Slides
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INTERIM PRESENTATION THIRD QUARTER 2025 11 NOVEMBER 2025 Per Gunnar Tronsli, CEO Steffen Garder, CFO
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We are leading the way and building the society of tomorrow Our vision INTERIM PRESENTATION 2
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We will be the most credible consultancy with the most satisfied employees and clients Our ambition INTERIM PRESENTATION 3
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4INTERIM PRESENTATION INTERIM PRESENTATION Split public and private customers* Bouvet – We are leading the way and building the society of tomorrow 45,7 %54,3 % Public sector Private sector Largest business sectors* 1. Oil, gas and renewables 2. Power supply 3. Public admin and defence 4. Service industry Revenue NOKbn & EBIT% 2 countries 6 regions 16 offices Services 1,2 1,3 1,6 1,8 2,1 2,4 2,7 3,1 3,5 3,98,1 % 8,0 % 9,0 % 10,4 % 10,9 % 13,1 % 12,6 % 13,0 % 11,5 % 12,5 % 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4* All figures and comments are full year 2024 Presence* Business Technology Design
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Agenda 1. Highlights & Key figures 2. Operational review 3. Financial review 4. Outlook 5. Q&A Per Gunnar Tronsli CEO Steffen Garder CFO 5INTERIM PRESENTATION
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Highlights & Key figures in the quarter Highlights • Signed new long-term agreements with important clients like Aker BP, Viking rescue service, the Norwegian National Courts Administration, Trondheim municipality and Asker municipality • Net growth in the number of employees since previous quarter Key figures • Operating revenues of NOK 870.5 million compared to NOK 878.5 million in Q3’24 • EBIT of NOK 91.6 million, equal to a margin of 10.5% • Number of employees decreased 1.5 per cent to 2 354 employees • Supplementary dividend of NOK 0.70 per share 6INTERIM PRESENTATION Operating revenues, MNOK EBIT margin Employees, # EBIT, MNOK 871 92 10.5% 2 354
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7INTERIM PRESENTATION 7
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OPERATIONAL REVIEW
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People and organisation 2 354 employees at the end of the quarter • Up 17 from Q2’25 • 35 fewer employees (y-o-y) • Average number of employees in the quarter down 0.8 per cent from Q3’24 2012 2269 2389 2354 0 500 1 000 1 500 2 000 2 500 Q3'22 Q3'23 Q3'24 Q3'25 Number of employees end of quarter Number Growth (y-o-y) in number of employees Number 179 257 120 -35 -100 -50 0 50 100 150 200 250 300 Q3'22 Q3'23 Q3'24 Q3'25 9INTERIM PRESENTATION
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Four largest sectors 1. Oil, gas and renewables • Stable revenue (y-o-y) • Represents 42.1 per cent of total revenues in Q3’25 2. Power supply • Decreased by 5.5 per cent (y-o-y) • Represents 19.6 per cent of total revenues in Q3’25 3. Public admin and defence • Increased by 0.5 per cent (y-o-y) • Represents 18.1 per cent of total revenues in Q3’25 4. Service industry • Increased by 23.8 per cent (y-o-y) • Represents 6.1 per cent of total revenues in Q2’25 Business sectors 42,1 % 19,6 % 18,1 % 6,1 % 3,4 % 3,0 % 2,7 % 2,3 % 1,5 % 1,2 % Power supply Health Industry Info and communication Public admin and defence Oil, gas and renewables Service industry Transportation Retail Other 10INTERIM PRESENTATION
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Customer mix Customer portfolio • The 10 largest customers represent 68.2 per cent of total revenues – down from 68.8 per cent in Q3’24 • The 20 largest customers represent 76.1 per cent of total revenues – down from 77.4 per cent in Q3’24 0% 20% 40% 60% 80% 100% Q3'22 Q1'23 Q3'23 Q1'24 Q3'24 Q1'25 Q3'25 10 largest 11-20 largest Largest customers share of revenues per centage 0 200 400 600 800 1000 Q3'24 Q3'25 New customers (LTM)** Existing customers* Revenue customer split MNOK Existing customers* • Accounted for 97.1 per cent of revenues in Q3’25 New customers** • Customers won over the past year generated revenues of NOK 25.2 million in Q3’25 * Existing customers defined as customers that were invoiced in the corresponding quarter last year ** New customers defined as customers won since end of corresponding quarter last year 45,2 % 54,8 % Public sector* Private sector** Revenue public/private Q3 2025 Split public and private customers • Public sector* accounted for 45.2 per cent of total revenue – up from 44.8 per cent in Q3’24 • Private sector** accounted for 54.8 per cent of total revenue – down from 55.2 per cent in Q3’24 * Revenue from customer 100% public owned ** Revenue from customer wholly or partially private owned 11INTERIM PRESENTATION
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Aker BP • Aker BP’s business is exploration and production of oil and gas on the Norwegian continental shelf. The company’s vision is to become the oil and gas company of the future • Bouvet has worked with Aker BP since 2009 • Bouvet has been selected as a key supplier for digital projects through service agreements that include complete project deliveries, covering all roles from project management and support functions to operational resources Ole Jørgen Bratland @Equinor INTERIM PRESENTATION 12Foto: Aker BP
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Asker kommune • Asker municipality is Norway’s sixth-largest municipality, with a population of almost 100,000 • Asker is leveraging innovation, digitalisation and smart use of technology to secure sustainable service delivery and community development • Asker municipality welcomes strong involvement of its residents and pursues close cooperation with businesses, research institutions, academia, other municipalities and public stakeholders • Asker’s collaborative approach is building a more tightly knit, active and sustainable local community characterised by mutual respect, generosity and curiosity. The municipality’s values – close, creative, generous and courageous – align well with Bouvet’s own values • Bouvet has been awarded a four-year framework agreement with Asker municipality covering programming, systemisation and integration development • Teams of developers and architects from Bouvet and Asker are developing key solutions and exploring uses for machine learning and AI INTERIM PRESENTATION 13Foto: Shutterstock 13
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Western Norway Regional Health Authority • The health authority is responsible for specialist healthcare services in Rogaland and Vestland counties • Bouvet supported the procurement and implementation of a new maternity journal • This work included planning, execution and implementation • During the procurement phase, Bouvet contributed to drafting requirement specifications, preparing contract documents, and facilitating negotiations • Bouvet applied multidisciplinary approaches, including service design and change management 14INTERIM PRESENTATION
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Artificial intelligence – Value creation and skills development 15INTERIM PRESENTATION
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FINANCIAL REVIEW
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Financial highlights Q3 • Net operating revenues decreased 0.9 per cent to NOK 870.5 million (878.5) • EBIT of NOK 91.6 million (101), equal to an EBIT margin of 10.5 per cent (11.5 per cent) • Profit for the period decreased to NOK 70.1 million (77.9) • Negative impact from average number of employees – decreased 0.8 per cent • Good development continues for hourly rate – increased 2.9 per cent • Reduction in billing ratio - decreased 2.1 percentage points Q3 2025 Q3 2024 Change % Operating revenue MNOK 870.5 878.5 -8.0 -0.9% EBIT MNOK 91.6 101.0 -9.4 -9.3% EBIT margin % 10.5% 11.5% -1.0pp - Profit for the period MNOK 70.1 77.9 -7.8 -10.0% EPS (fully diluted) NOK 0.68 0.75 -0.07 -9.8% Employees (avg.) # 2 354 2 372 -18 -0.8% Workdays # 66 66 0 0.0% 101 -2 23 -22 -5 0 0 -23 19 92 Analysis on changes in EBIT y-o-y MNOK 17INTERIM PRESENTATION
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Financial highlights YTD • Net operating revenues increased 0.6 per cent to NOK 2 913.9 million (2 895.4) • EBIT of NOK 370.1 million (371.5), equal to an EBIT margin of 12.7 per cent (12.8 per cent) • Profit for the period of NOK 286.8 million (287.0) • Positive impact from average number of employees – increased 0.4 per cent • Good development continues for hourly rate – increased 3.5 per cent • Reduction in billing ratio - decreased 1.8 percentage points YTD 2025 YTD 2024 Change % Operating revenue MNOK 2 913.9 2 895.4 18.5 0.6% EBIT MNOK 370.1 371.5 -1.4 -0.4% EBIT margin % 12.7% 12.8% -0.1pp - Profit for the period MNOK 286.8 287.0 -0.2 -0.1% EPS (fully diluted) NOK 2.76 2.77 -0.01 -0.1% Employees (avg.) # 2 349 2 340 9 0.4% Workdays # 188 188 0 0.0% 372 3 90 -62 -4 0 0 -57 30 370 Analysis on changes in EBIT y-o-y MNOK 18INTERIM PRESENTATION
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Revenues decreased by 0.9 per cent y-o-y • Revenues from own consultants increased by 0.1 per cent to NOK 793.3 million • Revenues from sub-contracted consultants decreased by 8.5 per cent to NOK 67.1 million • Other revenues decreased to NOK 10 million (12.8) EBIT decreased by NOK 9.4 million y-o-y • Operating expenses increased by 0.2 per cent y-o-y • General growth in pay rate 4.2 per cent y-o-y • Waiver of additional 5% social tax, cost reduction of NOK 3.1 million in the quarter 694 778 878 870 2 500 3 000 3 500 4 000 4 500 0 200 400 600 800 1 000 1 200 Q3'22 Q3'23 Q3'24 Q3'25 Revenue LTM (right-axis) Revenue and EBIT development Revenue and LTM-revenue MNOK 73 80 101 92 10,5 % 10,3 % 11,5 % 10,5 % 7% 9% 11% 13% 15% 0 20 40 60 80 100 120 140 160 180 Q3'22 Q3'23 Q3'24 Q3'25 EBIT EBIT margin (right-axis) EBIT and EBIT margin MNOK and per cent 19INTERIM PRESENTATION
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16 -117 136 12 -200 -100 0 100 200 300 400 500 600 Q3'22 Q3'23 Q3'24 Q3'25 Cash flow Cash flow from operations MNOK 20INTERIM PRESENTATION 383 83 17 -88 -1 0 -21 373 Cash flow from operations • NOK 12.1 million compared to NOK 135.5 million in Q3’24 • NOK 535.1 million over the last 12 months Other cash flow • Cash flow from investing activities NOK -0.8 million compared to NOK -0.1 million in Q3’24 • Cash flow from financing activities NOK -21.4 million compared to NOK -25.3 million in Q3’24 Cash and cash equivalents NOK 373.4 million A supplementary dividend of NOK 0.70 per share will be distributed during Q4’25 (ex-date 13 Nov) Analysis on changes in cash flow MNOK
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Balance sheet 21INTERIM PRESENTATION MNOK 30.09.2025 30.09.2025 31.12.2024 Non-current assets 488.4 485.6 461.9 Current assets 1 167.0 1 194.1 1 339.0 Total assets 1 655.4 1 679.7 1 800.8 Equity 388.0 444.1 464.8 Long-term debt 268.1 261.1 248.4 Short-term debt 999.3 974.5 1 087.6 Equity ratio (%) 23.4% 26.4% 25.8% Liquidity ratio (#) 1.17 1.23 1.23 Strong financial position • No drawings under established credit facilities as per end of Q3’25 • No interest-bearing debt • Equity ratio 23.4 per cent compared to 26.4 per cent in Q3’24 • Liquidity ratio 1.17 compared to 1.23 in Q3’24
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OUTLOOK
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Outlook summary • A market characterised by high activity in key sectors • Strong focus on business value • Clients seeking strategic partnerships • Rapid technological developments • Strong competition • Improved access to expertise 23INTERIM PRESENTATION
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APPENDIX
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Local presence Bouvet Sør Bouvet Rogaland Bouvet Bergen192 Bouvet Sverige Bouvet Øst Bouvet Nord 921 126 57 672 229 Group services47 Bouvet Akershus, Buskerud and Innlandet110 25INTERIM PRESENTATION
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Shareholders Number of shares % of total FOLKETRYGDFONDET 8 076 099 7,78 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % STENSHAGEN INVEST AS 5 366 990 5,17 % VARNER KAPITAL AS 4 513 000 4,35 % VERDIPAPIRFONDET FIRST VERITAS 4 400 000 4,24 % The Bank of New York Mellon (nominee acc.) 3 791 048 3,65 % J.P. Morgan SE (nominee acc.) 3 463 066 3,34 % SVERRE FINN HURUM 2 965 610 2,86 % MP PENSJON PK 2 640 820 2,54 % VERDIPAPIRFONDET HOLBERG NORGE 2 370 000 2,28 % MUSTAD INDUSTRIER AS 1 500 000 1,45 % Landkreditt Utbytte 1 474 617 1,42 % VEVLEN KAPITAL AS 1 413 020 1,36 % BOUVET ASA 1 318 632 1,27 % J.P. Morgan SE (nominee acc.) 1 314 373 1,27 % The Northern Trust Comp, London Br (nominee acc.) 1 270 000 1,22 % VERDIPAPIRFONDET KLP AKSJENORGE IN 1 126 647 1,09 % The Bank of New York Mellon SA/NV (nominee acc.) 930 000 0,90 % ERIK STUBØ 892 200 0,86 % J.P. Morgan SE (nominee acc.) 839 332 0,81 % Number of shares held by the 20 largest shareholders 55 473 040 53,44 % Shareholders as of 07.11.2025 26INTERIM PRESENTATION Data from Euronext Securities Oslo, last updated 7 November 2025
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Working days per month / year 2025 2024 2023 2022 2021 2020 2019 Jan 22 22 22 21 20 22 22 Feb 20 21 20 20 20 20 20 Mar 21 19 23 23 23 22 21 Apr 19 21 17 18 19 19 19 May 20 19 19 20 18 19 20 Jun 20 20 22 21 22 21 19 Jul 23 23 21 21 22 23 23 Aug 21 22 23 23 22 21 22 Sep 22 21 21 22 22 22 21 Oct 23 23 22 21 21 22 23 Nov 20 21 22 22 22 21 21 Dec 19 18 19 21 21 20 18 Total 250 250 251 253 252 252 249 27INTERIM PRESENTATION
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Financial calendar Financial year 2025 • 13.02.2026 Quarterly Report Q4 28INTERIM PRESENTATION