Interim presentation Fourth quarter Sverre Hurum, CEO Erik Stubø, CFO 26 February 2019

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1 Interim presentatin Furth quarter 2018 Sverre Hurum, CEO Erik Stubø, CFO 26 February 2019

2 Highlights in the quarter Revenue and EBIT Operating revenues increased by 16.8 percent t NOK millin (y y) EBIT increased by 32.7 percent t NOK 65.2 millin (y y) emplyees Up 27 frm Q3 18 An increase f 154 in the past 12 mnths Still strng market Revenue and number f emplyees MNOK and number

3 Operatinal Review 3

Our services Enterprise architecture Multi channel strategy Innvatin Business

management Infrmatin management Digital strategy Service design Advice Data

System develpment Analysis Open curses Business intelligence Internal cmpany

4 Our services Enterprise architecture Multi channel strategy Innvatin Business intelligence IT architecture Prduct strategy Test management Security Prject management Infrmatin management Digital strategy Service design Advice Data science GDPR Big Data Change mangement Digital marketing Digital custmer experience Tailred slutins Curses Design Web slutins Brand building Cntent Cllabratin Mbile slutins SEO User testing Scial media Cmmunicatin Technlgy System develpment Analysis Open curses Business intelligence Internal cmpany curses Integratin SAP Clud Applicatin management Infrastructure IT AI and machine learning Platfrm

5 Public and private sectr Public sectr Private sectr 48,5 % in Q ,0 % 51,0 % 51,5 % in Q4 17 5

6 Business sectrs Q Transprtatin 8,8 % Retail Other Bank & finance 5,6 % 2,4 % 4,8 % Pwer supply 9,9 % Health Service industry 5,2 % 2,2 % 3,9 % Industry 3,8 % Inf and cmmunicatin Oil & gas 25,1 % 28,3 % Public admin 6

9 percent f ttal revenues in Q4 18 Retail Increased by 21.8 percent (y y) Represents 5.

7 Sectrs with high increase in revenue Oil & gas Increased by 27.2 percent (y y) Represents 25.1 percent f ttal revenues in Q4 18 Pwer supply Increased by 34.9 percent (y y) Represents 9.9 percent f ttal revenues in Q4 18 Retail Increased by 21.8 percent (y y) Represents 5.6 percent f ttal revenues in Q4 18 Bank & finance Increased by 34.1 percent (y y) Represents 4.8 percent f ttal revenues in Q4 18 7

Malaysia SAP AMS is a cmpetence based service where lcal presence

8 Nrske Skg is hmeshring IT services Nrske Skg is taking their Applicatin Management Services (AMS) fr the SAP business applicatins hme frm Malaysia SAP AMS is a cmpetence based service where lcal presence strengthens the quality f the delivery. Buvet has signed an agreement fr N year 8

9 «Det er frskere fra Nfima g Sintef Ocean sm står bak prtalen, sm er utviklet i tett samarbeid med BarentsWatch g Buvet.» «De ffentlige dataene g frskningsdataene m bærekraft sm er samlet i prtalen er hentet fra blant annet Brønnøysundregistrene, Fiskeridirektratet, Mattilsynet, Statistisk Sentralbyrå, Veterinærinstituttene g Vitenskapelig råd fr laksefrvaltning.» Kilde 9

10 Custmer and prject mix Prject mix Variable cntracts accunt fr 98.2 percent f ttal revenues Custmer prtfli The 10 largest custmers represent 36.3 percent f ttal revenues equal t Q4 17 The 20 largest custmers represent 49.3 percent f ttal revenues equal t Q4 17 Variably priced cntracts share f revenues Percentage 100% 90% 80% 70% 60% 50% 10 largest custmers share f revenues Percentage 100% 75% 50% 25% 0% 10

11 Custmer develpment Existing custmers* Revenue custmer split MNOK Accunted fr 94.3 percent f revenues in Q Existing custmers* New custmers (LTM)** New custmers** 500 Custmers wn ver the past year generated revenues f NOK 30.6 millin in Q * Existing custmers defined as custmers that were inviced in the crrespnding quarter last year ** New custmers defined as custmers wn since end f crrespnding quarter last year 0 Q4'17 Q4'18 11

12 Reginal rganisatin Trndheim 117 ansatte Buvet Nrd 533 ansatte Buvet Øst 90 ansatte Buvet Bergen Bergen Brlänge 28 ansatte Sesam 429 ansatte Buvet Rgaland Haugesund Stavanger Kristiansand Sandvika Skien Arendal Osl Sandefjrd Ørebr Stckhlm 75 ansatte Buvet Sverige 24 ansatte Knsernstab 73 ansatte Buvet Sør

13 Enthusiastic and cmpetent emplyees emplyees at the end f the quarter Up 27 frm Q mre emplyees in the past 12 mnths Average number f emplyees in the quarter up 11.5 percent frm Q4 17 Number f emplyees end f quarter Annual grwth in number f emplyees Percentage 20% 15% 10% 5% 0% 13

14 14

15 g vilje/2018/dmtv /avspiller

17 Financial Review 17

18 Key figures Three mnths ending Twelve mnths ending MNOK Change Change Operating revenue % % Operating prfit (EBIT) % % EBIT margin 12.2 % 10.7 % 10.4 % 9.0 % Ordinary prfit befre tax % % Prfit fr the perid % % EPS (fully diluted) % % Net cash flw peratins % % Equity rati 36.7 % 34.2 % 36.7 % 34.2 % Cash and cash equivalents % % Number f emplyees (end f perid) % % Number f emplyees (average) % % 18

19 Revenue Revenues increased by 16.8 percent y y Revenues frm wn cnsultants increased by 19.2 percent t NOK millin Revenues frm sub cntracted cnsultants increased by 4.7 percent t NOK 70.6 millin Other revenues increased by 13.4 percent t NOK 24.5 millin Revenue split (quarterly figures) MNOK 600 Own cnsultants 500 Sub cntracted cnsultants Other Revenue split (12 mnths rlling average) MNOK Own cnsultants Sub cntracted cnsultants Other

20 Revenues frm wn cnsultants Increased 19.2 percent y y Psitive impact frm increase in billing rati by 0.9 percentage pints Psitive impact frm 11.5 percent increase in average number f emplyees Psitive impact frm 3.1 percent increase in prices fr grup hurly services 62 wrkdays in Q4 18 ne less than Q4 17 Revenue per emplyee (quarterly figures) TNOK Revenue per emplyee (LTM) TNOK

21 Analysis f change in revenues y y Revenue MNOK 50 44, ,1 11,0 10 4,9 6,0 2, N. f emplyees Hurly rate Sick leave, vacatin, vertime etc Billing rati Sub cntractrs & ther revenue Prgress in prjects 5,6 Number f wrk days 21

22 Earnings Operating prfit (EBIT) increased by 32.7 percent t NOK 65.2 millin EBIT margin f 12.2 percent cmpared t 10.7 percent in Q4 17 Operating expenses increased by 14.9 percent y y General grwth in pay rate 1.2 percent y y Other perating expenses increased 23.7 percent y y EBIT and EBIT margin MNOK and Percent EBIT and EBIT margin (LTM) MNOK and Percent EBIT 0 EBIT EBIT margin EBIT margin 14% 12% 10% 8% 6% 4% 2% 0% 12% 10% 8% 6% 4% 2% 0% 22

23 Change in revenues effect n EBIT Revenue MNOK 50 Change in Revenue Effect n EBIT 44, , ,2 10,3 11,0 6,5 4,9 3,6 6,0 1,3 2,2 1,6 10 N. f emplyees Hurly rate Sick leave, vacatin, vertime etc Billing rati Sub cntractrs & ther revenue Prgress in prjects 5,6 4,1 Number f wrk days 23

24 Cash flw Cash flw frm peratins NOK millin in Q4 18 cmpared t NOK millin in Q4 17 Last 12 mnths Operatinal cash flw ver the last 12 mnths was NOK millin Cash flw frm investing activities Negative NOK 9.9 millin cmpared t negative NOK 4.3 millin in Q4 17 Cash flw frm peratins (per quarter) MNOK Cash flw frm peratins (LTM) MNOK

25 Outlk 25

Outlk High demand Decreased demand fr large prjects

digital strategy, digital peratins imprvement, digital

prduct and service enablement and digital business mdel

26 Outlk High demand Decreased demand fr large prjects Increased demand fr crss functinal teams wrking with digital strategy, digital peratins imprvement, digital emplyee experience, digital custmer experience, digital prduct and service enablement and digital business mdel transfrmatin Increased demand fr platfrm, IT, security and clud cmpetence 26

27 Sharehlders as f Sharehlders Number f shares % f ttal VARNER KAPITAL AS ,44 % VPF NORDEA AVKASTNING ,49 % STENSHAGEN INVEST AS ,19 % VIRTUS KAR INTERNATIONAL ,98 % HURUM SVERRE FINN ,96 % MP PENSJON PK ,92 % VEVLEN GÅRD AS ,42 % STUBØ ERIK ,32 % UBS SWITZERLAND AG ,99 % SIX SIS AG ,98 % VPF NORDEA KAPITAL ,65 % STOREBRAND NORGE I VERDIPAPIRFOND ,59 % TELENOR PENSJONSKASSE ,50 % STATE STREET BANK AND TRUST COMP ,14 % VOLLE ANDERS ,13 % DYVI INVEST AS ,98 % VERDIPAPIRFONDET NORDEA NORGE PLUS ,80 % RADIG NILS-HÅKAN ,73 % STOREBRAND VEKST VERDIPAPIRFOND ,72 % PAUL HALLAN SVENDSEN ,68 % Number f shares held by the 20 largest sharehlders ,61 % 27

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