Norconsult ASA Due Diligence

Run due diligence on Norconsult ASA: check compliance and get alerts when suppliers or ownership change.

Norway · owned by Independent (Norway) · norconsult.com · 20 vendors

Norconsult ASA is a leading pan-Nordic interdisciplinary consulting firm headquartered in Sandvika, Norway, combining engineering, architecture, and digital expertise across projects of all sizes for private and public clients. With approximately 7,200 employees across nearly 140 offices in Norway, Sweden, Denmark, Iceland, Poland, and Finland, the company offers consultancy services spanning architecture, infrastructure, renewable energy, geo sciences, water, safety, and urban planning. The firm follows projects from concept development through planning, engineering design, and into operation and monitoring.

Resilience scores

Technology vendors

Services catalogue

1 service in catalogue across 1 category; runs on 20 sub-vendors.

Insights

Last updated 2026-10-15 · revision 2

20 direct vendors, 266 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 8/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Norconsult ASA exhibits high migration readiness. The company's strong and consistent financial growth provides ample resources to fund significant migration initiatives. A key enabler for migration is the low vendor lock-in risk, stemming from a diverse base of 20 vendors. This flexibility allows for easier transitions away from specific platforms or services if required. The existing tech stack already includes significant cloud adoption with Microsoft Azure and various cloud-based SaaS platforms, indicating a foundational understanding and experience with cloud environments. This provides a strong starting point for further cloud-native transformations. However, the presence of specialized industry software like Autodesk Revit, Trimble/Novapoint, and SAP ERP might present some migration challenges, as these systems can be complex to refactor or move to purely cloud-native, microservices architectures. The regulatory environment, including GDPR and NIS2 applicability, means that any migration must be carefully planned to ensure continued compliance, which can add complexity but also ensures robust security and data governance practices are maintained. Data residency requirements were not specified, which could be a factor if strict local data storage mandates exist, potentially influencing cloud provider choices or architecture designs. Overall, the financial strength, low vendor lock-in, and existing cloud adoption position Norconsult well for future migrations, despite potential complexities with specialized legacy applications.

Compliance

12 in-scope frameworks identified; showing 3.

SOC 2 (source) — No public evidence

While Norconsult provides digitalization and IT consulting services, it is not primarily a service organization handling customer data in a way that would typically necessitate a SOC 2 report. Customer demand would be the primary driver.

ISO 27001 (source) — Evidence found

As a provider of services to public and private clients in critical sectors like infrastructure and energy, customers may expect robust information security management, making ISO 27001 a relevant framework.

Evidence: https://live.euronext.com/sites/default/files/company_press_releases/attachments_oslo/2025/04/11/643562_Norconsult_ASA_Annual_Report_2024.pdf

CSRD (source) — Evidence found

As a large, listed company in the EEA, Norconsult ASA meets the criteria for being subject to the Corporate Sustainability Reporting Directive.

Evidence: https://live.euronext.com/sites/default/files/company_press_releases/attachments_oslo/2025/04/11/643562_Norconsult_ASA_Annual_Report_2024.pdf

Financials

Three-year financials

Financial Resilience Score: 8/10

Norconsult ASA demonstrates strong financial resilience underpinned by its leading Nordic market position, diversified client base of 15,000 customers and 35,000 annual projects, and significant exposure to the public sector which dampens cyclicality. The company has delivered a consistent 10% net revenue CAGR and 11% adjusted EBITA CAGR from 2014 to Q3 2025, with stable adjusted EBITA margins around 10%, indicating durable earnings power across economic cycles. Cash generation is robust, with FY2025 operating cash flow of NOK 1,123 million and cash conversion ratios above 95%. Leverage is conservative with net debt/EBITDA below 2.0x excluding IFRS 16. The order book stood at NOK 7.7 billion at end-2025, providing solid revenue visibility. However, risks include margin pressure in the Swedish segment (only 2.1% adj. EBITA margin in Q3 2025), softness in the private Buildings & Architecture market, calendar/working-day sensitivity (e.g., Easter effect reduced Q2 2025 EBITA by NOK 141M), M&A integration risk from Aas-Jakobsen and Metier acquisitions, and broader geopolitical uncertainty. The equity ratio of 32.5% at end-2023 is adequate but not exceptional for a consultancy business.

Key strengths: Leading Nordic position with #1 in Norway and ~140 offices, Public-sector weighted demand reduces cyclicality, Diversified base: 15,000 customers and 35,000 projects annually, 80% of projects on time-and-material contracts, Strong cash generation: NOK 1,123M operating cash flow in FY2025, Conservative leverage: net debt/EBITDA <2.0x ex-IFRS 16, Cash conversion ratio above 95%, Consistent 10% revenue CAGR and 11% adj. EBITA CAGR since 2014, Growing order book of NOK 7.7B at end-2025, Dividend policy targets >50% payout ratio

Risk factors: Low margin in Sweden segment (2.1% adj. EBITA in Q3 2025), Softness in private Buildings & Architecture market, Calendar/working-day sensitivity (Easter cost NOK 141M in Q2 2025), M&A integration risk from Aas-Jakobsen and Metier acquisitions, Geopolitical uncertainty cited in outlook commentary, High geographic concentration in Norway (~71% of revenue)

Revenue by geography

Revenue by product/service

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