Bouvet (BOUV) investor relations material

Executive summary

• Strong profitability achieved despite a 3.5% revenue decline year-over-year, with robust workforce growth and new contracts secured in both public and private sectors.

• Earned and renewed trust from major clients including Norwegian Coastal Administration, Stavanger Municipality, Nye Veier, and Aker BP.

• Strategic focus on digitalisation, AI integration, and security continues to drive value for clients.

• Market conditions were more challenging, but activity and enquiry inflow increased as the quarter progressed.

• Increased hiring activity with headcount up by 44 year-over-year, reaching 2,391 employees.

Financial highlights

• Operating revenues were NOK 1,037.0 million, down 3.5% year-over-year from NOK 1,074.7 million.

• EBIT was NOK 127.0 million, with a margin of 12.3%, down from 14.4% in Q1'25.

• Profit for the period was NOK 97.2 million, a 19.6% decrease year-over-year.

• EPS (fully diluted) was NOK 0.93, down from NOK 1.16 in Q1'25.

• Cash flow from operations was NOK -48.5 million, reflecting normal seasonal variations.

Segment performance

• Oil, gas, and renewables accounted for 40.9% of revenue, up 1.9% year-over-year.

• Public administration and defence made up 20.1% of revenue, increasing 3.8% year-over-year.

• Power supply contributed 16.3% of revenue, declining 20% year-over-year.

• Service industry grew 33.9% year-over-year, accounting for 5.8% of revenues.

• 44.9% of revenue came from public sector clients, 55.1% from private sector.