Bouvet Asa · OSL:BOUV
Bouvet Asa — Q3 2025 Earnings Presentation
28 slides from Bouvet Asa's earnings presentation, Nov 11, 2025
Slide 1: Interim Presentation Third Quarter 2025
INTERIM PRESENTATION THIRD QUARTER 2025 11 NOVEMBER 2025 Per Gunnar Tronsli, CEO Steffen Garder, CFO
Slide 2: Our vision
Our vision We are leading the way and building the society of tomorrow INTERIM PRESENTATION 2
Slide 3: Our ambition
Our ambition We will be the most credible consultancy with the most satisfied employees and clients INTERIM PRESENTATION 3
Slide 4: Bouvet – We are leading the way and building the society of tomorrow
Bouvet – We are leading the way and building the society of tomorrow Largest business sectors* Split public and private customers* Presence* 1. Oil, gas and renewables 2 countries 2. Power supply 6 regions Public sector 16 offices 3. Public admin and defence 45,7 % Private sector 54,3 % 4. Service i
Slide 5: Agenda
Agenda 1. Highlights & Key figures 2. Operational review 3. Financial review 4. Outlook 5. Q&A Per Gunnar Tronsli Steffen Garder CEO CFO INTERIM PRESENTATION 5
Slide 6: Highlights & Key figures in the quarter
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 871 92 Operating EBIT, MNOK • Net growth in the number of emplo
Slide 7: Interim Presentation
INTERIM PRESENTATION7 7
Slide 8: Operational Review
aX OPERATIONAL A a REVIEW
Slide 9: People and organisation
People and organisation Number of employees end of quarter Number 2 500 2 354 employees at the end of the quarter 2 000 • Up 17 from Q2’25 1 500 2389 • 35 fewer employees (y-o-y) 2269 2354 1 000 2012 • Average number of employees in the quarter 500 down 0.8 per cent from Q3’24 0 Q3'22 Q3'23 Q3'24 Q3
Slide 10: Business sectors
Business sectors Four largest sectors Info and Other Health 1. Oil, gas and renewables communication 1,5 % 1,2 % Retail 2,7 % • Stable revenue (y-o-y) 2,3 % Industry • Represents 42.1 per cent of total revenues in Q3’25 3,0 % Transportation 3,4 % 2. Power supply Service industry • Decreased by 5.5 p
Slide 11: Customer mix
Customer mix Customer portfolio Split public and private customers Existing customers* • The 10 largest customers represent • Public sector* accounted for 45.2 • Accounted for 97.1 per cent of 68.2 per cent of total revenues – down per cent of total revenue – up from revenues in Q3’25 from 68.8 per
Slide 12: Aker BP
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
Slide 13: Asker kommune
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 involvemen
Slide 14: Western Norway Regional Health Authority
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 th
Slide 15: Artificial intelligence – Value creation and skills development
Artificial intelligence – Value creation and skills development INTERIM PRESENTATION 15
Slide 16: Financial Review
FINANCIAL ; REVIEW aN I<
Slide 17: Financial highlights Q3
Financial highlights Q3 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% • Net operating revenues decreased 0.9 per cent EBIT margin % 10.5% 11.5% -1.0pp - to NOK 870.5 million (878.5) Profit for the period MNOK 70.1 77.9 -7.8 -10.0% • EBIT of NO
Slide 18: Financial highlights YTD
Financial highlights YTD 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% • Net operating revenues increased 0.6 per cent EBIT margin % 12.7% 12.8% -0.1pp - to NOK 2 913.9 million (2 895.4) Profit for the period MNOK 286.8 287.0 -0.2 -0.1%
Slide 19: Revenue and EBIT development
Revenue and EBIT development Revenue and LTM-revenue MNOK Revenues decreased by 0.9 per cent y-o-y 1 200 Revenue LTM (right-axis) 4 500 • Revenues from own consultants increased by 0.1 per 1 000 4 000 cent to NOK 793.3 million 800 600 3 500 • Revenues from sub-contracted consultants 878 870 400 decr
Slide 20: Cash flow
Cash flow Cash flow from operations MNOK 600 Cash flow from operations 500 400 • NOK 12.1 million compared to NOK 135.5 million in 300 Q3’24 200 100 • NOK 535.1 million over the last 12 months 16 136 12 0 -117 -100 -200 Other cash flow Q3'22 Q3'23 Q3'24 Q3'25 • Cash flow from investing activities NO
Slide 21: Balance sheet
Balance sheet MNOK 30.09.2025 30.09.2025 31.12.2024 Strong financial position Non-current assets 488.4 485.6 461.9 • No drawings under established credit facilities as Current assets 1 167.0 1 194.1 1 339.0 per end of Q3’25 Total assets 1 655.4 1 679.7 1 800.8 Equity 388.0 444.1 464.8 • No interest-
Slide 22: Outlook
JeAnoq OUTLOOK
Slide 23: Outlook summary
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 INTERIM PRESENTATION 23
Slide 24: Appendix
ikl APPENDIX
Slide 25: Local presence
Local presence 47 Group services 229 Bouvet Nord 672 Bouvet Øst Bouvet Akershus, 192 Bouvet Bergen 110 Buskerud and Innlandet 921 Bouvet Rogaland 126 Bouvet Sør 57 Bouvet Sverige INTERIM PRESENTATION 25
Slide 26: Shareholders as of 07.11.2025
Shareholders as of 07.11.2025 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 (n
Slide 27: Working days per month / year
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
Slide 28: Financial calendar
Financial calendar Financial year 2025 • 13.02.2026 Quarterly Report Q4 INTERIM PRESENTATION 28