Bouvet (BOUV) Q2 2025 earnings summary

Executive summary

• Operating revenues for Q2 2025 were NOK 968.7 million, down 3.2% year-over-year, with EBIT at NOK 123.2 million, a 9.1% decrease from Q2 2024.

• Net profit for the quarter was NOK 95.7 million, down 7.9% year-over-year, and diluted EPS was NOK 0.92, an 8% decrease.

• Despite a challenging market, several long-term contracts were secured, including a 10-year agreement with Equinor and new framework agreements with the Norwegian Tax Administration, Statnett, Bane NOR, AkerBP, and Fifty.

• Employee count increased to 2,337, up 0.3% year-over-year, but down 10 sequentially.

Financial highlights

• Operating revenues for H1 2025 increased 1.3% to NOK 2,043.4 million compared to H1 2024.

• EBIT margin for Q2 2025 was 12.7%, down from 13.5% in Q2 2024; H1 2025 EBIT margin was 13.6%, up from 13.4% in H1 2024.

• Net cash flow from operations in Q2 2025 was NOK 6.1 million, significantly lower than NOK 99.9 million in Q2 2024.

• Liquid assets at quarter-end were NOK 383.5 million, up 38.6% year-over-year.

• Dividend of NOK 3.00 per share was paid in Q2 2025, totaling NOK 311.4 million.

Outlook and guidance

• Demand for digitalisation and AI-driven services remains strong across sectors, with increased focus on business value, security, and integrated partnerships.

• The company expects continued growth opportunities, especially in oil, gas, renewables, power supply, and public sector digitalisation.

• Recruitment will be more active in response to increasing demand and new long-term contracts.

• Market remains highly competitive.