Bouvet Asa · OSL:BOUV
Bouvet Asa — Q2 2025 Earnings Presentation
28 slides from Bouvet Asa's earnings presentation, Aug 26, 2025
Slide 1: Interim Presentation Second Quarter 2025
INTERIM PRESENTATION SECOND QUARTER 2025 26 AUGUST 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* 1. Oil, gas and renewables 2. Power supply Public sector 3. Public admin and defence 45,7 % Private sector 54,3 % 4. Service industry Revenue NOKbn & EBIT% Presence* 13,
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 • Robust performance and continued strong demand in key sectors • Signed new long-term agreements with important clients like Equinor, the Norwegian Tax Administration, 969 123 Operating EBIT, MNOK BaneNOR, AkerBP, Statnett and Fifty revenues, MNOK
Slide 7: Summer student placements – an important tradition at Bouvet
Summer student placements – an important tradition at Bouvet • Students gain experience by designing and developing client solutions under the inspiring guidance of experienced Bouvet employees • This year’s summer students have worked at Bane NOR, Lyse, Stavanger University Hospital, Haugland Kraft
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 2 337 employees at the end of the quarter 2 000 • Down 10 from Q1’25 1 500 • 6 more employees (y-o-y) 2 331 2 337 2 159 1 000 1 912 • Average number of employees in the quarter 500 up 0.6 per cent from Q2’24 0 Q2'22 Q2'23 Q2'24
Slide 10: Business sectors
Business sectors Four largest sectors Info and Health Other 1. Oil, gas and renewables communication 1,3 % 1,3 % Retail 2,7 % • Decreased by 4 per cent (y-o-y) 2,4 % Industry • Represents 39.2 per cent of total revenues in Q2’25 3,3 % Transportation 4,4 % 2. Power supply Service industry • Decreased
Slide 11: Customer mix
Customer mix Customer portfolio Split public and private customers Existing customers* • The 10 largest customers represent • Public sector* accounted for 47 • Accounted for 96.7 per cent of 67.2 per cent of total revenues – up per cent of total revenue – up from revenues in Q2’25 from 66.1 per cent
Slide 12: Equinor
Equinor • Equinor is an international energy company committed to long-term value creation in a low- carbon 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, includi
Slide 13: The Norwegian Tax Administration
The Norwegian Tax Administration • The Norwegian Tax Administration is subordinate to the Ministry of Finance, and is responsible for ensuring that direct and indirect taxes are properly assessed and paid • Bouvet has been selected as a supplier under a new framework agreement with the Norwegian Tax
Slide 14: Yara
Yara • Yara was founded in 1905 and is now a leading global fertiliser company and the world’s largest distributor of ammonia. Yara has 18 000 employees in more than 60 countries • Yara’s Herøya plant is part of Yara International, and is Europe’s largest manufacturer of nitrogen-based fertiliser pr
Slide 15: KS-digital
KS-digital • KS Digital is mandated to help accelerate digitalisation among Norwegian municipalities and county municipalities. The aim is to support the development of efficient, equitable and user-oriented digital services for citizens • KS Digital is a private limited liability company wholly own
Slide 16: Artificial intelligence – Value creation and skills development
Artificial intelligence – Value creation and skills development INTERIM PRESENTATION 16
Slide 17: Financial Review
FINANCIAL ; REVIEW aN I<
Slide 18: Financial highlights
Financial highlights 2Q 2025 2Q 2024 Change % Operating revenue MNOK 968.7 1 001.2 -32.5 -3.2% EBIT MNOK 123.2 135.6 -12.3 -9.1% • Net operating revenues decreased 3.2 per cent EBIT margin % 12.7% 13.5% -0.8pp - to NOK 968.7 million (1 001.2) Profit for the period MNOK 95.7 104.0 -8.3 -7.9% • EBIT o
Slide 19: Revenue and EBIT development
Revenue and EBIT development Revenue and LTM-revenue MNOK Revenues decreased by 3.2 per cent y-o-y 1 200 4 500 Revenue LTM (right-axis) • Revenues from own consultants decreased by 2.7 1 000 4 000 per cent to NOK 874.5 million 800 600 3 500 • Revenues from sub-contracted consultants 400 833 1 001 96
Slide 20: Cash flow
Cash flow Cash flow from operations MNOK 600 500 Cash flow from operations 400 • NOK 6.1 million compared to NOK 99.9 million in 300 Q2’24 200 100 37 • NOK 658.5 million over the last 12 months 0 124 100 6 -100 -200 Q2'22 Q2'23 Q2'24 Q2'25 Other cash flow • Cash flow from investing activities NOK -5
Slide 21: Balance sheet
Balance sheet MNOK 30.06.2025 30.06.2025 31.12.2024 Strong financial position Non-current assets 505.5 508.6 461.9 • No drawings under established credit facilities as Current assets 1 164.0 1 211.3 1 339.0 per end of Q2’25 Total assets 1 669.5 1 719.9 1 800.8 Equity 311.9 360.4 464.8 • No interest-
Slide 22: Outlook
JeAnoq OUTLOOK
Slide 23: Outlook summary
Outlook summary • A market characterised by high activity in key sectors • Clients seeking strategic partnerships • Still strong demand for cross functional team • Increasing demand for AI-related assignments • Strong competition INTERIM PRESENTATION 23
Slide 24: Appendix
ikl APPENDIX
Slide 25: Local presence
Local presence 45 Group services 226 Bouvet Nord 681 Bouvet Øst Bouvet Akershus, 176 Bouvet Bergen 110 Buskerud and Innlandet 917 Bouvet Rogaland 126 Bouvet Sør 56 Bouvet Sverige INTERIM PRESENTATION 25
Slide 26: Shareholders as of 22.08.2025
Shareholders as of 22.08.2025 Shareholders Number of shares % of total FOLKETRYGDFONDET 8 093 324 7,80 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % STENSHAGEN INVEST AS 5 366 990 5,17 % VARNER KAPITAL AS 4 513 000 4,35 % The Bank of New York Mellon (nominee acc.) 3 791 048 3,65 % VERDIPAPIRFONDET F
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 • 26.08.2025 Half-year report • 11.11.2025 Quarterly Report Q3 INTERIM PRESENTATION 28