Bouvet

Quarterly Report • May 23, 2023

QUARTERLY REPORT Q1

WE LEAD THE WAY AND BUILD TOMORROW'S SOCIETY

Bouvet in brief

Digitalisation is a crucial factor in today's society for the delivery capability and competitiveness of enterprises. Our many years of experience, closeness to clients and broad expertise make us a very attractive digitalisation partner for both private and public players.

The digitalisation process involves exploiting technology to deliver products and services in line with user expectations, and to meet challenges as well as exploiting opportunities. This is a comprehensive and continuous job, because an enterprise can never say that it is "fully digitalised". Put simply, digitalisation is a matter of preparing for the future every single day.

We are a leading consultancy on IT and digital communication, which has developed an ability to understand the client's business and to collaborate on creating and developing good and long-term digital solutions.

This has given us very close client relationships and a steadily increasing volume of assignments – from both new and existing clients. We are a strategic partner for many enterprises, and our broad range of services in IT, design, communication and enterprise management

faktor

means we are often selected as a turnkey supplier.

However, our close relationship with clients is only possible because we conduct every assignment in line with strict requirements for security and accountability. Our regional model reduces bureaucracy and ensures short decision-making lines, giving us the adaptability needed to respond to each client's challenges in an ever-changing landscape.

Close ties are a competitive advantage, but also a precondition for being able to develop solutions of ever higher quality – in line with our vision. By solving assignments for and in company with important societal players, we are involved in helping society to progress.

At 31 March 2023, we had 2 111 employees at 13 offices in Norway and four in Sweden.

BOUVET ASA Highlights and key figures of the first quarter 2023

• → Operating revenues increased by NOK 134 million from the first quarter of 2022 to NOK 945.1 million, a rise of 16.5 per cent
• → Operating profit (EBIT) rose by 7.2 per cent from the first quarter of 2022 to NOK 131.6 million
• → Employees increased by 70 people from the previous quarter and by 232 people over the past 12 months
• → Won new frame agreement with the Norwegian Defence Materiel Agency (NDMA)
• → Secured substantial frame agreements with several of Bouvet's existing clients
• → Cecile Wian named one of Norway's 50 top women in tech by Abelia and the ODA network, while Rebekka Olsson Omslandseter is included on the Norwegian Artificial Intelligence Research Consortium (Nora) list of 100 foremost women for AI in Norway

NOK MILLION	JAN-MAR 2023	JAN-MAR 2022	CHANGE %	YEAR 2022
Revenue	945.1	811.1	16.5%	3 085.5
Operating profit (EBIT)	131.6	122.8	7.2%	401.7
Ordinary profit before tax	133.7	121.9	9.7%	401.0
Profit for the period	104.7	95.5	9.6%	316.3
Net cash flow operations	138.8	90.0	54.3%	321.3
Liquid assets	533.3	568.8	-6.2%	443.4
Number of employees (end of period)	2 111	1 879	12.3%	2 041
Number of employees (average)	2 055	1 871	9.8%	1 948
Earnings per share	1.01	0.92	9.6%	3.06
Diluted earnings per share	1.00	0.91	9.8%	3.00
EBIT-margin	13.9%	15.1%		13.0%
Equity ratio	32.7%	32.4%		31.6%

CEO'S COMMENTS

Our positive development continues

This quarter was characterised by a high level of activity in every area. Many milestones were passed in 2022, and the pace we carried over from that year characterised to a great extent the first three months of 2023. We are seeing a strong increase in turnover, a high level of profitability and good growth in our workforce.

The level of activity at all our clients was very high during the quarter. That applies to every sector we are involved in. We are finding activity particularly high in the energy field – oil and gas, renewables and electricity supply. These sectors face major tasks, with the ongoing energy transformation, demands made on national energy supply by the green shift, and energy collaboration across national boundaries.

Similarly, the international community is experiencing a very demanding security position. That creates substantial demands for the modernisation and digitisation of Norway's national defence, its defensive capability and its collaboration with western partners. Where we're concerned, it means big activity in all our engagements with the defence sector and at those of our clients who form part of the country's total defence.

We were shown renewed confidence by the armed forces during the first quarter for further development of their application and integration portfolio. We are respectful of the trust shown us, and pleased that the armed forces continue to build on the expertise with their operations acquired by our "Bouveteers" over many years. With increased political

willingness to invest in the armed forces and with new Nordic partners in NATO, we look forward keenly to contributing our expertise to this socially critical work.

In addition to the armed forces, we received renewed confidence from a number of our most important clients during the quarter. The Storting (parliament) appointed us a strategic partner in the digitalisation area. We were awarded new contracts by such public-sector bodies as the Norwegian Directorate of Fisheries, the Norwegian Directorate for Education and Training, Trøndelag county council, the City of Bergen and the Brønnøysund Register Centre. The Norwegian Water Resources and Energy Directorate (NVE), Cappelen Damm, Equinor and Statnett are examples of clients who extended and enlarged existing major engagements. We look forward with anticipation to contributing to important digitalisation advances at our many clients in the time to come.

Work on digitalisation opportunities and the impact of technology on people's lives has undoubtedly never been greater. If the effect is considerable today, the attention given to generative artificial intelligence (AI) during the quarter provides a foretaste of what lies ahead. We can hardly imagine

the scope of this development, and what we perceive today quickly appears to be history by tomorrow. We've never seen such rapid technological progress.

AI with the big language models has the potential to revolutionise knowledge-based work. While the opportunities being opened up today appear almost limitless, uncertainty over undesirable applications also poses a threat. In Bouvet, we are moving into this landscape with great respect. We have a lot to learn, and will contribute to socially useful applications while also participating in the debate over the many aspects of the technology.

The speed of technological progress underlines the importance of continuous learning and expertise development. We are investing in knowledge acquisition on a broad front, and in a sharing culture which boosts everyone.

BouvetOne is our big arena for internal expertise sharing. During this quarter, we met in all our regions and staged the largest of these events ever. The big sharing evening was just as educational and inspiring as in earlier years – only larger, more diverse and more involving. With hundreds of

presentations to choose between from across the whole group, we created a unique arena for knowledge-sharing and social togetherness. This is the way we steadily strengthen our sharing culture.

Finally, let me direct a big thank-you to every Bouveteer and our clients. To every Bouveteer, a thousand thanks – as we say in Norway – for all your enthusiasm, willingness to share expertise, and ability to contribute to the success of our clients in discharging their societal mission. I would thank our clients for showing confidence in us and allowing us to be an important collaborator in your digitalisation work. We have big tasks ahead of us – and we're getting to grips with them now.

A thousand thanks

Per Gunnar Tronsli President and CEO

Financial results

Operating revenues

Bouvet had operating revenues of NOK 945.1 million for the first quarter, compared with NOK 811.1 million in the same period of 2022. That represented a rise of 16.5 per cent. Fee income generated by the group's own employees came to NOK 826.9 million, up by 18.4 per cent from NOK 698.5 million in the first quarter of 2022. Fee income generated by temporary sub-contractors came to NOK 101.8 million, up by 11.5 per cent from the first quarter of last year. Other revenues came to NOK 16.4 million, down by 22.9 per cent from the same period of 2022.

An 9.8 per cent increase in the average number of employees had a positive effect of NOK 74.6 million on fee income from the group's own employees. The billing ratio for the group's consultants was down by 3.1 percentage points from the same quarter of 2022, which had a negative effect of NOK 26.9 million on fee income. Sickness absence was 0.2 percentage points lower than in first three months of 2022, which increased fee income from the group's own employees by NOK 3.9 million. Other effects, such as holiday taken, parental leave, progress in projects and time off in lieu, had a positive impact of NOK 5.6 million on fee income from the group's own employees. The quarter had one working day extra than in the same period of last year, which increased fee income from the group's own employees by NOK 11.8 million. Rates for the group's hourly based services were up by 7.8 per cent from the first quarter of 2022, which had a positive effect of NOK 59.3 million on fee income from the group's own employees. All told, these factors had a positive effect of NOK 128.3 million on fee income generated by the group's own employees.

Turnover from existing clients made good overall progress during the quarter. Clients who also used the group in the first quarter of 2022 accounted for 97.0 per cent of operating

revenues. In addition, new clients acquired since 31 March 2022 contributed total operating revenues of NOK 28.1 million in the first quarter.

Bouvet's strategy is to utilise its own employees in its service deliveries. Where capacity is lacking, external consultants are used to the extent that such temporary hires comply with applicable regulations. The sub-consultant share of total revenues in the first quarter was 10.8 per cent, compared with 11.3 per cent the year before.

Operating costs

Bouvet's operating costs, including depreciation and amortisation, totalled NOK 813.5 million for the first quarter, up from NOK 688.4 million in the same period of 2022. That represented a rise of 18.2 per cent. Payroll costs rose by 14.7 per cent to NOK 619.3 million because of the increase in the average number of employees as well as a general growth in pay rates. The group experienced a general rise in pay of 0.7 per cent over the past 12 months. The cost of sales was NOK 98.4 million, compared with NOK 85.5 million in the first quarter of 2022, and primarily comprised the procurement of sub-contractor services and the hire of course instructors. Comparative figures here have been restated to take account of a new clarification in IFRS 15 related to recognising the resale of software net. That does not affect Bouvet's results, but revenue and cost of sales have been redused with NOK 5.4 million for comparative figures in first quarter 2022. Other operating expenses rose overall by NOK 24.6 million to NOK 68.8 million, reflecting increased costs for travel, social events, premises, training courses and software. The growth in other operating costs can largely be explained as increases in expenses affected earlier by the Covid-19 pandemic, as well as higher costs related to the general expansion of Bouvet and the general level of price rises in society. Depreciation

Operating profit (EBIT)

Operating revenue

6 BOUVET FIRST QUARTER 2023

and amortisation came to NOK 27 million, compared with NOK 19 million in the first quarter of 2022.

Profit

Operating profit (EBIT) for the first quarter came to NOK 131.6 million, compared with NOK 122.8 million in the same period of 2022. The EBIT margin was thereby 13.9 per cent, compared with 15.1 per cent in the first quarter of 2022. Net profit came to NOK 104.7 million, up from NOK 95.5 million in the same period of 2022. Diluted earnings per share were NOK 1.00 for the quarter, compared with NOK 0.91 in the same period of 2022.

Cash flow, liquidity and capital adequacy

Consolidated cash flow from operations for the first quarter was NOK 138.8 million, compared with NOK 90 million in the same period of 2022. Cash flow for the quarter was positively affected by an increase of NOK 152.2 million in current liabilities from the fourth quarter of 2022. Furthermore, cash flow was negatively affected by an increase of NOK 146.3 million in current receivables from the fourth quarter of 2022. Consolidated cash flow from operations was NOK 370.2 million for the past 12 months, while net profit came to NOK 327.2 million over the same period.

Capital spending in the quarter totalled NOK 15.9 million, including NOK 10.1 million for the acquisition of new operating assets and NOK 5.8 million for investment in intangible assets. Overall investment in the first quarter of 2022 came to NOK 12.9 million, including NOK 8.8 million in fixed assets and NOK 4.1 million in intangible assets.

The group's client portfolio consists mainly of large, solid listed companies and public enterprises. No bad debts were suffered during the first quarter, and the group has good oversight and control of its receivables.

The group has no interest-bearing debt. Bank deposits at 31 March totalled NOK 533.3 million, compared with NOK 568.8 million a year earlier. Of bank deposits at 31 March, the account for employee tax deductions totalled NOK 48.8 million. Disposable bank deposits thereby totalled NOK 484.5 million, compared with NOK 524.2 million at the same date in 2022. The group had an undrawn overdraft facility of NOK 101.4 million at 31 March. Bouvet held 349 206 of its own shares at the end of the quarter. Equity at 31 March totalled NOK 552.4 million, representing an equity ratio of 32.7 per cent. The corresponding figures for 31 March 2022 were an equity of NOK 516.6 million and an equity ratio of 32.4 per cent.

Segment reporting

The group does not report internally by separate business areas. Its business is homogenous and pursued within the Scandinavian market for IT consultancy services. Risk and return are followed up for the business as a whole, with shared markets, on a project basis and per consultant. On that basis, the group has one reportable operating segment.

Progress and market

Bouvet is a long-term partner for big players in many sectors, and demand for digitalisation and digital services has been high in both public and private sectors. The market for the group's services was thereby very good in the first quarter, with both extensions and expansions of existing contracts and a good and steady inflow of new clients and assignments. Technical expertise is in very high demand, but digitalisation calls for a broad range of skills and a great need has also existed for consultancy, design and communication.

Sectors

The sectors where Bouvet has its heaviest presence are also among the strongest in Norway for combating the challenges now facing Norwegian society. During the quarter, the group secured extended and renewed confidence from such clients as Nato, BaneNor, the City of Oslo, Rema 1000, the NVE, the Norwegian Public Service Pension Fund, Statnett, Voice, Entra and the armed forces.

Continuous pressure in oil and gas

OMSETNING FRA KUNDER

The oil and gas industry is an important sector for Bouvet, accounting for 38.8 per cent of total turnover. Sales in this area rose by 31.8 per cent from the same period of 2022. Assignments here engage all the group's disciplines, with the biggest emphasise on technology. A good example is POC, a data-platform project for Norske Shell. Otherwise, several regions secured expansions to existing contracts or new agreements from Equinor during the quarter. Particular mention can be made here of Pozo, a solution for use in well planning – including visualisation of data from different sources. Bouvet has been involved here ever since the work began as a research project and, after two years with the system in operation, has now taken over its further development.

Many new and large frame agreements in the public sector

Generally speaking, the pace of digitalisation in this sector is high and the group has experienced demand across its whole range of services. Clients in public administration and the armed forces accounted for 17.2 per cent of the group's total turnover during the quarter. Among the foremost examples during the first quarter were frame agreements secured from the Norwegian Environment Agency, the Storting, the Norwegian Labour Inspection Authority, Bærum local authority, the Norwegian Directorate of Fisheries and the Norwegian Directorate for Higher Education and Skills. Mention should also be made of the group's renewed engagements with the Public Health Agency of Sweden and not least the Swedish Association of Local Authorities and Regions, where it contributes specifically to Sweden achieving its energy and

%Revenue public/private %Revenue per sector Health 2.1% Industry 4.7% Info and communication 5.0% Power supply 16.0% Public admin 17.2% Oil & gas 38.8% Service industry 5.6% Transportation 5.2% Retail 3.3% Other 2.1%

OMSETNING PER BRANSJE

8 BOUVET FIRST QUARTER 2023

Revenue from customer 100% public owned: 41.3% Revenue from customer wholly or partially private owned: 58.7%

climate goals. In addition, Bouvet won new contracts from the Brønnøysund Register Centre, the Norwegian Coastal Administration and GeoData, while it will continue to work on a cross-disciplinary basis for the armed forces with the National Resource Database (NARDB). This modern web-based solution allows civilian resources to be identified and requisitioned in advance. The biggest contract of the quarter was also for the defence industry, with Bouvet winning the invitation to tender for providing application and integration services to the armed forces. This NOK 650 million contract extends over seven years.

Continuing high demand from the power sector

The power sector accounted for 16.0 per cent of total turnover in the quarter, up by 16.1 per cent from the same period of 2022. This sector is characterised by substantial pressure to digitalise, innovation and long-term thinking, and thereby also by demand for a broad range of services and cross-disciplinary teams. That continued to apply in the first quarter of 2023. Bouvet is a long-term partner in a number of initiatives in several regions, and contracts were again extended or expanded in January-March. One example so far this year is the work done for Svenska Kraftnät, where the group delivers a steadily growing range of services in all its disciplines. The NVE, Statnett and Statkraft are other examples of clients where Bouvet has a persistently large involvement. Teknologi

Other sectors

Interesting engagements in many other sectors

Bouvet is also well supplied with assignments beyond its biggest sectors. It won or extended a number of contracts during the quarter in the health sector, including a further renewal of confidence in the group by the Public Health Agency of Sweden. The health sector is working hard on renewal and improvement, and thereby on digitalisation. Another very interesting engagement is Norway Health Tech, where Bouvet and big players such as Sunnås Hospital, Telenor, Ullevål Hospital, the City of Oslo, DNV and Novartis will participate in an innovation partnership aimed at creating improved solutions for various parts of the sector. However, digitalisation is highly relevant in every industry and sector, and Bouvet is making a broad contribution. Reflected in the group's order book, that includes new contracts covering various forms of digitalisation of operations from manufacturing companies Boliden and Hennig-Olsen Is. Where the latter is concerned, Bouvet's work includes real-time monitoring of ice cream production.

Services

Bouvet experienced a high level of demand for all its services during the first quarter, not least in the form of cross-disciplinary team deliveries. The group is also seeing increased attention being paid to security and delivery quality as well as to services which contribute to sustainable solutions. Robot technology and autonomous applications are also making their mark in ever wider areas, as are Power BI solutions. Design og kommunikasjon

Consultancy

Rådgivning Bouvet's clients have a continuing need for consultancy and support services for expertise development. That remained the case in the first quarter. The group sees that clients have a particular desire for consultancy services on security and system architecture. This also applies for change management, where major players such as Equinor, Boliden, the Norwegian Public Roads Administration and the City Mission of the Church of Norway have awarded contracts which contribute to their change processes. During the first quarter, too, Bouvet secured management for hire contracts from Obos and Storebrand. Consultancy demand exists in all industries and sectors, including the public sector. The list of clients in

the first quarter include the Auditor General of Norway, the Norwegian Tax Administration, the police, the Norwegian Mapping Authority, BaneNor, the Norwegian Agency for Public and Financial Management (DFØ) and the Storting, where the group is to provide strategic advice in such areas as information architecture and cloud services. Other clients on the list include Mesta, Elhub and Elvia.

Demand for expertise development is also substantial, and Bouvet's course business experienced its best-ever first quarter.

Agile principles and change management are particularly popular subjects, and the course business also sees that senior executives increasingly take advantage of the teaching on offer. The new course on innovation and sustainability was well received. Nine breakfast meetings where also staged during the quarter on relevant subjects such as data ethics, AI, industrial autonomy, security, ChatGPT and the advantages enjoyed by agile businesses.

Rådgivning

Teknologi

Design and communication

Design og kommunikasjon Design and communication services are important for many of the group's clients, both in connection with digitalisation processes and when developing digital solutions. The need for services in such areas as design systems, user experience, service design and design thinking is enduring. A frame agreement on service design entered into with Statsbygg during the quarter provides a good example of this, while the NVE exemplifies a trend where Bouvet's engagement is small to begin with and then grows as the client comes to understand the value of the services provided. Over 18 months, the group has gradually expanded its involvement with the NVE from a single designer to a complete design team of six people. The latest addition was made in the quarter. This team's work will include design systems to create a more integrated user experience across the directorate's products. During the quarter, Bouvet also secured a substantial assignment from the Norwegian Coastal Administration which involves helping to specify and develop a chart service for a Nordic-Baltic administration covering the whole sea basin in the North Sea, Baltic and possibly around Iceland. The group is also seeing increased demand for expertise development in these fields. Its courses on design thinking, for example, have been very popular.

Technology

Teknologi The market for various technology services has long been good, and continued to be so the first quarter of 2023. Security, low-code solutions and Power Platform are areas of very high demand. The same applies to cloud services, with the Norwegian Communications Agency among the players where Bouvet has started or increased its involvement. Pressure on development services is also generally high.

Rådgivning Design og kommunikasjon During the quarter, moreover, the group won several assignments concerning data platforms – including for Equinor, Norske Shell, the Auditor General of Norway and Trøndelag county council. A clear trend can be seen here, with enterprises wanting to be data-driven and thereby building data platforms which they can use for developing cost-saving and more sustainable solutions on. The Bergen Light Rail provides a particularly good example of this, with the architecture of its data platform being revised by Bouvet so that the system can carry out predictive maintenance of the carriages.

Sesam

Sesam delivers a unique data-quality component for data integration and master data management, which ensures fast and agile data synchronisation across systems without these having to be adapted. That provides clients with a simple and cost-effective way of administering and synchronising data.

During the quarter, the company launched the first version of Sesam Talk, a complete self-service data synchronisation solution. The first partners are supporting this component by integrating it in their Software as a System (SaaS) products, which represents an important step in reaching out to a larger market.

At 31 March, Sesam had 26 end-user clients.

Employees

Bouvet had 2 111 employees at 31 March, up by 70 from the previous quarter and 232 from the same date in 2022.

Bouvet's clients require a broad range of expertise and cross-disciplinary teams, and the collective competence of its employees reflect these needs well. At the same time, the high level of activity provides its employees with opportunities to apply their expertise in very interesting and significant assignments. That creates a good working day and not least a sound basis for retaining employees and recruiting new ones.

The group delivers the expertise of its personnel, and it therefore also devotes substantial resources to building and developing this competence. Bouvet has its own internal schools and course business, but expertise is also developed through professionally challenging assignments utilising teams of people with different specialist backgrounds and experience. That provides a unique opportunity for mutual practical learning.

As an extension of this, the group also sees an invaluable benefit of having people in the organisation who are at the cutting edge of technical progress and can serve as role models to point the way ahead. It has, for example, many female role models both in senior management and in the technical disciplines. One of Bouvet's foremost security experts, Cecilie Wian, is on a list compiled by Abelia and the ODA network of Norway's 50 leading women in tech, while Rebekka Olsson Omslandseter has been included among the 100 foremost women in AI in Norway by the Norwegian Artificial Intelligence Research Consortium (Nora). During the quarter,

ANTALL ANSATTE Number of employees (end of quarter)

too, Goran Stene Solomonovic was named contributor of the year by content management system supplier Optimizely for his commitment to certifying Bouvet employees in the system.

These are three examples, but everyone in the group can take the lead – not least in the BouvetOne event. This is the group's biannual day for exchanging expertise and experience. The March programme offered many topics, but with a little extra emphasis on security and AI services such as ChatGPT. Great interest is being shown in these fields.

Another important aspect of BouvetOne is that it also serves as a social event. That is entirely in line with the group's values and ambitions. Its personnel will apply and continue developing their expertise, while having a good time together with others.

Risk

The unstable geopolitical and security policy position, combined with the energy constrain, creates uncertainty for both global and Norwegian economies, with higher inflation as one consequence.

Generally speaking, the group is exposed at any given time to various forms of operational, market and financial risk.

The board and executive management work continuously on risk management and control. This is described in more detail on pages 12-13 and in note 18 of the annual report for 2022. See also section 10 in the report's presentation on corporate governance.

Outlook

Digitalisation occupies a central place in the sectors where Bouvet has a presence. Through long-term client relationships, the group works hands-on with its clients and they constantly show it renewed trust. Bouvet's strategy and decentralised regional model provide the adaptability needed to meet client needs for expertise and services in the best way.

Many of Bouvet's long-term client relationships are in the oil/ gas and power sectors. The energy and security position calls for cross-disciplinary system development and delivery forms. Digitalisation, moreover, will be a natural component of efforts to optimise operations and further development, and to reduce the environmental and climate impacts of these sectors. It thereby represents a crucial factor both in today's conditions and in the comprehensive transformation these sectors face. Bouvet's expertise and experience here will be highly beneficial for the players.

Within the public sector, digitalisation occupies a key place in developing services and adapting enterprises in the context of social trends. Bouvet has built up expertise about the sector over a long time, and developed solutions which also make it a relevant partner for the future. Demand from this sector could be influenced by economic trends in society.

The group's contribution to social- and enterprise-critical assignments involving a high level of complexity has created strong demand for its whole range of services and crossdisciplinary team deliveries. A number of features of social development, the market, and the client portfolio mean that Bouvet believes this trend towards delivering teams under enterprise contracts will grow. Generative AI has become a new and important factor, and Bouvet has turned the spotlight on how this can affect and create value for its clients

Bouvet's concentration on putting employees first, developing expertise, a sharing culture, and a good reputation in a recruitment context means it has the expertise sought by the market.

The group is well positioned and equipped for continued growth in sectors where it makes a commitment.

Contacts

Per Gunnar Tronsli President and CEO Tel: +47 23 40 60 00 | +47 900 20 622

Trude Hole CFO Tel: +47 23 40 60 00 | +47 977 10 344

Declaration by the board and CEO

We hereby confirm to the best of our knowledge that the interim financial statements for the first quarter of 2023 have been prepared in accordance with IAS 34, and that the information in the financial statements provides a true and fair picture of the overall assets, liabilities, financial position and financial results of the Bouvet ASA group. We also confirm to the best of our knowledge that the interim report provides a true and fair view of important events in the accounting period and their influence on the interim financial statements, the most important risk and uncertainty factors facing the business in the next accounting period, and significant transactions with close associates.

Oslo, 22 May 2023 The board of directors of Bouvet ASA

Sign.

Sign.

Tove Raanes Deputy chair

Pål Egil Rønn Chair of the board

Sign.

Lill Hege Hals Director

Sign.

Egil Christen Dahl Director

Sign.

Sverre Hurum Director

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Per Gunnar Tronsli President and CEO

Consolidated income statement

NOK 1 000	NOTE	UNAUDITED JAN-MAR 2023	UNAUDITED JAN-MAR 2022	CHANGE	CHANGE %	YEAR 2022
Revenue	2	945 100	811 147	133 953	16.5%	3 085 470
Operating expenses
Cost of sales		98 420	85 461	12 959	15.2%	325 165
Personell expenses		619 254	539 791	79 463	14.7%	2 020 934
Depreciation fixed assets	4	25 085	16 964	8 121	47.9%	70 956
Amortisation intangible assets	3	1 919	1 986	-67	-3.4%	8 090
Other operating expenses		68 786	44 165	24 621	55.7%	258 633
Total operating expenses		813 464	688 367	125 097	18.2%	2 683 778
Operating profit		131 635	122 780	8 856	7.2%	401 692
Financial items
Interest income		3 635	732	2 903	396.6%	6 131
Financial income		11	64	-53	-82.8%	590
Interest expense		-1 745	-1 407	-338	24.0%	-6 712
Finance expense		177	-278	455	-163.7%	-717
Net financial items		2 078	-889	2 967	-333.7%	-708
Ordinary profit before tax		133 713	121 891	11 823	9.7%	400 985
Income tax expense
Tax expense on ordinary profit		29 025	26 391	2 634	10.0%	84 669
Total tax expense		29 025	26 391	2 634	10.0%	84 669
Profit for the period		104 688	95 500	9 189	9.6%	316 316
Assigned to:
Shareholders in parent company		104 514	95 309			315 708
Non-controlling interests		174	191			608
Diluted earnings per share		1.00	0.91	0.09	9.8%	3.00
Earnings per share		1.01	0.92	0.09	9.6%	3.06

Consolidated statement of other income and costs

NOK 1 000	NOTE	UNAUDITED JAN-MAR 2023	UNAUDITED JAN-MAR 2022	CHANGE	CHANGE %	YEAR 2022
Profit for the period		104 688	95 500	9 189	9.6%	316 316
Items that may be reclassified through profit or loss in subsequent periods
Currency translation differences		2 222	-517	2 739	-530.0%	-946
Sum other income and costs		2 222	-517	2 739	-530.0%	-946
Total comprehensive income		106 910	94 983	11 928	12.6%	315 370
Assigned to:
Shareholders in parent company		106 737	94 792			314 763
Non-controlling interests		174	191			608

Consolidated balance sheet

NOK 1 000	NOTE	UNAUDITED 31.03.2023	UNAUDITED 31.03.2022	CHANGE	CHANGE %	31.12.2022
ASSETS
NON-CURRENT ASSETS
Intangible assets
Deferred tax asset		5 480	5 520	-40	-0.7%	4 552
Goodwill	3	33 287	32 681	606	1.9%	32 732
Other intangible assets	3	46 953	38 908	8 045	20.7%	43 062
Total intangible assets		85 720	77 109	8 611	11.2%	80 346
Fixed assets
Office equipment		28 664	28 999	-335	-1.2%	29 201
Office machines and vehicles		3 376	4 105	-729	-17.8%	3 684
IT equipment		23 552	22 398	1 154	5.2%	23 795
Right-of-use assets	4	226 868	242 091	-15 223	-6.3%	222 299
Total fixed assets		282 460	297 593	-15 133	-5.1%	278 979
Financial non-current assets
Other financial assets		10	10	0	0.0%	10
Other long-term receivables		1 972	1 894	78	4.1%	1 900
Total financial non-current assets		1 982	1 904	78	4.1%	1 910
Total non-current assets		370 162	376 606	-6 444	-1.7%	361 235
CURRENT ASSETS
Work in progress	2	200 850	87 693	113 157	129.0%	17 508
Trade accounts receivable		511 568	477 584	33 984	7.1%	563 485
Other short-term receivables		74 177	82 874	-8 697	-10.5%	59 258
Liquid assets		533 252	568 761	-35 509	-6.2%	443 427
Total current assets		1 319 847	1 216 912	102 935	8.5%	1 083 678
TOTAL ASSETS		1 690 009	1 593 518	96 491	6.1%	1 444 913

Consolidated balance sheet

NOK 1 000	NOTE	UNAUDITED 31.03.2023	UNAUDITED 31.03.2022	CHANGE	CHANGE %	31.12.2022
EQUITY AND LIABILITIES
EQUITY
Paid-in capital
Share capital	5	10 380	10 380	0	0.0%	10 380
Own shares - nominal value	5	-33	-50	17	-34.0%	-6
Share premium		179	51 041	-50 862	-99.6%	179
Total paid-in capital		10 526	61 371	-50 845	-82.8%	10 553
Earned equity
Other equity		536 522	451 191	85 330	18.9%	441 210
Total earned equity		536 522	451 191	85 330	18.9%	441 210
Non-controlling interests		5 375	4 065	1 310	32.2%	5 202
Total equity		552 423	516 628	35 795	6.9%	456 966
DEBT
Long-term debt
Lease liabilities		173 971	194 960	-20 989	-10.8%	178 908
Total long-term debt		173 971	194 960	-20 989	-10.8%	178 908
Short-term debt
Current lease liabilities		59 819	50 604	9 215	18.2%	50 055
Trade accounts payable		72 812	81 830	-9 018	-11.0%	37 509
Income tax payable		73 280	63 419	9 861	15.5%	82 626
Public duties payable		264 202	252 457	11 745	4.7%	283 473
Deferred revenue	2	3 842	8 216	-4 374	-53.2%	5 096
Other short-term debt		489 661	425 404	64 257	15.1%	350 280
Total short-term debt		963 616	881 930	81 686	9.3%	809 039
Total liabilities		1 137 587	1 076 890	60 697	5.6%	987 947
TOTAL EQUITY AND LIABILITIES		1 690 009	1 593 518	96 491	6.1%	1 444 913

Consolidated statement of cash flows

NOK 1 000 NOTE	UNAUDITED JAN-MAR 2023	UNAUDITED JAN-MAR 2022	YEAR 2022
Cash flow from operating activities
Ordinary profit before tax	133 713	121 891	400 985
Paid tax	-38 471	-33 201	-71 304
(Gain)/loss on sale of fixed assets	-3	-4	-103
Ordinary depreciation	25 085	16 964	70 956
Amortisation intangible assets 3	1 919	1 986	8 090
Share based payments	4 367	4 152	18 998
Changes in work in progress, accounts receivable and accounts payable	-96 122	-101 226	-161 263
Changes in other accruals	108 336	79 399	54 938
Net cash flow from operating activities	138 824	89 960	321 297
Cash flows from investing activities
Sale of fixed assets		25	199
Purchase of fixed assets	-10 100	-8 792	-26 659
Purchase of intangible assets 3	-5 764	-4 107	-14 359
Sale of shares in subsidiaries			928
Net cash flow from investing activities	-15 864	-12 875	-39 891
Cash flows from financing activities
Purchase of own shares	-15 823	-32 807	-62 122
Sales of own shares			25 178
Payments on lease liabilities 4	-17 312	-16 709	-51 584
Repayment of share premium			-50 862
Dividend payments			-239 779
Net cash flow from financing activities	-33 136	-49 516	-379 170
Net changes in liquid assets	89 825	27 570	-97 764
Liquid assets at the beginning of the period	443 427	541 191	541 191
Liquid assets at the end of the period	533 252	568 761	443 427
Unused credit facilities	101 414	101 315	101 323

Consolidated statement of changes in equity

NOK 1 000	SHARE CAPITAL	OWN SHARES	SHARE PREMIUM	TOTAL PAID-IN EQUITY	OTHER EQUITY	TRANSLATION DIFFERENCES	TOTAL OTHER EQUITY	NON-CON TROLLING INTERESTS	TOTAL EQUITY
Equity at 01.01.2022	10 380	-0	51 041	61 421	384 483	-316	384 168	3 666	449 254
Profit for the period				0	95 309		95 309	191	95 500
Other income and costs				0		-517	-517		-517
Purchase/sale of own shares (net)		-50		-50	-32 757		-32 757		-32 807
Employee share scheme				0	5 194		5 194		5 194
Change non-controlling interests				0	-208		-208	208	0
Equity at 31.03.2022 (Unaudited)	10 380	-50	51 041	61 371	452 021	-833	451 191	4 065	516 628
Equity at 01.01.2023	10 380	-6	179	10 553	442 472	-1 262	441 210	5 202	456 966
Profit for the period				0	104 514		104 514	174	104 688
Other income and costs				0		2 222	2 222		2 222
Purchase/sale of own shares (net)		-26		-26	-15 791		-15 791		-15 817
Employee share scheme				0	4 367		4 367		4 367
Equity at 31.03.2023 (Unaudited)	10 380	-33	179	10 526	535 562	960	536 522	5 375	552 423

Notes

Note 1 Accounting principles

This interim report is presented in accordance with the International Financial Reporting Standards (IFRS) and interpretations determined by the European Union, and have been prepared in accordance with IAS 34. The interim financial statements have not been audited, do not include all the information required in annual financial statements and should be viewed in conjunction with the group's annual report for 2022.

The accounting policies applied are consistent with those applied in previous financial year except from implementation of principal/agent criteria in relation to revenue from sales of licenses due to an agenda decision made by the IFRS interpretation board to IFRS 15. The change results in net presentation for sales of licenses.

Figures for comparison Q1 is adjusted in line with the new agenda decision under IFRS 15 and effect the financial report such:

• Revenue is reduced by NOK 5.36 million
• Cost of sales is reduced by NOK 5.36 million
• Operating profit, profit for the period, balance sheet and cash flow statement are unchanged

Note 2 Revenue from contracts with customers

The Group is primarily delivering its services based on time and material used and has in most cases legal rights for payment for services delivered at date. In cases where the Group has income from projects with predefined results at a fixed price or which has elements causing the income per hour to be unknown before completion of the project, the income is recorded in correlation with the degree of completion. Progress is measured as incurred hours in relation to totally estimated hours. For these projects the customer controles the asset being made or improved.

Specification revenue

NOK 1 000	JAN-MAR 2023	JAN-MAR 2022
Contract category
Fixed- and target price	653	2 707
Variable contracts	944 447	808 440
Total revenue	945 100	811 147
Business sector
Health	20 152	27 073
Industry	44 265	27 792
Info and communication	46 809	39 973
Power supply	150 852	130 880
Public admin	163 095	162 469
Oil & gas	367 135	279 269
Service industry	52 928	45 604
Transportation	48 843	36 407
Retail	31 045	29 488
Other	19 976	32 192
Total revenue	945 100	811 147
Public/privat sector
Public sector (100% owned)	390 729	370 136
Privat sector	554 371	441 011
Total revenue	945 100	811 147
Work in progress	200 850	87 693
Deferred revenue	3 842	8 216

At the balance sheet date, processed but not billed services amounted to NOK 200.85 million (2022.03.31: NOK 87.69 million). This is mainly services delivered on running account, invoiced to customers at the beginning of the next month.

Note 3 Intangible assets

Intangible assets and goodwill are related to added value from the acquisitions of subsidiaries, businesses, and costs related to development of software and internally developed internet homepage.

NOK 1 000	SOFTWARE	OTHER INTANGIBLE ASSETS	GOODWILL	JAN-MAR 2023	SOFTWARE	OTHER INTANGIBLE ASSETS	GOODWILL	JAN-MAR 2022
Book value 1 January	42 041	1 021	32 732	75 794	34 210	2 609	32 982	69 801
Additions of the period				0				0
Self-developed software	5 763			5 763	4 107			4 107
Amortisation	-1 717	-202		-1 919	-1 690	-296		-1 986
Exchange rate variances	0	47	555	602		-32	-301	-333
Book value end of period	46 087	867	33 287	80 240	36 627	2 281	32 681	71 589
Economic life	5 years	5-10 years	not decided		5 years	5-10 years	not decided
Amortisation method	linear	linear	N/A		linear	linear	N/A

The group is developing Sesam, a software as a service (SaaS). This software provides a stand-alone, generic data platform component – a master data hub which continuously exchanges data with the business' core systems. Sesam delivers a unique platform component which continually ensures optimal data quality and makes it simpler and faster to build cost-effective, valueenhancing solutions on the basis of the platform. The latter is in continual development. NOK 88 103 thousand has so far been invested, which is capitalised and amortised in modules. These modules have an expected service life of five to ten years.

Note 4 Leases

Right-of-use-assets

	LEASE OF PREMISES
NOK 1 000	JAN-MAR 2023	JAN-MAR 2022
Book value 1 January	222 299	205 153
Additions/adjustments of the period	18 387	49 278
Depreciation	-13 893	-11 821
Exchange rate variances	75	-519
Book value end of period	226 868	242 091
Economic life	1-10 years	1-10 years
Depreciation method	linear	linear

Lease liabilities

	FUTURE LEASE PAYMENTS PER YEAR
NOK 1 000	FUTURE LEASE PAYMENTS	2023	2024	2025	2026	2027	>2027
Undiscounted lease liabilities 31.03.2023	249 796	60 057	55 089	49 432	41 207	21 695	22 315

		FUTURE LEASE PAYMENTS PER YEAR
NOK 1 000	FUTURE LEASE PAYMENTS	2022	2023	2024	2025	2026	>2026
Undiscounted lease liabilities 31.03.2022	271 047	36 372	51 707	50 064	44 078	41 484	47 343

Note 5 Share capital and dividend

SHARES IN THOUSANDS	31.03.2023	31.03.2022
Ordinary shares, nominal value NOK 0.10	103 801	103 801
Total number of shares	103 801	103 801

The nominal value of the share is NOK 0.10. All shares in the company have equal voting rights and are equally entitled to dividend.

Changes in share capital and premium

	NO. OF SHARES		SHARE CAPITAL
NOK 1 000	31.03.2023	31.03.2022	31.03.2023	31.03.2022
Ordinary shares issued and fully paid at 31.12.	103 801	103 801	10 380	10 380
Own shares at nominal value	-349	-496	-35	-50

The Group has a share scheme including all employees. In the period, Bouvet ASA, has purchased 287 700 own shares at an average price of NOK 61.72 per share in conjuction with this share scheme. The company owns a toalt of 349 206 own shares at the end of the period.

Note 6 Transactions with related parties

Shares in the company directly or indirectly owned by the board and management

			NO. OF SHARES
NAME	ROLE	31.12.2022	BUY	SALE	31.03.2023
Pål Egil Rønn	Chairman of the Board	60 000			60 000
Tove Raanes	Vice-chairman of the Board	12 950			12 950
Egil Christen Dahl	Board member	1 828 020			1 828 020
Lill Hege Hals	Board member	0			0
Sverre Hurum	Board member	3 579 060			3 579 060
Per Gunnar Tronsli	CEO	82 946			82 946
Trude Hole	CFO	24 810			24 810
Total		5 587 786	0	0	5 587 786

Note 7 Events after the balance sheet date

There have been no events after the balance sheet date significantly effecting the Group's financial position.

Alternative Performance Measures

The European Securities and Markets Authority ("ESMA") issued guidelines on Alternative Performance Measures ("APMs") that came into force on July 3, 2016. Bouvet discloses APMs that are frequently used by investors, analysts, and other interested parties. The management believes that the disclosed APMs provide improved insight into the operations, financing, and prospects of Bouvet. Bouvet has defined the following APMs:

EBITDA is short for earnings before interest, taxes, depreciation, and amortization. EBITDA is calculated as profit for the period before tax expense, financial items, depreciation, and amortization.

EBIT is short for earnings before interest and taxes. EBIT corresponds to operating profit in the consolidated income statement.

Net free cash flow is calculated as net cash flow from operations plus net cash flow from investing activities.

EBITDA-margin is calculated as EBITDA divided by revenue.

EBIT-margin is calculated as EBIT divided by revenue.

Cash flow margin is calculated as Net cash flow from operations divided by revenue.

Equity ratio is calculated as total equity divided by total assets.

Liquidity ratio is calculated as current assets divided by short-term debt.

Key figures Group

NOK 1 000	JAN-MAR 2023	JAN-MAR 2022	CHANGE %	YEAR 2022
INCOME STATEMENT
Operating revenue	945 100	811 147	16.5%	3 085 470
EBITDA	158 639	141 730	11.9%	480 738
Operating profit (EBIT)	131 635	122 780	7.2%	401 692
Ordinary profit before tax	133 713	121 891	9.7%	400 985
Profit for the period	104 688	95 500	9.6%	316 316
EBITDA-margin	16.8%	17.5%	-3.9%	15.6%
EBIT-margin	13.9%	15.1%	-8.0%	13.0%
BALANCE SHEET
Non-current assets	370 162	376 606	-1.7%	361 235
Current assets	1 319 847	1 216 912	8.5%	1 083 678
Total assets	1 690 009	1 593 518	6.1%	1 444 913
Equity	552 423	516 628	6.9%	456 966
Long-term debt	173 971	194 960	-10.8%	178 908
Short-term debt	963 616	881 930	9.3%	809 039
Equity ratio	32.7%	32.4%	0.8%	31.6%
Liquidity ratio	1.37	1.38	-0.7%	1.34
CASH FLOW
Net cash flow operations	138 824	89 960	54.3%	321 297
Net free cash flow	122 961	77 086	59.5%	281 406
Net cash flow	89 825	27 570	225.8%	-97 764
Cash flow margin	14.7%	11.1%	32.4%	10.4%
SHARE INFORMATION
Number of shares	103 800 637	103 800 637	0.0%	103 800 637
Weighted average basic shares outstanding	103 693 906	103 684 884	0.0%	103 233 238
Weighted average diluted shares outstanding	104 758 176	104 849 187	-0.1%	105 290 979
EBIT per share	1.27	1.18	7.2%	3.88
Diluted EBIT per share	1.25	1.17	7.3%	3.81
Earnings per share	1.01	0.92	9.6%	3.06
Diluted earnings per share	1.00	0.91	9.8%	3.00
Equity per share	5.32	4.98	6.9%	4.40
Dividend per share	0.00	0.00	I/A	2.30
EMPLOYEES
Number of employees (year end)	2 111	1 879	12.3%	2 041
Average number of employees	2 055	1 871	9.8%	1 948
Operating revenue per employee	460	436	5.5%	1 584
Operating cost per employee	396	371	6.7%	1 378
EBIT per employee	64	65	-1.5%	206

Definitions

Cash flow margin	Net cash flow operations / Operating revenue
Diluted earnings per share	Profit for the period assigned to shareholders in parent company / weighted average diluted shares outstanding
Diluted EBIT per share	EBIT assigned to shareholders in parent company / weighted average diluted shares outstanding
Dividend per share	Paid dividend per share througout the year
Earnings per share	Profit for the period assigned to shareholders in parent company / weighted average basic shares outstanding
EBIT	Operating profit
EBIT per employee	EBIT / average number of employees
EBIT per share	EBIT assigned to shareholders in parent company / weighted average basic shares outstanding
EBIT-margin	EBIT / operating revenue
EBITDA	Operating profit + depreciation fixed assets and intangible assets
EBITDA-margin	EBITDA / operating revenue
Equity per share	Equity / number of shares
Equity ratio	Equity / total assets
Liquidity ratio	Current assets / Short-term debt
Net free cash flow	Net cash flow operations - Net cash flow investments
Number of shares	Number of issued shares at the end of the year
Operating cost per employee	Operating cost / average number of employees
Operating revenue per employee	Operating revenue / average number of employees
Weighted average basic shares outstanding	Issued shares adjusted for own shares on average for the year
Weighted average diluted shares outstanding	Issued shares adjusted for own shares and share scheme on average for the year

Our regions and offices

The group has 17 offices in Norway and Sweden. Our philosophy is that competence should be utilised across the group, while projects are entrenched locally.

Addresses

OSLO Sørkedalsveien 8

NO-0369 Oslo PO Box 5327 Majorstuen NO-0304 Oslo Tel: +47 23 40 60 00

ARENDAL Frolandsveien 6 NO-4847 Arendal Tel: +47 23 40 60 00

BERGEN Solheimsgaten 15 NO-5058 Bergen Tel: +47 55 20 09 17

DRAMMEN

Doktor Hansteins gate 13 NO-3044 Drammen Tel: +47 23 40 60 00

FØRDE

Peak Sunnfjord Hafstadvegen 25 NO-6800 Førde Tel: (+47) 55 20 09 17

GRENLAND

Hydrovegen 55 NO-3936 Porsgrunn Tel: +47 23 40 60 00

HAUGESUND Diktervegen 8

NO-5538 Haugesund Tel: +47 52 82 10 17

KRISTIANSAND

Kjøita 6 NO-4630 Kristiansand Tel: +47 23 40 60 00

SANDEFJORD

Fokserødveien 12 NO-3241 Sandefjord Tel: +47 23 40 60 00

SANDVIKA

Malmskriverveien 18 NO-1337 Sandvika Tel: +47 23 40 60 00

STAVANGER

Laberget 28 NO-4020 Stavanger P. O. Box 130 NO-4065 Stavanger Tel: +47 51 20 00 20

TRONDHEIM

Kjøpmannsgata 35 NO-7011 Trondheim Tel: +47 23 40 60 00

TROMSØ

Kirkegata 1 NO-9008 Tromsø Tel: +47 73 53 70 00

STOCKHOLM

Östermalmsgatan 87 A SE-114 59 Stockholm Tel: + 46 0 771 611 100

BORLÄNGE

Forskargatan 3 SE-781 70 Borlänge Tel: +46 0 771 611 100

SKARA

Klostergatan 4 SE-532 39 Skara Tel: +46 0 732 005 009

ÖREBRO

Kungsgatan 1 SE-702 11 Örebro Tel: +46 0 709 431 411

faktor

faktor

Q1

This quarter, we have changed, renewed and improved:

• · Carpooling app intended to provide efficient and green travel
• · All services on one and the same platform for support provider
• · Communication concept for improved internal interaction
• · Real-time analyses for industrial players
• · Data-driven management systems to optimise floating offshore wind power
• · Increased overview and control of large quantities of ocean and fish data
• · Digital solutions for all public transport in Norway