Multiconsult's Strategic M&A Momentum and EBITA Resilience in Q2 2025

In Q2 2025, Multiconsult has demonstrated a compelling blend of strategic M&A activity and operational resilience, positioning itself as a standout player in the Nordic infrastructure and engineering sector. The company's acquisition of the ViaNova group—a landmark deal valued at NOK 300 million—highlights its disciplined approach to expanding capabilities in mobility and transportation, while its EBITA performance, though temporarily pressured, underscores long-term value creation potential.

Strategic M&A: Building Norway's Strongest Mobility Team

Multiconsult's acquisition of ViaNova, its largest since 2021, is a masterstroke in its growth strategy. ViaNova, a leader in transport engineering and smart mobility, brings 129 employees, NOK 227.5 million in 2024 revenues, and a robust EBIT of NOK 21.9 million. The deal, expected to close by mid-October 2025, aligns with Multiconsult's goal of creating “Norway's strongest mobility and transportation team.” By integrating ViaNova's digital tools and urban mobility expertise, Multiconsult enhances its competitive edge in a sector critical to the energy transition and urban development.

This acquisition is not an isolated move but part of a broader pattern. Since 2020, Multiconsult has consistently targeted complementary firms in its core markets, such as the 2024 acquisition of VA-Resurs and the integration of site partner Petter Rasmussen. These deals have historically driven organic growth and margin expansion, as seen in the International segment's 14.5% revenue surge in Q1 2025. The company's focus on geographic expansion in Poland and the Nordics, coupled with sector diversification into defense and energy projects, reflects a disciplined strategy to mitigate sectoral volatility.

EBITA Resilience Amid Short-Term Headwinds

Despite a challenging Q2 2025 EBITA margin of 4.8% (down from 13.0% in Q2 2024), Multiconsult's operational resilience shines through. The decline was largely attributable to calendar effects—four fewer working days in Q2 2025—rather than structural inefficiencies. Adjusted for this, the EBITA margin improved to 10.2%, and organic revenue growth reached 4.2%.

The company's ability to absorb short-term disruptions is a testament to its operational discipline. For instance, the International segment achieved a 7.6% revenue growth and a 6.2% EBITA margin, outperforming other regions. Meanwhile, the Architecture segment's 2.6% margin, though modest, reflects ongoing integration challenges from recent acquisitions. Multiconsult's strong order backlog of NOK 4,575 million provides a buffer, ensuring revenue visibility and mitigating near-term risks.

Long-Term Value Creation: A Model of Operational Efficiency

Multiconsult's M&A strategy is not just about scale—it's about efficiency. Historical acquisitions, such as the integration of A-lab into the Architecture segment, have driven margin improvements from 2.6% to 9.7% in Q1 2025. These gains stem from synergies in billing rates, capacity utilization, and cost controls. The company's full-time equivalent (FTE) growth of over 5% in Q1 2025, supported by acquired teams, has further strengthened its ability to execute large-scale projects.

The ViaNova acquisition exemplifies this approach. By combining ViaNova's digital tools with Multiconsult's existing infrastructure, the company is poised to dominate mobility projects, a sector expected to grow as governments prioritize sustainable transport. Additionally, the acquisition's focus on talent development—ViaNova's 129 employees bring specialized skills in road infrastructure and urban planning—ensures a pipeline of innovation.

Investment Implications: A Stable Market Play

Multiconsult's strategic M&A momentum and operational efficiency make it an attractive long-term investment. The company's focus on stable, high-growth sectors like mobility and energy transition, combined with a disciplined acquisition approach, positions it to outperform peers in a volatile market. While short-term EBITA fluctuations are inevitable, the underlying fundamentals—strong order backlog, diversified revenue streams, and a robust balance sheet (gearing ratio of 0.4)—support resilience.

Investors should monitor the ViaNova acquisition's integration progress and its impact on Q3 2025 EBITA. A successful integration could drive margin expansion beyond current projections, particularly in the transportation segment. Additionally, tracking Multiconsult's billing ratio and capacity utilization metrics will provide insights into operational efficiency gains.

Conclusion

Multiconsult's Q2 2025 results and M&A activity underscore its commitment to long-term value creation. By leveraging strategic acquisitions to enhance capabilities, diversify revenue streams, and improve operational efficiency, the company is well-positioned to navigate market uncertainties and capitalize on growth opportunities. For investors seeking exposure to a stable, innovation-driven player in the Nordic infrastructure sector, Multiconsult offers a compelling case. The ViaNova acquisition, in particular, signals a bold step toward dominating mobility and transportation—a sector poised to shape the future of urban development.

Investment Advice: Consider a long-term position in Multiconsult, with a focus on its M&A-driven growth and operational efficiency. Monitor Q3 2025 earnings for signs of ViaNova integration success and EBITA margin recovery.