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"ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-345": { "value": "377000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-346": { "value": "-728000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-347": { "value": "23000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-348": { "value": "631000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-349": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-350": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-351": { "value": "1198000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-352": { "value": "553000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-353": { "value": "1220000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-354": { "value": "1198000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-355": { "value": "1197000000.0", "decimals": -6, "dimensions": { "concept": "nor:UnrestrictedCashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-356": { "value": "1173000000.0", "decimals": -6, "dimensions": { "concept": "nor:UnrestrictedCashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-357": { "value": "23000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-358": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-360": { "value": "Corporate information
These consolidated financial statements of Norconsult ASA (the Company) and its subsidiaries (collectively the
Group or Norconsult) for the year ended 31 December 2025 were authorized for issue by the Board of Directors
on 9 April 2026 and submitted the Annual General Meeting for approval on 4 May 2026.
Norconsult ASA is a public limited liability company (ASA) registered and domiciled in Norway. The Group was
listed on the Oslo B\u00f8rs on 10 November 2023. The registered office is located at Vestfjordgaten 4, 1338 Sandvika,
Norway.
The Group is principally engaged in the provision of planning and consultancy services across all phases of social
planning, engineering design and architecture projects. The Group also develops and distributes complete IT
solutions for project, building and facility management for infrastructure and property, and has also a staffing
company with engineers and technical specialists for hire. In addition, the Group provides consultancy specialising
in project management and educational programmes. Information of the Group\u2019s structure is provided in Note 25.
The consolidated financial statements are presented in Norwegian Kroner (NOK) and all
values are rounded to the nearest NOK million, except when otherwise indicated. Due to rounding, the numbers in
one or more lines or columns in the consolidated financial statements may not be summarized to the total in the
line or\u202fcolumn.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "Corporate information
These consolidated financial statements of Norconsult ASA (the Company) and its subsidiaries (collectively the
Group or Norconsult) for the year ended 31 December 2025 were authorized for issue by the Board of Directors
on 9 April 2026 and submitted the Annual General Meeting for approval on 4 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "Norconsult ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "Norconsult ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "Norconsult ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "public limited liability company (ASA)", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "Vestfjordgaten 4, 1338 Sandvika, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "The Group is principally engaged in the provision of planning and consultancy services across all phases of social planning, engineering design and architecture projects. The Group also develops and distributes complete IT solutions for project, building and facility management for infrastructure and property, and has also a staffing company with engineers and technical specialists for hire. In addition, the Group provides consultancy specialising in project management and educational programmes. Information of the Group\u2019s structure is provided in Note 25.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "Material accounting policies
2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial
Reporting Standards (IFRS\u00ae Accounting Standards) as adopted by the EU.
The consolidated financial statements have been prepared on a historical cost basis, except for certain financial
investments and contingent considerations assumed in connection with business combinations that have been
measured at fair value. The consolidated financial statements are presented in Norwegian Kroner (NOK) and all
values are rounded to the nearest NOK million, except when otherwise indicated. Due to rounding, the numbers in
one or more lines or columns in the consolidated financial statements may not be summarized to the total in the
line or\u202fcolumn. The Group has prepared the consolidated financial statements on the basis that it will continue to
operate as a going concern.
2.2 New and amended standards and interpretations
Amendments to standards and interpretations with a future effective date
The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become
effective and approved by EU. Amendments and interpretations that apply for the first time in 2025 have no impact
on the Group\u2019s consolidated financial statements.
In April 2024, IASB issued IFRS 18 Presentation and disclosure in Financial Statements which replaces IAS 1
Presentation of Financial Statements and is a response to investors demand for better information about the
financial performance of companies.
IFRS 18 builds upon the foundation laid by IAS 1, keeping many sections with minimal revisions. However, it
introduces new requirements on presentation within the statement of profit or loss, which includes the
introduction of specified required totals and subtotals, and new categories of profit or loss. IFRS 18 also requires
entities to classify all income and expenses within the statement of profit or loss into one of five categories:
operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.
Additionally, it requires disclosure of management-defined performance measures and new principles for
determining the location of information with aggregation and disaggregation to reference similar and dissimilar
characteristics in the financial statement. Also, the narrow\u2011scope amendments to IAS 7 require entities using the
indirect method to start operating cash flow reconciliation with operating profit or loss, rather than profit or loss.
The amendments also remove classification options for interest and dividends to ensure consistent presentation,
and they introduce related consequential changes to other standards.
IFRS 18 will have effect on Norconsult\u2019s presentation of financial information when effective for reporting periods
beginning on or after 1 January 2027. The standard is expected to have an impact on the presentation and
disclosure of the Group\u2019s financial statements, but it is not expected to affect recognition or measurement of
assets, liabilities, income or expenses. The Group is currently working to identify all impacts the amendments will
have on the primary financial statements and notes to the financial statements. The initial expected material
impacts on Norconsult\u2019s financial statements are, as follows:
\u2013 Foreign exchange differences will be presented within the same category as the related income and expenses
that give rise to these differences
\u2013 New disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature
if expenses are presented by function in the operating category of the statement of profit or loss; and (c) a
reconciliation for each line item in the statement of profit or loss between the restated amounts presented
applying IFRS 18 and the amounts previously presented applying IAS 1.
\u2013 Interest received will be classified as investing activities, and interest paid will be classified as financing activities,
on the statement of cash flows.
The Group has not early adopted any standards, interpretation or amendment that has been issued but is not yet
effective.
2.3 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at
31 December 2025. Non-controlling interests are not significant.
Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from
consolidation when control ends. If the Group loses control over a subsidiary, it derecognises the related assets
(including goodwill) and liabilities, while any resulting gain or loss is recognised in profit or loss together with
cumulative translation differences.
All internal transactions, unsettled balances and unrealised gains between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction establishes an impairment for the transferred asset.
2.4 Joint arrangements and investment in associates
Investments in associated companies and joint ventures are accounted for using the equity method. The Group
accounts for its investment in joint operations by recognising its relative share of the investee\u2019s assets liabilities,
revenues and expenses. The Group currently has no joint arrangements or investments in associates that are
considered material to the consolidated accounts.
2.5 Foreign currencies
The consolidated accounts are presented in Norwegian kroner (NOK), which is the functional and presentation
currency of the parent company. Transactions involving foreign currencies are translated into the functional
currency using the exchange rates that are in effect at the time of the transactions.\u00a0
When consolidating the accounts of foreign subsidiaries, the income statement is translated into the presentation
currency according to average exchange rates per month.\u00a0
2.6 Current versus non-current classification
The Group presents assets and liabilities in the statement of financial position based on current/ non-current
classification.
2.7 Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, the Group estimates the asset\u2019s recoverable amount. Goodwill is tested for impairment annually.
The Group also holds an indefinite-lived trademark arising from the acquisition of Metier, which is tested for
impairment annually.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are
prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and
forecast calculations generally cover a period of three years. A long-term growth rate is calculated and applied to
project future cash flows after the third year.\u00a0
2.8 Statement of cash flows
The statement of cash flows is prepared using the indirect method. Acquisitions of subsidiaries are presented as
investing activities net of cash in target. Interest paid is presented as part of financing activities. Interest received is
presented as a part of investing activities.
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.
Accounting policy
The Group applies the acquisition method to all business combinations.\u00a0 For each business combination, the
Group chooses whether to measure any non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets. The Group does not have material non-controlling
interests neither in 2025 nor 2024.
Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. If
the contingent consideration is classified as an equity instrument it is not remeasured and settlement is recognised
in equity. Otherwise, the fair value of contingent consideration is remeasured at each reporting date and any
change is recognised in profit and loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing goodwill that is acquired in a business combination is allocated to each of the Group\u2019s cash-
generating units that are expected to benefit from the combination. Goodwill allocated to foreign cash-generating
units are denominated in foreign currency and is subject to change due to variation in currency rates.
Accounting policy
The Group\u2019s main business is providing consultancy services across project phases in areas such as transport,
buildings, architecture, renewable energy, industry, water, planning, environment, digitalization and project
management. In addition, the Group earns revenue from the sale of licenses and software services within Digital
and revenue from staffing services and specialists for hire in Technogarden and Metier.
Consultancy services
The Group identifies a single performance obligation in its consultancy agreements with its customers, as all
activities are considered inputs to a combined output to the customer. Revenue is recognised over time, as the
customer either simultaneously receives and consumes the benefits of the services or the work performed does
not create an asset with an alternative use and the Group has an enforceable right to payment for work completed
to date. The Group measures progress based on the costs incurred over total expected costs (\u2018percentage of
completion method\u2019). Under this method, total expected costs are estimated recurrently, to reflect the best
estimate based on the time to be spent in the projects.
Contracts often include variable consideration such as scope changes under time and material agreements,
bonuses or penalties. The Group estimates variable amounts using the most likely amount method and includes
them in revenue only when it is highly probable that a significant reversal will not occur. Clients are typically
invoiced monthly.
Contract modifications, such as change orders and options within contracts, are common. When modifications do
not add distinct services, they are accounted for as part of the existing contract, with adjustments made on a
cumulative basis.
The Group does not sell service-type warranties for its customers. Warranties cannot be purchased separately by
the customers, and the Group is not providing a service in addition to the assurance offered under the contract.
When the unavoidable costs of fulfilling a contract exceed the expected benefits, the Group recognises an
onerous contact provision for the expected loss, typically for the cost of fulfilling the contract. These costs
comprise the incremental costs of fulfilling the contract and an allocation of directly related costs to fulfilling the
contract.
Contract asset and liabilities
The sum of project revenue less progress billings is calculated for each project. Contracts where this amount is
positive are presented as contract assets, and contracts where the amount is negative are presented as contract
liabilities.
Software services
The Group offers software services ranging from on-premise software to software-as-a-service (SaaS). Contracts
often include maintenance agreements, providing post-contract support such as client support; unspecified
software updates, recurrent updates to the data included in the systems, etc. Together with these services, the
Group also provides its customers with installation services, integration, and training.
Each of the services above is considered a separate performance obligation and revenues are recognised over
time. In the case of the software services and post-contract support, these are recognised linearly over the
subscription period. Additional services such as installation, integration and training are recognised over time
based on the percentage-of-completion, however these services do not typically take more than a month to be
completed (although it can vary from contract to contract), as they are considered separate performance
obligations from the software services.
Transaction price is not typically subject to significant variability, and payment typically made 30 days or less after
invoices are sent to the customers.
Accounting policy
Segments are reported in the same manner as the internal financial reporting to the Group\u2019s chief operating
decision-maker, defined as the CEO. The internal financial reporting follows current IFRS standards as described in
these notes to the Group accounts. Transactions between operating segments are recorded on an arm\u2019s length
basis similar to transactions with third parties.
Accounting policy
The Group has share-based payment programs for executives and employees. The programs are assessed to be
equity-settled and the cost of the transactions is determined by the fair value at the date when the grant is made.
The calculated cost is recognised in employee benefits expense, together with a corresponding increase in equity,
over the period in which the services are rendered.
The cumulative expense recognised at each reporting date reflects the elapsed portion of the vesting period and
the Group\u2019s best estimate of the equity instruments that are expected to vest.
Accounting policy
In accordance with IFRS, defined contribution pension plans are accounted for by recognizing contributions as an
expense when they are due. The Group\u2019s pension plans in Norway, Sweden and Denmark are classified as defined
contribution plans and are accounted for accordingly.
Accounting policy
The Group\u2019s intangible assets, excluding goodwill, are trademarks, customer relations and contracts acquired in
business combinations, as well as licenses and software. Intangible assets acquired separately are initially
recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses. Internally generated intangible assets are recognized only if they arise from the
development phase and meet the recognition criteria in IAS 38. Expenditure on research and other internally
generated intangible items are expensed as incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortised on a straight-line basis over their estimated useful lives, which are reviewed at least annually. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at
least at the end of each reporting period, and any changes are accounted for as changes in accounting estimates.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or more
frequently if there is an indication of impairment.
Amortisation is performed on a straight-line basis over the estimated useful lives of the intangible asset:
Licenses and software
3-10
years
Customer relations
5-10
years
Customer contracts
1-6
years
Accounting policy
The Group\u2019s main items of property, plant and equipment are leasehold improvements, fixtures and furniture and
office machinery. The Group leases all office buildings, see note 12. Plant and equipment are stated at cost, net of
accumulated depreciation and accumulated impairment losses, if any. Cost includes costs that are directly
attributable to the acquisition of the asset.\u00a0
Estimated useful lives are as follows:
Fixtures, fittings, and office equipment
3-10 years
Accounting policy
The Group leases all office buildings. Leases are also generally used for IT equipment, office machines, motor
vehicles and to some extent mobile phones.
Leases are recognised as a right-of-use assets and a corresponding liability at the commencement date of the
lease (i.e., the date the underlying asset is available for use). Each lease payment is allocated between the liability
and finance cost. The finance costs are recognised over the lease period based on the remaining balance of the
liability for each period. Right-of-use assets are recognised at cost less depreciation and impairment loss. Assets
are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets, as follows:
\u2013 Office buildings:
1 to 17 years
\u2013 IT equipment:
1 to 6 years
\u2013 Motor vehicles and other equipment:
1 to 9 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise
of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets
are also subject to impairment.
The lease liabilities include the net present value of lease payments to be made over the lease term. The lease
payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. Several of the Group\u2019s leases
include options for renewal of the leases. Options that are reasonably certain to be exercised, considering office
size and growth, potential for relocation with other Norconsult offices, rent level and location of the office relative
to alternative locations in the relevant area are included in lease payments. Lease options for long-term contracts,
mainly over 3-4 years, are not taken into account as there are constant changes to the Group and it is difficult to
assess the probability of future renewals. In calculating the present value of lease payments, the Group uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not
readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in
the assessment of an option to purchase the underlying asset.
The Group applies the short-term lease recognition exemption to its short-term leases of certain office locations,
smaller machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases of office equipment that are considered to be low value. Lease payments on
short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease
term.
Accounting policy
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date in the countries where the Group operates and generates taxable
income.
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities and assets are recognised for all taxable temporary differences between carrying amount
and their respective tax bases. Deferred tax liabilities or deferred tax assets are not recognised for the initial
recognition of goodwill.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be
utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilized. Unrecognised deferred tax assets are reassessed at each reporting date.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set
off current tax assets and current tax liabilities.
The Group has applied the mandatory exception to recognising and disclosing information about deferred tax
assets and liabilities arising from Pillar Two income taxes. Furthermore, the Group has reviewed its corporate
structure in light of the introduction of Pillar Two Model Rules in various jurisdictions. Based on the Safe Harbour
tests, Norconsult Group is not exposed to top-up tax payments. Therefore, the consolidated financial statements
do not include information required by paragraphs 88A-88D of IAS 12. Given the complexity involved in applying
the legislation and in the requisite calculations, Norconsult will continue to evaluate its exposure.
Accounting policy
Earnings per share is calculated by dividing the profit for the year after non-controlling interests by the average
number of shares outstanding during the reporting period. Norconsult has share programs that potentially could
give rise to a dilutive effect for other shareholders. Earnings per share is therefore presented with and without a
dilutive effect.
Accounting policy
Cash and cash equivalents in the statement of financial position comprise cash in banks and on hand and short-
term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount
of cash and subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of
cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above. The Group\u2019s
investment of excess cash in bond funds is not classified as cash.
Accounting policy
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in
retained earnings.
Accounting policies
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial
Reporting Standards (IFRS\u00ae Accounting Standards) as adopted by the EU.
The consolidated financial statements have been prepared on a historical cost basis, except for certain financial
investments and contingent considerations assumed in connection with business combinations that have been
measured at fair value. The consolidated financial statements are presented in Norwegian Kroner (NOK) and all
values are rounded to the nearest NOK million, except when otherwise indicated. Due to rounding, the numbers in
one or more lines or columns in the consolidated financial statements may not be summarized to the total in the
line or\u202fcolumn. The Group has prepared the consolidated financial statements on the basis that it will continue to
operate as a going concern.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial
Reporting Standards (IFRS\u00ae Accounting Standards) as adopted by the EU.
The consolidated financial statements have been prepared on a historical cost basis, except for certain financial
investments and contingent considerations assumed in connection with business combinations that have been
measured at fair value. The consolidated financial statements are presented in Norwegian Kroner (NOK) and all
values are rounded to the nearest NOK million, except when otherwise indicated. Due to rounding, the numbers in
one or more lines or columns in the consolidated financial statements may not be summarized to the total in the
line or\u202fcolumn. The Group has prepared the consolidated financial statements on the basis that it will continue to
operate as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "The Group has prepared the consolidated financial statements on the basis that it will continue to
operate as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
2.2 New and amended standards and interpretations
Amendments to standards and interpretations with a future effective date
The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become
effective and approved by EU. Amendments and interpretations that apply for the first time in 2025 have no impact
on the Group\u2019s consolidated financial statements.
In April 2024, IASB issued IFRS 18 Presentation and disclosure in Financial Statements which replaces IAS 1
Presentation of Financial Statements and is a response to investors demand for better information about the
financial performance of companies.
IFRS 18 builds upon the foundation laid by IAS 1, keeping many sections with minimal revisions. However, it
introduces new requirements on presentation within the statement of profit or loss, which includes the
introduction of specified required totals and subtotals, and new categories of profit or loss. IFRS 18 also requires
entities to classify all income and expenses within the statement of profit or loss into one of five categories:
operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.
Additionally, it requires disclosure of management-defined performance measures and new principles for
determining the location of information with aggregation and disaggregation to reference similar and dissimilar
characteristics in the financial statement. Also, the narrow\u2011scope amendments to IAS 7 require entities using the
indirect method to start operating cash flow reconciliation with operating profit or loss, rather than profit or loss.
The amendments also remove classification options for interest and dividends to ensure consistent presentation,
and they introduce related consequential changes to other standards.
IFRS 18 will have effect on Norconsult\u2019s presentation of financial information when effective for reporting periods
beginning on or after 1 January 2027. The standard is expected to have an impact on the presentation and
disclosure of the Group\u2019s financial statements, but it is not expected to affect recognition or measurement of
assets, liabilities, income or expenses. The Group is currently working to identify all impacts the amendments will
have on the primary financial statements and notes to the financial statements. The initial expected material
impacts on Norconsult\u2019s financial statements are, as follows:
\u2013 Foreign exchange differences will be presented within the same category as the related income and expenses
that give rise to these differences
\u2013 New disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature
if expenses are presented by function in the operating category of the statement of profit or loss; and (c) a
reconciliation for each line item in the statement of profit or loss between the restated amounts presented
applying IFRS 18 and the amounts previously presented applying IAS 1.
\u2013 Interest received will be classified as investing activities, and interest paid will be classified as financing activities,
on the statement of cash flows.
The Group has not early adopted any standards, interpretation or amendment that has been issued but is not yet
effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
2.2 New and amended standards and interpretations
Amendments to standards and interpretations with a future effective date
The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become
effective and approved by EU. Amendments and interpretations that apply for the first time in 2025 have no impact
on the Group\u2019s consolidated financial statements.
In April 2024, IASB issued IFRS 18 Presentation and disclosure in Financial Statements which replaces IAS 1
Presentation of Financial Statements and is a response to investors demand for better information about the
financial performance of companies.
IFRS 18 builds upon the foundation laid by IAS 1, keeping many sections with minimal revisions. However, it
introduces new requirements on presentation within the statement of profit or loss, which includes the
introduction of specified required totals and subtotals, and new categories of profit or loss. IFRS 18 also requires
entities to classify all income and expenses within the statement of profit or loss into one of five categories:
operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.
Additionally, it requires disclosure of management-defined performance measures and new principles for
determining the location of information with aggregation and disaggregation to reference similar and dissimilar
characteristics in the financial statement. Also, the narrow\u2011scope amendments to IAS 7 require entities using the
indirect method to start operating cash flow reconciliation with operating profit or loss, rather than profit or loss.
The amendments also remove classification options for interest and dividends to ensure consistent presentation,
and they introduce related consequential changes to other standards.
IFRS 18 will have effect on Norconsult\u2019s presentation of financial information when effective for reporting periods
beginning on or after 1 January 2027. The standard is expected to have an impact on the presentation and
disclosure of the Group\u2019s financial statements, but it is not expected to affect recognition or measurement of
assets, liabilities, income or expenses. The Group is currently working to identify all impacts the amendments will
have on the primary financial statements and notes to the financial statements. The initial expected material
impacts on Norconsult\u2019s financial statements are, as follows:
\u2013 Foreign exchange differences will be presented within the same category as the related income and expenses
that give rise to these differences
\u2013 New disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature
if expenses are presented by function in the operating category of the statement of profit or loss; and (c) a
reconciliation for each line item in the statement of profit or loss between the restated amounts presented
applying IFRS 18 and the amounts previously presented applying IAS 1.
\u2013 Interest received will be classified as investing activities, and interest paid will be classified as financing activities,
on the statement of cash flows.
The Group has not early adopted any standards, interpretation or amendment that has been issued but is not yet
effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
2.3 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at
31 December 2025. Non-controlling interests are not significant.
Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from
consolidation when control ends. If the Group loses control over a subsidiary, it derecognises the related assets
(including goodwill) and liabilities, while any resulting gain or loss is recognised in profit or loss together with
cumulative translation differences.
All internal transactions, unsettled balances and unrealised gains between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction establishes an impairment for the transferred asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
2.3 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at
31 December 2025. Non-controlling interests are not significant.
Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from
consolidation when control ends. If the Group loses control over a subsidiary, it derecognises the related assets
(including goodwill) and liabilities, while any resulting gain or loss is recognised in profit or loss together with
cumulative translation differences.
All internal transactions, unsettled balances and unrealised gains between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction establishes an impairment for the transferred asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
2.4 Joint arrangements and investment in associates
Investments in associated companies and joint ventures are accounted for using the equity method. The Group
accounts for its investment in joint operations by recognising its relative share of the investee\u2019s assets liabilities,
revenues and expenses. The Group currently has no joint arrangements or investments in associates that are
considered material to the consolidated accounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
2.4 Joint arrangements and investment in associates
Investments in associated companies and joint ventures are accounted for using the equity method. The Group
accounts for its investment in joint operations by recognising its relative share of the investee\u2019s assets liabilities,
revenues and expenses. The Group currently has no joint arrangements or investments in associates that are
considered material to the consolidated accounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
2.4 Joint arrangements and investment in associates
Investments in associated companies and joint ventures are accounted for using the equity method. The Group
accounts for its investment in joint operations by recognising its relative share of the investee\u2019s assets liabilities,
revenues and expenses. The Group currently has no joint arrangements or investments in associates that are
considered material to the consolidated accounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
2.5 Foreign currencies
The consolidated accounts are presented in Norwegian kroner (NOK), which is the functional and presentation
currency of the parent company. Transactions involving foreign currencies are translated into the functional
currency using the exchange rates that are in effect at the time of the transactions.\u00a0
When consolidating the accounts of foreign subsidiaries, the income statement is translated into the presentation
currency according to average exchange rates per month.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
2.5 Foreign currencies
The consolidated accounts are presented in Norwegian kroner (NOK), which is the functional and presentation
currency of the parent company. Transactions involving foreign currencies are translated into the functional
currency using the exchange rates that are in effect at the time of the transactions.\u00a0
When consolidating the accounts of foreign subsidiaries, the income statement is translated into the presentation
currency according to average exchange rates per month.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
2.7 Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, the Group estimates the asset\u2019s recoverable amount. Goodwill is tested for impairment annually.
The Group also holds an indefinite-lived trademark arising from the acquisition of Metier, which is tested for
impairment annually.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are
prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and
forecast calculations generally cover a period of three years. A long-term growth rate is calculated and applied to
project future cash flows after the third year.\u00a0
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
2.7 Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, the Group estimates the asset\u2019s recoverable amount. Goodwill is tested for impairment annually.
The Group also holds an indefinite-lived trademark arising from the acquisition of Metier, which is tested for
impairment annually.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are
prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and
forecast calculations generally cover a period of three years. A long-term growth rate is calculated and applied to
project future cash flows after the third year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
2.8 Statement of cash flows
The statement of cash flows is prepared using the indirect method. Acquisitions of subsidiaries are presented as
investing activities net of cash in target. Interest paid is presented as part of financing activities. Interest received is
presented as a part of investing activities.
Changes in liabilities arising from financing activities
The table below sets out the changes in the Group\u2019s liabilities arising from financing activities.
Changes in liabilities arising from financing activities
2025
1 January
2025
Cash
flows
Increase
through
acquisition
Foreign
exchange
movement
New leases
and
revaluation
Other
31
December
2025
Interest on interest-bearing liabilities
0
-14
23
9
Current interest-bearing loans and
borrowings
0
240
240
Non-current interest bearing loans and
borrowings
0
1\u00a0053
1\u00a0053
Lease liabilities (Note 12)
1\u00a0597
-465
78
12
406
49
1\u00a0677
Total liabilities from financing activities
1\u00a0597
814
78
12
406
72
2\u00a0979
2024
1 January
2024
Cash
flows
Increase
through
acquisition
Foreign
exchange
movement
New
leases and
revaluatio
Other
31
December
2024
Lease liabilities (Note 12)
1\u00a0580
-430
0
4
402
41
1\u00a0597
Total liabilities from financing activities
1\u00a0580
-430
4
402
41
1\u00a0597
The \u2018Other\u2019 column includes interest accretion on leasing liabilities as well as accrued but unpaid interest on loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
2.8 Statement of cash flows
The statement of cash flows is prepared using the indirect method. Acquisitions of subsidiaries are presented as
investing activities net of cash in target. Interest paid is presented as part of financing activities. Interest received is
presented as a part of investing activities.
Accounting policy
Cash and cash equivalents in the statement of financial position comprise cash in banks and on hand and short-
term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount
of cash and subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of
cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above. The Group\u2019s
investment of excess cash in bond funds is not classified as cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "Significant accounting judgements, estimates and assumptions
The preparation of the Group\u2019s consolidated financial statements requires management to make judgements,
estimates and assumptions about the future that affect the reported amounts of revenues, expenses, assets and
liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of
assets or liabilities affected in future periods. Areas with such management assessments in the Group are:
\u2013 Revenue recognition and projects in progress (note 6)
\u2013 Impairment of goodwill (note 10)
Significant accounting judgements, estimates and assumptions
The Group\u2019s business mainly consists of execution of projects. Most projects are billed based on hours worked,
while a portion also includes fixed price elements. At each period end the Group assess the probability that the
hours charged can be billed to the customer, as well as estimating remaining costs of the project. Uncertainty is
particularly related to change orders, claims and other contract changes. There is an inherent risk associated with
these estimates.
Impairment test of goodwill
Impairment test of goodwill is carried out annually during the fourth quarter, or more frequently if there are
indicators of impairment.
Tests are carried out at the level of cash\u2011generating units (CGUs) to which goodwill is allocated. These CGUs
correspond to the Group\u2019s segment structure, and the allocation is shown in the table above.
The recoverable amount of each CGU is determined using value in use calculations, based on discounted cash
flows. Forecasts for the next year are derived from the board approved operating budget, which represents
managements best estimates of future market conditions. Thereafter, terminal value based on an annual growth in
the cash flow of 1.3%, is estimated. The growth rate is a conservative estimation of the long-term growth for the
CGUs.
The key variables that impact the value in use calculation are sales growth, EBITA margin and discount rate. The
estimates reflect past experience as well as external sources of information and have included consideration of
future economic uncertainties related to global trade and macroeconomic development. Impairment tests
indicate no requirement to make write-downs nor does sensitivity analysis with reasonable changes in
assumptions. However, future outcomes may deviate materially from the estimates to the extent that write-down
of goodwill is required.
Climate\u2011related risks and opportunities have also been considered. Norconsult experience transition risk in that the
advice and solutions that we plan and design must comply with relevant changes in policy, technology, laws,
regulations and standards. This requires a dynamic and adaptable management system and skilled employees. This
will affect both our market and its stakeholders, creating both a risk of reduction in the services we currently
provide, but also opportunities to provide additional services in current and new professional disciplines. The
potential impact of climate risk on future cash flows has been assessed, and no material effects were identified
neither for 2024 nor 2025.
Estimated future cash flows are discounted using the weighted average cost of capital for the CGU. The net
present value of future cash flows is compared to the carrying value of each CGU. Discount rates are estimated
based on risk free interest rate (10-year government bond), market risk premium and beta values per CGU, and are
as follows:
Discount rate before tax in %
2025
2024
Norway Head Office
10.3 %
10.5 %
Norway Regions
10.3 %
10.5 %
Renewable Energy
10.3 %
10.5 %
Sweden
9.2 %
8.9 %
Denmark
9.2 %
9.0 %
Consulting Segments
10.3 %
10.5 %
The change in pre-tax discount rates from 2024 to 2025 partly reflects the Group\u2019s transition from an all\u2011equity
capital structure to a mix of equity and interest\u2011bearing debt. In addition, the risk-free interest rate increased
slightly during the year, partially offset by a reduction in the market risk premium.
No impairment is identified for reasonable changes in key assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "Significant accounting judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions about the future that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Areas with such management assessments in the Group are: \u2013 Revenue recognition and projects in progress (note 6) \u2013 Impairment of goodwill (note 10)Significant accounting judgements, estimates and assumptionsThe Group\u2019s business mainly consists of execution of projects. Most projects are billed based on hours worked, while a portion also includes fixed price elements. At each period end the Group assess the probability that the hours charged can be billed to the customer, as well as estimating remaining costs of the project. Uncertainty is particularly related to change orders, claims and other contract changes. There is an inherent risk associated with these estimates.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "Financial risk management
Risk exposures
The Group is exposed to credit risk, foreign currency risk, interest rates risk and liquidity risk.
Credit risk
Credit risk is mainly related to trade receivables, cash and cash equivalents and other non-current receivables.
Risk related to trade receivables is the risk that customers will not be able to settle their payment obligations. The
Group has established procedures for credit assessment of new customers. Expected credit losses for trade
receivables and net project work in progress are assessed using the simplified approach which uses a lifetime
expected loss allowance. Loss levels have been adjusted to reflect relevant current and forward-looking
information potentially impacting on the customer\u2019s ability to settle their obligations.
Historically the level of losses on trade receivables has been low. The risk that trade receivables are not paid is
mainly related to customer disputes and, in some cases, customer bankruptcies. Work in progress is continually
monitored and is, for a large portion of the revenues, billed as incurred. In some instances, hours used are not
billed or accepted by the customer, and in such cases, revenues would be reduced by credit notes.\u00a0
2025
2025
2024
2024
Age analysis of trade receivables
Gross
Expected
credit loss
Gross
Expected
credit loss
Not due
1\u00a0682
4
1\u00a0449
3
<30 days
231
2
188
1
30-60 days
26
1
38
3
60-90 days
11
2
11
1
>90 days
84
38
92
42
Total
2\u00a0033
47
1\u00a0779
49
Net trade receivables
1\u00a0987
1\u00a0730
Change in expected credit loss
2025
2024
Opening balance
49
64
Increase through acquisitions
0
0
Provision in the year
37
28
Write-off of uncollectible receivables
-6
-11
Reversal of unutilized amounts
-33
-33
Translation differences
0
0
Closing balance
47
49
Loss on receivables in income statement
5
-3
Other current and non-current financial receivables have a carrying value of NOK 366 million (2024: NOK 440
million) and mainly consists of investments in debt instruments with investment grade rating. Cash and cash
equivalents have a carrying value of NOK 1 220 million\u202f(2024: NOK 1 198 million) and are held to settle
commitments as they fall due and cover payment of dividends. Cash and cash equivalents are mainly kept with the
Group\u2019s main banking partner.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its obligations as they fall due. This risk is considered
to be low in view of the Group\u2019s financial position with a steady cash flow from operations.
The Group\u2019s interest\u2011bearing debt consists of a Term Loan and lease liabilities (see notes 12 and 21). The Group
utilises cash pool arrangements to minimise the use of overdraft facilities. The Group has an overdraft facility of
NOK\u00a0500\u00a0million, which was unutilised at the reporting date. The Group maintains sufficient liquidity to meet its
financial liabilities as they fall due, supported by available cash and cash equivalents, committed credit facilities and
stable operating cash flows.
Maturity of financial liabilities excluding lease liabilities is as follows:
2025
<1 year
1-5 years
>5 years
Other non-current debt
0
23
41
Trade payables
304
4
0
Other current financial liabilities
205
16
0
Current interest-bearing liabilities
240
0
0
Non-current interest-bearing liabilities
0
960
93
Total
749
1\u00a0003
134
2024
<1 year
1-5 years
>5 years
Other non-current debt
0
44
35
Trade payables
219
1
0
Other current financial liabilities
239
14
0
Total
458
59
35
For maturity of lease liabilities see note 12.
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes
in foreign exchange rates. The Group\u2019s exposure primarily arises from net investments in foreign subsidiaries,
affecting both net assets and the profit or loss of these operation. The current strategy suggests that the Group
should hedge currency risks where appropriate or aim for contract terms that limit currency exposure.\u00a0
Transaction exposure
Transaction exposure arises from the risk that changes in foreign exchange rates may affect the value of
contracted or anticipated cash flows denominated in foreign currencies. The Group benefits from a natural hedge,
as revenues and expenses are generally denominated in the respective local currencies. Accordingly, the volume
of transactions in non\u2011local currencies is limited.
The Group\u2019s largest operational transaction exposure varies between years and is in 2025 between currencies ISK/
NOK, USD/NOK and EUR/NOK (2024: ISK/NOK, USD/NOK and SEK/NOK). A change in 10% of the exchange rate
for these currencies would affect the Group\u2019s operating profit by approximately NOK 5 million (2024: NOK 2
million). Effect on other comprehensive income is expected to be 0.\u00a0
Interest rate risk
Interest rate risk is the effects of changes in interest rates on the Group\u2019s net financial items and fair value of
financial instruments. The Term Loan Facility Agreement with DNB Bank ASA is subject to variable interest rate
based on NIBOR. A +/- 100 bps would have an estimated annual impact on profit or loss of approximately
NOK 9 million, assuming constant balance. Apart from this, the Group\u2019s profit is to a limited extent affected by
changes in interest rates and primarily relate to interest income on cash and cash equivalents and return on
financial investments.
Financial instruments
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.
Categories of financial instruments
Carrying amounts and fair value of financial assets and liabilities are presented below. For all categories, the
carrying amount is considered to be a reasonable approximation of fair value.
2025
Financial instruments per category
Carrying amount
at\u00a0 31.12.2025
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3 input
Non-current financial assets
78
44
0
34
Trade receivable
1\u00a0987
1\u00a0987
Contract assets
543
543
Other current assets
236
68
168
0
Other current financial assets
332
332
Cash and cash equivalents
1\u00a0220
1\u00a0220
Total assets
4\u00a0396
3\u00a0862
168
366
0
Other non-current liabilities excluding
lease liabilities
42
41
1
Trade payables
308
308
Contract liabilities
195
195
Contingent considerations
23
23
Other current liabilities
2\u00a0381
25
2\u00a0356
0
Non-current Interest-bearing liabilities
1\u00a0060
1\u00a0053
Current Interest-bearing liabilities
240
240
Total liabilities
4\u00a0250
1\u00a0862
2\u00a0357
0
23
2024
Financial instruments per category
Carrying amount
at\u00a0 31.12.2024
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3
Non-current financial assets
59
20
13
26
Trade receivable
1\u00a0730
1\u00a0730
Contract assets
537
537
Other current assets
235
51
183
2
Other current financial assets
414
414
Cash and cash equivalents
1\u00a0198
1\u00a0198
Total assets
4\u00a0172
3\u00a0536
196
441
0
Other non-current liabilities excluding
lease liabilities
37
37
0
Trade payables
220
220
Contract liabilities
229
229
Contingent considerations
43
43
Other current liabilities
2\u00a0283
25
2\u00a0259
0
Non-current Interest-bearing liabilities
0
0
0
0
0
Current Interest-bearing liabilities
0
0
0
0
0
Total liabilities
2\u00a0812
510
2\u00a0259
0
43
Other current financial assets consist of investments in bond funds with a remaining term of up to 3 years and
interest duration of 1 -2 years. The funds hold an investment grade rating. Fair value is measured at hierarchy-level
1. Non-current financial assets at fair value comprise investments in equity and debt instrument funds.
Other non-current accruals measured at fair value consist of contingent considerations related to acquisitions. Fair
value is measured at hierarchy-level 3. Fair value for contingent consideration is determined based on terms in the
purchase agreement. The most likely outcome is assessed and discounted to reflect the present value of future
cash flows. Please see note 5 for further information.
For financial assets and liabilities measured at amortised cost the carrying amount is considered a good
approximation of fair value using hierarchy-level 3 measures, except for the Term Loan which is measured using
level 2 inputs.
Fair value hierarchy
The Group measures fair value using the following hierarchy:
Level 1
Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable. This usually involves estimating future cash flows and
discounting to net present value using a relevant discount factor.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "Financial risk management
Risk exposures
The Group is exposed to credit risk, foreign currency risk, interest rates risk and liquidity risk.
Credit risk
Credit risk is mainly related to trade receivables, cash and cash equivalents and other non-current receivables.
Risk related to trade receivables is the risk that customers will not be able to settle their payment obligations. The
Group has established procedures for credit assessment of new customers. Expected credit losses for trade
receivables and net project work in progress are assessed using the simplified approach which uses a lifetime
expected loss allowance. Loss levels have been adjusted to reflect relevant current and forward-looking
information potentially impacting on the customer\u2019s ability to settle their obligations.
Historically the level of losses on trade receivables has been low. The risk that trade receivables are not paid is
mainly related to customer disputes and, in some cases, customer bankruptcies. Work in progress is continually
monitored and is, for a large portion of the revenues, billed as incurred. In some instances, hours used are not
billed or accepted by the customer, and in such cases, revenues would be reduced by credit notes.\u00a0
2025
2025
2024
2024
Age analysis of trade receivables
Gross
Expected
credit loss
Gross
Expected
credit loss
Not due
1\u00a0682
4
1\u00a0449
3
<30 days
231
2
188
1
30-60 days
26
1
38
3
60-90 days
11
2
11
1
>90 days
84
38
92
42
Total
2\u00a0033
47
1\u00a0779
49
Net trade receivables
1\u00a0987
1\u00a0730
Change in expected credit loss
2025
2024
Opening balance
49
64
Increase through acquisitions
0
0
Provision in the year
37
28
Write-off of uncollectible receivables
-6
-11
Reversal of unutilized amounts
-33
-33
Translation differences
0
0
Closing balance
47
49
Loss on receivables in income statement
5
-3
Other current and non-current financial receivables have a carrying value of NOK 366 million (2024: NOK 440
million) and mainly consists of investments in debt instruments with investment grade rating. Cash and cash
equivalents have a carrying value of NOK 1 220 million\u202f(2024: NOK 1 198 million) and are held to settle
commitments as they fall due and cover payment of dividends. Cash and cash equivalents are mainly kept with the
Group\u2019s main banking partner.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its obligations as they fall due. This risk is considered
to be low in view of the Group\u2019s financial position with a steady cash flow from operations.
The Group\u2019s interest\u2011bearing debt consists of a Term Loan and lease liabilities (see notes 12 and 21). The Group
utilises cash pool arrangements to minimise the use of overdraft facilities. The Group has an overdraft facility of
NOK\u00a0500\u00a0million, which was unutilised at the reporting date. The Group maintains sufficient liquidity to meet its
financial liabilities as they fall due, supported by available cash and cash equivalents, committed credit facilities and
stable operating cash flows.
Maturity of financial liabilities excluding lease liabilities is as follows:
2025
<1 year
1-5 years
>5 years
Other non-current debt
0
23
41
Trade payables
304
4
0
Other current financial liabilities
205
16
0
Current interest-bearing liabilities
240
0
0
Non-current interest-bearing liabilities
0
960
93
Total
749
1\u00a0003
134
2024
<1 year
1-5 years
>5 years
Other non-current debt
0
44
35
Trade payables
219
1
0
Other current financial liabilities
239
14
0
Total
458
59
35
For maturity of lease liabilities see note 12.
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes
in foreign exchange rates. The Group\u2019s exposure primarily arises from net investments in foreign subsidiaries,
affecting both net assets and the profit or loss of these operation. The current strategy suggests that the Group
should hedge currency risks where appropriate or aim for contract terms that limit currency exposure.\u00a0
Transaction exposure
Transaction exposure arises from the risk that changes in foreign exchange rates may affect the value of
contracted or anticipated cash flows denominated in foreign currencies. The Group benefits from a natural hedge,
as revenues and expenses are generally denominated in the respective local currencies. Accordingly, the volume
of transactions in non\u2011local currencies is limited.
The Group\u2019s largest operational transaction exposure varies between years and is in 2025 between currencies ISK/
NOK, USD/NOK and EUR/NOK (2024: ISK/NOK, USD/NOK and SEK/NOK). A change in 10% of the exchange rate
for these currencies would affect the Group\u2019s operating profit by approximately NOK 5 million (2024: NOK 2
million). Effect on other comprehensive income is expected to be 0.\u00a0
Interest rate risk
Interest rate risk is the effects of changes in interest rates on the Group\u2019s net financial items and fair value of
financial instruments. The Term Loan Facility Agreement with DNB Bank ASA is subject to variable interest rate
based on NIBOR. A +/- 100 bps would have an estimated annual impact on profit or loss of approximately
NOK 9 million, assuming constant balance. Apart from this, the Group\u2019s profit is to a limited extent affected by
changes in interest rates and primarily relate to interest income on cash and cash equivalents and return on
financial investments.
Financial instruments
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.
Categories of financial instruments
Carrying amounts and fair value of financial assets and liabilities are presented below. For all categories, the
carrying amount is considered to be a reasonable approximation of fair value.
2025
Financial instruments per category
Carrying amount
at\u00a0 31.12.2025
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3 input
Non-current financial assets
78
44
0
34
Trade receivable
1\u00a0987
1\u00a0987
Contract assets
543
543
Other current assets
236
68
168
0
Other current financial assets
332
332
Cash and cash equivalents
1\u00a0220
1\u00a0220
Total assets
4\u00a0396
3\u00a0862
168
366
0
Other non-current liabilities excluding
lease liabilities
42
41
1
Trade payables
308
308
Contract liabilities
195
195
Contingent considerations
23
23
Other current liabilities
2\u00a0381
25
2\u00a0356
0
Non-current Interest-bearing liabilities
1\u00a0060
1\u00a0053
Current Interest-bearing liabilities
240
240
Total liabilities
4\u00a0250
1\u00a0862
2\u00a0357
0
23
2024
Financial instruments per category
Carrying amount
at\u00a0 31.12.2024
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3
Non-current financial assets
59
20
13
26
Trade receivable
1\u00a0730
1\u00a0730
Contract assets
537
537
Other current assets
235
51
183
2
Other current financial assets
414
414
Cash and cash equivalents
1\u00a0198
1\u00a0198
Total assets
4\u00a0172
3\u00a0536
196
441
0
Other non-current liabilities excluding
lease liabilities
37
37
0
Trade payables
220
220
Contract liabilities
229
229
Contingent considerations
43
43
Other current liabilities
2\u00a0283
25
2\u00a0259
0
Non-current Interest-bearing liabilities
0
0
0
0
0
Current Interest-bearing liabilities
0
0
0
0
0
Total liabilities
2\u00a0812
510
2\u00a0259
0
43
Other current financial assets consist of investments in bond funds with a remaining term of up to 3 years and
interest duration of 1 -2 years. The funds hold an investment grade rating. Fair value is measured at hierarchy-level
1. Non-current financial assets at fair value comprise investments in equity and debt instrument funds.
Other non-current accruals measured at fair value consist of contingent considerations related to acquisitions. Fair
value is measured at hierarchy-level 3. Fair value for contingent consideration is determined based on terms in the
purchase agreement. The most likely outcome is assessed and discounted to reflect the present value of future
cash flows. Please see note 5 for further information.
For financial assets and liabilities measured at amortised cost the carrying amount is considered a good
approximation of fair value using hierarchy-level 3 measures, except for the Term Loan which is measured using
level 2 inputs.
Fair value hierarchy
The Group measures fair value using the following hierarchy:
Level 1
Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable. This usually involves estimating future cash flows and
discounting to net present value using a relevant discount factor.
Capital management
The Group\u2019s financial objective is to maintain an appropriate capital structure in order to secure the basis for
continuous development of its operations as well as meeting its obligations and financial targets. The Group has
the following financial targets:
\u2013 Adjusted EBITA margin of 10% of operating revenue and other income after external project costs over a
business cycle
\u2013 Maximum net interest-bearing debt/adjusted EBITDA ratio of 2.0 (12 months rolling EBITDA LTM excluding IFRS
16 leasing commitments)
The adjusted EBITA margin for 2025 is 9.3% (2024: 9.6%). The net interest-bearing debt/adjusted EBITDA ratio
excluding IFRS 16 leasing commitments at 31 December 2025 is -0.27 (2024: -1.79).
The Group\u2019s dividend policy is to distribute a dividend equivalent to a minimum 50% of profit after tax to the
shareholders while at the same time considering expected future cash flows, financing requirements, investments
and financial flexibility. A dividend of NOK 1.80 per share is proposed for 2025, in total NOK 559 million
(2024:\u00a0NOK 512 million), representing a dividend of 86 % (2024: 103 %) of profit after tax.
The Group\u2019s equity as a percentage of total assets is 33.1 % (2024: 35.6 %).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
Credit risk
Credit risk is mainly related to trade receivables, cash and cash equivalents and other non-current receivables.
Risk related to trade receivables is the risk that customers will not be able to settle their payment obligations. The
Group has established procedures for credit assessment of new customers. Expected credit losses for trade
receivables and net project work in progress are assessed using the simplified approach which uses a lifetime
expected loss allowance. Loss levels have been adjusted to reflect relevant current and forward-looking
information potentially impacting on the customer\u2019s ability to settle their obligations.
Historically the level of losses on trade receivables has been low. The risk that trade receivables are not paid is
mainly related to customer disputes and, in some cases, customer bankruptcies. Work in progress is continually
monitored and is, for a large portion of the revenues, billed as incurred. In some instances, hours used are not
billed or accepted by the customer, and in such cases, revenues would be reduced by credit notes.\u00a0
2025
2025
2024
2024
Age analysis of trade receivables
Gross
Expected
credit loss
Gross
Expected
credit loss
Not due
1\u00a0682
4
1\u00a0449
3
<30 days
231
2
188
1
30-60 days
26
1
38
3
60-90 days
11
2
11
1
>90 days
84
38
92
42
Total
2\u00a0033
47
1\u00a0779
49
Net trade receivables
1\u00a0987
1\u00a0730
Change in expected credit loss
2025
2024
Opening balance
49
64
Increase through acquisitions
0
0
Provision in the year
37
28
Write-off of uncollectible receivables
-6
-11
Reversal of unutilized amounts
-33
-33
Translation differences
0
0
Closing balance
47
49
Loss on receivables in income statement
5
-3
Other current and non-current financial receivables have a carrying value of NOK 366 million (2024: NOK 440
million) and mainly consists of investments in debt instruments with investment grade rating. Cash and cash
equivalents have a carrying value of NOK 1 220 million\u202f(2024: NOK 1 198 million) and are held to settle
commitments as they fall due and cover payment of dividends. Cash and cash equivalents are mainly kept with the
Group\u2019s main banking partner.
2025
Financial instruments per category
Carrying amount
at\u00a0 31.12.2025
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3 input
Non-current financial assets
78
44
0
34
Trade receivable
1\u00a0987
1\u00a0987
Contract assets
543
543
Other current assets
236
68
168
0
Other current financial assets
332
332
Cash and cash equivalents
1\u00a0220
1\u00a0220
Total assets
4\u00a0396
3\u00a0862
168
366
0
Other non-current liabilities excluding
lease liabilities
42
41
1
Trade payables
308
308
Contract liabilities
195
195
Contingent considerations
23
23
Other current liabilities
2\u00a0381
25
2\u00a0356
0
Non-current Interest-bearing liabilities
1\u00a0060
1\u00a0053
Current Interest-bearing liabilities
240
240
Total liabilities
4\u00a0250
1\u00a0862
2\u00a0357
0
23
2024
Financial instruments per category
Carrying amount
at\u00a0 31.12.2024
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3
Non-current financial assets
59
20
13
26
Trade receivable
1\u00a0730
1\u00a0730
Contract assets
537
537
Other current assets
235
51
183
2
Other current financial assets
414
414
Cash and cash equivalents
1\u00a0198
1\u00a0198
Total assets
4\u00a0172
3\u00a0536
196
441
0
Other non-current liabilities excluding
lease liabilities
37
37
0
Trade payables
220
220
Contract liabilities
229
229
Contingent considerations
43
43
Other current liabilities
2\u00a0283
25
2\u00a0259
0
Non-current Interest-bearing liabilities
0
0
0
0
0
Current Interest-bearing liabilities
0
0
0
0
0
Total liabilities
2\u00a0812
510
2\u00a0259
0
43
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
Credit risk
Credit risk is mainly related to trade receivables, cash and cash equivalents and other non-current receivables.
Risk related to trade receivables is the risk that customers will not be able to settle their payment obligations. The
Group has established procedures for credit assessment of new customers. Expected credit losses for trade
receivables and net project work in progress are assessed using the simplified approach which uses a lifetime
expected loss allowance. Loss levels have been adjusted to reflect relevant current and forward-looking
information potentially impacting on the customer\u2019s ability to settle their obligations.
Historically the level of losses on trade receivables has been low. The risk that trade receivables are not paid is
mainly related to customer disputes and, in some cases, customer bankruptcies. Work in progress is continually
monitored and is, for a large portion of the revenues, billed as incurred. In some instances, hours used are not
billed or accepted by the customer, and in such cases, revenues would be reduced by credit notes.\u00a0
2025
2025
2024
2024
Age analysis of trade receivables
Gross
Expected
credit loss
Gross
Expected
credit loss
Not due
1\u00a0682
4
1\u00a0449
3
<30 days
231
2
188
1
30-60 days
26
1
38
3
60-90 days
11
2
11
1
>90 days
84
38
92
42
Total
2\u00a0033
47
1\u00a0779
49
Net trade receivables
1\u00a0987
1\u00a0730
Change in expected credit loss
2025
2024
Opening balance
49
64
Increase through acquisitions
0
0
Provision in the year
37
28
Write-off of uncollectible receivables
-6
-11
Reversal of unutilized amounts
-33
-33
Translation differences
0
0
Closing balance
47
49
Loss on receivables in income statement
5
-3
Other current and non-current financial receivables have a carrying value of NOK 366 million (2024: NOK 440
million) and mainly consists of investments in debt instruments with investment grade rating. Cash and cash
equivalents have a carrying value of NOK 1 220 million\u202f(2024: NOK 1 198 million) and are held to settle
commitments as they fall due and cover payment of dividends. Cash and cash equivalents are mainly kept with the
Group\u2019s main banking partner.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
Credit risk
Credit risk is mainly related to trade receivables, cash and cash equivalents and other non-current receivables.
Risk related to trade receivables is the risk that customers will not be able to settle their payment obligations. The
Group has established procedures for credit assessment of new customers. Expected credit losses for trade
receivables and net project work in progress are assessed using the simplified approach which uses a lifetime
expected loss allowance. Loss levels have been adjusted to reflect relevant current and forward-looking
information potentially impacting on the customer\u2019s ability to settle their obligations.
Historically the level of losses on trade receivables has been low. The risk that trade receivables are not paid is
mainly related to customer disputes and, in some cases, customer bankruptcies. Work in progress is continually
monitored and is, for a large portion of the revenues, billed as incurred. In some instances, hours used are not
billed or accepted by the customer, and in such cases, revenues would be reduced by credit notes.\u00a0
2025
2025
2024
2024
Age analysis of trade receivables
Gross
Expected
credit loss
Gross
Expected
credit loss
Not due
1\u00a0682
4
1\u00a0449
3
<30 days
231
2
188
1
30-60 days
26
1
38
3
60-90 days
11
2
11
1
>90 days
84
38
92
42
Total
2\u00a0033
47
1\u00a0779
49
Net trade receivables
1\u00a0987
1\u00a0730
Change in expected credit loss
2025
2024
Opening balance
49
64
Increase through acquisitions
0
0
Provision in the year
37
28
Write-off of uncollectible receivables
-6
-11
Reversal of unutilized amounts
-33
-33
Translation differences
0
0
Closing balance
47
49
Loss on receivables in income statement
5
-3
Other current and non-current financial receivables have a carrying value of NOK 366 million (2024: NOK 440
million) and mainly consists of investments in debt instruments with investment grade rating. Cash and cash
equivalents have a carrying value of NOK 1 220 million\u202f(2024: NOK 1 198 million) and are held to settle
commitments as they fall due and cover payment of dividends. Cash and cash equivalents are mainly kept with the
Group\u2019s main banking partner.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "1198000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-395": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its obligations as they fall due. This risk is considered
to be low in view of the Group\u2019s financial position with a steady cash flow from operations.
The Group\u2019s interest\u2011bearing debt consists of a Term Loan and lease liabilities (see notes 12 and 21). The Group
utilises cash pool arrangements to minimise the use of overdraft facilities. The Group has an overdraft facility of
NOK\u00a0500\u00a0million, which was unutilised at the reporting date. The Group maintains sufficient liquidity to meet its
financial liabilities as they fall due, supported by available cash and cash equivalents, committed credit facilities and
stable operating cash flows.
Maturity of financial liabilities excluding lease liabilities is as follows:
2025
<1 year
1-5 years
>5 years
Other non-current debt
0
23
41
Trade payables
304
4
0
Other current financial liabilities
205
16
0
Current interest-bearing liabilities
240
0
0
Non-current interest-bearing liabilities
0
960
93
Total
749
1\u00a0003
134
2024
<1 year
1-5 years
>5 years
Other non-current debt
0
44
35
Trade payables
219
1
0
Other current financial liabilities
239
14
0
Total
458
59
35
For maturity of lease liabilities see note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
2025
<1 year
1-5 years
>5 years
Other non-current debt
0
23
41
Trade payables
304
4
0
Other current financial liabilities
205
16
0
Current interest-bearing liabilities
240
0
0
Non-current interest-bearing liabilities
0
960
93
Total
749
1\u00a0003
134
2024
<1 year
1-5 years
>5 years
Other non-current debt
0
44
35
Trade payables
219
1
0
Other current financial liabilities
239
14
0
Total
458
59
35
2025
Financial instruments per category
Carrying amount
at\u00a0 31.12.2025
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3 input
Non-current financial assets
78
44
0
34
Trade receivable
1\u00a0987
1\u00a0987
Contract assets
543
543
Other current assets
236
68
168
0
Other current financial assets
332
332
Cash and cash equivalents
1\u00a0220
1\u00a0220
Total assets
4\u00a0396
3\u00a0862
168
366
0
Other non-current liabilities excluding
lease liabilities
42
41
1
Trade payables
308
308
Contract liabilities
195
195
Contingent considerations
23
23
Other current liabilities
2\u00a0381
25
2\u00a0356
0
Non-current Interest-bearing liabilities
1\u00a0060
1\u00a0053
Current Interest-bearing liabilities
240
240
Total liabilities
4\u00a0250
1\u00a0862
2\u00a0357
0
23
2024
Financial instruments per category
Carrying amount
at\u00a0 31.12.2024
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3
Non-current financial assets
59
20
13
26
Trade receivable
1\u00a0730
1\u00a0730
Contract assets
537
537
Other current assets
235
51
183
2
Other current financial assets
414
414
Cash and cash equivalents
1\u00a0198
1\u00a0198
Total assets
4\u00a0172
3\u00a0536
196
441
0
Other non-current liabilities excluding
lease liabilities
37
37
0
Trade payables
220
220
Contract liabilities
229
229
Contingent considerations
43
43
Other current liabilities
2\u00a0283
25
2\u00a0259
0
Non-current Interest-bearing liabilities
0
0
0
0
0
Current Interest-bearing liabilities
0
0
0
0
0
Total liabilities
2\u00a0812
510
2\u00a0259
0
43
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes
in foreign exchange rates. The Group\u2019s exposure primarily arises from net investments in foreign subsidiaries,
affecting both net assets and the profit or loss of these operation. The current strategy suggests that the Group
should hedge currency risks where appropriate or aim for contract terms that limit currency exposure.\u00a0
Transaction exposure
Transaction exposure arises from the risk that changes in foreign exchange rates may affect the value of
contracted or anticipated cash flows denominated in foreign currencies. The Group benefits from a natural hedge,
as revenues and expenses are generally denominated in the respective local currencies. Accordingly, the volume
of transactions in non\u2011local currencies is limited.
The Group\u2019s largest operational transaction exposure varies between years and is in 2025 between currencies ISK/
NOK, USD/NOK and EUR/NOK (2024: ISK/NOK, USD/NOK and SEK/NOK). A change in 10% of the exchange rate
for these currencies would affect the Group\u2019s operating profit by approximately NOK 5 million (2024: NOK 2
million). Effect on other comprehensive income is expected to be 0.\u00a0
Interest rate risk
Interest rate risk is the effects of changes in interest rates on the Group\u2019s net financial items and fair value of
financial instruments. The Term Loan Facility Agreement with DNB Bank ASA is subject to variable interest rate
based on NIBOR. A +/- 100 bps would have an estimated annual impact on profit or loss of approximately
NOK 9 million, assuming constant balance. Apart from this, the Group\u2019s profit is to a limited extent affected by
changes in interest rates and primarily relate to interest income on cash and cash equivalents and return on
financial investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes
in foreign exchange rates. The Group\u2019s exposure primarily arises from net investments in foreign subsidiaries,
affecting both net assets and the profit or loss of these operation. The current strategy suggests that the Group
should hedge currency risks where appropriate or aim for contract terms that limit currency exposure.\u00a0
Transaction exposure
Transaction exposure arises from the risk that changes in foreign exchange rates may affect the value of
contracted or anticipated cash flows denominated in foreign currencies. The Group benefits from a natural hedge,
as revenues and expenses are generally denominated in the respective local currencies. Accordingly, the volume
of transactions in non\u2011local currencies is limited.
The Group\u2019s largest operational transaction exposure varies between years and is in 2025 between currencies ISK/
NOK, USD/NOK and EUR/NOK (2024: ISK/NOK, USD/NOK and SEK/NOK). A change in 10% of the exchange rate
for these currencies would affect the Group\u2019s operating profit by approximately NOK 5 million (2024: NOK 2
million). Effect on other comprehensive income is expected to be 0.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.
Fair value hierarchy
The Group measures fair value using the following hierarchy:
Level 1
Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable. This usually involves estimating future cash flows and
discounting to net present value using a relevant discount factor.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Accounting policy
The Group has current and non-current financial assets in the form of investments in bond funds. These assets are
classified and subsequently measured at fair value through profit or loss.
The Group\u2019s other financial assets are classified and measured at amortised cost as they are held within a business
model to collect contractual cash flows. These assets comprise contract assets, trade receivables, current and
non-current other receivables and cash and cash equivalents. Impairment of these financial assets is recognised as
a loss allowance based on lifetime ECLs at each reporting date.
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Financial liabilities in the form of trade payables, contract liabilities and other current and non-current liabilities
including term loan are recognised at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
Categories of financial instruments
Carrying amounts and fair value of financial assets and liabilities are presented below. For all categories, the
carrying amount is considered to be a reasonable approximation of fair value.
2025
Financial instruments per category
Carrying amount
at\u00a0 31.12.2025
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3 input
Non-current financial assets
78
44
0
34
Trade receivable
1\u00a0987
1\u00a0987
Contract assets
543
543
Other current assets
236
68
168
0
Other current financial assets
332
332
Cash and cash equivalents
1\u00a0220
1\u00a0220
Total assets
4\u00a0396
3\u00a0862
168
366
0
Other non-current liabilities excluding
lease liabilities
42
41
1
Trade payables
308
308
Contract liabilities
195
195
Contingent considerations
23
23
Other current liabilities
2\u00a0381
25
2\u00a0356
0
Non-current Interest-bearing liabilities
1\u00a0060
1\u00a0053
Current Interest-bearing liabilities
240
240
Total liabilities
4\u00a0250
1\u00a0862
2\u00a0357
0
23
2024
Financial instruments per category
Carrying amount
at\u00a0 31.12.2024
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3
Non-current financial assets
59
20
13
26
Trade receivable
1\u00a0730
1\u00a0730
Contract assets
537
537
Other current assets
235
51
183
2
Other current financial assets
414
414
Cash and cash equivalents
1\u00a0198
1\u00a0198
Total assets
4\u00a0172
3\u00a0536
196
441
0
Other non-current liabilities excluding
lease liabilities
37
37
0
Trade payables
220
220
Contract liabilities
229
229
Contingent considerations
43
43
Other current liabilities
2\u00a0283
25
2\u00a0259
0
Non-current Interest-bearing liabilities
0
0
0
0
0
Current Interest-bearing liabilities
0
0
0
0
0
Total liabilities
2\u00a0812
510
2\u00a0259
0
43
Other current financial assets consist of investments in bond funds with a remaining term of up to 3 years and
interest duration of 1 -2 years. The funds hold an investment grade rating. Fair value is measured at hierarchy-level
1. Non-current financial assets at fair value comprise investments in equity and debt instrument funds.
Other non-current accruals measured at fair value consist of contingent considerations related to acquisitions. Fair
value is measured at hierarchy-level 3. Fair value for contingent consideration is determined based on terms in the
purchase agreement. The most likely outcome is assessed and discounted to reflect the present value of future
cash flows. Please see note 5 for further information.
For financial assets and liabilities measured at amortised cost the carrying amount is considered a good
approximation of fair value using hierarchy-level 3 measures, except for the Term Loan which is measured using
level 2 inputs.
Fair value hierarchy
The Group measures fair value using the following hierarchy:
Level 1
Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable. This usually involves estimating future cash flows and
discounting to net present value using a relevant discount factor.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
Categories of financial instruments
Carrying amounts and fair value of financial assets and liabilities are presented below. For all categories, the
carrying amount is considered to be a reasonable approximation of fair value.
2025
Financial instruments per category
Carrying amount
at\u00a0 31.12.2025
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3 input
Non-current financial assets
78
44
0
34
Trade receivable
1\u00a0987
1\u00a0987
Contract assets
543
543
Other current assets
236
68
168
0
Other current financial assets
332
332
Cash and cash equivalents
1\u00a0220
1\u00a0220
Total assets
4\u00a0396
3\u00a0862
168
366
0
Other non-current liabilities excluding
lease liabilities
42
41
1
Trade payables
308
308
Contract liabilities
195
195
Contingent considerations
23
23
Other current liabilities
2\u00a0381
25
2\u00a0356
0
Non-current Interest-bearing liabilities
1\u00a0060
1\u00a0053
Current Interest-bearing liabilities
240
240
Total liabilities
4\u00a0250
1\u00a0862
2\u00a0357
0
23
2024
Financial instruments per category
Carrying amount
at\u00a0 31.12.2024
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3
Non-current financial assets
59
20
13
26
Trade receivable
1\u00a0730
1\u00a0730
Contract assets
537
537
Other current assets
235
51
183
2
Other current financial assets
414
414
Cash and cash equivalents
1\u00a0198
1\u00a0198
Total assets
4\u00a0172
3\u00a0536
196
441
0
Other non-current liabilities excluding
lease liabilities
37
37
0
Trade payables
220
220
Contract liabilities
229
229
Contingent considerations
43
43
Other current liabilities
2\u00a0283
25
2\u00a0259
0
Non-current Interest-bearing liabilities
0
0
0
0
0
Current Interest-bearing liabilities
0
0
0
0
0
Total liabilities
2\u00a0812
510
2\u00a0259
0
43
Other current financial assets consist of investments in bond funds with a remaining term of up to 3 years and
interest duration of 1 -2 years. The funds hold an investment grade rating. Fair value is measured at hierarchy-level
1. Non-current financial assets at fair value comprise investments in equity and debt instrument funds.
Other non-current accruals measured at fair value consist of contingent considerations related to acquisitions. Fair
value is measured at hierarchy-level 3. Fair value for contingent consideration is determined based on terms in the
purchase agreement. The most likely outcome is assessed and discounted to reflect the present value of future
cash flows. Please see note 5 for further information.
For financial assets and liabilities measured at amortised cost the carrying amount is considered a good
approximation of fair value using hierarchy-level 3 measures, except for the Term Loan which is measured using
level 2 inputs.
Fair value hierarchy
The Group measures fair value using the following hierarchy:
Level 1
Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable. This usually involves estimating future cash flows and
discounting to net present value using a relevant discount factor.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Categories of financial instruments
Carrying amounts and fair value of financial assets and liabilities are presented below. For all categories, the
carrying amount is considered to be a reasonable approximation of fair value.
2025
Financial instruments per category
Carrying amount
at\u00a0 31.12.2025
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3 input
Non-current financial assets
78
44
0
34
Trade receivable
1\u00a0987
1\u00a0987
Contract assets
543
543
Other current assets
236
68
168
0
Other current financial assets
332
332
Cash and cash equivalents
1\u00a0220
1\u00a0220
Total assets
4\u00a0396
3\u00a0862
168
366
0
Other non-current liabilities excluding
lease liabilities
42
41
1
Trade payables
308
308
Contract liabilities
195
195
Contingent considerations
23
23
Other current liabilities
2\u00a0381
25
2\u00a0356
0
Non-current Interest-bearing liabilities
1\u00a0060
1\u00a0053
Current Interest-bearing liabilities
240
240
Total liabilities
4\u00a0250
1\u00a0862
2\u00a0357
0
23
2024
Financial instruments per category
Carrying amount
at\u00a0 31.12.2024
Amortized cost
Non-financial
item
Fair value over
P&L - level 1 input
Fair value over
P&L - level 3
Non-current financial assets
59
20
13
26
Trade receivable
1\u00a0730
1\u00a0730
Contract assets
537
537
Other current assets
235
51
183
2
Other current financial assets
414
414
Cash and cash equivalents
1\u00a0198
1\u00a0198
Total assets
4\u00a0172
3\u00a0536
196
441
0
Other non-current liabilities excluding
lease liabilities
37
37
0
Trade payables
220
220
Contract liabilities
229
229
Contingent considerations
43
43
Other current liabilities
2\u00a0283
25
2\u00a0259
0
Non-current Interest-bearing liabilities
0
0
0
0
0
Current Interest-bearing liabilities
0
0
0
0
0
Total liabilities
2\u00a0812
510
2\u00a0259
0
43
Other current financial assets consist of investments in bond funds with a remaining term of up to 3 years and
interest duration of 1 -2 years. The funds hold an investment grade rating. Fair value is measured at hierarchy-level
1. Non-current financial assets at fair value comprise investments in equity and debt instrument funds.
Other non-current accruals measured at fair value consist of contingent considerations related to acquisitions. Fair
value is measured at hierarchy-level 3. Fair value for contingent consideration is determined based on terms in the
purchase agreement. The most likely outcome is assessed and discounted to reflect the present value of future
cash flows. Please see note 5 for further information.
For financial assets and liabilities measured at amortised cost the carrying amount is considered a good
approximation of fair value using hierarchy-level 3 measures, except for the Term Loan which is measured using
level 2 inputs.
Fair value hierarchy
The Group measures fair value using the following hierarchy:
Level 1
Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3
Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable. This usually involves estimating future cash flows and
discounting to net present value using a relevant discount factor.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
Capital management
The Group\u2019s financial objective is to maintain an appropriate capital structure in order to secure the basis for
continuous development of its operations as well as meeting its obligations and financial targets. The Group has
the following financial targets:
\u2013 Adjusted EBITA margin of 10% of operating revenue and other income after external project costs over a
business cycle
\u2013 Maximum net interest-bearing debt/adjusted EBITDA ratio of 2.0 (12 months rolling EBITDA LTM excluding IFRS
16 leasing commitments)
The adjusted EBITA margin for 2025 is 9.3% (2024: 9.6%). The net interest-bearing debt/adjusted EBITDA ratio
excluding IFRS 16 leasing commitments at 31 December 2025 is -0.27 (2024: -1.79).
The Group\u2019s dividend policy is to distribute a dividend equivalent to a minimum 50% of profit after tax to the
shareholders while at the same time considering expected future cash flows, financing requirements, investments
and financial flexibility. A dividend of NOK 1.80 per share is proposed for 2025, in total NOK 559 million
(2024:\u00a0NOK 512 million), representing a dividend of 86 % (2024: 103 %) of profit after tax.
The Group\u2019s equity as a percentage of total assets is 33.1 % (2024: 35.6 %).", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "1.80", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-412": { "value": "559000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-413": { "value": "
5. Business combinations
Accounting policy
The Group applies the acquisition method to all business combinations.\u00a0 For each business combination, the
Group chooses whether to measure any non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets. The Group does not have material non-controlling
interests neither in 2025 nor 2024.
Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. If
the contingent consideration is classified as an equity instrument it is not remeasured and settlement is recognised
in equity. Otherwise, the fair value of contingent consideration is remeasured at each reporting date and any
change is recognised in profit and loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing goodwill that is acquired in a business combination is allocated to each of the Group\u2019s cash-
generating units that are expected to benefit from the combination. Goodwill allocated to foreign cash-generating
units are denominated in foreign currency and is subject to change due to variation in currency rates.
Acquisitions in 2025
Acquisition of Sigma Civil
In December 2024 Norconsult agreed to purchase all shares in Sigma Civil AB for a consideration of
NOK 32 million.
Sigma Civil AB specialises in water and sewage, landscape planning, traffic, roads and streets, project
management, environment and construction, serving predominantly public sector clients. The company, which is
based in Malm\u00f6, G\u00f6teborg, Ume\u00e5 and Karlstad in Sweden, had 115 employees and recorded revenues of NOK 163
million in their fiscal year ending December 2024. Closing date for the transaction was 3 February 2025 and the
company is consolidated as part of the Sweden business segment. Purchase price allocations of assets and
liabilities acquired shows the following:
FY2025
Sigma Civil AB
Date of acquistion
03.02.2025
Share of ownership
100 %
Cash settlement
31
Other adjustments
1
Total consideration
32
Cash in target
0
Net cash paid
31
Assets
Intangible assets: Customer contracts and relations
1
Deferred tax asset
13
Current assets
34
Liabilities
Current liabilities
-26
Total identifiable net assets at fair value
22
Goodwill
10
Total purchase consideration
32
Goodwill is related to market access and assembled workforce. The goodwill is not deductible for tax purposes.
Acquisition of Aas-Jakobsen
On 12 June 2025, Norconsult announced its agreement to acquire the Aas-Jakobsen Group, a leading Norwegian
engineering consultancy with 230 employees specialising in complex infrastructure and building projects with
offices in Oslo and Trondheim. The acquisition will strengthen Norconsult\u2019s position and significantly enhance the
Groups ability to deliver large and complex interdisciplinary infrastructure projects. Closing date for the transaction
was 6 August 2025 and the group is consolidated as part of the Norway Head Office business segment. The total
purchase price was NOK 1 523 million, where 20 percent was settled through the issuance of new shares in
Norconsult to the sellers. A total of 7 051 587 shares has been issued to the sellers at a subscription price of
NOK 43.19. Norconsult has identified intangible assets as part of the preliminary purchase price allocation. These
comprise NOK 63 million related to order backlog, NOK 191 million relating to customer relationships and NOK 10
million related to financial assets. Order backlog and customer relationships will be amortised over a period of
1-10 years. Preliminary purchase allocations of assets and liabilities acquired shows the following:
FY2025
Aas-Jakobsen Group
Date of acquistion
06.08.2025
Share of ownership
100 %
Cash settlement
1\u00a0218
Settlement in Norconsult shares
305
Total consideration
1\u00a0523
Cash in target
108
Net cash paid
1\u00a0111
Assets
Property, plant and equipment
3
Right-of-use-asset
26
Intangible assets: Customer contracts and relations
254
Non-current financial assets
18
Deferred tax asset
0
Trade receivables
69
Contract assets
99
Other current assets
163
Liabilities
Deferred tax liability
-57
Long term lease liability
-15
Interest-bearing debt
0
Short term lease liability
-10
Other current liabilities
-278
Total identifiable net assets at fair value
270
Goodwill
1\u00a0252
Total purchase consideration
1\u00a0523
The acquired goodwill is attributed to benefits from integration of complementary competencies, expected
synergies, assembled workforce, track record and references, in addition to expected cash flows from customers
which are not separately recognised. The goodwill is not deductible for tax purposes. Transaction costs of NOK 8
million were expensed as part of other operating expenses.
Acquisition of Metier
On 5 November 2025, Norconsult announced its agreement to acquire the Metier Group, a leading Norwegian\u00a0
consultancy with 247 employees specialised in project management, business development, digitalisation and
educational programs. The group is headquartered\u00a0 in Oslo and maintains a small office in \u00c5lesund. The
acquisition will strengthen Norconsult\u2019s position particularly within project management and early phase
consulting. Metier is also a strategic fit with it\u2019s educational services related to project management. In addition,
Metier\u2019s digital business is complementary compared to Norconsult\u2019s digital services. The acquisition represents a
strategic milestone in Norconsult\u2019s goal to become the leading full-service interdisciplinary consultancy in the
Nordics. Closing date for the transaction was 17 December 2025. The total purchase price was NOK 475 million,
including settlement of a long-term loan facility granted by the previous owner.
Norconsult has identified intangible assets as part of the preliminary purchase price allocation. These comprise
NOK 110 million related to trademark, NOK 17 million related to customer relationships and\u00a0 NOK \u202f16 million
related to order backlog. Order backlog and customer relationships will be amortised over a period of 6-7 years.
The acquired goodwill is attributed to benefits from complementary competencies, assembled workforce, track
record and references, in addition to expected cash flows from customers which are not separately recognized.
The goodwill is not deductible for tax purposes.
Transaction costs of NOK 7 million were expensed as part of other operating expenses.
Norconsult acquired the Metier Group on 17 December 2025. For practical purposes, Metier Group was included
in the consolidated figures from 31 December 2025, as the results for the intervening period are not material.\u00a0
FY2025
Metier Group
Date of acquistion
17.12.2025
Share of ownership
100 %
Cash settlement
475
Total consideration
475
Cash in target
79
Net cash paid
396
Assets
Property, plant and equipment
2
Right-of-use-asset
53
Intangible assets: Customer contracts, customer relations and
trademark
144
Non-current financial assets
0
Deferred tax asset
0
Trade receivables
91
Contract assets
11
Other current assets
12
Liabilities
Deferred tax liability
-32
Long term lease liability
-44
Interest-bearing debt
0
Short term lease liability
-90
Other current liabilities
-178
Total identifiable net assets at fair value
49
Goodwill
346
Total purchase consideration
396
Impact of the acquisitions on the result of the Group
Consolidated operating revenue and other income of the acquired business amounted to NOK 434 million for YTD
Q4 2025, with a profit after tax of NOK 13 million. Norconsult acquired the Metier Group on 17 December 2025.
For practical purposes, Metier Group was included in the consolidated figures from 31 December 2025, as the
results for the intervening period are not material.\u00a0
Operating revenue and other income would have increased with approximately NOK 900 million and net profit
increased with NOK 50 million had the acquired companies been included in the Group from the beginning of the
year.
Reconciliation of goodwill
The gross and carrying value of goodwill was NOK 1 079 million at the beginning of the year. At end of Q4 2025
the gross and carrying value of goodwill has increased with NOK 10 million from the acquisition of Sigma Civil AB,\u00a0
NOK 1 252 from the acquisition of the Aas-Jakobsen Group, NOK 346 million from the acquisition of the Metier
Group and NOK 5 million following from foreign currency translation.
Acquisitions in 2024
In January 2024 Norconsult acquired 51% of the shares in SQM AS for an estimated consideration of NOK 31
million with an option to acquire the remaining 49%. SQM AS is a project management and consultancy company
based in Oslo, Norway. The company has 7 FTEs and had revenues of NOK 21 million in 2023. The company is
consolidated from 31 January 2024 and included in the Norway Head Office business segment.
In February 2024 Norconsult acquired all of the shares in Concreto AS for an estimated consideration of NOK 21
million. Concreto operates within buildings, infrastructure and urban planning with services which primarily focus
on economic analysis as a basis for decision-making by project owners in the early phases of projects. The
company based in Oslo, Norway, has 13 FTEs and had revenues of NOK 20 million in 2023. The company is
consolidated from 29 February 2024 and included in the Norway Head Office business segment.
In June 2024 Norconsult agreed to purchase all shares in Wermlands Infrakonsult AB for an estimated
consideration of NOK 20 million. Wermlands Infrakonsult AB is an infrastructure consulting company, specialising
in water and sewage, land, traffic, roads and streets with both public and private customers. The company, which
is based in Karlstad, Sweden, has 11 employees and recorded revenues of NOK 19 million in their fiscal year ending
April 2024. The company is consolidated from 5 August 2024 and included in the Sweden business segment.
The purchase allocations of assets and liabilities acquired shows the following:
FY2024
SQM AS
Other acquisitions
during the year
Cash settlement
31
40
NPV of option on NCI
17
0
Cash in target
4
9
Net settlement
44
31
Right-of-use-asset
0
3
Intangible assets: Customer contracts and relations
17
1
Intangible assets: Trademark
3
0
Current assets
3
7
Deferred tax
-5
-1
Lease liability
0
-3
Other current liabilities
-5
-6
Net identifiable assets and liabilities
15
2
Goodwill
30
30
Consolidated operating revenue and other income of the acquired businesses amounted to NOK 40 million 2024,
with a profit after tax of NOK 4 million. Operating revenue and other income would have increased with
approximately NOK 11 million and net profit increased with NOK 2 million had the acquired companies been
included in the Group from the beginning of the year. The Group measured the acquired lease liabilities using the
present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured
at an amount equal to the lease liabilities.
Norconsult has call options, and the non-controlling interest (NCI) shareholders have put options, on the
remaining 49 percent of the shares in SQM. These options are exercisable between 2028 and 2030 and the
valuation of the shares is based on a multiple of SQM\u2019s average EBIT over a 4-year period. Upon consolidation of
SQM, and in accordance with IFRS 10, the cost of acquiring the remaining 49 percent have been estimated and
recognized as other non-current debt and accruals at fair value with NOK 23 million. At the same time the related
non-controlling interests have been derecognised. The difference between derecognizing the non-controlling
interest and the fair value of the liability is accounted for as an equity transaction.
The gross and carrying value of goodwill was NOK 1 003 million at the beginning of the year. In 2024 the gross
and carrying value of goodwill has increased with NOK 60 million due to acquisitions and increase of NOK 16
million following from foreign currency translation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Accounting policy
The Group applies the acquisition method to all business combinations.\u00a0 For each business combination, the
Group chooses whether to measure any non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets. The Group does not have material non-controlling
interests neither in 2025 nor 2024.
Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. If
the contingent consideration is classified as an equity instrument it is not remeasured and settlement is recognised
in equity. Otherwise, the fair value of contingent consideration is remeasured at each reporting date and any
change is recognised in profit and loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing goodwill that is acquired in a business combination is allocated to each of the Group\u2019s cash-
generating units that are expected to benefit from the combination. Goodwill allocated to foreign cash-generating
units are denominated in foreign currency and is subject to change due to variation in currency rates.
Accounting policy
The Group\u2019s intangible assets, excluding goodwill, are trademarks, customer relations and contracts acquired in
business combinations, as well as licenses and software. Intangible assets acquired separately are initially
recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses. Internally generated intangible assets are recognized only if they arise from the
development phase and meet the recognition criteria in IAS 38. Expenditure on research and other internally
generated intangible items are expensed as incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortised on a straight-line basis over their estimated useful lives, which are reviewed at least annually. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at
least at the end of each reporting period, and any changes are accounted for as changes in accounting estimates.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or more
frequently if there is an indication of impairment.
Amortisation is performed on a straight-line basis over the estimated useful lives of the intangible asset:
Licenses and software
3-10
years
Customer relations
5-10
years
Customer contracts
1-6
years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Accounting policy
The Group applies the acquisition method to all business combinations.\u00a0 For each business combination, the
Group chooses whether to measure any non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets. The Group does not have material non-controlling
interests neither in 2025 nor 2024.
Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. If
the contingent consideration is classified as an equity instrument it is not remeasured and settlement is recognised
in equity. Otherwise, the fair value of contingent consideration is remeasured at each reporting date and any
change is recognised in profit and loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing goodwill that is acquired in a business combination is allocated to each of the Group\u2019s cash-
generating units that are expected to benefit from the combination. Goodwill allocated to foreign cash-generating
units are denominated in foreign currency and is subject to change due to variation in currency rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Accounting policy
The Group applies the acquisition method to all business combinations.\u00a0 For each business combination, the
Group chooses whether to measure any non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets. The Group does not have material non-controlling
interests neither in 2025 nor 2024.
Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. If
the contingent consideration is classified as an equity instrument it is not remeasured and settlement is recognised
in equity. Otherwise, the fair value of contingent consideration is remeasured at each reporting date and any
change is recognised in profit and loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing goodwill that is acquired in a business combination is allocated to each of the Group\u2019s cash-
generating units that are expected to benefit from the combination. Goodwill allocated to foreign cash-generating
units are denominated in foreign currency and is subject to change due to variation in currency rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Accounting policy
The Group applies the acquisition method to all business combinations.\u00a0 For each business combination, the
Group chooses whether to measure any non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets. The Group does not have material non-controlling
interests neither in 2025 nor 2024.
Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. If
the contingent consideration is classified as an equity instrument it is not remeasured and settlement is recognised
in equity. Otherwise, the fair value of contingent consideration is remeasured at each reporting date and any
change is recognised in profit and loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing goodwill that is acquired in a business combination is allocated to each of the Group\u2019s cash-
generating units that are expected to benefit from the combination. Goodwill allocated to foreign cash-generating
units are denominated in foreign currency and is subject to change due to variation in currency rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "Revenue
Accounting policy
The Group\u2019s main business is providing consultancy services across project phases in areas such as transport,
buildings, architecture, renewable energy, industry, water, planning, environment, digitalization and project
management. In addition, the Group earns revenue from the sale of licenses and software services within Digital
and revenue from staffing services and specialists for hire in Technogarden and Metier.
Consultancy services
The Group identifies a single performance obligation in its consultancy agreements with its customers, as all
activities are considered inputs to a combined output to the customer. Revenue is recognised over time, as the
customer either simultaneously receives and consumes the benefits of the services or the work performed does
not create an asset with an alternative use and the Group has an enforceable right to payment for work completed
to date. The Group measures progress based on the costs incurred over total expected costs (\u2018percentage of
completion method\u2019). Under this method, total expected costs are estimated recurrently, to reflect the best
estimate based on the time to be spent in the projects.
Contracts often include variable consideration such as scope changes under time and material agreements,
bonuses or penalties. The Group estimates variable amounts using the most likely amount method and includes
them in revenue only when it is highly probable that a significant reversal will not occur. Clients are typically
invoiced monthly.
Contract modifications, such as change orders and options within contracts, are common. When modifications do
not add distinct services, they are accounted for as part of the existing contract, with adjustments made on a
cumulative basis.
The Group does not sell service-type warranties for its customers. Warranties cannot be purchased separately by
the customers, and the Group is not providing a service in addition to the assurance offered under the contract.
When the unavoidable costs of fulfilling a contract exceed the expected benefits, the Group recognises an
onerous contact provision for the expected loss, typically for the cost of fulfilling the contract. These costs
comprise the incremental costs of fulfilling the contract and an allocation of directly related costs to fulfilling the
contract.
Contract asset and liabilities
The sum of project revenue less progress billings is calculated for each project. Contracts where this amount is
positive are presented as contract assets, and contracts where the amount is negative are presented as contract
liabilities.
Software services
The Group offers software services ranging from on-premise software to software-as-a-service (SaaS). Contracts
often include maintenance agreements, providing post-contract support such as client support; unspecified
software updates, recurrent updates to the data included in the systems, etc. Together with these services, the
Group also provides its customers with installation services, integration, and training.
Each of the services above is considered a separate performance obligation and revenues are recognised over
time. In the case of the software services and post-contract support, these are recognised linearly over the
subscription period. Additional services such as installation, integration and training are recognised over time
based on the percentage-of-completion, however these services do not typically take more than a month to be
completed (although it can vary from contract to contract), as they are considered separate performance
obligations from the software services.
Transaction price is not typically subject to significant variability, and payment typically made 30 days or less after
invoices are sent to the customers.
Significant accounting judgements, estimates and assumptions
The Group\u2019s business mainly consists of execution of projects. Most projects are billed based on hours worked,
while a portion also includes fixed price elements. At each period end the Group assess the probability that the
hours charged can be billed to the customer, as well as estimating remaining costs of the project. Uncertainty is
particularly related to change orders, claims and other contract changes. There is an inherent risk associated with
these estimates.
Disaggregation of customer revenues
2025
Norway
Head
Office
Norway
Regions
Sweden
Denmark
Renewable
Energy
Consulting
segments*
Other
Group
Revenues by business area
Energy & Industry
611
661
639
78
908
0
-47
2\u00a0850
Buildings & Architecture
1\u00a0118
1\u00a0292
662
814
15
0
-3
3\u00a0899
Infrastructure & Public works
1\u00a0734
1\u00a0091
751
0
70
0
-36
3\u00a0610
Other businesses
70
13
114
0
2
1\u00a0040
-188
1\u00a0051
Sum
3\u00a0533
3\u00a0057
2\u00a0166
892
996
1\u00a0040
-274
11\u00a0411
Revenues by geographical market
Norway
3\u00a0321
3\u00a0053
116
8
839
789
-226
7\u00a0899
Sweden
16
1
2\u00a0031
0
22
248
-36
2\u00a0283
Denmark
1
0
2
880
5
0
-7
881
Europe
185
3
13
5
79
3
-4
282
Other countries
10
0
5
0
51
1
0
66
Sum
3\u00a0533
3\u00a0057
2\u00a0166
892
996
1\u00a0040
-274
11\u00a0411
2024
Norway
Head
Office
Norway
Regions
Sweden
Denmark
Renewable
Energy
Consulting
segments*
Other
Group
Revenues by business area
Energy & Industry
604
626
540
52
813
10
-24
2\u00a0622
Buildings & Architecture
945
1\u00a0300
404
738
17
0
-12
3\u00a0391
Infrastructure & Public works
1\u00a0447
894
831
71
80
0
-36
3\u00a0287
Other businesses
48
8
38
3
7
1\u00a0182
-167
1\u00a0119
Sum
3\u00a0044
2\u00a0826
1\u00a0814
864
918
1\u00a0192
-239
10\u00a0419
Revenues by geographical market
Norway
2\u00a0884
2\u00a0825
107
5
715
788
-203
7\u00a0121
Sweden
10
0
1\u00a0687
0
13
387
-15
2\u00a0082
Denmark
2
0
1
851
18
0
-14
857
Europe
146
1
13
8
88
15
-6
265
Other countries
3
0
5
0
85
1
0
94
Sum
3\u00a0044
2\u00a0826
1\u00a0814
864
918
1\u00a0192
-239
10\u00a0419
*Operating segments that due to quantitative thresholds are not separately reportable under IFRS and therefore aggregated.
Revenues are allocated based on the location of the customer.
Contract balances
31.12.2025
31.12.2024
01.01.2024
Trade receivables
1\u00a0987
1\u00a0730
1\u00a0769
Contract assets
543
537
536
Contract liabilities
195
229
196
Contract assets relate to revenue earned from ongoing projects. Therefore, the balances in this account will vary
depending on the number, composition and status of projects in progress. The increase in trade receivables in
2025 is mainly due to timing of customer payments at year-end, additions from acquisitions and growth.
Remaining revenues on contract in progress at 31 December 2025 is estimated to NOK 7 700 million
(2024: NOK 6 400 million). The timing of revenue recognition is uncertain but the Group estimates that
approximately NOK 5 400 million (2024: NOK 4 400 million) of these revenues will be recognised in the following
year and NOK 2 300 million (2024: NOK 2 000 million) thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "Revenue
Accounting policy
The Group\u2019s main business is providing consultancy services across project phases in areas such as transport,
buildings, architecture, renewable energy, industry, water, planning, environment, digitalization and project
management. In addition, the Group earns revenue from the sale of licenses and software services within Digital
and revenue from staffing services and specialists for hire in Technogarden and Metier.
Consultancy services
The Group identifies a single performance obligation in its consultancy agreements with its customers, as all
activities are considered inputs to a combined output to the customer. Revenue is recognised over time, as the
customer either simultaneously receives and consumes the benefits of the services or the work performed does
not create an asset with an alternative use and the Group has an enforceable right to payment for work completed
to date. The Group measures progress based on the costs incurred over total expected costs (\u2018percentage of
completion method\u2019). Under this method, total expected costs are estimated recurrently, to reflect the best
estimate based on the time to be spent in the projects.
Contracts often include variable consideration such as scope changes under time and material agreements,
bonuses or penalties. The Group estimates variable amounts using the most likely amount method and includes
them in revenue only when it is highly probable that a significant reversal will not occur. Clients are typically
invoiced monthly.
Contract modifications, such as change orders and options within contracts, are common. When modifications do
not add distinct services, they are accounted for as part of the existing contract, with adjustments made on a
cumulative basis.
The Group does not sell service-type warranties for its customers. Warranties cannot be purchased separately by
the customers, and the Group is not providing a service in addition to the assurance offered under the contract.
When the unavoidable costs of fulfilling a contract exceed the expected benefits, the Group recognises an
onerous contact provision for the expected loss, typically for the cost of fulfilling the contract. These costs
comprise the incremental costs of fulfilling the contract and an allocation of directly related costs to fulfilling the
contract.
Contract asset and liabilities
The sum of project revenue less progress billings is calculated for each project. Contracts where this amount is
positive are presented as contract assets, and contracts where the amount is negative are presented as contract
liabilities.
Software services
The Group offers software services ranging from on-premise software to software-as-a-service (SaaS). Contracts
often include maintenance agreements, providing post-contract support such as client support; unspecified
software updates, recurrent updates to the data included in the systems, etc. Together with these services, the
Group also provides its customers with installation services, integration, and training.
Each of the services above is considered a separate performance obligation and revenues are recognised over
time. In the case of the software services and post-contract support, these are recognised linearly over the
subscription period. Additional services such as installation, integration and training are recognised over time
based on the percentage-of-completion, however these services do not typically take more than a month to be
completed (although it can vary from contract to contract), as they are considered separate performance
obligations from the software services.
Transaction price is not typically subject to significant variability, and payment typically made 30 days or less after
invoices are sent to the customers.
Significant accounting judgements, estimates and assumptions
The Group\u2019s business mainly consists of execution of projects. Most projects are billed based on hours worked,
while a portion also includes fixed price elements. At each period end the Group assess the probability that the
hours charged can be billed to the customer, as well as estimating remaining costs of the project. Uncertainty is
particularly related to change orders, claims and other contract changes. There is an inherent risk associated with
these estimates.
Disaggregation of customer revenues
2025
Norway
Head
Office
Norway
Regions
Sweden
Denmark
Renewable
Energy
Consulting
segments*
Other
Group
Revenues by business area
Energy & Industry
611
661
639
78
908
0
-47
2\u00a0850
Buildings & Architecture
1\u00a0118
1\u00a0292
662
814
15
0
-3
3\u00a0899
Infrastructure & Public works
1\u00a0734
1\u00a0091
751
0
70
0
-36
3\u00a0610
Other businesses
70
13
114
0
2
1\u00a0040
-188
1\u00a0051
Sum
3\u00a0533
3\u00a0057
2\u00a0166
892
996
1\u00a0040
-274
11\u00a0411
Revenues by geographical market
Norway
3\u00a0321
3\u00a0053
116
8
839
789
-226
7\u00a0899
Sweden
16
1
2\u00a0031
0
22
248
-36
2\u00a0283
Denmark
1
0
2
880
5
0
-7
881
Europe
185
3
13
5
79
3
-4
282
Other countries
10
0
5
0
51
1
0
66
Sum
3\u00a0533
3\u00a0057
2\u00a0166
892
996
1\u00a0040
-274
11\u00a0411
2024
Norway
Head
Office
Norway
Regions
Sweden
Denmark
Renewable
Energy
Consulting
segments*
Other
Group
Revenues by business area
Energy & Industry
604
626
540
52
813
10
-24
2\u00a0622
Buildings & Architecture
945
1\u00a0300
404
738
17
0
-12
3\u00a0391
Infrastructure & Public works
1\u00a0447
894
831
71
80
0
-36
3\u00a0287
Other businesses
48
8
38
3
7
1\u00a0182
-167
1\u00a0119
Sum
3\u00a0044
2\u00a0826
1\u00a0814
864
918
1\u00a0192
-239
10\u00a0419
Revenues by geographical market
Norway
2\u00a0884
2\u00a0825
107
5
715
788
-203
7\u00a0121
Sweden
10
0
1\u00a0687
0
13
387
-15
2\u00a0082
Denmark
2
0
1
851
18
0
-14
857
Europe
146
1
13
8
88
15
-6
265
Other countries
3
0
5
0
85
1
0
94
Sum
3\u00a0044
2\u00a0826
1\u00a0814
864
918
1\u00a0192
-239
10\u00a0419
*Operating segments that due to quantitative thresholds are not separately reportable under IFRS and therefore aggregated.
Revenues are allocated based on the location of the customer.
Contract balances
31.12.2025
31.12.2024
01.01.2024
Trade receivables
1\u00a0987
1\u00a0730
1\u00a0769
Contract assets
543
537
536
Contract liabilities
195
229
196
Contract assets relate to revenue earned from ongoing projects. Therefore, the balances in this account will vary
depending on the number, composition and status of projects in progress. The increase in trade receivables in
2025 is mainly due to timing of customer payments at year-end, additions from acquisitions and growth.
Remaining revenues on contract in progress at 31 December 2025 is estimated to NOK 7 700 million
(2024: NOK 6 400 million). The timing of revenue recognition is uncertain but the Group estimates that
approximately NOK 5 400 million (2024: NOK 4 400 million) of these revenues will be recognised in the following
year and NOK 2 300 million (2024: NOK 2 000 million) thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Accounting policy
The Group\u2019s main business is providing consultancy services across project phases in areas such as transport,
buildings, architecture, renewable energy, industry, water, planning, environment, digitalization and project
management. In addition, the Group earns revenue from the sale of licenses and software services within Digital
and revenue from staffing services and specialists for hire in Technogarden and Metier.
Consultancy services
The Group identifies a single performance obligation in its consultancy agreements with its customers, as all
activities are considered inputs to a combined output to the customer. Revenue is recognised over time, as the
customer either simultaneously receives and consumes the benefits of the services or the work performed does
not create an asset with an alternative use and the Group has an enforceable right to payment for work completed
to date. The Group measures progress based on the costs incurred over total expected costs (\u2018percentage of
completion method\u2019). Under this method, total expected costs are estimated recurrently, to reflect the best
estimate based on the time to be spent in the projects.
Contracts often include variable consideration such as scope changes under time and material agreements,
bonuses or penalties. The Group estimates variable amounts using the most likely amount method and includes
them in revenue only when it is highly probable that a significant reversal will not occur. Clients are typically
invoiced monthly.
Contract modifications, such as change orders and options within contracts, are common. When modifications do
not add distinct services, they are accounted for as part of the existing contract, with adjustments made on a
cumulative basis.
The Group does not sell service-type warranties for its customers. Warranties cannot be purchased separately by
the customers, and the Group is not providing a service in addition to the assurance offered under the contract.
When the unavoidable costs of fulfilling a contract exceed the expected benefits, the Group recognises an
onerous contact provision for the expected loss, typically for the cost of fulfilling the contract. These costs
comprise the incremental costs of fulfilling the contract and an allocation of directly related costs to fulfilling the
contract.
Contract asset and liabilities
The sum of project revenue less progress billings is calculated for each project. Contracts where this amount is
positive are presented as contract assets, and contracts where the amount is negative are presented as contract
liabilities.
Software services
The Group offers software services ranging from on-premise software to software-as-a-service (SaaS). Contracts
often include maintenance agreements, providing post-contract support such as client support; unspecified
software updates, recurrent updates to the data included in the systems, etc. Together with these services, the
Group also provides its customers with installation services, integration, and training.
Each of the services above is considered a separate performance obligation and revenues are recognised over
time. In the case of the software services and post-contract support, these are recognised linearly over the
subscription period. Additional services such as installation, integration and training are recognised over time
based on the percentage-of-completion, however these services do not typically take more than a month to be
completed (although it can vary from contract to contract), as they are considered separate performance
obligations from the software services.
Transaction price is not typically subject to significant variability, and payment typically made 30 days or less after
invoices are sent to the customers.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
Contract balances
31.12.2025
31.12.2024
01.01.2024
Trade receivables
1\u00a0987
1\u00a0730
1\u00a0769
Contract assets
543
537
536
Contract liabilities
195
229
196
Contract assets relate to revenue earned from ongoing projects. Therefore, the balances in this account will vary
depending on the number, composition and status of projects in progress. The increase in trade receivables in
2025 is mainly due to timing of customer payments at year-end, additions from acquisitions and growth.
Remaining revenues on contract in progress at 31 December 2025 is estimated to NOK 7 700 million
(2024: NOK 6 400 million). The timing of revenue recognition is uncertain but the Group estimates that
approximately NOK 5 400 million (2024: NOK 4 400 million) of these revenues will be recognised in the following
year and NOK 2 300 million (2024: NOK 2 000 million) thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "Segment reporting
Accounting policy
Segments are reported in the same manner as the internal financial reporting to the Group\u2019s chief operating
decision-maker, defined as the CEO. The internal financial reporting follows current IFRS standards as described in
these notes to the Group accounts. Transactions between operating segments are recorded on an arm\u2019s length
basis similar to transactions with third parties.
For management purposes, the Group is organized into business units based on a combination of geography and
services and has 5 reportable segments. Digital, Technogarden and Metier are operating segments not separately
reportable under IFRS and therefore aggregated under Consulting segments. The management reporting for these
segments are reviewed by the CEO. Each business segment has an Executive Vice President that is responsible for
day-to-day operations and financial performance.\u00a0
\u2013 Norway Head Office \u2013 operations in the greater Oslo area and supports the entire group with expertise in the
market areas of transportation, buildings, industry, water, environment, architecture as well as society and
urban development
\u2013 Norway Regions \u2013 operations in Norway outside the greater Oslo area
\u2013 Renewable Energy \u2013 services for the renewable sector with locations in Norway, Poland, Iceland, Finland in
addition to smaller project offices in Asia
\u2013 Sweden \u2013 operations in Sweden except Swedish Digital and Technogarden operations
\u2013 Denmark \u2013 operations in Denmark
\u2013 Consulting segments* \u2013Norconsult Digital develops and distributes IT-solutions and offers IT-consultancy for
the infrastructure and property sectors. Technogarden is a consultancy company offering engineers, technical
specialists, project managers and IT consultants for hire. Both divisions have operations in Norway and Sweden.
Metier is a Norwegian consultancy specialising in project management, digitalisation and educational programs.
Head office costs, IT costs and other shared costs are allocated based on FTE per segment.
EBITA is the segment profit and the Group\u2019s key operational measurement metric and is defined as earnings before
financial items, taxes, and amortisation and impairment of intangible assets. The accounting policies for segments
are the same as for the Group.
Finance expense, finance income and taxes are not allocated to individual segments as the underlying instruments
are managed on a group basis. Balance sheet items are not allocated to segments other than goodwill when
tested for impairment.
2025
Norway
Head
Office
Norway
Regions
Sweden
Denmark
Renewable
Energy
Consulting
segments*
Other -
corporate
cost and
eliminations
Total
External revenue
3\u00a0517
3\u00a0037
2\u00a0059
882
959
951
6
11\u00a0411
Internal revenue
16
20
107
10
36
90
-279
0
Total revenue and other income
3\u00a0533
3\u00a0057
2\u00a0166
892
996
1\u00a0040
-274
11\u00a0411
External project costs
394
183
336
131
142
346
-223
1\u00a0308
Operating revenue and other income
after external project costs
3\u00a0139
2\u00a0875
1\u00a0830
761
854
694
-51
10\u00a0103
Personnel expenses
2\u00a0262
2\u00a0087
1\u00a0384
610
557
564
280
7\u00a0744
Other operating expenses
306
375
235
81
140
81
-266
950
Operating profit before depreciation and
amortization (EBITDA)
572
412
211
71
157
50
-65
1\u00a0408
Depreciation and impairment tangible
and ROU assets
199
126
99
31
20
5
17
497
Operating profit before amortisation
(EBITA)
372
286
113
40
136
45
-82
911
Amortisation and impairment intangible
assets
34
1
3
3
1
8
6
55
Operating profit (EBIT)
338
286
110
37
136
37
-88
856
2024
Norway
Head
Office
Norway
Regions
Sweden
Denmark
Renewable
Energy
Consulting
segments*
Other -
corporate
cost and
eliminations
Total
External revenue
3\u00a0031
2\u00a0819
1\u00a0716
854
886
1\u00a0105
7
10\u00a0419
Internal revenue
14
7
98
9
32
86
-246
0
Total revenue and other income
3\u00a0044
2\u00a0826
1\u00a0814
864
918
1\u00a0192
-239
10\u00a0419
External project costs
268
155
265
144
127
453
-179
1\u00a0233
Operating revenue and other income
after external project costs
2\u00a0777
2\u00a0672
1\u00a0548
720
791
738
-60
9\u00a0186
Personnel expenses
2\u00a0050
2\u00a0056
1\u00a0212
559
534
609
267
7\u00a0287
Other operating expenses
283
356
193
81
121
93
-287
840
Operating profit before depreciation and
amortization (EBITDA)
444
260
143
80
136
37
-40
1\u00a0060
Depreciation and impairment tangible
and ROU assets
187
115
90
31
20
5
17
466
Operating profit before amortisation
(EBITA)
257
144
54
49
116
31
-57
594
Amortisation and impairment intangible
assets
6
1
2
3
1
9
2
24
Operating profit (EBIT)
251
143
52
46
116
22
-59
570
*Includes the operating segments Digital, Technogarden and Metier that due to quantitative thresholds are not
separately reportable under IFRS and therefore aggregated.
External project costs:
2025
2024
Sub consultants
933
911
Travel costs
92
81
Other external project costs
283
241
Total
1\u00a0308
1\u00a0233
The Group has no customers that represent more than 10% of consolidated revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
Accounting policy
Segments are reported in the same manner as the internal financial reporting to the Group\u2019s chief operating
decision-maker, defined as the CEO. The internal financial reporting follows current IFRS standards as described in
these notes to the Group accounts. Transactions between operating segments are recorded on an arm\u2019s length
basis similar to transactions with third parties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
8. Salaries and personnel costs
Employee benefit expense:
2025
2024
Salaries
5\u00a0987
5\u00a0620
Social security taxes
970
985
Pension expenses (note 9)
525
478
Other personnel costs
263
204
Total
7\u00a0744
7\u00a0287
Full time equivalent employees
7\u00a0051
6\u00a0315
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "Salaries and personnel costs
Employee benefit expense:
2025
2024
Salaries
5\u00a0987
5\u00a0620
Social security taxes
970
985
Pension expenses (note 9)
525
478
Other personnel costs
263
204
Total
7\u00a0744
7\u00a0287
Full time equivalent employees
7\u00a0051
6\u00a0315
Compensation to executive management and Board of Directors (NOK thousand):
2025
2024
Base salary
28\u00a0442
27\u00a0248
Salary paid
28\u00a0570
28\u00a0235
Other benefits
1\u00a0416
1\u00a0213
Variable compensation
8\u00a0134
7\u00a0803
Pensions expenses
4\u00a0252
4\u00a0028
Share based payment
178
1\u00a0313
Total compensation
42\u00a0550
42\u00a0594
Number of shares
4\u00a0574\u00a0346
5\u00a0471\u00a0327
Non-vested shares
60\u00a0545
39\u00a0798
Loans
0
13
More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as
members of the Board of Directors is provided in the Norconsult Remuneration Report. The report for the financial
year 2025 will be published on the Group\u2019s website following the annual general meeting. Company shares held
by the Board of Directors and Executive management are presented in note 20.
Pensions
Accounting policy
In accordance with IFRS, defined contribution pension plans are accounted for by recognizing contributions as an
expense when they are due. The Group\u2019s pension plans in Norway, Sweden and Denmark are classified as defined
contribution plans and are accounted for accordingly.
The Norwegian defined contribution pension plans cover 4 930 employees (2024: 4 450 employees).
Contributions are 5.5% of salary up to approximately NOK 880 000 and 23.6% of salary between NOK 880 000 to
NOK 1 488 000.
The Swedish group companies have two pension plans covering 1 625 employees (2024: 1 400 employees). The
ITP1 plan is a defined contribution plan and contributions are 4.5 % of salary up to approximately NOK 625 000
and 30% of salary from NOK 625 000 up to approximately NOK 2.5 million. The ITP2 plan is a multi-employer plan
and classified as a defined benefit plan according to Interpretation UFR 10 from the Swedish Corporate Reporting
Board. The Group does not have access to the necessary information to report the plan as a defined benefit
pension plan. Therefore, the ITP2 pension plan, which is secured through contributions to Alecta Tj\u00e4nstepension
\u00d6mesidigt (\u201cAlecta\u201d), is reported as a defined contribution plan. Alecta\u2019s total overfunding, measured as the market
value of assets as a percentage of insurance obligations computed in accordance with Alecta\u2019s own actuarial
assumptions is 167% as of 31 December 2024 (2024: 162%). Alecta\u2019s computation olf pension obligations is not
consistent with IAS 19. Alecta has 35 000 corporate customers and total assets under management amounts to
NOK 1.375 billion in 2025. Further, the Swedish group companies also maintain a flexible pension plan with an
additional provision of 1.1 % of salary that employees can waive in favour of a higher monthly salary.
The Danish companies have defined contribution pension plans covering 544 employees (2024: 491 employees).
Contribution rates range from 8% to 12% of salaries.
The Group also has a small number of defined benefit plans covering a limited number of employees and retirees.
These commitments are insignificant to the Group, and no further disclosures are provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
Compensation to executive management and Board of Directors (NOK thousand):
2025
2024
Base salary
28\u00a0442
27\u00a0248
Salary paid
28\u00a0570
28\u00a0235
Other benefits
1\u00a0416
1\u00a0213
Variable compensation
8\u00a0134
7\u00a0803
Pensions expenses
4\u00a0252
4\u00a0028
Share based payment
178
1\u00a0313
Total compensation
42\u00a0550
42\u00a0594
Number of shares
4\u00a0574\u00a0346
5\u00a0471\u00a0327
Non-vested shares
60\u00a0545
39\u00a0798
Loans
0
13
More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as
members of the Board of Directors is provided in the Norconsult Remuneration Report. The report for the financial
year 2025 will be published on the Group\u2019s website following the annual general meeting. Company shares held
by the Board of Directors and Executive management are presented in note 20.
Shares and share options held by members of the Board of Directors and Executive Management including shares
controlled through holding companies and related parties as of 31 December 2025:
Shares held by Board of Directors and Executive Management
2025
2024
Shares
Non-vested
shares
Shares
Non-vested
shares
Nils Morten Huseby, Chair of the Board
60\u00a0300
57\u00a0931
Mari Thj\u00f8m\u00f8e, Deputy Chair of the Board
41\u00a0052
31\u00a0052
Karl Erik Kjelstad, Board member
30\u00a0000
30\u00a0000
Lars-Petter Nesv\u00e5g, Board member
671\u00a0826
721
671\u00a0308
462
Sandra Annette Angelica Kuru, Board member
9\u00a0742
721
9\u00a0224
462
Oskar Hove Zimmer, Board member
5\u00a0069
721
Maria Hjerppe, Board member
13\u00a0967
721
Helge Hesjedal Wiberg, Board member
43\u00a0434
43\u00a0175
Egil Hogna, CEO
1\u00a0161\u00a0612
14\u00a0679
1\u00a0150\u00a0623
9\u00a0314
Dag Fladby, CFO
221\u00a0058
6\u00a0169
216\u00a0507
3\u00a0932
Hege Nj\u00e5 Bj\u00f8rkmann, EVP Communication & Brand
149\u00a0729
3\u00a0320
146\u00a0755
1\u00a0878
Marisa Ruiz Retamar. EVP Human Resources
70\u00a0103
2\u00a0302
68\u00a0262
1\u00a0410
B\u00e5rd Hernes, EVP Norway Head Office and Norconsult Digital
1\u00a0342\u00a0030
5\u00a0778
1\u00a0337\u00a0628
3\u00a0616
Vegard Jacobsen, EVP Norway Regions
396\u00a0398
5\u00a0256
392\u00a0499
3\u00a0424
H\u00e5kon Bergsodden, EVP Renewable Energy
59\u00a0559
4\u00a0854
Kathrine Duun Moen, EVP Technogarden and Metier
113\u00a0993
5\u00a0158
112\u00a0312
3\u00a0477
Farah Al-Aieshy, EVP Sweden
176\u00a0861
5\u00a0820
172\u00a0371
3\u00a0602
Jess S\u00f8rensen, EVP Denmark (constituted)
7\u00a0354
4\u00a0325
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
Share based payment
Accounting policy
The Group has share-based payment programs for executives and employees. The programs are assessed to be
equity-settled and the cost of the transactions is determined by the fair value at the date when the grant is made.
The calculated cost is recognised in employee benefits expense, together with a corresponding increase in equity,
over the period in which the services are rendered.
The cumulative expense recognised at each reporting date reflects the elapsed portion of the vesting period and
the Group\u2019s best estimate of the equity instruments that are expected to vest.
Specification of share-based payment expense, as included in the table above, by year:
2025
2024
Share based payment
26
224
Social security taxes
5
83
Total expense
30
307
An annual share program for employees was introduced in 2024. Eligible employees are offered the opportunity to
purchase shares at a 20% discount, subject to an annual cap of NOK 30,000 before the discount. In addition, a
matching share programme allows eligible employees to purchase shares at market price for an amount of up to
NOK 30 000. Employees who remain employed by the Group and hold their shares will receive 40% additional
shares after three years and 60% after five years, corresponding to one additional share for each share
purchased.The total annual expenses of these programs, including social security taxes, are capped at
NOK 60 million.
The expense for the 20% discount programme was recognised in full in Q1 and Q2. Expenses related to the
matching share programme will be recognised over the vesting period of three to five years, including an
additional five\u2011month service period.
The Board of Directors has established a share-based incentive program for the Group Executive Management.
Members are required to invest 25% of their variable salary to purchase shares in Norconsult at a 20% discount\u00a0
and are eligible for matching shares on the same terms as the broader employee programme. Moreover, members
may allocate up to 25% of their total variable salary potential to the purchase of discounted shares. Shares
acquired through these programmes carry a mandatory two\u2011year lock\u2011up period.
Tier 3 managers may purchase shares for up to 25% of their potential variable salary at a 20% discount and are
entitled to matching shares on the same terms as the programme described above. Shares acquired under this
programme are subject to a two\u2011year lock\u2011up period.
The annual cost of the programs designated for the Group management team and tier 3 management is capped at
NOK 10 million. Consequently, the total cost of all programmes, including social security tax, is capped at
NOK 60 million.
Further information is provided in the Group\u2019s remuneration report.
Participation in the 2025 programme was very high, resulting in a reduced purchase allocation per employee of
60% (2024: 50%). The Group recognised NOK 26 million (2024: NOK 19 million) in share-based payment expense
and NOK 5\u00a0million (2024: NOK 3 million) in social security taxes related to the programmes. During 2025,
Norconsult sold 1 027 394 discounted shares to employees based on a price of NOK 37.02 per share, representing
a 20% discount to the volume\u2011weighted average price
on Oslo B\u00f8rs for the period 19 May 2025 to 4 June 2025. In addition, 809 243 matching shares were granted
based on a price of NOK 46.28, corresponding to the volume\u2011weighted average price traded on the Oslo B\u00f8rs in
the same period.
Following the acquisition of the Aas-Jakobsen Group in August 2025, employees in the three acquired companies
were offered the opportunity to purchase shares on the same terms and for the same amounts as employees
participating in the ordinary June programme. Norconsult sold 45 948 discounted shares to Aas-Jakobsen Group
employees at a price of NOK 38.01 per share, representing a 20% discount to the volume\u2011weighted average price
traded on the Oslo B\u00f8rs for the period from 15 to 29 October 2025. In addition, 39 144 matching shares were
granted at a price of NOK 47.51, corresponding to the volume\u2011weighted average price for the same period.
During 2024, Norconsult sold 1 604 214 discounted shares to its employees at a price of NOK\u202f25.94 per share,
representing a 20% discount to the volume\u2011weighted average price traded on Oslo B\u00f8rs for the period 3\u201314 June
2024. In addition, 1 369 246 matching shares were granted at a price of NOK\u202f32.43, corresponding to the
volume\u2011weighted average price traded on Oslo B\u00f8rs for the same period
Participants in the share program were offered the option to finance their shares purchase through monthly
instalments over a 12\u2011month period. Employee receivables totalled NOK 27 million at 31 December 2025
(2024: NOK 30 million).
The cost of equity\u2011settled transactions is measured at fair value at the grant date. The expense is recognised, with
a corresponding increase in equity, over the period during which the service conditions are met, ending on the
date the employee becomes fully entitled to the award. Social security taxes are recognised as cash\u2011settled
share\u2011based payments, measured at intrinsic value and remeasured at each reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
Accounting policy
The Group has share-based payment programs for executives and employees. The programs are assessed to be
equity-settled and the cost of the transactions is determined by the fair value at the date when the grant is made.
The calculated cost is recognised in employee benefits expense, together with a corresponding increase in equity,
over the period in which the services are rendered.
The cumulative expense recognised at each reporting date reflects the elapsed portion of the vesting period and
the Group\u2019s best estimate of the equity instruments that are expected to vest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Accounting policy
In accordance with IFRS, defined contribution pension plans are accounted for by recognizing contributions as an
expense when they are due. The Group\u2019s pension plans in Norway, Sweden and Denmark are classified as defined
contribution plans and are accounted for accordingly.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "Intangible assets
Accounting policy
The Group\u2019s intangible assets, excluding goodwill, are trademarks, customer relations and contracts acquired in
business combinations, as well as licenses and software. Intangible assets acquired separately are initially
recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses. Internally generated intangible assets are recognized only if they arise from the
development phase and meet the recognition criteria in IAS 38. Expenditure on research and other internally
generated intangible items are expensed as incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortised on a straight-line basis over their estimated useful lives, which are reviewed at least annually. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at
least at the end of each reporting period, and any changes are accounted for as changes in accounting estimates.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or more
frequently if there is an indication of impairment.
Amortisation is performed on a straight-line basis over the estimated useful lives of the intangible asset:
Licenses and software
3-10
years
Customer relations
5-10
years
Customer contracts
1-6
years
2025
2025
2024
2024
Goodwill
Other
intangible
assets
Goodwill
Other
intangible
assets
Acquisition cost as of 01.01
1\u00a0079
223
1\u00a0003
175
Addition from business combinations
1\u00a0608
399
60
22
Addition
0
43
0
33
Disposals
0
0
0
-9
Translation differences
5
4
16
2
Acquisition cost as of 31.12
2\u00a0691
669
1\u00a0079
223
Accumulated amortisation and impairment as of 01.01
0
-113
0
-97
Amortisations
0
-53
0
-19
Impairments
0
-2
0
-5
Disposal
0
0
0
9
Translation differences
0
-3
0
-1
Accumulated amortisation and impairment as of 31.12
0
-171
0
-113
Closing carrying amount as of 31.12
2\u00a0691
498
1\u00a0079
109
By business area
Norway Head Office
1\u00a0723
0
471
0
Norway Regions
130
0
130
0
Renewable Energy
101
0
101
0
Sweden
75
0
60
0
Denmark
276
0
275
0
Consulting Segments
388
0
42
0
Licenses and software acquired
0
213
0
8
Licenses and software internally developed
0
0
0
71
Customer relations and contracts capitalised on acquisition
0
284
0
31
Total
2\u00a0691
498
1\u00a0079
109
Licenses and software capitalised during the year amounted to NOK 43 million (2024: NOK 33 million) and were
mainly related to the development of software for use in the Group\u2019s Digital business as well as software for
internal use. The carrying value of software for internal use amounts to NOK 33 million (2024: NOK 23 million).
The remaining amortisation period for other intangible assets is approximately 5 years.
No impairment of goodwill has been identified for 2025. No impairment losses have been made during the year
relating to software developed for specific customers (2024: NOK -5 million).
Additions from business combinations are customer relations, customer contracts and trademark, see note 5.
Impairment test of goodwill
Impairment test of goodwill is carried out annually during the fourth quarter, or more frequently if there are
indicators of impairment.
Tests are carried out at the level of cash\u2011generating units (CGUs) to which goodwill is allocated. These CGUs
correspond to the Group\u2019s segment structure, and the allocation is shown in the table above.
The recoverable amount of each CGU is determined using value in use calculations, based on discounted cash
flows. Forecasts for the next year are derived from the board approved operating budget, which represents
managements best estimates of future market conditions. Thereafter, terminal value based on an annual growth in
the cash flow of 1.3%, is estimated. The growth rate is a conservative estimation of the long-term growth for the
CGUs.
The key variables that impact the value in use calculation are sales growth, EBITA margin and discount rate. The
estimates reflect past experience as well as external sources of information and have included consideration of
future economic uncertainties related to global trade and macroeconomic development. Impairment tests
indicate no requirement to make write-downs nor does sensitivity analysis with reasonable changes in
assumptions. However, future outcomes may deviate materially from the estimates to the extent that write-down
of goodwill is required.
Climate\u2011related risks and opportunities have also been considered. Norconsult experience transition risk in that the
advice and solutions that we plan and design must comply with relevant changes in policy, technology, laws,
regulations and standards. This requires a dynamic and adaptable management system and skilled employees. This
will affect both our market and its stakeholders, creating both a risk of reduction in the services we currently
provide, but also opportunities to provide additional services in current and new professional disciplines. The
potential impact of climate risk on future cash flows has been assessed, and no material effects were identified
neither for 2024 nor 2025.
Estimated future cash flows are discounted using the weighted average cost of capital for the CGU. The net
present value of future cash flows is compared to the carrying value of each CGU. Discount rates are estimated
based on risk free interest rate (10-year government bond), market risk premium and beta values per CGU, and are
as follows:
Discount rate before tax in %
2025
2024
Norway Head Office
10.3 %
10.5 %
Norway Regions
10.3 %
10.5 %
Renewable Energy
10.3 %
10.5 %
Sweden
9.2 %
8.9 %
Denmark
9.2 %
9.0 %
Consulting Segments
10.3 %
10.5 %
The change in pre-tax discount rates from 2024 to 2025 partly reflects the Group\u2019s transition from an all\u2011equity
capital structure to a mix of equity and interest\u2011bearing debt. In addition, the risk-free interest rate increased
slightly during the year, partially offset by a reduction in the market risk premium.
No impairment is identified for reasonable changes in key assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "Intangible assets
Accounting policy
The Group\u2019s intangible assets, excluding goodwill, are trademarks, customer relations and contracts acquired in
business combinations, as well as licenses and software. Intangible assets acquired separately are initially
recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses. Internally generated intangible assets are recognized only if they arise from the
development phase and meet the recognition criteria in IAS 38. Expenditure on research and other internally
generated intangible items are expensed as incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortised on a straight-line basis over their estimated useful lives, which are reviewed at least annually. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at
least at the end of each reporting period, and any changes are accounted for as changes in accounting estimates.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or more
frequently if there is an indication of impairment.
Amortisation is performed on a straight-line basis over the estimated useful lives of the intangible asset:
Licenses and software
3-10
years
Customer relations
5-10
years
Customer contracts
1-6
years
2025
2025
2024
2024
Goodwill
Other
intangible
assets
Goodwill
Other
intangible
assets
Acquisition cost as of 01.01
1\u00a0079
223
1\u00a0003
175
Addition from business combinations
1\u00a0608
399
60
22
Addition
0
43
0
33
Disposals
0
0
0
-9
Translation differences
5
4
16
2
Acquisition cost as of 31.12
2\u00a0691
669
1\u00a0079
223
Accumulated amortisation and impairment as of 01.01
0
-113
0
-97
Amortisations
0
-53
0
-19
Impairments
0
-2
0
-5
Disposal
0
0
0
9
Translation differences
0
-3
0
-1
Accumulated amortisation and impairment as of 31.12
0
-171
0
-113
Closing carrying amount as of 31.12
2\u00a0691
498
1\u00a0079
109
By business area
Norway Head Office
1\u00a0723
0
471
0
Norway Regions
130
0
130
0
Renewable Energy
101
0
101
0
Sweden
75
0
60
0
Denmark
276
0
275
0
Consulting Segments
388
0
42
0
Licenses and software acquired
0
213
0
8
Licenses and software internally developed
0
0
0
71
Customer relations and contracts capitalised on acquisition
0
284
0
31
Total
2\u00a0691
498
1\u00a0079
109
Licenses and software capitalised during the year amounted to NOK 43 million (2024: NOK 33 million) and were
mainly related to the development of software for use in the Group\u2019s Digital business as well as software for
internal use. The carrying value of software for internal use amounts to NOK 33 million (2024: NOK 23 million).
The remaining amortisation period for other intangible assets is approximately 5 years.
No impairment of goodwill has been identified for 2025. No impairment losses have been made during the year
relating to software developed for specific customers (2024: NOK -5 million).
Additions from business combinations are customer relations, customer contracts and trademark, see note 5.
Impairment test of goodwill
Impairment test of goodwill is carried out annually during the fourth quarter, or more frequently if there are
indicators of impairment.
Tests are carried out at the level of cash\u2011generating units (CGUs) to which goodwill is allocated. These CGUs
correspond to the Group\u2019s segment structure, and the allocation is shown in the table above.
The recoverable amount of each CGU is determined using value in use calculations, based on discounted cash
flows. Forecasts for the next year are derived from the board approved operating budget, which represents
managements best estimates of future market conditions. Thereafter, terminal value based on an annual growth in
the cash flow of 1.3%, is estimated. The growth rate is a conservative estimation of the long-term growth for the
CGUs.
The key variables that impact the value in use calculation are sales growth, EBITA margin and discount rate. The
estimates reflect past experience as well as external sources of information and have included consideration of
future economic uncertainties related to global trade and macroeconomic development. Impairment tests
indicate no requirement to make write-downs nor does sensitivity analysis with reasonable changes in
assumptions. However, future outcomes may deviate materially from the estimates to the extent that write-down
of goodwill is required.
Climate\u2011related risks and opportunities have also been considered. Norconsult experience transition risk in that the
advice and solutions that we plan and design must comply with relevant changes in policy, technology, laws,
regulations and standards. This requires a dynamic and adaptable management system and skilled employees. This
will affect both our market and its stakeholders, creating both a risk of reduction in the services we currently
provide, but also opportunities to provide additional services in current and new professional disciplines. The
potential impact of climate risk on future cash flows has been assessed, and no material effects were identified
neither for 2024 nor 2025.
Estimated future cash flows are discounted using the weighted average cost of capital for the CGU. The net
present value of future cash flows is compared to the carrying value of each CGU. Discount rates are estimated
based on risk free interest rate (10-year government bond), market risk premium and beta values per CGU, and are
as follows:
Discount rate before tax in %
2025
2024
Norway Head Office
10.3 %
10.5 %
Norway Regions
10.3 %
10.5 %
Renewable Energy
10.3 %
10.5 %
Sweden
9.2 %
8.9 %
Denmark
9.2 %
9.0 %
Consulting Segments
10.3 %
10.5 %
The change in pre-tax discount rates from 2024 to 2025 partly reflects the Group\u2019s transition from an all\u2011equity
capital structure to a mix of equity and interest\u2011bearing debt. In addition, the risk-free interest rate increased
slightly during the year, partially offset by a reduction in the market risk premium.
No impairment is identified for reasonable changes in key assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "Intangible assets
Accounting policy
The Group\u2019s intangible assets, excluding goodwill, are trademarks, customer relations and contracts acquired in
business combinations, as well as licenses and software. Intangible assets acquired separately are initially
recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses. Internally generated intangible assets are recognized only if they arise from the
development phase and meet the recognition criteria in IAS 38. Expenditure on research and other internally
generated intangible items are expensed as incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortised on a straight-line basis over their estimated useful lives, which are reviewed at least annually. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at
least at the end of each reporting period, and any changes are accounted for as changes in accounting estimates.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or more
frequently if there is an indication of impairment.
Amortisation is performed on a straight-line basis over the estimated useful lives of the intangible asset:
Licenses and software
3-10
years
Customer relations
5-10
years
Customer contracts
1-6
years
2025
2025
2024
2024
Goodwill
Other
intangible
assets
Goodwill
Other
intangible
assets
Acquisition cost as of 01.01
1\u00a0079
223
1\u00a0003
175
Addition from business combinations
1\u00a0608
399
60
22
Addition
0
43
0
33
Disposals
0
0
0
-9
Translation differences
5
4
16
2
Acquisition cost as of 31.12
2\u00a0691
669
1\u00a0079
223
Accumulated amortisation and impairment as of 01.01
0
-113
0
-97
Amortisations
0
-53
0
-19
Impairments
0
-2
0
-5
Disposal
0
0
0
9
Translation differences
0
-3
0
-1
Accumulated amortisation and impairment as of 31.12
0
-171
0
-113
Closing carrying amount as of 31.12
2\u00a0691
498
1\u00a0079
109
By business area
Norway Head Office
1\u00a0723
0
471
0
Norway Regions
130
0
130
0
Renewable Energy
101
0
101
0
Sweden
75
0
60
0
Denmark
276
0
275
0
Consulting Segments
388
0
42
0
Licenses and software acquired
0
213
0
8
Licenses and software internally developed
0
0
0
71
Customer relations and contracts capitalised on acquisition
0
284
0
31
Total
2\u00a0691
498
1\u00a0079
109
Licenses and software capitalised during the year amounted to NOK 43 million (2024: NOK 33 million) and were
mainly related to the development of software for use in the Group\u2019s Digital business as well as software for
internal use. The carrying value of software for internal use amounts to NOK 33 million (2024: NOK 23 million).
The remaining amortisation period for other intangible assets is approximately 5 years.
No impairment of goodwill has been identified for 2025. No impairment losses have been made during the year
relating to software developed for specific customers (2024: NOK -5 million).
Additions from business combinations are customer relations, customer contracts and trademark, see note 5.
Impairment test of goodwill
Impairment test of goodwill is carried out annually during the fourth quarter, or more frequently if there are
indicators of impairment.
Tests are carried out at the level of cash\u2011generating units (CGUs) to which goodwill is allocated. These CGUs
correspond to the Group\u2019s segment structure, and the allocation is shown in the table above.
The recoverable amount of each CGU is determined using value in use calculations, based on discounted cash
flows. Forecasts for the next year are derived from the board approved operating budget, which represents
managements best estimates of future market conditions. Thereafter, terminal value based on an annual growth in
the cash flow of 1.3%, is estimated. The growth rate is a conservative estimation of the long-term growth for the
CGUs.
The key variables that impact the value in use calculation are sales growth, EBITA margin and discount rate. The
estimates reflect past experience as well as external sources of information and have included consideration of
future economic uncertainties related to global trade and macroeconomic development. Impairment tests
indicate no requirement to make write-downs nor does sensitivity analysis with reasonable changes in
assumptions. However, future outcomes may deviate materially from the estimates to the extent that write-down
of goodwill is required.
Climate\u2011related risks and opportunities have also been considered. Norconsult experience transition risk in that the
advice and solutions that we plan and design must comply with relevant changes in policy, technology, laws,
regulations and standards. This requires a dynamic and adaptable management system and skilled employees. This
will affect both our market and its stakeholders, creating both a risk of reduction in the services we currently
provide, but also opportunities to provide additional services in current and new professional disciplines. The
potential impact of climate risk on future cash flows has been assessed, and no material effects were identified
neither for 2024 nor 2025.
Estimated future cash flows are discounted using the weighted average cost of capital for the CGU. The net
present value of future cash flows is compared to the carrying value of each CGU. Discount rates are estimated
based on risk free interest rate (10-year government bond), market risk premium and beta values per CGU, and are
as follows:
Discount rate before tax in %
2025
2024
Norway Head Office
10.3 %
10.5 %
Norway Regions
10.3 %
10.5 %
Renewable Energy
10.3 %
10.5 %
Sweden
9.2 %
8.9 %
Denmark
9.2 %
9.0 %
Consulting Segments
10.3 %
10.5 %
The change in pre-tax discount rates from 2024 to 2025 partly reflects the Group\u2019s transition from an all\u2011equity
capital structure to a mix of equity and interest\u2011bearing debt. In addition, the risk-free interest rate increased
slightly during the year, partially offset by a reduction in the market risk premium.
No impairment is identified for reasonable changes in key assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "Intangible assets
Accounting policy
The Group\u2019s intangible assets, excluding goodwill, are trademarks, customer relations and contracts acquired in
business combinations, as well as licenses and software. Intangible assets acquired separately are initially
recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses. Internally generated intangible assets are recognized only if they arise from the
development phase and meet the recognition criteria in IAS 38. Expenditure on research and other internally
generated intangible items are expensed as incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortised on a straight-line basis over their estimated useful lives, which are reviewed at least annually. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at
least at the end of each reporting period, and any changes are accounted for as changes in accounting estimates.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or more
frequently if there is an indication of impairment.
Amortisation is performed on a straight-line basis over the estimated useful lives of the intangible asset:
Licenses and software
3-10
years
Customer relations
5-10
years
Customer contracts
1-6
years
2025
2025
2024
2024
Goodwill
Other
intangible
assets
Goodwill
Other
intangible
assets
Acquisition cost as of 01.01
1\u00a0079
223
1\u00a0003
175
Addition from business combinations
1\u00a0608
399
60
22
Addition
0
43
0
33
Disposals
0
0
0
-9
Translation differences
5
4
16
2
Acquisition cost as of 31.12
2\u00a0691
669
1\u00a0079
223
Accumulated amortisation and impairment as of 01.01
0
-113
0
-97
Amortisations
0
-53
0
-19
Impairments
0
-2
0
-5
Disposal
0
0
0
9
Translation differences
0
-3
0
-1
Accumulated amortisation and impairment as of 31.12
0
-171
0
-113
Closing carrying amount as of 31.12
2\u00a0691
498
1\u00a0079
109
By business area
Norway Head Office
1\u00a0723
0
471
0
Norway Regions
130
0
130
0
Renewable Energy
101
0
101
0
Sweden
75
0
60
0
Denmark
276
0
275
0
Consulting Segments
388
0
42
0
Licenses and software acquired
0
213
0
8
Licenses and software internally developed
0
0
0
71
Customer relations and contracts capitalised on acquisition
0
284
0
31
Total
2\u00a0691
498
1\u00a0079
109
Licenses and software capitalised during the year amounted to NOK 43 million (2024: NOK 33 million) and were
mainly related to the development of software for use in the Group\u2019s Digital business as well as software for
internal use. The carrying value of software for internal use amounts to NOK 33 million (2024: NOK 23 million).
The remaining amortisation period for other intangible assets is approximately 5 years.
No impairment of goodwill has been identified for 2025. No impairment losses have been made during the year
relating to software developed for specific customers (2024: NOK -5 million).
Additions from business combinations are customer relations, customer contracts and trademark, see note 5.
Impairment test of goodwill
Impairment test of goodwill is carried out annually during the fourth quarter, or more frequently if there are
indicators of impairment.
Tests are carried out at the level of cash\u2011generating units (CGUs) to which goodwill is allocated. These CGUs
correspond to the Group\u2019s segment structure, and the allocation is shown in the table above.
The recoverable amount of each CGU is determined using value in use calculations, based on discounted cash
flows. Forecasts for the next year are derived from the board approved operating budget, which represents
managements best estimates of future market conditions. Thereafter, terminal value based on an annual growth in
the cash flow of 1.3%, is estimated. The growth rate is a conservative estimation of the long-term growth for the
CGUs.
The key variables that impact the value in use calculation are sales growth, EBITA margin and discount rate. The
estimates reflect past experience as well as external sources of information and have included consideration of
future economic uncertainties related to global trade and macroeconomic development. Impairment tests
indicate no requirement to make write-downs nor does sensitivity analysis with reasonable changes in
assumptions. However, future outcomes may deviate materially from the estimates to the extent that write-down
of goodwill is required.
Climate\u2011related risks and opportunities have also been considered. Norconsult experience transition risk in that the
advice and solutions that we plan and design must comply with relevant changes in policy, technology, laws,
regulations and standards. This requires a dynamic and adaptable management system and skilled employees. This
will affect both our market and its stakeholders, creating both a risk of reduction in the services we currently
provide, but also opportunities to provide additional services in current and new professional disciplines. The
potential impact of climate risk on future cash flows has been assessed, and no material effects were identified
neither for 2024 nor 2025.
Estimated future cash flows are discounted using the weighted average cost of capital for the CGU. The net
present value of future cash flows is compared to the carrying value of each CGU. Discount rates are estimated
based on risk free interest rate (10-year government bond), market risk premium and beta values per CGU, and are
as follows:
Discount rate before tax in %
2025
2024
Norway Head Office
10.3 %
10.5 %
Norway Regions
10.3 %
10.5 %
Renewable Energy
10.3 %
10.5 %
Sweden
9.2 %
8.9 %
Denmark
9.2 %
9.0 %
Consulting Segments
10.3 %
10.5 %
The change in pre-tax discount rates from 2024 to 2025 partly reflects the Group\u2019s transition from an all\u2011equity
capital structure to a mix of equity and interest\u2011bearing debt. In addition, the risk-free interest rate increased
slightly during the year, partially offset by a reduction in the market risk premium.
No impairment is identified for reasonable changes in key assumptions.
Property, plant and equipment
Accounting policy
The Group\u2019s main items of property, plant and equipment are leasehold improvements, fixtures and furniture and
office machinery. The Group leases all office buildings, see note 12. Plant and equipment are stated at cost, net of
accumulated depreciation and accumulated impairment losses, if any. Cost includes costs that are directly
attributable to the acquisition of the asset.\u00a0
Estimated useful lives are as follows:
Fixtures, fittings, and office equipment
3-10 years
2025
2024
Land, offices
and buildings
Machinery,
cars, office
equipment etc
Total
Land, offices
and buildings
Machinery,
cars, office
equipment etc
Total
Acquisition cost as of 31.12
6
795
801
6
723
729
Accumulated depreciation as of 31.12
-5
-605
-609
-4
-545
-550
Carrying amount as of 31.12
1
190
191
2
177
179
Opening carrying amount as of 01.01
2
176
178
1
157
158
Addition from business combination
0
5
5
0
1
1
Addition
0
77
77
1
81
81
Disposals
0
-4
-4
0
-2
-2
Depreciation
0
-67
-67
0
-62
-62
Translation differences
0
2
2
0
2
2
Closing carrying amount as of 31.12
1
190
191
2
177
178
Depreciation method
Linear
Linear
Linear
Linear
Depreciation period
0 - 30 years
3-10 years
0 - 30 years
\u00a0 3-10 years
Leases
Accounting policy
The Group leases all office buildings. Leases are also generally used for IT equipment, office machines, motor
vehicles and to some extent mobile phones.
Leases are recognised as a right-of-use assets and a corresponding liability at the commencement date of the
lease (i.e., the date the underlying asset is available for use). Each lease payment is allocated between the liability
and finance cost. The finance costs are recognised over the lease period based on the remaining balance of the
liability for each period. Right-of-use assets are recognised at cost less depreciation and impairment loss. Assets
are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets, as follows:
\u2013 Office buildings:
1 to 17 years
\u2013 IT equipment:
1 to 6 years
\u2013 Motor vehicles and other equipment:
1 to 9 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise
of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets
are also subject to impairment.
The lease liabilities include the net present value of lease payments to be made over the lease term. The lease
payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. Several of the Group\u2019s leases
include options for renewal of the leases. Options that are reasonably certain to be exercised, considering office
size and growth, potential for relocation with other Norconsult offices, rent level and location of the office relative
to alternative locations in the relevant area are included in lease payments. Lease options for long-term contracts,
mainly over 3-4 years, are not taken into account as there are constant changes to the Group and it is difficult to
assess the probability of future renewals. In calculating the present value of lease payments, the Group uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not
readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in
the assessment of an option to purchase the underlying asset.
The Group applies the short-term lease recognition exemption to its short-term leases of certain office locations,
smaller machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases of office equipment that are considered to be low value. Lease payments on
short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease
term.
Right-of-use assets
2025
2024
Opening carrying amount as of 01.01
1\u00a0550
1\u00a0546
New leases
365
274
Addition through acquisitions
78
0
Changes in existing leases
40
128
Depreciation for the year
-431
-403
Translation differences
11
5
Closing carrying amount as of 31.12
1\u00a0613
1\u00a0550
Office property
1\u00a0500
1\u00a0445
Cars, IT equipment and office machines
113
105
Total right-of-use assets
1\u00a0613
1\u00a0550
Amounts recognised in profit and loss
2025
2024
Depreciation office property
358
334
Depreciation cars, office- and\u00a0 IT-equipment
73
69
Gains and losses
-2
0
Interest expense on lease liabilities
49
41
Cost of short-term leases
11
11
Cost of low-value leases
2
5
Total amount recognised in the statement of income
491
460
Lease liabilities
2025
2024
Non-current
1\u00a0260
1\u00a0229
Current
417
367
Total lease liabilities
1\u00a0677
1\u00a0597
Maturity of undiscounted lease commitments
2025
2024
Within one year
464
406
Between 1 and 5 years
1\u00a0124
1\u00a0097
Over 5 years
242
222
Total undiscounted lease liabilities
1\u00a0830
1\u00a0725
Movement in the lease liability:
2025
2024
Opening carrying amount as of 01.01
1\u00a0597
1\u00a0580
Amortisation of debt, cash flow
-465
-430
New leases and revaluation
406
402
Increase through acquisition
78
0
Interest expense
49
41
Translation differences
12
4
Closing carrying amount as of 31.12
1\u00a0677
1\u00a0597
The Group has two material leases that are committed and commence during 2026 and 2027. The average length
of the leases is 11 years with an average annual rent is NOK 13 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "Intangible assets
Accounting policy
The Group\u2019s intangible assets, excluding goodwill, are trademarks, customer relations and contracts acquired in
business combinations, as well as licenses and software. Intangible assets acquired separately are initially
recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses. Internally generated intangible assets are recognized only if they arise from the
development phase and meet the recognition criteria in IAS 38. Expenditure on research and other internally
generated intangible items are expensed as incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortised on a straight-line basis over their estimated useful lives, which are reviewed at least annually. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at
least at the end of each reporting period, and any changes are accounted for as changes in accounting estimates.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or more
frequently if there is an indication of impairment.
Amortisation is performed on a straight-line basis over the estimated useful lives of the intangible asset:
Licenses and software
3-10
years
Customer relations
5-10
years
Customer contracts
1-6
years
2025
2025
2024
2024
Goodwill
Other
intangible
assets
Goodwill
Other
intangible
assets
Acquisition cost as of 01.01
1\u00a0079
223
1\u00a0003
175
Addition from business combinations
1\u00a0608
399
60
22
Addition
0
43
0
33
Disposals
0
0
0
-9
Translation differences
5
4
16
2
Acquisition cost as of 31.12
2\u00a0691
669
1\u00a0079
223
Accumulated amortisation and impairment as of 01.01
0
-113
0
-97
Amortisations
0
-53
0
-19
Impairments
0
-2
0
-5
Disposal
0
0
0
9
Translation differences
0
-3
0
-1
Accumulated amortisation and impairment as of 31.12
0
-171
0
-113
Closing carrying amount as of 31.12
2\u00a0691
498
1\u00a0079
109
By business area
Norway Head Office
1\u00a0723
0
471
0
Norway Regions
130
0
130
0
Renewable Energy
101
0
101
0
Sweden
75
0
60
0
Denmark
276
0
275
0
Consulting Segments
388
0
42
0
Licenses and software acquired
0
213
0
8
Licenses and software internally developed
0
0
0
71
Customer relations and contracts capitalised on acquisition
0
284
0
31
Total
2\u00a0691
498
1\u00a0079
109
Licenses and software capitalised during the year amounted to NOK 43 million (2024: NOK 33 million) and were
mainly related to the development of software for use in the Group\u2019s Digital business as well as software for
internal use. The carrying value of software for internal use amounts to NOK 33 million (2024: NOK 23 million).
The remaining amortisation period for other intangible assets is approximately 5 years.
No impairment of goodwill has been identified for 2025. No impairment losses have been made during the year
relating to software developed for specific customers (2024: NOK -5 million).
Additions from business combinations are customer relations, customer contracts and trademark, see note 5.
Impairment test of goodwill
Impairment test of goodwill is carried out annually during the fourth quarter, or more frequently if there are
indicators of impairment.
Tests are carried out at the level of cash\u2011generating units (CGUs) to which goodwill is allocated. These CGUs
correspond to the Group\u2019s segment structure, and the allocation is shown in the table above.
The recoverable amount of each CGU is determined using value in use calculations, based on discounted cash
flows. Forecasts for the next year are derived from the board approved operating budget, which represents
managements best estimates of future market conditions. Thereafter, terminal value based on an annual growth in
the cash flow of 1.3%, is estimated. The growth rate is a conservative estimation of the long-term growth for the
CGUs.
The key variables that impact the value in use calculation are sales growth, EBITA margin and discount rate. The
estimates reflect past experience as well as external sources of information and have included consideration of
future economic uncertainties related to global trade and macroeconomic development. Impairment tests
indicate no requirement to make write-downs nor does sensitivity analysis with reasonable changes in
assumptions. However, future outcomes may deviate materially from the estimates to the extent that write-down
of goodwill is required.
Climate\u2011related risks and opportunities have also been considered. Norconsult experience transition risk in that the
advice and solutions that we plan and design must comply with relevant changes in policy, technology, laws,
regulations and standards. This requires a dynamic and adaptable management system and skilled employees. This
will affect both our market and its stakeholders, creating both a risk of reduction in the services we currently
provide, but also opportunities to provide additional services in current and new professional disciplines. The
potential impact of climate risk on future cash flows has been assessed, and no material effects were identified
neither for 2024 nor 2025.
Estimated future cash flows are discounted using the weighted average cost of capital for the CGU. The net
present value of future cash flows is compared to the carrying value of each CGU. Discount rates are estimated
based on risk free interest rate (10-year government bond), market risk premium and beta values per CGU, and are
as follows:
Discount rate before tax in %
2025
2024
Norway Head Office
10.3 %
10.5 %
Norway Regions
10.3 %
10.5 %
Renewable Energy
10.3 %
10.5 %
Sweden
9.2 %
8.9 %
Denmark
9.2 %
9.0 %
Consulting Segments
10.3 %
10.5 %
The change in pre-tax discount rates from 2024 to 2025 partly reflects the Group\u2019s transition from an all\u2011equity
capital structure to a mix of equity and interest\u2011bearing debt. In addition, the risk-free interest rate increased
slightly during the year, partially offset by a reduction in the market risk premium.
No impairment is identified for reasonable changes in key assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
Accounting policy
The Group\u2019s intangible assets, excluding goodwill, are trademarks, customer relations and contracts acquired in
business combinations, as well as licenses and software. Intangible assets acquired separately are initially
recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses. Internally generated intangible assets are recognized only if they arise from the
development phase and meet the recognition criteria in IAS 38. Expenditure on research and other internally
generated intangible items are expensed as incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortised on a straight-line basis over their estimated useful lives, which are reviewed at least annually. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at
least at the end of each reporting period, and any changes are accounted for as changes in accounting estimates.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or more
frequently if there is an indication of impairment.
Amortisation is performed on a straight-line basis over the estimated useful lives of the intangible asset:
Licenses and software
3-10
years
Customer relations
5-10
years
Customer contracts
1-6
years
Accounting policy
The Group\u2019s main items of property, plant and equipment are leasehold improvements, fixtures and furniture and
office machinery. The Group leases all office buildings, see note 12. Plant and equipment are stated at cost, net of
accumulated depreciation and accumulated impairment losses, if any. Cost includes costs that are directly
attributable to the acquisition of the asset.\u00a0
Estimated useful lives are as follows:
Fixtures, fittings, and office equipment
3-10 years
Accounting policy
The Group leases all office buildings. Leases are also generally used for IT equipment, office machines, motor
vehicles and to some extent mobile phones.
Leases are recognised as a right-of-use assets and a corresponding liability at the commencement date of the
lease (i.e., the date the underlying asset is available for use). Each lease payment is allocated between the liability
and finance cost. The finance costs are recognised over the lease period based on the remaining balance of the
liability for each period. Right-of-use assets are recognised at cost less depreciation and impairment loss. Assets
are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets, as follows:
\u2013 Office buildings:
1 to 17 years
\u2013 IT equipment:
1 to 6 years
\u2013 Motor vehicles and other equipment:
1 to 9 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise
of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets
are also subject to impairment.
The lease liabilities include the net present value of lease payments to be made over the lease term. The lease
payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. Several of the Group\u2019s leases
include options for renewal of the leases. Options that are reasonably certain to be exercised, considering office
size and growth, potential for relocation with other Norconsult offices, rent level and location of the office relative
to alternative locations in the relevant area are included in lease payments. Lease options for long-term contracts,
mainly over 3-4 years, are not taken into account as there are constant changes to the Group and it is difficult to
assess the probability of future renewals. In calculating the present value of lease payments, the Group uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not
readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in
the assessment of an option to purchase the underlying asset.
The Group applies the short-term lease recognition exemption to its short-term leases of certain office locations,
smaller machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases of office equipment that are considered to be low value. Lease payments on
short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease
term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
Accounting policy
The Group\u2019s intangible assets, excluding goodwill, are trademarks, customer relations and contracts acquired in
business combinations, as well as licenses and software. Intangible assets acquired separately are initially
recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses. Internally generated intangible assets are recognized only if they arise from the
development phase and meet the recognition criteria in IAS 38. Expenditure on research and other internally
generated intangible items are expensed as incurred.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortised on a straight-line basis over their estimated useful lives, which are reviewed at least annually. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at
least at the end of each reporting period, and any changes are accounted for as changes in accounting estimates.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or more
frequently if there is an indication of impairment.
Amortisation is performed on a straight-line basis over the estimated useful lives of the intangible asset:
Licenses and software
3-10
years
Customer relations
5-10
years
Customer contracts
1-6
years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "Property, plant and equipment
Accounting policy
The Group\u2019s main items of property, plant and equipment are leasehold improvements, fixtures and furniture and
office machinery. The Group leases all office buildings, see note 12. Plant and equipment are stated at cost, net of
accumulated depreciation and accumulated impairment losses, if any. Cost includes costs that are directly
attributable to the acquisition of the asset.\u00a0
Estimated useful lives are as follows:
Fixtures, fittings, and office equipment
3-10 years
2025
2024
Land, offices
and buildings
Machinery,
cars, office
equipment etc
Total
Land, offices
and buildings
Machinery,
cars, office
equipment etc
Total
Acquisition cost as of 31.12
6
795
801
6
723
729
Accumulated depreciation as of 31.12
-5
-605
-609
-4
-545
-550
Carrying amount as of 31.12
1
190
191
2
177
179
Opening carrying amount as of 01.01
2
176
178
1
157
158
Addition from business combination
0
5
5
0
1
1
Addition
0
77
77
1
81
81
Disposals
0
-4
-4
0
-2
-2
Depreciation
0
-67
-67
0
-62
-62
Translation differences
0
2
2
0
2
2
Closing carrying amount as of 31.12
1
190
191
2
177
178
Depreciation method
Linear
Linear
Linear
Linear
Depreciation period
0 - 30 years
3-10 years
0 - 30 years
\u00a0 3-10 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
Accounting policy
The Group\u2019s main items of property, plant and equipment are leasehold improvements, fixtures and furniture and
office machinery. The Group leases all office buildings, see note 12. Plant and equipment are stated at cost, net of
accumulated depreciation and accumulated impairment losses, if any. Cost includes costs that are directly
attributable to the acquisition of the asset.\u00a0
Estimated useful lives are as follows:
Fixtures, fittings, and office equipment
3-10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
Accounting policy
The Group\u2019s main items of property, plant and equipment are leasehold improvements, fixtures and furniture and
office machinery. The Group leases all office buildings, see note 12. Plant and equipment are stated at cost, net of
accumulated depreciation and accumulated impairment losses, if any. Cost includes costs that are directly
attributable to the acquisition of the asset.\u00a0
Estimated useful lives are as follows:
Fixtures, fittings, and office equipment
3-10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "Leases
Accounting policy
The Group leases all office buildings. Leases are also generally used for IT equipment, office machines, motor
vehicles and to some extent mobile phones.
Leases are recognised as a right-of-use assets and a corresponding liability at the commencement date of the
lease (i.e., the date the underlying asset is available for use). Each lease payment is allocated between the liability
and finance cost. The finance costs are recognised over the lease period based on the remaining balance of the
liability for each period. Right-of-use assets are recognised at cost less depreciation and impairment loss. Assets
are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets, as follows:
\u2013 Office buildings:
1 to 17 years
\u2013 IT equipment:
1 to 6 years
\u2013 Motor vehicles and other equipment:
1 to 9 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise
of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets
are also subject to impairment.
The lease liabilities include the net present value of lease payments to be made over the lease term. The lease
payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. Several of the Group\u2019s leases
include options for renewal of the leases. Options that are reasonably certain to be exercised, considering office
size and growth, potential for relocation with other Norconsult offices, rent level and location of the office relative
to alternative locations in the relevant area are included in lease payments. Lease options for long-term contracts,
mainly over 3-4 years, are not taken into account as there are constant changes to the Group and it is difficult to
assess the probability of future renewals. In calculating the present value of lease payments, the Group uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not
readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in
the assessment of an option to purchase the underlying asset.
The Group applies the short-term lease recognition exemption to its short-term leases of certain office locations,
smaller machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases of office equipment that are considered to be low value. Lease payments on
short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease
term.
Right-of-use assets
2025
2024
Opening carrying amount as of 01.01
1\u00a0550
1\u00a0546
New leases
365
274
Addition through acquisitions
78
0
Changes in existing leases
40
128
Depreciation for the year
-431
-403
Translation differences
11
5
Closing carrying amount as of 31.12
1\u00a0613
1\u00a0550
Office property
1\u00a0500
1\u00a0445
Cars, IT equipment and office machines
113
105
Total right-of-use assets
1\u00a0613
1\u00a0550
Amounts recognised in profit and loss
2025
2024
Depreciation office property
358
334
Depreciation cars, office- and\u00a0 IT-equipment
73
69
Gains and losses
-2
0
Interest expense on lease liabilities
49
41
Cost of short-term leases
11
11
Cost of low-value leases
2
5
Total amount recognised in the statement of income
491
460
Lease liabilities
2025
2024
Non-current
1\u00a0260
1\u00a0229
Current
417
367
Total lease liabilities
1\u00a0677
1\u00a0597
Maturity of undiscounted lease commitments
2025
2024
Within one year
464
406
Between 1 and 5 years
1\u00a0124
1\u00a0097
Over 5 years
242
222
Total undiscounted lease liabilities
1\u00a0830
1\u00a0725
Movement in the lease liability:
2025
2024
Opening carrying amount as of 01.01
1\u00a0597
1\u00a0580
Amortisation of debt, cash flow
-465
-430
New leases and revaluation
406
402
Increase through acquisition
78
0
Interest expense
49
41
Translation differences
12
4
Closing carrying amount as of 31.12
1\u00a0677
1\u00a0597
The Group has two material leases that are committed and commence during 2026 and 2027. The average length
of the leases is 11 years with an average annual rent is NOK 13 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
Accounting policy
The Group leases all office buildings. Leases are also generally used for IT equipment, office machines, motor
vehicles and to some extent mobile phones.
Leases are recognised as a right-of-use assets and a corresponding liability at the commencement date of the
lease (i.e., the date the underlying asset is available for use). Each lease payment is allocated between the liability
and finance cost. The finance costs are recognised over the lease period based on the remaining balance of the
liability for each period. Right-of-use assets are recognised at cost less depreciation and impairment loss. Assets
are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets, as follows:
\u2013 Office buildings:
1 to 17 years
\u2013 IT equipment:
1 to 6 years
\u2013 Motor vehicles and other equipment:
1 to 9 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise
of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets
are also subject to impairment.
The lease liabilities include the net present value of lease payments to be made over the lease term. The lease
payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. Several of the Group\u2019s leases
include options for renewal of the leases. Options that are reasonably certain to be exercised, considering office
size and growth, potential for relocation with other Norconsult offices, rent level and location of the office relative
to alternative locations in the relevant area are included in lease payments. Lease options for long-term contracts,
mainly over 3-4 years, are not taken into account as there are constant changes to the Group and it is difficult to
assess the probability of future renewals. In calculating the present value of lease payments, the Group uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not
readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in
the assessment of an option to purchase the underlying asset.
The Group applies the short-term lease recognition exemption to its short-term leases of certain office locations,
smaller machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases of office equipment that are considered to be low value. Lease payments on
short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease
term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "Other operating expenses
2025
2024
Office expenses
188
191
IT expenses
433
345
Travel expenses
76
72
External services
64
75
Marketing and advertising expenses
23
18
Loss on receivables
5
-3
Insurance expenses
62
55
Other operating expenses
100
88
Total
950
840
Expenses related to research and development cost amount to NOK 29 million (2024: NOK 35 million).
Compensation to auditors (NOK thousand)
2025
2024
Statutory audit fees
6\u00a0763
6\u00a0569
Statutory audit fees other than group auditor
135
629
Other assurance engagements
326
170
CSRD audit fee
1\u00a0021
631
Tax related services
153
318
Other services
2\u00a0054
1\u00a0309
Total
10\u00a0452
9\u00a0626
Compensation to auditors does not include VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "Other operating expenses
2025
2024
Office expenses
188
191
IT expenses
433
345
Travel expenses
76
72
External services
64
75
Marketing and advertising expenses
23
18
Loss on receivables
5
-3
Insurance expenses
62
55
Other operating expenses
100
88
Total
950
840
Expenses related to research and development cost amount to NOK 29 million (2024: NOK 35 million).
Compensation to auditors (NOK thousand)
2025
2024
Statutory audit fees
6\u00a0763
6\u00a0569
Statutory audit fees other than group auditor
135
629
Other assurance engagements
326
170
CSRD audit fee
1\u00a0021
631
Tax related services
153
318
Other services
2\u00a0054
1\u00a0309
Total
10\u00a0452
9\u00a0626
Compensation to auditors does not include VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "Other operating expenses
2025
2024
Office expenses
188
191
IT expenses
433
345
Travel expenses
76
72
External services
64
75
Marketing and advertising expenses
23
18
Loss on receivables
5
-3
Insurance expenses
62
55
Other operating expenses
100
88
Total
950
840
Expenses related to research and development cost amount to NOK 29 million (2024: NOK 35 million).
Compensation to auditors (NOK thousand)
2025
2024
Statutory audit fees
6\u00a0763
6\u00a0569
Statutory audit fees other than group auditor
135
629
Other assurance engagements
326
170
CSRD audit fee
1\u00a0021
631
Tax related services
153
318
Other services
2\u00a0054
1\u00a0309
Total
10\u00a0452
9\u00a0626
Compensation to auditors does not include VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "Other operating expenses
2025
2024
Office expenses
188
191
IT expenses
433
345
Travel expenses
76
72
External services
64
75
Marketing and advertising expenses
23
18
Loss on receivables
5
-3
Insurance expenses
62
55
Other operating expenses
100
88
Total
950
840
Expenses related to research and development cost amount to NOK 29 million (2024: NOK 35 million).
Compensation to auditors (NOK thousand)
2025
2024
Statutory audit fees
6\u00a0763
6\u00a0569
Statutory audit fees other than group auditor
135
629
Other assurance engagements
326
170
CSRD audit fee
1\u00a0021
631
Tax related services
153
318
Other services
2\u00a0054
1\u00a0309
Total
10\u00a0452
9\u00a0626
Compensation to auditors does not include VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "Other operating expenses
2025
2024
Office expenses
188
191
IT expenses
433
345
Travel expenses
76
72
External services
64
75
Marketing and advertising expenses
23
18
Loss on receivables
5
-3
Insurance expenses
62
55
Other operating expenses
100
88
Total
950
840
Expenses related to research and development cost amount to NOK 29 million (2024: NOK 35 million).
Compensation to auditors (NOK thousand)
2025
2024
Statutory audit fees
6\u00a0763
6\u00a0569
Statutory audit fees other than group auditor
135
629
Other assurance engagements
326
170
CSRD audit fee
1\u00a0021
631
Tax related services
153
318
Other services
2\u00a0054
1\u00a0309
Total
10\u00a0452
9\u00a0626
Compensation to auditors does not include VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
Compensation to auditors (NOK thousand)
2025
2024
Statutory audit fees
6\u00a0763
6\u00a0569
Statutory audit fees other than group auditor
135
629
Other assurance engagements
326
170
CSRD audit fee
1\u00a0021
631
Tax related services
153
318
Other services
2\u00a0054
1\u00a0309
Total
10\u00a0452
9\u00a0626
Compensation to auditors does not include VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "Finance income and expense
Finance income
2025
2024
Share of income from associates
-1
6
Interest income
32
30
Foreign currency gain
39
21
Other financial income
28
23
Total financial income
99
80
Finance expense\u00a0
2025
2024
Interest expenses
-25
-8
Foreign currency loss
-28
-25
Financial expenses lease liabilities
-49
-41
Other financial expenses
-4
-8
Total financial expense
-105
-83
Net financial items
-6
-3
Included in other financial income is increase in the fair value of bond funds with NOK 21 million
(2024: NOK 19 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "Finance income and expense
Finance income
2025
2024
Share of income from associates
-1
6
Interest income
32
30
Foreign currency gain
39
21
Other financial income
28
23
Total financial income
99
80
Finance expense\u00a0
2025
2024
Interest expenses
-25
-8
Foreign currency loss
-28
-25
Financial expenses lease liabilities
-49
-41
Other financial expenses
-4
-8
Total financial expense
-105
-83
Net financial items
-6
-3
Included in other financial income is increase in the fair value of bond funds with NOK 21 million
(2024: NOK 19 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "Finance income and expense
Finance income
2025
2024
Share of income from associates
-1
6
Interest income
32
30
Foreign currency gain
39
21
Other financial income
28
23
Total financial income
99
80
Finance expense\u00a0
2025
2024
Interest expenses
-25
-8
Foreign currency loss
-28
-25
Financial expenses lease liabilities
-49
-41
Other financial expenses
-4
-8
Total financial expense
-105
-83
Net financial items
-6
-3
Included in other financial income is increase in the fair value of bond funds with NOK 21 million
(2024: NOK 19 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "Finance income and expense
Finance income
2025
2024
Share of income from associates
-1
6
Interest income
32
30
Foreign currency gain
39
21
Other financial income
28
23
Total financial income
99
80
Finance expense\u00a0
2025
2024
Interest expenses
-25
-8
Foreign currency loss
-28
-25
Financial expenses lease liabilities
-49
-41
Other financial expenses
-4
-8
Total financial expense
-105
-83
Net financial items
-6
-3
Included in other financial income is increase in the fair value of bond funds with NOK 21 million
(2024: NOK 19 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "Finance income and expense
Finance income
2025
2024
Share of income from associates
-1
6
Interest income
32
30
Foreign currency gain
39
21
Other financial income
28
23
Total financial income
99
80
Finance expense\u00a0
2025
2024
Interest expenses
-25
-8
Foreign currency loss
-28
-25
Financial expenses lease liabilities
-49
-41
Other financial expenses
-4
-8
Total financial expense
-105
-83
Net financial items
-6
-3
Included in other financial income is increase in the fair value of bond funds with NOK 21 million
(2024: NOK 19 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "Finance income and expense
Finance income
2025
2024
Share of income from associates
-1
6
Interest income
32
30
Foreign currency gain
39
21
Other financial income
28
23
Total financial income
99
80
Finance expense\u00a0
2025
2024
Interest expenses
-25
-8
Foreign currency loss
-28
-25
Financial expenses lease liabilities
-49
-41
Other financial expenses
-4
-8
Total financial expense
-105
-83
Net financial items
-6
-3
Included in other financial income is increase in the fair value of bond funds with NOK 21 million
(2024: NOK 19 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "Taxes
Accounting policy
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date in the countries where the Group operates and generates taxable
income.
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities and assets are recognised for all taxable temporary differences between carrying amount
and their respective tax bases. Deferred tax liabilities or deferred tax assets are not recognised for the initial
recognition of goodwill.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be
utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilized. Unrecognised deferred tax assets are reassessed at each reporting date.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set
off current tax assets and current tax liabilities.
The Group has applied the mandatory exception to recognising and disclosing information about deferred tax
assets and liabilities arising from Pillar Two income taxes. Furthermore, the Group has reviewed its corporate
structure in light of the introduction of Pillar Two Model Rules in various jurisdictions. Based on the Safe Harbour
tests, Norconsult Group is not exposed to top-up tax payments. Therefore, the consolidated financial statements
do not include information required by paragraphs 88A-88D of IAS 12. Given the complexity involved in applying
the legislation and in the requisite calculations, Norconsult will continue to evaluate its exposure.
The major components of income tax expense:
2025
2024
Current income tax charge
200
72
Taxes from prior years
-4
-31
Change in deferred tax
1
28
Income tax expense (income)
197
69
Reconciliation of tax expense and profit (loss) before tax:
2025
2024
Profit before tax
850
567
Estimated tax on profit (loss) before tax (22%)
187
125
Effect of permanent differences
12
-47
Effect of different tax rates in foreign operations
-1
-1
Adjustment to previous years' taxes
-3
-12
Changes in unrecognised deferred tax asset
3
3
Income tax expense (income)
197
69
Permanent differences for 2025 primarily relates to tax effects arising from on gain on internal transfer of business
in Sweden, leavers penalty and earn-out i Denmark, as well as non-deductible transaction costs related to
acquisitions in Norway.
Permanent differences for 2024 primarily relates to the settlement of the Group\u2019s share-based payment, with a
positive tax effect of NOK -55 million for subsidiaries that have booked the settlement of the share-based payment
partly against equity in accordance with IFRS 2. In addition, other non-deductible expenses amounted to
NOK 8 million.
Deferred tax assets (liabilities) relate to the following:
2025
2024
Goodwill and property plant and equipment
88
112
Net deferred gain on sale of property plant and equipment
-56
-67
Right of use assets, net
14
10
Net contract assets/receivables
-92
-92
Intangible assets
-85
-7
Receivables
13
8
Tax loss carry forward
21
8
Other temporary differences
-24
-20
Total deferred tax assets (liabilities)
-122
-49
Deferred tax assets not recognised
-9
-6
Net deferred tax assets (liabilities) in statement of financial position
-132
-55
Deferred tax assets
10
28
Deferred tax liabilities
-142
-83
Net deferred tax assets (liabilities) in statement of financial position
-132
-55
Reconciliation of net deferred tax asset (liability):
2025
2024
Opening carrying amount as of 01.01
-55
-20
Tax expense (income) for the period
-1
-10
Change in deferred tax related to prior years
0
-18
Deferred tax from acquisition and disposal of subsidiaries
-74
-6
Effect of foreign currency translation
-1
-2
Closing carrying amount as of 31.12
-132
-55
Deferred tax assets not recognised relate to tax loss carry forwards both within and outside the Nordic countries.
Tax loss carry forward in the Nordic countries may be carried forward indefinitely.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "Taxes
Accounting policy
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date in the countries where the Group operates and generates taxable
income.
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities and assets are recognised for all taxable temporary differences between carrying amount
and their respective tax bases. Deferred tax liabilities or deferred tax assets are not recognised for the initial
recognition of goodwill.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be
utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilized. Unrecognised deferred tax assets are reassessed at each reporting date.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set
off current tax assets and current tax liabilities.
The Group has applied the mandatory exception to recognising and disclosing information about deferred tax
assets and liabilities arising from Pillar Two income taxes. Furthermore, the Group has reviewed its corporate
structure in light of the introduction of Pillar Two Model Rules in various jurisdictions. Based on the Safe Harbour
tests, Norconsult Group is not exposed to top-up tax payments. Therefore, the consolidated financial statements
do not include information required by paragraphs 88A-88D of IAS 12. Given the complexity involved in applying
the legislation and in the requisite calculations, Norconsult will continue to evaluate its exposure.
The major components of income tax expense:
2025
2024
Current income tax charge
200
72
Taxes from prior years
-4
-31
Change in deferred tax
1
28
Income tax expense (income)
197
69
Reconciliation of tax expense and profit (loss) before tax:
2025
2024
Profit before tax
850
567
Estimated tax on profit (loss) before tax (22%)
187
125
Effect of permanent differences
12
-47
Effect of different tax rates in foreign operations
-1
-1
Adjustment to previous years' taxes
-3
-12
Changes in unrecognised deferred tax asset
3
3
Income tax expense (income)
197
69
Permanent differences for 2025 primarily relates to tax effects arising from on gain on internal transfer of business
in Sweden, leavers penalty and earn-out i Denmark, as well as non-deductible transaction costs related to
acquisitions in Norway.
Permanent differences for 2024 primarily relates to the settlement of the Group\u2019s share-based payment, with a
positive tax effect of NOK -55 million for subsidiaries that have booked the settlement of the share-based payment
partly against equity in accordance with IFRS 2. In addition, other non-deductible expenses amounted to
NOK 8 million.
Deferred tax assets (liabilities) relate to the following:
2025
2024
Goodwill and property plant and equipment
88
112
Net deferred gain on sale of property plant and equipment
-56
-67
Right of use assets, net
14
10
Net contract assets/receivables
-92
-92
Intangible assets
-85
-7
Receivables
13
8
Tax loss carry forward
21
8
Other temporary differences
-24
-20
Total deferred tax assets (liabilities)
-122
-49
Deferred tax assets not recognised
-9
-6
Net deferred tax assets (liabilities) in statement of financial position
-132
-55
Deferred tax assets
10
28
Deferred tax liabilities
-142
-83
Net deferred tax assets (liabilities) in statement of financial position
-132
-55
Reconciliation of net deferred tax asset (liability):
2025
2024
Opening carrying amount as of 01.01
-55
-20
Tax expense (income) for the period
-1
-10
Change in deferred tax related to prior years
0
-18
Deferred tax from acquisition and disposal of subsidiaries
-74
-6
Effect of foreign currency translation
-1
-2
Closing carrying amount as of 31.12
-132
-55
Deferred tax assets not recognised relate to tax loss carry forwards both within and outside the Nordic countries.
Tax loss carry forward in the Nordic countries may be carried forward indefinitely.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "Taxes
Accounting policy
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date in the countries where the Group operates and generates taxable
income.
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities and assets are recognised for all taxable temporary differences between carrying amount
and their respective tax bases. Deferred tax liabilities or deferred tax assets are not recognised for the initial
recognition of goodwill.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be
utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilized. Unrecognised deferred tax assets are reassessed at each reporting date.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set
off current tax assets and current tax liabilities.
The Group has applied the mandatory exception to recognising and disclosing information about deferred tax
assets and liabilities arising from Pillar Two income taxes. Furthermore, the Group has reviewed its corporate
structure in light of the introduction of Pillar Two Model Rules in various jurisdictions. Based on the Safe Harbour
tests, Norconsult Group is not exposed to top-up tax payments. Therefore, the consolidated financial statements
do not include information required by paragraphs 88A-88D of IAS 12. Given the complexity involved in applying
the legislation and in the requisite calculations, Norconsult will continue to evaluate its exposure.
The major components of income tax expense:
2025
2024
Current income tax charge
200
72
Taxes from prior years
-4
-31
Change in deferred tax
1
28
Income tax expense (income)
197
69
Reconciliation of tax expense and profit (loss) before tax:
2025
2024
Profit before tax
850
567
Estimated tax on profit (loss) before tax (22%)
187
125
Effect of permanent differences
12
-47
Effect of different tax rates in foreign operations
-1
-1
Adjustment to previous years' taxes
-3
-12
Changes in unrecognised deferred tax asset
3
3
Income tax expense (income)
197
69
Permanent differences for 2025 primarily relates to tax effects arising from on gain on internal transfer of business
in Sweden, leavers penalty and earn-out i Denmark, as well as non-deductible transaction costs related to
acquisitions in Norway.
Permanent differences for 2024 primarily relates to the settlement of the Group\u2019s share-based payment, with a
positive tax effect of NOK -55 million for subsidiaries that have booked the settlement of the share-based payment
partly against equity in accordance with IFRS 2. In addition, other non-deductible expenses amounted to
NOK 8 million.
Deferred tax assets (liabilities) relate to the following:
2025
2024
Goodwill and property plant and equipment
88
112
Net deferred gain on sale of property plant and equipment
-56
-67
Right of use assets, net
14
10
Net contract assets/receivables
-92
-92
Intangible assets
-85
-7
Receivables
13
8
Tax loss carry forward
21
8
Other temporary differences
-24
-20
Total deferred tax assets (liabilities)
-122
-49
Deferred tax assets not recognised
-9
-6
Net deferred tax assets (liabilities) in statement of financial position
-132
-55
Deferred tax assets
10
28
Deferred tax liabilities
-142
-83
Net deferred tax assets (liabilities) in statement of financial position
-132
-55
Reconciliation of net deferred tax asset (liability):
2025
2024
Opening carrying amount as of 01.01
-55
-20
Tax expense (income) for the period
-1
-10
Change in deferred tax related to prior years
0
-18
Deferred tax from acquisition and disposal of subsidiaries
-74
-6
Effect of foreign currency translation
-1
-2
Closing carrying amount as of 31.12
-132
-55
Deferred tax assets not recognised relate to tax loss carry forwards both within and outside the Nordic countries.
Tax loss carry forward in the Nordic countries may be carried forward indefinitely.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
Accounting policy
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date in the countries where the Group operates and generates taxable
income.
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities and assets are recognised for all taxable temporary differences between carrying amount
and their respective tax bases. Deferred tax liabilities or deferred tax assets are not recognised for the initial
recognition of goodwill.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be
utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilized. Unrecognised deferred tax assets are reassessed at each reporting date.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set
off current tax assets and current tax liabilities.
The Group has applied the mandatory exception to recognising and disclosing information about deferred tax
assets and liabilities arising from Pillar Two income taxes. Furthermore, the Group has reviewed its corporate
structure in light of the introduction of Pillar Two Model Rules in various jurisdictions. Based on the Safe Harbour
tests, Norconsult Group is not exposed to top-up tax payments. Therefore, the consolidated financial statements
do not include information required by paragraphs 88A-88D of IAS 12. Given the complexity involved in applying
the legislation and in the requisite calculations, Norconsult will continue to evaluate its exposure.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
Accounting policy
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date in the countries where the Group operates and generates taxable
income.
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities and assets are recognised for all taxable temporary differences between carrying amount
and their respective tax bases. Deferred tax liabilities or deferred tax assets are not recognised for the initial
recognition of goodwill.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be
utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilized. Unrecognised deferred tax assets are reassessed at each reporting date.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set
off current tax assets and current tax liabilities.
The Group has applied the mandatory exception to recognising and disclosing information about deferred tax
assets and liabilities arising from Pillar Two income taxes. Furthermore, the Group has reviewed its corporate
structure in light of the introduction of Pillar Two Model Rules in various jurisdictions. Based on the Safe Harbour
tests, Norconsult Group is not exposed to top-up tax payments. Therefore, the consolidated financial statements
do not include information required by paragraphs 88A-88D of IAS 12. Given the complexity involved in applying
the legislation and in the requisite calculations, Norconsult will continue to evaluate its exposure.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "Earnings per share
Accounting policy
Earnings per share is calculated by dividing the profit for the year after non-controlling interests by the average
number of shares outstanding during the reporting period. Norconsult has share programs that potentially could
give rise to a dilutive effect for other shareholders. Earnings per share is therefore presented with and without a
dilutive effect.
2025
2024
Profit for the period (NOK million)
651
496
Weighted average shares outstanding excluding treasury shares
305\u00a0226\u00a0497
288\u00a0908\u00a0931
Average shares outstanding including dilutive shares
306\u00a0068\u00a0982
300\u00a0210\u00a0990
Basic earnings per share, in NOK
2.13
1.72
Diluted earnings per share, in NOK
2.13
1.65
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
Accounting policy
Earnings per share is calculated by dividing the profit for the year after non-controlling interests by the average
number of shares outstanding during the reporting period. Norconsult has share programs that potentially could
give rise to a dilutive effect for other shareholders. Earnings per share is therefore presented with and without a
dilutive effect.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "2.13", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-462": { "value": "1.72", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-463": { "value": "2.13", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-464": { "value": "1.65", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-468": { "value": "Non-current financial assets and associated companies
2025
2024
Shares in associates
4
6
Non-current financial investments
0
26
Other non-current receivables
74
28
Total
78
59
Movement in shares in associates
2025
2024
Opening carrying amount as of 01.01
6
3
Share of profit
-1
6
Dividend
0
-3
Closing carrying amount as of 31.12
4
6
Associated companies are listed in note 25. The Group had revenues from associated companies running projects
with joint operations of NOK 100 million (2024: NOK 106 million). The associated companies are deemed not to
be material to the Group and further information is therefore not provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "Non-current financial assets and associated companies
2025
2024
Shares in associates
4
6
Non-current financial investments
0
26
Other non-current receivables
74
28
Total
78
59
Movement in shares in associates
2025
2024
Opening carrying amount as of 01.01
6
3
Share of profit
-1
6
Dividend
0
-3
Closing carrying amount as of 31.12
4
6
Associated companies are listed in note 25. The Group had revenues from associated companies running projects
with joint operations of NOK 100 million (2024: NOK 106 million). The associated companies are deemed not to
be material to the Group and further information is therefore not provided.
Subsidiaries and composition of the group
Subsidiaries owned by Norconsult ASA
Company
Office
Voting and
ownership
Voting and
ownership
Norconsult Norge AS
Sandvika
100 %
100 %
Shares owned by subsidiaries
Company
Office
Voting and
ownership
share 2025
Voting and
ownership
share 2024
Shares owned by
Norconsult International AS
Sandvika
100 %
100 %
Norconsult Norge AS
Norfin AS
Sandvika
100 %
100 %
Norconsult Norge AS
Technogarden\u00a0 AS
Sandvika
100 %
100 %
Norconsult Norge AS
Norconsult Digital AS
Sandvika
100 %
100 %
Norconsult Norge AS
Nordic Office of Architecture AS
Oslo
100 %
100 %
Norconsult Norge AS
Norconsult Sverige AB
G\u00f8teborg
100 %
100 %
Norconsult Norge AS
Norconsult Danmark A/S
K\u00f8benhavn
100 %
100 %
Norconsult Norge AS
Norconsult Polska Sp. z o.o
Krakow
100 %
100 %
Norconsult Norge AS
Norconsult Island ehf
Reykjavik
100 %
100 %
Norconsult Norge AS
SQM AS
Oslo
51 %
51 %
Norconsult Norge AS
Norconsult Africa (PtY) Ltd
Johannesburg
100 %
100 %
Norconsult Norge AS
Norpower Sdn Bhd
Kuching
100 %
100 %
Norconsult Norge AS
Norconsult New Zealand Ltd.
Auckland
100 %
100 %
Norconsult Norge AS
Kjeller Vindteknikk AB
Stockholm
100 %
100 %
Norconsult Norge AS
Kjeller Vindteknikk OY
Espoo
100 %
100 %
Norconsult Norge AS
Dr. Ing. A. Aas-Jakobsen AS
Oslo
100 %
0 %
Norconsult Norge AS
Team Major AS
Oslo
100 %
50 %
Norconsult Norge AS/Dr. Ing. A. Aas-
Jakobsen AS
Aas-Jakobsen Trondheim AS
Trondheim
100 %
100 %
Dr. Ing. A. Aas-Jakobsen AS
Geovita AS
Oslo
100 %
100 %
Dr. Ing. A. Aas-Jakobsen AS
Norconsult F\u00e4ltgeoteknik AB
G\u00f8teborg
100 %
100 %
Norconsult Sverige AB
Wermlands Infrakonsult AB
Karlstad
100 %
100 %
Norconsult Sverige AB
Sigma Civil AB
Malm\u00f6
100 %
0 %
Norconsult Sverige AB
Norconsult Boreteknikk AS
Torp
100 %
100 %
Norconsult F\u00e4ltgeoteknik AB
Moldskred AS
\u00c5lesund
100 %
100 %
Norfin AS
JAF Arkitektkontor AS
Gj\u00f8vik
100 %
100 %
Norfin AS
Concreto AS
Oslo
100 %
100 %
Norfin AS
KHS Arkitekter A/S
Kongens Lyngby
100 %
100 %
Norconsult Danmark A/S
Nordic - Office of Architecture A/S
K\u00f8benhavn
100 %
100 %
Norconsult Danmark A/S
LB Consult A/S
Grenaa
100 %
100 %
Norconsult Danmark A/S
Ingeni\u00f8rv\u00e6rket ApS
Esbjerg
100 %
100 %
Norconsult Danmark A/S
Norconsult Jord-Milj\u00f8 A/S
Sm\u00f8rum
100 %
100 %
Norconsult Danmark A/S
Norconsult Jord Teknik A/S
Sm\u00f8rum
100 %
100 %
Norconsult Jord-Milj\u00f8 A/S
Nordic Office of Architecture A/S
K\u00f8benhavn
100 %
100 %
Norconsult Danmark A/S
Rubow Arkitekter Aarhus A/S
Aarhus
100 %
100 %
Norconsult Danmark A/S
Norconsult Digital AB
Stockholm
100 %
100 %
Norconsult Digital AS
Pure Logic AS
Oslo
100 %
100 %
Norconsult Digital AS
Nordic Office of Architecture ehf
Reykjavik
100 %
100 %
Nordic Office of Architecture AS
Technogarden Albatross Prosjektledelse AS
Sandvika
100 %
100 %
Technogarden AS
Technogarden AB
G\u00f8teborg
100 %
100 %
Technogarden AS
Technogarden Human Resources AS
Sandvika
100 %
100 %
Technogarden AS
Metier AS
Oslo
100 %
100 %
Metier Group AS
Metier Resources AS
Oslo
100 %
100 %
Metier AS
Metier AB
Stockholm
100 %
100 %
Metier AS
Associated companies:
NorCiv Engineering Co. Ltd
Bangkok
49.0 %
24.5 %
Norconsult Norge AS and Dr. Ing. A. Aas-
Jakobsen AS
Team Urbis AS
Oslo
35.0 %
22.5 %
Nordic Office of Architecture AS/Dr. Ing.
A. Aas-Jakobsen AS
Avro Design Group EHF
Reykjavik
30.0 %
30.0 %
Nordic Office of Architecture AS
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "Non-current financial assets and associated companies
2025
2024
Shares in associates
4
6
Non-current financial investments
0
26
Other non-current receivables
74
28
Total
78
59
Movement in shares in associates
2025
2024
Opening carrying amount as of 01.01
6
3
Share of profit
-1
6
Dividend
0
-3
Closing carrying amount as of 31.12
4
6
Associated companies are listed in note 25. The Group had revenues from associated companies running projects
with joint operations of NOK 100 million (2024: NOK 106 million). The associated companies are deemed not to
be material to the Group and further information is therefore not provided.
Other current assets
2025
2024
Prepaid operating expenses
145
114
Prepaid corporate taxes
23
69
Accrued income
0
0
Other current receivables
68
52
Total
236
235
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "Non-current financial assets and associated companies
2025
2024
Shares in associates
4
6
Non-current financial investments
0
26
Other non-current receivables
74
28
Total
78
59
Movement in shares in associates
2025
2024
Opening carrying amount as of 01.01
6
3
Share of profit
-1
6
Dividend
0
-3
Closing carrying amount as of 31.12
4
6
Associated companies are listed in note 25. The Group had revenues from associated companies running projects
with joint operations of NOK 100 million (2024: NOK 106 million). The associated companies are deemed not to
be material to the Group and further information is therefore not provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
Movement in shares in associates
2025
2024
Opening carrying amount as of 01.01
6
3
Share of profit
-1
6
Dividend
0
-3
Closing carrying amount as of 31.12
4
6
Associated companies are listed in note 25. The Group had revenues from associated companies running projects
with joint operations of NOK 100 million (2024: NOK 106 million). The associated companies are deemed not to
be material to the Group and further information is therefore not provided.
Subsidiaries owned by Norconsult ASA
Company
Office
Voting and
ownership
Voting and
ownership
Norconsult Norge AS
Sandvika
100 %
100 %
Shares owned by subsidiaries
Company
Office
Voting and
ownership
share 2025
Voting and
ownership
share 2024
Shares owned by
Norconsult International AS
Sandvika
100 %
100 %
Norconsult Norge AS
Norfin AS
Sandvika
100 %
100 %
Norconsult Norge AS
Technogarden\u00a0 AS
Sandvika
100 %
100 %
Norconsult Norge AS
Norconsult Digital AS
Sandvika
100 %
100 %
Norconsult Norge AS
Nordic Office of Architecture AS
Oslo
100 %
100 %
Norconsult Norge AS
Norconsult Sverige AB
G\u00f8teborg
100 %
100 %
Norconsult Norge AS
Norconsult Danmark A/S
K\u00f8benhavn
100 %
100 %
Norconsult Norge AS
Norconsult Polska Sp. z o.o
Krakow
100 %
100 %
Norconsult Norge AS
Norconsult Island ehf
Reykjavik
100 %
100 %
Norconsult Norge AS
SQM AS
Oslo
51 %
51 %
Norconsult Norge AS
Norconsult Africa (PtY) Ltd
Johannesburg
100 %
100 %
Norconsult Norge AS
Norpower Sdn Bhd
Kuching
100 %
100 %
Norconsult Norge AS
Norconsult New Zealand Ltd.
Auckland
100 %
100 %
Norconsult Norge AS
Kjeller Vindteknikk AB
Stockholm
100 %
100 %
Norconsult Norge AS
Kjeller Vindteknikk OY
Espoo
100 %
100 %
Norconsult Norge AS
Dr. Ing. A. Aas-Jakobsen AS
Oslo
100 %
0 %
Norconsult Norge AS
Team Major AS
Oslo
100 %
50 %
Norconsult Norge AS/Dr. Ing. A. Aas-
Jakobsen AS
Aas-Jakobsen Trondheim AS
Trondheim
100 %
100 %
Dr. Ing. A. Aas-Jakobsen AS
Geovita AS
Oslo
100 %
100 %
Dr. Ing. A. Aas-Jakobsen AS
Norconsult F\u00e4ltgeoteknik AB
G\u00f8teborg
100 %
100 %
Norconsult Sverige AB
Wermlands Infrakonsult AB
Karlstad
100 %
100 %
Norconsult Sverige AB
Sigma Civil AB
Malm\u00f6
100 %
0 %
Norconsult Sverige AB
Norconsult Boreteknikk AS
Torp
100 %
100 %
Norconsult F\u00e4ltgeoteknik AB
Moldskred AS
\u00c5lesund
100 %
100 %
Norfin AS
JAF Arkitektkontor AS
Gj\u00f8vik
100 %
100 %
Norfin AS
Concreto AS
Oslo
100 %
100 %
Norfin AS
KHS Arkitekter A/S
Kongens Lyngby
100 %
100 %
Norconsult Danmark A/S
Nordic - Office of Architecture A/S
K\u00f8benhavn
100 %
100 %
Norconsult Danmark A/S
LB Consult A/S
Grenaa
100 %
100 %
Norconsult Danmark A/S
Ingeni\u00f8rv\u00e6rket ApS
Esbjerg
100 %
100 %
Norconsult Danmark A/S
Norconsult Jord-Milj\u00f8 A/S
Sm\u00f8rum
100 %
100 %
Norconsult Danmark A/S
Norconsult Jord Teknik A/S
Sm\u00f8rum
100 %
100 %
Norconsult Jord-Milj\u00f8 A/S
Nordic Office of Architecture A/S
K\u00f8benhavn
100 %
100 %
Norconsult Danmark A/S
Rubow Arkitekter Aarhus A/S
Aarhus
100 %
100 %
Norconsult Danmark A/S
Norconsult Digital AB
Stockholm
100 %
100 %
Norconsult Digital AS
Pure Logic AS
Oslo
100 %
100 %
Norconsult Digital AS
Nordic Office of Architecture ehf
Reykjavik
100 %
100 %
Nordic Office of Architecture AS
Technogarden Albatross Prosjektledelse AS
Sandvika
100 %
100 %
Technogarden AS
Technogarden AB
G\u00f8teborg
100 %
100 %
Technogarden AS
Technogarden Human Resources AS
Sandvika
100 %
100 %
Technogarden AS
Metier AS
Oslo
100 %
100 %
Metier Group AS
Metier Resources AS
Oslo
100 %
100 %
Metier AS
Metier AB
Stockholm
100 %
100 %
Metier AS
Associated companies:
NorCiv Engineering Co. Ltd
Bangkok
49.0 %
24.5 %
Norconsult Norge AS and Dr. Ing. A. Aas-
Jakobsen AS
Team Urbis AS
Oslo
35.0 %
22.5 %
Nordic Office of Architecture AS/Dr. Ing.
A. Aas-Jakobsen AS
Avro Design Group EHF
Reykjavik
30.0 %
30.0 %
Nordic Office of Architecture AS
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "Other current assets
2025
2024
Prepaid operating expenses
145
114
Prepaid corporate taxes
23
69
Accrued income
0
0
Other current receivables
68
52
Total
236
235
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "Other current assets
2025
2024
Prepaid operating expenses
145
114
Prepaid corporate taxes
23
69
Accrued income
0
0
Other current receivables
68
52
Total
236
235
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "Cash and cash equivalents
Accounting policy
Cash and cash equivalents in the statement of financial position comprise cash in banks and on hand and short-
term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount
of cash and subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of
cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above. The Group\u2019s
investment of excess cash in bond funds is not classified as cash.
2025
2024
Cash and bank deposits
1\u00a0220
1\u00a0173
Cash restricted for payment of employee taxes
0
23
Other restricted cash
0
2
Total
1\u00a0220
1\u00a0198
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "Cash and cash equivalents
Accounting policy
Cash and cash equivalents in the statement of financial position comprise cash in banks and on hand and short-
term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount
of cash and subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of
cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above. The Group\u2019s
investment of excess cash in bond funds is not classified as cash.
2025
2024
Cash and bank deposits
1\u00a0220
1\u00a0173
Cash restricted for payment of employee taxes
0
23
Other restricted cash
0
2
Total
1\u00a0220
1\u00a0198
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
Accounting policy
Cash and cash equivalents in the statement of financial position comprise cash in banks and on hand and short-
term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount
of cash and subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of
cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above. The Group\u2019s
investment of excess cash in bond funds is not classified as cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
Accounting policy
Cash and cash equivalents in the statement of financial position comprise cash in banks and on hand and short-
term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount
of cash and subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of
cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above. The Group\u2019s
investment of excess cash in bond funds is not classified as cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "Share capital and shareholder information
Accounting policy
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in
retained earnings.
Ordinary shares issued and fully paid
Number of
shares
Share capital
in NOK
Ordinary shares of NOK 0.02 each
317\u00a0548\u00a0462
6\u00a0350\u00a0969
2025
2024
Dividends paid to shareholders of Norconsult ASA
512
343
Dividends per share
1.70
1.20
After 31 December 2025, dividends of NOK 559 million (NOK 1.80 per share) are proposed by the Board of
Directors for approval at the annual general meeting in 2026.
During the year the Company purchased 79\u00a0760 (2024: 376 725) corresponding to 0.0 % (2024: 0.1%) of the issued
shares. The Group sold 1\u00a0906\u00a0973 (2024: 16 230 057) corresponding to 0.6 % of issued shares (2024: 5.2%)
At 31 December 2025 the Company held 7\u00a0248\u00a0072 treasury shares (2024: 9 075 285) corresponding to 2.3 % of
issued shares.
At the annual general meeting in May 2025 the Board was authorized to increase the share capital in the Company
with up to 10%, to be used in connection with future investments, share or incentive programs for the employees
of the Norconsult group, to optimize the Group\u2019s capital structure, or as consideration in relation to acquisitions of
businesses, mergers, demerger or other transactions. The authorisation is valid until the next ordinary annual
meeting, but not longer than to 30 June 2026.
The Aas-Jakobsen Group was acquired in August 2025. 20 percent of the purchase price was settled through
issuance of new shares in Norconsult ASA (Consideration Shares). The issuance was resolved by Norconsult's
Board of Directors, pursuant to the authorisation granted by the Annual General Meeting held on 5 May 2025 (the
\"Authorisation\"). A total of 7\u202f051 587 Consideration Shares were issued to the sellers at a subscription price of
NOK 43.19, corresponding to the volume weighed average share price for the five trading days prior to closing.
Following the issuance of the Consideration Shares, Norconsult's new share capital is NOK 6\u202f350 969, divided into
317\u202f548 462 shares, each with a nominal value of NOK 0.02.
The Company\u2019s 20 largest external shareholders at 31 December 2025:
Name
Country
Number of
shares
% of shares
outstanding
FOLKETRYGDFONDET
Norge
10\u00a0775\u00a0066
3.5 %
J.P. Morgan SE
Luxembourg
6\u00a0347\u00a0610
2.0 %
VERDIPAPIRFONDET HOLBERG NORGE
Norge
6\u00a0151\u00a0885
2.0 %
VERDIPAPIRFONDET DNB NORGE
Norge
5\u00a0859\u00a0493
1.9 %
The Bank of New York Mellon SA/NV
Irland
5\u00a0150\u00a0000
1.7 %
State Street Bank and Trust Comp
U.S.A.
4\u00a0005\u00a0616
1.3 %
CACEIS Bank
Frankrike
3\u00a0787\u00a0146
1.2 %
Nordea Bank Abp
Sverige
3\u00a0780\u00a0187
1.2 %
Brown Brothers Harriman & Co.
Japan
3\u00a0589\u00a0300
1.2 %
VPF SPAREBANK 1 NORGE VERDI
Norge
3\u00a0413\u00a0909
1.1 %
KVERVA FINANS AS
Norge
3\u00a0294\u00a0455
1.1 %
Nordnet Bank AB
Sverige
3\u00a0265\u00a0829
1.1 %
The Bank of New York Mellon SA/NV
Storbritannia
3\u00a0174\u00a0620
1.0 %
JPMorgan Chase Bank N.A. London
Storbritannia
3\u00a0095\u00a0027
1.0 %
VPF DNB AM NORSKE AKSJER
Norge
2\u00a0870\u00a0394
0.9 %
UBS SECURITIES LLC
U.S.A.
2\u00a0831\u00a0000
0.9 %
Skandinaviska Enskilda Banken AB
Sverige
2\u00a0579\u00a0704
0.8 %
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale
Frankrike
2\u00a0550\u00a0742
0.8 %
VERDIPAPIRFONDET KLP AKSJENORGE IN
Norge
2\u00a0248\u00a0798
0.7 %
VERDIPAPIRFONDET DNB NORGE INDEKS
Norge
2\u00a0105\u00a0315
0.7 %
Total shares owned by top 20
80\u00a0876\u00a0096
26.1 %
Total number of shares including treasury shares
317\u00a0548\u00a0462
Total number of shares outstanding excluding treasury shares
310\u00a0300\u00a0390
Foreign shareholders hold 29% (2024: 27%) of the total issued shares in Norconsult ASA.
No shareholder may exercise voting rights representing more than 25 percent of the issued shares at general
meetings.
Shares and share options held by members of the Board of Directors and Executive Management including shares
controlled through holding companies and related parties as of 31 December 2025:
Shares held by Board of Directors and Executive Management
2025
2024
Shares
Non-vested
shares
Shares
Non-vested
shares
Nils Morten Huseby, Chair of the Board
60\u00a0300
57\u00a0931
Mari Thj\u00f8m\u00f8e, Deputy Chair of the Board
41\u00a0052
31\u00a0052
Karl Erik Kjelstad, Board member
30\u00a0000
30\u00a0000
Lars-Petter Nesv\u00e5g, Board member
671\u00a0826
721
671\u00a0308
462
Sandra Annette Angelica Kuru, Board member
9\u00a0742
721
9\u00a0224
462
Oskar Hove Zimmer, Board member
5\u00a0069
721
Maria Hjerppe, Board member
13\u00a0967
721
Helge Hesjedal Wiberg, Board member
43\u00a0434
43\u00a0175
Egil Hogna, CEO
1\u00a0161\u00a0612
14\u00a0679
1\u00a0150\u00a0623
9\u00a0314
Dag Fladby, CFO
221\u00a0058
6\u00a0169
216\u00a0507
3\u00a0932
Hege Nj\u00e5 Bj\u00f8rkmann, EVP Communication & Brand
149\u00a0729
3\u00a0320
146\u00a0755
1\u00a0878
Marisa Ruiz Retamar. EVP Human Resources
70\u00a0103
2\u00a0302
68\u00a0262
1\u00a0410
B\u00e5rd Hernes, EVP Norway Head Office and Norconsult Digital
1\u00a0342\u00a0030
5\u00a0778
1\u00a0337\u00a0628
3\u00a0616
Vegard Jacobsen, EVP Norway Regions
396\u00a0398
5\u00a0256
392\u00a0499
3\u00a0424
H\u00e5kon Bergsodden, EVP Renewable Energy
59\u00a0559
4\u00a0854
Kathrine Duun Moen, EVP Technogarden and Metier
113\u00a0993
5\u00a0158
112\u00a0312
3\u00a0477
Farah Al-Aieshy, EVP Sweden
176\u00a0861
5\u00a0820
172\u00a0371
3\u00a0602
Jess S\u00f8rensen, EVP Denmark (constituted)
7\u00a0354
4\u00a0325
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "Share capital and shareholder information
Accounting policy
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in
retained earnings.
Ordinary shares issued and fully paid
Number of
shares
Share capital
in NOK
Ordinary shares of NOK 0.02 each
317\u00a0548\u00a0462
6\u00a0350\u00a0969
2025
2024
Dividends paid to shareholders of Norconsult ASA
512
343
Dividends per share
1.70
1.20
After 31 December 2025, dividends of NOK 559 million (NOK 1.80 per share) are proposed by the Board of
Directors for approval at the annual general meeting in 2026.
During the year the Company purchased 79\u00a0760 (2024: 376 725) corresponding to 0.0 % (2024: 0.1%) of the issued
shares. The Group sold 1\u00a0906\u00a0973 (2024: 16 230 057) corresponding to 0.6 % of issued shares (2024: 5.2%)
At 31 December 2025 the Company held 7\u00a0248\u00a0072 treasury shares (2024: 9 075 285) corresponding to 2.3 % of
issued shares.
At the annual general meeting in May 2025 the Board was authorized to increase the share capital in the Company
with up to 10%, to be used in connection with future investments, share or incentive programs for the employees
of the Norconsult group, to optimize the Group\u2019s capital structure, or as consideration in relation to acquisitions of
businesses, mergers, demerger or other transactions. The authorisation is valid until the next ordinary annual
meeting, but not longer than to 30 June 2026.
The Aas-Jakobsen Group was acquired in August 2025. 20 percent of the purchase price was settled through
issuance of new shares in Norconsult ASA (Consideration Shares). The issuance was resolved by Norconsult's
Board of Directors, pursuant to the authorisation granted by the Annual General Meeting held on 5 May 2025 (the
\"Authorisation\"). A total of 7\u202f051 587 Consideration Shares were issued to the sellers at a subscription price of
NOK 43.19, corresponding to the volume weighed average share price for the five trading days prior to closing.
Following the issuance of the Consideration Shares, Norconsult's new share capital is NOK 6\u202f350 969, divided into
317\u202f548 462 shares, each with a nominal value of NOK 0.02.
The Company\u2019s 20 largest external shareholders at 31 December 2025:
Name
Country
Number of
shares
% of shares
outstanding
FOLKETRYGDFONDET
Norge
10\u00a0775\u00a0066
3.5 %
J.P. Morgan SE
Luxembourg
6\u00a0347\u00a0610
2.0 %
VERDIPAPIRFONDET HOLBERG NORGE
Norge
6\u00a0151\u00a0885
2.0 %
VERDIPAPIRFONDET DNB NORGE
Norge
5\u00a0859\u00a0493
1.9 %
The Bank of New York Mellon SA/NV
Irland
5\u00a0150\u00a0000
1.7 %
State Street Bank and Trust Comp
U.S.A.
4\u00a0005\u00a0616
1.3 %
CACEIS Bank
Frankrike
3\u00a0787\u00a0146
1.2 %
Nordea Bank Abp
Sverige
3\u00a0780\u00a0187
1.2 %
Brown Brothers Harriman & Co.
Japan
3\u00a0589\u00a0300
1.2 %
VPF SPAREBANK 1 NORGE VERDI
Norge
3\u00a0413\u00a0909
1.1 %
KVERVA FINANS AS
Norge
3\u00a0294\u00a0455
1.1 %
Nordnet Bank AB
Sverige
3\u00a0265\u00a0829
1.1 %
The Bank of New York Mellon SA/NV
Storbritannia
3\u00a0174\u00a0620
1.0 %
JPMorgan Chase Bank N.A. London
Storbritannia
3\u00a0095\u00a0027
1.0 %
VPF DNB AM NORSKE AKSJER
Norge
2\u00a0870\u00a0394
0.9 %
UBS SECURITIES LLC
U.S.A.
2\u00a0831\u00a0000
0.9 %
Skandinaviska Enskilda Banken AB
Sverige
2\u00a0579\u00a0704
0.8 %
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale
Frankrike
2\u00a0550\u00a0742
0.8 %
VERDIPAPIRFONDET KLP AKSJENORGE IN
Norge
2\u00a0248\u00a0798
0.7 %
VERDIPAPIRFONDET DNB NORGE INDEKS
Norge
2\u00a0105\u00a0315
0.7 %
Total shares owned by top 20
80\u00a0876\u00a0096
26.1 %
Total number of shares including treasury shares
317\u00a0548\u00a0462
Total number of shares outstanding excluding treasury shares
310\u00a0300\u00a0390
Foreign shareholders hold 29% (2024: 27%) of the total issued shares in Norconsult ASA.
No shareholder may exercise voting rights representing more than 25 percent of the issued shares at general
meetings.
Shares and share options held by members of the Board of Directors and Executive Management including shares
controlled through holding companies and related parties as of 31 December 2025:
Shares held by Board of Directors and Executive Management
2025
2024
Shares
Non-vested
shares
Shares
Non-vested
shares
Nils Morten Huseby, Chair of the Board
60\u00a0300
57\u00a0931
Mari Thj\u00f8m\u00f8e, Deputy Chair of the Board
41\u00a0052
31\u00a0052
Karl Erik Kjelstad, Board member
30\u00a0000
30\u00a0000
Lars-Petter Nesv\u00e5g, Board member
671\u00a0826
721
671\u00a0308
462
Sandra Annette Angelica Kuru, Board member
9\u00a0742
721
9\u00a0224
462
Oskar Hove Zimmer, Board member
5\u00a0069
721
Maria Hjerppe, Board member
13\u00a0967
721
Helge Hesjedal Wiberg, Board member
43\u00a0434
43\u00a0175
Egil Hogna, CEO
1\u00a0161\u00a0612
14\u00a0679
1\u00a0150\u00a0623
9\u00a0314
Dag Fladby, CFO
221\u00a0058
6\u00a0169
216\u00a0507
3\u00a0932
Hege Nj\u00e5 Bj\u00f8rkmann, EVP Communication & Brand
149\u00a0729
3\u00a0320
146\u00a0755
1\u00a0878
Marisa Ruiz Retamar. EVP Human Resources
70\u00a0103
2\u00a0302
68\u00a0262
1\u00a0410
B\u00e5rd Hernes, EVP Norway Head Office and Norconsult Digital
1\u00a0342\u00a0030
5\u00a0778
1\u00a0337\u00a0628
3\u00a0616
Vegard Jacobsen, EVP Norway Regions
396\u00a0398
5\u00a0256
392\u00a0499
3\u00a0424
H\u00e5kon Bergsodden, EVP Renewable Energy
59\u00a0559
4\u00a0854
Kathrine Duun Moen, EVP Technogarden and Metier
113\u00a0993
5\u00a0158
112\u00a0312
3\u00a0477
Farah Al-Aieshy, EVP Sweden
176\u00a0861
5\u00a0820
172\u00a0371
3\u00a0602
Jess S\u00f8rensen, EVP Denmark (constituted)
7\u00a0354
4\u00a0325
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "Share capital and shareholder information
Accounting policy
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in
retained earnings.
Ordinary shares issued and fully paid
Number of
shares
Share capital
in NOK
Ordinary shares of NOK 0.02 each
317\u00a0548\u00a0462
6\u00a0350\u00a0969
2025
2024
Dividends paid to shareholders of Norconsult ASA
512
343
Dividends per share
1.70
1.20
After 31 December 2025, dividends of NOK 559 million (NOK 1.80 per share) are proposed by the Board of
Directors for approval at the annual general meeting in 2026.
During the year the Company purchased 79\u00a0760 (2024: 376 725) corresponding to 0.0 % (2024: 0.1%) of the issued
shares. The Group sold 1\u00a0906\u00a0973 (2024: 16 230 057) corresponding to 0.6 % of issued shares (2024: 5.2%)
At 31 December 2025 the Company held 7\u00a0248\u00a0072 treasury shares (2024: 9 075 285) corresponding to 2.3 % of
issued shares.
At the annual general meeting in May 2025 the Board was authorized to increase the share capital in the Company
with up to 10%, to be used in connection with future investments, share or incentive programs for the employees
of the Norconsult group, to optimize the Group\u2019s capital structure, or as consideration in relation to acquisitions of
businesses, mergers, demerger or other transactions. The authorisation is valid until the next ordinary annual
meeting, but not longer than to 30 June 2026.
The Aas-Jakobsen Group was acquired in August 2025. 20 percent of the purchase price was settled through
issuance of new shares in Norconsult ASA (Consideration Shares). The issuance was resolved by Norconsult's
Board of Directors, pursuant to the authorisation granted by the Annual General Meeting held on 5 May 2025 (the
\"Authorisation\"). A total of 7\u202f051 587 Consideration Shares were issued to the sellers at a subscription price of
NOK 43.19, corresponding to the volume weighed average share price for the five trading days prior to closing.
Following the issuance of the Consideration Shares, Norconsult's new share capital is NOK 6\u202f350 969, divided into
317\u202f548 462 shares, each with a nominal value of NOK 0.02.
The Company\u2019s 20 largest external shareholders at 31 December 2025:
Name
Country
Number of
shares
% of shares
outstanding
FOLKETRYGDFONDET
Norge
10\u00a0775\u00a0066
3.5 %
J.P. Morgan SE
Luxembourg
6\u00a0347\u00a0610
2.0 %
VERDIPAPIRFONDET HOLBERG NORGE
Norge
6\u00a0151\u00a0885
2.0 %
VERDIPAPIRFONDET DNB NORGE
Norge
5\u00a0859\u00a0493
1.9 %
The Bank of New York Mellon SA/NV
Irland
5\u00a0150\u00a0000
1.7 %
State Street Bank and Trust Comp
U.S.A.
4\u00a0005\u00a0616
1.3 %
CACEIS Bank
Frankrike
3\u00a0787\u00a0146
1.2 %
Nordea Bank Abp
Sverige
3\u00a0780\u00a0187
1.2 %
Brown Brothers Harriman & Co.
Japan
3\u00a0589\u00a0300
1.2 %
VPF SPAREBANK 1 NORGE VERDI
Norge
3\u00a0413\u00a0909
1.1 %
KVERVA FINANS AS
Norge
3\u00a0294\u00a0455
1.1 %
Nordnet Bank AB
Sverige
3\u00a0265\u00a0829
1.1 %
The Bank of New York Mellon SA/NV
Storbritannia
3\u00a0174\u00a0620
1.0 %
JPMorgan Chase Bank N.A. London
Storbritannia
3\u00a0095\u00a0027
1.0 %
VPF DNB AM NORSKE AKSJER
Norge
2\u00a0870\u00a0394
0.9 %
UBS SECURITIES LLC
U.S.A.
2\u00a0831\u00a0000
0.9 %
Skandinaviska Enskilda Banken AB
Sverige
2\u00a0579\u00a0704
0.8 %
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale
Frankrike
2\u00a0550\u00a0742
0.8 %
VERDIPAPIRFONDET KLP AKSJENORGE IN
Norge
2\u00a0248\u00a0798
0.7 %
VERDIPAPIRFONDET DNB NORGE INDEKS
Norge
2\u00a0105\u00a0315
0.7 %
Total shares owned by top 20
80\u00a0876\u00a0096
26.1 %
Total number of shares including treasury shares
317\u00a0548\u00a0462
Total number of shares outstanding excluding treasury shares
310\u00a0300\u00a0390
Foreign shareholders hold 29% (2024: 27%) of the total issued shares in Norconsult ASA.
No shareholder may exercise voting rights representing more than 25 percent of the issued shares at general
meetings.
Shares and share options held by members of the Board of Directors and Executive Management including shares
controlled through holding companies and related parties as of 31 December 2025:
Shares held by Board of Directors and Executive Management
2025
2024
Shares
Non-vested
shares
Shares
Non-vested
shares
Nils Morten Huseby, Chair of the Board
60\u00a0300
57\u00a0931
Mari Thj\u00f8m\u00f8e, Deputy Chair of the Board
41\u00a0052
31\u00a0052
Karl Erik Kjelstad, Board member
30\u00a0000
30\u00a0000
Lars-Petter Nesv\u00e5g, Board member
671\u00a0826
721
671\u00a0308
462
Sandra Annette Angelica Kuru, Board member
9\u00a0742
721
9\u00a0224
462
Oskar Hove Zimmer, Board member
5\u00a0069
721
Maria Hjerppe, Board member
13\u00a0967
721
Helge Hesjedal Wiberg, Board member
43\u00a0434
43\u00a0175
Egil Hogna, CEO
1\u00a0161\u00a0612
14\u00a0679
1\u00a0150\u00a0623
9\u00a0314
Dag Fladby, CFO
221\u00a0058
6\u00a0169
216\u00a0507
3\u00a0932
Hege Nj\u00e5 Bj\u00f8rkmann, EVP Communication & Brand
149\u00a0729
3\u00a0320
146\u00a0755
1\u00a0878
Marisa Ruiz Retamar. EVP Human Resources
70\u00a0103
2\u00a0302
68\u00a0262
1\u00a0410
B\u00e5rd Hernes, EVP Norway Head Office and Norconsult Digital
1\u00a0342\u00a0030
5\u00a0778
1\u00a0337\u00a0628
3\u00a0616
Vegard Jacobsen, EVP Norway Regions
396\u00a0398
5\u00a0256
392\u00a0499
3\u00a0424
H\u00e5kon Bergsodden, EVP Renewable Energy
59\u00a0559
4\u00a0854
Kathrine Duun Moen, EVP Technogarden and Metier
113\u00a0993
5\u00a0158
112\u00a0312
3\u00a0477
Farah Al-Aieshy, EVP Sweden
176\u00a0861
5\u00a0820
172\u00a0371
3\u00a0602
Jess S\u00f8rensen, EVP Denmark (constituted)
7\u00a0354
4\u00a0325
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "Share capital and shareholder information
Accounting policy
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in
retained earnings.
Ordinary shares issued and fully paid
Number of
shares
Share capital
in NOK
Ordinary shares of NOK 0.02 each
317\u00a0548\u00a0462
6\u00a0350\u00a0969
2025
2024
Dividends paid to shareholders of Norconsult ASA
512
343
Dividends per share
1.70
1.20
After 31 December 2025, dividends of NOK 559 million (NOK 1.80 per share) are proposed by the Board of
Directors for approval at the annual general meeting in 2026.
During the year the Company purchased 79\u00a0760 (2024: 376 725) corresponding to 0.0 % (2024: 0.1%) of the issued
shares. The Group sold 1\u00a0906\u00a0973 (2024: 16 230 057) corresponding to 0.6 % of issued shares (2024: 5.2%)
At 31 December 2025 the Company held 7\u00a0248\u00a0072 treasury shares (2024: 9 075 285) corresponding to 2.3 % of
issued shares.
At the annual general meeting in May 2025 the Board was authorized to increase the share capital in the Company
with up to 10%, to be used in connection with future investments, share or incentive programs for the employees
of the Norconsult group, to optimize the Group\u2019s capital structure, or as consideration in relation to acquisitions of
businesses, mergers, demerger or other transactions. The authorisation is valid until the next ordinary annual
meeting, but not longer than to 30 June 2026.
The Aas-Jakobsen Group was acquired in August 2025. 20 percent of the purchase price was settled through
issuance of new shares in Norconsult ASA (Consideration Shares). The issuance was resolved by Norconsult's
Board of Directors, pursuant to the authorisation granted by the Annual General Meeting held on 5 May 2025 (the
\"Authorisation\"). A total of 7\u202f051 587 Consideration Shares were issued to the sellers at a subscription price of
NOK 43.19, corresponding to the volume weighed average share price for the five trading days prior to closing.
Following the issuance of the Consideration Shares, Norconsult's new share capital is NOK 6\u202f350 969, divided into
317\u202f548 462 shares, each with a nominal value of NOK 0.02.
The Company\u2019s 20 largest external shareholders at 31 December 2025:
Name
Country
Number of
shares
% of shares
outstanding
FOLKETRYGDFONDET
Norge
10\u00a0775\u00a0066
3.5 %
J.P. Morgan SE
Luxembourg
6\u00a0347\u00a0610
2.0 %
VERDIPAPIRFONDET HOLBERG NORGE
Norge
6\u00a0151\u00a0885
2.0 %
VERDIPAPIRFONDET DNB NORGE
Norge
5\u00a0859\u00a0493
1.9 %
The Bank of New York Mellon SA/NV
Irland
5\u00a0150\u00a0000
1.7 %
State Street Bank and Trust Comp
U.S.A.
4\u00a0005\u00a0616
1.3 %
CACEIS Bank
Frankrike
3\u00a0787\u00a0146
1.2 %
Nordea Bank Abp
Sverige
3\u00a0780\u00a0187
1.2 %
Brown Brothers Harriman & Co.
Japan
3\u00a0589\u00a0300
1.2 %
VPF SPAREBANK 1 NORGE VERDI
Norge
3\u00a0413\u00a0909
1.1 %
KVERVA FINANS AS
Norge
3\u00a0294\u00a0455
1.1 %
Nordnet Bank AB
Sverige
3\u00a0265\u00a0829
1.1 %
The Bank of New York Mellon SA/NV
Storbritannia
3\u00a0174\u00a0620
1.0 %
JPMorgan Chase Bank N.A. London
Storbritannia
3\u00a0095\u00a0027
1.0 %
VPF DNB AM NORSKE AKSJER
Norge
2\u00a0870\u00a0394
0.9 %
UBS SECURITIES LLC
U.S.A.
2\u00a0831\u00a0000
0.9 %
Skandinaviska Enskilda Banken AB
Sverige
2\u00a0579\u00a0704
0.8 %
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale
Frankrike
2\u00a0550\u00a0742
0.8 %
VERDIPAPIRFONDET KLP AKSJENORGE IN
Norge
2\u00a0248\u00a0798
0.7 %
VERDIPAPIRFONDET DNB NORGE INDEKS
Norge
2\u00a0105\u00a0315
0.7 %
Total shares owned by top 20
80\u00a0876\u00a0096
26.1 %
Total number of shares including treasury shares
317\u00a0548\u00a0462
Total number of shares outstanding excluding treasury shares
310\u00a0300\u00a0390
Foreign shareholders hold 29% (2024: 27%) of the total issued shares in Norconsult ASA.
No shareholder may exercise voting rights representing more than 25 percent of the issued shares at general
meetings.
Shares and share options held by members of the Board of Directors and Executive Management including shares
controlled through holding companies and related parties as of 31 December 2025:
Shares held by Board of Directors and Executive Management
2025
2024
Shares
Non-vested
shares
Shares
Non-vested
shares
Nils Morten Huseby, Chair of the Board
60\u00a0300
57\u00a0931
Mari Thj\u00f8m\u00f8e, Deputy Chair of the Board
41\u00a0052
31\u00a0052
Karl Erik Kjelstad, Board member
30\u00a0000
30\u00a0000
Lars-Petter Nesv\u00e5g, Board member
671\u00a0826
721
671\u00a0308
462
Sandra Annette Angelica Kuru, Board member
9\u00a0742
721
9\u00a0224
462
Oskar Hove Zimmer, Board member
5\u00a0069
721
Maria Hjerppe, Board member
13\u00a0967
721
Helge Hesjedal Wiberg, Board member
43\u00a0434
43\u00a0175
Egil Hogna, CEO
1\u00a0161\u00a0612
14\u00a0679
1\u00a0150\u00a0623
9\u00a0314
Dag Fladby, CFO
221\u00a0058
6\u00a0169
216\u00a0507
3\u00a0932
Hege Nj\u00e5 Bj\u00f8rkmann, EVP Communication & Brand
149\u00a0729
3\u00a0320
146\u00a0755
1\u00a0878
Marisa Ruiz Retamar. EVP Human Resources
70\u00a0103
2\u00a0302
68\u00a0262
1\u00a0410
B\u00e5rd Hernes, EVP Norway Head Office and Norconsult Digital
1\u00a0342\u00a0030
5\u00a0778
1\u00a0337\u00a0628
3\u00a0616
Vegard Jacobsen, EVP Norway Regions
396\u00a0398
5\u00a0256
392\u00a0499
3\u00a0424
H\u00e5kon Bergsodden, EVP Renewable Energy
59\u00a0559
4\u00a0854
Kathrine Duun Moen, EVP Technogarden and Metier
113\u00a0993
5\u00a0158
112\u00a0312
3\u00a0477
Farah Al-Aieshy, EVP Sweden
176\u00a0861
5\u00a0820
172\u00a0371
3\u00a0602
Jess S\u00f8rensen, EVP Denmark (constituted)
7\u00a0354
4\u00a0325
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
Accounting policy
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in
retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
Accounting policy
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in
retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
Accounting policy
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in
retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "1.70", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-484": { "value": "559000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-485": { "value": "1.80", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-486": { "value": "Interest-bearing loans and borrowings
Norconsult ASA entered into a secured NOK 1 300 million Term Loan Facility Agreement (Term Loan) with DNB
Bank ASA for the purpose of purpose of the financing of the acquisitions of the Aas-Jakobsen Group and the
Metier Group. The Term Loan has a maturity of five years with quarterly repayments of NOK 60 million and a final
bullet repayment at maturity. The amount payable within 12 months after the reporting date has been classified as
short term.\u00a0
The Term Loan is secured by a pledge over the trade receivables and by a first priority pledge over all shares in
Norconsult Norge AS. The carrying amount of the receivables in Norconsult Norge AS was NOK 1 168 million as of
31 December 2025. Additionally, the Term Loan is secured by a first priority pledge over all shares in Norconsult
Norge AS. All facilities include a negative pledge over other assets, restricting the granting of further security
except as permitted under the agreements.
The loan carries a variable interest rate of NIBOR + 1.70 percent, corresponding to approximately 6.0 percent per
annum as of December 2025. The loan is measured at amortised cost, and interest expense is recognised using
the effective interest rate (EIR). The calculated annual EIR is 6,34 percent. Interest is payable quarterly, and the total
interest accrued amounted to NOK 9 million as of 31 December 2025.
Interest-bearing loans and borrowings
Liabilities
Amortised cost
Fair value
Level in the fair
value hierarchy
Interest-bearing liabilities (excluding lease liabilities)
1\u00a0293
1\u00a0300
2
Carrying amount
Maturities
< 1 year
1-2 years
> 2 Years
Interest-bearing liabilities
1\u00a0300
240
240
820
Interest on interest-bearing liabilities
9
9
0
0
Total liability
1\u00a0309
249
240
820
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "Other non-current debt and accruals
2025
2024
Contingent consideration for business combinations
23
43
Other long term debt
42
37
Total
65
79
Movement in contingent consideration for business combinations
2025
2024
Opening carrying amount as of 01.01
43
0
Increased
0
43
Released
-20
0
Paid
0
0
Reclassified to current liabilities
0
0
Effect of foreign currency translation
0
0
Closing carrying amount as of 31.12
23
43
Expected to be settled within one year
0
0
Expected to be settled between one and five years
23
43
Reduced contingent considerations in 2025 is mainly related to the option to purchase the remaining 49% of
shares in SQM AS to be settled between 2029 and 2031.
Other current liabilities
Accounting policies
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2025
2024
Public duties payable
1\u00a0062
1\u00a0198
Accrued salary
1\u00a0181
1\u00a0002
Accrued expenses
138
84
Total
2\u00a0381
2\u00a0283
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "Other non-current debt and accruals
2025
2024
Contingent consideration for business combinations
23
43
Other long term debt
42
37
Total
65
79
Movement in contingent consideration for business combinations
2025
2024
Opening carrying amount as of 01.01
43
0
Increased
0
43
Released
-20
0
Paid
0
0
Reclassified to current liabilities
0
0
Effect of foreign currency translation
0
0
Closing carrying amount as of 31.12
23
43
Expected to be settled within one year
0
0
Expected to be settled between one and five years
23
43
Reduced contingent considerations in 2025 is mainly related to the option to purchase the remaining 49% of
shares in SQM AS to be settled between 2029 and 2031.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "Other current liabilities
Accounting policies
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2025
2024
Public duties payable
1\u00a0062
1\u00a0198
Accrued salary
1\u00a0181
1\u00a0002
Accrued expenses
138
84
Total
2\u00a0381
2\u00a0283
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "Other current liabilities
Accounting policies
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2025
2024
Public duties payable
1\u00a0062
1\u00a0198
Accrued salary
1\u00a0181
1\u00a0002
Accrued expenses
138
84
Total
2\u00a0381
2\u00a0283
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "Other current liabilities
Accounting policies
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2025
2024
Public duties payable
1\u00a0062
1\u00a0198
Accrued salary
1\u00a0181
1\u00a0002
Accrued expenses
138
84
Total
2\u00a0381
2\u00a0283
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
Accounting policies
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
Accounting policies
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "Subsidiaries and composition of the group
Subsidiaries owned by Norconsult ASA
Company
Office
Voting and
ownership
Voting and
ownership
Norconsult Norge AS
Sandvika
100 %
100 %
Shares owned by subsidiaries
Company
Office
Voting and
ownership
share 2025
Voting and
ownership
share 2024
Shares owned by
Norconsult International AS
Sandvika
100 %
100 %
Norconsult Norge AS
Norfin AS
Sandvika
100 %
100 %
Norconsult Norge AS
Technogarden\u00a0 AS
Sandvika
100 %
100 %
Norconsult Norge AS
Norconsult Digital AS
Sandvika
100 %
100 %
Norconsult Norge AS
Nordic Office of Architecture AS
Oslo
100 %
100 %
Norconsult Norge AS
Norconsult Sverige AB
G\u00f8teborg
100 %
100 %
Norconsult Norge AS
Norconsult Danmark A/S
K\u00f8benhavn
100 %
100 %
Norconsult Norge AS
Norconsult Polska Sp. z o.o
Krakow
100 %
100 %
Norconsult Norge AS
Norconsult Island ehf
Reykjavik
100 %
100 %
Norconsult Norge AS
SQM AS
Oslo
51 %
51 %
Norconsult Norge AS
Norconsult Africa (PtY) Ltd
Johannesburg
100 %
100 %
Norconsult Norge AS
Norpower Sdn Bhd
Kuching
100 %
100 %
Norconsult Norge AS
Norconsult New Zealand Ltd.
Auckland
100 %
100 %
Norconsult Norge AS
Kjeller Vindteknikk AB
Stockholm
100 %
100 %
Norconsult Norge AS
Kjeller Vindteknikk OY
Espoo
100 %
100 %
Norconsult Norge AS
Dr. Ing. A. Aas-Jakobsen AS
Oslo
100 %
0 %
Norconsult Norge AS
Team Major AS
Oslo
100 %
50 %
Norconsult Norge AS/Dr. Ing. A. Aas-
Jakobsen AS
Aas-Jakobsen Trondheim AS
Trondheim
100 %
100 %
Dr. Ing. A. Aas-Jakobsen AS
Geovita AS
Oslo
100 %
100 %
Dr. Ing. A. Aas-Jakobsen AS
Norconsult F\u00e4ltgeoteknik AB
G\u00f8teborg
100 %
100 %
Norconsult Sverige AB
Wermlands Infrakonsult AB
Karlstad
100 %
100 %
Norconsult Sverige AB
Sigma Civil AB
Malm\u00f6
100 %
0 %
Norconsult Sverige AB
Norconsult Boreteknikk AS
Torp
100 %
100 %
Norconsult F\u00e4ltgeoteknik AB
Moldskred AS
\u00c5lesund
100 %
100 %
Norfin AS
JAF Arkitektkontor AS
Gj\u00f8vik
100 %
100 %
Norfin AS
Concreto AS
Oslo
100 %
100 %
Norfin AS
KHS Arkitekter A/S
Kongens Lyngby
100 %
100 %
Norconsult Danmark A/S
Nordic - Office of Architecture A/S
K\u00f8benhavn
100 %
100 %
Norconsult Danmark A/S
LB Consult A/S
Grenaa
100 %
100 %
Norconsult Danmark A/S
Ingeni\u00f8rv\u00e6rket ApS
Esbjerg
100 %
100 %
Norconsult Danmark A/S
Norconsult Jord-Milj\u00f8 A/S
Sm\u00f8rum
100 %
100 %
Norconsult Danmark A/S
Norconsult Jord Teknik A/S
Sm\u00f8rum
100 %
100 %
Norconsult Jord-Milj\u00f8 A/S
Nordic Office of Architecture A/S
K\u00f8benhavn
100 %
100 %
Norconsult Danmark A/S
Rubow Arkitekter Aarhus A/S
Aarhus
100 %
100 %
Norconsult Danmark A/S
Norconsult Digital AB
Stockholm
100 %
100 %
Norconsult Digital AS
Pure Logic AS
Oslo
100 %
100 %
Norconsult Digital AS
Nordic Office of Architecture ehf
Reykjavik
100 %
100 %
Nordic Office of Architecture AS
Technogarden Albatross Prosjektledelse AS
Sandvika
100 %
100 %
Technogarden AS
Technogarden AB
G\u00f8teborg
100 %
100 %
Technogarden AS
Technogarden Human Resources AS
Sandvika
100 %
100 %
Technogarden AS
Metier AS
Oslo
100 %
100 %
Metier Group AS
Metier Resources AS
Oslo
100 %
100 %
Metier AS
Metier AB
Stockholm
100 %
100 %
Metier AS
Associated companies:
NorCiv Engineering Co. Ltd
Bangkok
49.0 %
24.5 %
Norconsult Norge AS and Dr. Ing. A. Aas-
Jakobsen AS
Team Urbis AS
Oslo
35.0 %
22.5 %
Nordic Office of Architecture AS/Dr. Ing.
A. Aas-Jakobsen AS
Avro Design Group EHF
Reykjavik
30.0 %
30.0 %
Nordic Office of Architecture AS
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "Pledges and commitments
In June 2025, Norconsult transferred its global cash pool agreement, overdraft facility and multi-currency
guarantee facility to DNB Bank ASA. The overdraft facility has a limit of NOK 500 million and the uncommitted
multi-currency guarantee facility has a limit of NOK 100 million. Both are subject to annual renewal. Norconsult
also entered into a secured NOK 1 300 million Term Loan Facility Agreement (Term Loan) with DNB Bank ASA for
the purpose of the financing of the acquisitions of the Aas-Jakobsen Group and Metier Group. The Term Loan has
a maturity of five years.
The overdraft facility, guarantee facility and Term Loan are secured by a NOK 2 000 million floating pledge over
the trade receivables of Norconsult Norge AS. Additionally, the Term Loan is secured by a first priority pledge over
all shares in Norconsult Norge AS. All facilities include a negative pledge over other assets, restricting the granting
of further security except as permitted under the agreements.
The facilities established with DNB Bank ASA has a financial covenant requiring the Group to ensure that the ratio
of net interest-bearing debt to adjusted EBITDA excluding IFRS 16 for the last 12 months, measured quarterly,
remains below 2.50:1.
The Group is fully compliant with all covenant requirements as of 31 December 2025.
Guarantees issued by financial institutions on behalf of the Group:
2025
2024
Guarantee for employee taxes withheld
322
258
Contract guarantees
73
78
Total
395
336
Disputes
Norconsult participated in two groups of advisers that entered into contracts with AOT Airport of Thailand (AAT) in
connection with the establishment of Suvarnabhumi Airport in Bangkok. Neither of these contracts had an agreed
limitation of liability. Shortly after the airport's opening in September 2006, there was damage to the asphalt
surface as a result of flooding. The Group\u2019s opinion is that this is not due to design errors. AAT has nevertheless
demanded approximately NOK 600 million in compensation for the remedial costs. The dispute was dealt with in
arbitration in Thailand in 2017. The arbitral tribunal assessed that the claim should have been raised before ordinary
courts and the merits of the case were therefore not dealt with. The AAT has not initiated new proceedings before
ordinary courts. In the Company\u2019s view, there is very little risk in this case.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "Pledges and commitments
In June 2025, Norconsult transferred its global cash pool agreement, overdraft facility and multi-currency
guarantee facility to DNB Bank ASA. The overdraft facility has a limit of NOK 500 million and the uncommitted
multi-currency guarantee facility has a limit of NOK 100 million. Both are subject to annual renewal. Norconsult
also entered into a secured NOK 1 300 million Term Loan Facility Agreement (Term Loan) with DNB Bank ASA for
the purpose of the financing of the acquisitions of the Aas-Jakobsen Group and Metier Group. The Term Loan has
a maturity of five years.
The overdraft facility, guarantee facility and Term Loan are secured by a NOK 2 000 million floating pledge over
the trade receivables of Norconsult Norge AS. Additionally, the Term Loan is secured by a first priority pledge over
all shares in Norconsult Norge AS. All facilities include a negative pledge over other assets, restricting the granting
of further security except as permitted under the agreements.
The facilities established with DNB Bank ASA has a financial covenant requiring the Group to ensure that the ratio
of net interest-bearing debt to adjusted EBITDA excluding IFRS 16 for the last 12 months, measured quarterly,
remains below 2.50:1.
The Group is fully compliant with all covenant requirements as of 31 December 2025.
Guarantees issued by financial institutions on behalf of the Group:
2025
2024
Guarantee for employee taxes withheld
322
258
Contract guarantees
73
78
Total
395
336
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
Disputes
Norconsult participated in two groups of advisers that entered into contracts with AOT Airport of Thailand (AAT) in
connection with the establishment of Suvarnabhumi Airport in Bangkok. Neither of these contracts had an agreed
limitation of liability. Shortly after the airport's opening in September 2006, there was damage to the asphalt
surface as a result of flooding. The Group\u2019s opinion is that this is not due to design errors. AAT has nevertheless
demanded approximately NOK 600 million in compensation for the remedial costs. The dispute was dealt with in
arbitration in Thailand in 2017. The arbitral tribunal assessed that the claim should have been raised before ordinary
courts and the merits of the case were therefore not dealt with. The AAT has not initiated new proceedings before
ordinary courts. In the Company\u2019s view, there is very little risk in this case.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "Related party transactions
Transactions with related parties comprising shareholders, Board of Directors and members of Group
management are described in note 8. Transactions with associated companies are insignificant. There are no other
related party transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "Subsequent events
No additional events have been identified that require disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400VFBLRSFRXLGQ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }