Key KPIs pointing in the wrong direction

Muted growth prospects for 2025

Best in class, but not immune

Q4 below expectations

IT Norway Q4e: growth at reasonable prices

Q4 likely another solid quarter

Price is what you pay, value is what you get

Record high Q3 utilisation - Extraordinary dividend

Q3e: Double-digit growth, double-digit margins

Norway: Best ideas Q3'24

Better performance, better outlook

Q2: 15% calendar-adj. growth, 13.5% margin. Better public demand, many senior hires in Q3. Estimates. up 5%, 6% running FCF yield – BUY, TP NOK 77 (73).

20% growth, better profitability

Double-digit org. growth despite a weak market

Antifragile

Q1: Lower costs, and utilisation +1.5pp vs. '17-'19 avg. '24e EBIT up by ~8%. Operational outperformance to continue: BUY, TP of NOK 73 (69).

Figures 29% above

Solid performance likely to continue

Q1e: We are in line with FactSet consensus. Equinor accounted for ~NOK 1.3bn (~36%) of sales in '23. Operational outperformance to continue: BUY, TP of NOK 69

Bouvet - Quality comes at a price

Strong employee growth and hourly rates in Q3 Minor revisions to ’22-’23 EBIT estimates Resilient and stable IT consultancy: maintain BUY

Bouvet - Better EBIT from employee growth and rates

Q3 EBIT +33% above consensus Hourly rates +6.6%, billing ratio 0.1pp, pay rate +3.1% Positive revisions to consensus’ ’22-‘23 EBIT estimates

Bouvet - Normalisation of margins ahead

Previous estimates from Feb, we update our forecast Q3: Expect NOK 640m in revenue and NOK 55m in EBIT Resilient and stable IT consultancy: maintain BUY

Bouvet - Better profitability vs cons in Q2

Q2 EBIT 3% above cons Hourly rates +3.5%, billing ratio +0.5pp, pay rate +2.6% Small positive adj. to cons’ ’22-‘23e EBIT