Bouvet (BOUV) investor relations material

Executive summary

• Q4 2025 operating revenues were NOK 998.4 million, down 2.7% year-over-year; EBIT was NOK 103.4 million, a 13.1% decrease, with a margin of 10.4%.

• Full-year 2025 revenues reached NOK 3,912.3 million, a 0.2% decrease from 2024; EBIT was NOK 473.4 million, down 3.5% year-over-year.

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

• Employee and customer satisfaction remained high, with strong survey participation and loyalty.

• Proposed dividend of NOK 3.00 per share for 2025, to be paid in H1 2026.

Financial highlights

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

• Cash flow from operations in Q4 was NOK 363.4 million; year-end cash position was NOK 672.3 million.

• Equity ratio at year-end was 24.5%, compared to 25.8% a year earlier; liquidity ratio at 1.20.

• Earnings per share for Q4 were NOK 0.70 (down 25.3%); full-year EPS was NOK 3.49 (down 6.2%).

• No long-term or interest-bearing debt at year-end.

Outlook and guidance

• Market conditions remain challenging, with increased competition and price pressure.

• Focus on sales, customer retention, operational efficiency, and competence development, especially in AI.

• Clients demand higher value, quality, and security, with emphasis on cybersecurity and digitalisation.

• Conservative approach to hiring and expansion, prioritizing profitability and quality over growth.

• Swedish market remains weak, with only organic development planned.