Slides
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04 NOVEMBER 2026 Per Gunnar Tronsli, CEO Steffen Garder, CFO Interim presentation THIRD quarter 2026
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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 46,7 %53,3 % 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 7 regions 15 offices Services 1,3 1,6 1,8 2,1 2,4 2,7 3,1 3,5 3,9 3,98,0 % 9,0 % 10,4 % 10,9 % 13,1 % 12,6 % 13,0 % 11,5 % 12,5 % 12,1 % 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4* All figures and comments are full year 2025 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 • New agreements with The Norwegian Agency for Classified Information Systems, the Norwegian Public Roads Administration and the Norwegian Communications Authority • Increased focus on recruitment Key figures • Operating revenues NOK 865.4 million (870.5) • EBIT NOK 80.5 million (91.6) • EBIT margin 9.3% (10.5) • No. employees 2 431, up by 77 from Q3’25 Supplementary dividend of NOK 0.70 per share 6INTERIM PRESENTATION Operating revenues, MNOK EBIT margin Employees, # EBIT, MNOK 865 81 9.3% 2 431
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OPERATIONAL REVIEW
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People and organisation 2 431 employees at the end of the quarter • Up 28 from Q2’26 • 77 more employees (y-o-y) • Average number of employees up by 2.9 per cent from Q3’25 2269 2389 2354 2431 2 150 2 200 2 250 2 300 2 350 2 400 2 450 2 500 Q3'23 Q3'24 Q3'25 Q3'26 Number of employees end of quarter Number Growth (y-o-y) in number of employees Number 257 120 -35 77 -100 -50 0 50 100 150 200 250 300 Q3'23 Q3'24 Q3'25 Q3'26 8INTERIM PRESENTATION
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Four largest sectors 1. Oil, gas and renewables • Increased by 6.5 per cent (y-o-y) • Represents 44.6 per cent of total revenues in Q3’26 2. Public admin and defence • Increased by 12.6 per cent (y-o-y) • Represents 20.3 per cent of total revenues in Q3’26 3. Power supply • Decreased by 30.7 per cent (y-o-y) • Represents 12.9 per cent of total revenues in Q3’26 4. Service industry • Increased by 7.9 per cent (y-o-y) • Represents 5.4 per cent of total revenues in Q3’26 Business sectors 44,6 % 20,3 % 12,9 % 5,4 % 4,5 % 3,6 % 3,0 % 2,6 % 2,4 % 0,7 % Power supply Health Industry Info and communication Public admin and defence Oil, gas and renewables Service industry Transportation Retail Other 9INTERIM PRESENTATION
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Customer mix Customer portfolio • The 10 largest customers represent 65.1 per cent of total revenues – down from 68.2 per cent in Q3’25 • The 20 largest customers represent 74.3 per cent of total revenues – down from 76.1 per cent in Q3’25 0% 20% 40% 60% 80% 100% Q3'23 Q1'24 Q3'24 Q1'25 Q3'25 Q1'26 Q3'26 10 largest 11-20 largest Largest customers share of revenues per centage 0 200 400 600 800 1000 Q3'25 Q3'26 New customers (LTM)** Existing customers* Revenue customer split MNOK Existing customers* • Accounted for 96.6 per cent of revenues in Q3’26 New customers** • Customers won over the past year generated revenues of NOK 29.8 million in Q3’26 * 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 42,0 % 58,0 % Public sector* Private sector** Revenue public/private Q3 2026 Split public and private customers • Public sector* accounted for 42.0 per cent of total revenue – down from 45.2 per cent in Q3’25 • Private sector** accounted for 58.0 per cent of total revenue – up from 54.8 per cent in Q3’25 * Revenue from customer 100% public owned ** Revenue from customer wholly or partially private owned 10INTERIM PRESENTATION
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Equinor – The Digital Energy Company • Equinor is an international energy company committed to long-term value creation in a lowcarbon future • The company is Europe’s largest energy supplier. Its portfolio encompasses oil and gas, renewables and low- carbon solutions • Bouvet has worked with Equinor for over 20 years, including on the development of many of the company’s digital solutions • AI is an integrated part of all digitalization initiatives in Equinor • Modernization of legacy applications is one of several AI enabled delivery areas for Bouvet INTERIM PRESENTATION 11
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Norwegian Command and Control Information System (NORCCIS) • NORCCIS is a command system used by the Norwegian Armed Forces to improve operational efficiency and the coordination of military operations • The system is designed to support leadership and control by integrating information from various sources and providing decision-makers with a comprehensive situational understanding • NORCCIS is important to the Norwegian Armed Forces because it facilitates faster and more informed decisionmaking, which is vital for operational success in complex and dynamic military environments • NORCCIS is being adopted by NATO for wider NATO deployment • This is a recognition of the Norwegian defence industry, as well as Bouvet’s role as a supplier to the Norwegian Armed Forces • Bouvet has been continuously developing and refining the solution since 2011 12INTERIM PRESENTATION
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The Norwegian Agency for Classified Information Systems (SGP) • During the quarter, we signed a framework agreement with The Norwegian Agency for Classified Information Systems (SGP) • SGP is an agency under the Norwegian Ministry of Defence that provides the classified platforms used by government authorities and Norway’s Total Defence for secure communications • The agency is an important part of the digital foundation of Norway’s Total Defence • Under the agreement, we will provide SGP with a broad range of services • For us, the agreement is a recognition of our expertise in digital solutions for critical societal functions and aligns well with our increased focus on Norway’s Total Defence INTERIM PRESENTATION 13Foto: Shutterstock 13
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Norwegian Public Roads Administration • During the quarter, Bouvet won a new contract with the Norwegian Public Roads Administration, together with cloud services provider Cloudflare • Together, we will establish a modern, scalable platform for distributing video from road infrastructure, replacing an older video streaming system • The Norwegian Public Roads Administration operates more than 900 road cameras that stream video and images. The new solution will increase capacity and availability, supporting traffic operators, the public and emergency response organisations. It will also strengthen civil resilience • Together with our other deliveries in security, digital resilience and the public sector, this demonstrates how Bouvet contributes to strengthening society’s overall resilience and the civilian component of Norway’s Total Defence 14INTERIM PRESENTATION Fotograf: Knut Opeide
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15 INTERIM PRESENTATION 15
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FINANCIAL REVIEW
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Financial highlights Q3 • Net operating revenues NOK 865.4 million (870.5), down 0.6 per cent • EBIT NOK 80.5 million (91.6) • EBIT margin 9.3 per cent (10.5) • Profit for the period NOK 59.5 million (70.1) • Average number of employees – increased 2.9 per cent • Hourly rate – increased 1.9 per cent • Billing ratio – increased 0.1 percentage points Q3 2026 Q3 2025 Change % Operating revenue MNOK 865.4 870.5 -5.1 -0.6% EBIT MNOK 80.5 91.6 -11.1 -12.1% EBIT margin % 9.3% 10.5% -1.2pp - Profit for the period MNOK 59.5 70.1 -10.6 -15.1% EPS (fully diluted) NOK 0.58 0.68 -0.10 -15.1% Employees (avg.) # 2 422 2 354 68 2.9% Workdays # 66 66 0 0.0% 92 5 14 1 -4 0 -10 -10 -6 81 Analysis of changes in EBIT (y-o-y) MNOK 17INTERIM PRESENTATION
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Financial highlights YTD • Net operating revenues NOK 2 877.4 million (2 913.9), down 1.3 per cent • EBIT NOK 329.8 million (370.1) • EBIT margin 11.5 per cent (12.7) • Profit for the period NOK 249.6 million (286.8) • Average number of employees – increased 2.2 per cent • Hourly rate – increased 2.1 per cent • Billing ratio – decreased 1.0 percentage points YTD 2026 YTD 2025 Change % Operating revenue MNOK 2 877.4 2 913.9 -36.6 -1.3% EBIT MNOK 329.8 370.1 -40.3 -10.9% EBIT margin % 11.5% 12.7% -1.2pp - Profit for the period MNOK 249.6 286.8 -37.2 -13.0% EPS (fully diluted) NOK 2.41 2.76 -0.36 -12.8% Employees (avg.) # 2 401 2 349 52 2.2% Workdays # 188 188 0 0.0% 370 13 54 -37 -18 0 -13 -30 -9 330 Analysis of changes in EBIT (y-o-y) MNOK 18INTERIM PRESENTATION
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Revenues decreased by NOK 5.1 million y-o-y • Revenues from own consultants increased by 2.5 per cent to NOK 812.7 million • Revenues from sub-contracted consultants decreased by 37.1 per cent to NOK 42.2 million • Other revenues increased by 3.7 per cent to NOK 10.4 million EBIT decreased by NOK 11.1 million y-o-y • Operating expenses increased by 0.8 per cent y-o-y • Personnel costs increased by 3.7 per cent • General growth in pay rate 3.4 per cent y-o-y • Cost of sales decreased by 36.1 per cent 778 878 871 865 2 500 3 000 3 500 4 000 4 500 0 200 400 600 800 1 000 1 200 Q3'23 Q3'24 Q3'25 Q3'26 Revenue LTM (right-axis) Revenue and EBIT development Revenue and LTM-revenue MNOK 80 101 92 81 10,3 % 11,5 % 10,5 % 9,3 % 7% 9% 11% 13% 15% 0 20 40 60 80 100 120 140 160 180 Q3'23 Q3'24 Q3'25 Q3'26 EBIT EBIT margin (right-axis) EBIT and EBIT margin MNOK and per cent 19INTERIM PRESENTATION
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-117 136 12 80 -200 -100 0 100 200 300 400 500 600 Q3'23 Q3'24 Q3'25 Q3'26 Cash flow Cash flow from operations MNOK 20INTERIM PRESENTATION 160 84 18 -22 -6 0 -23 211 Cash flow from operations • NOK 79.9 million compared to NOK 12.1 million in Q3’25 • Employees' payroll tax withholdings now paid monthly to the Norwegian Tax Administration • NOK 340.2 million over the last 12 months Other cash flow • Cash flow from investing activities NOK -5.6 million compared to NOK -0.8 million in Q3’25 • Cash flow from financing activities NOK -23.6 million compared to NOK -21.4 million in Q3’25 Cash and cash equivalents NOK 210.6 million Analysis on changes in cash flow MNOK
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Balance sheet 21INTERIM PRESENTATION MNOK 30.09.2026 30.09.2025 Non-current assets 431.6 488.4 Current assets 994.6 1 167.0 Total assets 1 426.2 1 655.4 Equity 334.4 388.0 Long-term debt 237.9 268.1 Short-term debt 853.9 999.3 Equity ratio (%) 23.4% 23.4% Liquidity ratio (#) 1.16 1.17 Strong financial position • No drawings under established credit facilities as per end of Q3’26 • No external interest-bearing debt, excluding lease liabilities • Equity ratio 23.4 per cent equal to Q3’25 • Liquidity ratio 1.16 compared to 1.17 Q3’25 • A supplementary dividend of NOK 0.70 per share will be distributed during Q4’26 (ex-date 6 Nov)
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OUTLOOK
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Outlook summary • Increased activity and a growing number of inquiries, particularly related to Bouvet’s already strong position within Norway’s Total Defence • Increased demand for infrastructure, platform and cloud services • Strong customer focus on AI adoption and digital sovereignty • Strong focus on business value, delivery quality and security at all levels • Renewal and continued development of expertise are becoming increasingly important • Strong focus on operational efficiency 23INTERIM PRESENTATION
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APPENDIX
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Local presence Bouvet Rogaland Bouvet Bergen197 Bouvet Sverige Bouvet Øst Bouvet Nord 949 66 691 243 Group services48 Bouvet Sør-Øst188 25INTERIM PRESENTATION Bouvet Sør49
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Shareholders Number of shares % of total FOLKETRYGDFONDET 6 631 425 6,39 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % STENSHAGEN INVEST AS 5 366 990 5,17 % J.P. Morgan SE (Nominee acc.) 3 764 810 3,63 % SALT VALUE AS 3 462 519 3,34 % VERDIPAPIRFONDET HOLBERG NORGE 3 436 703 3,31 % HURUM SVERRE FINN 2 965 610 2,86 % VERDIPAPIRFONDET FIRST VERITAS 2 938 000 2,83 % MP PENSJON PK 2 650 820 2,55 % MUSTAD INDUSTRIER AS 1 739 629 1,68 % Landkreditt Utbytte 1 724 818 1,66 % Morgan Stanley & Co. Int. Plc. (Nominee acc.) 1 713 364 1,65 % Skandinaviska Enskilda Banken AB (Nominee acc.) 1 615 000 1,56 % VERDIPAPIRFONDET HEIMDAL UTBYTTE 1 500 000 1,45 % BOUVET ASA 1 437 585 1,38 % The Northern Trust Comp, London Br (Nominee acc.) 1 385 199 1,33 % J.P. Morgan SE (Nominee acc.) 1 314 373 1,27 % VERDIPAPIRFONDET KLP AKSJENORGE IN 1 235 584 1,19 % VEVLEN KAPITAL AS 1 013 020 0,98 % The Bank of New York Mellon SA/NV (Nominee acc.) 985 792 0,95 % Number of shares held by the 20 largest shareholders 52 688 827 50,76 % Shareholders as of 30.10.2026 26INTERIM PRESENTATION Data from Euronext Securities Oslo, last updated 30 October 2026
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Working days per month / year 2026 2025 2024 2023 2022 2021 Jan 21 22 22 22 21 20 Feb 20 20 21 20 20 20 Mar 22 21 19 23 23 23 Apr 19 19 21 17 18 19 May 18 20 19 19 20 18 Jun 22 20 20 22 21 22 Jul 23 23 23 21 21 22 Aug 21 21 22 23 23 22 Sep 22 22 21 21 22 22 Oct 22 23 23 22 21 21 Nov 21 20 21 22 22 22 Dec 20 19 18 19 21 21 Total 251 250 250 251 253 252 27INTERIM PRESENTATION
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Financial calendar Financial year 2026 • 12.02.2026 Quarterly Report Q4 28INTERIM PRESENTATION