Bouvet

Quarterly Report • Aug 27, 2024

QUARTERLY REPORT Q2

2024

WE LEAD THE WAY AND BUILD TOMORROW'S SOCIETY

Bouvet in brief

In today's society, digitalisation is a crucial factor with respect to companies' delivery capability and competitiveness. As a leading consultancy firm focused on IT and digital communications and with extensive experience, closeness to clients and broad expertise, Bouvet is a very attractive digitalisation partner for organisations in both the private and public sectors.

Digitalisation is about utilising technology to deliver products and services which match user expectations, overcoming challenges and seizing opportunities. This is a broad and ongoing task, since companies can never say that they are "fully digitalised". Put simply, digitalisation involves preparing for the future every single day.

As a company, we have developed an ability to understand our clients' businesses and to collaborate on the creation and development of effective long-term digital solutions. This approach has resulted in very close client relationships and a steadily increasing assignment inflow, from both new and existing clients. We are a strategic partner for many enterprises, and our broad range of IT, design, communications and advisory services often results in our selection as a turnkey supplier.

faktor

Our close relationship with our clients is only possible because we execute all our assignments in accordance with strict security and accountability requirements. Our regional model reduces bureaucracy and ensures short decision-making lines, giving us the adaptability we need to respond to individual client challenges in an ever-changing landscape.

Close ties are a competitive advantage, but also a prerequisite for the development of ever-better solutions in line with our vision. By executing assignments for and in collaboration with important societal stakeholders, we are involved in helping society to progress.

As at 30 June 2024, we had 2,331 employees across 17 offices in Norway and three in Sweden.

BOUVET ASA Highlights and key figures for the second quarter of 2024

• → Operating revenues increased by NOK 168.2 million, to NOK 1,001.2 million, corresponding to an increase of 20.2% compared to Q2 2023.
• → Operating profit (EBIT) was up 52.3% year-on-year, rising to NOK 135.6 million.
• → The number of employees increased by 15 persons compared to the preceding quarter, and has grown by 172 persons over the past 12 months.
• → Won a new framework agreement with the Norwegian Directorate for Higher Education and Skills
• → Won a new framework agreement with Sykehusinnkjøp HF (Norway's pharmaceutical procurement agency).
• → Recognised by Universum as one of Norway's 10 most attractive employers among IT students

NOK MILLION	APR-JUN 2024	APR-JUN 2023	CHANGE %	JAN-JUN 2024	JAN-JUN 2023	CHANGE %	JUL 2023- JUN 2024	JUL 2022- JUN 2023	CHANGE % YEAR 2023
Revenue	1 001.2	833.0	20.2%	2 016.9	1 778.1	13.4%	3 764.8	3 323.5	13.3%	3 525.8
Operating profit (EBIT)	135.6	89.0	52.3%	270.5	220.7	22.6%	456.8	410.4	11.3%	407.0
Ordinary profit before tax	135.9	90.5	50.1%	270.7	224.2	20.7%	464.9	414.6	12.1%	418.4
Profit for the period	104.0	69.4	49.9%	209.1	174.1	20.1%	360.3	325.1	10.8%	325.3
Net cash flow operations	108.3	123.9	-12.6%	178.1	257.1	-30.7%	449.7	451.7	-0.4%	521.0
Liquid assets	276.7	330.6	-16.3%	276.7	330.6	-16.3%	276.7	330.6	-16.3%	482.0
Number of employees (end of period)	2 331	2 159	8.0%	2 331	2 159	8.0%	2 331	2 159	8.0%	2 311
Number of employees (average)	2 328	2 142	8.7%	2 323	2 122	9.4%	2 294	2 067	11.0%	2 191
Earnings per share	1.01	0.67	50.7%	2.03	1.68	20.9%	3.49	3.15	10.9%	3.15
Diluted earnings per share	1.00	0.66	52.3%	2.01	1.66	21.6%	3.46	3.12	11.0%	3.13
EBIT-margin	13.5%	10.7%		13.4%	12.4%		12.1%	12.3%		11.5%
Equity ratio	21.0%	23.3%		21.0%	23.3%		21.0%	23.3%		26.7%

CEO'S COMMENTS

The good results continue

We can be very proud of the last quarter, in which we maintained sales growth, achieved very strong profitability and continued to expand the Bouvet team with a steady stream of talented new colleagues.

Much is being said and written about the challenging conditions many stakeholders in our industry are currently experiencing. Budgets have become tighter and prioritisation more difficult. As a result, parts of our industry are facing more demanding framework conditions.

Bouvet has noted the same trends, in the form of altered framework conditions among some customers and in certain sectors. Nevertheless, overall demand remains very strong in our priority sectors. We are working with customers who are highly committed to pursuing the digitalisation agenda, and have found that our role as a centre of expertise makes us an attractive workplace for talented people seeking new challenges.

Bouvet's development is best understood by reference to our long-term objectives: creating the world's best workplace, focusing on long-term customer relationships and building a successful business through good, responsible corporate governance. These are the cornerstones of our development.

We are working continuously to create the world's best workplace. At Bouvet, we put employees first, seeking to develop a culture which cultivates community, in which

sharing is a key value and which helps people to thrive and develop. These aims inform our daily activities.

Our growth is founded on long-term customer relationships. We have been pursuing growth and development through long-term customer relationships for more than 20 years, in sectors crucial for the advancement of society. We have prioritised sectors with a long-term outlook and in which digitalisation is a key factor in the achievement of futureoriented services. We have always believed in maintaining close ties with customers and developing in-depth knowledge of their businesses. This focus has enabled Bouvet to build extensive customer-relevant expertise and a strong local presence and, as a result, close customer relationships.

By good corporate governance we mean all activities which help us fulfil the expectations of our employees, our owners and the authorities. We face a wide range of expectations, from sustainability reporting to organisational and cultural development and, not least, robust business management.

Robust business management is more important than ever, and is about creating secure jobs while simultaneously being a long-term, reliable supplier to customers. The value of the

company culture we are developing at Bouvet really becomes apparent when demand is under pressure and framework conditions become more difficult. Such times reveal both Bouvet's adaptability and the value of a culture which provides motivation and promotes community and inclusion. They also demonstrate the group's ability to achieve profitability which allows continued investment in people, in community and in tomorrow's expertise. This is what we call building a culture which creates value – for employees, for owners and for society.

As we close this quarter, we can be very proud of the value we have created and the results we have achieved. This strong performance is the achievement of more than 2,000 Bouvet staff who work every day to generate value with and for our clients, and who contribute every day to a culture in which people share their knowledge and lift each other to new heights.

To all Bouvet employees, I would like to say a big thank you for your commitment to building our fantastic business, and thereby to developing the society of tomorrow, one day at a time.

Per Gunnar Tronsli President and CEO

Financial results

Operating revenues

Bouvet's operating revenues totalled NOK 1,001.2 million in the second quarter of 2024, compared to NOK 833.0 million in the corresponding quarter of last year. This equates to a 20.2% increase. Fee income from group employees totalled NOK 898.5 million in the quarter, up from NOK 727.6 million in the second quarter of 2023. This corresponds to an increase of 23.5%. Revenues generated by hired sub-consultants totalled NOK 86.0 million in the quarter, down 5.7% from Q2 2023. Other revenue in the quarter amounted to NOK 16.7 million, up 17.3% compared to the second quarter of last year.

Fee income from group employees increased by NOK 68.1 million as the average number of employees rose by 8.7% year-on-year. The billing ratio for the group's consultants was 2.6 percentage points higher than in Q2 2023, and this had a positive impact of NOK 23.9 million on fee income. The hourly rates charged by the group for time-based services were 5.4% higher than in the second quarter of last year. This had a positive impact of NOK 42.0 million on fee income from group employees. There were two extra working days in Q2 2024 compared to Q2 2023, as a result of Easter falling into March rather than April in 2024. This increased fee income from group employees by NOK 27.1 million. A further consequence was that staff took less holiday and time off in lieu in Q2 2024 than in Q2 2023, increasing fee income from group employees by an additional NOK 17.3 million. Other effects such as project progress, sickness absence and periods of leave had a cumulative negative impact of NOK 7.5 million on fee income. All in all, fee income from group employees was NOK 170.9 million higher in the quarter than in the same quarter last year.

Overall, revenue from existing customers developed positively during the quarter. Clients who were also customers in the second quarter of 2023 accounted for 95.9% of operating

0 200 400 600 800 1 000 Q2 2024 Q2 2023 Q2 2022 Q2 2021 Q2 2020 DRIFTSINNTEKTER NOK MILLION

revenues. In addition, new clients added after the second quarter of 2023 contributed total operating revenues of NOK 41.2 million in the second quarter of 2024.

Bouvet's strategy is to utilise its own employees in its service deliveries. In the event of capacity shortages, sub-consultants are used as permitted by applicable regulations. In Q2 2024, sub-consultants accounted for 8.6% of total revenue, compared to 10.9% in the second quarter of 2023.

Operating revenues totalled NOK 2,016.9 million in the first half of 2024, compared to NOK 1,788.1 million in the first six months of 2023. This represents an increase of 13.4%.

Half-year fee income from group employees amounted to NOK 1,809.6 million, up 16.4% on the same period last year. The increase in fee income is primarily attributable to a 9.4% rise in the average number of employees, a 5.2% increase in the hourly rates charged by the group for time-based services and 1.8 percentage point rise in the invoicing rate compared to the first half of 2023.

Revenues generated by hired sub-consultants totalled NOK 177.3 million in the first half of the year, down 8.1% on the corresponding period of last year. Other revenue amounted to NOK 30.0 million in the first six months of 2024, down 2.3% compared to the first half of 2023.

Operating costs

Operating profit (EBIT)

Bouvet's total operating costs including depreciation and amortisation came to NOK 865.7 million in the second quarter, up from NOK 744.0 million in the second quarter of 2023. This represents an increase of 16.4%. Personnel costs increased by 23.6%, to NOK 680.2 million. The rise in personnel costs is attributable to an increase in the average number of

0 20 40 60 80 100 120 140 Q2 2024 Q2 2023 Q2 2022 Q2 2021 Q2 2020 DRIFTSRESULTAT EBIT NOK MILLION

Operating revenue

employees, as well as general pay inflation, which in the group's case has amounted to 4.0% over the past 12 months. Personnel costs have also been impacted by the 5% uplift in employer's national insurance contributions on income exceeding NOK 850,000. This cost accrues once total salary and benefit payments to an individual employee exceed NOK 850,000. In the second quarter, the cost amounted to NOK 0.7 million, compared to NOK 0.8 million in Q2 2023. The cost of goods sold totalled NOK 83.4 million in the second quarter of the year, down from NOK 86.8 million in the second quarter of last year, and consisted mainly of purchases of sub-consulting services and the hiring of course instructors. Other operating costs were down 13.9% year-on-year, at NOK 72.6 million. The drop is primarily attributable to reduced travel, recruitment and social event hosting costs. Depreciation and amortisation amounted to NOK 29.5 million, up from NOK 22.8 million in the second quarter of 2023.

Total operating costs increased by 12.1% year-on-year in the first half of 2024, to NOK 1,746.4 million. The cost of goods sold fell by 7.4% in the first six months of the year, to NOK 171.5 million. Personnel costs rose by 17.2% year-on-year in the first half of 2024, to NOK 1,376.7 million. Other operating costs dropped by 9.6%, to NOK 138.4 million. Depreciation and amortisation amounted to NOK 59.8 million, compared to NOK 44.2 million in the first six months of 2023.

Operating profit

Operating profit (EBIT) totalled NOK 135.6 million in Q2 2024, compared to NOK 89.0 million in the corresponding period of last year. The EBIT margin was thus 13.5%, compared to 10.7% in the same period last year. The quarterly post-tax profit amounted to NOK 104.0 million, up from NOK 69.4 million in the same period in 2023. Diluted earnings per share for the quarter were NOK 1.00, compared to NOK 0.66 in the second quarter of 2023.

The cumulative operating profit for the first half of 2024 totalled NOK 270.5 million, compared to NOK 220.7 million for the corresponding period in 2023. This represents an increase of 22.6% in operating profit and an EBIT margin of 13.4%, up from 12.4% in the same period last year. The post-tax profit for the first half of the year was NOK 209.1 million, up from NOK 174.1 million in the first half of 2023. Diluted earnings per share in the first six months of 2024 amounted to NOK 2.01, compared to NOK 1.66 in the first half of last year.

Cash flow, liquidity and solvency

The group's cash flow from operations in the second quarter was NOK 108.3 million, compared to a cash flow of NOK 123.9 million in the second quarter of 2023. The quarterly cash flow was positively affected by a NOK 160.9 million increase in current liabilities. Cash flow was negatively affected by a NOK 210.9 million increase in current receivables.

The group's cash flow from operations in the first half of the year amounted to NOK 178.1 million, compared to cash flow of NOK 257.1 million in the first half of 2023. The group's cash flow from operations in the preceding twelve months amounted to NOK 449.7 million, while the post-tax profit for the same period was NOK 360.3 million.

Investments during the quarter totalled NOK 12.2 million, where NOK 9.9 million was spent on new operating assets and NOK 2.4 million was invested in intangible assets. In Q2 2023, total investments amounted to NOK 14.8 million: NOK 8.1 million invested in property, plant and equipment and NOK 6.7 million invested in intangible assets.

Thus far in 2024, total investments amount to NOK 23.7 million, consisting of NOK 19.4 million invested in operating assets and NOK 4.3 million invested in intangible assets. Net investments to date in 2024 amount to NOK 23.6 million, compared to NOK 25.0 million in the same period in 2023.

The group's customer portfolio consists mainly of large, robust listed companies and public-sector organisations. The group did not register any losses on receivables in the second quarter, and has good control over and insight into its receivables.

The group has no interest-bearing debt, and bank deposits totalled NOK 276.7 million at quarter-end, compared to NOK 330.6 million at the end of Q2 2023. The account for employee tax deductions totalled NOK 111.9 million at the end of the quarter, meaning that available bank deposits amounted to NOK 167.8.7 million, compared to NOK 228.5 million at the end of the second quarter of 2023. The group had an unutilised overdraft facility of NOK 100.0 million at quarterend. Bouvet held 989,323 treasury shares at the end of the period.

In the second quarter of 2024, Bouvet made a dividend distribution totalling NOK 269.9 million. Equity totalled NOK 360.4 million at quarter-end, equating to an equity ratio of 21.0%. The corresponding figure for Q2 2023 is NOK 331.5 million, corresponding to an equity ratio of 23.3%.

Segment reporting

The group does not report separately on different business areas in internal reports. The group's operations are uniform and concentrated in the Scandinavian market for IT consulting services. Risks and return are monitored for the business as a whole, with reports being prepared for common markets, on a project basis and for individual consultants. Accordingly, the group operates with a single reportable operating segment.

Progress and market

Demand for digitalisation remained high in both in the public and private sectors in the second quarter of the year. Bouvet's close, long-term, strategic partnerships with major stakeholders secured several new and extended assignments for the group. While technical services were in particular demand, effective digitalisation requires a multidisciplinary approach, and the group also noted steady demand for consulting, design and communication services.

Sectors

Society faces various complex challenges which are resulting in unpredictable framework conditions for businesses. However, Bouvet's client base is concentrated in highly resilient sectors. Digitalisation is central to business development, and generated good demand and activity during the quarter. In Q2, a number of clients expanded and extended existing contracts with the group, including Bane NOR, the Norwegian Armed Forces, Statnett, Norwegian Directorate for Civil Protection, Equinor, Aibel, the Office of the Auditor General and the Norwegian Tax Administration.

Extensions and new contracts in the oil, gas and renewables industry

The oil, gas and renewables industry is an important sector for Bouvet, accounting for 39.5% of total revenue. Sales rose by 17.9% compared to the same period in 2023. Customer assignments necessitate the involvement of all the group's specialist areas, although demand is greatest for technology services. This is exemplified by a new agreement with Gassco related to PowerBI deliverables.

Other examples of agreements signed during the quarter include ones with Equinor, Aker BP and Aibel.

Continued strong demand in the power sector

The sector is characterised by significant digitalisation

pressure, innovation and a long-term perspective, features which resulted in demand for the group's full range of services in the quarter. In Q2, some 20.4% of Bouvet's total revenue stemmed from the power sector, representing a 49.2% increase compared to Q2 2023. Among other things, Bouvet secured new orders from Statnett, in the form of both new assignments and assignment extensions. New and/or extended agreements were also entered into with Giltre Energi, Elvia and Eidsiva Energi.

Ongoing digitalisation processes in the public sector The public sector continued its digitalisation drive during the quarter, and Bouvet experienced demand for the group's full range of services. Clients in the public administration and

defence sectors accounted for 16.5% of total revenue in the

%Revenue public/private

OMSETNING FRA KUNDER

Revenue from customer 100% public owned: 44.8%

Revenue from customer wholly or partially private owned: 55.2%

%Revenue per sector

OMSETNING PER BRANSJE

Health	1.7%
Industry	3.9%
Info and communication	3.7%
Power supply	20.4%
Public admin and defence	16.5%
Oil, gas and renewables	39.5%
Service industry	6.3%
Transportation	4.3%
Retail	2.5%
Other	1.2%

quarter. One example of interdisciplinary demand is a new framework agreement with the Norwegian Directorate for Higher Education and Skills relating to development, testing, project management, design, web development, information management, business solutions, architecture and general consulting services.

Other new and extended contracts which exemplify digitalisation needs in the sector include agreements with the Ministry of Foreign Affairs, the Norwegian Public Roads Administration, the Norwegian Directorate of Immigration, the Norwegian Broadcasting Corporation, the Norwegian Agency for Public and Financial Management and the Norwegian National Courts Administration.

More contracts from outside Bouvet's largest sectors Technology

The list of Bouvet clients maintaining a high rate of digitalisation

includes several businesses from outside the group's biggest sectors. For example, in Q2 the group agreed assignment extensions with Bane NOR, under which Bouvet will continue to support Bane NOR's digital distribution system for operational announcements between train managers, train drivers and train dispatchers.

In the healthcare sector, the group has also won and extended contracts during the quarter. One example is a new agreement with Sørlandet Sykehus HF on the introduction of Microsoft 365 for 8,000 users, under which Bouvet will provide both advisory and technical services.

Other new and extended agreements outside Bouvet's main sectors includes ones with VB Gruppen, Glommen Mjøsen Skog SA, the Norwegian Directorate of Health, Innovation Norway, Norsk Helsenett, Boliden, Viking and Emagine.

Services

Demand remained strong for all of Bouvet's services in Q2 2024. The market is requesting inter-disciplinary teams and demanding ever-higher levels of delivery quality, security and direct commercial value. Customers remain interested in and have investment appetite for artificial intelligence (AI), and the group will maintain its focus on this segment. Design and communication Technology

Advisory services

Consultancy Bouvet again registered continued customer demand for advisory services in Q2, particularly in the areas of security, change management, artificial intelligence and systems architecture. One example is a new agreement with Sykehusinnkjøp HF concerning assistance with strategy development on behalf of Norwegian health trusts. The agreement, which applies to all health regions in Norway, encompasses not only strategy development but also improvement processes, innovation and continuous improvement, as well as project and process management. Other advisory-related extensions and new agreements concluded during the quarter include ones with the Norwegian Armed Forces, the Norwegian Environment Agency, Northcom Solutions and the Office of the Auditor General. Consultancy

Bouvet's course business experienced continued market demand for skills development. During the quarter, the group noted strong interest in courses on system development, product management, change management, artificial intelligence and Microsoft 365 Copilot. In Q2, the group hosted several breakfast seminars in different offices on topics such as Microsoft Fabric and how to transition from a project focus to a product focus.

Design

Design and communication Market demand for design services demonstrates recognition of the importance of a good user experience in customer digitalisation strategies and initiatives. Good examples of agreements in which design services are an important deliverable include signed and renewed contracts with Statnett, Equinor, Amina Distribution, Boliden, the Norwegian Coastal Administration and the Norwegian Environment Agency.

Technology

Consultancy

Design and communication Technology In the second quarter, the group noted high demand for technology services such as system development, artificial intelligence, cloud services, low code and data platforms. This was reflected in several new and renewed assignments during the quarter. Bouvet won a new framework agreement with the Swedish Association of Local Authorities and Regions on the development and management of IT services and project and change management related to information communication. The objective is to ensure that the best available knowledge is utilised in meetings between patients and health personnel.

Other important developments include the award of an ICT consultancy services framework agreement with the

Norwegian University of Science and Technology (NTNU), under which Bouvet will deliver project management, system development and consultancy services, and the securing of an agreement with the Church of Norway on development and management of the Church's membership register – one of Norway's largest.

Interest in generative artificial intelligence (AI) continued to grow in the quarter. An example of an assignment in which generative AI plays a central role is a new contract with the law firm Schjødt.

Also to be noted are new and extended agreements with the Ministry of Foreign Affairs, the Norwegian Institute of Public Health, Lyse Tele, NATO, Geno SA and the City of Oslo.

Employees

At quarter-end, Bouvet had 2,331 employees, up by 15 from Q1 2024 and up by 172 compared to Q2 2023.

To meet demand from the group's customers, it is important that Bouvet staff possess a broad range of expertise. In client assignments, therefore, the group's specialists are often brought together in interdisciplinary teams. The pace of digitisation and market activity levels provide opportunities for employees to leverage their expertise in challenging and societally important assignments. This has a positive impact on both job satisfaction and recruitment.

The development of individual employees' expertise is an important factor in promoting growth and staff satisfaction, and the group therefore prioritises and invests continuously in this area. This investment takes the form of internal skills-development schools, courses organised by Bouvet's own training department and external conferences. However, the best and most important expertise-development measure is participation in challenging assignments as a member of inclusive interdisciplinary teams. Together, these measures create a culture in which sharing of expertise, curiosity and generosity are central values, and give Bouvet a firm foundation for effective collaboration and an accelerated pace of innovation.

Sesam

Sesam is continuing to develop and deliver Sesam HUB, a specialised engine for data integration and master data management. The company is also developing and launching

Number of employees (end of quarter)

culture which puts employees first being appreciated and recognised in various rankings. In Q2, Bouvet was recognised as one of Norway's 10 most attractive employers for Norwegian IT students. The ranking was prepared by Universum, an international company which specialises in employer branding.

new services based on Sesam Talk, a self-service data synchronisation framework.

Sesam had a total of 29 customers at quarter-end.

Risk

Combined with the situation in energy markets, unstable geopolitical and security policy conditions are resulting in economic uncertainty both globally and in Norway.

Generally speaking, the group is always exposed to various forms of operational, market and financial risk.

The board and executive management maintain a constant focus on risk management and control. This is described in more detail on pages 44-45 and in note 18 of Bouvet's 2023 annual report. See also section 10 of the corporate governance chapter in the report.

Outlook

The ability of companies to change, innovate and digitise effectively and successfully is becoming increasingly important, not least due to the increasing impact on society of risks linked to more unpredictable economic conditions and a changing threat landscape. Close cooperation is crucial to Bouvet's ability to meet client needs and requirements related to delivery quality, security at all levels and clear business value.

The group aims to build and maintain such close partnerships, and has several long-term customer relationships in, for example, the power supply and oil, gas and renewables sectors. These agreements and assignments reflect both the high pace of digitalisation in these sectors and market confidence in Bouvet. The noted sectors have a particular focus on simplification, standardisation and effectivisation through new technology. Achieving the green shift is also a clear goal for undertakings in these sectors.

The public sector is also feeling the effect of unpredictable framework conditions. Organisations' ability to digitise and manage change is important. Optimising IT investment is therefore a priority. Combined with its interdisciplinary service offering, Bouvet's long track record and strong domain knowledge in the sector make the group a relevant partner.

Restructuring demand is also apparent in other sectors, and the group's breadth of services and interdisciplinary approach are helping it to win new assignments from existing clients. Demand for team deliveries is strong and recurring. The group also anticipates growing demand for the provision of teams to undertake execution of main contracts.

Bouvet has observed growing willingness to invest in generative AI across all sectors. The spread of the technology is also creating challenges related to security and the maintenance of high quality standards. Bouvet is helping a number of clients to generate value by leveraging AI and promoting skills development.

The group's prioritisation of personnel first and foremost, along with skills development, a sharing culture and a strong reputation when recruiting, ensures that it has the expertise sought by the market. Combined with the group's client portfolio and other market conditions, this leaves Bouvet well-positioned and equipped for recruitment and further growth in its operational sectors.

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

Statement of the board of directors and CEO

We declare that, to the best of our knowledge, the interim financial statements for the first half of the year and Q2 2024 have been prepared in accordance with IAS 34, and that the information in the financial statements provides a true and fair view of Bouvet ASA's overall assets, liabilities, financial position and results. We also declare that, to the best of our knowledge, the interim report provides a true and fair overview of important events during the accounting period and their impact on the interim financial statements, the most important risks and uncertainty factors facing the company in the next accounting period, and material transactions with related parties.

Oslo, 27 August 2024 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

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Egil Christen Dahl Director

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Sverre Hurum Director

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Per Gunnar Tronsli President and CEO

Consolidated income statement

NOK 1 000	NOTE	UNAUDITED APR-JUN 2024	UNAUDITED APR-JUN 2023	CHANGE	CHANGE %	UNAUDITED JAN-JUN 2024	UNAUDITED JAN-JUN 2023	CHANGE	CHANGE %	YEAR 2023
Revenue	2	1 001 222	833 049	168 173		20.2% 2 016 921 1 778 149		238 772	13.4%	3 525 761
Operating expenses
Cost of sales		83 355	86 778	-3 423	-3.9%	171 488	185 198	-13 710	-7.4%	347 460
Personell expenses1		680 232	550 159	130 073		23.6% 1 376 726 1 175 045		201 681	17.2%	2 360 906
Depreciation fixed assets1	4	23 617	19 508	4 109	20.1%	46 827	38 961	7 866	19.7%	79 178
Amortisation intangible assets	3	5 914	3 336	2 578	77.3%	12 969	5 255	7 714	146.8%	17 740
Other operating expenses		72 554	84 241	-11 687	-13.9%	138 396	153 027	-14 631	-9.6%	313 485
Total operating expenses		865 672	744 022	121 650		16.4% 1 746 406 1 557 486		188 920	12.1%	3 118 769
Operating profit		135 550	89 028	46 523	52.3%	270 515	220 663	49 852	22.6%	406 992
Financial items
Interest income		6 831	4 060	2 771	68.3%	12 904	7 695	5 209	67.7%	16 274
Financial income		74	183	-109	-59.6%	150	194	-44	-22.7%	4 666
Interest expense		-5 944	-2 009	-3 935	195.9%	-11 949	-3 754	-8 195	218.3%	-8 748
Finance expense		-637	-729	92	-12.6%	-872	-552	-320	58.0%	-766
Net financial items		324	1 505	-1 181	-78.5%	233	3 583	-3 350	-93.5%	11 426
Ordinary profit before tax		135 874	90 533	45 342	50.1%	270 748	224 246	46 502	20.7%	418 418
Income tax expense
Tax expense on ordinary profit		31 890	21 142	10 748	50.8%	61 613	50 167	11 446	22.8%	93 126
Total tax expense		31 890	21 142	10 748	50.8%	61 613	50 167	11 446	22.8%	93 126
Profit for the period		103 984	69 391	34 594	49.9%	209 135	174 079	35 056	20.1%	325 292
Assigned to:
Shareholders in parent company		104 409	69 406			209 827	173 920			325 419
Non-controlling interests		-425	-15			-692	159			-127
Diluted earnings per share		1.00	0.66	0.34	52.3%	2.01	1.66	0.36	21.6%	3.13
Earnings per share		1.01	0.67	0.34	50.7%	2.03	1.68	0.35	20.9%	3.15

¹ The comparative figures for the second quarter of last year have been changed by TNOK 5,632 due to incorrect classification between personnel expenses and depreciation fixed assets. The total operating expenses remain unchanged.

Consolidated statement of other income and costs

NOK 1 000	NOTE	UNAUDITED APR-JUN 2024	UNAUDITED APR-JUN 2023	CHANGE	CHANGE %	UNAUDITED JAN-JUN 2024	UNAUDITED JAN-JUN 2023	CHANGE	CHANGE %	YEAR 2023
Profit for the period		103 984	69 391	34 594	49.9%	209 135	174 079	35 056	20.1%	325 292
Items that may be reclassified through profit or loss in subsequent periods
Currency translation differences		-90	-1 011	922	-91.1%	-108	1 211	-1 319	-108.9%	1 660
Sum other income and costs		-90	-1 011	922	-91.1%	-108	1 211	-1 319	-108.9%	1 660
Total comprehensive income		103 894	68 380	35 516	51.9%	209 027	175 290	33 737	19.2%	326 952
Assigned to:
Shareholders in parent company		104 320	68 395			209 719	175 131			327 080
Non-controlling interests		-425	-15			-692	159			-127

Consolidated balance sheet

NOK 1 000	NOTE	UNAUDITED 30.06.2024	UNAUDITED 30.06.2023	CHANGE	CHANGE %	31.12.2023
ASSETS
NON-CURRENT ASSETS Intangible assets
Deferred tax asset		11 213	5 966	5 247	87.9%	7 013
Goodwill	3	53 787	33 127	20 660	62.4%	53 871
Other intangible assets	3	38 522	50 313	-11 791	-23.4%	50 122
Total intangible assets		103 522	89 406	14 116	15.8%	111 006
Fixed assets
Office equipment		39 884	28 931	10 953	37.9%	31 495
Office machines and vehicles		4 464	2 952	1 512	51.2%	4 345
IT equipment		25 521	26 220	-699	-2.7%	26 975
Right-of-use assets	4	333 005	216 923	116 082	53.5%	316 468
Total fixed assets		402 874	275 026	127 848	46.5%	379 283
Financial non-current assets
Other financial assets		10	10	0	0.0%	10
Other long-term receivables		2 212	1 951	261	13.4%	2 223
Total financial non-current assets		2 222	1 961	261	13.3%	2 233
Total non-current assets		508 618	366 393	142 225	38.8%	492 522
CURRENT ASSETS
Work in progress	2	61 122	86 104	-24 982	-29.0%	51 486
Trade accounts receivable		761 183	559 196	201 987	36.1%	629 880
Other short-term receivables		112 293	78 415	33 878	43.2%	59 818
Liquid assets		276 685	330 562	-53 877	-16.3%	482 048
Total current assets		1 211 283	1 054 276	157 007	14.9%	1 223 232
TOTAL ASSETS		1 719 901	1 420 669	299 232	21.1%	1 715 754

Consolidated balance sheet

NOK 1 000	NOTE	UNAUDITED 30.06.2024	UNAUDITED 30.06.2023	CHANGE	CHANGE %	31.12.2023
EQUITY AND LIABILITIES
EQUITY
Paid-in capital
Share capital	5	10 380	10 380	0	0.0%	10 380
Own shares - nominal value	5	-99	-86	-13	15.1%	-19
Share premium		179	179	0	0.0%	179
Total paid-in capital		10 460	10 473	-13	-0.1%	10 540
Earned equity
Other equity		345 572	315 712	29 860	9.5%	442 760
Total earned equity		345 572	315 712	29 860	9.5%	442 760
Non-controlling interests		4 382	5 360	-978	-18.2%	5 074
Total equity		360 414	331 544	28 869	8.7%	458 374
DEBT
Long-term debt
Lease liabilities		267 934	164 009	103 925	63.4%	253 550
Other provisions for obligations		5 545	0	5 545	100.0%	5 545
Total long-term debt		273 479	164 009	109 470	66.7%	259 095
Short-term debt
Current lease liabilities		75 937	60 131	15 806	26.3%	67 317
Trade accounts payable		98 722	97 387	1 335	1.4%	119 685
Income tax payable		72 071	59 737	12 334	20.6%	95 210
Public duties payable		364 298	304 293	60 005	19.7%	304 440
Deferred revenue	2	6 164	4 929	1 235	25.1%	5 899
Other short-term debt		468 816	398 639	70 177	17.6%	405 734
Total short-term debt		1 086 008	925 116	160 892	17.4%	998 285
Total liabilities		1 359 487	1 089 125	270 362	24.8%	1 257 380
TOTAL EQUITY AND LIABILITIES		1 719 901	1 420 669	299 232	21.1%	1 715 754

Consolidated statement of cash flows

NOK 1 000	NOTE	UNAUDITED APR-JUN 2024	UNAUDITED APR-JUN 2023	UNAUDITED JAN-JUN 2024	UNAUDITED JAN-JUN 2023	YEAR 2023
Cash flow from operating activities
Ordinary profit before tax		135 874	90 533	270 748	224 246	418 418
Paid tax		-41 764	-34 792	-83 563	-73 263	-82 627
(Gain)/loss on sale of fixed assets		-12	34	-42	30	-135
Ordinary depreciation1		23 438	19 508	46 648	38 961	79 178
Amortisation intangible assets	3	5 914	3 335	12 969	5 255	17 740
Share based payments		4 499	6 539	9 110	10 905	19 218
Changes in work in progress, accounts receivable and accounts payable		-17 976	91 693	-161 902	-4 429	-18 197
Changes in other accruals		-1 640	-52 921	84 114	55 415	87 377
Net cash flow from operating activities		108 333	123 929	178 081	257 121	520 972
Cash flows from investing activities
Sale of fixed assets		65	37	99	37	382
Purchase of fixed assets1		-9 929	-8 059	-19 389	-12 527	-28 907
Purchase of intangible assets	3	-2 368	-6 708	-4 345	-12 471	-22 674
Purchase of business		0	0	0	0	-17 801
Net cash flow from investing activities		-12 232	-14 730	-23 635	-24 962	-69 000
Cash flows from financing activities
Purchase of own shares		-28 551	-36 296	-50 185	-52 119	-63 545
Sales of own shares		0	0	0	0	28 710
Payments on lease liabilities	4	-20 235	-16 091	-39 743	-33 403	-61 924
Dividend payments		-269 882	-259 502	-269 882	-259 502	-316 592
Net cash flow from financing activities		-318 668	-311 888	-359 809	-345 024	-413 351
Net changes in liquid assets		-222 567	-202 690	-205 363	-112 865	38 621
Liquid assets at the beginning of the period		499 252	533 252	482 048	443 427	443 427
Liquid assets at the end of the period		276 685	330 562	276 685	330 562	482 048
Unused credit facilities		100 000	101 388	100 000	101 388	100 000

¹ The comparative figures for the second quarter of last year have been changed by TNOK 5,632 due to incorrect classification between personnel expenses and depreciation fixed assets.

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 01.01.2023	10 380	-6	179	10 553	442 472	-1 262	441 210	5 202	456 966
Profit for the period				0	173 920		173 920	159	174 079
Other income and costs				0		1 211	1 211		1 211
Purchase/sale of own shares (net)		-80		-80	-52 034		-52 034		-52 114
Employee share scheme				0	10 905		10 905		10 905
Dividend				0	-259 502		-259 502		-259 502
Equity at 30.06.2023 (Unaudited)	10 380	-86	179	10 473	315 761	-51	315 712	5 360	331 544
Equity at 01.01.2024	10 380	-19	179	10 540	442 362	398	442 760	5 074	458 374
Profit for the period				0	209 827		209 827	-692	209 135
Other income and costs				0		-108	-108		-108
Purchase/sale of own shares (net)		-80		-80	-50 105		-50 105		-50 185
Employee share scheme				0	13 081		13 081		13 081
Dividend				0	-269 882		-269 882		-269 882
Equity at 30.06.2024 (Unaudited)	10 380	-99	179	10 460	345 283	290	345 572	4 382	360 414

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 2023.

The accounting policies applied are consistent with those applied in previous financial year.

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	APR-JUN 2024	APR-JUN 2023
Contract category
Fixed- and target price	2 221	1 397
Variable contracts	999 001	831 652
Total revenue	1 001 222	833 049
Business sector
Health	16 882	15 497
Industry	39 173	35 541
Info and communication	37 446	34 676
Power supply	204 668	150 316
Public admin and defence	164 825	139 987
Oil, gas and renewable	395 328	331 295
Service industry	63 085	41 483
Transportation	42 819	41 829
Retail	25 327	26 423
Other	11 669	16 003
Total revenue	1 001 222	833 049
Public/privat sector
Public sector (100% owned)	448 147	351 296
Privat sector	553 075	481 753
Total revenue	1 001 222	833 049
Work in progress	61 122	86 104
Deferred revenue	6 164	4 929

At the balance sheet date, processed but not billed services amounted to NOK 61.12 million (2023.06.30: NOK 86.10 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-JUN 2024	SOFTWARE	OTHER INTANGIBLE ASSETS	GOODWILL	JAN-JUN 2023
Book value 1 January	48 257	1 864	53 871	103 993	42 041	1 021	32 732	75 794
Additions of the period				0				0
Tax refund (government grants) 2023	-2 971			-2 971				0
Self-developed software	4 345			4 345	12 470			12 470
Amortisation	-11 627	-1 343		-12 970	-4 849	-406		-5 255
Exchange rate variances		-5	-84	-89		35	395	430
Book value end of period	38 004	516	53 787	92 309	49 662	650	33 127	83 440
Economic life	2-5 years	5-10 years	notdecided		5 years	5-10 years	notdecided
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 106 378 thousand has so far been invested, which is capitalised and amortised in modules. These modules have an expected service life of two to five years.

Note 4 Leases

Right-of-use-assets

LEASE OF PREMISES

NOK 1 000	JAN-JUN 2024	JAN-JUN 2023
Book value 1 January	316 468	222 299
Additions/adjustments of the period	50 893	22 589
Depreciation	-34 369	-27 923
Exchange rate variances	13	-42
Book value end of period	333 005	216 923
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	< 1 YEAR	1-2 YEARS	2-3 YEARS	3-4 YEARS	4-5 YEARS	> 5 YEARS
Undiscounted lease liabilities 30.06.2024	450 140	80 209	73 682	57 814	42 222	39 973	156 240

		FUTURE LEASE PAYMENTS PER YEAR
NOK 1 000	FUTURE LEASE PAYMENTS	< 1 YEAR	1-2 YEARS	2-3 YEARS	3-4 YEARS	4-5 YEARS	> 5 YEARS
Undiscounted lease liabilities 30.06.2023	239 799	60 912	54 087	50 289	35 468	21 834	17 209

Note 5 Share capital and dividend

SHARES IN THOUSANDS	30.06.2024	30.06.2023
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	30.06.2024	30.06.2023	30.06.2024	30.06.2023
Ordinary shares issued and fully paid at 31.03	103 801	103 801	10 380	10 380
Own shares at nominal value	-989	-862	-99	-86

The Group has a share scheme including all employees. In the period, Bouvet ASA, has purchased 452 806 own shares at an average price of NOK 62,78 per share in conjuction with this share scheme. The company owns a toalt of 989 323 own shares at the end of the period.

Dividend

The company has paid the following dividends:

NOK 1 000	APR-JUN 2024	APR-JUN 2023
Ordinary dividend for 2023: NOK 2.60 per share (May 2024)	269 882
Ordinary dividend for 2022: NOK 2.50 per share (May 2023)		259 502
Total	269 882	259 502

Note 6 Transactions with related parties

		NO. OF SHARES
NAME	ROLE	30.03.2024	BUY	SALE	30.06.2024
Pål Egil Rønn	Chairman of the Board	60 000			60 000
Tove Raanes	Vice-chairman of the Board	16 950			16 950
Egil Christen Dahl	Board member	1 853 020			1 853 020
Lill Hege Hals	Board member	0			0
Sverre Hurum	Board member	3 415 610			3 415 610
Per Gunnar Tronsli	CEO	81 376			81 376
Trude Hole	CFO	26 040			26 040
Total		5 452 996	0	0	5 452 996

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

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	APR-JUN 2024	APR-JUN 2023	ENDR. %	JAN-JUN 2024	JAN-JUN 2023	ENDR. %	HELÅR 2023
INCOME STATEMENT
Operating revenue	1 001 222	833 049	20.2%	2 016 921	1 778 149	13.4%	3 525 761
EBITDA	165 081	111 872	47.6%	330 311	264 879	24.7%	503 910
Operating profit (EBIT)	135 550	89 028	52.3%	270 515	220 663	22.6%	406 992
Ordinary profit before tax	135 874	90 533	50.1%	270 748	224 246	20.7%	418 418
Profit for the period	103 984	69 391	49.9%	209 135	174 079	20.1%	325 292
EBITDA-margin	16.5%	13.4%	22.8%	16.4%	14.9%	9.9%	14.3%
EBIT-margin	13.5%	10.7%	26.7%	13.4%	12.4%	8.1%	11.5%
BALANCE SHEET
Non-current assets	508 618	366 393	38.8%	508 618	366 393	38.8%	492 522
Current assets	1 211 283	1 054 276	14.9%	1 211 283	1 054 276	14.9%	1 223 232
Total assets	1 719 901	1 420 669	21.1%	1 719 901	1 420 669	21.1%	1 715 754
Equity	360 414	331 544	8.7%	360 414	331 544	8.7%	458 374
Long-term debt	273 479	164 009	66.7%	273 479	164 009	66.7%	259 095
Short-term debt	1 086 008	925 116	17.4%	1 086 008	925 116	17.4%	998 285
Equity ratio	21.0%	23.3%	-10.2%	21.0%	23.3%	-10.2%	26.7%
Liquidity ratio	1.12	1.14	-2.1%	1.12	1.14	-2.1%	1.23
CASH FLOW
Net cash flow operations	108 333	123 929	-12.6%	178 081	257 121	-30.7%	506 085
Net free cash flow	96 100	109 199	-12.0%	154 446	232 159	-33.5%	453 359
Net cash flow	-222 567	-202 690	9.8%	-205 363	-112 865	82.0%	38 621
Cash flow margin	10.8%	14.9%	-27.3%	8.8%	14.5%	-38.9%	14.4%
SHARE INFORMATION
Number of shares	103 800 637	103 800 637	0.0%	103 800 637	103 800 637		0.0% 103 800 637
Weighted average basic shares outstanding	103 054 973	103 254 963	-0.2%	103 297 639	103 484 643		-0.2% 103 258 878
Weighted average diluted shares outstanding	103 894 515	105 153 696	-1.2%	104 137 181	104 946 738		-0.8% 104 069 876
EBIT per share	1.32	0.86	53.0%	2.63	2.13	23.3%	3.94
Diluted EBIT per share	1.31	0.85	54.6%	2.61	2.09	24.6%	3.91
Earnings per share	1.01	0.67	50.7%	2.03	1.68	20.9%	3.15
Diluted earnings per share	1.00	0.66	52.3%	2.01	1.66	21.6%	3.13
Equity per share	3.47	3.19	8.7%	3.47	3.19	8.7%	4.42
Dividend per share	2.60	2.50	4.0%	2.60	2.50	4.0%	3.05
EMPLOYEES
Number of employees (year end)	2 331	2 159	8.0%	2 331	2 159	8.0%	2 311
Average number of employees	2 328	2 142	8.7%	2 323	2 122	9.4%	2 191
Operating revenue per employee	430	389	10.6%	868	838	3.6%	1 609
Operating cost per employee	372	347	7.1%	752	734	2.4%	1 423
EBIT per employee	58	42	40.1%	116	104	12.0%	186

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 Elvevegen 13 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

INNLANDET Løvstadvegen 7 NO-2312 Ottestad Tel: +47 23 40 60 00

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

Professor Brochs gate 14 NO-7030 Trondheim Tel: +47 23 40 60 00

TROMSØ

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

STOCKHOLM

Mäster Samuelsgatan 42 SE-111 57 Stockholm Tel: + 46 0 771 611 100

SKÖVDE

Kaplansgatan 16C SE-549 34 Skövde Tel: +46 0 771 611 100

ÖREBRO

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

faktor

faktor

This quarter, we have changed, renewed and improved:

• · Helped Bane NOR secure a fair calculation of energy costs linked to train traffic in Europe
• · Assisted Resman with the development of a customised portal which automates and visualises reservoir data to increase oil production
• · Assisted the Norwegian Tax Administration with change management in connection with the simultaneous onboarding of 1,000 new employees
• · Helped Equinor to raise the profile of in-house IT projects within the company
• · Assisted Å Insite with the delivery of energy data to the business sector