Bouvet (BOUV) investor relations material

Executive summary

• Operating revenues for Q4 2025 were NOK 998.4 million, down 2.7% year-over-year; full-year revenues were NOK 3,912.3 million, a 0.2% decrease from 2024.

• EBIT for Q4 was NOK 103.4 million (margin 10.4%), down 13.1% from Q4 2024; full-year EBIT was NOK 473.4 million, a 3.5% decrease.

• Net profit for Q4 was NOK 71.9 million, a 25.5% decline year-over-year; full-year net profit was NOK 358.7 million, down 6.5%.

• Employee and customer satisfaction remained high, with strong loyalty and enthusiasm reported.

• The board proposes a dividend of NOK 3.00 per share for 2025, payable in H1 2026.

Financial highlights

• EBITDA for Q4 was NOK 128.8 million (12.9% margin), down from NOK 150.1 million (14.6%) in Q4 2024.

• Cash flow from operations in Q4 was NOK 363.4 million, with cash and cash equivalents at NOK 672.3 million.

• Full-year operating cash flow was NOK 347.1 million, down 58.9% year-over-year.

• EPS (fully diluted) for Q4 was NOK 0.70, down 25.3% year-over-year; full-year EPS was NOK 3.49, down 6.2%.

• Equity ratio at year-end was 24.5%, compared to 25.8% a year earlier.

Outlook and guidance

• Market headwinds persist, but there is rapid technological development and increasing demand for AI.

• Clients are demanding higher value, quality, and security, with increased focus on cybersecurity.

• Strong positioning in oil, gas, renewables, and power supply sectors, with digitalisation seen as key for efficiency and innovation.

• Public sector demand remains robust, with emphasis on cost savings and smarter processes.

• Continued investment in AI expertise and responsible use, with cloud platforms gaining importance.