#1INTERIM PRESENTATION FOURTH QUARTER 2022 17 February 2023 Per Gunnar Tronsli, CEO Lisbeth Sneve Viker, CAO bouvet#2Highlights in the quarter Revenue MNOK Revenue and EBIT • . Operating revenues increased by 12.9 percent to NOK 834.7 million (y-o-y) EBIT increased by 12 percent to NOK 116.3 million (y-o-y) 2 041 employees Up 29 from Q3'22 An increase of 200 in the past 12 months Proposed dividend NOK 2.50 per share 800 700 600 500 400 300 200 100 0 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Number of employees 2500 2000 1500 1000 500 0 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 INTERIM PRESENTATION 2 bouvet#3OUR AMBITION We will be the most credible consultancy with the most satisfied employees and clients INTERIM PRESENTATION 3 bouvet#4OPERATIONAL REVIEW bouvet#5Public and private sector Q4'22 57.0 % 43.0% Public sector Private sector Q4'21 52.9 % 47.1 % INTERIM PRESENTATION 5 bouvet#6Business sectors Other Health Retail Industry Transportation 3.6 % 4.0 % 3.5% Service industry 4.6 % 4.7% 4.5 % 4.5% Info and communication Power supply 15.2 % 17.3 % Oil & gas 38.1 % Public admin INTERIM PRESENTATION 6 bouvet#7Norwegian Environment Agency • The Norwegian Environment . Agency (NEA) is working for a clean and diverse environment. Rovbase is a tool providing important information for the management of bears, wolverines, wolves, lynxes and golden eagles • The Deer Game Register provides an overview of cervids which have been seen and shot, and data on fallen game • The NEA has shown confidence in us since 2001 ERIM PRESENTATION#8The Norwegian Communications Authority (Nkom) • Nkom is the supervisory and administrative agency for services related to postal and electronic communication in Norway We have been selected as its strategic cloud partner: • • implement new services based on cloud technology Nkom to be data-driven, making information available for analytics and increased insight Foto: Nkom K M N K Μ Z O#9• • Vinmonopolet - the Norwegian Wine and Spirits Monopoly Vinmonopolet has a social mission in the field of alcohol policy which requires a correct and well-thought-out approach to e-commerce A high-performing e-commerce solution. keeps the company at the top of Norwegian brand ratings. Long-standing partnership with us, covering both ERP and B2C e-commerce 9 INTERIM PRESENTATION 9 bouvet#10Office of the Auditor General of Norway (Riksrevisjonen) • . The OAG checks whether government accounts are correct and whether the state is working efficiently and in accordance with decisions and regulations Collects large amounts of data from government agencies We are helping to design a new data platform in the cloud so that the OAG can work efficiently, securely and in new ways#11Glencore Nikkelverk . Glencore is one of the largest nickel producers in the western world • We are delivering several services to move the company's operations forward, with ambitious targets for: . digitalisation and organisation development • enterprise architecture • change management • cloud implementation . platform, insights and analytics • systems integration • information security NIKKELVERK A GLENCORE COMPANY Foto: Glencore bouvet#12The four largest sectors Oil & gas Increased by 38.8 percent (y-o-y) • Represents 38.1 percent of total revenues in Q4'22 Public admin • • Decreased by 4.4 percent (y-o-y) Represents 17.3 percent of total revenues in Q4'22 Power supply • Increased by 12.9 percent (y-o-y) ConocoPhillips Statnett AkerBP wintershall dea IMDi GASSCO Integrerings- og mangfoldedirektoratet m FAGFORBUNDET dsb KYSTVERKET Arbeidstilsynet Statkraft agder energi Direktoratet for. Bemfunnsakerhat og beredskap O Digdir U Utdannings- direktoratet MILIO- DIREKTORATET BERGEN KOMMUNE BKK NEPTUNE ENERGY Locus REPSOL Lyse MAKES MOBILITY EASY NOOVA LAKEM DUCTS ARKET AGENCY aibel • Represents 15.2 percent of total revenues in Q4'22 Hafslund Lundin Petroleum SVENSKA KRAFTNÄT !!! Fjordkraft equinor 長 NVE Skagerak Energi Metier OEC POLITIET TOTAL DNV Service industry • • Increased by 25.6 percent (y-o-y) Represents 4.7 percent of total revenues in Q4'22 Forsvaret Trøndelag fylkeskommune Trööndelagen fylhkentjielte Skatteetaten Stockholms stad DDD FAGFORBUNDET IFE Statsforvalterens fellestjenester DOMSTOL ADMINISTRASJONEN VIKING Statens vegvesen INTERIM PRESENTATION 12 bouvet#13Customer mix Customer portfolio • The 10 largest customers represent 59.6 percent of total revenues - up from 52.4 percent in Q4'21 The 20 largest customers represent 69.3 percent of total revenues - up from 60.5 percent in Q4'21 10 largest customers share of revenues Percentage 60% 50% 40% 30% 20% 10% 0% Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 INTERIM PRESENTATION 13 bouvet#14Customer development Existing customers* Revenue customer split MNOK • Accounted for 96.3 percent of revenues in Q4'22 900 Existing customers* New customers (LTM)** 800 New customers** 700 • Customers won over the past year generated revenues of NOK 31 million in Q4'22 600 500 400 300 200 100 * Existing customers defined as customers that were invoiced in the corresponding quarter last year ** New customers defined as customers won since end of corresponding quarter last year 0 Q4'21 Q4'22 INTERIM PRESENTATION 14 bouvet#15Strong and continuing customer satisfaction 84 81 82 LONG-TERM PARTNER DELIVERABILITY RELEVANT EXPERTISE INTERIM PRESENTATION 15 bouvet#16Local presence 168 Bouvet Bergen 742 Bouvet Rogaland O 201 Bouvet Nord 674 Bouvet Øst 33 Sesam 36 Group services 112 Bouvet Sør 75 Bouvet Sverige INTERIM PRESENTATION 16 bouvet#17POLITIET POLITIETS IKT-TJENESTER Smidig coacher for å følge opp det første produktteam og det første produktområdet POD PD New record for our training business PIT POD Elermate Kripos Øko- krim PIT 8 Produktteam Innloggede tjenester på politiet.no . Produktområde Fra hendelse til avgjort sak 07.12.2022 90% of courses take place in our facilities Our employees develop experience-based courses Expertise-sharing at breakfast meetings together with our customers INTERIM PRESENTATION 17 bouvet#18Employee's annual report . Each Bouveteer once again received this slightly different annual report at home for Christmas, with stories from 2022 told by our employees themselves The report is also provided to students and potential new employees to give them an insight into our culture It is available digitally at bouvet.no G bouvet i denne rapporten får du et innblikk i hvordan det har vært & jobbe i Bouvet det siste året Rapporten er laget av og for de ansatte i Bouvet Her deler vi stort og smátt, fagg og sostat Bli kjent med Bouvetfolk med annen kompetanse Våre opp- og nedturer fra 2022 Nye kolleger på nye kontorer Bouvetlivet utenfor jobb Bedragersyndromet-du er ikke alene INTERIM PRESENTATION 18 2202 Miranda apport 240 00 bouvet bouvet#19Enthusiastic and highly competent employees Number of employees end of quarter 2 041 employees at the end of the quarter . Up 29 from Q3'22 • 200 more employees in the past 12 months . Average number of employees in the quarter up 10.7 percent from Q4'21 2500 2000 1500 1000 500 0 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Annual growth in number of employees 250 200 150 100 50 0 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 INTERIM PRESENTATION 19 bouvet#20High level of employee satisfaction 78 85 JOB SATISFACTION LOYALTY INTERIM PRESENTATION 20 bouvet#21FINANCIAL REVIEW bouvet#22Key figures Three months ending Twelve months ending 31.12.2021 MNOK Operating revenue Operating profit (EBIT) 31.12.2022 31.12.2021 Change 31.12.2022 Change 834.7 739.6 12.9 % 3 085.5 2 695.1 14.5 % 116.3 103.9 12.0% 401.7 340.1 18.1 % EBIT margin 13.9 % 14.0 % 13.0 % 12.6 % Ordinary profit before tax 117.0 102.9 13.7 % 401.0 335.1 19.7 % Profit for the period 94.3 85.8 9.9 % 316.3 265.9 19.0 % EPS (fully diluted) 0.89 0.82 9.1 % 3.00 2.55 17.7 % Net cash flow operations 178.4 201.6 -11.5 % 321.3 294.1 9.2 % Equity ratio Liquid assets 31.6 % 33.0 % 31.6 % 33.0 % 443.4 541.2 -18.1 % 443.4 541.2 -18.1 % Number of employees (end of period) 2 041 1 841 10.9 % 2 041 1 841 10.9 % Number of employees (average) 2 040 1 842 10.7 % 1 948 1 761 10.6 % INTERIM PRESENTATION 22 bouvet#23Revenue Revenues increased by 12.9 percent y-o-y Revenue split (quarterly figures) MNOK Own consultants Sub-contracted consultants Other . Revenues from own consultants increased by 16.9 percent to NOK 742.7 million 1000 800 600 400 Revenues from sub-contracted consultants 200 0 increased by 8.9 percent to NOK 88.5 million Q4'18 miiniliil Q4'19 Q4'20 Q4'21 Revenue split (12 months rolling average) Q4'22 • Other revenues of NOK 3.4 million, influenced by new clarification in IFRS 15 MNOK Own consultants Sub-contracted consultants 4000 Other 3000 2000 1000 0 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 INTERIM PRESENTATION 23 bouvet#24Revenues from own consultants Increased 16.9 percent y-o-y • • Positive impact from 10.7 percent increase in average number of employees Positive impact from 6.4 percent increase in price for group hourly services Negative impact from decrease in billing ratio by 0.7 percentage points 64 workdays in Q4'22 - equal to Q4'21 Revenue per employee (quarterly figures) TNOK 400 300 200 100 0 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Revenue per employee (LTM) TNOK 1350 1300 1250 1200 1150 1100 1050 1000 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 INTERIM PRESENTATION 24 bouvet#25Analysis of change in revenues y-o-y Revenue MNOK 80 60 40 20 0 -20 71.6 42.8 7.2 -1.3 -5.7 -19.6 -40 No. of employees Hourly rate Sub-contractors Other effects Billing ratio Other income INTERIM PRESENTATION 25 bouvet#26Earnings • • . Operating profit (EBIT) increased by 12 percent to NOK 116.3 million EBIT margin of 13.9 percent compared to 14 percent in Q4'21 Operating expenses increased by 13 percent y-o-y General growth in pay rate 3.4 percent y-o-y EBIT and EBIT margin 100 MNOK and Percent 150 EBIT EBIT margin 16% 14% 12% 10% 8% 6% 4% 2% 0% Q4'20 Q4'21 Q4'22 50 0 Q4'18 Q4'19 EBIT and EBIT margin (LTM) MNOK and Percent 450 EBIT EBIT margin 14% 400 12% 350 300 10% 250 8% 200 150 100 50 2% 0 do olo olo olo 6% 4% 0% Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 INTERIM PRESENTATION 26 bouvet#27Other operating expenses Increased 45.1 percent y-o-y • Travel, courses, recruitments and social events increased by 57.6 percent to NOK 33.5 million Other costs increased by 37.1 percent to NOK 45.2 million Other OpEx split (quarterly figures) MNOK 100 80 60 40 20 Travel, courses, recruitments and social events Other -- 0 Q4'19 Q4'20 Other OpEx split (LTM) Q4'21 Q4'22 MNOK 300 Travel, courses, recruitments and social events Other 250 200 150 100 50 0 Q4'19 Q4'20 Q4'21 Q4'22 INTERIM PRESENTATION 27 bouvet#28Change in revenues - effect on EBIT MNOK 35 GNN w w 15 10 25 20 30 21.3 31.7 ■Effect on EBIT 5 0.7 0 -5 -10 -2.5 -4.2 -8.6 -15 No. of employees Hourly rate Sub-contractors Other effects Billing ratio Other income INTERIM PRESENTATION 28 bouvet#29Cash flow Cash flow from operations Cash flow from operations (per quarter) MNOK 250 • NOK 178.4 million in Q4'22 compared to NOK 201.6 million in Q4'21 200 150 100 50 0 Cash flow last 12 months • Operational cash flow over the last 12 months was NOK 321.3 million Cash flow from investing activities L......... Q4'18 Q4'19 Q4'20 Cash flow from operations (LTM) MNOK 600 Q4'21 Q4'22 400 • Negative NOK 7.8 million compared to negative NOK 8.3 million in Q4'21 200 0 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 INTERIM PRESENTATION 29 bouvet#30L OUTLOOK bouvet#31Outlook summary . Main drivers for digitalisation • Energy transformation Security situation Data-driven transformation Demographic change Increased demand for services in: Security Low-code Change management Uncertainty over the economic situation • Social tax ER LITT ER OM INTERIM PRESENTATION 31 bouvet#32APPENDIX Interim presentation Fourth quarter 2022 bouvet#33Shareholders as of 17.02.2023 Shareholders FOLKETRYGDFONDET VARNER KAPITAL AS VERDIPAPIRFOND ODIN NORDEN STENSHAGEN INVEST AS The Bank of New York Mellon (nominee acc.) SVERRE FINN HURUM MP PENSJON PK VERDIPAPIRFONDET NORDEA AVKASTNING VEVLEN GÅRD AS CLEARSTREAM BANKING S.A. (nominee acc.) ERIK STUBØ Number of shares % of total 7 063 678 6.81 % 6 051 000 5.83 % 5 807 586 5.59 % 5 366 990 5.17 % 4 574 063 4.41 % 3 579 060 3.45 % 2 650 820 2.55 % 2 411 393 2.32 % 1 828 020 1.76 % 1 427 763 1.38 % 1 407 500 1.36 % UBS Switzerland AG (nominee acc.) 1 281 346 1.23 % VERDIPAPIRFONDET NORDEA NORGE PLUS 1 275 429 1.23 % VERDIPAPIRFOND ODIN NORGE 1 270 570 1.22 % The Bank of New York Mellon SA/NV (nominee acc.) 1 250 000 1.20 % VERDIPAPIRFONDET NORDEA KAPITAL 1 213 587 1.17 % MUSTAD INDUSTRIER AS The Bank of New York Mellon (nominee acc.) VERDIPAPIRFONDET FIRST VERITAS State Street Bank and Trust Comp (nominee acc.) Number of shares held by the 20 largest shareholders 52 910 036 50.97% 1 176 000 1.13 % 1 108 995 1.07 % 1 088 141 1.05 % 1 078 095 1.04 % INTERIM PRESENTATION 33 bouvet