Bouvet Asa · OSL:BOUV
Bouvet Asa — Q4 2025 Earnings Presentation
29 slides from Bouvet Asa's earnings presentation, Feb 13, 2026
Slide 1: Interim Presentation Fourth Quarter 2025
INTERIM PRESENTATION FOURTH QUARTER 2025 13 FEBRUARY 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 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 • Earned and renewed trust from, among others, the Office of the Auditor General of Norway, AkerBP, Equinor, and the Norwegian Labour Inspection Authority • This year's employee survey shows that our staff are highly satisfied, with both strong enth
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 2 367 employees at the end of the quarter 2 000 • Up 13 from Q3’25 1 500 2360 2367 • 7 more employees (y-o-y) 2311 1 000 2041 • Average number of employees in the quarter 500 in line with Q4’24 0 Q4'22 Q4'23 Q4'24 Q4'25 Growth (
Slide 9: Business sectors
Business sectors Four largest sectors Info and Other Health communication 1,8 % 1,2 % Retail 2,6 % 1. Oil, gas and renewables 2,4 % Industry • Decreased by 2.2 per cent (y-o-y) 2,8 % Transportation • Represents 40 per cent of total revenues in Q4’25 3,4 % Service industry 2. Public admin and defence
Slide 10: Customer mix
Customer mix Customer portfolio Split public and private customers Existing customers* • The 10 largest customers represent • Public sector* accounted for 46.8 • Accounted for 96.3 per cent of 65.8 per cent of total revenues – down per cent of total revenue – up from revenues in Q4’25 from 67.6 per
Slide 11: Office of the Auditor General of Norway (Riksrevisjonen)
Office of the Auditor General of Norway (Riksrevisjonen) • New framework agreement for consultancy services in cloud and information platform • The Office of the Auditor General of Norway checks whether government accounts are correct and whether the state is working efficiently and in accordance wi
Slide 12: Digdir – Designsystemet
Digdir – Designsystemet • Digdir works to make your digital everyday life easier. Their social mission is to ensure that digitalization contributes to an efficient and well-coordinated public sector • The background for Designsystemet was a lack of consistency and universal design in public digital
Slide 13: Safer workplace with AI agents for Stangeland Maskin
Safer workplace with AI agents for Stangeland Maskin • Stangeland Maskin is a leading Norwegian contractor • Wanted more efficient and targeted follow-up on HSE work • Bouvet has further developed and operated the company’s data platform in Microsoft Fabric, and integrated AI agents into HSE process
Slide 14: NIS2-ready with Bouvet
NIS2-ready with Bouvet • The NIS2 Directive (Network and Information Security Directive) is the EU's most comprehensive set of cybersecurity regulations • Bouvet has a strong professional community of NIS2 certified consultants, security experts and change managers • Bouvet has developed a NIS2 serv
Slide 15: A strong year for Bouvet's training business
A strong year for Bouvet’s training business • Bouvet’s training business are experiencing a continued and growing demand in the market for competence development • 426 courses and 6 240 participants • 45 breakfast meetings with over 4 000 participants • Especially high demand within: • Product mana
Slide 16: High level of employee and customer satisfaction
High level of employee and customer satisfaction 77 JOB 83 83 CUSTOMER SATISFACTION LOYALTY SATISFACTION INTERIM PRESENTATION 16
Slide 17: Financial Review
FINANCIAL ; REVIEW aN I<
Slide 18: Financial highlights Q4
Financial highlights Q4 Q4 2025 Q4 2024 Change % Operating revenue MNOK 998.4 1 026.0 -27.5 -2.7% EBIT MNOK 103.4 118.9 -15.5 -13.1% • Net operating revenues decreased 2.7 per cent EBIT margin % 10.4% 11.6% -1.2pp - to NOK 998.4 million (1 206) Profit for the period MNOK 71.9 96.4 -24.6 -25.5% • EBI
Slide 19: Financial highlights YTD
Financial highlights YTD YTD 2025 YTD 2024 Change % Operating revenue MNOK 3 912.3 3 921.4 -9.1 -0.2% EBIT MNOK 473.4 490.4 -16.9 -3.5% • Net operating revenues decreased 0.2 per cent EBIT margin % 12.1% 12.5% -0.4pp - to NOK 3 912.3 million (3 921.4) Profit for the period MNOK 358.7 383.4 -24.8 -6.
Slide 20: Revenue and EBIT development
Revenue and EBIT development Revenue and LTM-revenue MNOK Revenues decreased by NOK 27.5 million y-o-y 1 200 Revenue LTM (right-axis) 4 500 • Revenues from own consultants decreased by 1.8 1 000 per cent to NOK 911.3 million 800 4 000 • Revenues from sub-contracted consultants 600 1 026 3 500 decrea
Slide 21: Cash flow
Cash flow Cash flow from operations MNOK 600 Cash flow from operations 500 400 • NOK 363.4 million compared to NOK 539.1 million 300 in Q4’24 200 539 381 363 100 • NOK 347.1 million over the last 12 months 178 0 -100 -200 Other cash flow Q4'22 Q4'23 Q4'24 Q4'25 • Cash flow from investing activities
Slide 22: Balance sheet
Balance sheet MNOK 31.12.2025 31.12.2024 Strong financial position Non-current assets 467.6 461.9 • No drawings under established credit facilities as Current assets 1 261.3 1 339.0 per end of Q4’25 Total assets 1 728.8 1 800.8 Equity 424.0 464.8 • No interest-bearing debt Long-term debt 256.8 248.4
Slide 23: Outlook
JeAnoq OUTLOOK
Slide 24: Outlook summary
Outlook summary • Still some headwind in the market • Rapid technological developments and 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 • Improved access to
Slide 25: Appendix
ikl APPENDIX
Slide 26: Local presence
Local presence 48 Group services 230 Bouvet Nord 677 Bouvet Øst Bouvet Akershus, 195 Bouvet Bergen 109 Buskerud and Innlandet 927 Bouvet Rogaland 122 Bouvet Sør 59 Bouvet Sverige INTERIM PRESENTATION 26
Slide 27: Shareholders as of 11.02.2026
Shareholders as of 11.02.2026 Shareholders Number of shares % of total FOLKETRYGDFONDET 7 409 999 7,14 % 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 4 295 000 4,14 % J.P. Morgan SE (nominee acc.)
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 • 13.05.2026 Quarterly Report Q1 • 19.08.2026 Half-year • 04.11.2026 Quarterly Report Q3 • 13.05.2026 Annual General Meeting INTERIM PRESENTATION 29