The Nordic Consulting Industry Stabilizes in Q4 – More Firms Are Growing and Signals Point Toward a Recovery in 2026

– Growth remains slightly negative in Q4, but the most important takeaway is that we are seeing multiple signals that the market has bottomed out. More firms are returning to growth, utilization is improving, and demand remains stable across several key segments, says Mattias Loxi, Co-Founder of Cinode.

The average growth rate amounts to -1.6 percent, while the median stands at -0.8 percent. At the same time, a majority of firms once again report positive development in headcount.

The Positive Shift in Headcount Trends Continues

After two years of consecutive headcount reductions, we saw a clear trend shift in Q3. That development continues in Q4.

More than half of the consulting firms now have a larger workforce at the end of the quarter than at its beginning.

– This is an important shift. Companies are once again expanding their teams, which is often an early indicator that the market is turning. In addition, the pace of acquisitions is beginning to increase, says Mattias.

The largest increases during the quarter were reported by Addnode, Wise Group, and Norconsult.

Strong Demand Across Several Segments

Despite a continued cautious market environment, many firms report stable or increasing demand within areas such as energy, infrastructure, defense, and digitalization. At the same time, construction and real estate remain weaker segments.

– The market is divided. In certain areas, we see clear growth, while other segments are still under pressure. This creates a more mixed overall picture, says Mattias.

Margins Remain Resilient Despite Modest Growth

Despite weak growth, profitability remains at relatively stable levels. The median EBIT margin stands at around 7 percent, indicating that many firms have successfully adjusted their cost structures to lower demand.

– Consulting firms have become more efficient during the downturn. As demand now begins to improve, there are strong conditions in place for both growth and profitability, says Mattias.

Outlook for 2026

Several firms describe the market as stable or gradually improving toward the end of the year, with rising utilization and stronger sales activity.

– We are entering 2026 in the early stages of a recovery. It is still a challenging market, but the direction is clearly more positive than before. The firms that have a clear niche, strong demand, and the ability to quickly match the right skills with the right assignments will be the winners when the market fully turns, concludes Mattias.

Read the full summary and see the charts in Cinode’s infographic on the Q4 / 2025 financial results of publicly listed consulting firms.