Slide 1: Interim Presentation Fourth Quarter 2024
INTERIM PRESENTATION FOURTH QUARTER 2024 18 FEBRUARY 2025 Per Gunnar Tronsli, CEO Steffen Garder, CFO
Slide 2: Highlights in the quarter
Highlights in the quarter Revenue MNOK Revenue and EBIT 1000 800 • Operating revenues increased by 5.8 per 600 cent to NOK 1 026 million (y-o-y) 400 200 • EBIT increased by 11.8 per cent to NOK 0 118.9 million (y-o-y) Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 2 360 employees Number of employees • Down 29 from Q
Slide 3: Generative AI and artificial intelligence – where are we now?
Generative AI and artificial intelligence – where are we now? • Development and rollout • In-house and for clients • Increased employee satisfaction • Business value and growth • Increase in the number of customer projects • Improved productivity • New earnings opportunities • Strengthened market po
Slide 4: Operational Review
aX OPERATIONAL A a REVIEW
Slide 5: Public and private sector
Public and private sector Q4’24 Q4’23 46,4 % 42,3 % 53,6 % 57,7 % Public sector Private sector INTERIM PRESENTATION 5
Slide 6: Business sectors
Business sectors Other Health Retail Industry Transportation Info and communication Service industry 2,7 % 1,4 % 3,5 % 1,4 % 1,9 % 4,3 % 6,0 % 20,3 % Power supply Oil, gas and renewables 18,3 % 40,2 % Public admin and defence INTERIM PRESENTATION 6
Slide 7: Stortinget
Stortinget • The Storting is the Norwegian Parliament. It is the supreme arena for political debate and decision- making in the Kingdom of Norway. • Cooperation since March 2023. • Bouvet is a strategic IT consultant to the Storting on matters including strategy, architecture and concept studies. •
Slide 8: NEC CCIS – a NATO Air C2 System
NEC CCIS – a NATO Air C2 System • NEC CCIS is a near-real time air command and control system which supports all aspects of air operations, from operational to tactical level. • The system’s goal is to improve situational awareness, decision-making and coordination among NATO forces. • It is operate
Slide 9: Offshore Norge – Collabor8 - Subsurface
Offshore Norge – Collabor8 - Subsurface • Bouvet is developing and managing the Collabor8 – Subsurface data platform solution for Offshore Norway. The platform safeguards the following societal functions: • Statutory reporting of production figures – critical for the distribution of revenue and expe
Slide 10: Bane NOR
Bane NOR • Bane NOR is responsible for railways infrastructure in Norway. It develops, builds, operates and manages the national rail network. • Client since 2005. • Bouvet supplies consultants for teams and assignments focused on team management, agile coaching, test management/testing, systems dev
Slide 11: High level of employee satisfaction
High level of employee satisfaction 77 84 JOB SATISFACTION LOYALTY INTERIM PRESENTATION 11
Slide 12: An excellent year for the course business
An excellent year for the course business • Relevant courses were adapted to growing demand for training on new technologies, methods and opportunities. • 7 026 participants in around 566 courses. • 29% were internal company courses. • Bouvet consultants regularly teach courses. • Breakfast meetings
Slide 13: The four largest sectors
The four largest sectors Oil, gas and renewables • Increased by 5 per cent (y-o-y) • Represents 40.2 per cent of total revenues in Q4’24 Power supply • Increased by 15.5 per cent (y-o-y) • Represents 20.3 per cent of total revenues in Q4’24 Public admin and defence • Increased by 3.4 per cent (y-o-y
Slide 14: Customer mix
Customer mix Customer portfolio 10 largest customers share of revenues per centage • The 10 largest customers represent 67.6 70% per cent of total revenues – up from 64.3 60% per cent in Q4’23 50% 40% • The 20 largest customers represent 76.2 30% per cent of total revenues – up from 72.9 20% per cen
Slide 15: Customer development
Customer development Existing customers* Revenue customer split MNOK • Accounted for 98.1 per cent of revenues in 1200 Existing customers* New customers (LTM)** Q4’24 1000 New customers** 800 • Customers won over the past year generated revenues of NOK 19.4 million in 600 Q4’24 400 200 0 Q4'23 Q4'24
Slide 16: Local presence
Local presence 25 Sesam 44 Group services 213 Bouvet Nord 670 Bouvet Øst Bouvet Akershus, 186 Bouvet Bergen 101 Buskerud and Innlandet 933 Bouvet Rogaland 130 Bouvet Sør 58 Bouvet Sverige INTERIM PRESENTATION 16
Slide 17: Enthusiastic and highly competent employees
Enthusiastic and highly competent employees 2 360 employees at the end of the quarter Number of employees end of quarter 2500 • Down 29 from Q3’24 2000 • 49 more employees in the past 12 months 1500 1000 • Average number of employees in the quarter 500 0 up 2.5 per cent from Q4’23 Q4'20 Q4'21 Q4'22
Slide 18: Financial Review
FINANCIAL ; REVIEW aN I<
Slide 19: Key figures
Key figures Three months ending Twelve months ending MNOK 31.12.2024 31.12.2023 Change 31.12.2024 31.12.2023 Change Operating revenue 1 026.0 969.7 5.8 % 3 921.4 3 525.8 11.2 % Operating profit (EBIT) 118.9 106.3 11.8 % 490.4 407.0 20.5 % EBIT margin 11.6 % 11.0 % 12.5 % 11.5 % Ordinary profit befor
Slide 20: Revenue
Revenue Revenues increased by 5.8 per cent y-o-y Revenue split (quarterly figures) MNOK Own consultants • Revenues from own consultants increased Sub-contracted consultants Other 1000 by 8.3 per cent to NOK 927.8 million 800 600 • Revenues from sub-contracted consultants 400 200 decreased by 11.6 pe
Slide 21: Revenues from own consultants
Revenue per employee (quarterly figures) Revenues from own consultants TNOK 500 400 300 Increased 8.3 per cent y-o-y 200 100 0 • Positive impact from 5.7 per cent increase in Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 price for hourly rates time-based services Revenue per employee (LTM) TNOK • Positive impact fr
Slide 22: Earnings
EBIT and EBIT margin (quarterly figures) MNOK and per cent Earnings 150 EBIT EBIT margin 16% 100 14% • Operating profit (EBIT) increased by 50 12% 11.8 per cent to NOK 118.9 million 0 10% Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 • EBIT margin of 11.6 per cent compared to 11 EBIT and EBIT margin (LTM) per cent
Slide 23: Cash flow
Cash flow Cash flow from operations Cash flow from operations (quarterly figures) MNOK • NOK 551.3 million compared to NOK 600 389 million in Q4’23 400 200 Cash flow last 12 months 0 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 • Operational cash flow over the last 12 -200 months was NOK 865.1 million Cash flow fr
Slide 24: Outlook
JeAnoq OUTLOOK
Slide 25: Outlook summary
Outlook summary • Continued demand for Bouvet’s full range of services. • Clients seeking strategic partnerships. • Increased demand for AI-related assignments. • Low and stable turnover. • Increased supply of experienced human resources. INTERIM PRESENTATION 25
Slide 26: Financial calendar
Financial calendar Financial year 2024 • 11.04.2025 Annual Report • 07.05.2025 Annual General Meeting Financial year 2025 • 21.05.2025 Quarterly Report Q1 • 26.08.2025 Half-year report • 11.11.2025 Quarterly Report Q3 INTERIM PRESENTATION 26
Slide 27: Appendix
ikl APPENDIX
Slide 28: Shareholders as of 18.02.2025
Shareholders as of 18.02.2025 Shareholders Number of shares % of total FOLKETRYGDFONDET 8 142 744 7,84 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % STENSHAGEN INVEST AS 5 366 990 5,17 % VARNER KAPITAL AS 5 000 000 4,82 % The Bank of New York Mellon (nominee acc.) 3 871 468 3,73 % J.P. Morgan SE (no