Slide 1: Interim Presentation First Quarter 2025
INTERIM PRESENTATION FIRST QUARTER 2025 21 MAY 2025 Per Gunnar Tronsli, CEO Steffen Garder, CFO
Slide 2: 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 3: Highlights & Key figures in the quarter
Highlights & Key figures in the quarter Highlights • Robust performance despite somewhat tougher market conditions • Won a new framework agreement with the Norwegian Public Roads Administration 1 075 155 Operating EBIT, MNOK revenues, MNOK • The spring edition of Bouvet One, the group’s internal pro
Slide 4: Operational Review
aX OPERATIONAL A a REVIEW
Slide 5: People and organisation
People and organisation Number of employees end of quarter Number 2 500 2 347 employees at the end of the quarter 2 000 • Down 13 from Q4’24 1 500 • 31 more employees in the past 12 months 2 316 2 347 1 000 2 111 1 879 • Average number of employees in the quarter 500 up 1.5 per cent from Q1’24 0 Q1'
Slide 6: Business sectors
Business sectors Four largest sectors Health Other 1,3 % 1,3 % Info and communication 1. Oil, gas and renewables Retail 2,1 % Industry 2,6 % • Increased by 3.6 per cent (y-o-y) 3,4 % Transportation • Represents 39.4 per cent of total revenues in Q1’25 4,4 % 2. Power supply Service industry 6,0 % Oil
Slide 7: Customer mix
Customer mix Customer portfolio Split public and private customers Existing customers* • The 10 largest customers represent 68 • Public sector accounted for 47.4 • Accounted for 97.6 per cent of per cent of total revenues – up from per cent of total revenue – up from revenues in Q1’25 66 per cent in
Slide 8: Statnett
Statnett • Statnett is the transmission system operator for the Norwegian power grid • Statnett’s mission is to safeguard power supply through monitoring, operational measures and emergency preparedness, to support the achievement of Norway’s climate objectives, and to facilitate value creation by c
Slide 9: Norwegian Command and Control Information System (NORCCIS)
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
Slide 10: Norwegian National Courts Administration
Norwegian National Courts Administration • The Norwegian National Courts Administration is an independent administrative body dedicated to safeguarding and supporting the independence of courts and judges. The National Courts Administration strives to ensure its activities consistently meet society'
Slide 11: Norwegian Directorate for Higher Education and Skills
Norwegian Directorate for Higher Education and Skills • The Norwegian Directorate for Higher Education and Skills has overall national responsibility for public administrative tasks related to higher education, higher vocational education and skills policy • A Bouvet client since 2024 • Among other
Slide 12: Documenting the quality of key processes through company certifications
Documenting the quality of key processes through company certifications Quality and safety are the foundation of our professionalism and permeate everything we do. Our certifications ensure higher quality, increased efficiency and better management of risks and opportunities. ISO 9001:2015 NS-ISO/IE
Slide 13: Financial Review
FINANCIAL ; REVIEW aN I<
Slide 14: Financial highlights
Financial highlights 1Q 2025 1Q 2024 Change % Operating revenue MNOK 1 074.7 1 015.7 59.0 5.8% EBIT MNOK 155.2 135.0 20.3 15.0% • Net operating revenues increased to NOK EBIT margin % 14.4% 13.3% 1.1pp - 1 074.7 million (1 015.7), a y-o-y growth of 5.8% Profit for the period MNOK 121.0 105.2 15.8 15
Slide 15: Revenue and EBIT development
Revenue and EBIT development Revenue and LTM-revenue MNOK Revenues increased by 5.8 per cent y-o-y 1 200 4 500 Revenue LTM (right-axis) • Revenues from own consultants increased by 6.7 1 000 4 000 per cent to NOK 972.6 million 800 600 3 500 • Revenues from sub-contracted consultants 400 811 945 1 01
Slide 16: Cash flow
Cash flow Cash flow from operations MNOK 600 500 Cash flow from operations 400 300 • NOK -34.6 million compared to NOK 63.8 million 200 in Q1’24 100 90 139 64 0 • NOK 760.7 million over the last 12 months -35 -100 -200 Q1'22 Q1'23 Q1'24 Q1'25 Other cash flow Analysis on changes in cash flow • Cash f
Slide 17: Balance sheet
Balance sheet MNOK 31.03.2025 31.03.2024 31.12.2024 Strong financial position Non-current assets 455.1 513.6 461.9 • No drawings under established credit facilities as Current assets 1 569.7 1 442.5 1 339.0 per end of Q1’25 Total assets 2 024.7 1 956.1 1 800.8 Equity 548.4 547.6 464.8 • No interest-
Slide 18: Outlook
JeAnoq OUTLOOK
Slide 19: Outlook summary
Outlook summary • A market characterised by continued strong demand in key sectors • Stronger competition and reduced demand in some segments • Clients seeking strategic partnerships • Increased demand for AI-related assignments • Low and stable turnover INTERIM PRESENTATION 22
Slide 20: Appendix
ikl APPENDIX
Slide 21: Local presence
Local presence 46 Group services 216 Bouvet Nord 693 Bouvet Øst Bouvet Akershus, 180 Bouvet Bergen 109 Buskerud and Innlandet 919 Bouvet Rogaland 130 Bouvet Sør 54 Bouvet Sverige INTERIM PRESENTATION 24
Slide 22: Shareholders as of 19.05.2025
Shareholders as of 19.05.2025 Shareholders Number of shares % of total FOLKETRYGDFONDET 8 157 144 7,86 % 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 % J.P. Morgan SE (no
Slide 23: 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 24: Financial calendar
Financial calendar Financial year 2025 • 21.05.2025 Quarterly Report Q1 • 26.08.2025 Half-year report • 11.11.2025 Quarterly Report Q3 INTERIM PRESENTATION 27