 2024
250\u00a0000
34\u00a0920
717\u00a0597
Cash-flows
-
-
-
Loan proceeds
1\u00a0420\u00a0000
-
-
Loan instalments
(800\u00a0000)
-
-
Net increase (decrease) related to cash pool arrangement
-
76\u00a0904
-
Lease instalments and interest
-
-
(190\u00a0170)
Non-cash changes
Lease additions/reassessments/terminations
-
-
54\u00a0046
Acquisitions
-
-
9\u00a0013
Other
(500)
-
-
Settlement of loan of shares (return of shares)
-
(34\u00a0920)
-
Currency translation effects
-
-
1\u00a0946
31 December 2025
869\u00a0500
76\u00a0904
592\u00a0432
The group\u2019s operations are subject to normal fluctuations that impact
cash flows throughout the year, with the majority of payments relating
to salaries and subcontractor costs. Cash flows from operating
activities were positive in both 2025 and 2024.
Maturity of financial liabilities as at 31 December 2025
Carrying amount
Maturities
Total payments
Amounts in NOK thousand
< 1 year
1-2 year
> 2 years
Trade payables
147\u00a0783
147\u00a0783
147\u00a0783
Salaries payable
461\u00a0860
461\u00a0860
-
-
461\u00a0860
Current lease liabilities
209\u00a0055
209\u00a0055
209\u00a0055
Interest bearing liabilities
946\u00a0404
76\u00a0904
869\u00a0500
-
946\u00a0404
Interest on Interest-bearing liabilities\u00b9\u207e
-
55\u00a0574
55\u00a0574
55\u00a0574
166\u00a0721
Non-current lease liabilities
383\u00a0376
162\u00a0893
220\u00a0483
383\u00a0376
Total financial liabilities incl. interest
2\u00a0148\u00a0478
951\u00a0176
1\u00a0087\u00a0967
276\u00a0056
2\u00a0315\u00a0199
1) Calculated for total interest-bearing liabilities up until maturity in June 2028
Maturity of financial liabilities as at 31 December 2024
Carrying amount
Maturities
Total payments
Amounts in NOK thousand
< 1 year
1-2 year
> 2 years
Trade payables
123\u00a0522
123\u00a0522
123\u00a0522
Salaries payable
434\u00a0589
434\u00a0589
-
-
434\u00a0589
Current lease liabilities
211\u00a0082
211\u00a0082
211\u00a0082
Interest bearing liabilities
284\u00a0920
34\u00a0920
250\u00a0000
284\u00a0920
Interest on Interest-bearing liabilities\u00b9\u207e
-
25\u00a0641
6\u00a0391
-
32\u00a0032
Non-current lease liabilities
506\u00a0515
192\u00a0753
313\u00a0762
506\u00a0515
Total financial liabilities incl. interest
1\u00a0560\u00a0628
829\u00a0754
449\u00a0144
313\u00a0762
1\u00a0592\u00a0660
1) Calculated up until maturity of loan portfolio with Nordea Bank Abp, March 2026
For information on maturities of lease liabilities, see note 13.
There are no significant restrictions on the company's ability to
access or use the group's assets or to settle the group's liabilities, see
however restricted cash in note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
d)\u00a0Interest rate risk
The group is exposed to interest rate risk primarily through variable
interest rates on bank deposits and interest\u2011bearing liabilities. The
group\u2019s interest\u2011bearing debt is subject to floating interest rates
based on market reference rates plus a margin. The margin is
determined by a pricing grid linked to the group\u2019s financial leverage
ratios. Changes in market interest rates may affect the group\u2019s net
interest expense and cash flows.
As of 31 December 2025, the group\u2019s net interest\u2011bearing liabilities
had increased compared with the previous year. A change in interest
rates of half a percentage point would therefore result in a higher
impact on annual net interest expense than in prior periods. Based on
the net interest-bearing liabilities on 31 December 2025, a change in
market interest rates of 0.5 percentage points would result in an
increase in interest expenses of approximately NOK 4.7 million,
assuming all other factors remain unchanged.
Subsequent to the reporting period, Multiconsult has secured
approximately 50 per cent of net interest\u2011bearing liabilities related to
M&A activity in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
e) Categories of financial instruments
The carrying amount of the group\u2019s financial assets and financial
liabilities is a reasonable approximation of their fair value. As a result,
the group has not disclosed a fair value hierarchy under for these
instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
e) Categories of financial instruments
The carrying amount of the group\u2019s financial assets and financial
liabilities is a reasonable approximation of their fair value. As a result,
the group has not disclosed a fair value hierarchy under for these
instruments.
31 December 2025
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
ASSETS\u00b9\u207e
Other non-current financial
assets and shares
3\u00a0920
119\u00a0808
123\u00a0728
123\u00a0728
Trade receivables
1\u00a0263\u00a0352
1\u00a0263\u00a0352
1\u00a0263\u00a0352
Work in progress
337\u00a0025
337\u00a0025
337\u00a0025
Other current receivables
and prepaid expenses
77\u00a0793
77\u00a0793
77\u00a0793
Cash and cash equivalents
-
113\u00a0541
113\u00a0541
113\u00a0541
Total assets
3\u00a0920
1\u00a0911\u00a0518
1\u00a0915\u00a0438
1\u00a0915\u00a0438
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
LIABILITIES\u00b2\u207e
Non-current interest-
bearing liabilities
-
869\u00a0500
869\u00a0500
869\u00a0500
Current interest-bearing
liabilities
-
76\u00a0904
76\u00a0904
76\u00a0904
Other current liabilities
-
1\u00a0207\u00a0979
1\u00a0207\u00a0979
1\u00a0207\u00a0979
Total liabilities
-
2\u00a0154\u00a0383
2\u00a0154\u00a0383
2\u00a0154\u00a0383
1) Prepayments and net pension assets are excluded, as they are not financial instruments.
2) Provisions, net pension liabilities, lease liabilities, prepaid revenues, deferred taxes and taxes payable, as they are not financial instruments.
31 December 2024
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
ASSETS\u00b9\u207e
Other non-current financial
assets and shares
2\u00a0130
102\u00a0003
104\u00a0134
104\u00a0134
Trade receivables
-
954\u00a0027
954\u00a0027
954\u00a0027
Work in progress
-
320\u00a0491
320\u00a0491
320\u00a0491
Other current receivables
and prepaid expenses
-
58\u00a0824
58\u00a0824
58\u00a0824
Cash and cash equivalents
-
164\u00a0488
164\u00a0488
164\u00a0488
Total assets
2\u00a0130
1\u00a0599\u00a0834
1\u00a0601\u00a0964
1\u00a0601\u00a0964
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
LIABILITIES\u00b2\u207e
Non-current interest-
bearing liabilities
-
250\u00a0000
250\u00a0000
250\u00a0000
Current interest-bearing
liabilities
-
34\u00a0920
34\u00a0920
34\u00a0920
Other current liabilities
-
1\u00a0134\u00a0849
1\u00a0134\u00a0849
1\u00a0134\u00a0849
Total liabilities
-
1\u00a0419\u00a0769
1\u00a0419\u00a0769
1\u00a0419\u00a0769
1) Prepayments and net pension assets are excluded, as they are not financial instruments.
2) Provisions, net pension liabilities, lease liabilities, prepaid revenues and income taxes payable are excluded, as they are not financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
e) Categories of financial instruments
The carrying amount of the group\u2019s financial assets and financial
liabilities is a reasonable approximation of their fair value. As a result,
the group has not disclosed a fair value hierarchy under for these
instruments.
31 December 2025
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
ASSETS\u00b9\u207e
Other non-current financial
assets and shares
3\u00a0920
119\u00a0808
123\u00a0728
123\u00a0728
Trade receivables
1\u00a0263\u00a0352
1\u00a0263\u00a0352
1\u00a0263\u00a0352
Work in progress
337\u00a0025
337\u00a0025
337\u00a0025
Other current receivables
and prepaid expenses
77\u00a0793
77\u00a0793
77\u00a0793
Cash and cash equivalents
-
113\u00a0541
113\u00a0541
113\u00a0541
Total assets
3\u00a0920
1\u00a0911\u00a0518
1\u00a0915\u00a0438
1\u00a0915\u00a0438
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
LIABILITIES\u00b2\u207e
Non-current interest-
bearing liabilities
-
869\u00a0500
869\u00a0500
869\u00a0500
Current interest-bearing
liabilities
-
76\u00a0904
76\u00a0904
76\u00a0904
Other current liabilities
-
1\u00a0207\u00a0979
1\u00a0207\u00a0979
1\u00a0207\u00a0979
Total liabilities
-
2\u00a0154\u00a0383
2\u00a0154\u00a0383
2\u00a0154\u00a0383
1) Prepayments and net pension assets are excluded, as they are not financial instruments.
2) Provisions, net pension liabilities, lease liabilities, prepaid revenues, deferred taxes and taxes payable, as they are not financial instruments.
31 December 2024
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
ASSETS\u00b9\u207e
Other non-current financial
assets and shares
2\u00a0130
102\u00a0003
104\u00a0134
104\u00a0134
Trade receivables
-
954\u00a0027
954\u00a0027
954\u00a0027
Work in progress
-
320\u00a0491
320\u00a0491
320\u00a0491
Other current receivables
and prepaid expenses
-
58\u00a0824
58\u00a0824
58\u00a0824
Cash and cash equivalents
-
164\u00a0488
164\u00a0488
164\u00a0488
Total assets
2\u00a0130
1\u00a0599\u00a0834
1\u00a0601\u00a0964
1\u00a0601\u00a0964
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
LIABILITIES\u00b2\u207e
Non-current interest-
bearing liabilities
-
250\u00a0000
250\u00a0000
250\u00a0000
Current interest-bearing
liabilities
-
34\u00a0920
34\u00a0920
34\u00a0920
Other current liabilities
-
1\u00a0134\u00a0849
1\u00a0134\u00a0849
1\u00a0134\u00a0849
Total liabilities
-
1\u00a0419\u00a0769
1\u00a0419\u00a0769
1\u00a0419\u00a0769
1) Prepayments and net pension assets are excluded, as they are not financial instruments.
2) Provisions, net pension liabilities, lease liabilities, prepaid revenues and income taxes payable are excluded, as they are not financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
e) Categories of financial instruments
The carrying amount of the group\u2019s financial assets and financial
liabilities is a reasonable approximation of their fair value. As a result,
the group has not disclosed a fair value hierarchy under for these
instruments.
31 December 2025
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
ASSETS\u00b9\u207e
Other non-current financial
assets and shares
3\u00a0920
119\u00a0808
123\u00a0728
123\u00a0728
Trade receivables
1\u00a0263\u00a0352
1\u00a0263\u00a0352
1\u00a0263\u00a0352
Work in progress
337\u00a0025
337\u00a0025
337\u00a0025
Other current receivables
and prepaid expenses
77\u00a0793
77\u00a0793
77\u00a0793
Cash and cash equivalents
-
113\u00a0541
113\u00a0541
113\u00a0541
Total assets
3\u00a0920
1\u00a0911\u00a0518
1\u00a0915\u00a0438
1\u00a0915\u00a0438
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
LIABILITIES\u00b2\u207e
Non-current interest-
bearing liabilities
-
869\u00a0500
869\u00a0500
869\u00a0500
Current interest-bearing
liabilities
-
76\u00a0904
76\u00a0904
76\u00a0904
Other current liabilities
-
1\u00a0207\u00a0979
1\u00a0207\u00a0979
1\u00a0207\u00a0979
Total liabilities
-
2\u00a0154\u00a0383
2\u00a0154\u00a0383
2\u00a0154\u00a0383
1) Prepayments and net pension assets are excluded, as they are not financial instruments.
2) Provisions, net pension liabilities, lease liabilities, prepaid revenues, deferred taxes and taxes payable, as they are not financial instruments.
31 December 2024
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
ASSETS\u00b9\u207e
Other non-current financial
assets and shares
2\u00a0130
102\u00a0003
104\u00a0134
104\u00a0134
Trade receivables
-
954\u00a0027
954\u00a0027
954\u00a0027
Work in progress
-
320\u00a0491
320\u00a0491
320\u00a0491
Other current receivables
and prepaid expenses
-
58\u00a0824
58\u00a0824
58\u00a0824
Cash and cash equivalents
-
164\u00a0488
164\u00a0488
164\u00a0488
Total assets
2\u00a0130
1\u00a0599\u00a0834
1\u00a0601\u00a0964
1\u00a0601\u00a0964
Amounts in NOK thousand
FVTPL
Amortised cost
Total
Estimated fair value
LIABILITIES\u00b2\u207e
Non-current interest-
bearing liabilities
-
250\u00a0000
250\u00a0000
250\u00a0000
Current interest-bearing
liabilities
-
34\u00a0920
34\u00a0920
34\u00a0920
Other current liabilities
-
1\u00a0134\u00a0849
1\u00a0134\u00a0849
1\u00a0134\u00a0849
Total liabilities
-
1\u00a0419\u00a0769
1\u00a0419\u00a0769
1\u00a0419\u00a0769
1) Prepayments and net pension assets are excluded, as they are not financial instruments.
2) Provisions, net pension liabilities, lease liabilities, prepaid revenues and income taxes payable are excluded, as they are not financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
Capital management
Capital resources
The group\u2019s capital management objectives are to maintain a solid
capital base that supports daily operations, enables the execution of
the group\u2019s strategy, including mergers and acquisitions, and ensures
sufficient financial flexibility to withstand periods of weaker market
conditions.
The group defines capital primarily as total equity and monitors its
capital structure through leverage and equity ratio metrics. Capital
management is aligned with the group\u2019s financial targets and
financing agreements and is designed to ensure compliance with
financial covenants and continued access to external funding.
The group aims to maintain a leverage ratio (net interest\u2011bearing debt
to EBITDA) of 1.0x\u20132.0x under normal circumstances. In connection
with acquisitions or other extraordinary events, leverage may
temporarily increase, but is not expected to exceed 3.0x for a limited
period. Lease liabilities recognised under IFRS\u202f16 are excluded from
net interest\u2011bearing debt in the leverage assessment.
The group also seeks to maintain a strong equity position, with an
equity ratio exceeding 25 per cent, excluding lease liabilities
recognised under IFRS\u202f16. The dividend policy is aligned with the
capital management objectives, with an ambition to distribute at least
50 per cent of the group\u2019s net profit over time, subject to maintaining
an appropriate capital structure.
Capital resources refer to the group\u2019s approach to managing its
capital structure in order to support operations and investments,
maintain adequate financial flexibility and ensure compliance with
financial covenants. The group monitors capital primarily through
leverage and equity ratio metrics, in line with the requirements set out
in its financing agreements. The group\u2019s loan portfolio consists of an
overdraft facility and a revolving credit facility, together with a
guarantee facility, all of which were renewed in June 2025.
The overdraft facility amounts to NOK 400.0 million (320.0) and forms
part of the group\u2019s financing structure supporting its capital
management. The facility is included in a multi\u2011currency,
multi\u2011account cash pool structure covering the majority of the group\u2019s
subsidiaries, including Multiconsult Norge AS, LINK Arkitektur AS,
LINK Arkitektur AB, LINK Arkitektur A/S, Iterio AB, A-Lab AS and
Multiconsult UK Limited. Multiconsult ASA is the owner of the cash
pool\u2019s top account and the debtor under the facility.\u00a0Subsidiary
balances within the cash pool are recorded as receivables from or
liabilities to Multiconsult ASA in the statement of financial position.
At renewal Multiconsult expanded its revolving credit facility (RCF),
from NOK 800 million to NOK 2.1 billion, including an uncommitted
accordion option of NOK 1.0 billion. The committed revolving credit
facility amounted to NOK 1.1 billion on 31 December 2025. The facility
has a three\u2011year maturity and expires on 30 June 2028. Compliance
with financial covenants is a key element of the group\u2019s capital
management.
The group\u2019s loan agreements include financial covenants related to
leverage - gearing ratio and equity ratio. The leverage covenant
requires that net interest\u2011bearing debt in relation to EBITDA does not
exceed 3.50 times, and does not exceed 3.00 times for a period of 18
consecutive months. The EBITDA may be adjusted for extraordinary
items when calculating the leverage covenant to the lender. In
addition, the loan agreements include an equity ratio covenant
requiring an equity ratio (equity in relation to total assets) of at least
20 per cent at all times, and more than 25 per cent for a period of 18
consecutive months.
Net interest\u2011bearing debt is defined as total interest\u2011bearing debt less
freely available cash and cash equivalents. Lease liabilities
recognised under IFRS 16 are excluded from net interest\u2011bearing debt
in the covenant calculations. EBITDA is calculated on a rolling
twelve\u2011month basis and excludes depreciation, amortisation and
write\u2011downs.
Covenant ratios are calculated quarterly based on figures excluding
lease liabilities recognised under IFRS 16, as described above.
Calculated covenants related to leverage and equity ratio based on
amounts adjusted for lease liabilities recognised under IFRS 16
effects, and extraordinary items in \"Covenant net interest-bearing
liabilities/EBITDA adjusted\" for the leverage ratio:
31.12.2025
31.12.2024
Covenant net interest-
bearing liabilities/EBITDA\u00b9\u207e
1.95
0.22
Covenant net interest-
bearing liabilities/EBITDA
adjusted\u00b9\u207e
1.80
0.22
Covenant Equity ratio\u00b9\u207e
34.2%
43.2%
1) See section APM
Multiconsult ASA was in compliance with all financial covenants as
on 31 December 2025.
The existing loan agreement, overdraft facility and guarantee
agreement contain negative pledge in relation to new loan
agreements and cross-default clauses, and limitations in entering
into new loan agreements without the consent of the lender.
As part of capital\u2011related transactions, in December 2024,
Multiconsult ASA entered into a share loan agreement with its largest
shareholder, Stiftelsen Multiconsult, in connection with the 2024
employee share purchase programme. Under the agreement,
Stiftelsen Multiconsult lent 180\u202f000 Multiconsult shares to the
company. The shares were returned during 2025, and the associated
loan of NOK 34.9 million was fully settled on 31 December 2025.
Multiconsult ASA did not enter into any new share loan arrangements
in connection with the 2025 employee share purchase programme.
The change in interest-bearing liabilities in the balance sheet from
2024 to 2025 corresponds to the proceeds and instalments reported
in the statement of cash flows. The repayment of the loan of shares
from Stiftelsen Multiconsult, amounting to NOK 34.9 million
represents a non-cash transaction and is therefore excluded from the
statement of cash flows.
Interest-bearing liabilities 31 December 2025
Amounts in NOK thousand
31.12.2025
31.12.2024
Non-current and current interest-bearing liabilities
946\u00a0404
284\u00a0920
Total interest-bearing liabilities
946\u00a0404
284\u00a0920
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
Note 4 Business combinations
Business combinations in 2025
Acquisition of Vianova
On 21 October 2025, Multiconsult ASA announced its agreement to
acquire all issued and outstanding shares in ViaNova AS, ViaNova
Trondheim AS, ViaNova Kristiansand AS, and ViaNova Eureka AS
(collectively referred to as \u201cViaNova\u201d). The agreement followed the
Letter of Intent entered into in June 2025.
ViaNova, with 129 employees, specialises in advisory engineering and
consulting services for transportation and mobility. ViaNova\u2019s
specialised advisory engineering services will strengthen
Multiconsult\u2019s capabilities in the Mobility & Transportation business
area. Closing date for the transaction was 3 December 2025. For
accounting purposes, 1 December 2025 was applied as the
acquisition date. The total purchase price was set at NOK 361.9
million, based on a locked-box acquisition model and adjusted for net
debt and normalised working capital at the transaction date.
Preliminary purchase price allocation
The table below present the fair value of the identified assets an
liabilities:
Amounts in NOK thousand
Vianova
ASSETS
Deferred tax asset
1\u00a0200
Intangible assets
15\u00a0920
Property, plant and equipment
2\u00a0028
Right-of-use assets
9\u00a0013
Investment in shares
366
Other non-current financial assets
146
Work in progress
32\u00a0490
Trade receivables
42\u00a0716
Other current receivables and prepaid cost
7\u00a0698
Cash and cash equivalents
60\u00a0562
Total identifiable assets
172\u00a0139
LIABILITIES
Deferred tax liability
3\u00a0502
Non-current lease liabilities
6\u00a0858
Trade payables
8\u00a0027
Current lease liabilities
2\u00a0156
Other current Liabilities
59\u00a0021
Total identifiable liabilities
79\u00a0564
Net identifiable assets
92\u00a0575
Amounts in NOK thousand
Vianova
GOODWILL
Total consideration
361\u00a0931
Net identified assets
(92\u00a0575)
Goodwill
269\u00a0356
Total net assets
361\u00a0931
CONSIDERATION
Settled with cash
361\u00a0931
Total consideration
361\u00a0931
ADJUSTMENTS
Cash in purchased entities
(60\u00a0562)
Net adjustments
(60\u00a0562)
Net cash paid
(301\u00a0369)
As new information may emerge during the first 12 months following
the acquisition, the purchase price allocation is presented as
preliminary.
As part of the purchase price allocation, intangible assets related to
order backlog of NOK 15.9 million were identified. The fair value of the
acquired trade receivables was determined to be NOK 42.7 million.
The acquisition resulted in an excess value of NOK 269.4 million,
which was allocated to goodwill. Goodwill is attributable to workforce
competencies and expected synergies and is not expected to be tax-
deductible. Incremental external transaction-related costs of NOK 4.1
million were expensed as part of other operating expenses.
Other acquisitions
On 1 April 2025, Multiconsult ASA announced its agreement to
acquire 100 per cent of the shares in the acoustics company Lifetec
AS to strengthen its position in the acoustics sector in the Nordics.
Lifetec AS, an engineering company specialising in acoustics, noise
and vibrations, is based in Oslo. The company comprises six
employees with high professional expertise and a strong project
portfolio within industry and energy. Closing date for the transaction
was 11 April 2025, and as a practical approach 1 April 2025 was used
as closing date. The total purchase price was set at NOK 10.8 million,
after adjustment for the value of net debt and normalised working
capital at the transaction date. A contingent consideration, estimated
at NOK 1.1 million at acquisition date, may be paid to the seller as an
earn-out payment based on defined levels of billing ratios from
September 2025 to August 2026. The acquisition generated an excess
value of NOK 8.9 million allocated to goodwill. Goodwill is related to
the competence of the staff and to synergy effects. Goodwill is not
expected to be tax-deductible. Net cash paid was NOK 7.4 million.
Pro-forma impact of the acquisition on the results of the group
From the respective acquisition dates in 2025 and until 31 December
2025, the acquired businesses contributed net operating revenues of
NOK 19.3 million and a loss before tax of NOK 1.7 million to the
group\u2019s consolidated financial statements.
If the businesses acquired in 2025 had been effective on 1 January
2025, net operating revenues for the group for the annual reporting
period of 2025 would have been NOK 5 880.5 million. Profit before tax
for the group for the annual period of 2025 would have been NOK
357.9 million. The group considers these pro-forma numbers to
represent an approximate measure of the performance of the
combined group.
Business combinations in 2024
Amounts in NOK thousand
VA Resurs
Petter J Rasmussen AS
Sitepartner AS
ASSETS
Deferred tax asset
-
21
3
Intangible assets
11\u00a0269
650
2\u00a0968
Property, plant and equipment
55
136
25
Right-of-use assets
-
-
271
Investment in shares
-
77
-
Work in progress
-
-
2\u00a0717
Trade receivables
3\u00a0341
7\u00a0839
6\u00a0127
Other current receivables and prepaid cost
411
1\u00a0375
833
Cash and cash equivalents
3\u00a0052
5\u00a0938
1\u00a0048
Total identifiable assets
18\u00a0128
16\u00a0037
13\u00a0993
LIABILITIES
Deferred tax liability
2\u00a0319
143
627
Non-current lease liabilities
-
-
271
Trade payables
443
2\u00a0945
2\u00a0251
Other current Liabilities
3\u00a0286
4\u00a0852
5\u00a0771
Total identifiable liabilities
6\u00a0048
7\u00a0940
8\u00a0920
Net identifiable assets
12\u00a0079
8\u00a0097
5\u00a0073
GOODWILL
Total consideration
47\u00a0812
24\u00a0305
21\u00a0944
Net identified assets
(12\u00a0079)
(8\u00a0097)
(5\u00a0073)
Goodwill
35\u00a0733
16\u00a0208
16\u00a0871
Amounts in NOK thousand
VA Resurs
Petter J Rasmussen AS
Sitepartner AS
Total net assets
47\u00a0812
24\u00a0305
21\u00a0944
CONSIDERATION
Settled with cash
35\u00a0628
20\u00a0505
16\u00a0144
Earn-out settlement
12\u00a0184
3\u00a0800
5\u00a0800
Total consideration
47\u00a0812
24\u00a0305
21\u00a0944
ADJUSTMENTS
Cash in purchased entities
(3\u00a0052)
(5\u00a0938)
(1\u00a0048)
Net adjustments
(3\u00a0052)
(5\u00a0938)
(1\u00a0048)
Net cash paid
(32\u00a0576)
(14\u00a0567)
(15\u00a0096)
Earn-out settlement
(12\u00a0184)
(3\u00a0800)
(5\u00a0800)
Acquisition of VA Resurs
On 16 January 2024, Multiconsult announced that its Swedish
subsidiary Iterio AB had acquired 100 per cent of the shares in VA
Resurs Stockholm AB and VA Resurs LLC Belgrade (changed to
company name Iterio LLC Belgrade) to strengthen its competence and
presence in Sweden. VA Resurs is a consultancy company that
provides services in project and construction management. The
company has extensive experience in designing, coordinating,
investigating, and managing projects within water, stormwater and
wastewater. The company consists of 11 skilled professionals based
in Stockholm. Closing date for the transaction was 19 March 2024,
and as a practical approach 31 March 2024 is used as closing date.
The total purchase price was set at NOK 47.8 million, after adjustment
for the value of net debt and normalised working capital at the
transaction date.
The preliminary purchase price allocation was based on company
accounts considered to correspond with fair value, adjusted for
differences between IFRS standards and local accounting rules. As no
information was identified during the measurement period requiring
adjustments to the preliminary values, the purchase price allocation
is presented as final.
As part of the purchase price allocation intangible assets related to
client relationships and order backlog of NOK 11.3 million were
identified. The fair value of the acquired trade receivables was
identified to NOK 3.3 million. The acquisition generated an excess
value of NOK 35.7 million allocated to goodwill. Goodwill is related to
the competence of the staff and to synergy effects. Goodwill is not
expected to be tax-deductible. Incremental external transaction-
related costs of NOK 1.7 million were expensed as part of other
operating expenses.
In connection with the acquisition completed in 2024, a contingent
consideration of NOK 12.2 million was initially recognised based on
the expected achievement of EBIT targets for 2024\u20132025. As the
performance conditions were not met based on results after the
acquisition date, the amount was reversed and recognised as
financial income in 2024.
Acquisition of Petter J. Rasmussen AS
On 29 May 2024, Multiconsult announced its agreement to acquire
100 per cent of the shares in Petter J. Rasmussen AS to strengthen its
capability and market position in the geographical area of Haugesund.
Petter J. Rasmussen AS is a consultancy engineering and architecture
company with 15 employees with expertise in construction
engineering, project administration and architecture. The company
has a strong reputation and a solid market position in both private and
public sectors, and it will strengthen Multiconsult\u2019s position in the
building and industrial markets.
Closing date for the transaction was 6 June 2024, and as a practical
approach 30 June 2024 was used as closing date. The total purchase
price was set at NOK 24.3 million, after adjustment for the value of net
debt and normalised working capital at the transaction date.
The preliminary purchase price allocation was based on company
accounts considered to correspond with fair value, adjusted for
differences between IFRS standards and local accounting rules. As no
information was identified during the measurement period requiring
adjustments to the preliminary values, the purchase price allocation
is presented as final.
As part of the purchase price allocation intangible assets related to
order backlog of NOK 0.7 million were identified. The fair value of the
acquired trade receivables was identified to NOK 7.8 million. The
acquisition generated an excess value of NOK 16.2 million allocated
to goodwill. Goodwill is related to the competence of the staff and to
synergy effects. Goodwill is not expected to be tax-deductible.
Incremental external transaction-related costs of NOK 0.1 million
were expensed as part of other operating expenses. The earn-out
provision was reviewed on 31 December 2024, and the requirement to
settle the obligation is present.
In connection with the acquisition, a contingent consideration of NOK
3.8 million was initially recognised, reflecting the maximum earn\u2011out
expected to be payable based on defined EBIT levels for 2024. The
performance targets were met, and the contingent consideration was
subsequently settled in 2025.
Acquisition of Sitepartner AS
On 4 June 2024, Multiconsult announced its agreement to acquire 100
per cent of the shares in Sitepartner AS to strengthen its position in
the implementation phase of construction and civil engineering,
within energy, electrical grid, and railway sectors. Sitepartner AS is a
company operating in project and construction management and has
12 employees and currently seven subconsultants.
The closing date of the transaction was 13 June 2024, and as a
practical approach 30 June 2024 was used as closing date. The total
purchase price was set at NOK 21.9 million, after adjustment for the
value of net debt and normalised working capital at the transaction
date.
The preliminary purchase price allocation was based on company
accounts considered to correspond with fair value, adjusted for
calculated IFRS 16 right-of-use assets and lease liabilities. As no
information was identified during the measurement period requiring
adjustments to the preliminary values, the purchase price allocation
is presented as final.
As part of the purchase price allocation intangible assets related to
order backlog of NOK 3.0 million were identified. The fair value of the
acquired trade receivables was identified to NOK 6.1 million. The
acquisition generated an excess value of NOK 16.9 million allocated
to goodwill. Goodwill is related to the competence of the staff and to
synergy effects. Goodwill is not expected to be tax-deductible.
At closing date in 2024, a contingent consideration liability of NOK 6.4
million excluding discounting effects was recognised, based on an
assessment that 80 per cent of the maximum earn\u2011out of NOK 8.0
million was considered achievable at that time. However, on 31
December 2025, the conditions for achieving the full earn\u2011out had
been met. The contingent consideration was therefore increased to
NOK 8.0 million, and an expense of NOK 1.6 million was recognised in
profit or loss.
The contingent consideration is expected to be settled during the first
half of 2026. Consequently, the liability has been reclassified to
current liabilities in the balance sheet on 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
Note 5 Segments
Multiconsult is organised in three reporting segments, Norway,
Architecture and International.
As from the fourth quarter of 2025, changes were made to the group\u2019s
reporting structure. The previous segments Region Oslo and Region
Norway were merged into a single reporting segment, Norway, to
streamline the organisation and align reporting with the revised
strategy.
1. Norway: This segment offers services in four business areas and
comprises offices in Norway, with presence in all larger cities and
several other locations in Norway and the subsidiaries Sitepartner AS,
Multiconsult UK Ltd., Lifetec AS, ViaNova AS, ViaNova Trondheim AS,
ViaNova Kristiansand AS and ViaNova Eureka AS.
2. Architecture: This segment comprises the architecture firms LINK
Arkitektur and A-lab with offices in Norway, Sweden, Denmark and
Portugal. The segment offers services primarily within the business
area Buildings & Properties and Energy & Industry.
3. International: This segment comprises the subsidiaries
Multiconsult Polska Sp. z.o.o. in Poland and Iterio AB in Sweden, and
Iterio Belgrade. The segment offers services mainly within the
business area Mobility & Transportation, and also includes activity
within Water & Environment and Energy & Industry.
Group services in 2025 consist of administrative staff and shared
services, of which the majority is invoiced to the business segments.
The remaining unallocated costs include only activities and costs that
relate directly to group level functions.
Expenses for administrative services, leases, depreciation etc. are
allocated to the segments. The majority of the allocation of expenses
is not reported as intercompany revenue and expenses. Assets are
not reported internally divided by segments. The information in the
segment reporting is the same as the executive management uses to
allocate resources and evaluate performance. The accounting
policies for the segments are the same as the policies for the group.
The segments correspond to the internal reporting to the group's chief
operating decision maker, the CEO. Projects are staffed across
segments. Revenues and expenses are reported in a segment based
on where the employee is based.
2025
Amounts in NOK thousand
Norway
Architecture
International
Group services
Eliminations
Total
External revenues
5\u00a0209\u00a0663
843\u00a0569
571\u00a0822
-
6\u00a0625\u00a0055
Internal revenues
32\u00a0080
102\u00a0539
32\u00a0992
123\u00a0318
(290\u00a0929)
-
Total operating revenues
5\u00a0241\u00a0744
946\u00a0108
604\u00a0814
123\u00a0318
(290\u00a0929)
6\u00a0625\u00a0055
Expenses for sub-contractors and disbursements
793\u00a0633
164\u00a0279
171\u00a0976
348
(162\u00a0452)
967\u00a0785
Net operating revenues
4\u00a0448\u00a0110
781\u00a0829
432\u00a0838
122\u00a0970
(128\u00a0478)
5\u00a0657\u00a0270
Employee benefit expenses
3\u00a0288\u00a0926
620\u00a0252
328\u00a0425
59\u00a0661
-
4\u00a0297\u00a0265
Other operating expenses
578\u00a0028
111\u00a0771
57\u00a0079
94\u00a0826
(128\u00a0478)
713\u00a0226
EBITDA
581\u00a0157
49\u00a0805
47\u00a0334
(31\u00a0517)
-
646\u00a0779
Depreciation \u00b9\u207e
191\u00a0300
35\u00a0753
21\u00a0985
2\u00a0890
-
251\u00a0929
EBITA
389\u00a0856
14\u00a0052
25\u00a0348
(34\u00a0407)
-
394\u00a0850
Full-time equivalents (FTE)
2\u00a0694
528
485
25
-
3\u00a0731
1) Excluding amortisation intangible assets from acquisitions
2024
Amounts in NOK thousand
Norway
Architecture
International
Group services
Eliminations
Total
External revenues
4\u00a0959\u00a0336
809\u00a0030
581\u00a0048
73
6\u00a0349\u00a0488
Internal revenues
19\u00a0542
98\u00a0947
25\u00a0777
116\u00a0037
(260\u00a0303)
-
Total operating revenues
4\u00a0978\u00a0878
907\u00a0977
606\u00a0825
116\u00a0110
(260\u00a0303)
6\u00a0349\u00a0488
Expenses for sub-contractors and disbursements
759\u00a0531
150\u00a0269
200\u00a0817
275
(145\u00a0001)
965\u00a0891
Net operating revenues
4\u00a0219\u00a0346
757\u00a0444
406\u00a0008
115\u00a0836
(115\u00a0038)
5\u00a0383\u00a0597
Employee benefit expenses
3\u00a0014\u00a0902
589\u00a0850
300\u00a0877
68\u00a0817
-
3\u00a0974\u00a0446
Other operating expenses
521\u00a0088
108\u00a0835
60\u00a0157
68\u00a0669
(115\u00a0038)
643\u00a0710
EBITDA
683\u00a0357
58\u00a0759
44\u00a0974
(21\u00a0650)
-
765\u00a0440
Depreciation \u00b9\u207e
183\u00a0517
34\u00a0781
21\u00a0289
2\u00a0501
-
242\u00a0087
EBITA
499\u00a0840
23\u00a0978
23\u00a0686
(24\u00a0151)
-
523\u00a0353
Full-time equivalents (FTE)
2\u00a0557
517
470
22
-
3\u00a0566
1) Excluding amortisation intangible assets from acquisitions
Geographical distribution of non\u2011current assets
The table below presents non\u2011current assets, other than financial
instruments and deferred tax assets, located in Norway and in all
foreign countries in total. Material assets in individual foreign
countries are presented separately.
2025
Amounts in NOK
thousand
Intangible assets \u00b9\u207e
Property, plant and
equipment \u00b2\u207e
Investments in
associated
companies and joint
ventures
Total
Norway
1\u00a0326\u00a0347
643\u00a0617
984
1\u00a0970\u00a0948
Sweden
109\u00a0231
32\u00a0039
-
141\u00a0270
Denmark
54\u00a0056
755
3\u00a0577
58\u00a0388
Poland
1\u00a0055
29\u00a0111
-
30\u00a0165
All other countries
3
1\u00a0340
32\u00a0690
34\u00a0033
Total
1\u00a0490\u00a0692
706\u00a0862
37\u00a0251
2\u00a0234\u00a0805
1) Includes goodwill
2) Includes right-of-use assets
2024
Amounts in NOK
thousand
Intangible assets \u00b9\u207e
Property, plant and
equipment \u00b2\u207e
Investments in
associated
companies and joint
ventures
Total
Norway
1\u00a0019\u00a0099
759\u00a0184
590
1\u00a0778\u00a0873
Sweden
102\u00a0743
35\u00a0331
-
138\u00a0075
Denmark
54\u00a0056
2\u00a0985
3\u00a0568
60\u00a0609
Poland
1\u00a0251
29\u00a0762
-
31\u00a0014
All other countries
3
1\u00a0956
33\u00a0436
35\u00a0395
Total
1\u00a0177\u00a0152
829\u00a0219
37\u00a0594
2\u00a0043\u00a0965
1) Includes goodwill
2) Includes right-of-use assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Note 6 Revenues from contracts with clients and contract balances
All revenues for the group in 2025 are from contracts with clients.
Revenue is generated by delivering consulting services. The group
provides a range of services, including multidisciplinary consulting
and design, project engineering and management, verification,
inspection, supervision and architecture \u2013 both in Norway and
abroad.
As described in note 5, the group reports its financial performance
through operating segments. In addition to the segment reporting
structure, the group also reports its revenues divided by four business
areas:
\u2014 Buildings & Properties
\u2014 Energy & Industry
\u2014 Mobility & Transportation
\u2014 Water & Environment.
Buildings & Properties covers the traditional construction market,
including housing, public and private buildings as well as real-estate
management. Multiconsult provide services in all phases of the
lifetime of a building, from early planning stages through the
construction phase, operation and modernisation phases as well as
demolition and renewal of a building. Its focus is to provide innovative
and sustainable solutions in line with its clients\u2019 strategies and goals.
Energy & Industry includes planning and construction of industrial
facilities and installations, which in addition to traditional industrial
developments, includes onshore aqua-culture facilities, hydropower
and dams as well as wind and solar power generation. The portfolio
also covers electrical grid distribution and transmission. The business
area is heavily involved in design and engineering of onshore
processing plants within energy production and energy
transformation. Multiconsult provides services in all the project
phases, from feasibility and location studies, through concept design,
FEED and execution phase. Much emphasis is put on supporting its
clients in transforming their business to meet society\u2019s demand for
sustainable solutions.
Mobility & Transportation delivers engineering and advisory services
for safe and forward-looking transportation systems. The business
area covers both road and rail, airport and harbour facilities and
channel transportation systems. This business area also comprises a
highly competent bridge construction department. Multiconsult
utilises its broad experience within environmental issues to give
clients the best advice on how to achieve sustainable solutions and
how to meet increasing environmental demands.
Water & Environment focuses on assisting clients in finding good
solutions and design in a world where more extreme weather will put
infrastructure and the environment to an increasingly harder test. This
business area covers advisory within all phases of a project related to
greenhouse gas emissions, flood and mud slide protection, blue-
green structures and water and drainage systems including water
treatment. It also gives advice on most air, water and soil pollution
issues.
Revenues are disaggregated by business area and geography in the
tables below.
Disaggregation of revenues from contracts with clients
2025
Amounts in NOK thousand
Norway
Architecture
International
Total
External revenues
Revenues per business area
Buildings & Properties
1\u00a0537\u00a0498
799\u00a0537
3\u00a0804
2\u00a0340\u00a0840
Energy & Industry
1\u00a0661\u00a0016
34\u00a0436
23\u00a0045
1\u00a0718\u00a0497
Mobility & Transportation
1\u00a0205\u00a0140
8\u00a0024
486\u00a0412
1\u00a0699\u00a0575
Water & Environment
806\u00a0010
1\u00a0573
58\u00a0561
866\u00a0143
Total
5\u00a0209\u00a0663
843\u00a0569
571\u00a0822
6\u00a0625\u00a0055
Revenues per geography \u00b9\u207e
Norway
5\u00a0125\u00a0549
447\u00a0715
-
5\u00a0573\u00a0264
Sweden
1\u00a0036
246\u00a0851
244\u00a0454
492\u00a0341
Denmark
196
143\u00a0584
-
143\u00a0780
Poland
-
-
327\u00a0344
327\u00a0344
All other countries
82\u00a0883
5\u00a0419
23
88\u00a0325
Total
5\u00a0209\u00a0663
843\u00a0569
571\u00a0822
6\u00a0625\u00a0055
1) Revenues distributed by geography is based on the client\u2019s location.
2024
Amounts in NOK thousand
Norway
Architecture
International
Total
External revenues
Revenues per business area
Buildings & Properties
1\u00a0611\u00a0712
765\u00a0580
-
2\u00a0377\u00a0292
Energy & Industry
1\u00a0465\u00a0592
41\u00a0094
-
1\u00a0506\u00a0687
Mobility & Transportation
1\u00a0215\u00a0864
1\u00a0900
496\u00a0918
1\u00a0714\u00a0682
Water & Environment
666\u00a0240
457
84\u00a0130
750\u00a0827
Total
4\u00a0959\u00a0409
809\u00a0030
581\u00a0048
6\u00a0349\u00a0488
Revenues per geography \u00b9\u207e
Norway
4\u00a0846\u00a0044
442\u00a0930
-
5\u00a0288\u00a0974
Sweden
1\u00a0429
245\u00a0311
235\u00a0723
482\u00a0463
Denmark
441
113\u00a0384
-
113\u00a0825
Poland
-
-
344\u00a0629
344\u00a0629
All other countries
111\u00a0494
7\u00a0406
696
119\u00a0597
Total
4\u00a0959\u00a0409
809\u00a0030
581\u00a0048
6\u00a0349\u00a0488
1) Revenues distributed by geography is based on the client\u2019s location.
The group's five largest individual clients comprised approximately 24
per cent (22) of the group\u2019s operating revenues in 2025. The ten
largest individual clients comprised approximately 36 per cent (35) of
the group\u2019s operating revenues in 2025.
Contract balances
Amounts in NOK thousand
Note
31.12.2025
31.12.2024
Trade receivables
3, 20
1\u00a0258\u00a0920
948\u00a0407
Work in progress
3, 20
337\u00a0025
320\u00a0491
Prepaid revenues (contract
liabilities)
163\u00a0271
169\u00a0383
The increase in work in progress and trade receivables is partly driven
by revenue growth. In addition, the development reflects changes in
the project mix, including a higher share of long\u2011duration projects, as
well as timing effects related to invoicing cycles and year\u2011end cut\u2011off.
The ageing profile of unpaid trade receivables also improved slightly
as at 31 December 2025 compared with 31 December 2024. See more
information in note 3.
The group assesses whether client prepayments give rise to a
significant financing component, based on the timing difference
between transfer of services and payment. At year\u2011end, 18.9 per cent
(15.0) of prepaid revenues relates to contracts in Multiconsult Norge
AS, 2.2 per cent (2.5) to LINK Arkitektur AS, 0.02 per cent (0.05) to
Multiconsult UK and 78.8 per cent (82.5) to Multiconsult Polska.
Certain contracts in Multiconsult Polska include prepayments for
long\u2011term projects. Revenue from these contracts is recognised only
when the client has approved the work performed. As a result, the
timing of revenue recognition reflects the client\u2019s approval process,
and not a financing arrangement. Based on this assessment, the
group concludes that the prepayments do not contain a significant
financing component. No interest expense or corresponding revenue
adjustment has therefore been recognised.
Multiconsult estimates that prepaid revenues of NOK 67 821
thousand on 31 December 2024 has been recognised as revenue
during 2025.
Order backlog
Remaining performance obligations represent revenues expected to
be recognised in the future related to performance obligations that
are unfulfilled (or partially fulfilled) on 31 December 2025. Options
and call-offs under frame agreements are not included in the order
backlog until they are signed and thereby committed.
Some contracts include an agreed hourly rate without a fixed number
of hours. Such arrangements are considered variable consideration.
Multiconsult includes in the order backlog only the portion of
estimated hours that forms part of the transaction price and is
assessed as highly probable not to result in a significant revenue
reversal. The order backlog comprises the total value of work sold but
not yet delivered to clients. When a contract is signed, the contractual
amount is registered in the ERP system. As work progresses and
hours are delivered, the recorded amount is adjusted to reflect work
performed and the remaining order backlog. The order backlog is also
adjusted for contract amendments, including change orders and
variation orders.The order backlog on 31 December 2025 is estimated
to NOK 4\u00a0233 million. The timing of the recognition of revenue is
uncertain, as it depends on the actual progress in many different
projects which involves a number of parties. The group has estimated
that it may recognise approximately 53 per cent of the order backlog
as revenue during 2026 and the remaining 47 per cent in the
subsequent years.
Project partnership - joint arrangements
For some projects, the group has entered into partnership
agreements. Some of these have been assessed as joint operations.
Participants work together to deliver a project in cooperation through
a common project group. There are no assets in these project groups.
Each participant is responsible for delivering the services that it has
agreed to deliver, as well as being responsible for its own expenses
and having a right to agreed revenues from the services the
participant performs. Each participant uses its own assets, and
obligations in the operation are limited to parts of the fee that may be
held back to cover common costs (for example insurance premiums
and travel expenses). One of the parties is typically appointed project
manager with specific responsibilities in the project group. The
participants have, when it is relevant, agreed that they are jointly and
separately liable for the project deliverables.
The main projects that are organised in this manner that are
considered joint operations are Fornebubanen, Nye Rikshospitalet
and Prosjekteringsgruppe Tr\u00f8ndelag, Kampflybase \u00d8rland, V\u00e6rnes all
in Norway. The group is the project manager, and there is no fixed
participating share in these operations. In 2025 these projects
contributed revenues of NOK 512 million (NOK 484 million in 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
Note 6 Revenues from contracts with clients and contract balances
All revenues for the group in 2025 are from contracts with clients.
Revenue is generated by delivering consulting services. The group
provides a range of services, including multidisciplinary consulting
and design, project engineering and management, verification,
inspection, supervision and architecture \u2013 both in Norway and
abroad.
As described in note 5, the group reports its financial performance
through operating segments. In addition to the segment reporting
structure, the group also reports its revenues divided by four business
areas:
\u2014 Buildings & Properties
\u2014 Energy & Industry
\u2014 Mobility & Transportation
\u2014 Water & Environment.
Buildings & Properties covers the traditional construction market,
including housing, public and private buildings as well as real-estate
management. Multiconsult provide services in all phases of the
lifetime of a building, from early planning stages through the
construction phase, operation and modernisation phases as well as
demolition and renewal of a building. Its focus is to provide innovative
and sustainable solutions in line with its clients\u2019 strategies and goals.
Energy & Industry includes planning and construction of industrial
facilities and installations, which in addition to traditional industrial
developments, includes onshore aqua-culture facilities, hydropower
and dams as well as wind and solar power generation. The portfolio
also covers electrical grid distribution and transmission. The business
area is heavily involved in design and engineering of onshore
processing plants within energy production and energy
transformation. Multiconsult provides services in all the project
phases, from feasibility and location studies, through concept design,
FEED and execution phase. Much emphasis is put on supporting its
clients in transforming their business to meet society\u2019s demand for
sustainable solutions.
Mobility & Transportation delivers engineering and advisory services
for safe and forward-looking transportation systems. The business
area covers both road and rail, airport and harbour facilities and
channel transportation systems. This business area also comprises a
highly competent bridge construction department. Multiconsult
utilises its broad experience within environmental issues to give
clients the best advice on how to achieve sustainable solutions and
how to meet increasing environmental demands.
Water & Environment focuses on assisting clients in finding good
solutions and design in a world where more extreme weather will put
infrastructure and the environment to an increasingly harder test. This
business area covers advisory within all phases of a project related to
greenhouse gas emissions, flood and mud slide protection, blue-
green structures and water and drainage systems including water
treatment. It also gives advice on most air, water and soil pollution
issues.
Revenues are disaggregated by business area and geography in the
tables below.
Disaggregation of revenues from contracts with clients
2025
Amounts in NOK thousand
Norway
Architecture
International
Total
External revenues
Revenues per business area
Buildings & Properties
1\u00a0537\u00a0498
799\u00a0537
3\u00a0804
2\u00a0340\u00a0840
Energy & Industry
1\u00a0661\u00a0016
34\u00a0436
23\u00a0045
1\u00a0718\u00a0497
Mobility & Transportation
1\u00a0205\u00a0140
8\u00a0024
486\u00a0412
1\u00a0699\u00a0575
Water & Environment
806\u00a0010
1\u00a0573
58\u00a0561
866\u00a0143
Total
5\u00a0209\u00a0663
843\u00a0569
571\u00a0822
6\u00a0625\u00a0055
Revenues per geography \u00b9\u207e
Norway
5\u00a0125\u00a0549
447\u00a0715
-
5\u00a0573\u00a0264
Sweden
1\u00a0036
246\u00a0851
244\u00a0454
492\u00a0341
Denmark
196
143\u00a0584
-
143\u00a0780
Poland
-
-
327\u00a0344
327\u00a0344
All other countries
82\u00a0883
5\u00a0419
23
88\u00a0325
Total
5\u00a0209\u00a0663
843\u00a0569
571\u00a0822
6\u00a0625\u00a0055
1) Revenues distributed by geography is based on the client\u2019s location.
2024
Amounts in NOK thousand
Norway
Architecture
International
Total
External revenues
Revenues per business area
Buildings & Properties
1\u00a0611\u00a0712
765\u00a0580
-
2\u00a0377\u00a0292
Energy & Industry
1\u00a0465\u00a0592
41\u00a0094
-
1\u00a0506\u00a0687
Mobility & Transportation
1\u00a0215\u00a0864
1\u00a0900
496\u00a0918
1\u00a0714\u00a0682
Water & Environment
666\u00a0240
457
84\u00a0130
750\u00a0827
Total
4\u00a0959\u00a0409
809\u00a0030
581\u00a0048
6\u00a0349\u00a0488
Revenues per geography \u00b9\u207e
Norway
4\u00a0846\u00a0044
442\u00a0930
-
5\u00a0288\u00a0974
Sweden
1\u00a0429
245\u00a0311
235\u00a0723
482\u00a0463
Denmark
441
113\u00a0384
-
113\u00a0825
Poland
-
-
344\u00a0629
344\u00a0629
All other countries
111\u00a0494
7\u00a0406
696
119\u00a0597
Total
4\u00a0959\u00a0409
809\u00a0030
581\u00a0048
6\u00a0349\u00a0488
1) Revenues distributed by geography is based on the client\u2019s location.
The group's five largest individual clients comprised approximately 24
per cent (22) of the group\u2019s operating revenues in 2025. The ten
largest individual clients comprised approximately 36 per cent (35) of
the group\u2019s operating revenues in 2025.
Contract balances
Amounts in NOK thousand
Note
31.12.2025
31.12.2024
Trade receivables
3, 20
1\u00a0258\u00a0920
948\u00a0407
Work in progress
3, 20
337\u00a0025
320\u00a0491
Prepaid revenues (contract
liabilities)
163\u00a0271
169\u00a0383
The increase in work in progress and trade receivables is partly driven
by revenue growth. In addition, the development reflects changes in
the project mix, including a higher share of long\u2011duration projects, as
well as timing effects related to invoicing cycles and year\u2011end cut\u2011off.
The ageing profile of unpaid trade receivables also improved slightly
as at 31 December 2025 compared with 31 December 2024. See more
information in note 3.
The group assesses whether client prepayments give rise to a
significant financing component, based on the timing difference
between transfer of services and payment. At year\u2011end, 18.9 per cent
(15.0) of prepaid revenues relates to contracts in Multiconsult Norge
AS, 2.2 per cent (2.5) to LINK Arkitektur AS, 0.02 per cent (0.05) to
Multiconsult UK and 78.8 per cent (82.5) to Multiconsult Polska.
Certain contracts in Multiconsult Polska include prepayments for
long\u2011term projects. Revenue from these contracts is recognised only
when the client has approved the work performed. As a result, the
timing of revenue recognition reflects the client\u2019s approval process,
and not a financing arrangement. Based on this assessment, the
group concludes that the prepayments do not contain a significant
financing component. No interest expense or corresponding revenue
adjustment has therefore been recognised.
Multiconsult estimates that prepaid revenues of NOK 67 821
thousand on 31 December 2024 has been recognised as revenue
during 2025.
Order backlog
Remaining performance obligations represent revenues expected to
be recognised in the future related to performance obligations that
are unfulfilled (or partially fulfilled) on 31 December 2025. Options
and call-offs under frame agreements are not included in the order
backlog until they are signed and thereby committed.
Some contracts include an agreed hourly rate without a fixed number
of hours. Such arrangements are considered variable consideration.
Multiconsult includes in the order backlog only the portion of
estimated hours that forms part of the transaction price and is
assessed as highly probable not to result in a significant revenue
reversal. The order backlog comprises the total value of work sold but
not yet delivered to clients. When a contract is signed, the contractual
amount is registered in the ERP system. As work progresses and
hours are delivered, the recorded amount is adjusted to reflect work
performed and the remaining order backlog. The order backlog is also
adjusted for contract amendments, including change orders and
variation orders.The order backlog on 31 December 2025 is estimated
to NOK 4\u00a0233 million. The timing of the recognition of revenue is
uncertain, as it depends on the actual progress in many different
projects which involves a number of parties. The group has estimated
that it may recognise approximately 53 per cent of the order backlog
as revenue during 2026 and the remaining 47 per cent in the
subsequent years.
Project partnership - joint arrangements
For some projects, the group has entered into partnership
agreements. Some of these have been assessed as joint operations.
Participants work together to deliver a project in cooperation through
a common project group. There are no assets in these project groups.
Each participant is responsible for delivering the services that it has
agreed to deliver, as well as being responsible for its own expenses
and having a right to agreed revenues from the services the
participant performs. Each participant uses its own assets, and
obligations in the operation are limited to parts of the fee that may be
held back to cover common costs (for example insurance premiums
and travel expenses). One of the parties is typically appointed project
manager with specific responsibilities in the project group. The
participants have, when it is relevant, agreed that they are jointly and
separately liable for the project deliverables.
The main projects that are organised in this manner that are
considered joint operations are Fornebubanen, Nye Rikshospitalet
and Prosjekteringsgruppe Tr\u00f8ndelag, Kampflybase \u00d8rland, V\u00e6rnes all
in Norway. The group is the project manager, and there is no fixed
participating share in these operations. In 2025 these projects
contributed revenues of NOK 512 million (NOK 484 million in 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Note 7 Employee benefit expenses, number of employees, remuneration, loans to employees etc.
EMPLOYEE BENEFIT EXPENSES
Amounts in NOK thousand
2025
2024
Salaries, vacation pay, bonus etc.
3\u00a0414\u00a0486
3\u00a0157\u00a0594
Social security tax
533\u00a0624
508\u00a0275
Pension expenses (see note 8)
254\u00a0782
230\u00a0884
Other employee benefit expenses
94\u00a0373
77\u00a0692
Total employee benefit expenses
4\u00a0297\u00a0265
3\u00a0974\u00a0446
Full-time equivalents (FTE)\u00b9\u207e
3\u00a0731
3\u00a0566
Permanent fixed employees on 31 December
4\u00a0160
3\u00a0923
1) Number of full-time employees is calculated as the total number of working hours
(including overtime and paid sick leave) divided on normal working hours per full time
employee for the period.
Employee ownership programme and loans to employees
Multiconsult ASA has an employee ownership programme. This
programme consists of two parts: (i) Share purchase plan and (ii)
Share ownership plan.
The share purchase plan offers employees to buy shares in
Multiconsult ASA at a discount of 20 per cent. Shares purchased by
the employees through the plan are subject to a two-year lock-in
period.
The 2025 share purchase plan was conducted in November. In total
Multiconsult sold 633\u00a0307 shares to employees, all of which were
purchased in the market. The sale was based on a price of NOK
132.17 per share, a 20 per cent discount of the volume-weighted
average share price of NOK 165.21 per share traded on Oslo B\u00f8rs in
the period 4 November to 10 November 2025. The total sales price
reduced with the discount was NOK 83 704 thousand, of which NOK
24 010 thousand was paid in cash and the remaining NOK 59 695
thousand as loans granted to the employees, maximum 3/5 G (NOK
78 096) per employee.
Since 2024 the share ownership plan offers newly hired employees a
defined number of complimentary shares in Multiconsult ASA. The
value of these shares was recognised as employee benefit expense
and constitutes a taxable benefit for the employee. In the share
ownership plan in 2025, a total of 15\u00a0840 MULTI shares were
transferred to new employees who accepted the offer. The shares
were purchased in the market, see also note 3.
Members of the executive management also participate in a separate
share\u2011based remuneration arrangement, where part of the annual
bonus is delivered in shares at a discount and subject to a three\u2011year
lock\u2011in period.
The outstanding balance of loans on 31 December 2025 was NOK
55\u00a0296 thousand including loans related to the variable performance-
based bonus scheme of the executive management team. Repayment
of loans takes place over 12 months through deduction in salary.
In the 2024 programme the employees purchased 480 352 shares.
The total sales price was NOK 73 940 thousand, of which NOK 22 527
thousand was paid in cash and the remaining NOK 51 413 thousand
as loans granted to the employees. The 2024 share ownership plan to
current employees took place every quarter. In total 15 400 MULTI
shares were transferred to employees who accepted the offer. The
outstanding balance of loans per 31 December 2024 was NOK 47 480
thousand, including loans to the executive management related to
their variable performance-based bonus scheme.
The discount is partially recognised as an expense and partially
recognised directly in equity. See accounting policies for further
description.
Amounts in NOK thousand
2025
2024
Share purchase plan
Share ownership plan
Share purchase plan
Share ownership plan
Employee benefit expenses
9\u00a0771
2\u00a0825
6\u00a0330
2\u00a0658
Recognised directly to equity (before tax)\u00b9\u207e
12\u00a0648
-
12\u00a0635
-
Total discount
22\u00a0419
2\u00a0825
18\u00a0965
2\u00a0658
1) The discount (before tax) recognised directly to equity may deviate from the total amount
(before tax) recognised in the statement of equity if the payments to acquire own shares
deviates from the market price for the shares used as basis for calculation of the discount,
including transaction costs such as brokerage fees.
There is no unamortised employee benefit expense related to the
shares sold.
1. Remuneration for leading persons
The group\u2019s executive remuneration policy (Remuneration policy on
determination of salary and other remuneration for leading persons)
can be found on the group\u2019s website:
www.multiconsultgroup.com/investor-relations/governance/
remuneration
The principles described in the remuneration policy are the same
principles that were applied during 2025.
2. Overview of remuneration earned by the executive
management and board of directors
The remuneration report for salary and other remuneration for leading
persons 2025 \u2013 which can be found on the group\u2019s website and, as of
the publication of this annual report attachment to the notice of
annual general meeting in Multiconsult ASA. The report provides an
overview of total remuneration earned by the executive management
team and board of directors in 2025 and 2024.
3. Remuneration to the executive management 2025 and 2024
Amounts in
NOK
Fixed remuneration
Variable
remuneration\u2074\u207e
Pension
expense
Total
remuneration
Proportion of
fixed and
variable
remuneration
On 31 December
Year
Base salary\u00b9\u207e
Salary paid \u00b2\u207e
Other benefits\u00b3\u207e
Shares\u2075\u207e
Loans\u2076\u207e
2025
18\u00a0774
24\u00a0856
652
-
1\u00a0626
27\u00a0134
100%/0%
141
464
2024
22\u00a0831
23\u00a0859
533
7\u00a0067
1\u00a0474
32\u00a0933
79%/21%
167
740
1) Annual base salary per 31 December.
2) Salary is amount paid during the year presented, including holiday pay, transportation allowance and compensation for entering new pension plan. Salary paid for previous positions
within Multiconsult is included where relevant.
3) Other benefit includes all other cash and non-cash benefit received during the year and includes taxable parts of; insurance premiums; discount on shares purchased; company car;
housing allowance; per diem allowance; and telecommunication.
4) Variable remuneration is an amount earned in the year presented (excluding holiday pay) and normally paid the subsequent year.
5) Shares owned by the members of the executive management on 31 December, with close associates.
6) Short-term loans for purchase of shares through the share purchase plan for all employees and incentive programme for executive management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Note 7 Employee benefit expenses, number of employees, remuneration, loans to employees etc.
EMPLOYEE BENEFIT EXPENSES
Amounts in NOK thousand
2025
2024
Salaries, vacation pay, bonus etc.
3\u00a0414\u00a0486
3\u00a0157\u00a0594
Social security tax
533\u00a0624
508\u00a0275
Pension expenses (see note 8)
254\u00a0782
230\u00a0884
Other employee benefit expenses
94\u00a0373
77\u00a0692
Total employee benefit expenses
4\u00a0297\u00a0265
3\u00a0974\u00a0446
Full-time equivalents (FTE)\u00b9\u207e
3\u00a0731
3\u00a0566
Permanent fixed employees on 31 December
4\u00a0160
3\u00a0923
1) Number of full-time employees is calculated as the total number of working hours
(including overtime and paid sick leave) divided on normal working hours per full time
employee for the period.
Employee ownership programme and loans to employees
Multiconsult ASA has an employee ownership programme. This
programme consists of two parts: (i) Share purchase plan and (ii)
Share ownership plan.
The share purchase plan offers employees to buy shares in
Multiconsult ASA at a discount of 20 per cent. Shares purchased by
the employees through the plan are subject to a two-year lock-in
period.
The 2025 share purchase plan was conducted in November. In total
Multiconsult sold 633\u00a0307 shares to employees, all of which were
purchased in the market. The sale was based on a price of NOK
132.17 per share, a 20 per cent discount of the volume-weighted
average share price of NOK 165.21 per share traded on Oslo B\u00f8rs in
the period 4 November to 10 November 2025. The total sales price
reduced with the discount was NOK 83 704 thousand, of which NOK
24 010 thousand was paid in cash and the remaining NOK 59 695
thousand as loans granted to the employees, maximum 3/5 G (NOK
78 096) per employee.
Since 2024 the share ownership plan offers newly hired employees a
defined number of complimentary shares in Multiconsult ASA. The
value of these shares was recognised as employee benefit expense
and constitutes a taxable benefit for the employee. In the share
ownership plan in 2025, a total of 15\u00a0840 MULTI shares were
transferred to new employees who accepted the offer. The shares
were purchased in the market, see also note 3.
Members of the executive management also participate in a separate
share\u2011based remuneration arrangement, where part of the annual
bonus is delivered in shares at a discount and subject to a three\u2011year
lock\u2011in period.
The outstanding balance of loans on 31 December 2025 was NOK
55\u00a0296 thousand including loans related to the variable performance-
based bonus scheme of the executive management team. Repayment
of loans takes place over 12 months through deduction in salary.
In the 2024 programme the employees purchased 480 352 shares.
The total sales price was NOK 73 940 thousand, of which NOK 22 527
thousand was paid in cash and the remaining NOK 51 413 thousand
as loans granted to the employees. The 2024 share ownership plan to
current employees took place every quarter. In total 15 400 MULTI
shares were transferred to employees who accepted the offer. The
outstanding balance of loans per 31 December 2024 was NOK 47 480
thousand, including loans to the executive management related to
their variable performance-based bonus scheme.
The discount is partially recognised as an expense and partially
recognised directly in equity. See accounting policies for further
description.
Amounts in NOK thousand
2025
2024
Share purchase plan
Share ownership plan
Share purchase plan
Share ownership plan
Employee benefit expenses
9\u00a0771
2\u00a0825
6\u00a0330
2\u00a0658
Recognised directly to equity (before tax)\u00b9\u207e
12\u00a0648
-
12\u00a0635
-
Total discount
22\u00a0419
2\u00a0825
18\u00a0965
2\u00a0658
1) The discount (before tax) recognised directly to equity may deviate from the total amount
(before tax) recognised in the statement of equity if the payments to acquire own shares
deviates from the market price for the shares used as basis for calculation of the discount,
including transaction costs such as brokerage fees.
There is no unamortised employee benefit expense related to the
shares sold.
1. Remuneration for leading persons
The group\u2019s executive remuneration policy (Remuneration policy on
determination of salary and other remuneration for leading persons)
can be found on the group\u2019s website:
www.multiconsultgroup.com/investor-relations/governance/
remuneration
The principles described in the remuneration policy are the same
principles that were applied during 2025.
2. Overview of remuneration earned by the executive
management and board of directors
The remuneration report for salary and other remuneration for leading
persons 2025 \u2013 which can be found on the group\u2019s website and, as of
the publication of this annual report attachment to the notice of
annual general meeting in Multiconsult ASA. The report provides an
overview of total remuneration earned by the executive management
team and board of directors in 2025 and 2024.
3. Remuneration to the executive management 2025 and 2024
Amounts in
NOK
Fixed remuneration
Variable
remuneration\u2074\u207e
Pension
expense
Total
remuneration
Proportion of
fixed and
variable
remuneration
On 31 December
Year
Base salary\u00b9\u207e
Salary paid \u00b2\u207e
Other benefits\u00b3\u207e
Shares\u2075\u207e
Loans\u2076\u207e
2025
18\u00a0774
24\u00a0856
652
-
1\u00a0626
27\u00a0134
100%/0%
141
464
2024
22\u00a0831
23\u00a0859
533
7\u00a0067
1\u00a0474
32\u00a0933
79%/21%
167
740
1) Annual base salary per 31 December.
2) Salary is amount paid during the year presented, including holiday pay, transportation allowance and compensation for entering new pension plan. Salary paid for previous positions
within Multiconsult is included where relevant.
3) Other benefit includes all other cash and non-cash benefit received during the year and includes taxable parts of; insurance premiums; discount on shares purchased; company car;
housing allowance; per diem allowance; and telecommunication.
4) Variable remuneration is an amount earned in the year presented (excluding holiday pay) and normally paid the subsequent year.
5) Shares owned by the members of the executive management on 31 December, with close associates.
6) Short-term loans for purchase of shares through the share purchase plan for all employees and incentive programme for executive management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Note 7 Employee benefit expenses, number of employees, remuneration, loans to employees etc.
EMPLOYEE BENEFIT EXPENSES
Amounts in NOK thousand
2025
2024
Salaries, vacation pay, bonus etc.
3\u00a0414\u00a0486
3\u00a0157\u00a0594
Social security tax
533\u00a0624
508\u00a0275
Pension expenses (see note 8)
254\u00a0782
230\u00a0884
Other employee benefit expenses
94\u00a0373
77\u00a0692
Total employee benefit expenses
4\u00a0297\u00a0265
3\u00a0974\u00a0446
Full-time equivalents (FTE)\u00b9\u207e
3\u00a0731
3\u00a0566
Permanent fixed employees on 31 December
4\u00a0160
3\u00a0923
1) Number of full-time employees is calculated as the total number of working hours
(including overtime and paid sick leave) divided on normal working hours per full time
employee for the period.
Employee ownership programme and loans to employees
Multiconsult ASA has an employee ownership programme. This
programme consists of two parts: (i) Share purchase plan and (ii)
Share ownership plan.
The share purchase plan offers employees to buy shares in
Multiconsult ASA at a discount of 20 per cent. Shares purchased by
the employees through the plan are subject to a two-year lock-in
period.
The 2025 share purchase plan was conducted in November. In total
Multiconsult sold 633\u00a0307 shares to employees, all of which were
purchased in the market. The sale was based on a price of NOK
132.17 per share, a 20 per cent discount of the volume-weighted
average share price of NOK 165.21 per share traded on Oslo B\u00f8rs in
the period 4 November to 10 November 2025. The total sales price
reduced with the discount was NOK 83 704 thousand, of which NOK
24 010 thousand was paid in cash and the remaining NOK 59 695
thousand as loans granted to the employees, maximum 3/5 G (NOK
78 096) per employee.
Since 2024 the share ownership plan offers newly hired employees a
defined number of complimentary shares in Multiconsult ASA. The
value of these shares was recognised as employee benefit expense
and constitutes a taxable benefit for the employee. In the share
ownership plan in 2025, a total of 15\u00a0840 MULTI shares were
transferred to new employees who accepted the offer. The shares
were purchased in the market, see also note 3.
Members of the executive management also participate in a separate
share\u2011based remuneration arrangement, where part of the annual
bonus is delivered in shares at a discount and subject to a three\u2011year
lock\u2011in period.
The outstanding balance of loans on 31 December 2025 was NOK
55\u00a0296 thousand including loans related to the variable performance-
based bonus scheme of the executive management team. Repayment
of loans takes place over 12 months through deduction in salary.
In the 2024 programme the employees purchased 480 352 shares.
The total sales price was NOK 73 940 thousand, of which NOK 22 527
thousand was paid in cash and the remaining NOK 51 413 thousand
as loans granted to the employees. The 2024 share ownership plan to
current employees took place every quarter. In total 15 400 MULTI
shares were transferred to employees who accepted the offer. The
outstanding balance of loans per 31 December 2024 was NOK 47 480
thousand, including loans to the executive management related to
their variable performance-based bonus scheme.
The discount is partially recognised as an expense and partially
recognised directly in equity. See accounting policies for further
description.
Amounts in NOK thousand
2025
2024
Share purchase plan
Share ownership plan
Share purchase plan
Share ownership plan
Employee benefit expenses
9\u00a0771
2\u00a0825
6\u00a0330
2\u00a0658
Recognised directly to equity (before tax)\u00b9\u207e
12\u00a0648
-
12\u00a0635
-
Total discount
22\u00a0419
2\u00a0825
18\u00a0965
2\u00a0658
1) The discount (before tax) recognised directly to equity may deviate from the total amount
(before tax) recognised in the statement of equity if the payments to acquire own shares
deviates from the market price for the shares used as basis for calculation of the discount,
including transaction costs such as brokerage fees.
There is no unamortised employee benefit expense related to the
shares sold.
1. Remuneration for leading persons
The group\u2019s executive remuneration policy (Remuneration policy on
determination of salary and other remuneration for leading persons)
can be found on the group\u2019s website:
www.multiconsultgroup.com/investor-relations/governance/
remuneration
The principles described in the remuneration policy are the same
principles that were applied during 2025.
2. Overview of remuneration earned by the executive
management and board of directors
The remuneration report for salary and other remuneration for leading
persons 2025 \u2013 which can be found on the group\u2019s website and, as of
the publication of this annual report attachment to the notice of
annual general meeting in Multiconsult ASA. The report provides an
overview of total remuneration earned by the executive management
team and board of directors in 2025 and 2024.
3. Remuneration to the executive management 2025 and 2024
Amounts in
NOK
Fixed remuneration
Variable
remuneration\u2074\u207e
Pension
expense
Total
remuneration
Proportion of
fixed and
variable
remuneration
On 31 December
Year
Base salary\u00b9\u207e
Salary paid \u00b2\u207e
Other benefits\u00b3\u207e
Shares\u2075\u207e
Loans\u2076\u207e
2025
18\u00a0774
24\u00a0856
652
-
1\u00a0626
27\u00a0134
100%/0%
141
464
2024
22\u00a0831
23\u00a0859
533
7\u00a0067
1\u00a0474
32\u00a0933
79%/21%
167
740
1) Annual base salary per 31 December.
2) Salary is amount paid during the year presented, including holiday pay, transportation allowance and compensation for entering new pension plan. Salary paid for previous positions
within Multiconsult is included where relevant.
3) Other benefit includes all other cash and non-cash benefit received during the year and includes taxable parts of; insurance premiums; discount on shares purchased; company car;
housing allowance; per diem allowance; and telecommunication.
4) Variable remuneration is an amount earned in the year presented (excluding holiday pay) and normally paid the subsequent year.
5) Shares owned by the members of the executive management on 31 December, with close associates.
6) Short-term loans for purchase of shares through the share purchase plan for all employees and incentive programme for executive management.
Note 8 Pensions
The parent company and its subsidiaries in Norway have established
pension plans that comply with the requirements in the Act on
Mandatory Company Pensions. The group's subsidiaries both in
Norway and abroad have defined contribution plans, except for a
defined benefit plan in Multiconsult Norge AS, and a multiemployer
plan in LINK Arkitektur AB.
There were 2 964 (2 834) active members in the Multiconsult ASA and
Multiconsult Norge AS defined contribution plan at the end of 2025.
The annual contributions to the plan are 5.0 per cent for contribution
basis between 0G and 7.1G, and 18 per cent of the contribution basis
between 7.1G and 12G. G is a base amount annually approved by the
Norwegian parliament and was NOK 130 160 per 31 December 2025.
In addition, Multiconsult Norge AS has individual a defined benefit
plan that is unfunded, with recognised liabilities of NOK 4 633
thousand (5 029) at the end of 2025.
Other plans in LINK Arkitektur group are plans accounted for as
contribution plans, with 503 (501) active members on 31 December
2025. This includes a multiemployer plan in LINK Arkitektur AB (ITP 2
plan) which is a defined benefit plan.
For 51 (56) employees in LINK Arkitektur AB the defined benefit
pension commitments for retirement and family pensions are secured
in the ITP 2 plan through insurance with Alecta. The group has not
access to information in order to report its proportional share of the
plan's obligations, plan assets and costs, and it is therefore reported
as a defined contribution plan. The expected contribution to the plan
(premium) in 2025 is NOK 3 509 thousand. The premium paid and
expensed in 2025 was NOK 3 159 thousand (3 372). The premium is
calculated individually and is dependent on factors including salary,
previously earned pension, and expected remaining service period of
the employee. The group's share of the total contributions to the plan
amounted to 0.018 per cent in 2025 (0.020). The collective funding
ratio is the market value of Alecta's assets as a percentage of
insurance commitments calculated according to Alecta's actuarial
methods and assumptions, which are not consistent with IAS 19
Employee Benefits. The collective funding ratio is normally allowed to
vary between 125 and 155 per cent. If Alecta's collective funding ratio
is below 125 per cent or exceeds 155 per cent, action should be taken
for consolidation level returning to the normal range. At low funding
ratio, measures can be to raise the agreed price for new and existing
contracts. At high funding ratio a measure may be to reduce
premiums. At the end of 2025, the collective funding ratio was 161 per
cent (164).
Social security tax is calculated based on the pension plan's net
financing and included in the gross pension obligations. Pension
expenses include related social security tax.
Pension expenses
Amounts in NOK thousand
2025
2024
Pension expenses retirement defined benefit plan
1\u00a0072
144
Recognised as financial expenses
157
155
Pension expenses defined contribution plan
253\u00a0552
230\u00a0585
Pension expenses in employee benefit expenses (note 7)
254\u00a0781
230\u00a0884
Effect of remeasurement of net defined benefit obligations
(38)
505
Financial status defined benefit plans
Amounts in NOK thousand
31.12.2025
31.12.2024
Calculated pension obligations (incl. social security tax)
(4\u00a0633)
(20\u00a0991)
Pension assets (at market value)
-
16\u00a0582
Pension obligations
(4\u00a0633)
(4\u00a0409)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Note 7 Employee benefit expenses, number of employees, remuneration, loans to employees etc.
EMPLOYEE BENEFIT EXPENSES
Amounts in NOK thousand
2025
2024
Salaries, vacation pay, bonus etc.
3\u00a0414\u00a0486
3\u00a0157\u00a0594
Social security tax
533\u00a0624
508\u00a0275
Pension expenses (see note 8)
254\u00a0782
230\u00a0884
Other employee benefit expenses
94\u00a0373
77\u00a0692
Total employee benefit expenses
4\u00a0297\u00a0265
3\u00a0974\u00a0446
Full-time equivalents (FTE)\u00b9\u207e
3\u00a0731
3\u00a0566
Permanent fixed employees on 31 December
4\u00a0160
3\u00a0923
1) Number of full-time employees is calculated as the total number of working hours
(including overtime and paid sick leave) divided on normal working hours per full time
employee for the period.
Employee ownership programme and loans to employees
Multiconsult ASA has an employee ownership programme. This
programme consists of two parts: (i) Share purchase plan and (ii)
Share ownership plan.
The share purchase plan offers employees to buy shares in
Multiconsult ASA at a discount of 20 per cent. Shares purchased by
the employees through the plan are subject to a two-year lock-in
period.
The 2025 share purchase plan was conducted in November. In total
Multiconsult sold 633\u00a0307 shares to employees, all of which were
purchased in the market. The sale was based on a price of NOK
132.17 per share, a 20 per cent discount of the volume-weighted
average share price of NOK 165.21 per share traded on Oslo B\u00f8rs in
the period 4 November to 10 November 2025. The total sales price
reduced with the discount was NOK 83 704 thousand, of which NOK
24 010 thousand was paid in cash and the remaining NOK 59 695
thousand as loans granted to the employees, maximum 3/5 G (NOK
78 096) per employee.
Since 2024 the share ownership plan offers newly hired employees a
defined number of complimentary shares in Multiconsult ASA. The
value of these shares was recognised as employee benefit expense
and constitutes a taxable benefit for the employee. In the share
ownership plan in 2025, a total of 15\u00a0840 MULTI shares were
transferred to new employees who accepted the offer. The shares
were purchased in the market, see also note 3.
Members of the executive management also participate in a separate
share\u2011based remuneration arrangement, where part of the annual
bonus is delivered in shares at a discount and subject to a three\u2011year
lock\u2011in period.
The outstanding balance of loans on 31 December 2025 was NOK
55\u00a0296 thousand including loans related to the variable performance-
based bonus scheme of the executive management team. Repayment
of loans takes place over 12 months through deduction in salary.
In the 2024 programme the employees purchased 480 352 shares.
The total sales price was NOK 73 940 thousand, of which NOK 22 527
thousand was paid in cash and the remaining NOK 51 413 thousand
as loans granted to the employees. The 2024 share ownership plan to
current employees took place every quarter. In total 15 400 MULTI
shares were transferred to employees who accepted the offer. The
outstanding balance of loans per 31 December 2024 was NOK 47 480
thousand, including loans to the executive management related to
their variable performance-based bonus scheme.
The discount is partially recognised as an expense and partially
recognised directly in equity. See accounting policies for further
description.
Amounts in NOK thousand
2025
2024
Share purchase plan
Share ownership plan
Share purchase plan
Share ownership plan
Employee benefit expenses
9\u00a0771
2\u00a0825
6\u00a0330
2\u00a0658
Recognised directly to equity (before tax)\u00b9\u207e
12\u00a0648
-
12\u00a0635
-
Total discount
22\u00a0419
2\u00a0825
18\u00a0965
2\u00a0658
1) The discount (before tax) recognised directly to equity may deviate from the total amount
(before tax) recognised in the statement of equity if the payments to acquire own shares
deviates from the market price for the shares used as basis for calculation of the discount,
including transaction costs such as brokerage fees.
There is no unamortised employee benefit expense related to the
shares sold.
1. Remuneration for leading persons
The group\u2019s executive remuneration policy (Remuneration policy on
determination of salary and other remuneration for leading persons)
can be found on the group\u2019s website:
www.multiconsultgroup.com/investor-relations/governance/
remuneration
The principles described in the remuneration policy are the same
principles that were applied during 2025.
2. Overview of remuneration earned by the executive
management and board of directors
The remuneration report for salary and other remuneration for leading
persons 2025 \u2013 which can be found on the group\u2019s website and, as of
the publication of this annual report attachment to the notice of
annual general meeting in Multiconsult ASA. The report provides an
overview of total remuneration earned by the executive management
team and board of directors in 2025 and 2024.
3. Remuneration to the executive management 2025 and 2024
Amounts in
NOK
Fixed remuneration
Variable
remuneration\u2074\u207e
Pension
expense
Total
remuneration
Proportion of
fixed and
variable
remuneration
On 31 December
Year
Base salary\u00b9\u207e
Salary paid \u00b2\u207e
Other benefits\u00b3\u207e
Shares\u2075\u207e
Loans\u2076\u207e
2025
18\u00a0774
24\u00a0856
652
-
1\u00a0626
27\u00a0134
100%/0%
141
464
2024
22\u00a0831
23\u00a0859
533
7\u00a0067
1\u00a0474
32\u00a0933
79%/21%
167
740
1) Annual base salary per 31 December.
2) Salary is amount paid during the year presented, including holiday pay, transportation allowance and compensation for entering new pension plan. Salary paid for previous positions
within Multiconsult is included where relevant.
3) Other benefit includes all other cash and non-cash benefit received during the year and includes taxable parts of; insurance premiums; discount on shares purchased; company car;
housing allowance; per diem allowance; and telecommunication.
4) Variable remuneration is an amount earned in the year presented (excluding holiday pay) and normally paid the subsequent year.
5) Shares owned by the members of the executive management on 31 December, with close associates.
6) Short-term loans for purchase of shares through the share purchase plan for all employees and incentive programme for executive management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
Note 9 Research and development
Multiconsult Norge AS and LINK Arkitektur AS perform a number of
research and development activities. The company has divided the
activities into the following categories:
1. Projects with external funding.
2. Projects with collaborating partners (example SINTEF,
SkatteFUNN, PhD arrangements).
3. Activities related to methodology development, process etc. that
the company uses to deliver to clients (product and process
development), including these activities in group networks.
Total expenditures for these activities were NOK 9.6 million (1.9) in
2025 of which NOK 0 million (0.2) was invoiced to clients in 2025. In
the statement of profit or loss, these expenditures have been reduced
by government grants (SkatteFUNN) of NOK 1.8 million (0.3) in 2025.
None of these expenditures have been capitalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Note 10 Other operating expenses
Amounts in NOK thousand
2025
2024
Office expenses
129\u00a0391
118\u00a0198
Consultants
92\u00a0632
69\u00a0455
Technical equipment
12\u00a0413
16\u00a0473
IT and communication
257\u00a0954
225\u00a0531
Travel and meeting
42\u00a0563
41\u00a0307
Sales and marketing
27\u00a0025
24\u00a0491
Losses on receivables
639
3\u00a0073
Gain on sale of fixed assets
-
(1\u00a0713)
Other \u00b9\u207e
150\u00a0610
146\u00a0897
Total other operating expenses
713\u00a0226
643\u00a0710
1) Other include internal project costs, social activities, courses and training.
Auditor
Fees paid to BDO AS and its affiliated companies, as well as fees paid to other auditors in subsidiaries:
2025
2024
Amounts in NOK thousand
BDO
Other
Deloitte
Other
Statutory audit services
1\u00a0876
2\u00a0387
4\u00a0391
1\u00a0218
Tax advisory services
-
124
87
-
Other assurance services
309
785
1\u00a0340
-
Other non-audit services
-
-
34
-
Total
2\u00a0185
3\u00a0296
5\u00a0851
1\u00a0218
The amounts above are excluding VAT. Other assurance services include fees related to
the limited assurance report on the sustainability statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Note 10 Other operating expenses
Amounts in NOK thousand
2025
2024
Office expenses
129\u00a0391
118\u00a0198
Consultants
92\u00a0632
69\u00a0455
Technical equipment
12\u00a0413
16\u00a0473
IT and communication
257\u00a0954
225\u00a0531
Travel and meeting
42\u00a0563
41\u00a0307
Sales and marketing
27\u00a0025
24\u00a0491
Losses on receivables
639
3\u00a0073
Gain on sale of fixed assets
-
(1\u00a0713)
Other \u00b9\u207e
150\u00a0610
146\u00a0897
Total other operating expenses
713\u00a0226
643\u00a0710
1) Other include internal project costs, social activities, courses and training.
Auditor
Fees paid to BDO AS and its affiliated companies, as well as fees paid to other auditors in subsidiaries:
2025
2024
Amounts in NOK thousand
BDO
Other
Deloitte
Other
Statutory audit services
1\u00a0876
2\u00a0387
4\u00a0391
1\u00a0218
Tax advisory services
-
124
87
-
Other assurance services
309
785
1\u00a0340
-
Other non-audit services
-
-
34
-
Total
2\u00a0185
3\u00a0296
5\u00a0851
1\u00a0218
The amounts above are excluding VAT. Other assurance services include fees related to
the limited assurance report on the sustainability statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
Note 10 Other operating expenses
Amounts in NOK thousand
2025
2024
Office expenses
129\u00a0391
118\u00a0198
Consultants
92\u00a0632
69\u00a0455
Technical equipment
12\u00a0413
16\u00a0473
IT and communication
257\u00a0954
225\u00a0531
Travel and meeting
42\u00a0563
41\u00a0307
Sales and marketing
27\u00a0025
24\u00a0491
Losses on receivables
639
3\u00a0073
Gain on sale of fixed assets
-
(1\u00a0713)
Other \u00b9\u207e
150\u00a0610
146\u00a0897
Total other operating expenses
713\u00a0226
643\u00a0710
1) Other include internal project costs, social activities, courses and training.
Auditor
Fees paid to BDO AS and its affiliated companies, as well as fees paid to other auditors in subsidiaries:
2025
2024
Amounts in NOK thousand
BDO
Other
Deloitte
Other
Statutory audit services
1\u00a0876
2\u00a0387
4\u00a0391
1\u00a0218
Tax advisory services
-
124
87
-
Other assurance services
309
785
1\u00a0340
-
Other non-audit services
-
-
34
-
Total
2\u00a0185
3\u00a0296
5\u00a0851
1\u00a0218
The amounts above are excluding VAT. Other assurance services include fees related to
the limited assurance report on the sustainability statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
Note 11 Intangible assets and goodwill
Amounts in NOK thousand
Software
Own developed intangible
assets
Brand
Other intangible assets
Total intangible assets
Goodwill
Acquisition cost 1 January
2024
107\u00a0845
7\u00a0699
9\u00a0200
21\u00a0530
146\u00a0274
1\u00a0147\u00a0092
Additions from business
combinations
127
-
14\u00a0760
14\u00a0887
68\u00a0811
Additions
2\u00a0749
586
-
-
3\u00a0335
-
Disposals
108
-
-
-
108
-
Currency translation
differences
580
-
-
-
580
4\u00a0197
Acquisition cost 31
December 2024
111\u00a0193
8\u00a0285
9\u00a0200
36\u00a0290
164\u00a0968
1\u00a0220\u00a0099
Additions from business
combinations
-
-
-
16\u00a0470
16\u00a0470
278\u00a0256
Additions
19\u00a0322
-
-
-
19\u00a0322
-
Reclass from other machines,
plant, fixtures and fittings
4\u00a0363
-
-
-
4\u00a0363
-
Currency translation
differences
161
-
-
-
161
6\u00a0651
Acquisition cost 31
December 2025
135\u00a0039
8\u00a0285
9\u00a0200
52\u00a0760
205\u00a0284
1\u00a0505\u00a0007
Accumulated amortisation 1
January 2024
94\u00a0187
-
18\u00a0342
112\u00a0529
82\u00a0678
Amortisation for the year
4\u00a0801
414
-
6\u00a0797
11\u00a0598
-
Currency translation
differences
535
-
-
-
535
162
Accumulated amortisation
31 December 2024
99\u00a0523
414
-
25\u00a0139
124\u00a0662
82\u00a0839
Amounts in NOK thousand
Software
Own developed intangible
assets
Brand
Other intangible assets
Total intangible assets
Goodwill
Amortisation for the year
5\u00a0112
1\u00a0657
-
4\u00a0711
11\u00a0894
-
Currency translation
differences
160
-
-
-
160
45
Accumulated amortisation
31 December 2025
104\u00a0795
2\u00a0071
-
29\u00a0850
136\u00a0716
82\u00a0884
Carrying amount 1 January
2024
13\u00a0658
7\u00a0699
9\u00a0200
3\u00a0188
33\u00a0745
1\u00a0064\u00a0414
Additions from business
combinations
127
-
-
14\u00a0760
14\u00a0887
68\u00a0811
Additions
2\u00a0749
586
-
-
3\u00a0335
-
Disposals
108
-
-
-
108
-
Amortisation for the year
4\u00a0801
414
-
6\u00a0797
12\u00a0012
-
Currency translation
differences
45
-
-
-
45
4\u00a0035
Carrying amount 31
December 2024
11\u00a0670
7\u00a0871
9\u00a0200
11\u00a0151
39\u00a0892
1\u00a0137\u00a0260
Additions from business
combinations
-
-
-
16\u00a0470
16\u00a0470
278\u00a0256
Additions
19\u00a0322
-
-
-
19\u00a0322
-
Disposals
-
-
-
-
-
-
Reclass from other machines,
plant, fixtures and fittings
4\u00a0363
-
-
-
4\u00a0363
-
Amortisation for the year
5\u00a0112
1\u00a0657
-
4\u00a0711
11\u00a0480
-
Currency translation
differences
1
-
-
-
2
6\u00a0607
Carrying amount 31
December 2025
30\u00a0244
6\u00a0214
9\u00a0200
22\u00a0910
68\u00a0568
1\u00a0422\u00a0124
Software includes standard software that are amortised on a straight-
line basis over three years. An ERP system capitalised in 2017 is
amortised on a straight\u2011line basis over its estimated useful life of ten
years. In 2025, additional group software was capitalised, which is
amortised over an estimated useful life of five to seven years. Own
developed intangible asset relates to multiMap 2.0, a digital tool, was
completed in 2024 and is amortised straight-line over its estimated
useful life of five years.
Other intangible assets comprise order backlogs recognised in
connection with the acquisitions of Lifetec and Vianova in 2025,
Sitepartner AS in 2024, and T2 Prosjekt Vest AS in 2023. The order
backlogs are amortised on a straight\u2011line basis over their estimated
useful lives, which range from one to three years.
In addition, other intangible assets include customer relations
recognised in connection with the acquisition of VA Resurs in 2024,
amortised over their assessed economic lifetime.
Impairment tests
The group performs impairment assessments of goodwill annually at
year\u2011end, or more frequently if indicators of impairment arise. The
impairment test is carried out based on the group\u2019s identified
cash\u2011generating units (CGUs). CGUs may be revised when
businesses are integrated or when organisational changes occur.
CGUs are generally established at a level below the operating
segments and correspond to regions or individual legal entities,
provided that separate financial information is available.
CGUs used for the impairment assessment in 2025 and 2024 are
presented in the table below. The carrying amounts of these cash
generating units include property, plant and equipment, intangible
assets, and allocated goodwill.
Working capital is not included, as it cannot be reliably allocated to
the CGUs. Total change in net working capital was negative by
approximately NOK 286 million in 2025. Executive management team
has assessed the potential impact of allocating it to the CGUs and,
based on information available at the reporting date, identified no
indicators that this would change the impairment conclusion.
Goodwill specified per cash generating unit:
Amounts in NOK thousand
31.12.2025
31.12.2024
Belongs to segment
LINK group
157\u00a0717
157\u00a0580
Architecture
Region Oslo
434\u00a0428
434\u00a0428
Norway
Business unit Transportation
27\u00a0600
27\u00a0600
Norway
Region Norway
155\u00a0934
155\u00a0934
Norway
Business unit North
40\u00a0817
40\u00a0817
Norway
Business unit West
70\u00a0728
54\u00a0520
Norway
Business unit Middle
14\u00a0108
14\u00a0108
Norway
Business unit \u00d8stfold
12\u00a0184
12\u00a0204
Norway
Iterio group
109\u00a0225
102\u00a0736
International
Multiconsult Polska
978
978
International
A-Lab group
103\u00a0277
103\u00a0277
Architecture
Petter J. Rasmussen
-
16\u00a0208
Norway
Sitepartner
16\u00a0871
16\u00a0871
Norway
Lifetec
8\u00a0900
Norway
Vianova group
269\u00a0356
-
Norway
Total
1\u00a0422\u00a0124
1\u00a0137\u00a0260
The recoverable amount is estimated value in use, based on
discounted future cash flows. Future cash flows included in the
impairment tests at the end of 2025 are based on board approved
budget for 2026 and the company's strategy plan for the subsequent
four years. Lease liabilities are taken into account both in the DCF
model and in the WACC. The growth in the forecast period of 2027 \u2013
2030 is based on a moderate estimated growth in revenue and cost, in
line with strategy, profitability targets and expected market outlook.
The ambitions are profitability above peer-group average and
strengthened operations and value creation, the assumed growth in
cash flow and profitability is reflected in the budget and strategy plan
period. The revenues in the budget show a moderate organic growth.
The growth in the 2026 budget is aligned with the group\u2019s long-term
strategic growth ambitions. Achieved growth in net operating
revenues in recent years has been broadly in line with this level. The
EBIT margins applied in the impairment tests are derived from
approved budgets for each unit. The budgeted margins reflect a
combination of the CGU's historical margin trends, current market
conditions, and strategic ambitions. They have been reviewed and
endorsed by both local unit management and the Executive
management team. Overall, the budgeted EBIT margins are set as
realistic, achievable, yet ambitious targets for the respective units.
After the forecast period, a terminal value has been calculated using a
long\u2011term growth rate of 2.0 per cent, unchanged from last year. The
long\u2011term growth rate reflects management\u2019s assessment of a
sustainable level of growth and is considered consistent with
long\u2011term market expectations for the group\u2019s operations.
Reinvestments in property, plant and equipment are set below
depreciation for the first five years and equal to depreciation in the
terminal year for the purposes of the analysis. The business is not
investment heavy, and the basis for maintaining the capacity for
future cash flows is mainly investment in employees, which is
reflected in the annual forecasted cash flows from operations.
Therefore, EBIT is used as an estimate of cash flows in the terminal
period. A calculated income tax has been included to be consistent
with use of a post-tax discount rate.
The group\u2019s largest CGUs are Region Oslo, Vianova group, LINK group
and Region Norway, each representing more than 10 per cent of the
group\u2019s total goodwill. These CGUs operate within similar business
models and are influenced by many of the same market drivers. The
impairment test for these units is primarily driven by assumptions
relating to revenue growth, EBIT margins and discount rates.
Revenue growth reflects moderate organic development in line with
the group\u2019s long\u2011term strategic ambitions, supported by each CGU\u2019s
ability to deliver on existing contracts, win new assignments and
achieve expected billing ratios. For the impairment test, an annual
revenue growth rate of 3 per cent has been applied across the CGUs.
EBIT margins are based on historical performance and management\u2019s
expectations regarding pricing, cost development and operational
efficiency. The budgets underlying the impairment tests include EBIT
margin assumptions averaging around 10 per cent. These budgeted
margins are directly applied in the impairment models to reflect the
differing profitability profiles of each unit.
A post\u2011tax discount rate (WACC) of 7.0 per cent (2024: 8.0 per cent)
has been applied consistently across these CGUs, and the
corresponding pre\u2011tax discount rate is estimated at approximately 9.0
per cent (2024: 10.3 per cent). Management considers the asset beta
to be similar across CGUs and operating segments, and therefore
applies a uniform discount rate.
The post\u2011tax discount rate (WACC) applied in the impairment test is
7.0 per cent (2024: 8.0 per cent). The corresponding pre\u2011tax WACC is
estimated at approximately 9.0 per cent (2024: 10.3 per cent). The
decrease in WACC compared with 2024 reflects a lower cost of
equity, driven by a reduction in sector beta, and a lower cost of debt
following refinancing of loan facilities.
The key assumptions applied in the VIU calculation are future
operating revenues, EBIT margins and discount rates, which are also
the parameters to which the impairment test is most sensitive.
Sensitivity analyses have been performed for changes in the discount
rate (WACC), EBIT and revenues. The analyses show a substantial
level of headroom, indicating that significant adverse changes in
assumptions would be required for the recoverable amount to fall
below the carrying amount.
Based on the impairment test, management concludes that
reasonably possible changes in key assumptions would not result in
an impairment of goodwill as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Note 11 Intangible assets and goodwill
Amounts in NOK thousand
Software
Own developed intangible
assets
Brand
Other intangible assets
Total intangible assets
Goodwill
Acquisition cost 1 January
2024
107\u00a0845
7\u00a0699
9\u00a0200
21\u00a0530
146\u00a0274
1\u00a0147\u00a0092
Additions from business
combinations
127
-
14\u00a0760
14\u00a0887
68\u00a0811
Additions
2\u00a0749
586
-
-
3\u00a0335
-
Disposals
108
-
-
-
108
-
Currency translation
differences
580
-
-
-
580
4\u00a0197
Acquisition cost 31
December 2024
111\u00a0193
8\u00a0285
9\u00a0200
36\u00a0290
164\u00a0968
1\u00a0220\u00a0099
Additions from business
combinations
-
-
-
16\u00a0470
16\u00a0470
278\u00a0256
Additions
19\u00a0322
-
-
-
19\u00a0322
-
Reclass from other machines,
plant, fixtures and fittings
4\u00a0363
-
-
-
4\u00a0363
-
Currency translation
differences
161
-
-
-
161
6\u00a0651
Acquisition cost 31
December 2025
135\u00a0039
8\u00a0285
9\u00a0200
52\u00a0760
205\u00a0284
1\u00a0505\u00a0007
Accumulated amortisation 1
January 2024
94\u00a0187
-
18\u00a0342
112\u00a0529
82\u00a0678
Amortisation for the year
4\u00a0801
414
-
6\u00a0797
11\u00a0598
-
Currency translation
differences
535
-
-
-
535
162
Accumulated amortisation
31 December 2024
99\u00a0523
414
-
25\u00a0139
124\u00a0662
82\u00a0839
Amounts in NOK thousand
Software
Own developed intangible
assets
Brand
Other intangible assets
Total intangible assets
Goodwill
Amortisation for the year
5\u00a0112
1\u00a0657
-
4\u00a0711
11\u00a0894
-
Currency translation
differences
160
-
-
-
160
45
Accumulated amortisation
31 December 2025
104\u00a0795
2\u00a0071
-
29\u00a0850
136\u00a0716
82\u00a0884
Carrying amount 1 January
2024
13\u00a0658
7\u00a0699
9\u00a0200
3\u00a0188
33\u00a0745
1\u00a0064\u00a0414
Additions from business
combinations
127
-
-
14\u00a0760
14\u00a0887
68\u00a0811
Additions
2\u00a0749
586
-
-
3\u00a0335
-
Disposals
108
-
-
-
108
-
Amortisation for the year
4\u00a0801
414
-
6\u00a0797
12\u00a0012
-
Currency translation
differences
45
-
-
-
45
4\u00a0035
Carrying amount 31
December 2024
11\u00a0670
7\u00a0871
9\u00a0200
11\u00a0151
39\u00a0892
1\u00a0137\u00a0260
Additions from business
combinations
-
-
-
16\u00a0470
16\u00a0470
278\u00a0256
Additions
19\u00a0322
-
-
-
19\u00a0322
-
Disposals
-
-
-
-
-
-
Reclass from other machines,
plant, fixtures and fittings
4\u00a0363
-
-
-
4\u00a0363
-
Amortisation for the year
5\u00a0112
1\u00a0657
-
4\u00a0711
11\u00a0480
-
Currency translation
differences
1
-
-
-
2
6\u00a0607
Carrying amount 31
December 2025
30\u00a0244
6\u00a0214
9\u00a0200
22\u00a0910
68\u00a0568
1\u00a0422\u00a0124
Software includes standard software that are amortised on a straight-
line basis over three years. An ERP system capitalised in 2017 is
amortised on a straight\u2011line basis over its estimated useful life of ten
years. In 2025, additional group software was capitalised, which is
amortised over an estimated useful life of five to seven years. Own
developed intangible asset relates to multiMap 2.0, a digital tool, was
completed in 2024 and is amortised straight-line over its estimated
useful life of five years.
Other intangible assets comprise order backlogs recognised in
connection with the acquisitions of Lifetec and Vianova in 2025,
Sitepartner AS in 2024, and T2 Prosjekt Vest AS in 2023. The order
backlogs are amortised on a straight\u2011line basis over their estimated
useful lives, which range from one to three years.
In addition, other intangible assets include customer relations
recognised in connection with the acquisition of VA Resurs in 2024,
amortised over their assessed economic lifetime.
Impairment tests
The group performs impairment assessments of goodwill annually at
year\u2011end, or more frequently if indicators of impairment arise. The
impairment test is carried out based on the group\u2019s identified
cash\u2011generating units (CGUs). CGUs may be revised when
businesses are integrated or when organisational changes occur.
CGUs are generally established at a level below the operating
segments and correspond to regions or individual legal entities,
provided that separate financial information is available.
CGUs used for the impairment assessment in 2025 and 2024 are
presented in the table below. The carrying amounts of these cash
generating units include property, plant and equipment, intangible
assets, and allocated goodwill.
Working capital is not included, as it cannot be reliably allocated to
the CGUs. Total change in net working capital was negative by
approximately NOK 286 million in 2025. Executive management team
has assessed the potential impact of allocating it to the CGUs and,
based on information available at the reporting date, identified no
indicators that this would change the impairment conclusion.
Goodwill specified per cash generating unit:
Amounts in NOK thousand
31.12.2025
31.12.2024
Belongs to segment
LINK group
157\u00a0717
157\u00a0580
Architecture
Region Oslo
434\u00a0428
434\u00a0428
Norway
Business unit Transportation
27\u00a0600
27\u00a0600
Norway
Region Norway
155\u00a0934
155\u00a0934
Norway
Business unit North
40\u00a0817
40\u00a0817
Norway
Business unit West
70\u00a0728
54\u00a0520
Norway
Business unit Middle
14\u00a0108
14\u00a0108
Norway
Business unit \u00d8stfold
12\u00a0184
12\u00a0204
Norway
Iterio group
109\u00a0225
102\u00a0736
International
Multiconsult Polska
978
978
International
A-Lab group
103\u00a0277
103\u00a0277
Architecture
Petter J. Rasmussen
-
16\u00a0208
Norway
Sitepartner
16\u00a0871
16\u00a0871
Norway
Lifetec
8\u00a0900
Norway
Vianova group
269\u00a0356
-
Norway
Total
1\u00a0422\u00a0124
1\u00a0137\u00a0260
The recoverable amount is estimated value in use, based on
discounted future cash flows. Future cash flows included in the
impairment tests at the end of 2025 are based on board approved
budget for 2026 and the company's strategy plan for the subsequent
four years. Lease liabilities are taken into account both in the DCF
model and in the WACC. The growth in the forecast period of 2027 \u2013
2030 is based on a moderate estimated growth in revenue and cost, in
line with strategy, profitability targets and expected market outlook.
The ambitions are profitability above peer-group average and
strengthened operations and value creation, the assumed growth in
cash flow and profitability is reflected in the budget and strategy plan
period. The revenues in the budget show a moderate organic growth.
The growth in the 2026 budget is aligned with the group\u2019s long-term
strategic growth ambitions. Achieved growth in net operating
revenues in recent years has been broadly in line with this level. The
EBIT margins applied in the impairment tests are derived from
approved budgets for each unit. The budgeted margins reflect a
combination of the CGU's historical margin trends, current market
conditions, and strategic ambitions. They have been reviewed and
endorsed by both local unit management and the Executive
management team. Overall, the budgeted EBIT margins are set as
realistic, achievable, yet ambitious targets for the respective units.
After the forecast period, a terminal value has been calculated using a
long\u2011term growth rate of 2.0 per cent, unchanged from last year. The
long\u2011term growth rate reflects management\u2019s assessment of a
sustainable level of growth and is considered consistent with
long\u2011term market expectations for the group\u2019s operations.
Reinvestments in property, plant and equipment are set below
depreciation for the first five years and equal to depreciation in the
terminal year for the purposes of the analysis. The business is not
investment heavy, and the basis for maintaining the capacity for
future cash flows is mainly investment in employees, which is
reflected in the annual forecasted cash flows from operations.
Therefore, EBIT is used as an estimate of cash flows in the terminal
period. A calculated income tax has been included to be consistent
with use of a post-tax discount rate.
The group\u2019s largest CGUs are Region Oslo, Vianova group, LINK group
and Region Norway, each representing more than 10 per cent of the
group\u2019s total goodwill. These CGUs operate within similar business
models and are influenced by many of the same market drivers. The
impairment test for these units is primarily driven by assumptions
relating to revenue growth, EBIT margins and discount rates.
Revenue growth reflects moderate organic development in line with
the group\u2019s long\u2011term strategic ambitions, supported by each CGU\u2019s
ability to deliver on existing contracts, win new assignments and
achieve expected billing ratios. For the impairment test, an annual
revenue growth rate of 3 per cent has been applied across the CGUs.
EBIT margins are based on historical performance and management\u2019s
expectations regarding pricing, cost development and operational
efficiency. The budgets underlying the impairment tests include EBIT
margin assumptions averaging around 10 per cent. These budgeted
margins are directly applied in the impairment models to reflect the
differing profitability profiles of each unit.
A post\u2011tax discount rate (WACC) of 7.0 per cent (2024: 8.0 per cent)
has been applied consistently across these CGUs, and the
corresponding pre\u2011tax discount rate is estimated at approximately 9.0
per cent (2024: 10.3 per cent). Management considers the asset beta
to be similar across CGUs and operating segments, and therefore
applies a uniform discount rate.
The post\u2011tax discount rate (WACC) applied in the impairment test is
7.0 per cent (2024: 8.0 per cent). The corresponding pre\u2011tax WACC is
estimated at approximately 9.0 per cent (2024: 10.3 per cent). The
decrease in WACC compared with 2024 reflects a lower cost of
equity, driven by a reduction in sector beta, and a lower cost of debt
following refinancing of loan facilities.
The key assumptions applied in the VIU calculation are future
operating revenues, EBIT margins and discount rates, which are also
the parameters to which the impairment test is most sensitive.
Sensitivity analyses have been performed for changes in the discount
rate (WACC), EBIT and revenues. The analyses show a substantial
level of headroom, indicating that significant adverse changes in
assumptions would be required for the recoverable amount to fall
below the carrying amount.
Based on the impairment test, management concludes that
reasonably possible changes in key assumptions would not result in
an impairment of goodwill as at 31 December 2025.
Note 12 Property, plant and equipment
Amounts in NOK thousand
Buildings and other
real estate
Other machines, plant,
fixtures and fittings
Leasehold
improvements
Total property, plant
and equipment
Acquisition cost 1 January 2024
3\u00a0437
540\u00a0847
92\u00a0844
637\u00a0128
Additions from business combinations
-
217
-
217
Additions
221
89\u00a0218
5\u00a0840
95\u00a0278
Disposals
-
18\u00a0286
766
19\u00a0051
Currency translation differences
225
1\u00a0823
108
2\u00a0156
Acquisition cost 31 December 2024
3\u00a0883
613\u00a0818
98\u00a0026
715\u00a0728
Amounts in NOK thousand
Buildings and other
real estate
Other machines, plant,
fixtures and fittings
Leasehold
improvements
Total property, plant
and equipment
Additions from business combinations
-
2\u00a0095
76
2\u00a0171
Additions
65
56\u00a0098
3\u00a0702
59\u00a0865
Disposals
-
1\u00a0503
-
1\u00a0503
Reclass to software
-
4\u00a0363
-
4\u00a0363
Currency translation differences
66
3\u00a0389
(35)
3\u00a0420
Acquisition cost 31 December 2025
4\u00a0014
669\u00a0534
101\u00a0770
775\u00a0318
Acc. depreciation 1 January 2024
1\u00a0623
420\u00a0057
69\u00a0051
490\u00a0731
Depreciation for the year
307
54\u00a0423
7\u00a0416
62\u00a0147
Disposals
-
16\u00a0815
584
17\u00a0398
Currency translation differences
112
1\u00a0451
47
1\u00a0610
Acc. depreciation 31 December 2024
2\u00a0042
459\u00a0117
75\u00a0931
537\u00a0090
Depreciation for the year
324
56\u00a0392
7\u00a0217
63\u00a0934
Disposals
-
1\u00a0328
-
1\u00a0328
Currency translation differences
39
3\u00a0059
(1)
3\u00a0098
Acc. depreciation 31 December 2025
2\u00a0406
517\u00a0240
83\u00a0146
602\u00a0792
Carrying amount 1 January 2024
1\u00a0814
120\u00a0790
23\u00a0794
146\u00a0398
Additions from business combinations
-
217
-
217
Additions
221
89\u00a0218
5\u00a0840
95\u00a0278
Disposals
-
1\u00a0471
182
1\u00a0653
Depreciation for the year
307
54\u00a0423
7\u00a0416
62\u00a0147
Currency translation differences
113
372
61
546
Carrying amount 31 December 2024
1\u00a0841
154\u00a0701
22\u00a0095
178\u00a0637
Additions from business combinations
-
2\u00a0095
76
2\u00a0171
Additions
65
56\u00a0098
3\u00a0702
59\u00a0865
Amounts in NOK thousand
Buildings and other
real estate
Other machines, plant,
fixtures and fittings
Leasehold
improvements
Total property, plant
and equipment
Disposals
-
175
-
175
Reclass to software
-
4\u00a0363
-
4\u00a0363
Depreciation for the year
324
56\u00a0392
7\u00a0217
63\u00a0934
Currency translation differences
27
330
(35)
321
Carrying amount 31 December 2025
1\u00a0608
152\u00a0294
18\u00a0623
172\u00a0524
Useful life
10-50 years
3-8 years
Same as equivalent
assets, max leasing
period
Depreciation plan
Straight line
Straight line
Note 13 Leases
Multiconsult has two classes of assets that has been reported as
right-of-use assets: buildings (primarily office premises) and cars.
Right-of-use assets and lease liabilities
Amounts in NOK thousand
Asset
Liabilities
Balance 1 January 2024
729\u00a0400
799\u00a0707
Additions
8\u00a0317
8\u00a0317
Reassessments
85\u00a0259
85\u00a0259
Depreciation
(174\u00a0810)
N/A
Impairment
103
N/A
Interest expense
N/A
35\u00a0196
Lease payments (interest and
instalments)
N/A
(213\u00a0209)
Terminations
(96)
-
Currency
2\u00a0437
2\u00a0327
Balance 31 December 2024
650\u00a0609
717\u00a0597
Additions
19\u00a0313
19\u00a0313
Reassessments
44\u00a0863
44\u00a0863
Depreciation
(181\u00a0535)
N/A
Impairment
-
N/A
Interest expense
N/A
31\u00a0148
Lease payments (interest and
instalments)
N/A
(221\u00a0318)
Terminations
(987)
(1\u00a0116)
Currency
2\u00a0054
1\u00a0946
Balance 31 December 2025
534\u00a0316
592\u00a0432
Depreciation charge for right-of-use assets (previously operating
lease), is split by class of underlying asset as follows:
Amounts in NOK thousand
2025
2024
Property
171\u00a0865
166\u00a0691
Cars
9\u00a0670
8\u00a0120
Total
181\u00a0535
174\u00a0810
The carrying amount of right-of-use assets at the end of the reporting
period by class of underlying asset is as follows:
Amounts in NOK thousand
2025
2024
Property
513\u00a0288
627\u00a0647
Cars
21\u00a0028
22\u00a0962
Total
534\u00a0316
650\u00a0609
Short-term leases and low-value asset lease expenses
The expenses related to short-term leases (less than 12 months) and
low-value assets are summarised in the table below. For these leases
the practical expedients in IFRS 16 Leases have been applied, and the
lease payments associated with those leases are recognised as an
expense and classified as other operating expenses.
Amounts in NOK thousand
2025
2024
Short-term leases
28\u00a0209
17\u00a0450
Low value asset
10\u00a0067
11\u00a0643
Total
38\u00a0276
29\u00a0092
Undiscounted lease liabilities and maturity of cash outflows
31 December 2025
Amounts in NOK thousand
Office premises
Cars
Total
Due within 1 year
201\u00a0122
12\u00a0661
213\u00a0783
Due more than 1 year, but within 5 years
401\u00a0691
11\u00a0886
413\u00a0577
Due more than 5 years
27\u00a0528
-
27\u00a0528
Total undiscounted lease liabilities
630\u00a0341
24\u00a0547
654\u00a0888
31 December 2024
Amounts in NOK thousand
Office premises
Cars
Total
Due within 1 year
200\u00a0438
11\u00a0811
212\u00a0249
Due more than 1 year, but within 5 years
474\u00a0121
15\u00a0294
489\u00a0415
Due more than 5 years
85\u00a0664
-
85\u00a0664
Total undiscounted lease liabilities
760\u00a0222
27\u00a0106
787\u00a0328
The group has renewal options for several contracts that are not
recognised, as per the principles described in note 2A . The group
estimates that the lease cash outflows due more than one year, but
within five years would have been NOK 154 million higher, and cash
outflows due more than five and less than ten years would have been
NOK 375 million higher, had these renewal options been recognised.
Total cash outflows for leases amounts to NOK 259.6 million in 2025
(240.5).
The group has not entered into any new material lease agreements
not yet recognised in the consolidated statement of financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Note 11 Intangible assets and goodwill
Amounts in NOK thousand
Software
Own developed intangible
assets
Brand
Other intangible assets
Total intangible assets
Goodwill
Acquisition cost 1 January
2024
107\u00a0845
7\u00a0699
9\u00a0200
21\u00a0530
146\u00a0274
1\u00a0147\u00a0092
Additions from business
combinations
127
-
14\u00a0760
14\u00a0887
68\u00a0811
Additions
2\u00a0749
586
-
-
3\u00a0335
-
Disposals
108
-
-
-
108
-
Currency translation
differences
580
-
-
-
580
4\u00a0197
Acquisition cost 31
December 2024
111\u00a0193
8\u00a0285
9\u00a0200
36\u00a0290
164\u00a0968
1\u00a0220\u00a0099
Additions from business
combinations
-
-
-
16\u00a0470
16\u00a0470
278\u00a0256
Additions
19\u00a0322
-
-
-
19\u00a0322
-
Reclass from other machines,
plant, fixtures and fittings
4\u00a0363
-
-
-
4\u00a0363
-
Currency translation
differences
161
-
-
-
161
6\u00a0651
Acquisition cost 31
December 2025
135\u00a0039
8\u00a0285
9\u00a0200
52\u00a0760
205\u00a0284
1\u00a0505\u00a0007
Accumulated amortisation 1
January 2024
94\u00a0187
-
18\u00a0342
112\u00a0529
82\u00a0678
Amortisation for the year
4\u00a0801
414
-
6\u00a0797
11\u00a0598
-
Currency translation
differences
535
-
-
-
535
162
Accumulated amortisation
31 December 2024
99\u00a0523
414
-
25\u00a0139
124\u00a0662
82\u00a0839
Amounts in NOK thousand
Software
Own developed intangible
assets
Brand
Other intangible assets
Total intangible assets
Goodwill
Amortisation for the year
5\u00a0112
1\u00a0657
-
4\u00a0711
11\u00a0894
-
Currency translation
differences
160
-
-
-
160
45
Accumulated amortisation
31 December 2025
104\u00a0795
2\u00a0071
-
29\u00a0850
136\u00a0716
82\u00a0884
Carrying amount 1 January
2024
13\u00a0658
7\u00a0699
9\u00a0200
3\u00a0188
33\u00a0745
1\u00a0064\u00a0414
Additions from business
combinations
127
-
-
14\u00a0760
14\u00a0887
68\u00a0811
Additions
2\u00a0749
586
-
-
3\u00a0335
-
Disposals
108
-
-
-
108
-
Amortisation for the year
4\u00a0801
414
-
6\u00a0797
12\u00a0012
-
Currency translation
differences
45
-
-
-
45
4\u00a0035
Carrying amount 31
December 2024
11\u00a0670
7\u00a0871
9\u00a0200
11\u00a0151
39\u00a0892
1\u00a0137\u00a0260
Additions from business
combinations
-
-
-
16\u00a0470
16\u00a0470
278\u00a0256
Additions
19\u00a0322
-
-
-
19\u00a0322
-
Disposals
-
-
-
-
-
-
Reclass from other machines,
plant, fixtures and fittings
4\u00a0363
-
-
-
4\u00a0363
-
Amortisation for the year
5\u00a0112
1\u00a0657
-
4\u00a0711
11\u00a0480
-
Currency translation
differences
1
-
-
-
2
6\u00a0607
Carrying amount 31
December 2025
30\u00a0244
6\u00a0214
9\u00a0200
22\u00a0910
68\u00a0568
1\u00a0422\u00a0124
Software includes standard software that are amortised on a straight-
line basis over three years. An ERP system capitalised in 2017 is
amortised on a straight\u2011line basis over its estimated useful life of ten
years. In 2025, additional group software was capitalised, which is
amortised over an estimated useful life of five to seven years. Own
developed intangible asset relates to multiMap 2.0, a digital tool, was
completed in 2024 and is amortised straight-line over its estimated
useful life of five years.
Other intangible assets comprise order backlogs recognised in
connection with the acquisitions of Lifetec and Vianova in 2025,
Sitepartner AS in 2024, and T2 Prosjekt Vest AS in 2023. The order
backlogs are amortised on a straight\u2011line basis over their estimated
useful lives, which range from one to three years.
In addition, other intangible assets include customer relations
recognised in connection with the acquisition of VA Resurs in 2024,
amortised over their assessed economic lifetime.
Impairment tests
The group performs impairment assessments of goodwill annually at
year\u2011end, or more frequently if indicators of impairment arise. The
impairment test is carried out based on the group\u2019s identified
cash\u2011generating units (CGUs). CGUs may be revised when
businesses are integrated or when organisational changes occur.
CGUs are generally established at a level below the operating
segments and correspond to regions or individual legal entities,
provided that separate financial information is available.
CGUs used for the impairment assessment in 2025 and 2024 are
presented in the table below. The carrying amounts of these cash
generating units include property, plant and equipment, intangible
assets, and allocated goodwill.
Working capital is not included, as it cannot be reliably allocated to
the CGUs. Total change in net working capital was negative by
approximately NOK 286 million in 2025. Executive management team
has assessed the potential impact of allocating it to the CGUs and,
based on information available at the reporting date, identified no
indicators that this would change the impairment conclusion.
Goodwill specified per cash generating unit:
Amounts in NOK thousand
31.12.2025
31.12.2024
Belongs to segment
LINK group
157\u00a0717
157\u00a0580
Architecture
Region Oslo
434\u00a0428
434\u00a0428
Norway
Business unit Transportation
27\u00a0600
27\u00a0600
Norway
Region Norway
155\u00a0934
155\u00a0934
Norway
Business unit North
40\u00a0817
40\u00a0817
Norway
Business unit West
70\u00a0728
54\u00a0520
Norway
Business unit Middle
14\u00a0108
14\u00a0108
Norway
Business unit \u00d8stfold
12\u00a0184
12\u00a0204
Norway
Iterio group
109\u00a0225
102\u00a0736
International
Multiconsult Polska
978
978
International
A-Lab group
103\u00a0277
103\u00a0277
Architecture
Petter J. Rasmussen
-
16\u00a0208
Norway
Sitepartner
16\u00a0871
16\u00a0871
Norway
Lifetec
8\u00a0900
Norway
Vianova group
269\u00a0356
-
Norway
Total
1\u00a0422\u00a0124
1\u00a0137\u00a0260
The recoverable amount is estimated value in use, based on
discounted future cash flows. Future cash flows included in the
impairment tests at the end of 2025 are based on board approved
budget for 2026 and the company's strategy plan for the subsequent
four years. Lease liabilities are taken into account both in the DCF
model and in the WACC. The growth in the forecast period of 2027 \u2013
2030 is based on a moderate estimated growth in revenue and cost, in
line with strategy, profitability targets and expected market outlook.
The ambitions are profitability above peer-group average and
strengthened operations and value creation, the assumed growth in
cash flow and profitability is reflected in the budget and strategy plan
period. The revenues in the budget show a moderate organic growth.
The growth in the 2026 budget is aligned with the group\u2019s long-term
strategic growth ambitions. Achieved growth in net operating
revenues in recent years has been broadly in line with this level. The
EBIT margins applied in the impairment tests are derived from
approved budgets for each unit. The budgeted margins reflect a
combination of the CGU's historical margin trends, current market
conditions, and strategic ambitions. They have been reviewed and
endorsed by both local unit management and the Executive
management team. Overall, the budgeted EBIT margins are set as
realistic, achievable, yet ambitious targets for the respective units.
After the forecast period, a terminal value has been calculated using a
long\u2011term growth rate of 2.0 per cent, unchanged from last year. The
long\u2011term growth rate reflects management\u2019s assessment of a
sustainable level of growth and is considered consistent with
long\u2011term market expectations for the group\u2019s operations.
Reinvestments in property, plant and equipment are set below
depreciation for the first five years and equal to depreciation in the
terminal year for the purposes of the analysis. The business is not
investment heavy, and the basis for maintaining the capacity for
future cash flows is mainly investment in employees, which is
reflected in the annual forecasted cash flows from operations.
Therefore, EBIT is used as an estimate of cash flows in the terminal
period. A calculated income tax has been included to be consistent
with use of a post-tax discount rate.
The group\u2019s largest CGUs are Region Oslo, Vianova group, LINK group
and Region Norway, each representing more than 10 per cent of the
group\u2019s total goodwill. These CGUs operate within similar business
models and are influenced by many of the same market drivers. The
impairment test for these units is primarily driven by assumptions
relating to revenue growth, EBIT margins and discount rates.
Revenue growth reflects moderate organic development in line with
the group\u2019s long\u2011term strategic ambitions, supported by each CGU\u2019s
ability to deliver on existing contracts, win new assignments and
achieve expected billing ratios. For the impairment test, an annual
revenue growth rate of 3 per cent has been applied across the CGUs.
EBIT margins are based on historical performance and management\u2019s
expectations regarding pricing, cost development and operational
efficiency. The budgets underlying the impairment tests include EBIT
margin assumptions averaging around 10 per cent. These budgeted
margins are directly applied in the impairment models to reflect the
differing profitability profiles of each unit.
A post\u2011tax discount rate (WACC) of 7.0 per cent (2024: 8.0 per cent)
has been applied consistently across these CGUs, and the
corresponding pre\u2011tax discount rate is estimated at approximately 9.0
per cent (2024: 10.3 per cent). Management considers the asset beta
to be similar across CGUs and operating segments, and therefore
applies a uniform discount rate.
The post\u2011tax discount rate (WACC) applied in the impairment test is
7.0 per cent (2024: 8.0 per cent). The corresponding pre\u2011tax WACC is
estimated at approximately 9.0 per cent (2024: 10.3 per cent). The
decrease in WACC compared with 2024 reflects a lower cost of
equity, driven by a reduction in sector beta, and a lower cost of debt
following refinancing of loan facilities.
The key assumptions applied in the VIU calculation are future
operating revenues, EBIT margins and discount rates, which are also
the parameters to which the impairment test is most sensitive.
Sensitivity analyses have been performed for changes in the discount
rate (WACC), EBIT and revenues. The analyses show a substantial
level of headroom, indicating that significant adverse changes in
assumptions would be required for the recoverable amount to fall
below the carrying amount.
Based on the impairment test, management concludes that
reasonably possible changes in key assumptions would not result in
an impairment of goodwill as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
Note 11 Intangible assets and goodwill
Amounts in NOK thousand
Software
Own developed intangible
assets
Brand
Other intangible assets
Total intangible assets
Goodwill
Acquisition cost 1 January
2024
107\u00a0845
7\u00a0699
9\u00a0200
21\u00a0530
146\u00a0274
1\u00a0147\u00a0092
Additions from business
combinations
127
-
14\u00a0760
14\u00a0887
68\u00a0811
Additions
2\u00a0749
586
-
-
3\u00a0335
-
Disposals
108
-
-
-
108
-
Currency translation
differences
580
-
-
-
580
4\u00a0197
Acquisition cost 31
December 2024
111\u00a0193
8\u00a0285
9\u00a0200
36\u00a0290
164\u00a0968
1\u00a0220\u00a0099
Additions from business
combinations
-
-
-
16\u00a0470
16\u00a0470
278\u00a0256
Additions
19\u00a0322
-
-
-
19\u00a0322
-
Reclass from other machines,
plant, fixtures and fittings
4\u00a0363
-
-
-
4\u00a0363
-
Currency translation
differences
161
-
-
-
161
6\u00a0651
Acquisition cost 31
December 2025
135\u00a0039
8\u00a0285
9\u00a0200
52\u00a0760
205\u00a0284
1\u00a0505\u00a0007
Accumulated amortisation 1
January 2024
94\u00a0187
-
18\u00a0342
112\u00a0529
82\u00a0678
Amortisation for the year
4\u00a0801
414
-
6\u00a0797
11\u00a0598
-
Currency translation
differences
535
-
-
-
535
162
Accumulated amortisation
31 December 2024
99\u00a0523
414
-
25\u00a0139
124\u00a0662
82\u00a0839
Amounts in NOK thousand
Software
Own developed intangible
assets
Brand
Other intangible assets
Total intangible assets
Goodwill
Amortisation for the year
5\u00a0112
1\u00a0657
-
4\u00a0711
11\u00a0894
-
Currency translation
differences
160
-
-
-
160
45
Accumulated amortisation
31 December 2025
104\u00a0795
2\u00a0071
-
29\u00a0850
136\u00a0716
82\u00a0884
Carrying amount 1 January
2024
13\u00a0658
7\u00a0699
9\u00a0200
3\u00a0188
33\u00a0745
1\u00a0064\u00a0414
Additions from business
combinations
127
-
-
14\u00a0760
14\u00a0887
68\u00a0811
Additions
2\u00a0749
586
-
-
3\u00a0335
-
Disposals
108
-
-
-
108
-
Amortisation for the year
4\u00a0801
414
-
6\u00a0797
12\u00a0012
-
Currency translation
differences
45
-
-
-
45
4\u00a0035
Carrying amount 31
December 2024
11\u00a0670
7\u00a0871
9\u00a0200
11\u00a0151
39\u00a0892
1\u00a0137\u00a0260
Additions from business
combinations
-
-
-
16\u00a0470
16\u00a0470
278\u00a0256
Additions
19\u00a0322
-
-
-
19\u00a0322
-
Disposals
-
-
-
-
-
-
Reclass from other machines,
plant, fixtures and fittings
4\u00a0363
-
-
-
4\u00a0363
-
Amortisation for the year
5\u00a0112
1\u00a0657
-
4\u00a0711
11\u00a0480
-
Currency translation
differences
1
-
-
-
2
6\u00a0607
Carrying amount 31
December 2025
30\u00a0244
6\u00a0214
9\u00a0200
22\u00a0910
68\u00a0568
1\u00a0422\u00a0124
Software includes standard software that are amortised on a straight-
line basis over three years. An ERP system capitalised in 2017 is
amortised on a straight\u2011line basis over its estimated useful life of ten
years. In 2025, additional group software was capitalised, which is
amortised over an estimated useful life of five to seven years. Own
developed intangible asset relates to multiMap 2.0, a digital tool, was
completed in 2024 and is amortised straight-line over its estimated
useful life of five years.
Other intangible assets comprise order backlogs recognised in
connection with the acquisitions of Lifetec and Vianova in 2025,
Sitepartner AS in 2024, and T2 Prosjekt Vest AS in 2023. The order
backlogs are amortised on a straight\u2011line basis over their estimated
useful lives, which range from one to three years.
In addition, other intangible assets include customer relations
recognised in connection with the acquisition of VA Resurs in 2024,
amortised over their assessed economic lifetime.
Impairment tests
The group performs impairment assessments of goodwill annually at
year\u2011end, or more frequently if indicators of impairment arise. The
impairment test is carried out based on the group\u2019s identified
cash\u2011generating units (CGUs). CGUs may be revised when
businesses are integrated or when organisational changes occur.
CGUs are generally established at a level below the operating
segments and correspond to regions or individual legal entities,
provided that separate financial information is available.
CGUs used for the impairment assessment in 2025 and 2024 are
presented in the table below. The carrying amounts of these cash
generating units include property, plant and equipment, intangible
assets, and allocated goodwill.
Working capital is not included, as it cannot be reliably allocated to
the CGUs. Total change in net working capital was negative by
approximately NOK 286 million in 2025. Executive management team
has assessed the potential impact of allocating it to the CGUs and,
based on information available at the reporting date, identified no
indicators that this would change the impairment conclusion.
Goodwill specified per cash generating unit:
Amounts in NOK thousand
31.12.2025
31.12.2024
Belongs to segment
LINK group
157\u00a0717
157\u00a0580
Architecture
Region Oslo
434\u00a0428
434\u00a0428
Norway
Business unit Transportation
27\u00a0600
27\u00a0600
Norway
Region Norway
155\u00a0934
155\u00a0934
Norway
Business unit North
40\u00a0817
40\u00a0817
Norway
Business unit West
70\u00a0728
54\u00a0520
Norway
Business unit Middle
14\u00a0108
14\u00a0108
Norway
Business unit \u00d8stfold
12\u00a0184
12\u00a0204
Norway
Iterio group
109\u00a0225
102\u00a0736
International
Multiconsult Polska
978
978
International
A-Lab group
103\u00a0277
103\u00a0277
Architecture
Petter J. Rasmussen
-
16\u00a0208
Norway
Sitepartner
16\u00a0871
16\u00a0871
Norway
Lifetec
8\u00a0900
Norway
Vianova group
269\u00a0356
-
Norway
Total
1\u00a0422\u00a0124
1\u00a0137\u00a0260
The recoverable amount is estimated value in use, based on
discounted future cash flows. Future cash flows included in the
impairment tests at the end of 2025 are based on board approved
budget for 2026 and the company's strategy plan for the subsequent
four years. Lease liabilities are taken into account both in the DCF
model and in the WACC. The growth in the forecast period of 2027 \u2013
2030 is based on a moderate estimated growth in revenue and cost, in
line with strategy, profitability targets and expected market outlook.
The ambitions are profitability above peer-group average and
strengthened operations and value creation, the assumed growth in
cash flow and profitability is reflected in the budget and strategy plan
period. The revenues in the budget show a moderate organic growth.
The growth in the 2026 budget is aligned with the group\u2019s long-term
strategic growth ambitions. Achieved growth in net operating
revenues in recent years has been broadly in line with this level. The
EBIT margins applied in the impairment tests are derived from
approved budgets for each unit. The budgeted margins reflect a
combination of the CGU's historical margin trends, current market
conditions, and strategic ambitions. They have been reviewed and
endorsed by both local unit management and the Executive
management team. Overall, the budgeted EBIT margins are set as
realistic, achievable, yet ambitious targets for the respective units.
After the forecast period, a terminal value has been calculated using a
long\u2011term growth rate of 2.0 per cent, unchanged from last year. The
long\u2011term growth rate reflects management\u2019s assessment of a
sustainable level of growth and is considered consistent with
long\u2011term market expectations for the group\u2019s operations.
Reinvestments in property, plant and equipment are set below
depreciation for the first five years and equal to depreciation in the
terminal year for the purposes of the analysis. The business is not
investment heavy, and the basis for maintaining the capacity for
future cash flows is mainly investment in employees, which is
reflected in the annual forecasted cash flows from operations.
Therefore, EBIT is used as an estimate of cash flows in the terminal
period. A calculated income tax has been included to be consistent
with use of a post-tax discount rate.
The group\u2019s largest CGUs are Region Oslo, Vianova group, LINK group
and Region Norway, each representing more than 10 per cent of the
group\u2019s total goodwill. These CGUs operate within similar business
models and are influenced by many of the same market drivers. The
impairment test for these units is primarily driven by assumptions
relating to revenue growth, EBIT margins and discount rates.
Revenue growth reflects moderate organic development in line with
the group\u2019s long\u2011term strategic ambitions, supported by each CGU\u2019s
ability to deliver on existing contracts, win new assignments and
achieve expected billing ratios. For the impairment test, an annual
revenue growth rate of 3 per cent has been applied across the CGUs.
EBIT margins are based on historical performance and management\u2019s
expectations regarding pricing, cost development and operational
efficiency. The budgets underlying the impairment tests include EBIT
margin assumptions averaging around 10 per cent. These budgeted
margins are directly applied in the impairment models to reflect the
differing profitability profiles of each unit.
A post\u2011tax discount rate (WACC) of 7.0 per cent (2024: 8.0 per cent)
has been applied consistently across these CGUs, and the
corresponding pre\u2011tax discount rate is estimated at approximately 9.0
per cent (2024: 10.3 per cent). Management considers the asset beta
to be similar across CGUs and operating segments, and therefore
applies a uniform discount rate.
The post\u2011tax discount rate (WACC) applied in the impairment test is
7.0 per cent (2024: 8.0 per cent). The corresponding pre\u2011tax WACC is
estimated at approximately 9.0 per cent (2024: 10.3 per cent). The
decrease in WACC compared with 2024 reflects a lower cost of
equity, driven by a reduction in sector beta, and a lower cost of debt
following refinancing of loan facilities.
The key assumptions applied in the VIU calculation are future
operating revenues, EBIT margins and discount rates, which are also
the parameters to which the impairment test is most sensitive.
Sensitivity analyses have been performed for changes in the discount
rate (WACC), EBIT and revenues. The analyses show a substantial
level of headroom, indicating that significant adverse changes in
assumptions would be required for the recoverable amount to fall
below the carrying amount.
Based on the impairment test, management concludes that
reasonably possible changes in key assumptions would not result in
an impairment of goodwill as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
Note 12 Property, plant and equipment
Amounts in NOK thousand
Buildings and other
real estate
Other machines, plant,
fixtures and fittings
Leasehold
improvements
Total property, plant
and equipment
Acquisition cost 1 January 2024
3\u00a0437
540\u00a0847
92\u00a0844
637\u00a0128
Additions from business combinations
-
217
-
217
Additions
221
89\u00a0218
5\u00a0840
95\u00a0278
Disposals
-
18\u00a0286
766
19\u00a0051
Currency translation differences
225
1\u00a0823
108
2\u00a0156
Acquisition cost 31 December 2024
3\u00a0883
613\u00a0818
98\u00a0026
715\u00a0728
Amounts in NOK thousand
Buildings and other
real estate
Other machines, plant,
fixtures and fittings
Leasehold
improvements
Total property, plant
and equipment
Additions from business combinations
-
2\u00a0095
76
2\u00a0171
Additions
65
56\u00a0098
3\u00a0702
59\u00a0865
Disposals
-
1\u00a0503
-
1\u00a0503
Reclass to software
-
4\u00a0363
-
4\u00a0363
Currency translation differences
66
3\u00a0389
(35)
3\u00a0420
Acquisition cost 31 December 2025
4\u00a0014
669\u00a0534
101\u00a0770
775\u00a0318
Acc. depreciation 1 January 2024
1\u00a0623
420\u00a0057
69\u00a0051
490\u00a0731
Depreciation for the year
307
54\u00a0423
7\u00a0416
62\u00a0147
Disposals
-
16\u00a0815
584
17\u00a0398
Currency translation differences
112
1\u00a0451
47
1\u00a0610
Acc. depreciation 31 December 2024
2\u00a0042
459\u00a0117
75\u00a0931
537\u00a0090
Depreciation for the year
324
56\u00a0392
7\u00a0217
63\u00a0934
Disposals
-
1\u00a0328
-
1\u00a0328
Currency translation differences
39
3\u00a0059
(1)
3\u00a0098
Acc. depreciation 31 December 2025
2\u00a0406
517\u00a0240
83\u00a0146
602\u00a0792
Carrying amount 1 January 2024
1\u00a0814
120\u00a0790
23\u00a0794
146\u00a0398
Additions from business combinations
-
217
-
217
Additions
221
89\u00a0218
5\u00a0840
95\u00a0278
Disposals
-
1\u00a0471
182
1\u00a0653
Depreciation for the year
307
54\u00a0423
7\u00a0416
62\u00a0147
Currency translation differences
113
372
61
546
Carrying amount 31 December 2024
1\u00a0841
154\u00a0701
22\u00a0095
178\u00a0637
Additions from business combinations
-
2\u00a0095
76
2\u00a0171
Additions
65
56\u00a0098
3\u00a0702
59\u00a0865
Amounts in NOK thousand
Buildings and other
real estate
Other machines, plant,
fixtures and fittings
Leasehold
improvements
Total property, plant
and equipment
Disposals
-
175
-
175
Reclass to software
-
4\u00a0363
-
4\u00a0363
Depreciation for the year
324
56\u00a0392
7\u00a0217
63\u00a0934
Currency translation differences
27
330
(35)
321
Carrying amount 31 December 2025
1\u00a0608
152\u00a0294
18\u00a0623
172\u00a0524
Useful life
10-50 years
3-8 years
Same as equivalent
assets, max leasing
period
Depreciation plan
Straight line
Straight line
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
Note 13 Leases
Multiconsult has two classes of assets that has been reported as
right-of-use assets: buildings (primarily office premises) and cars.
Right-of-use assets and lease liabilities
Amounts in NOK thousand
Asset
Liabilities
Balance 1 January 2024
729\u00a0400
799\u00a0707
Additions
8\u00a0317
8\u00a0317
Reassessments
85\u00a0259
85\u00a0259
Depreciation
(174\u00a0810)
N/A
Impairment
103
N/A
Interest expense
N/A
35\u00a0196
Lease payments (interest and
instalments)
N/A
(213\u00a0209)
Terminations
(96)
-
Currency
2\u00a0437
2\u00a0327
Balance 31 December 2024
650\u00a0609
717\u00a0597
Additions
19\u00a0313
19\u00a0313
Reassessments
44\u00a0863
44\u00a0863
Depreciation
(181\u00a0535)
N/A
Impairment
-
N/A
Interest expense
N/A
31\u00a0148
Lease payments (interest and
instalments)
N/A
(221\u00a0318)
Terminations
(987)
(1\u00a0116)
Currency
2\u00a0054
1\u00a0946
Balance 31 December 2025
534\u00a0316
592\u00a0432
Depreciation charge for right-of-use assets (previously operating
lease), is split by class of underlying asset as follows:
Amounts in NOK thousand
2025
2024
Property
171\u00a0865
166\u00a0691
Cars
9\u00a0670
8\u00a0120
Total
181\u00a0535
174\u00a0810
The carrying amount of right-of-use assets at the end of the reporting
period by class of underlying asset is as follows:
Amounts in NOK thousand
2025
2024
Property
513\u00a0288
627\u00a0647
Cars
21\u00a0028
22\u00a0962
Total
534\u00a0316
650\u00a0609
Short-term leases and low-value asset lease expenses
The expenses related to short-term leases (less than 12 months) and
low-value assets are summarised in the table below. For these leases
the practical expedients in IFRS 16 Leases have been applied, and the
lease payments associated with those leases are recognised as an
expense and classified as other operating expenses.
Amounts in NOK thousand
2025
2024
Short-term leases
28\u00a0209
17\u00a0450
Low value asset
10\u00a0067
11\u00a0643
Total
38\u00a0276
29\u00a0092
Undiscounted lease liabilities and maturity of cash outflows
31 December 2025
Amounts in NOK thousand
Office premises
Cars
Total
Due within 1 year
201\u00a0122
12\u00a0661
213\u00a0783
Due more than 1 year, but within 5 years
401\u00a0691
11\u00a0886
413\u00a0577
Due more than 5 years
27\u00a0528
-
27\u00a0528
Total undiscounted lease liabilities
630\u00a0341
24\u00a0547
654\u00a0888
31 December 2024
Amounts in NOK thousand
Office premises
Cars
Total
Due within 1 year
200\u00a0438
11\u00a0811
212\u00a0249
Due more than 1 year, but within 5 years
474\u00a0121
15\u00a0294
489\u00a0415
Due more than 5 years
85\u00a0664
-
85\u00a0664
Total undiscounted lease liabilities
760\u00a0222
27\u00a0106
787\u00a0328
The group has renewal options for several contracts that are not
recognised, as per the principles described in note 2A . The group
estimates that the lease cash outflows due more than one year, but
within five years would have been NOK 154 million higher, and cash
outflows due more than five and less than ten years would have been
NOK 375 million higher, had these renewal options been recognised.
Total cash outflows for leases amounts to NOK 259.6 million in 2025
(240.5).
The group has not entered into any new material lease agreements
not yet recognised in the consolidated statement of financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Note 14 Associated companies and joint ventures
Amounts in NOK thousand
FPS AS
Consorcio SAM SpA
Norplan Tanzania Ltd.
Indigo 2012 I/S
Amentum Multiconsult
Decommissioning ANS
Total
Opening balance 1 January 2024
876
125
32\u00a0683
3\u00a0417
(115)
36\u00a0989
Share of profit for the year
(62)
9\u00a0117
705
9\u00a0760
Dividend
-
-
(4\u00a0623)
-
(4\u00a0623)
Adjustment from previous year\u00b9\u207e
(7\u00a0247)
(7\u00a0248)
Disposals
(814)
(125)
(939)
Currency effect
-
-
3\u00a0506
151
3\u00a0656
Closing balance 31 December 2024
-
-
33\u00a0436
3\u00a0568
590
37\u00a0596
Share of profit for the year
7\u00a0506
394
7\u00a0899
Dividend
(1\u00a0159)
(1\u00a0159)
Disposals
(3\u00a0369)
(3\u00a0369)
Currency effect
(3\u00a0722)
9
(3\u00a0713)
Closing balance 31 December 2025
-
-
32\u00a0690
3\u00a0577
984
37\u00a0253
1) Adjustment to meet the carrying amount of the investor\u2019s proportionate interest in the investee\u2019s total equity on 31 December 2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Note 14 Associated companies and joint ventures
Amounts in NOK thousand
FPS AS
Consorcio SAM SpA
Norplan Tanzania Ltd.
Indigo 2012 I/S
Amentum Multiconsult
Decommissioning ANS
Total
Opening balance 1 January 2024
876
125
32\u00a0683
3\u00a0417
(115)
36\u00a0989
Share of profit for the year
(62)
9\u00a0117
705
9\u00a0760
Dividend
-
-
(4\u00a0623)
-
(4\u00a0623)
Adjustment from previous year\u00b9\u207e
(7\u00a0247)
(7\u00a0248)
Disposals
(814)
(125)
(939)
Currency effect
-
-
3\u00a0506
151
3\u00a0656
Closing balance 31 December 2024
-
-
33\u00a0436
3\u00a0568
590
37\u00a0596
Share of profit for the year
7\u00a0506
394
7\u00a0899
Dividend
(1\u00a0159)
(1\u00a0159)
Disposals
(3\u00a0369)
(3\u00a0369)
Currency effect
(3\u00a0722)
9
(3\u00a0713)
Closing balance 31 December 2025
-
-
32\u00a0690
3\u00a0577
984
37\u00a0253
1) Adjustment to meet the carrying amount of the investor\u2019s proportionate interest in the investee\u2019s total equity on 31 December 2023
Note 24 Related parties
The group\u2019s related parties are:
Key management personnel, close members of the family of a person
and entities that are controlled or jointly controlled by any of these.
Key management personnel are defined as the board of directors and
the executive management. See note 7 and the remuneration report
for salary and other remuneration for leading persons 2025 for
information on remuneration for key management personnel and
information on share ownership. There were no other transactions
with key management personnel in 2025 and 2024.
Stiftelsen Multiconsult had an ownership share 21.9 of per cent (21.2)
on 31 December 2025. The company\u2019s assessment is that Stiftelsen
Multiconsult has significant influence. Multiconsult has recognised
revenues from sales to Stiftelsen Multiconsult of NOK 3\u00a0603 thousand
(3\u00a0541) in 2025.
The parent company and its subsidiaries are also considered related
parties. Transactions and balances are eliminated in the consolidated
financial statements and are not disclosed in this note for the group.
Refer also to note 17 for the parent company.
Refer to note 14 Associated companies and joint ventures for more
information on these related parties.
Transactions and balances with associated companies and joint
ventures
Amounts in NOK thousand
2025
2024
Revenues
10\u00a0990
30\u00a0865
Expenses
-
5\u00a0648
Receivables
1\u00a0498
-
Liabilities
-
-
Guarantees provided
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
Note 14 Associated companies and joint ventures
Amounts in NOK thousand
FPS AS
Consorcio SAM SpA
Norplan Tanzania Ltd.
Indigo 2012 I/S
Amentum Multiconsult
Decommissioning ANS
Total
Opening balance 1 January 2024
876
125
32\u00a0683
3\u00a0417
(115)
36\u00a0989
Share of profit for the year
(62)
9\u00a0117
705
9\u00a0760
Dividend
-
-
(4\u00a0623)
-
(4\u00a0623)
Adjustment from previous year\u00b9\u207e
(7\u00a0247)
(7\u00a0248)
Disposals
(814)
(125)
(939)
Currency effect
-
-
3\u00a0506
151
3\u00a0656
Closing balance 31 December 2024
-
-
33\u00a0436
3\u00a0568
590
37\u00a0596
Share of profit for the year
7\u00a0506
394
7\u00a0899
Dividend
(1\u00a0159)
(1\u00a0159)
Disposals
(3\u00a0369)
(3\u00a0369)
Currency effect
(3\u00a0722)
9
(3\u00a0713)
Closing balance 31 December 2025
-
-
32\u00a0690
3\u00a0577
984
37\u00a0253
1) Adjustment to meet the carrying amount of the investor\u2019s proportionate interest in the investee\u2019s total equity on 31 December 2023
Note 24 Related parties
The group\u2019s related parties are:
Key management personnel, close members of the family of a person
and entities that are controlled or jointly controlled by any of these.
Key management personnel are defined as the board of directors and
the executive management. See note 7 and the remuneration report
for salary and other remuneration for leading persons 2025 for
information on remuneration for key management personnel and
information on share ownership. There were no other transactions
with key management personnel in 2025 and 2024.
Stiftelsen Multiconsult had an ownership share 21.9 of per cent (21.2)
on 31 December 2025. The company\u2019s assessment is that Stiftelsen
Multiconsult has significant influence. Multiconsult has recognised
revenues from sales to Stiftelsen Multiconsult of NOK 3\u00a0603 thousand
(3\u00a0541) in 2025.
The parent company and its subsidiaries are also considered related
parties. Transactions and balances are eliminated in the consolidated
financial statements and are not disclosed in this note for the group.
Refer also to note 17 for the parent company.
Refer to note 14 Associated companies and joint ventures for more
information on these related parties.
Transactions and balances with associated companies and joint
ventures
Amounts in NOK thousand
2025
2024
Revenues
10\u00a0990
30\u00a0865
Expenses
-
5\u00a0648
Receivables
1\u00a0498
-
Liabilities
-
-
Guarantees provided
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
Note 14 Associated companies and joint ventures
Amounts in NOK thousand
FPS AS
Consorcio SAM SpA
Norplan Tanzania Ltd.
Indigo 2012 I/S
Amentum Multiconsult
Decommissioning ANS
Total
Opening balance 1 January 2024
876
125
32\u00a0683
3\u00a0417
(115)
36\u00a0989
Share of profit for the year
(62)
9\u00a0117
705
9\u00a0760
Dividend
-
-
(4\u00a0623)
-
(4\u00a0623)
Adjustment from previous year\u00b9\u207e
(7\u00a0247)
(7\u00a0248)
Disposals
(814)
(125)
(939)
Currency effect
-
-
3\u00a0506
151
3\u00a0656
Closing balance 31 December 2024
-
-
33\u00a0436
3\u00a0568
590
37\u00a0596
Share of profit for the year
7\u00a0506
394
7\u00a0899
Dividend
(1\u00a0159)
(1\u00a0159)
Disposals
(3\u00a0369)
(3\u00a0369)
Currency effect
(3\u00a0722)
9
(3\u00a0713)
Closing balance 31 December 2025
-
-
32\u00a0690
3\u00a0577
984
37\u00a0253
1) Adjustment to meet the carrying amount of the investor\u2019s proportionate interest in the investee\u2019s total equity on 31 December 2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
Note 15 Financial items
Amounts in NOK thousand
2025
2024
Other interest income
9\u00a0886
11\u00a0132
Foreign currency gain
10\u00a0389
12\u00a0085
Other financial income
3\u00a0613
57\u00a0113
Financial income
23\u00a0887
80\u00a0330
Other interest expenses
38\u00a0786
35\u00a0935
Foreign currency loss
13\u00a0668
14\u00a0709
Other financial expenses
9\u00a0859
6\u00a0856
Financial expenses on lease
liabilities
30\u00a0920
34\u00a0875
Financial expenses
93\u00a0233
92\u00a0376
Net financial items
(69\u00a0346)
(12\u00a0046)
Other financial expense in 2025 relates to the subsequent
measurement of the contingent consideration for the acquisition of
Sitepartner AS. Full earn\u2011out was achieved, and the provision was
adjusted by NOK 1.6 million, see note 4. Other financial income in
2024 included NOK 21.4 million due to reversal of earn-out provision
made in business combinations in 2023 and 2024, and NOK 36.0
million due to subsequent measurement of a gross put option
obligation, see note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Note 15 Financial items
Amounts in NOK thousand
2025
2024
Other interest income
9\u00a0886
11\u00a0132
Foreign currency gain
10\u00a0389
12\u00a0085
Other financial income
3\u00a0613
57\u00a0113
Financial income
23\u00a0887
80\u00a0330
Other interest expenses
38\u00a0786
35\u00a0935
Foreign currency loss
13\u00a0668
14\u00a0709
Other financial expenses
9\u00a0859
6\u00a0856
Financial expenses on lease
liabilities
30\u00a0920
34\u00a0875
Financial expenses
93\u00a0233
92\u00a0376
Net financial items
(69\u00a0346)
(12\u00a0046)
Other financial expense in 2025 relates to the subsequent
measurement of the contingent consideration for the acquisition of
Sitepartner AS. Full earn\u2011out was achieved, and the provision was
adjusted by NOK 1.6 million, see note 4. Other financial income in
2024 included NOK 21.4 million due to reversal of earn-out provision
made in business combinations in 2023 and 2024, and NOK 36.0
million due to subsequent measurement of a gross put option
obligation, see note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
Note 15 Financial items
Amounts in NOK thousand
2025
2024
Other interest income
9\u00a0886
11\u00a0132
Foreign currency gain
10\u00a0389
12\u00a0085
Other financial income
3\u00a0613
57\u00a0113
Financial income
23\u00a0887
80\u00a0330
Other interest expenses
38\u00a0786
35\u00a0935
Foreign currency loss
13\u00a0668
14\u00a0709
Other financial expenses
9\u00a0859
6\u00a0856
Financial expenses on lease
liabilities
30\u00a0920
34\u00a0875
Financial expenses
93\u00a0233
92\u00a0376
Net financial items
(69\u00a0346)
(12\u00a0046)
Other financial expense in 2025 relates to the subsequent
measurement of the contingent consideration for the acquisition of
Sitepartner AS. Full earn\u2011out was achieved, and the provision was
adjusted by NOK 1.6 million, see note 4. Other financial income in
2024 included NOK 21.4 million due to reversal of earn-out provision
made in business combinations in 2023 and 2024, and NOK 36.0
million due to subsequent measurement of a gross put option
obligation, see note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
Note 15 Financial items
Amounts in NOK thousand
2025
2024
Other interest income
9\u00a0886
11\u00a0132
Foreign currency gain
10\u00a0389
12\u00a0085
Other financial income
3\u00a0613
57\u00a0113
Financial income
23\u00a0887
80\u00a0330
Other interest expenses
38\u00a0786
35\u00a0935
Foreign currency loss
13\u00a0668
14\u00a0709
Other financial expenses
9\u00a0859
6\u00a0856
Financial expenses on lease
liabilities
30\u00a0920
34\u00a0875
Financial expenses
93\u00a0233
92\u00a0376
Net financial items
(69\u00a0346)
(12\u00a0046)
Other financial expense in 2025 relates to the subsequent
measurement of the contingent consideration for the acquisition of
Sitepartner AS. Full earn\u2011out was achieved, and the provision was
adjusted by NOK 1.6 million, see note 4. Other financial income in
2024 included NOK 21.4 million due to reversal of earn-out provision
made in business combinations in 2023 and 2024, and NOK 36.0
million due to subsequent measurement of a gross put option
obligation, see note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Note 15 Financial items
Amounts in NOK thousand
2025
2024
Other interest income
9\u00a0886
11\u00a0132
Foreign currency gain
10\u00a0389
12\u00a0085
Other financial income
3\u00a0613
57\u00a0113
Financial income
23\u00a0887
80\u00a0330
Other interest expenses
38\u00a0786
35\u00a0935
Foreign currency loss
13\u00a0668
14\u00a0709
Other financial expenses
9\u00a0859
6\u00a0856
Financial expenses on lease
liabilities
30\u00a0920
34\u00a0875
Financial expenses
93\u00a0233
92\u00a0376
Net financial items
(69\u00a0346)
(12\u00a0046)
Other financial expense in 2025 relates to the subsequent
measurement of the contingent consideration for the acquisition of
Sitepartner AS. Full earn\u2011out was achieved, and the provision was
adjusted by NOK 1.6 million, see note 4. Other financial income in
2024 included NOK 21.4 million due to reversal of earn-out provision
made in business combinations in 2023 and 2024, and NOK 36.0
million due to subsequent measurement of a gross put option
obligation, see note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Note 15 Financial items
Amounts in NOK thousand
2025
2024
Other interest income
9\u00a0886
11\u00a0132
Foreign currency gain
10\u00a0389
12\u00a0085
Other financial income
3\u00a0613
57\u00a0113
Financial income
23\u00a0887
80\u00a0330
Other interest expenses
38\u00a0786
35\u00a0935
Foreign currency loss
13\u00a0668
14\u00a0709
Other financial expenses
9\u00a0859
6\u00a0856
Financial expenses on lease
liabilities
30\u00a0920
34\u00a0875
Financial expenses
93\u00a0233
92\u00a0376
Net financial items
(69\u00a0346)
(12\u00a0046)
Other financial expense in 2025 relates to the subsequent
measurement of the contingent consideration for the acquisition of
Sitepartner AS. Full earn\u2011out was achieved, and the provision was
adjusted by NOK 1.6 million, see note 4. Other financial income in
2024 included NOK 21.4 million due to reversal of earn-out provision
made in business combinations in 2023 and 2024, and NOK 36.0
million due to subsequent measurement of a gross put option
obligation, see note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Note 15 Financial items
Amounts in NOK thousand
2025
2024
Other interest income
9\u00a0886
11\u00a0132
Foreign currency gain
10\u00a0389
12\u00a0085
Other financial income
3\u00a0613
57\u00a0113
Financial income
23\u00a0887
80\u00a0330
Other interest expenses
38\u00a0786
35\u00a0935
Foreign currency loss
13\u00a0668
14\u00a0709
Other financial expenses
9\u00a0859
6\u00a0856
Financial expenses on lease
liabilities
30\u00a0920
34\u00a0875
Financial expenses
93\u00a0233
92\u00a0376
Net financial items
(69\u00a0346)
(12\u00a0046)
Other financial expense in 2025 relates to the subsequent
measurement of the contingent consideration for the acquisition of
Sitepartner AS. Full earn\u2011out was achieved, and the provision was
adjusted by NOK 1.6 million, see note 4. Other financial income in
2024 included NOK 21.4 million due to reversal of earn-out provision
made in business combinations in 2023 and 2024, and NOK 36.0
million due to subsequent measurement of a gross put option
obligation, see note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
Note 16 Income taxes
The Income tax expense for the year was as follows:
Amounts in NOK thousand
2025
2024
Income taxes payable
72\u00a0388
97\u00a0385
Net withholding tax after tax credit
116
888
Regulation of previous years' taxes
1\u00a0769
(161)
Change in deferred taxes
(49)
3\u00a0180
Other items
1\u00a0579
(356)
Income tax expenses
75\u00a0805
100\u00a0936
Reconciliation from nominal to actual tax rate:
Amounts in NOK thousand (except percentages)
2025
2024
Profit before income taxes
328\u00a0396
514\u00a0270
Expected income tax based on nominal tax rate in Norway (22%/22%)
72\u00a0247
113\u00a0140
Tax effect of the following items:
Non-deductible expenses
5\u00a0156
6\u00a0514
Non-taxable income
(3\u00a0239)
(15\u00a0795)
Share of profit from associated companies
(77)
(3\u00a0118)
Not recognised/reversal of previously recognised deferred tax assets
624
(194)
Regulation of previous years' taxes
1\u00a0769
728
Net withholding tax after tax credit
116
-
Other items (including currency and effect of deviation foreign vs.
Norwegian tax rate)
(792)
(337)
Income tax expenses
75\u00a0805
100\u00a0936
Effective tax rate
23.1%
19.6%
Deferred tax in the balance sheet:
Amounts in NOK thousand
31.12.2025
31.12.2024
Deferred tax asset
33\u00a0598
32\u00a0675
Deferred tax
17\u00a0536
14\u00a0353
Net deferred tax asset in the balance sheet
16\u00a0063
18\u00a0322
Specification of the tax effect of temporary differences:
Amounts in NOK thousand
31.12.2025
31.12.2024
Non-current assets
(110\u00a0161)
(128\u00a0051)
Current assets
(32\u00a0406)
(27\u00a0412)
Liabilities and provisions
163\u00a0993
178\u00a0237
Pension obligations
(4\u00a0405)
-
Taxable losses carried forward\u00b9\u207e
13\u00a0949
10\u00a0505
Deferred tax assets not recognised in the balance sheet\u00b9\u207e
(14\u00a0907)
(14\u00a0957)
Net deferred tax asset in the balance sheet
16\u00a0063
18\u00a0322
1)Group companies have recognised deferred tax assets related to tax losses that are expected to be utilised by future taxable profits. Group companies have a total loss carried forward of
NOK 13 949 thousand on 31 December 2025 (10 505), of which NOK 8 806 thousand are recognised as an asset in the balance sheet on 31 December 2025 (5 651). Deferred tax assets on
tax losses arising in the United Kingdom in total of NOK 5 143 thousand (4 854) have not been recognised, as the group does not intend to utilise the tax losses carried forward in the
foreseeable future. The group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets
and deferred tax liabilities relate to income taxes levied by the same tax authority. Temporary differences related to IFRS 16 lease liabilities and right-of-use assets are presented as
liabilities and provisions and non-current assets accordingly, in the table above.
Reconciliation of deferred tax assets in the balance sheet
Amounts in NOK thousand
31.12.2025
31.12.2024
Deferred tax assets 1 January
18\u00a0322
41\u00a0579
Deferred taxes arising from acquisitions
(2\u00a0411)
(2\u00a0934)
Deferred tax assets 1 January reduced due to group contributions
-
(17\u00a0811)
Changes in deferred taxes recognised in the statement of profit or loss
49
(3\u00a0180)
Effects of changes in tax rate in the statement of profit or loss
-
-
Deferred taxes included in other comprehensive income (related to pensions)
(8)
111
Currency\u00a0and regulation of previous years taxes
111
557
Deferred tax assets in the balance sheet (net) on 31 December
16\u00a0063
18\u00a0322
Due to losses and/or the exemption method, there are no significant temporary differences resulting in
deferred taxes on retained earnings in subsidiaries, associated companies or joint ventures.
Reconciliation of income taxes payable in the balance sheet
Amounts in NOK thousand
31.12.2025
31.12.2024
Expensed income taxes payable\u00b9\u207e
(72\u00a0388)
(97\u00a0385)
Prepaid taxes
17\u00a0105
11\u00a0979
Tax payable/receivable from previous year
4\u00a0890
2\u00a0563
Income tax from acquisitions
(6\u00a0326)
(4\u00a0648)
Income tax on employee share programme recognised in equity
2\u00a0729
2\u00a0693
SkatteFUNN (government R&D tax incentive scheme in Norway)
1\u00a0833
312
Other items (including currency and effect of deviation foreign vs. Norwegian
tax rate)
(2\u00a0451)
3\u00a0252
Income tax payable recognised in the balance sheet\u00b9\u207e
54\u00a0609
81\u00a0234
1)Group companies have tax losses that are expected to be utilised by receiving taxable group contributions from other group companies.
This will be handled in the tax declarations for 2025 (2024) but is subject to the regulation for dividend and is consequently not recognised
in the IFRS financial statements for 2025 (2024). It is expected that NOK 21\u00a0220 thousand (20 066) will not be payable after taxable group
contribution have been approved by the general meetings in 2026 (2025), and this is reflected in income taxes payable recognised in the
balance sheet on 31 December 2025.
Income tax benefits on the share purchase plan has been recognised
in equity with NOK 2\u00a0729 (2\u00a0693) thousand in 2025, in total NOK 20 686
thousand.
Pillar Two
The group has assessed the applicability of the OECD Pillar Two rules.
As the group\u2019s consolidated operating revenue is below the
EUR\u202f750\u202fmillion threshold, the Pillar Two rules do not apply to
Multiconsult Group. Accordingly, no current tax expense or deferred
tax effects arise from Pillar Two legislation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
Note 16 Income taxes
The Income tax expense for the year was as follows:
Amounts in NOK thousand
2025
2024
Income taxes payable
72\u00a0388
97\u00a0385
Net withholding tax after tax credit
116
888
Regulation of previous years' taxes
1\u00a0769
(161)
Change in deferred taxes
(49)
3\u00a0180
Other items
1\u00a0579
(356)
Income tax expenses
75\u00a0805
100\u00a0936
Reconciliation from nominal to actual tax rate:
Amounts in NOK thousand (except percentages)
2025
2024
Profit before income taxes
328\u00a0396
514\u00a0270
Expected income tax based on nominal tax rate in Norway (22%/22%)
72\u00a0247
113\u00a0140
Tax effect of the following items:
Non-deductible expenses
5\u00a0156
6\u00a0514
Non-taxable income
(3\u00a0239)
(15\u00a0795)
Share of profit from associated companies
(77)
(3\u00a0118)
Not recognised/reversal of previously recognised deferred tax assets
624
(194)
Regulation of previous years' taxes
1\u00a0769
728
Net withholding tax after tax credit
116
-
Other items (including currency and effect of deviation foreign vs.
Norwegian tax rate)
(792)
(337)
Income tax expenses
75\u00a0805
100\u00a0936
Effective tax rate
23.1%
19.6%
Deferred tax in the balance sheet:
Amounts in NOK thousand
31.12.2025
31.12.2024
Deferred tax asset
33\u00a0598
32\u00a0675
Deferred tax
17\u00a0536
14\u00a0353
Net deferred tax asset in the balance sheet
16\u00a0063
18\u00a0322
Specification of the tax effect of temporary differences:
Amounts in NOK thousand
31.12.2025
31.12.2024
Non-current assets
(110\u00a0161)
(128\u00a0051)
Current assets
(32\u00a0406)
(27\u00a0412)
Liabilities and provisions
163\u00a0993
178\u00a0237
Pension obligations
(4\u00a0405)
-
Taxable losses carried forward\u00b9\u207e
13\u00a0949
10\u00a0505
Deferred tax assets not recognised in the balance sheet\u00b9\u207e
(14\u00a0907)
(14\u00a0957)
Net deferred tax asset in the balance sheet
16\u00a0063
18\u00a0322
1)Group companies have recognised deferred tax assets related to tax losses that are expected to be utilised by future taxable profits. Group companies have a total loss carried forward of
NOK 13 949 thousand on 31 December 2025 (10 505), of which NOK 8 806 thousand are recognised as an asset in the balance sheet on 31 December 2025 (5 651). Deferred tax assets on
tax losses arising in the United Kingdom in total of NOK 5 143 thousand (4 854) have not been recognised, as the group does not intend to utilise the tax losses carried forward in the
foreseeable future. The group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets
and deferred tax liabilities relate to income taxes levied by the same tax authority. Temporary differences related to IFRS 16 lease liabilities and right-of-use assets are presented as
liabilities and provisions and non-current assets accordingly, in the table above.
Reconciliation of deferred tax assets in the balance sheet
Amounts in NOK thousand
31.12.2025
31.12.2024
Deferred tax assets 1 January
18\u00a0322
41\u00a0579
Deferred taxes arising from acquisitions
(2\u00a0411)
(2\u00a0934)
Deferred tax assets 1 January reduced due to group contributions
-
(17\u00a0811)
Changes in deferred taxes recognised in the statement of profit or loss
49
(3\u00a0180)
Effects of changes in tax rate in the statement of profit or loss
-
-
Deferred taxes included in other comprehensive income (related to pensions)
(8)
111
Currency\u00a0and regulation of previous years taxes
111
557
Deferred tax assets in the balance sheet (net) on 31 December
16\u00a0063
18\u00a0322
Due to losses and/or the exemption method, there are no significant temporary differences resulting in
deferred taxes on retained earnings in subsidiaries, associated companies or joint ventures.
Reconciliation of income taxes payable in the balance sheet
Amounts in NOK thousand
31.12.2025
31.12.2024
Expensed income taxes payable\u00b9\u207e
(72\u00a0388)
(97\u00a0385)
Prepaid taxes
17\u00a0105
11\u00a0979
Tax payable/receivable from previous year
4\u00a0890
2\u00a0563
Income tax from acquisitions
(6\u00a0326)
(4\u00a0648)
Income tax on employee share programme recognised in equity
2\u00a0729
2\u00a0693
SkatteFUNN (government R&D tax incentive scheme in Norway)
1\u00a0833
312
Other items (including currency and effect of deviation foreign vs. Norwegian
tax rate)
(2\u00a0451)
3\u00a0252
Income tax payable recognised in the balance sheet\u00b9\u207e
54\u00a0609
81\u00a0234
1)Group companies have tax losses that are expected to be utilised by receiving taxable group contributions from other group companies.
This will be handled in the tax declarations for 2025 (2024) but is subject to the regulation for dividend and is consequently not recognised
in the IFRS financial statements for 2025 (2024). It is expected that NOK 21\u00a0220 thousand (20 066) will not be payable after taxable group
contribution have been approved by the general meetings in 2026 (2025), and this is reflected in income taxes payable recognised in the
balance sheet on 31 December 2025.
Income tax benefits on the share purchase plan has been recognised
in equity with NOK 2\u00a0729 (2\u00a0693) thousand in 2025, in total NOK 20 686
thousand.
Pillar Two
The group has assessed the applicability of the OECD Pillar Two rules.
As the group\u2019s consolidated operating revenue is below the
EUR\u202f750\u202fmillion threshold, the Pillar Two rules do not apply to
Multiconsult Group. Accordingly, no current tax expense or deferred
tax effects arise from Pillar Two legislation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
Note 16 Income taxes
The Income tax expense for the year was as follows:
Amounts in NOK thousand
2025
2024
Income taxes payable
72\u00a0388
97\u00a0385
Net withholding tax after tax credit
116
888
Regulation of previous years' taxes
1\u00a0769
(161)
Change in deferred taxes
(49)
3\u00a0180
Other items
1\u00a0579
(356)
Income tax expenses
75\u00a0805
100\u00a0936
Reconciliation from nominal to actual tax rate:
Amounts in NOK thousand (except percentages)
2025
2024
Profit before income taxes
328\u00a0396
514\u00a0270
Expected income tax based on nominal tax rate in Norway (22%/22%)
72\u00a0247
113\u00a0140
Tax effect of the following items:
Non-deductible expenses
5\u00a0156
6\u00a0514
Non-taxable income
(3\u00a0239)
(15\u00a0795)
Share of profit from associated companies
(77)
(3\u00a0118)
Not recognised/reversal of previously recognised deferred tax assets
624
(194)
Regulation of previous years' taxes
1\u00a0769
728
Net withholding tax after tax credit
116
-
Other items (including currency and effect of deviation foreign vs.
Norwegian tax rate)
(792)
(337)
Income tax expenses
75\u00a0805
100\u00a0936
Effective tax rate
23.1%
19.6%
Deferred tax in the balance sheet:
Amounts in NOK thousand
31.12.2025
31.12.2024
Deferred tax asset
33\u00a0598
32\u00a0675
Deferred tax
17\u00a0536
14\u00a0353
Net deferred tax asset in the balance sheet
16\u00a0063
18\u00a0322
Specification of the tax effect of temporary differences:
Amounts in NOK thousand
31.12.2025
31.12.2024
Non-current assets
(110\u00a0161)
(128\u00a0051)
Current assets
(32\u00a0406)
(27\u00a0412)
Liabilities and provisions
163\u00a0993
178\u00a0237
Pension obligations
(4\u00a0405)
-
Taxable losses carried forward\u00b9\u207e
13\u00a0949
10\u00a0505
Deferred tax assets not recognised in the balance sheet\u00b9\u207e
(14\u00a0907)
(14\u00a0957)
Net deferred tax asset in the balance sheet
16\u00a0063
18\u00a0322
1)Group companies have recognised deferred tax assets related to tax losses that are expected to be utilised by future taxable profits. Group companies have a total loss carried forward of
NOK 13 949 thousand on 31 December 2025 (10 505), of which NOK 8 806 thousand are recognised as an asset in the balance sheet on 31 December 2025 (5 651). Deferred tax assets on
tax losses arising in the United Kingdom in total of NOK 5 143 thousand (4 854) have not been recognised, as the group does not intend to utilise the tax losses carried forward in the
foreseeable future. The group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets
and deferred tax liabilities relate to income taxes levied by the same tax authority. Temporary differences related to IFRS 16 lease liabilities and right-of-use assets are presented as
liabilities and provisions and non-current assets accordingly, in the table above.
Reconciliation of deferred tax assets in the balance sheet
Amounts in NOK thousand
31.12.2025
31.12.2024
Deferred tax assets 1 January
18\u00a0322
41\u00a0579
Deferred taxes arising from acquisitions
(2\u00a0411)
(2\u00a0934)
Deferred tax assets 1 January reduced due to group contributions
-
(17\u00a0811)
Changes in deferred taxes recognised in the statement of profit or loss
49
(3\u00a0180)
Effects of changes in tax rate in the statement of profit or loss
-
-
Deferred taxes included in other comprehensive income (related to pensions)
(8)
111
Currency\u00a0and regulation of previous years taxes
111
557
Deferred tax assets in the balance sheet (net) on 31 December
16\u00a0063
18\u00a0322
Due to losses and/or the exemption method, there are no significant temporary differences resulting in
deferred taxes on retained earnings in subsidiaries, associated companies or joint ventures.
Reconciliation of income taxes payable in the balance sheet
Amounts in NOK thousand
31.12.2025
31.12.2024
Expensed income taxes payable\u00b9\u207e
(72\u00a0388)
(97\u00a0385)
Prepaid taxes
17\u00a0105
11\u00a0979
Tax payable/receivable from previous year
4\u00a0890
2\u00a0563
Income tax from acquisitions
(6\u00a0326)
(4\u00a0648)
Income tax on employee share programme recognised in equity
2\u00a0729
2\u00a0693
SkatteFUNN (government R&D tax incentive scheme in Norway)
1\u00a0833
312
Other items (including currency and effect of deviation foreign vs. Norwegian
tax rate)
(2\u00a0451)
3\u00a0252
Income tax payable recognised in the balance sheet\u00b9\u207e
54\u00a0609
81\u00a0234
1)Group companies have tax losses that are expected to be utilised by receiving taxable group contributions from other group companies.
This will be handled in the tax declarations for 2025 (2024) but is subject to the regulation for dividend and is consequently not recognised
in the IFRS financial statements for 2025 (2024). It is expected that NOK 21\u00a0220 thousand (20 066) will not be payable after taxable group
contribution have been approved by the general meetings in 2026 (2025), and this is reflected in income taxes payable recognised in the
balance sheet on 31 December 2025.
Income tax benefits on the share purchase plan has been recognised
in equity with NOK 2\u00a0729 (2\u00a0693) thousand in 2025, in total NOK 20 686
thousand.
Pillar Two
The group has assessed the applicability of the OECD Pillar Two rules.
As the group\u2019s consolidated operating revenue is below the
EUR\u202f750\u202fmillion threshold, the Pillar Two rules do not apply to
Multiconsult Group. Accordingly, no current tax expense or deferred
tax effects arise from Pillar Two legislation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
Note 17 Earnings per share and dividends
In 2025 and 2024, there were no potential dilutive effects on earnings
that are attributable to owners of Multiconsult ASA or on the number
of shares. Basic and diluted earnings per share are therefore the
same.
2025
2024
Profit after tax attributable to owners of Multiconsult ASA (NOK
thousand)
252\u00a0956
416\u00a0485
Weighted average number of shares (excl. treasury shares)
27\u00a0429\u00a0687
27\u00a0561\u00a0304
Earnings per share
9.22
15.11
Dividends
Dividends paid to owners of Multiconsult ASA (NOK thousand)
277\u00a0042
221\u00a0136
Dividends per share
10.00
8.00
Dividends proposed after 31 December 2025 (NOK thousand)\u00b9\u207e
138\u00a0375
Dividends proposed after 31 December 2025 (per share)\u00b9\u207e
5.00
1) Dividends to be adopted by the annual general meeting 16 April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
Note 17 Earnings per share and dividends
In 2025 and 2024, there were no potential dilutive effects on earnings
that are attributable to owners of Multiconsult ASA or on the number
of shares. Basic and diluted earnings per share are therefore the
same.
2025
2024
Profit after tax attributable to owners of Multiconsult ASA (NOK
thousand)
252\u00a0956
416\u00a0485
Weighted average number of shares (excl. treasury shares)
27\u00a0429\u00a0687
27\u00a0561\u00a0304
Earnings per share
9.22
15.11
Dividends
Dividends paid to owners of Multiconsult ASA (NOK thousand)
277\u00a0042
221\u00a0136
Dividends per share
10.00
8.00
Dividends proposed after 31 December 2025 (NOK thousand)\u00b9\u207e
138\u00a0375
Dividends proposed after 31 December 2025 (per share)\u00b9\u207e
5.00
1) Dividends to be adopted by the annual general meeting 16 April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "10.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-428": { "value": "8.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-432": { "value": "
Note 18 Provisions, disputes and contingent liabilities
The group completes a significant number of assignments during a
year. Normally, the group enters into agreements with the clients
limiting its responsibilities. During the execution of an assignment,
defects or damages as a result of the deliveries may be identified that
could lead to claims being made towards the group. When it is
probable (over 50 per cent) that a claim will result in outflow of
economic resources from the group, a provision for the estimated
liability is recognised.
Provisions and reimbursements
Provisions are presented as liabilities in the balance sheet, while the
expected reimbursements from the insurance company related to
recognised provisions are presented as a separate asset.
Amounts in NOK thousand
31.12.2025
31.12.2024
Gross provisions
81\u00a0287
77\u00a0946
Assets for reimbursement
of provisions
72\u00a0953
70\u00a0469
Net provisions
8\u00a0335
7\u00a0477
Reimbursements and established practice
The reimbursement from the insurance company is directly linked to
the cases and the actual additions, settlements and reversals are
estimated and incurred simultaneously. Consequently, the table
below present changes in the provisions net of the assets for
reimbursement.
Amounts in NOK thousand
Project responsibility
Net provisions January 2024
9\u00a0844
Additions
2\u00a0603
Reversals
(1\u00a0670)
Utilised
(3\u00a0300)
Net provisions 31 December 2024
7\u00a0477
Additions
6\u00a0174
Reversals
(2\u00a0606)
Utilised
(2\u00a0700)
Net provisions 31 December 2025
8\u00a0335
A reimbursement asset is recognised when it is virtually certain that
Multiconsult will receive compensation from the insurance company
for expenditures related to project responsibility cases. This
assessment is based on established practice within the group and on
early clarification with the insurance company in each individual
case. When a potential liability is identified, the Legal department
assesses whether the matter is covered by the professional indemnity
insurance. In dialogue with the insurer, coverage is denied or
confirmed shortly after the case is reported.
Historically, Multiconsult has had a consistent pattern in which the
insurance company has reimbursed settlement payments as well as
costs related to legal assistance and expert evaluations in
pre\u2011approved cases. There has generally been alignment regarding
which damages and costs are covered under the insurance policy.
This established and stable practice provides a sufficient basis to
conclude that reimbursement is virtually certain once insurance
coverage is confirmed and a project liability provision has been
recognised.
Insurance coverage
Multiconsult holds a professional indemnity insurance policy that
covers liabilities within standard limitation levels used in the industry.
For extended liability limitations or project\u2011specific risk elements,
advance approval is obtained from the insurance company.
Timing and measurement
The date for settlement of project responsibility cases is often outside
the group\u2019s control and it is not possible to make a reliable estimate
of settlement dates. The processes are extensive with negotiations
with many parties and often results in long legal processes.
The time-period from reporting a case to final settlement can take
several years. The size of the settlement can vary considerably. The
provision related to a claim is calculated on the basis of the expected
compensation, own risk deductibles and the claimed amount.
Although some cases may extend over longer periods, the inherent
uncertainty related to both the amount and timing of the settlement is
significant.
On 31 December 2025, the recognised provision relates to several
projects, and no individual project represents a significant amount.
Disputes and contingent liabilities
Overall risk profile
Disagreements and legal disputes regarding delays and project errors
are inherent in the engineering and architecture consultancy industry.
Multiconsult has developed internal procedures and competencies to
reduce exposure to legal disputes. Multiconsult maintains insurance
policies and procedures to manage such cases. Subsidiaries have
insurance coverage for project liability within certain limits and
conditions. Significant project and other operational risks may exist
where liability limitations do not apply or where insurance coverage is
insufficient. In cases of gross negligence or wilful misconduct, liability
limitations typically do not apply, and insurance coverage may be
reduced.
Participation in project partnerships
Multiconsult\u2019s participation in project partnerships with joint and
several liability or joint and proportional liability can, under certain
circumstances increase risk. Typically, proportional liability is
normally based on Multiconsult\u2019s share of the partnership\u2019s turnover.
The risks may, in adverse circumstances, negatively impact the
group\u2019s financial performance.
Contingent liabilities
Multiconsult is involved in several disputes, claims and project
responsibility cases for which no provision has been recognised, as
management assesses that an outflow of economic resources is not
probable. These matters relate to alleged project errors, delays or
contractual disagreements arising in normal project activities.
Although the cases vary in complexity and outcome is uncertain,
Management does not consider it probable that they will result in a
material outflow for the group.
Multiconsult Norge AS is involved in a dispute related to the Sotra Link
project. The dispute concerns compensation for both cancelled work
and work performed that has not been compensated by the client.
Claims have been submitted by both Multiconsult Norge AS and the
counterparty in this matter. No provision has been recognised in
relation to Multiconsult Norge AS' counter\u2011claim, and outstanding
receivables against Sotra Link are described in note 3 a) Credit risk. As
at 31 December 2025, no provisions has been recognised in relation
to the Sotra Link project. Management, based on assessments by
external legal advisers and the status of the proceedings, considers
that it is not probable that the dispute will result in an outflow of
economic resources for the group. The outcome of the legal
proceedings remains uncertain, and the matter is subject to inherent
legal and factual complexity.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
Note 18 Provisions, disputes and contingent liabilities
The group completes a significant number of assignments during a
year. Normally, the group enters into agreements with the clients
limiting its responsibilities. During the execution of an assignment,
defects or damages as a result of the deliveries may be identified that
could lead to claims being made towards the group. When it is
probable (over 50 per cent) that a claim will result in outflow of
economic resources from the group, a provision for the estimated
liability is recognised.
Provisions and reimbursements
Provisions are presented as liabilities in the balance sheet, while the
expected reimbursements from the insurance company related to
recognised provisions are presented as a separate asset.
Amounts in NOK thousand
31.12.2025
31.12.2024
Gross provisions
81\u00a0287
77\u00a0946
Assets for reimbursement
of provisions
72\u00a0953
70\u00a0469
Net provisions
8\u00a0335
7\u00a0477
Reimbursements and established practice
The reimbursement from the insurance company is directly linked to
the cases and the actual additions, settlements and reversals are
estimated and incurred simultaneously. Consequently, the table
below present changes in the provisions net of the assets for
reimbursement.
Amounts in NOK thousand
Project responsibility
Net provisions January 2024
9\u00a0844
Additions
2\u00a0603
Reversals
(1\u00a0670)
Utilised
(3\u00a0300)
Net provisions 31 December 2024
7\u00a0477
Additions
6\u00a0174
Reversals
(2\u00a0606)
Utilised
(2\u00a0700)
Net provisions 31 December 2025
8\u00a0335
A reimbursement asset is recognised when it is virtually certain that
Multiconsult will receive compensation from the insurance company
for expenditures related to project responsibility cases. This
assessment is based on established practice within the group and on
early clarification with the insurance company in each individual
case. When a potential liability is identified, the Legal department
assesses whether the matter is covered by the professional indemnity
insurance. In dialogue with the insurer, coverage is denied or
confirmed shortly after the case is reported.
Historically, Multiconsult has had a consistent pattern in which the
insurance company has reimbursed settlement payments as well as
costs related to legal assistance and expert evaluations in
pre\u2011approved cases. There has generally been alignment regarding
which damages and costs are covered under the insurance policy.
This established and stable practice provides a sufficient basis to
conclude that reimbursement is virtually certain once insurance
coverage is confirmed and a project liability provision has been
recognised.
Insurance coverage
Multiconsult holds a professional indemnity insurance policy that
covers liabilities within standard limitation levels used in the industry.
For extended liability limitations or project\u2011specific risk elements,
advance approval is obtained from the insurance company.
Timing and measurement
The date for settlement of project responsibility cases is often outside
the group\u2019s control and it is not possible to make a reliable estimate
of settlement dates. The processes are extensive with negotiations
with many parties and often results in long legal processes.
The time-period from reporting a case to final settlement can take
several years. The size of the settlement can vary considerably. The
provision related to a claim is calculated on the basis of the expected
compensation, own risk deductibles and the claimed amount.
Although some cases may extend over longer periods, the inherent
uncertainty related to both the amount and timing of the settlement is
significant.
On 31 December 2025, the recognised provision relates to several
projects, and no individual project represents a significant amount.
Disputes and contingent liabilities
Overall risk profile
Disagreements and legal disputes regarding delays and project errors
are inherent in the engineering and architecture consultancy industry.
Multiconsult has developed internal procedures and competencies to
reduce exposure to legal disputes. Multiconsult maintains insurance
policies and procedures to manage such cases. Subsidiaries have
insurance coverage for project liability within certain limits and
conditions. Significant project and other operational risks may exist
where liability limitations do not apply or where insurance coverage is
insufficient. In cases of gross negligence or wilful misconduct, liability
limitations typically do not apply, and insurance coverage may be
reduced.
Participation in project partnerships
Multiconsult\u2019s participation in project partnerships with joint and
several liability or joint and proportional liability can, under certain
circumstances increase risk. Typically, proportional liability is
normally based on Multiconsult\u2019s share of the partnership\u2019s turnover.
The risks may, in adverse circumstances, negatively impact the
group\u2019s financial performance.
Contingent liabilities
Multiconsult is involved in several disputes, claims and project
responsibility cases for which no provision has been recognised, as
management assesses that an outflow of economic resources is not
probable. These matters relate to alleged project errors, delays or
contractual disagreements arising in normal project activities.
Although the cases vary in complexity and outcome is uncertain,
Management does not consider it probable that they will result in a
material outflow for the group.
Multiconsult Norge AS is involved in a dispute related to the Sotra Link
project. The dispute concerns compensation for both cancelled work
and work performed that has not been compensated by the client.
Claims have been submitted by both Multiconsult Norge AS and the
counterparty in this matter. No provision has been recognised in
relation to Multiconsult Norge AS' counter\u2011claim, and outstanding
receivables against Sotra Link are described in note 3 a) Credit risk. As
at 31 December 2025, no provisions has been recognised in relation
to the Sotra Link project. Management, based on assessments by
external legal advisers and the status of the proceedings, considers
that it is not probable that the dispute will result in an outflow of
economic resources for the group. The outcome of the legal
proceedings remains uncertain, and the matter is subject to inherent
legal and factual complexity.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
Note 18 Provisions, disputes and contingent liabilities
The group completes a significant number of assignments during a
year. Normally, the group enters into agreements with the clients
limiting its responsibilities. During the execution of an assignment,
defects or damages as a result of the deliveries may be identified that
could lead to claims being made towards the group. When it is
probable (over 50 per cent) that a claim will result in outflow of
economic resources from the group, a provision for the estimated
liability is recognised.
Provisions and reimbursements
Provisions are presented as liabilities in the balance sheet, while the
expected reimbursements from the insurance company related to
recognised provisions are presented as a separate asset.
Amounts in NOK thousand
31.12.2025
31.12.2024
Gross provisions
81\u00a0287
77\u00a0946
Assets for reimbursement
of provisions
72\u00a0953
70\u00a0469
Net provisions
8\u00a0335
7\u00a0477
Reimbursements and established practice
The reimbursement from the insurance company is directly linked to
the cases and the actual additions, settlements and reversals are
estimated and incurred simultaneously. Consequently, the table
below present changes in the provisions net of the assets for
reimbursement.
Amounts in NOK thousand
Project responsibility
Net provisions January 2024
9\u00a0844
Additions
2\u00a0603
Reversals
(1\u00a0670)
Utilised
(3\u00a0300)
Net provisions 31 December 2024
7\u00a0477
Additions
6\u00a0174
Reversals
(2\u00a0606)
Utilised
(2\u00a0700)
Net provisions 31 December 2025
8\u00a0335
A reimbursement asset is recognised when it is virtually certain that
Multiconsult will receive compensation from the insurance company
for expenditures related to project responsibility cases. This
assessment is based on established practice within the group and on
early clarification with the insurance company in each individual
case. When a potential liability is identified, the Legal department
assesses whether the matter is covered by the professional indemnity
insurance. In dialogue with the insurer, coverage is denied or
confirmed shortly after the case is reported.
Historically, Multiconsult has had a consistent pattern in which the
insurance company has reimbursed settlement payments as well as
costs related to legal assistance and expert evaluations in
pre\u2011approved cases. There has generally been alignment regarding
which damages and costs are covered under the insurance policy.
This established and stable practice provides a sufficient basis to
conclude that reimbursement is virtually certain once insurance
coverage is confirmed and a project liability provision has been
recognised.
Insurance coverage
Multiconsult holds a professional indemnity insurance policy that
covers liabilities within standard limitation levels used in the industry.
For extended liability limitations or project\u2011specific risk elements,
advance approval is obtained from the insurance company.
Timing and measurement
The date for settlement of project responsibility cases is often outside
the group\u2019s control and it is not possible to make a reliable estimate
of settlement dates. The processes are extensive with negotiations
with many parties and often results in long legal processes.
The time-period from reporting a case to final settlement can take
several years. The size of the settlement can vary considerably. The
provision related to a claim is calculated on the basis of the expected
compensation, own risk deductibles and the claimed amount.
Although some cases may extend over longer periods, the inherent
uncertainty related to both the amount and timing of the settlement is
significant.
On 31 December 2025, the recognised provision relates to several
projects, and no individual project represents a significant amount.
Disputes and contingent liabilities
Overall risk profile
Disagreements and legal disputes regarding delays and project errors
are inherent in the engineering and architecture consultancy industry.
Multiconsult has developed internal procedures and competencies to
reduce exposure to legal disputes. Multiconsult maintains insurance
policies and procedures to manage such cases. Subsidiaries have
insurance coverage for project liability within certain limits and
conditions. Significant project and other operational risks may exist
where liability limitations do not apply or where insurance coverage is
insufficient. In cases of gross negligence or wilful misconduct, liability
limitations typically do not apply, and insurance coverage may be
reduced.
Participation in project partnerships
Multiconsult\u2019s participation in project partnerships with joint and
several liability or joint and proportional liability can, under certain
circumstances increase risk. Typically, proportional liability is
normally based on Multiconsult\u2019s share of the partnership\u2019s turnover.
The risks may, in adverse circumstances, negatively impact the
group\u2019s financial performance.
Contingent liabilities
Multiconsult is involved in several disputes, claims and project
responsibility cases for which no provision has been recognised, as
management assesses that an outflow of economic resources is not
probable. These matters relate to alleged project errors, delays or
contractual disagreements arising in normal project activities.
Although the cases vary in complexity and outcome is uncertain,
Management does not consider it probable that they will result in a
material outflow for the group.
Multiconsult Norge AS is involved in a dispute related to the Sotra Link
project. The dispute concerns compensation for both cancelled work
and work performed that has not been compensated by the client.
Claims have been submitted by both Multiconsult Norge AS and the
counterparty in this matter. No provision has been recognised in
relation to Multiconsult Norge AS' counter\u2011claim, and outstanding
receivables against Sotra Link are described in note 3 a) Credit risk. As
at 31 December 2025, no provisions has been recognised in relation
to the Sotra Link project. Management, based on assessments by
external legal advisers and the status of the proceedings, considers
that it is not probable that the dispute will result in an outflow of
economic resources for the group. The outcome of the legal
proceedings remains uncertain, and the matter is subject to inherent
legal and factual complexity.", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Note 18 Provisions, disputes and contingent liabilities
The group completes a significant number of assignments during a
year. Normally, the group enters into agreements with the clients
limiting its responsibilities. During the execution of an assignment,
defects or damages as a result of the deliveries may be identified that
could lead to claims being made towards the group. When it is
probable (over 50 per cent) that a claim will result in outflow of
economic resources from the group, a provision for the estimated
liability is recognised.
Provisions and reimbursements
Provisions are presented as liabilities in the balance sheet, while the
expected reimbursements from the insurance company related to
recognised provisions are presented as a separate asset.
Amounts in NOK thousand
31.12.2025
31.12.2024
Gross provisions
81\u00a0287
77\u00a0946
Assets for reimbursement
of provisions
72\u00a0953
70\u00a0469
Net provisions
8\u00a0335
7\u00a0477
Reimbursements and established practice
The reimbursement from the insurance company is directly linked to
the cases and the actual additions, settlements and reversals are
estimated and incurred simultaneously. Consequently, the table
below present changes in the provisions net of the assets for
reimbursement.
Amounts in NOK thousand
Project responsibility
Net provisions January 2024
9\u00a0844
Additions
2\u00a0603
Reversals
(1\u00a0670)
Utilised
(3\u00a0300)
Net provisions 31 December 2024
7\u00a0477
Additions
6\u00a0174
Reversals
(2\u00a0606)
Utilised
(2\u00a0700)
Net provisions 31 December 2025
8\u00a0335
A reimbursement asset is recognised when it is virtually certain that
Multiconsult will receive compensation from the insurance company
for expenditures related to project responsibility cases. This
assessment is based on established practice within the group and on
early clarification with the insurance company in each individual
case. When a potential liability is identified, the Legal department
assesses whether the matter is covered by the professional indemnity
insurance. In dialogue with the insurer, coverage is denied or
confirmed shortly after the case is reported.
Historically, Multiconsult has had a consistent pattern in which the
insurance company has reimbursed settlement payments as well as
costs related to legal assistance and expert evaluations in
pre\u2011approved cases. There has generally been alignment regarding
which damages and costs are covered under the insurance policy.
This established and stable practice provides a sufficient basis to
conclude that reimbursement is virtually certain once insurance
coverage is confirmed and a project liability provision has been
recognised.
Insurance coverage
Multiconsult holds a professional indemnity insurance policy that
covers liabilities within standard limitation levels used in the industry.
For extended liability limitations or project\u2011specific risk elements,
advance approval is obtained from the insurance company.
Timing and measurement
The date for settlement of project responsibility cases is often outside
the group\u2019s control and it is not possible to make a reliable estimate
of settlement dates. The processes are extensive with negotiations
with many parties and often results in long legal processes.
The time-period from reporting a case to final settlement can take
several years. The size of the settlement can vary considerably. The
provision related to a claim is calculated on the basis of the expected
compensation, own risk deductibles and the claimed amount.
Although some cases may extend over longer periods, the inherent
uncertainty related to both the amount and timing of the settlement is
significant.
On 31 December 2025, the recognised provision relates to several
projects, and no individual project represents a significant amount.
Disputes and contingent liabilities
Overall risk profile
Disagreements and legal disputes regarding delays and project errors
are inherent in the engineering and architecture consultancy industry.
Multiconsult has developed internal procedures and competencies to
reduce exposure to legal disputes. Multiconsult maintains insurance
policies and procedures to manage such cases. Subsidiaries have
insurance coverage for project liability within certain limits and
conditions. Significant project and other operational risks may exist
where liability limitations do not apply or where insurance coverage is
insufficient. In cases of gross negligence or wilful misconduct, liability
limitations typically do not apply, and insurance coverage may be
reduced.
Participation in project partnerships
Multiconsult\u2019s participation in project partnerships with joint and
several liability or joint and proportional liability can, under certain
circumstances increase risk. Typically, proportional liability is
normally based on Multiconsult\u2019s share of the partnership\u2019s turnover.
The risks may, in adverse circumstances, negatively impact the
group\u2019s financial performance.
Contingent liabilities
Multiconsult is involved in several disputes, claims and project
responsibility cases for which no provision has been recognised, as
management assesses that an outflow of economic resources is not
probable. These matters relate to alleged project errors, delays or
contractual disagreements arising in normal project activities.
Although the cases vary in complexity and outcome is uncertain,
Management does not consider it probable that they will result in a
material outflow for the group.
Multiconsult Norge AS is involved in a dispute related to the Sotra Link
project. The dispute concerns compensation for both cancelled work
and work performed that has not been compensated by the client.
Claims have been submitted by both Multiconsult Norge AS and the
counterparty in this matter. No provision has been recognised in
relation to Multiconsult Norge AS' counter\u2011claim, and outstanding
receivables against Sotra Link are described in note 3 a) Credit risk. As
at 31 December 2025, no provisions has been recognised in relation
to the Sotra Link project. Management, based on assessments by
external legal advisers and the status of the proceedings, considers
that it is not probable that the dispute will result in an outflow of
economic resources for the group. The outcome of the legal
proceedings remains uncertain, and the matter is subject to inherent
legal and factual complexity.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
Note 19 Cash and cash equivalents, restricted cash and restricted funds
Amounts in NOK thousand
31.12.2025
31.12.2024
Cash and bank deposits, excluding restricted cash
113\u00a0541
164\u00a0488
Restricted cash
12\u00a0495
1\u00a0506
Non-current financial assets, restricted funds
43\u00a0325
28\u00a0361
Total cash and cash equivalents and restricted cash
169\u00a0361
194\u00a0355
Restricted funds as of 31 December 2025 and 2024 primarily relate to
bank accounts and balances that are subject to contractual or
regulatory restrictions. These funds are typically maintained in
separate accounts and are not available for general use by the group.
A portion of the restricted funds consists of balances held as security
for clients until completion of related projects. Another part relates to
bank accounts required to secure employee tax withholdings, VAT
settlements and bank guarantees issued to clients. The associated
guarantees have maturities extending from 2025 to 2033.
In addition, restricted cash comprises bank balances of NOK 12.5
million (1.5) as of 31 December 2025, of which NOK 10.2 million is
held in dedicated employee withholding tax accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
Note 19 Cash and cash equivalents, restricted cash and restricted funds
Amounts in NOK thousand
31.12.2025
31.12.2024
Cash and bank deposits, excluding restricted cash
113\u00a0541
164\u00a0488
Restricted cash
12\u00a0495
1\u00a0506
Non-current financial assets, restricted funds
43\u00a0325
28\u00a0361
Total cash and cash equivalents and restricted cash
169\u00a0361
194\u00a0355
Restricted funds as of 31 December 2025 and 2024 primarily relate to
bank accounts and balances that are subject to contractual or
regulatory restrictions. These funds are typically maintained in
separate accounts and are not available for general use by the group.
A portion of the restricted funds consists of balances held as security
for clients until completion of related projects. Another part relates to
bank accounts required to secure employee tax withholdings, VAT
settlements and bank guarantees issued to clients. The associated
guarantees have maturities extending from 2025 to 2033.
In addition, restricted cash comprises bank balances of NOK 12.5
million (1.5) as of 31 December 2025, of which NOK 10.2 million is
held in dedicated employee withholding tax accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
Note 20 Receivables, work in progress and prepaid expenses
Amounts in NOK thousand
31.12.2025
31.12.2024
Trade receivables
1\u00a0263\u00a0352
954\u00a0027
Allowance for credit losses on receivables (see note 3)
(4\u00a0432)
(5\u00a0621)
Total trade receivables
1\u00a0258\u00a0920
948\u00a0407
Work in progress
337\u00a0025
320\u00a0491
Prepaid expenses
113\u00a0168
90\u00a0730
Other
82\u00a0225
64\u00a0445
Total other current receivables and prepaid expenses
195\u00a0393
155\u00a0175
Total receivables and prepaid expenses
1\u00a0791\u00a0338
1\u00a0424\u00a0073
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
Note 21 Shareholder information
The following table shows shareholders owning 1 per cent or more of
Multiconsult ASA shares on 31 December 2025:
Number of shares
Ownership share %
Stiftelsen Multiconsult
6\u00a0052\u00a0559
21.9%
Verdipapirfond Odin Norge
2\u00a0650\u00a0871
9.6%
Verdipapirfondet Holberg Norge
1\u00a0140\u00a0957
4.1%
Stenshagen Invest AS
1\u00a0130\u00a0519
4.1%
Varner Equities AS
958\u00a0083
3.5%
Vevlen Kapital AS
933\u00a0138
3.4%
Pareto Aksje Norge Verdipapirfond
931\u00a0440
3.4%
The Bank of New York Mellon SA/NV
649\u00a0439
2.3%
Brown Brothers Harriman & Co
603\u00a0525
2.2%
Salt Value AS
594\u00a0128
2.1%
Verdipapirfondet Heimdal Utbytte
300\u00a0000
1.1%
State Street Bank and Trust Comp
299\u00a0300
1.1%
Forsvarets Personellservice
288\u00a0400
1.0%
Other
11\u00a0142\u00a0552
40.3%
Total number of shares
27\u00a0674\u00a0911
100%
Total number of shares are 27\u00a0674\u00a0911 with par value per share of
NOK 0.50. All shares that are part of the parent company\u2019s share
capital belong to the same share class with the same rights. The
company\u2019s articles of association set forth that no shareholder,
including such shareholder\u2019s close associates, may vote for more
than 25 per cent of the shares at the general meeting.
The number of treasury shares (own shares) at the end of 2025 was
119 126 (38\u00a0045). During 2025 and 2024, the company purchased own
shares that were sold in the employee ownership programme, see
note 7.
The annual general meeting held on 10 April 2025 authorised the
board of directors pursuant to \u00a710-14 (1) of the Public Limited Liability
Companies Act to increase the company\u2019s share capital by up to NOK
2 767 491 in one or more share issues. The authority may only be used
to issue shares as consideration in connection with acquisitions, to
finance acquisitions or to issue shares in connection with incentive
schemes for the employees of the Multiconsult Group. The
shareholders\u2019 pre-emptive rights under \u00a710-4 of the Public Limited
Liability Companies Act may be set aside. The authority covers capital
increases against contributions in cash and contributions other than
in cash. The authority covers the right to incur special obligations for
the Company, ref. \u00a710-2 of the Public Limited Liability Companies Act.
The authority covers resolutions on mergers in accordance with \u00a713-5
of the Public Limited Liability Companies Act. The authority may also
be used in take-over situations, ref. \u00a76-17 (2) of the Securities Trading
Act.
The annual general meeting held on 10 April 2025 authorised the
board of directors pursuant to \u00a79-4 of the Public Limited Liability
Companies Act to acquire shares in the company (\u201cown shares\u201d) on
behalf of the company with an aggregate nominal value of up to 1\u00a0383
745. If the company disposes of own shares, this amount shall be
increased by an amount equal to the nominal value of the shares
disposed of. When acquiring own shares, the consideration per share
may not be less than NOK 5 and not exceed NOK 500. The board of
directors determines the methods by which own shares can be
acquired or disposed of.
Both authorities described above shall remain in force until the
annual general meeting in 2026, but in no event later than 30 June
2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
Note 21 Shareholder information
The following table shows shareholders owning 1 per cent or more of
Multiconsult ASA shares on 31 December 2025:
Number of shares
Ownership share %
Stiftelsen Multiconsult
6\u00a0052\u00a0559
21.9%
Verdipapirfond Odin Norge
2\u00a0650\u00a0871
9.6%
Verdipapirfondet Holberg Norge
1\u00a0140\u00a0957
4.1%
Stenshagen Invest AS
1\u00a0130\u00a0519
4.1%
Varner Equities AS
958\u00a0083
3.5%
Vevlen Kapital AS
933\u00a0138
3.4%
Pareto Aksje Norge Verdipapirfond
931\u00a0440
3.4%
The Bank of New York Mellon SA/NV
649\u00a0439
2.3%
Brown Brothers Harriman & Co
603\u00a0525
2.2%
Salt Value AS
594\u00a0128
2.1%
Verdipapirfondet Heimdal Utbytte
300\u00a0000
1.1%
State Street Bank and Trust Comp
299\u00a0300
1.1%
Forsvarets Personellservice
288\u00a0400
1.0%
Other
11\u00a0142\u00a0552
40.3%
Total number of shares
27\u00a0674\u00a0911
100%
Total number of shares are 27\u00a0674\u00a0911 with par value per share of
NOK 0.50. All shares that are part of the parent company\u2019s share
capital belong to the same share class with the same rights. The
company\u2019s articles of association set forth that no shareholder,
including such shareholder\u2019s close associates, may vote for more
than 25 per cent of the shares at the general meeting.
The number of treasury shares (own shares) at the end of 2025 was
119 126 (38\u00a0045). During 2025 and 2024, the company purchased own
shares that were sold in the employee ownership programme, see
note 7.
The annual general meeting held on 10 April 2025 authorised the
board of directors pursuant to \u00a710-14 (1) of the Public Limited Liability
Companies Act to increase the company\u2019s share capital by up to NOK
2 767 491 in one or more share issues. The authority may only be used
to issue shares as consideration in connection with acquisitions, to
finance acquisitions or to issue shares in connection with incentive
schemes for the employees of the Multiconsult Group. The
shareholders\u2019 pre-emptive rights under \u00a710-4 of the Public Limited
Liability Companies Act may be set aside. The authority covers capital
increases against contributions in cash and contributions other than
in cash. The authority covers the right to incur special obligations for
the Company, ref. \u00a710-2 of the Public Limited Liability Companies Act.
The authority covers resolutions on mergers in accordance with \u00a713-5
of the Public Limited Liability Companies Act. The authority may also
be used in take-over situations, ref. \u00a76-17 (2) of the Securities Trading
Act.
The annual general meeting held on 10 April 2025 authorised the
board of directors pursuant to \u00a79-4 of the Public Limited Liability
Companies Act to acquire shares in the company (\u201cown shares\u201d) on
behalf of the company with an aggregate nominal value of up to 1\u00a0383
745. If the company disposes of own shares, this amount shall be
increased by an amount equal to the nominal value of the shares
disposed of. When acquiring own shares, the consideration per share
may not be less than NOK 5 and not exceed NOK 500. The board of
directors determines the methods by which own shares can be
acquired or disposed of.
Both authorities described above shall remain in force until the
annual general meeting in 2026, but in no event later than 30 June
2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
Note 22 Other current liabilities
Amounts in NOK thousand
31.12.2025
31.12.2024
Salaries payable, holiday pay, bonus etc.
461\u00a0860
434\u00a0589
Other accrued expenses
18\u00a0557
24\u00a0852
Other
46\u00a0246
22\u00a0927
Total other current liabilities
526\u00a0662
482\u00a0368
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
Note 22 Other current liabilities
Amounts in NOK thousand
31.12.2025
31.12.2024
Salaries payable, holiday pay, bonus etc.
461\u00a0860
434\u00a0589
Other accrued expenses
18\u00a0557
24\u00a0852
Other
46\u00a0246
22\u00a0927
Total other current liabilities
526\u00a0662
482\u00a0368
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
Note 22 Other current liabilities
Amounts in NOK thousand
31.12.2025
31.12.2024
Salaries payable, holiday pay, bonus etc.
461\u00a0860
434\u00a0589
Other accrued expenses
18\u00a0557
24\u00a0852
Other
46\u00a0246
22\u00a0927
Total other current liabilities
526\u00a0662
482\u00a0368
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
Note 23 Guarantees, pledges and securities provided
Guarantee obligations not recognised in the balance sheet
The group has provided security and guarantees primarily in
connection with its bank financing arrangements.The parent
company\u2019s bank facility agreements include a negative pledge clause
restricting the establishment of security for new borrowings within the
group, see note 3.
Sureties and pledged assets
As security for the group\u2019s bank facilities, Multiconsult ASA and
Multiconsult Norge AS have pledged trade receivables (including
factoring arrangements), inventory and property, plant and
equipment.
The carrying values of pledged assets in Multiconsult Norge AS on 31
December 2025 amounted to NOK 1 018.7 million (713.3) for trade
receivables, NOK 0 million (0) for inventory and NOK 151.6 million
(155.7) for property, plant and equipment.
For Multiconsult ASA, the carrying values of pledged assets on 31
December 2025 amounted to NOK 106.4 million (100.2) for trade
receivables and NOK 3.0 million (0) for inventory and property, plant
and equipment.
Multiconsult Norge AS has provided a surety of NOK 2 620 million for
Multiconsult ASA\u2019s liabilities towards the lender. Multiconsult ASA
has provided a surety of NOK 2 620 million for Multiconsult ASA\u2019s
liabilities towards the lender.
Guarantee facilities
Multiconsult ASA holds a guarantee facility with its main bank with a
total limit of NOK 120.0 million. On 31 December 2025, guarantees
amounting to NOK 72.8 million (75.4) had been drawn under this
facility. The facility is renewed annually; however, individual
guarantees issued under the facility may have a term of up to five
years.
Bank guarantees purchased by the group
The group purchases bank guarantees in the ordinary course of
business where required by clients, landlords or authorities. The
guarantees are issued by banks and do not represent guarantees
provided by the group. The amounts below represent the nominal
value of outstanding bank guarantees.
Parent company guarantees provided for subsidiaries\u2019 obligations do
not represent guarantees from a group perspective, as the entities are
consolidated. Such guarantees are therefore not included as
contingent liabilities of the group.
Amounts in NOK thousand
31.12.2025
31.12.2024
Bank guarantee \u2013 guarantees towards clients
170\u00a0389
179\u00a0317
Bank guarantee \u2013 guarantees for other obligations
44\u00a0314
43\u00a0146
Guarantee \u2013 employee tax deductions
220\u00a0000
187\u00a0000
Parent company guarantees \u2013 for subsidiaries
54\u00a0380
50\u00a0485
Parent company surety guarantees \u2013 for subsidiaries
12\u00a0440
5\u00a0000
Total guarantees
501\u00a0523
464\u00a0948
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Note 24 Related parties
The group\u2019s related parties are:
Key management personnel, close members of the family of a person
and entities that are controlled or jointly controlled by any of these.
Key management personnel are defined as the board of directors and
the executive management. See note 7 and the remuneration report
for salary and other remuneration for leading persons 2025 for
information on remuneration for key management personnel and
information on share ownership. There were no other transactions
with key management personnel in 2025 and 2024.
Stiftelsen Multiconsult had an ownership share 21.9 of per cent (21.2)
on 31 December 2025. The company\u2019s assessment is that Stiftelsen
Multiconsult has significant influence. Multiconsult has recognised
revenues from sales to Stiftelsen Multiconsult of NOK 3\u00a0603 thousand
(3\u00a0541) in 2025.
The parent company and its subsidiaries are also considered related
parties. Transactions and balances are eliminated in the consolidated
financial statements and are not disclosed in this note for the group.
Refer also to note 17 for the parent company.
Refer to note 14 Associated companies and joint ventures for more
information on these related parties.
Transactions and balances with associated companies and joint
ventures
Amounts in NOK thousand
2025
2024
Revenues
10\u00a0990
30\u00a0865
Expenses
-
5\u00a0648
Receivables
1\u00a0498
-
Liabilities
-
-
Guarantees provided
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
Note 25 Events after the reporting period
After the reporting period ended on 31 December 2025 and up to the
date these consolidated financial statements have been approved for
issue, no events have been identified that require disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG9GO07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }