Bouvet Asa · OSL:BOUV
Bouvet Asa — Q2 2026 Earnings Presentation
29 slides from Bouvet Asa's earnings presentation, Aug 19, 2026
Slide 1: Interim presentation Second quarter 2026
Interim presentation SECOND quarter 2026 19 AUGUST 2026 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 7 regions Public sector 15 offices 3. Public admin and defence 46,7 % Private sector 53,3 % 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 • New agreements with the Norwegian Mapping Authority and Barentswatch • Expansion through new offices in Ålesund and Kongsberg 975 122 Key figures Operating EBIT, MNOK revenues, MNOK • Operating revenues NOK 975.0 million (968.7) • EBIT NOK 122.3 m
Slide 7: Operational review
aX OPERATIONAL A a REVIEW
Slide 8: People and organisation
People and organisation Number of employees end of quarter Number 2 500 2 403 employees at the end of the quarter 2 400 • Up 12 from Q1’26 2 300 2 200 • 66 more employees (y-o-y) 2331 2337 2403 2 100 • Average number of employees up by 2.5 per 2159 2 000 cent from Q2’25 1 900 Q2'23 Q2'24 Q2'25 Q2'26
Slide 9: Business sectors
Business sectors Retail Four largest sectors Info and communication 2,6 % Health 1,0 % 1. Oil, gas and renewables Other 3,1 % 3,2 % Industry • Increased by 7.8 per cent (y-o-y) 3,3 % • Represents 41.2 per cent of total revenues in Q2’26 Transportation 4,4 % Service industry 2. Public admin and defen
Slide 10: Customer mix
Customer mix Customer portfolio Split public and private customers Existing customers* • The 10 largest customers represent • Public sector* accounted for 44.0 • Accounted for 95.3 per cent of 63.0 per cent of total revenues – down per cent of total revenue – down revenues in Q2’26 from 67.2 per cen
Slide 11: Norwegian Mapping Authority
Norwegian Mapping Authority • The Norwegian Mapping Authority has national responsibility for geographical information, operates the national property register and registers real estate and shares in housing cooperatives • Awarded a new framework agreement with a duration of up to eight years • Bouv
Slide 12: Barentswatch
Barentswatch • Barentswatch is a public joint initiative under the Norwegian Coastal Administration which uses data sharing and inter-agency coordination to develop user-friendly services and systems relating to the sea and coast • Bouvet has been awarded a long-term contract for the further develop
Slide 13: 30 years on the road with Viking
30 years on the road with Viking • Viking was founded in 1956 with a clear and specific purpose: to help motorists in distress • Today, Viking is much more than just a breakdown service. It is a digital hub within a vast ecosystem of organisations that provide mobility, safety and assistance • Vikin
Slide 14: New offices in Ålesund and Kongsberg
New offices in Ålesund and Kongsberg • Strategically important locations for Bouvet • Brings the company closer to leading companies and key clients • Home to some of Norway’s most dynamic technology environments, with leading organisations operating in defence, industry, maritime technology, seafoo
Slide 15: Interim presentation
INTERIM PRESENTATION 15
Slide 16: Documenting the quality of key processes through company certifications
Documenting the quality of key processes through company certifications ISO/IEC 27001:2023 ISO 9001:2015 Information security Quality management ISO/IEC 42001:2023 ISO 14001:2015 NS-ISO/IEC 45001:2023 Artificial Intelligence Environmental management Occupational health and safety INTERIM PRESENTATIO
Slide 17: Financial review
FINANCIAL ; REVIEW aN I<
Slide 18: Financial highlights Q2
Financial highlights Q2 Q2 2026 Q2 2025 Change % Operating revenue MNOK 975.0 968.7 6.3 0.6% EBIT MNOK 122.3 123.2 -0.9 -0.8% • Net operating revenues NOK 975.0 million EBIT margin % 12.5% 12.7% -0.2pp - (968.7), up 0.6 per cent Profit for the period MNOK 92.9 95.7 -2.8 -3.0% • EBIT NOK 122.3 millio
Slide 19: Financial highlights YTD
Financial highlights YTD YTD 2026 YTD 2025 Change % Operating revenue MNOK 2 012.0 2 043.4 -31.4 -1.5% EBIT MNOK 249.3 278.5 -29.1 -10.5% • Net operating revenues NOK 2 012.0 million EBIT margin % 12.4% 13.6% -1.2pp - (2 043.4), down 1.5 per cent Profit for the period MNOK 190.1 216.7 -26.6 -12.3% •
Slide 20: Revenue and EBIT development
Revenue and EBIT development Revenue and LTM-revenue MNOK Revenues increased by NOK 6.3 million y-o-y 1 200 4 500 Revenue LTM (right-axis) • Revenues from own consultants increased by 3.8 1 000 4 000 per cent to NOK 907.5 million 800 600 3 500 • Revenues from sub-contracted consultants 400 833 1 001
Slide 21: Cash flow
Cash flow Cash flow from operations MNOK 600 Cash flow from operations 500 400 • NOK -54.6 million compared to NOK 6.1 million in 300 Q2’25 200 124 100 • Employees' payroll tax withholdings now paid monthly to the 100 6 Norwegian Tax Administration 0 -100 -55 • NOK 272.4 million over the last 12 mon
Slide 22: Balance sheet
Balance sheet MNOK 30.06.2026 30.06.2025 Strong financial position Non-current assets 447.6 505.5 • No drawings under established credit facilities as Current assets 962.0 1 164.0 per end of Q2’26 Total assets 1 409.6 1 669.5 Equity 268.8 311.9 • No interest-bearing debt Long-term debt 247.4 283.6 •
Slide 23: Outlook
JeAnoq OUTLOOK
Slide 24: Outlook summary
Outlook summary • Increased activity and more inquiries • Continuously increasing demand for AI • Strong focus on business value, delivery quality and security at all levels • Focus on developing competence and services in line with market needs • Continued strong competition • Improved access to ex
Slide 25: Appendix
ike APPENDIX
Slide 26: Local presence
Local presence 49 Group services 238 Bouvet Nord 683 Bouvet Øst 197 Bouvet Bergen 189 Bouvet Sør-Øst 937 Bouvet Rogaland 49 Bouvet Sør 61 Bouvet Sverige INTERIM PRESENTATION 26
Slide 27: Shareholders as of 17.08.2026
Shareholders as of 17.08.2026 Shareholders Number of shares % of total FOLKETRYGDFONDET 6 494 885 6,26 % VERDIPAPIRFOND ODIN NORDEN 5 807 586 5,59 % STENSHAGEN INVEST AS 5 366 990 5,17 % VERDIPAPIRFONDET FIRST VERITAS 3 775 000 3,64 % J.P. Morgan SE (nominee acc.) 3 571 062 3,44 % VERDIPAPIRFONDET H
Slide 28: Working days per month / year
Working days per month / year 2026 2025 2024 2023 2022 2021 Jan 21 22 22 22 21 20 Feb 20 20 21 20 20 20 Mar 22 21 19 23 23 23 Apr 19 19 21 17 18 19 May 18 20 19 19 20 18 Jun 22 20 20 22 21 22 Jul 23 23 23 21 21 22 Aug 21 21 22 23 23 22 Sep 22 22 21 21 22 22 Oct 22 23 23 22 21 21 Nov 21 20 21 22 22 2
Slide 29: Financial calendar
Financial calendar Financial year 2026 • 04.11.2026 Quarterly Report Q3 INTERIM PRESENTATION 29