Bouvet-Margin pressure to trim 2026 estimates further-05/13/2026

Research evidence excerpt

Bouvet-Margin pressure to trim 2026 estimates further-05/13/2026

and recruiting towards fields with particularly high demand.

Sector commentary:

The largest business sector Oil, gas & renewables (41% of revenue) grew +1.9% q/q in Q1, sequentially up from a slight contraction in Q4.

Bouvet has signed extension agreements with Vår Energi, won an agreement with AkerBP and expanded its agreements with Gassco and

Equinor through the quarter. This sets up positively ahead Q2 and beyond, where the higher energy-prices could turn into a positive demand-

pulse from this sector. Public admin & defence (20% of revenue) grew +3.8%, sequentially slowing from last quarter. Power supply (16% of

revenue) contracted -20% y/y. The public vs. private share remains stable y/y, with the public sector accounting for 47% vs. the private

sector at 53%.

Outlook section:

Bouvet characterizes the market through Q1 as challenging, but comments of improved activity throughout the quarter. The market

continues to be challenged by strong competition, while the over-all demand is still described as solid. The AI section is more expansive

and, where Bouvet describes AI-related services are growing in demand. We read the outlook section to be cautiously more confident q/q,

despite the softer Q1 print.

Deviation table:

Actual Dev. (%) Pareto est. (pre-quarter)

Bouvet Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Cons. Pareto Cons. Pareto 2026E 2027E 2028E

Revenues NOKm 1,075 969 870 998 1,037 1,094 1,101 -5.2% -5.8% 4,088 4,392 4,728

Operating costs " (895) (821) (754) (870) (885) (918) (927) -3.7% -4.6% (3,516) (3,753) (4,039)

EBITDA " 180 148 116 129 153 176 174 -13.2% -12.3% 572 640 689

EBIT " 155 123 92 103 127 150 148 -15.5% -14.4% 468 535 582

Pre-tax profit " 157 123 90 116 126 149 145 -15.5% -13.1% 453 517 562