Interim report
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Q3
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BOUVET ASA Highlights and key figures third quarter of 2026 → Operating revenues NOK 865.4 million (870.5) → Operating profit (EBIT) NOK 80.5 million (91.6) → The number of employees increased by 28 persons compared to the preceding quarter, and is up by 77 persons in total over the past 12 months → The board of director approved a supplementary dividend of NOK 0.70 per share in respect of the 2025 financial year → Won a framework agreement with the Norwegian Agency for Classified Information Systems → Won a framework agreement with the Norwegian Communications Authority Bouvet in brief Bouvet is a leading consultancy firm focused on IT, advisory, design and communication services. Our broad service range, which spans from technology and security to business development and design, enables us to create comprehensive, long-term value for our clients. Our extensive experience, closeness to clients and broad expertise make us a very attractive digitalisation partner for organisations in both the private and public sectors. We build and operate secure, reliable, scalable digital solutions, and we transform real user needs into seamless experiences that reduce friction and drive adoption. By combining cutting-edge technical exper- tise with domain and sector knowledge, we create clear commercial value and secure organisational change. Digitalisation is a crucial factor in the ability of organ- isations to deliver and to remain competitive. This includes not only their capacity to manage increasingly frequent societal changes, but also their ability to innovate and leverage new technology. This is a comprehensive and ongoing process which involves delivering products and services in line with user expectations, addressing challenges and capital- ising on opportunities. At Bouvet, we have developed the ability to understand our clients’ businesses and to work with them to create and refine effective digital solutions that deliver value. This has resulted in very close client relationships and a steadily growing inflow of work from both existing and new clients. We are a strategic partner for many organisations, and our broad service offering means that we are often chosen as a full-service provider. Our close relationship with our clients is only possible because we execute all our assignments in accordance with strict security and accountability requirements. Our regional model reduces bureaucracy and shortens decision-making pathways, giving us the adaptability we need to respond to individual client challenges in an ever-changing landscape. Close ties are a competitive advantage, but also a prerequisite for the development of ever-better solu- tions in line with our vision. By executing assignments for and in collaboration with important societal stake- holders, we are helping society to progress. As at 30 September 2026, we had 2 431 employees spread across 16 offices in Norway and one office in Sweden. NOK million Jul-Sep 2026 Jul-Sep 2025 Change % Jan-Sep 2026 Jan-Sep 2025 Change % Oct 2025- Sep 2026 Oct 2024- Sep 2025 Change % Year 2025 Revenue 865.4 870.5 -0.6% 2 877.4 2 913.9 -1.3% 3 875.8 3 939.9 -1.7% 3 912.3 Operating profit (EBIT) 80.5 91.6 -12.1% 329.8 370.1 -10.9% 433.6 488.9 -11.3% 473.4 Ordinary profit before tax 76.8 90.4 -15.0% 322.4 370.4 -13.0% 424.6 490.2 -13.3% 472.5 Profit for the period 59.5 70.1 -15.1% 249.6 286.8 -13.0% 321.5 383.3 -16.1% 358.7 Net cash flow operations 79.9 12.1 558.2% -23.2 -16.3 42.1% 340.2 522.8 -34.9% 347.1 Liquid assets 210.6 373.4 -43.6% 210.6 373.4 -43.6% 210.6 373.4 -43.6% 672.3 Number of employees (end of period) 2 431 2 354 3.3% 2 431 2 354 3.3% 2 431 2 354 3.3% 2 367 Number of employees (average) 2 422 2 354 2.9% 2 401 2 349 2.2% 2 391 2 353 1.6% 2 352 Earnings per share 0.58 0.68 -15.0% 2.43 2.79 -12.8% 3.13 3.72 -15.9% 3.49 Diluted earnings per share 0.58 0.68 -15.1% 2.41 2.76 -12.8% 3.10 3.69 -16.0% 3.46 EBIT-margin 9.3% 10.5% 11.5% 12.7% 11.2% 12.4% 12.1% Equity ratio 23.4% 23.4% 23.4% 23.4% 23.4% 23.4% 24.5% Intro Intro Quarterly report Financials Intro Quarterly report Financials 2 32 3
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A WORD FROM THE GROUP CEO Growth in staff numbers and new assignements give cause for optimism. We are experiencing good market conditions for Bouvet’s services. The third quarter of the year was characterised by stable revenues and slightly reduced profitability, accompanied by robust growth in staff numbers. We are also winning contracts from current and new clients. Nevertheless, it has taken us longer than expected to get back up to speed after the summer and to ramp up staffing on new projects. Looking ahead, we see a growing need to strengthen our delivery capacity, primarily through recruitment in highly technical service areas. The security situation in Europe and globally is increasing the importance of Norway’s efforts to strengthen its total defence. Bouvet has an important role to play in this. In addition, substantial digital upgrades are required at a time when Nordic defence capabilities are being significantly bolstered by new NATO members. Our longstanding cooperation with the Norwegian Armed Forces has enabled us to acquire extensive and vital expertise in the defence sector. We are seeing broader adoption of solutions developed by Bouvet for the Norwegian Armed Forces by key NATO partners. For the group, this equates to continued and expanded deliveries to the Norwegian Armed Forces and NATO. To date in the fourth quarter, we have already been awarded new contracts with NATO, specifically related to command and control, an area in which we have many years’ experience and extensive domain expertise. Norwegian society’s defence capabilities extend far beyond the military sphere, encompassing all sectors that contribute to Norway’s preparedness and defence. Bouvet is engaged in many of these, making vital contri- butions to foundational digital infrastructure, including through assignments for key stakeholders like the Norwegian Mapping Authority. We provide vital services and work closely with the emergency services, the Norwegian Coastal Administration, the Norwegian Water Resources and Energy Directorate, the power supply sector and a range of different monitoring and emer- gency response services. Our portfolio of collaborations with Norway’s most important total defence stakeholders puts us in a unique position. For example, this quarter we won several new contracts with the Norwegian Agency for Classified Information Systems, a vital part of the total defence system’s digital infrastructure. We also secured a contract with the Norwegian Public Roads Administration concerning monitoring of societally critical transport routes. Such contracts strengthen our foothold in the Norwegian total defence sector. AI is central to everything we do. Our clients include the companies in Norway which have made the most progress on AI adoption. Assignments for these clients help refine our expertise and experience, and bolster our position as a leading adviser on AI deployment. Our delivery models have been tailored to new AI-powered working methods, and we combine cutting-edge exper- tise and experience with methodologies adapted to AI technologies and our own toolsets. In this way, we are helping to generate commercial value for our clients. AI is not only helping to effectivise processes and build value, but also opening up new commercial opportu- nities for Bouvet. The modernisation of systems and applications is one of several such new opportunities. Systems and applications which have been developed over many years, are based on legacy code and are closely integrated into organisational processes often present a pressing need for modernisation to ensure continued usability and manageability. Using new tools, Bouvet can now deliver solutions which would not have been economically viable just a few years ago. We are creating new business opportunities using AI, and expanding the scope of our service offering. We live in exciting times. Our industry is developing and changing rapidly, and new technologies are presenting new opportunities and making our service delivery more efficient. Development and recruitment are needed to secure new and relevant expertise for the group, and we are constantly working to tailor both our service offering and our delivery models to market and client needs. This places significant demands on us as an business. We have to be proactive to build leading positions, and it is crucial that we streamline and improve our own operations at the same time. At Bouvet, our competitive advantages have always included our operating model and continuous oper- ational improvement, as we are actively using AI to extract further benefits. We consider this a high priority, as robust operations will continue to be a competitive advantage going forward. Finally, I would like to extend my sincere thanks to my colleagues at Bouvet. By supporting our clients throughout their digital transformations, we are directly involved in building the society of the future. We have every reason to be proud of the work we do every single day, whether directly on important client projects or – just as importantly – when developing and sharing expertise with our Bouvet colleagues. Thank you. Per Gunnar Tronsli President and CEO Our industry is devel- oping and changing rapidly, and new technologies are presenting new opportunities and making our service delivery more efficient. Development and recruit- ment are needed to secure new and relevant expertise for the group, and we are constantly working to tailor both our service offering and our delivery models to market and client needs. Intro Intro Intro Quarterly report Financials Intro Quarterly report Financials 4 54 5
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Financial results Operating revenues Bouvet’s operating revenues totalled NOK 865.4 million in the third quarter of 2026, compared to NOK 870.5 million in the corresponding quarter of last year. This equates to a 0.6 per cent decrease. Fee income from group employees was up 2.5 per cent in the quarter, rising to NOK 812.7 million from NOK 793.3 million in the third quarter of 2025. Revenues generated by hired sub-consultants fell by 37.1 per cent, to NOK 42.2 million, while other revenue increased by 3.6 per cent, to NOK 10.4 million. The increase in fee income from group employees is primarily attributable to growth in the number of employees and a rise in hourly rates charged. The average number of employees increased by 2.9 per cent, resulting in a positive contribution of NOK 17.2 million. The hourly rates charged by the group for time-based services rose 1.9 per cent, with a resulting positive contribution of NOK 13.7 million. The billing ratio was 0.1 percentage points higher, which had a positive impact of NOK 0.9 million on fee income. Holiday absence and time taken off in lieu were on a par with last year, while other factors such as project progress, sick leave and leaves of absence had a negative cumulative impact of NOK 12.4 million on fee income. All in all, fee income from group employees was NOK 19.4 million higher in the third quarter of 2026 than in the third quarter of 2025. Bouvet’s strategy is to utilise its own employees in its service deliveries. When capacity shortages arise, sub-consultants are used as permitted by applicable regulations. In the third quarter of 2026, sub-con- sultants accounted for 4.9 per cent of total revenue, compared to 7.7 per cent in the third quarter of 2025. Overall, revenue from existing clients developed positively during the quarter. Clients who were also customers in the third quarter of 2025 accounted for 96.6 per cent of operating revenues. In addition, new clients secured after the third quarter of 2025 contrib- uted total operating revenues of NOK 29.8 million in the third quarter of 2026. Operating revenues totalled NOK 2 877.4 million in the period January–September 2026, compared to NOK 2 913.9 million in the same period in 2025. This repre- sents a decrease of 1.3 per cent. Fee income from group employees increased by 1.3 per cent, to NOK 2 675.7 million, from NOK 2 640.4 million in the same period last year. The increase in fee income is primarily attributable to a 2.2 per cent rise in the average number of employees and a 2.1 per cent increase in the hourly rates charged by the group for time-based services. The billing ratio decreased by 1.0 percentage point, negatively impacting fee income generated by the group’s employees. Revenues generated by hired sub-consultants were reduced by 37.1 per cent, to NOK 164.3 million, while other revenue fell by 8.7 per cent, to NOK 37.4 million. Operating costs Bouvet’s total operating costs came to NOK 784.9 million in the third quarter of 2026, compared to NOK 778.9 million in the third quarter of 2025. This represents an increase of 0.8 per cent. Personnel costs rose by 3.7 per cent, to NOK 631.2 million. This devel- opment is attributable to a 2.9 per cent increase in the average number of employees and higher general pay inflation, which in the group’s case has amounted to 3.4 per cent over the past 12 months. The cost of goods sold was reduced by 36.1 per cent, to NOK 40.6 million, from NOK 63.6 million in the third quarter of 2025. The reduction is mainly linked to reduced purchases of sub-consulting services. Depreciation and amortisation totalled NOK 25.8 million, compared to NOK 24.6 million in the third quarter of last year. Other operating costs amounted to NOK 87.3 million, compared to NOK 82.1 million in the third quarter of 2025. Total operating costs amounted to NOK 2 547.5 in the first nine months of 2026, compared to NOK 2 543.8 million in the same period last year. This represents an increase of 0.1 per cent. Personnel costs rose by 3.1 per cent year-on-year, to NOK 2 082.2 million, up from NOK 2 019.3 million. The cost of goods sold was reduced by 29.7 per cent, to NOK 162.0 million, down from NOK 230.4 million in the first three quarters of 2025. Depreciation and amortisation amounted to NOK 76.8 million, compared to NOK 73.8 million in the same period last year. Other operating costs totalled NOK 226.5 million, compared to NOK 220.5 million as at the third quarter of 2025. Operating profit Operating profit (EBIT) totalled NOK 80.5 million in the third quarter of 2026. Compared to NOK 91.6 million in the corresponding quarter of last year, this represents a drop of 12.1 per cent. The EBIT margin was 9.3 per cent, compared to 10.5 per cent in the same period in 2025. The quarterly post-tax profit amounted to NOK 59.5 million, compared to NOK 70.1 million in the third quarter of 2025. Diluted earnings per share for the quarter were NOK 0.58 compared to NOK 0.68 in the third quarter of last year. The cumulative operating profit (EBIT) for the period January–September 2026 totalled NOK 329.8 million, compared to NOK 370.1 million for the corresponding period in 2025. This represents a decrease of 10.9 per cent. The EBIT margin ended at 11.5 per cent, compared to 12.7 per cent in the same period last year. The post-tax profit totalled NOK 249.6 million, compared to NOK 286.8 million in the first nine months of 2025. Diluted earnings per share amounted to NOK 2.41, compared to NOK 2.76 last year. Cash flow The group’s cash flow from operations was NOK 79.9 million in the third quarter, compared to NOK 12.1 million in the third quarter of 2025. Quarterly cash flow was positively affected by a NOK 18.3 million reduction in current receivables, but negatively impacted by a NOK 39.6 million reduction in current liabilities. The reduction in current liabilities is linked to discontin- uation of the tax deduction account for employees’ advance tax deductions, which has taken effect in 2026. Otherwise, the change in working capital fell within normal seasonal fluctuations. The group’s cash flow from operations in the first nine months of 2026 amounted to NOK -23.2 million, compared to NOK -16.3 million in the first three quar- ters of 2025. Cash flow was negatively impacted by a NOK 195.1 million increase in current receivables and a NOK 194.1 million reduction in current liabilities. Cash flow in the period January to September was also impacted by the discontinuation of the tax deduction account for employees’ advance tax deductions. The group’s cash flow from operations in the preceding 12 months amounted to NOK 340.2 million, while the post-tax profit for the same period was NOK 321.5 million. The group’s cash flow from investment activities during the quarter totalled NOK -5.6 million, compared to NOK -0.8 million in the third quarter of 2025. The investments primarily comprised NOK 6.9 million spent Operating revenue NOK MILLION Operating profit (EBIT) NOK MILLION Quarterly report Quarterly report Intro Quarterly report Financials Intro Quarterly report Financials 6 76 7 0 200 400 600 800 1 000 1 200 Q3 2026 Q3 2025 Q3 2024 Q3 2023 Q3 2022 DRIFTSINNTEKTER 0 20 40 60 80 100 120 140 160 Q3 2026 Q3 2025 Q3 2024 Q3 2023 Q3 2022 DRIFTSRESULTAT EBIT
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on property, plant and equipment and proprietary software development costs of NOK 1.8 million. These expenditure items were partly offset by received interest on bank deposits totalling NOK 3.1 million. Total cash flow from investment activities amounted to NOK -10.8 million in the first nine months of 2026, compared to NOK -2,0 million in the same period in 2025. The investments primarily comprised NOK 20.0 million spent on property, plant and equipment and proprietary software development costs of NOK 3.5 million. These expenditure items were partly offset by received interest on bank deposits totalling NOK 12.6 million. Cash flow from financing activities amounted to NOK -23.6 million in the third quarter of 2026, compared to NOK -21.4 million in the same quarter of last year. Cash flow was mainly attributable to the payment of instalments and interest on lease liabilities totalling NOK 23.3 million. For the period January–September, cash flow from financing activities amounted to NOK -427.7 million, compared to NOK -442.5 million in the same period last year. The largest individual items were a NOK 307.1 million dividend payment, a NOK 50.1 million share repurchase and NOK 69.9 million in instalments and interest on lease liabilities. Liquidity and solvency The group’s client portfolio consists mainly of large listed companies and public-sector organisations. The group did not register any material losses on receivables in the third quarter of 2026. Credit risk is deemed to be low. The group has no interest-bearing debt, and bank deposits totalled NOK 210.6 million at quarter-end, compared to NOK 373.4 million at the end of the third quarter of 2025. The drop is linked to discontinuation of the requirement to maintain a dedicated bank account for advance employee tax deductions with effect from 2026. Advance tax deductions are now paid to the Norwegian Tax Administration monthly, compared to six times a year previously. Advance employee tax deductions otherwise payable in the fourth quarter of 2026 under the old scheme totalled NOK 65.7 million in the third quarter of 2026. The group had an unutilised overdraft facility of NOK 100.0 million at quarter-end. Bouvet held 1 437 585 treasury shares at the end of the period. Equity totalled NOK 334.4 million at quarter-end, equating to an equity ratio of 23.4 per cent. The corresponding figure for the third quarter of 2025 was NOK 388.0 million, corresponding to an equity ratio of 23.4 per cent. At a board meeting on 3 November 2026, the board of directors of Bouvet ASA resolved to exercise the authorisation granted by the general meeting to approve a supplementary dividend of NOK 0.70 per share in respect of the 2025 financial year. The share will be traded ex-dividend as of 6 November 2026, and the dividend will be paid on 20 November 2026. Segment reporting The group does not report separately on different business areas in internal reports. The group’s operations are uniform and concentrated in the Scandinavian market for IT consulting services. Risks and return are monitored for the business as a whole, with reports being prepared for common markets, on a project basis and for individual consultants. Accordingly, the group operates with a single reportable operating segment. Progress and market Bouvet’s long-term partnerships with key societal stakeholders provide a strong foundation in a highly competitive market. While market trends vary across sectors, Bouvet experienced strong demand overall in the third quarter. In Q3, new agreements were signed and existing ones were extended, representing an inflow of assignments covering the full breadth of Bouvet’s service offering. Artificial intelligence continues to stand out as an area of growing demand in terms of both usage and adoption. The group is working actively to adapt its delivery models and service range to reflect client needs and keep pace with new technological developments. Sectors Businesses have to navigate an increasingly complex change landscape in which technological advances, security and global conditions are impacting priorities and the need for transformation. At the same time, new technologies are opening up opportunities for innovation and renewal. Bouvet’s primary sectors have proven themselves well-capable of meeting these challenges. For the group, this means continued activity and new opportunities, including new contracts and renewals during the quarter from clients including the Norwegian Agency for Classified Information Systems, the Norwegian Public Roads Administration and the Norwegian Coastal Administration. OMSETNING FRA KUNDER %Revenue public/private Revenue from customer 100% public owned: 42.0% Revenue from customer wholly or partially private owned: 58.0% Revenue per sector % OMSETNING PER BRANSJE % ■ Health 0.7% ■ Industry 3.0% ■ Info and communication 3.6% ■ Power supply 12.9% ■ Public admin and defence 20.3% ■ Oil, gas and renewable 44.6% ■ Service industry 5.4% ■ Transportation 4.5% ■ Retail 2.4% ■ Other 2.6% Quarterly report Quarterly report Intro Quarterly report Financials Intro Quarterly report Financials 8 98 9
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Strong, ongoing digitalisation in the oil, gas and renewables industry The oil, gas and renewables industry is Bouvet’s most important sector, accounting for 44.6 per cent of total revenue. In the third quarter of the year, revenue was up 6.5 per cent compared to the same quarter of 2025. Client assignments involve the group’s full range of services. Several of the new projects secured during the quarter involve Equinor. These include updating and modern- ising processes within Equinor’s management system and the engagement of a full back-end team and a design team to work on key business applications. For the Norwegian Offshore Directorate, Bouvet is currently developing a fact-data warehouse which collates data from all oil operators in the North Sea. The group is providing a cross-functional team for this development project, as well as operational and appli- cation management services linked to critical systems. Other contract extensions and expansions and new assignments were secured from Aker BP, BW Offshore and Vår Energi. The power sector remains important for Bouvet, but is down on last year The power sector maintained its digitalisation focus during the quarter, and the broad range of assign- ments received from the sector meant ongoing demand for many of Bouvet’s services. The power sector accounted for 12.9 per cent of Bouvet’s total quarterly revenue, compared to 19.6 per cent in Q3 2025. The drop is primarily attributable to slightly lower activity levels in Statnett than last year. Statnett has been and remains a key client for the group. One new power-sector assignment secured in Q3 is for Haugaland Kraft, where Bouvet will help facilitate process-improvement initiatives. The power sector also has AI on its agenda, and Bouvet has secured an assignment for Lyse related to AI adoption and the use of AI in day-to-day operations. The core of the assignment is helping Lyse to deploy AI in a secure and structured manner. During the quarter, the group also completed assign- ments for and secured renewals from organisations including Statnett and Glitre Nett. High public-sector awareness of the importance of digitalisation in restructuring The public sector faces increased expectations to deliver benefits from and prioritise digital initiatives. At the same time, technological advances and changing societal needs make digitalisation and renewal vital for service refinement and the development of innovative solutions. This is reflected in demand for Bouvet’s full range of services, with clients in the public adminis- tration and defence segments accounting for 20.3 per cent of total quarterly revenue. The group secured a new and important agreement with the Norwegian Agency for Classified Information Systems (SGP) during the quarter. SGP is responsible for providing national shared services for low- and high-level classified collaboration. Its services are used by both public and private organisations subject to the Norwegian Security Act. SGP is expected to become a central public-sector agency in the years ahead. The agreement with Bouvet covers service design deliverables. Going forward, the group will assist SGP in areas including insight work, user journeys, service flows, concept development, hypotheses, prototyping, UX, design, user testing and the establishment of continuous discovery practices. A further new assignment secured during the quarter involves reviewing the IT portfolio of the Norwegian Biodiversity Information Centre. The project will include mapping technical solutions, with a focus on cost implications and alternative technology and architec- ture choices. Other new and extended contracts secured in Q3 include agreements with the Norwegian Coastal Administration, the Norwegian Directorate of Immigration and the Norwegian Environment Agency. Several new assignments from outside Bouvet’s largest sectors Bouvet also registered robust demand for its services from outside the group’s primary sectors in the quarter. During the quarter, Bouvet signed a framework agreement with Byggma ASA, one of Norway’s leading industrial groups focused on the production and distri- bution of building solutions. The agreement relates to the provision of consultancy services in the fields of IT, advisory, design and communication. Bouvet has also won a contract to deliver a data plat- form to Hennig-Olsen Is, a longstanding client of the group. The objective is to build a data platform to help make the business even more data-driven. Other new and extended agreements outside Bouvet’s main sectors include ones with NTNU, Møller Mobility Group, Northern Norway Regional Health Authority and the Norwegian Cancer Society. Services Verifiable results and strong security remain key priorities for clients. Artificial intelligence (AI) is becoming ever more important in development work, and clients are increasingly looking for technological expertise and advice to facilitate accelerating AI deployment. Demand is particularly strong in the areas of agentic AI and advice on organisational AI transformation. Bouvet is also observing a shift away from pure system development towards projects where AI expertise accounts for a larger part of the assignment. More projects are being carried out by multi-disciplinary teams, and the group’s broad service range enables tailoring of deliverables to client needs. Although demand spans the full range of services, the markets for design and advisory support are somewhat weaker than that for technology services. A broad range of services tailored to complex market needs Organisations in various sectors are having to adapt to a rapidly changing world. Such changes include technological advances, shifting framework conditions, security requirements and clients with high expecta- tions as to user experience and quality. Problem-solving and the development of new services and products therefore require expertise in a wide range of disciplines. To meet market demand, Bouvet provides a compre- hensive range of services spanning from strategy and management to platforms, insights and analysis. This includes services focused on AI, data and architecture, modern system development, cloud and platform services, and services directly aimed at optimising the digital workplace. Design services are often an integral component of deliveries, and the group also provides management services which ensure quality, stability and security over time. The composition of such service offerings is tailored to individual client needs and challenges. Several new assignments and agreements across Bouvet’s service range Demand for Bouvet’s broad service offering is illustrated by several new, extended and expanded agreements secured during the third quarter. In the advisory services segment, a new frame- work agreement was signed with the Norwegian Broadcasting Corporation (NRK). The framework agreement covers management and quality-related work, with the group providing project management, process management, change management and test management services. A further new framework agreement has been entered into with the Norwegian Communications Authority (Nkom). Under the agreement, Bouvet will deliver services in the areas of IT development, platform and architecture. During the quarter, Bouvet secured an assignment under this framework agreement to provide a team tasked with delivering solution archi- tecture, data engineering, platform development and system development services. The group also won an exciting assignment from the Norwegian Public Roads Administration in collabo- ration with the cloud services provider Cloudlfare. The Norwegian Public Roads Administration requires a modern, scalable replacement for an older video streaming system. The new solution is intended to strengthen the agency’s work related to traffic moni- toring and emergency preparedness. The Norwegian Public Roads Administration maintains a network of over 600 road cameras from which video is streamed. Cloudlfare has been selected as a partner and solution provider, while Bouvet is the implementation and support partner. Quarterly report Quarterly report Intro Quarterly report Financials Intro Quarterly report Financials 10 1110 11
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Bouvet delivered AI solutions to several organisations during the quarter. One example is an assignment for Adda Inköpscentral, a central procurement body for Swedish municipalities, regions and public-sector organisations. The assign- ment involves leading, coordinating and delivering implementation projects linked to a joint regional and municipal AI initiative. In Q3, Bouvet delivered a solution to the Norwegian technology company Highsoft, the developer of Highcharts – an internationally recognised library for data visualisation. The solution addresses a highly relevant and exciting challenge: How can organisations remain visible when AI becomes the search engine of choice? As generative AI began to change how devel- opers find information, Highsoft needed new insights into how its products were being discovered and recommended. Bouvet has helped develop a solution which both increases visibility in AI-based searches and provides a data-driven basis for prioritising devel- opment and improvements. The group also expanded its AI deliveries to Innovation Norway during the quarter. In addition, Bouvet entered into a framework agree- ment and a cooperation agreement with Netsecurity, one of Norway’s leading IT security companies. The agreement encompasses both project management and technical AI advisory services. Security is another key service area for Bouvet. A new framework agreement in this field was signed with the Norwegian Coastal Administration during the quarter, covering penetration testing of the Administration’s applications. Risks Unstable geopolitical and security conditions, as well as the prevailing energy situation, are creating uncertainty in both the global and Norwegian economies. Generally speaking, Bouvet always has some exposure to various forms of operational risk, market risk and financial risk. The board and management maintain a constant focus on risk management and risk mitigation. A more detailed account of the group’s risk-related work is provided in the 2025 Annual Report, on page 19 and in Note 17. See also section 10 of the annual report’s “Corporate governance” chapter. Quarterly report Quarterly report Intro Quarterly report Financials Intro Quarterly report Financials 12 1312 13
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0 500 1 000 1 500 2 000 2 500 Q3 2026 Q3 2025 Q3 2024 Q3 2023 Q3 2022 Number of employees (end of quarter) Employees At quarter-end , Bouvet had 2 431 employees, up 28 from Q2 2026 and up 77 since Q3 2025. Bouvet’s culture and values are central to the group’s development of its staff, expertise and client rela- tionships. A strong culture of sharing, freedom and trusting specialists promotes professional development and collaboration through multi-disciplinary teams. Combined with important projects for key societal stakeholders, this fosters high job satisfaction and close client relationships, and underpins Bouvet’s objective of being Norway’s most trusted consultancy firm, with the most satisfied employees and clients. Expertise lies at the heart of Bouvet’s business, and is developed in tandem with client needs and market changes. The most important learning and knowledge-sharing take place in day-to-day work, supplemented by courses, training programmes, certi- fications, seminars and relevant tools. Expertise is also shared with clients and other stakeholders through, for example, courses, breakfast meetings and client evenings. The development of AI expertise is particularly impor- tant. Staff are offered everything from low-threshold initiatives to courses and formal certifications to boost their skills and help ensure that Bouvet and its clients can deploy AI in a value-adding way. Bouvet also works continuously to recruit new staff and develop new expertise. Recruitment activities are always tailored to market demand and the market’s need for expertise. In recent quarters, the group has prioritised experienced candidates and high-demand specialisms. Nevertheless, Bouvet is also committed to recruiting recent graduates and is convinced that this is essential both for developing the technologists of the future and for ensuring a diversity of perspectives and mindsets. August has historically been a month in which the group has welcomed new colleagues, both recent graduates and more experienced staff, and this year was no exception. A series of social and professional events have been organised to give these new colleagues the best possible start to both working life and life as a consultant at Bouvet. Another longstanding event that took place in the third quarter is the annual celebration of the Bouvet community. The celebration is about nurturing and refining Bouvet’s culture of looking after, supporting and lifting up one another. While the event takes a slightly different form every year, a commonality of all the celebrations is providing a unique, out-of-the-or- dinary experience to forge bonds across departments and specialisms. Outlook Both private and public-sector organisations have to adapt to a working environment that demands transformation, the adoption of new technology and higher performance in the areas of security, quality and documented value creation. Geopolitical unrest and a complex threat landscape are reinforcing the need for secure, efficient operational reorientation and renewal. This is intensifying the focus on digital scope for action, with businesses now being more mindful of their choice of technology and where data are stored and processed. Collectively, this is creating demand for expertise across Bouvet’s service range, and for multi-disciplinary teams capable of working closely with and supporting clients in the long term. Flexible delivery models and integrated partnerships are therefore becoming increasingly impor- tant in digitalisation and innovation projects. Bouvet has long-standing and strategic client relation- ships in the oil, gas and renewables and power sectors. These clients have a clear focus on efficiency, auto- mation and cost-savings, and are paying increasing attention to AI deployment, particularly in relation to adoption, agentic AI and tangible value creation. Security requirements and regulatory compliance are also gaining importance. Overall, this equates to demand for partners who combine technology with sound domain and sector knowledge, and who can contribute new ideas and improvement measures in support of long-term client objectives. In a highly competitive market, this mix of expertise helps strengthen Bouvet’s position. The public administration represents another key sector for Bouvet. Organisations in this sector are making good progress on digitalisation despite also facing cost and efficiency pressure and regulatory changes. Digitalisation remains a key aspect of efforts to build smarter work processes and improve efficiency. Bouvet is experiencing strong demand from both new and existing public-sector clients for the full range of the group’s services, including in the form of growing deployment of and interest in AI. The group’s extensive experience and domain expertise in the public sector help strengthen its position within the sector. Security, emergency preparedness and resilience have been high priorities for organisations with critical societal roles for some time. Several of these bodies are part of Norway’s total defence system, and Bouvet’s broad client base allows it to assist directly with such work. These assignments entail high standards for the group’s work methodologies and operational development. Both the group and its employees take the responsibility inherent in such projects very seriously, contributing to the high level of client trust which Bouvet enjoys. AI is becoming increasingly central to clients’ business development activities, and many clients are now systematically building capabilities to enable them to leverage technology optimally. To support successful AI deployment, organisations are requesting help with skills development, organisational structure and management buy-in, as well as advice on strategic objectives, responsible use, and data and integration architecture. Bouvet is also helping clients to map busi- ness processes and develop specific solutions where AI can facilitate efficiency, automation and innovation. To date, system development has received the most support from AI. A similar trend is now also becoming apparent in fields such as data engineering, analytics and low-code development. As demand for AI expertise grows across the group’s specialisms, this is impacting both how Bouvet delivers projects and its recruitment and staff development. Safe and secure use, regulatory compliance and secure data handling are central to Bouvet’s client assignments and the group’s own operations. In addition, increased deployment of generative AI is increasing focus on the costs associated with using AI tools, and thus the need for best practice, re-use and efficiency improvements. Its broad client portfolio, systematic skills development initiatives and company culture of putting employees first strengthen Bouvet’s reputation and allow the group to maintain up-to-date, relevant expertise in line with client expectations and needs. Combined with other market conditions, this provides a robust foundation for further refinement of an already expert and motivated organisation with the aim of ensuring ongoing client satisfaction, a high repeat business rate and continued positive growth. The board considers the group’s outlook to be positive. Quarterly report Quarterly report Intro Quarterly report Financials Intro Quarterly report Financials Intro Quarterly report Financials 14 1514 15
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Statement of the board of directors and CEO We declare that, to the best of our knowledge, the interim financial statements for the period January–September 2026 and the third quarter of 2026 have been prepared in accordance with IAS 34, and that the information in the financial statements provides a true and fair view of Bouvet ASA’s overall assets, liabilities, financial position and results. We also declare that, to the best of our knowledge, the interim report provides a true and fair overview of important events during the accounting period and their impact on the interim financial statements, the most important risk and uncertainty factors facing the company in the next accounting period, and material transactions with related parties. Oslo, 3 November 2026 The board of directors of Bouvet ASA Sign. Pål Egil Rønn Chair of the board Sign. Tove Raanes Deputy chair Sign. Sverre Hurum Director Sign. Linda Vigdel Director Sign. Petter Samuelsen Director Sign. Per Gunnar Tronsli President and CEO Quarterly report Quarterly report Quarterly report Intro Quarterly report Financials Intro Quarterly report Financials Intro Quarterly report Financials 16 1716 17
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Financial statements Consolidated income statement 20 Consolidated statement of other income and costs 21 Consolidated balance sheet 22 Consolidated statement of cash flows 24 Consolidated statement of changes in equity 25 Notes 26 Note 01 Accounting principles 26 Note 02 Revenue from contracts with customers 27 Note 03 Intangible assets 28 Note 04 Leases 29 Note 05 Share capital and dividend 30 Note 06 Transactions with related parties 31 Note 07 Events after the balance sheet date 31 Financials Financials Intro Quarterly report Financials Intro Quarterly report Financials 18 1918 19
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Consolidated income statement NOK 1 000 Note Unaudited Jul-Sep 2026 Unaudited Jul-Sep 2025 Change Change % Unaudited Jan-Sep 2026 Unaudited Jan-Sep 2025 Change Change % Year 2025 Revenue 2 865 368 870 474 -5 106 -0.6% 2 877 352 2 913 908 -36 556 -1.3% 3 912 343 Operating expenses Cost of subcontractors and re-invoiced cost 40 640 63 589 -22 949 -36.1% 161 989 230 357 -68 368 -29.7% 302 085 Personell expenses 631 197 608 639 22 558 3.7% 2 082 248 2 019 275 62 973 3.1% 2 730 967 Depreciation fixed assets 5 697 5 532 165 3.0% 16 648 16 725 -77 -0.5% 22 783 Depreciation of right-of-use assets 4 17 874 16 826 1 048 6.2% 53 548 50 441 3 107 6.2% 67 628 Amortisation intangible assets 3 2 192 2 196 -4 -0.2% 6 581 6 586 -5 -0.1% 8 782 Other operating expenses 87 303 82 100 5 203 6.3% 226 526 220 456 6 070 2.8% 306 668 Total operating expenses 784 903 778 883 6 021 0.8% 2 547 540 2 543 840 3 700 0.1% 3 438 913 Operating profit 80 465 91 592 -11 126 -12.1% 329 812 370 068 -40 255 -10.9% 473 430 Financial items Interest income 3 119 5 336 -2 217 -41.5% 12 602 18 946 -6 344 -33.5% 23 942 Financial income 115 5 110 N/A 439 798 -359 -45.0% 1 507 Interest expense -5 968 -6 367 399 6.3% -18 518 -18 716 198 1.1% -25 479 Finance expense -898 -165 -733 -444.2% -1 905 -673 -1 232 -183.1% -856 Net financial items -3 632 -1 190 -2 441 -205.1% -7 382 355 -7 737 N/A -886 Ordinary profit before tax 76 833 90 401 -13 568 -15.0% 322 430 370 423 -47 993 -13.0% 472 544 Income tax expense Tax expense on ordinary profit 17 337 20 316 -2 979 -14.7% 72 798 83 603 -10 805 -12.9% 113 871 Total tax expense 17 337 20 316 -2 979 -14.7% 72 798 83 603 -10 805 -12.9% 113 871 Profit for the period 59 496 70 085 -10 589 -15.1% 249 632 286 820 -37 188 -13.0% 358 673 Assigned to: Shareholders in parent company 59 496 70 085 249 632 286 820 358 673 Diluted earnings per share 0.58 0.68 -0.10 -15.1% 2.41 2.76 -0.36 -12.8% 3.46 Earnings per share 0.58 0.68 -0.10 -15.0% 2.43 2.79 -0.36 -12.8% 3.49 Consolidated statement of other income and costs NOK 1 000 Note Unaudited Jul-Sep 2026 Unaudited Jul-Sep 2025 Change Change % Unaudited Jan-Sep 2026 Unaudited Jan-Sep 2025 Change Change % Year 2025 Profit for the period 59 496 70 085 -10 588 -15.1% 249 632 286 820 -37 188 -13.0% 358 673 Items that may be reclassified through profit or loss in subsequent periods Currency translation differences -395 -18 -377 N/A -1 571 346 -1 917 N/A 286 Sum other income and costs -395 -18 -377 N/A -1 571 346 -1 917 N/A 286 Total comprehensive income 59 101 70 067 -10 966 -15.6% 248 061 287 166 -39 105 -13.6% 358 959 Assigned to: Shareholders in parent company 59 101 70 067 248 061 287 166 358 959 Financials Intro Quarterly report Financials Intro Quarterly report Financials 20 2120 21
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Consolidated balance sheet NOK 1 000 Note Unaudited 30.09.2026 Unaudited 30.09.2025 Change Change % 31.12.2025 ASSETS Non-current assets Intangible assets Deferred tax asset 12 185 18 525 -6 340 -34.2% 7 910 Goodwill 3 53 435 54 278 -843 -1.6% 54 568 Other intangible assets 3 14 253 19 495 -5 242 -26.9% 17 368 Total intangible assets 79 873 92 298 -12 425 -13.5% 79 846 Fixed assets Office equipment 43 371 45 732 -2 361 -5.2% 43 953 Office machines and vehicles 7 540 6 333 1 207 19.1% 6 289 IT equipment 24 072 21 503 2 569 11.9% 21 387 Right-of-use assets 4 275 619 321 378 -45 759 -14.2% 314 846 Total fixed assets 350 602 394 946 -44 344 -11.2% 386 475 Financial non-current assets Other long-term receivables 1 068 1 187 -119 -10.0% 1 224 Total financial non-current assets 1 068 1 187 -119 -10.0% 1 224 Total non-current assets 431 543 488 431 -56 888 -11.6% 467 545 Current assets Work in progress 2 65 079 52 229 12 850 24.6% 56 332 Trade accounts receivable 645 934 664 173 -18 239 -2.7% 477 213 Other short-term receivables 73 043 77 169 -4 126 -5.3% 55 422 Liquid assets 210 563 373 419 -162 856 -43.6% 672 304 Total current assets 994 619 1 166 990 -172 371 -14.8% 1 261 271 TOTAL ASSETS 1 426 162 1 655 421 -229 259 -13.8% 1 728 816 NOK 1 000 Note Unaudited 30.09.2026 Unaudited 30.09.2025 Change Change % 31.12.2025 EQUITY AND LIABILITIES Equity Paid-in capital Share capital 5 10 380 10 380 0 0.0% 10 380 Own shares - nominal value 5 -144 -132 -12 9.1% -44 Share premium 179 179 0 0.0% 179 Total paid-in capital 10 415 10 427 -12 -0.1% 10 515 Earned equity Other equity 323 952 377 544 -53 592 -14.2% 413 477 Total earned equity 323 952 377 544 -53 592 -14.2% 413 477 Total equity 334 367 387 971 -53 604 -13.8% 423 992 Debt Long-term debt Lease liabilities 237 937 262 563 -24 626 -9.4% 256 833 Other provisions for obligations 0 5 545 -5 545 -100.0% 0 Total long-term debt 237 937 268 108 -30 171 -11.3% 256 833 Short-term debt Current lease liabilities 66 730 84 460 -17 730 -21.0% 85 092 Trade accounts payable 61 019 80 870 -19 851 -24.5% 74 266 Income tax payable 73 142 102 931 -29 789 -28.9% 104 635 Public duties payable 252 449 309 854 -57 405 -18.5% 318 696 Deferred revenue 2 7 828 6 014 1 814 30.2% 6 478 Other short-term debt 392 689 415 212 -22 523 -5.4% 458 824 Total short-term debt 853 857 999 341 -145 484 -14.6% 1 047 991 Total liabilities 1 091 794 1 267 449 -175 655 -13.9% 1 304 824 TOTAL EQUITY AND LIABILITIES 1 426 162 1 655 421 -229 259 -13.8% 1 728 816 Financials Intro Quarterly report Financials Intro Quarterly report Financials 22 2322 23
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Consolidated statement of cash flows NOK 1 000 Note Unaudited Jul-Sep 2026 Unaudited Jul-Sep 2025 Unaudited Jan-Sep 2026 Unaudited Jan-Sep 2025 Year 2025 Cash flow from operating activities Ordinary profit before tax 76 833 90 401 322 430 370 427 472 544 Paid tax 12 380 -101 -104 633 -97 836 -117 013 (Gain)/loss on sale of fixed assets -21 -22 -50 -268 -290 Ordinary depreciation 23 571 22 359 70 197 67 166 90 411 Amortisation intangible assets 3 2 192 2 196 6 581 6 586 8 782 Share based payments 5 192 4 792 15 576 14 377 21 824 Changes in work in progress, accounts receivable and accounts payable -28 625 -40 337 -190 715 -275 010 -98 757 Interest income and interest expenses -2 893 -5 180 -11 986 -18 447 -22 849 Changes in other accruals -8 694 -61 967 -130 611 -83 328 -7 542 Net cash flow from operating activities 79 935 12 144 -23 212 -16 332 347 111 Cash flows from investing activities Sale of fixed assets 21 22 51 281 303 Purchase of fixed assets -6 864 -7 000 -20 002 -22 137 -26 257 Purchase of intangible assets 3 -1 831 0 -3 477 0 -63 Received interest 3 119 5 336 12 602 18 946 23 942 Cash inflow from financial receivables 0 861 0 861 -1 912 Net cash flow from investing activities -5 555 -781 -10 826 -2 049 -3 986 Cash flows from financing activities Purchase of own shares 0 0 -50 096 -73 884 -73 884 Sales of own shares 0 0 0 0 31 493 Payments interests on lease liabilities -5 742 -6 211 -17 902 -18 217 -24 386 Payments on lease liabilities 4 -17 582 -15 058 -52 000 -41 799 -57 412 Interest payments -226 -156 -616 -499 -1 093 Dividend payments 0 0 -307 089 -308 142 -379 879 Net cash flow from financing activities -23 550 -21 425 -427 703 -442 541 -505 162 Net changes in liquid assets 50 830 -10 062 -461 741 -460 922 -162 037 Liquid assets at the beginning of the period 159 733 383 481 672 304 834 341 834 341 Liquid assets at the end of the period 210 563 373 419 210 563 373 419 672 304 Unused credit facilities 100 000 100 000 100 000 100 000 100 000 Consolidated statement of changes in equity NOK 1 000 Share capital Own shares Share premium Total paid-in equity Other equity Translation differ- ences Total other equity Total equity Equity at 01.01.2025 10 380 -32 179 10 527 453 856 462 454 317 464 844 Profit for the period 0 286 820 286 820 286 820 Other income and costs 0 346 346 346 Purchase/sale of own shares (net) -100 -100 -73 784 -73 784 -73 884 Employee share scheme 0 17 986 17 986 17 986 Dividend 0 -308 142 -308 142 -308 142 Equity at 30.09.2025 (Unaudited) 10 380 -132 179 10 427 376 736 808 377 544 387 971 Equity at 01.01.2026 10 380 -44 179 10 515 413 015 462 413 476 423 992 Profit for the period 0 249 632 249 632 249 632 Other income and costs 0 -1 571 -1 571 -1 571 Purchase/sale of own shares (net) -100 -100 -49 996 -49 996 -50 096 Employee share scheme 0 19 499 19 499 19 499 Dividend 0 -307 089 -307 089 -307 089 Equity at 30.09.2026 (Unaudited) 10 380 -144 179 10 415 325 061 -1 109 323 952 334 367 Financials Financials Intro Quarterly report Financials Intro Quarterly report Financials 24 2524 25
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Notes Note 01 Accounting principles This interim report is presented in accordance with the International Financial Reporting Standards (IFRS) and interpretations determined by the European Union, and have been prepared in accordance with IAS 34. The interim financial statements have not been audited, do not include all the information required in annual financial statements and should be viewed in conjunction with the group’s annual report for 2025. The accounting policies applied are consistent with those applied in previous financial year. New standards not yet adopted: IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 Presentation and Disclosure in Financial Statements becomes effective for annual reporting periods beginning on or after 1 January 2027 and replaces IAS 1 Presentation of Financial Statements. The Group has assessed the expected impact of adopting IFRS 18. The identified effects are primarily related to the presentation and classification of items in the income statement, including the new requirements for subtotals and disclosures. Based on the assessments completed to date, the adoption of IFRS 18 is not expected to have a material effect on the Group’s reported profit, financial position, or cash flows. Note 02 Revenue from contracts with customers The Group primarily delivers its services on a time and materials basis and, in most instances, possesses an enforceable right to payment for services rendered to date. For the quarter, such revenue amounted to NOK 861.65 million (NOK 869.05 million). Where the Group undertakes projects that require the delivery of a predefined outcome at a price that is either fixed or includes elements that render the hourly revenue indeterminable until project completion, revenue is recognized in accordance with the project’s degree of completion. For the quarter, this amounted to NOK 3.72 million (NOK 1.42 million). Progress is measured as hours incurred relative to the total estimated hours. In these cases, the customer is deemed to control the asset that is being created or enhanced. Specification revenue NOK 1 000 Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Sector Oil, gas and renewable 385 910 366 753 1 212 760 1 170 241 Public admin and defence 175 973 157 277 587 531 541 247 Power supply 111 925 170 910 420 135 591 537 Service industry 46 987 53 345 163 572 178 119 Transportation 38 642 29 924 129 791 119 193 Info and communication 30 859 23 655 95 816 72 454 Industry 25 861 25 828 88 676 93 661 Retail 21 129 12 576 73 090 71 642 Health 6 141 19 862 25 512 37 135 Other 21 941 10 345 80 469 38 680 Total revenue 865 368 870 474 2 877 352 2 913 908 Public/privat Public sector (100% owned) 363 682 393 832 1 257 602 1 358 476 Privat sector 501 686 476 642 1 619 750 1 555 432 Total revenue 865 368 870 474 2 877 352 2 913 908 Work in progress 65 079 52 229 65 079 52 229 Deferred revenue 7 828 6 014 7 828 6 014 At the balance sheet date, processed but not billed services amounted to NOK 65.08 million (NOK 52.23 million). This is mainly services delivered on running account, invoiced to customers at the beginning of the next month. Financials Financials Intro Quarterly report Financials Intro Quarterly report Financials 26 2726 27
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Note 03 Intangible assets Intangible assets and goodwill are related to added value from the acquisitions of subsidiaries, businesses, and costs related to development of software and internally developed internet homepage. NOK 1 000 Software Other intangible assets Good will Jan-Sep 2026 Software Other intangible assets Good will Jan-Sep 2025 Book value 1 January 17 141 225 54 569 71 934 25 711 358 54 011 80 081 Self-developed software 3 477 3 477 0 Amortisation -6 428 -153 -6 581 -6 428 -158 -6 586 Exchange rate variances -11 -1 133 -1 144 10 268 278 Book value end of period 10 713 3 539 53 435 67 688 19 283 210 54 279 73 773 Economic life 3 years 5-10 years not decided 2-5 years 5-10 years not decided Amortisation method linear linear N/A linear linear N/A The group has developed Sesam, a software as a service (SaaS). This software provides a stand-alone, generic data platform component – a master data hub which continuously exchanges data with the business’ core systems. Sesam delivers a unique platform component which continually ensures optimal data quality and makes it simpler and faster to build cost-effective, value-enhancing solutions on the basis of the platform. It has been invested NOK 108 332 thousand, which is capitalised and amortised in modules. These modules have an expected service life of three years. Note 04 Leases Right-of-use-assets Lease of premise NOK 1 000 Jan-Sep 2026 Jan-Sep 2025 Book value 1 January 314 846 298 558 Additions/adjustments of the period 14 742 73 062 Depreciation -53 548 -50 442 Exchange rate variances -422 201 Book value end of period 275 619 321 378 Economic life 1-10 years 1-10 years Depreciation method linear linear Lease liabilities Future lease payments per year NOK 1 000 Future lease payments < 1 year 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Undiscounted lease liabilities 30.09.2026 386 066 68 948 57 912 56 494 54 234 45 591 102 888 Future lease payments per year NOK 1 000 Future lease payments < 1 year 1-2 years 2-3 years 3-4 years 4-5 years > 5 years Undiscounted lease liabilities 30.09.2025 446 705 86 903 63 664 53 089 51 706 49 732 141 611 Financials Financials Intro Quarterly report Financials Intro Quarterly report Financials 28 2928 29
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Note 05 Share capital and dividend Shares in thousands 30.09.2026 30.09.2025 Ordinary shares, nominal value NOK 0.10 103 801 103 801 Total number of shares 103 801 103 801 The nominal value of the share is NOK 0.10. All shares in the company have equal voting rights and are equally entitled to dividend. Changes in share capital and premium No. of shares (thousand) Share capital (NOK 1 000) 30.09.2026 30.09.2025 30.09.2026 30.09.2025 Ordinary shares issued and fully paid at 30.09 103 801 103 801 10 380 10 380 Own shares at nominal value -1 438 -1 319 -144 -132 The group has a share scheme that includes all employees. No shares were purchased during the period. At the end of the period the holding of own shares is 1 437 585 shares. Note 06 Transactions with related parties Shares in the company directly or indirectly owned by the board and management No. of shares Name Role 30.06.2026 Buy Sale 30.09.2026 Pål Egil Rønn Chairman of the Board 60 000 0 0 60 000 Tove Raanes Vice-chairman of the Board 25 870 5 000 0 30 870 Petter Samuelsen Board member 0 0 0 0 Linda Vigdel Board member 0 0 0 0 Sverre Hurum Board member 2 965 610 0 0 2 965 610 Per Gunnar Tronsli CEO 77 935 0 0 77 935 Steffen Garder CFO 1 165 0 0 1 165 Total 3 130 580 5 000 0 3 135 580 Note 07 Events after the balance sheet date There have been no other events after the balance sheet date significantly effecting the Group’s financial position. Financials Financials Intro Quarterly report Financials Intro Quarterly report Financials 30 3130 31
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Alternative Performance Measures The European Securities and Markets Authority (“ESMA”) issued guidelines on Alternative Performance Measures (“APMs”) that came into force on July 3, 2016. Bouvet discloses APMs that are frequently used by investors, analysts, and other interested parties. The management believes that the disclosed APMs provide improved insight into the operations, financing, and prospects of Bouvet. Bouvet has defined the following APMs: EBITDA is short for earnings before interest, taxes, depreciation, and amortization. EBITDA is calculated as profit for the period before tax expense, financial items, depreciation, and amortization. EBIT is short for earnings before interest and taxes. EBIT corresponds to operating profit in the consolidated income statement. Net free cash flow is calculated as net cash flow from operations plus net cash flow from investing activities. EBITDA-margin is calculated as EBITDA divided by revenue. EBIT-margin is calculated as EBIT divided by revenue. Cash flow margin is calculated as Net cash flow from operations divided by revenue. Equity ratio is calculated as total equity divided by total assets. Liquidity ratio is calculated as current assets divided by short-term debt. Key figures Group NOK 1 000 Jul-Sep 2026 Jul-Sep 2025 Change % Jan-Sep 2026 Jan-Sep 2025 Change % Year 2025 Income statement Operating revenue 865 368 870 474 -0.6% 2 877 352 2 913 908 -1.3% 3 912 343 EBITDA 88 354 116 147 -23.9% 353 041 443 821 -20.5% 572 623 Operating profit (EBIT) 80 465 91 592 -12.1% 329 812 370 068 -10.9% 473 430 Ordinary profit before tax 76 833 90 401 -15.0% 322 430 370 423 -13.0% 472 544 Profit for the period 59 496 70 085 -15.1% 249 632 286 820 -13.0% 358 673 EBITDA-margin 10.2% 13.3% -23.5% 12.3% 15.2% -19.4% 14.6% EBIT-margin 9.3% 10.5% -11.6% 11.5% 12.7% -9.7% 12.1% Balance sheet Non-current assets 431 543 488 431 -11.6% 431 543 488 431 -11.6% 467 545 Current assets 994 619 1 166 990 -14.8% 994 619 1 166 990 -14.8% 1 261 271 Total assets 1 426 162 1 655 421 -13.8% 1 426 162 1 655 421 -13.8% 1 728 816 Equity 334 367 387 971 -13.8% 334 367 387 971 -13.8% 423 992 Long-term debt 237 937 268 108 -11.3% 237 937 268 108 -11.3% 256 833 Short-term debt 853 857 999 341 -14.6% 853 857 999 341 -14.6% 1 047 991 Equity ratio 23.4% 23.4% 0.0% 23.4% 23.4% 0.0% 24.5% Liquidity ratio 1.16 1.17 -0.2% 1.16 1.17 -0.2% 1.20 Cash flow Net cash flow operations 79 935 12 144 558.2% -23 212 -16 332 -42.1% 347 111 Net free cash flow 74 380 11 363 554.6% -34 038 -18 381 -85.2% 343 125 Net cash flow 50 830 -10 062 N/A -461 741 -460 922 -0.2% -162 037 Cash flow margin 9.2% 1.4% 562.1% -0.8% -0.6% -43.9% 8.9% Share information Number of shares 103 800 637 103 800 637 0.0% 103 800 637 103 800 637 0.0% 103 800 637 Weighted average basic shares outstanding 102 363 052 102 482 005 -0.1% 102 622 696 102 839 203 -0.2% 102 848 136 Weighted average diluted shares outstanding 103 372 896 103 413 458 0.0% 103 632 540 103 770 656 -0.1% 103 788 395 EBIT per share 0.79 0.89 -12.0% 3.21 3.60 -10.7% 4.60 Diluted EBIT per share 0.78 0.89 -12.1% 3.18 3.57 -10.8% 4.56 Earnings per share 0.58 0.68 -15.0% 2.43 2.79 -12.8% 3.49 Diluted earnings per share 0.58 0.68 -15.1% 2.41 2.76 -12.8% 3.46 Equity per share 3.22 3.74 -13.8% 3.22 3.74 -13.8% 4.08 Dividend per share 0.00 0.00 0.0% 3.00 3.00 0.0% 3.70 Employees Number of employees (year end) 2 431 2 354 3.3% 2 431 2 354 3.3% 2 367 Average number of employees 2 422 2 354 2.9% 2 401 2 349 2.2% 2 352 Operating revenue per employee 357 370 -3.4% 1 198 1 240 -3.4% 1 662 Operating cost per employee 324 331 -2.1% 1 061 1 083 -2.0% 1 462 EBIT per employee 33 39 -14.6% 137 158 -12.8% 201 Financials Financials Intro Quarterly report Financials Intro Quarterly report Financials 32 3332 33
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Definitions Term Definitions EBITDA Operating profit + depreciation fixed assets and intangible assets EBIT Operating profit EBITDA-margin EBITDA / operating revenue EBIT-margin EBIT / operating revenue Equity ratio Equity / total assets Liquidity ratio Current assets / Short-term debt Net free cash flow Net cash flow operations - Net cash flow investments Cash flow margin Net cash flow operations / Operating revenue Number of shares Number of issued shares at the end of the year Weighted average basic shares outstanding Issued shares adjusted for own shares on average for the year Weighted average diluted shares outstanding Issued shares adjusted for own shares and share scheme on average for the year EBIT per share EBIT assigned to shareholders in parent company / weighted average basic shares outstanding Diluted EBIT per share EBIT assigned to shareholders in parent company / weighted average diluted shares outstanding Earnings per share Profit for the period assigned to shareholders in parent company / weighted average basic shares outstanding Diluted earnings per share Profit for the period assigned to shareholders in parent company / weighted average diluted shares outstanding Equity per share Equity / number of shares Dividend per share Paid dividend per share througout the year Operating revenue per employee Operating revenue / average number of employees Operating cost per employee Operating cost / average number of employees EBIT per employee EBIT / average number of employees Our regions and offices The group has 17 offices in Norway and Sweden. Our philosophy is that competence should be utilised across the group, while projects are entrenched locally. Regions Employees South-East 188 Bergen 197 North 243 Rogaland 949 Sweden 66 South 49 East 691 Group services 48 Bouvet Rogaland Bouvet Bergen Bouvet North Bouvet East Bouvet South Bouvet South-East Bouvet Sweden Intro Quarterly report Financials Intro Quarterly report Financials 34 3534 35
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Our offices Oslo Sørkedalsveien 8 NO-0369 Oslo P.O. Box 5327 Majorstuen NO-0304 Oslo Tel: (+47) 23 40 60 00 Arendal Frolandsveien 6 NO-4847 Arendal Tel: (+47) 23 40 60 00 Bergen Solheimsgaten 15 NO-5058 Bergen Tel: (+47) 55 20 09 17 Drammen Doktor Hansteins gate 13 NO-3044 Drammen Tel: (+47) 23 40 60 00 Førde Elvevegen 13 NO-6800 Førde Tel: (+47) 55 20 09 17 Grenland Hydrovegen 55 NO-3936 Porsgrunn Tel: (+47) 23 40 60 00 Haugesund Diktervegen 8 NO-5538 Haugesund Tel: (+47) 52 82 10 17 Innlandet Løvstadvegen 7 NO-2312 Ottestad Tel: (+47) 23 40 60 00 Kongsberg Nymoens Torg 6 NO-3611 Kongsberg Tel: (+47) 73 53 70 00 Kristiansand Kjøita 6 NO-4630 Kristiansand Tel: (+47) 23 40 60 00 Sandefjord Fokserødveien 12 NO-3241 Sandefjord Tel: (+47) 23 40 60 00 Sandvika Malmskriverveien 18 NO-1337 Sandvika Tel: (+47) 23 40 60 00 Stavanger Laberget 28 NO-4020 Stavanger P.O. Box 130 NO-4065 Stavanger Tel: (+47) 51 20 00 20 Trondheim Professor Brochs gate 14 NO-7030 Trondheim Tel: (+47) 23 40 60 00 Tromsø Kirkegata 1 NO-9008 Tromsø Tel: (+47) 73 53 70 00 Ålesund Keiser Wilhelms gate 25 NO-6003 Ålesund Tel: (+47) 73 53 70 00 Stockholm Mäster Samuelsgatan 42 SE-111 57 Stockholm Tel: (+ 46) 0 771 611 100 Intro Quarterly report Financials Intro Quarterly report Financials 36 3736 37
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artbox.no EN.BOUVET.NO