#1bouvet Interim presentation Second quarter 2021 25 August 2021 Per Gunnar Tronsli, CEO Trude Hole, CFO#2● Highlights in the quarter Revenue and EBIT Operating revenues increased by 13.4 percent to NOK 676 million (y-o-y) ⚫ EBIT decreased by 1.6 percent to NOK 83.8 million (y-o-y) 1748 employees Up 64 from Q1'21 Revenue and number of employees MNOK and number 800 700 600 500 400 300 200 100 0 Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 2000 1500 An increase of 154 in the past 12 months 1000 500 0 Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 2 bouvet#3Bouvet's vision We lead the way and build tomorrow's society 3 bouvet#4Long-term goals Client-oriented and Best workplace long-term relations Successful business 4 bouvet#5Operational Review bouvet#6Public and private sector Q2'21 Q2'20 47.0 % 48.8 % 51.2 % 53.0 % ■ Public sector ■ Private sector bouvet#7Business sectors Q2 2021 Other Bank & finance Retail Transportation 1.7 % 4.1% 2.1% Power supply 5.0 % Service industry 17.2% 5.2% Oil & gas 28.9 % 23.4% Public admin Health 3.0% 3.9 % Industry 5.5% Info and communication 7 bouvet#8MED.hjelper - service innovation in the health sector MED.hjelper Hva er kliniske studier Hvordan bli med Hvordan finne kliniske studier Aktuel MED.hjelper - viser vei til utprøvende behandling MED.hjelper ønsker å være en støttespiller og brobygger som informerer om kliniske studier og mulighetene for å delta i utprøvende behandling. Vårt mål er å gi håp til enkeltmennesker, og bidra til at vi finner stadig bedre måter å behandle sykdom på. MED.hjelper er et uavhengig samarbeidsprosjekt som ønsker å gi pasienter i Norge like muligheter til å bli vurdert for deltakelse i kliniske studier. NORWAY NORWEGIAN MINISTRIES NORGE DEPARTEMENTENE Bent Høie Les mer om kliniske studier > Helse- og omsorgsminister NORWEGIAN MINISTRIES DEPARTEMENTENE NORGA DEPARTEMEANITAT NORGE DEPARTEMENTENE Source: medhjelper.com 00 bouvet#9BarentsWatch provides services for Norwegian coastal and marine areas • • • • BarentsWatch collects, develops and shares information about Norwegian coastal and marine areas. BarentsWatch services: • • . . • ArcticInfo for seafarers in the far north, from Svalbard to Greenland wave warnings for passenger ships and leisure craft sustainability in aquaculture, with facts on salmon farming and the environment, economics and society FiskInfo for commercial fishermen fish health for aquaculture and public administration. Bouvet provides a multidisciplinary team covering design, development, security, operation, process and project management. Bouvet's contract has been renewed for a further four years. AN Helgiustadays Fray bouvet#10Bouvet is helping Equinor to redefine operations and maintenance (O&M) for its accelerated growth in offshore wind power, including the world's largest offshore wind farms. - The ambition is to significantly "move the needle" in O&M excellence efficient and effective operations focusing on day-to-day revenue, long turbine lifetimes and safety. 10 bouvet#11Carbon capture in Grenland - Norway's biggest climate measure • . • Bouvet is the digitalisation partner for an industrial project which aims to capture 1.2 million tonnes of CO2 annually from industry in the Grenland region Front-end study project to prepare the ground for Norway's largest climate measure Bouvet's contribution involves developing management, maintenance and digital production systems • The first CCS project in Norway, which has a strong digital side bouvet#12Bouvet training • · Customer-specific training accounted for 40% of course revenue Particular demand for: • • • • introductory programmes covering flexible methodologies for large organisations methodologies for innovation and development of services design thinking - for innovation and thinking along new lines in the public sector digital leadership - leadership in a new era courses which explain how Teams and Office 365 can make the working day easier and more efficient. • More than 3 000 participants in webinars and breakfast seminars 12#13ConocoPhillips KYSTVERKET Statnett The four largest sectors Direktoratet for økonomistyring Oil & gas • Increased by 22.6 percent (y-o-y) Represents 29 percent of total revenues in Q2'21 Public admin Increased by 1.7 percent (y-o-y) Represents 23.4 percent of total revenues in Q2'21 Power supply . Increased by 25.1 percent (y-o-y) Represents 17.2 percent of total revenues in Q2'21 Info and communication • Increased by 15.2 percent (y-o-y) Represents 5.5 percent of total revenues in Q2'21 Statkraft Lyse Arbeidstilsynet Folkhälsomyndigheten *dsb Direktoratet for samfunnssikkerhet og beredskap O Digdir ENTUR CAPPELEN DAMM REPSOL aibel OMV norgesenergi COGNITE easeeⓇ Forsvaret Skatteetaten Trøndelag fylkeskommune Trööndelagen fylhkentjielte AkerBP GASSCO VBKK wintershall dea BERGEN KOMMUNE NEPTUNE ENERGY Utdannings- direktoratet agder energi Hafslund Telia MILJØ DIREKTORATET equinor Skagerak Energi POLITIET LÄKEMEDELSVERKET MEDICAL PRODUCTS AGENCY www © eSmart SYSTEMS Lundin Petroleum SVENSKA KRAFTNÄT TOTAL NVE DOMSTOL ADMINISTRASJONEN RVF KAEFER ENERGY Statens vegvesen bouvet#14Customer and project mix Project mix Variably priced contracts share of revenues Percentage total revenues • Variable contracts account for 99.3 percent of 100% 98% 96% 94% 92% 90% Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 Customer portfolio • The 10 largest customers represent 50.6 percent of total revenues - up from 45 percent in Q2'20 . The 20 largest customers represent 58.6 percent of total revenues - up from 55.6. percent in Q2'20 10 largest customers share of revenues Percentage 100% 75% 50% 25% 0% Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 14 FTP bouvet#15Customer development Existing customers* • Accounted for 94.5 percent of revenues in Q2'21 New customers** • Customers won over the past year generated revenues of NOK 37.3 million in Q2'21 * 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 Revenue customer split MNOK 800 ■ Existing customers* New customers (LTM)** 700 600 500 400 300 200 100 0 Q2'20 Q2'21 15 bouvet#16Local presence 126 Bouvet Bergen Bergen 163 Bouvet Nord Trondheim Borlänge 634 Bouvet Øst 33 Sesam Drammen Oslo Sandvika Ørebro Stockholm Haugesund 585 Bouvet Rogaland Sandefjord Stavanger Skien Arendal Kristiansand 32 Group services 96 Bouvet Sør 79 Bouvet Sverige 16 bouvet#17Making those systems talk Business platform partners OEM partners Delivers industry specific solutions standardized and highly specialized for their domain Implementation partners Utilizing standard components and architecture to effectively build prefabricated, customer tailored, platforms netcompany computas G Cognizant bouvet Capgemini sikri 寺 sopra steria IKOMM Generic platform partners IBM. Core building blocks and infrastructure partners Handling cloud hosting, Big Data, Al and Analytics Master data fabric Reduce time to market 80% reduction in time to acquire data 90% reduction in number of integrations 95% reduction in data modelling time 95% reduction in software developer time 100% reduction in Line of Business application customisation time Increase in data quality 95% reduction in data update delay 95% reduction in data model management 100% reduction in unnecessary data updates 100% reduction in data conflicts 100% reduction in data model corruption 100% reduction in data consistency corruption 100% reduction in data loss COGNITE Azure Google Cloud SESAM Reduce cost of ownership 75% reduction in operational cost 80% reduction in cost to acquire data 95% reduction in integration management 95% reduction in data model management 95% reduction in custom code management SESAM#18• • Enthusiastic and competent employees 1748 employees at the end of the quarter • Up 64 from Q1'21 154 more employees in the past 12 months Average number of employees in the quarter up 8.6 percent from Q2'20 Number of employees end of quarter 2000 1500 1000 500 0 Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 Annual growth in number of employees 250 200 150 100 50 0 Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 18 bouvet#19Financial Review bouvet#20Key figures Three months ending MNOK Operating revenue 30.06.2021 30.06.2020 Change Six months ending 30.06.2021 30.06.2020 Change Twelve months ending 30.06.2021 30.06.2020 Change 676.0 596.1 13.4 % 1 371.9 1 237.3 10.9 % 2 536.4 2 286.7 10.9% Operating profit (EBIT) 83.8 85.2 -1.6 % 174.6 167.8 4.1 % 321.4 271.7 18.3 % EBIT margin 12.4 % 14.3 % 12.7 % 13.6 % 12.7 % 11.9 % Ordinary profit before tax 82.7 84.0 -1.5 % 172.0 167.1 2.9 % 316.6 267.5 18.4 % Profit for the period 64.5 65.5 -1.6 % 133.9 130.2 2.9 % 244.9 210.5 16.3 % EPS (fully diluted) 0.62 0.63 -2.1 % 1.29 1.26 2.3 % 2.36 2.04 15.7 % Net cash flow operations 42.1 163.8 -74.3 % 63.7 210.9 -69.8 % 303.6 451.5 -32.8 % Equity ratio Liquid assets Number of employees (end of period) Number of employees (average) 27.2 % 30.1 % 27.2 % 30.1 % 27.2 % 30.1 % 377.2 436.3 -13.5 % 377.2 436.3 -13.5 % 377.2 436.3 -13.5 % 1748 1 594 9.7% 1 748 1 594 9.7 % 1 748 1 594 9.7 % 1721 1 585 8.6 % 1 698 1 577 7.7 % 1 670 1 554 7.4 % 20 bouvet#21Revenue Revenues increased by 13.4 percent y-o-y . Revenues from own consultants increased by 15.2 percent to NOK 574.9 million Revenues from sub-contracted consultants increased by 1.7 percent to NOK 83.2 million • Other revenues increased by 17.9 percent to NOK 17.9 million Revenue split (quarterly figures) MNOK 800 600 Own consultants Sub-contracted consultants Other nimiinilill 400 200 0 Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 Revenue split (12 months rolling average) MNOK 3000 Own consultants Sub-contracted consultants 2500 Other 2000 1500 1000 500 0 Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 21 bouvet#22Revenues from own consultants Increased 15.2 percent y-o-y • • • Positive impact from 8.6 percent increase in average number of employees Positive impact from 0.6 percent increase in price for group hourly services Positive impact from increase in billing ratio by 2.2 percentage points Revenue per employee (quarterly figures) TNOK 400 300 200 100 0 Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 Revenue per employee (LTM) TNOK • 59 workdays in Q2'21 - equal to Q2'20 1300 1200 1100 1000 900 Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 22 bouvet#23Analysis of change in revenues y-o-y Revenue MNOK 50 47.0 45 45 40 132250 50 15.3 6.2 4.3 3.0 2.7 1.4 No. of employees Billing ratio Other effects Vacation Hourly rate Other revenue Sub-contractors 23 bouvet#24Earnings • • • • • Operating profit (EBIT) decreased by 1.6. percent to NOK 83.8 million EBIT margin of 12.4 percent compared to 14.3 percent in Q2'20 Operating expenses increased by 15.9 percent y-o-y General growth in pay rate 3.6 percent y-o-y Covid-19 effects reduced • Negative impact from increased costs. related to software, recruitment and social events 60 88220 40 EBIT and EBIT margin MNOK and Percent 100 EBIT -EBIT margin 16% 14% 12% 10% 8% 6% 4% 2% 0 0% Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 EBIT and EBIT margin (LTM) MNOK and Percent 350 EBIT EBIT margin 14% 300 12% 250 10% 200 8% 150 6% 100 4% 50 2% 0 0% Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 24 bouvet#25Change in revenues - effect on EBIT MNOK 12 10 8 CO 6 4 2 9.2 10.6 1.0 0.7 2.1 20 0.7 ■ Effect on EBIT 0.1 0 No. of employees Billing ratio Other effects Vacation Hourly rate Other revenue Sub-contractors 25 bouvet#26Cash flow • Cash flow from operations Cash flow from operations (per quarter) MNOK • NOK 42.1 million in Q2'21 compared to NOK 163.8 million in Q2'20 250 200 150 100 50 • Cash flow last 12 months • • Operational cash flow over the last 12 months was NOK 303.6 million Cash flow from investing activities • Negative NOK 7.5 million compared to negative NOK 4.5 million in Q2'20 -50 Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 Cash flow from operations (LTM) MNOK 600 500 400 300 200 100 0 Q2'17 Q2'18 Q2'19 Q2'20 Q2'21 26 bouvet#27Outlook bouvet#28Outlook summary • Workday post-covid • Focus on digital transformation: • • Public sector • • Energy sector Oil and gas sector High demand for cross-functional teams High demand for: • System development • Cloud and platform services • Security • Digital collaboration . Project management . Change management and innovation • High focus on talent management and recruitment Douver#29Appendix bouvet#30Shareholders as of 25.08.2021 Shareholders The Bank of New York Mellon FOLKETRYGDFONDET VARNER KAPITAL AS STENSHAGEN INVEST AS VERDIPAPIRFOND ODIN NORDEN SVERRE FINN HURUM VERDIPAPIRFONDET NORDEA AVKASTNING MP PENSJON PK VERDIPAPIRFONDET FIRST VERITAS ERIK STUBØ Number of shares % of total 8 376 981 7 549 300 8,14 % 7,34 % 6 591 000 6,41% 5 366 990 5,22 % 4 512 150 4,39 % 3 609 060 3,51 % 2 822 033 2,74 % 2 650 820 2,58 % 2 375 950 2,31 % 2 052 920 2,00 % VERDIPAPIRFONDET NORDEA KAPITAL 1997 290 1,94 % VEVLEN GÅRD AS 1 628 020 1,58 % VERDIPAPIRFONDET NORDEA NORGE PLUS 1 322 750 1,29 % UBS Switzerland AG VERDIPAPIRFOND ODIN NORGE State Street Bank and Trust Comp ANDERS ERIKSEN-VOLLE TELENOR PENSJONSKASSE VERDIPAPIRFONDET KLP AKSJENORGE INDEKS MUSTAD INDUSTRIER AS Number of shares held by the 20 largest shareholders 1 272 057 1,24 % 1 270 570 1,24% 1 105 550 1,07% 998 300 0,97% 900 000 0,87 % 848 267 0,82 % 800 000 0,78 % 58 050 008 56,43 % bouvet