Slide 1: 4Q Presentation
4Q Presentation 27 February 2025
Slide 2: 4Q 2024 Highlights
Bonheur ASA Consolidated 4Q 2024 Highlights Operating revenues EBITDA EBIT Net result after tax 3 133 774 467 299 (3 531) (1 104) (802) (287) Parent company Equity ratio Cash in parent company 66,4 % 3 456 (70,3 %) (3 455) 2
Slide 3: 4Q 2024 Highlights
Bonheur ASA group of companies 4Q 2024 Highlights Renewable Energy Wind service Cruise Other Investments • EBITDA NOK 587 mill. (NOK 638 mill.) • EBITDA NOK 180 mill. (NOK 402 mill.) • EBITDA NOK 33 mill. (NOK 133 mill.) • EBITDA NOK -26 mill. (NOK -68 mill.) • 28% lower power prices mainly in Scand
Slide 4: Segment Analyses per 4Q 2024
Bonheur ASA group of companies Segment Analyses per 4Q 2024 Revenues – 12 months rolling EBITDA – 12 months rolling 16 000 5 000 Cruise Renewable Energy Wind Service Other Renewable Energy Wind Service Other Cruise 14 000 4 000 12 000 10 000 3 000 8 000 2 000 6 000 4 000 1 000 2 000 0 0 * * -1 000 *
Slide 5: Consolidated summary 4Q 2024
Bonheur ASA group of companies Consolidated summary 4Q 2024 NOK million 4Q 2024 4Q 2023 Variance Revenues 3 133 3 531 (397) • Revenue decrease is mainly in the Wind Service segment with Opex (2 360) (2 426) 66 Brave Tern at yard and Bold Tern in transit EBITDA 774 1 104 (331) • EBITDA decrease is NO
Slide 6: Revenue and EBITDA per segment
Bonheur ASA group of companies Revenue and EBITDA per segment NOK million Revenue 4Q24 4Q23 Variance Renewable 905 870 35 Wind Service 1 098 1 514 (416) Cruise 802 856 (54) Other 329 290 38 Total Revenue 3 133 3 531 (397) EBITDA 4Q24 4Q23 Variance Renewable 587 638 (51) Wind Service 180 402 (222) Cr
Slide 7: Consolidated summary of preliminary 2024
Bonheur ASA group of companies Consolidated summary of preliminary 2024 NOK million 2024 2023 Variance Revenues 13 995 12 560 1 436 Renewables 2 659 2 994 (335) Wind Service 6 484 5 136 1 348 Cruise 3 650 3 315 335 Other 1 203 1 116 87 EBITDA 3 537 3 557 (20) Renewables 1 584 1 921 (338) Wind Servic
Slide 8: Group Capitalization per 4Q 2024
Bonheur ASA group of companies Group Capitalization per 4Q 2024 NOK million Cash External debt Net cash/(debt) Financial Policy 100% owned entities Renewable energy 304 0 304 The financial and liquidity position of the Wind Service 1 148 366 782 Company shall be strong Cruise 386 106 280 Bonheur ASA
Slide 9: Financial Policy and Capital Allocation Framework
For the parent company Bonheur ASA Financial Policy and Capital Allocation Framework • The goal of the Financial Policy and the Capital Allocation Framework is to make clear the Company’s priorities and ambition to create long-term shareholder value • Financial Policy ⎯ The Company and its financial
Slide 10: Fred. Olsen Renewables – Sofie Olsen Jebsen, CEO
KX Fred. Olsen Renewables Sofie Olsen Jebsen CEO
Slide 11: 4Q Fred. Olsen Renewables
4Q Fred. Olsen Renewables • Final Investment Decision on Windy Standard III • Mid Hill Wind Farm back in production in January 2025, after external transformer failure • Low availability in quarter due to Mid Hill, Crystal Rig 1 and Högaliden 11
Slide 12: Fred. Olsen Renewables at a glance
Fred. Olsen Renewables at a glance Developer, owner and operator in renewable energy More than 25 years' 12 operational wind A pipeline of 4GW within Collaborating with experience in the farms with a combined wind and solar PV, communities working renewables industry operational capacity of 2 wind f
Slide 13: Full Cycle Business Model
Full Cycle Business Model Site investigation Development Consented Construction Operation UK UK 900 MW UK UK Scotland Norway Portfolio Paul’s Hill II 21 MW Crystal Rig IV 49.1 MW Crystal Rig 62.5 MW Fetteresso 42 MW Windy Standard III 88 MW Crystal Rig II 138.0 MW Sweden Norway 1150 MW Rothes III 19
Slide 14: Market Backdrop Power prices
Market Backdrop Power prices (quarterly average) Low production from wind and hydro during 400 400 the quarter caused increased production from gas- and coal-fired generation in Europe 350 350 • Withdrawals from storage are increasing, bringing levels below 40% 300 300 • The LNG market remains tight
Slide 15: Production
Production • Generation lower than P50 estimate in the quarter due to downtime on Mid Hill, Crystal Rig I and Högaliden combined with a high volume of curtailment. • Mid Hill Wind Farm did not generate power during the quarter due to a transformer failure at the external SSE substation. Revenue from
Slide 16: Windy Standard III
Under construction Windy Standard III • Final Investment Decision made. • Located in Dumfries and Galloway, southwest Scotland. Adjacent to Brockloch Rig 1 and Brockloch Rig Windfarm (a total of 36 turbines). • Construction to commence in March 2025, expected completion by Q4 2026. • Capacity Factor
Slide 17: Crystal Rig IV
Under construction Crystal Rig IV • Adjacent to Crystal Rig I (25 turbines), Project information Crystal Rig II (60 turbines) and Crystal Rig III (6 turbines) 11 49.1 MW Wind turbines Windfarm capacity • Project completion is targeted WTG installation in 2025, with COD in Q1 2026. • The project is p
Slide 18: Summary
Summary • Low availability in quarter due to Mid Hill, Crystal Rig 1 and Högaliden • Steep drop in power prices in Scandinavia and slight increase in the UK • Final Investment Decision on Windy Standard III • Construction of Crystal Rig IV progressing well 18
Slide 19: Fred. Olsen Seawind – Lars Bender, CEO
KX Fred. Olsen Seawind Lars Bender CEO
Slide 20: Q4 highlights
Q4 highlights Important milestone achieved with submission of both onshore and offshore consent application on Muir Mhòr 20
Slide 21: Status and Update
Status and Update CODLING MUIR MHÒR NORWAY • Codling has secured site exclusivity, access • Muir Mhor has secured site exclusivity in • Decision together with Hafslund on not to grid for the full capacity and won 1300 the Scotwind competition in 2022. participating in the Utsira Nord MW in the CfD a
Slide 22: Muir Mhòr Project
Status and Update Muir Mhòr Project • Milestone achieved in Q4 2024 with submission of consent application. Peterhead • The Muir Mhor project was the first Scotwind project to submit both onshore and offshore consent application. • Following final consent award, the project will be in position for b
Slide 23: Codling Wind Park
Status and Update Codling Wind Park Dublin Greystone Wicklow • The project will during 2025 continue to follow the consent application submitted in September 2024 in close dialogue with the authorities. • Election in Ireland late 2024. Assessment is that new Government remains supportive of offshore
Slide 24: Fred. Olsen 1848 – Per Arvid Holth, CEO
IX Fred. Olsen 1848 a Per Arvid Holth CEO
Slide 25: Focus on being in the forefront and identifying new business opportunities
Fred. Olsen 1848 Focus on being in the forefront and identifying new business opportunities 25
Slide 26: Fred. Olsen 1848 at a Glance
Fred. Olsen 1848 at a Glance Dedicated To Developing Tomorrow’s Energy Solutions An innovation and We have already made Builds on the proven Strong engineering and technology company An innovation and that significant strides in history of early technology company that maritime competencies. develop
Slide 27: Status and Update
Status and Update FLOATING SOLAR BRIZO • Solar PV ⎯ Historic growth • Good progress technology ⎯ Projected development • Floating solar PV reflections • Specific processes for commercial pilot 27
Slide 28: Solar PV relative to other technologies and in numbers
Development Solar PV relative to other technologies and in numbers Share of renewable electricity generation by technology, 2000-2030 Annual Solar Capacity (GWp) additions 700 600 500 259 400 199 300 200 143 334 122 260 100 103 64 0 2021 2022 2023 2024 CHINA Other IEA (2024), Renewables 2024, IEA, P
Slide 29: Solar PV – Projection
Renewable electricity capacity growth by technology segment, 2017-2030 Solar PV – Projection Utility-scale and distributed solar PV, accounts for almost 80% of renewable electricity expansion worldwide Distributed applications (encompassing residential, commercial, industrial and off-grid projec
Slide 30: Where would you … ?
Lelystad and Markermeer, Netherlands Where would you … ? Shown onshore solar: Total capacity 137MWp 30
Slide 31: Target Markets
Inland – Nearshore, Large lakes - Offshore Target Markets N E A R SH O R E/ • Utility scale in suitable markets L A RG E L A K ES • Displacement of hydrocarbons in island communities. • Hybrid solution with hydro • Special applications needing local power 1-4m Hs
Slide 32: The Floating PV Power Production System BRIZO
Status and Update The Floating PV Power Production System BRIZO • Basic design completed • 124kWp grid-connected pilot in Norway actively used for validating design Project information • Active processes to secure a commercially sized pilot Robust Design Versatile application Designed to resist to w
Slide 33: Fred. Olsen Windcarrier – Haakon Magne Ore, CEO
IXY Fred. Olsen Windcarrier Haakon Magne Ore CEO
Slide 34: 4Q highlights
4Q highlights Activity stained by yard stays Strong order intake Tight market and project delays continues 34
Slide 35: Fred. Olsen Windcarrier at a Glance
Fred. Olsen Windcarrier at a Glance Expertise and Excellence for tomorrow's wind gigaparks Global strategy – proven World leading 3x > 250 employees ~ EUR 448 million track record in all core offshore wind installation backlog including markets vessel fleet options 35
Slide 36: Status and Update
Status and Update BOLD TERN BRAVE TERN BLUE TERN BLUE WIND • Transited to Europe and • Completed major upgrade • Continued the Vestas O&M • Completed the Yunlin project completed a yard stay. program in November and campaign throughout the mobilization. Preparing for Expected to commence new commenc
Slide 37: Quarterly Financials
Quarterly Financials Impacted by yard activity • Low operational activity with only one vessel on contract ⎯ 33% contractual utilization Revenue & EBITDA (EUR million) • Brave Tern left Spain in December following completion of 400 major upgrade program including new crane 300 ⎯ Commenced the NNG pr
Slide 38: Backlog Development
Backlog Development • Backlog FOWIC vessels end 2024 is EUR 448 million (3Q 2024: EUR 288 million) Revenue backlog (EUR million)1) • Previously announced reservation agreement turned into a 200 175 firm contract 150 125 ⎯ Execution from 2025 and potentially into 2027 100 75 • Market remains tight wi
Slide 39: Summary
Summary Occupancy of 65% vs. 71% Increased yield per passenger 6.5% Balmoral 17-day Dry Dock Booking numbers up 16% 39
Slide 40: 4Q Highlights
4Q Highlights Consolidated Figures in NOK million Operating revenues EBITDA EBIT Net result after tax Renewable Energy Wind service EBITDA NOK 587 mill EBITDA NOK 180 mill 3 133 774 467 299 (NOK 638 mill) (NOK 400 mill) (3 531) (1 104) (802) (287) Equity ratio Cash Parent company Parent company Crui
Slide 41: Q&A
Q&A