Bonheur Asa · OSL:BONHR
Bonheur Asa — Q1 2025 Earnings Presentation
32 slides from Bonheur Asa's earnings presentation, May 9, 2025
Slide 1: 1Q Presentation
KX Bonheur ASA 1Q Presentation 9 May 2025
Slide 2: 1Q 2025 Highlights
Bonheur ASA group of companies 1Q 2025 Highlights Renewable Energy Wind service Cruise Other Investments • EBITDA NOK 506 mill. (NOK 476 mill.) • EBITDA NOK 280 mill. (NOK 174 mill.) • EBITDA NOK -33 mill. (NOK 2 mill.) • EBITDA NOK -25 mill. (NOK -55 mill.) • 72% higher power prices in UK and 66% •
Slide 3: Segment Analyses per 1Q 2025
Bonheur ASA group of companies Segment Analyses per 1Q 2025 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 4: Revenue and EBITDA per segment
Bonheur ASA group of companies Revenue and EBITDA per segment NOK million R evenue 1Q25 1Q24 Variance R enewable 774 724 50 W ind S ervice 1 073 1 183 (109) C ruis e 737 788 (51) Other 312 278 34 Total Revenue 2 896 2 973 (77) E BITDA 1Q25 1Q24 Variance R enewable 506 476 31 W ind S ervice 280 174 1
Slide 5: Consolidated summary 1Q 2025
Bonheur ASA group of companies Consolidated summary 1Q 2025 NOK million 1Q25 1Q24 Variance R evenues 2 896 2 973 -77 Opex (2 168) (2 377) 209 EBITDA 728 596 132 Depreciation (325) (279) (45) EBIT 404 317 87 R es ults from as s ociates (7) (5) (1) Net F inance (199) 114 (313) EBT 198 425 -227 T ax C
Slide 6: Group Capitalization per 1Q 2025
Bonheur ASA group of companies Group Capitalization per 1Q 2025 NOK million Cash External debt Net cash/(debt) 100% owned entities Renewable energy 450 0 450 Financial Policy Wind Service 1 083 334 750 Cruise 458 102 356 Bonheur ASA + Other 3 184 3 088 96 Capital Allocation Framework Sum 100% owned
Slide 7: Fred. Olsen Renewables – Sofie Olsen Jebsen, CEO
KX Fred. Olsen Renewables Sofie Olsen Jebsen CEO
Slide 8: 1Q Fred. Olsen Renewables
1Q Fred. Olsen Renewables • Production below estimates due to low winds and technical issues • Construction work of two windfarms progressing well • Power prices reached two-year high, weakening in short-term 8
Slide 9: 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 10: Market Backdrop Power prices
Market Backdrop Power prices (quarterly average) Average prices reached a two-year high in 400 400 February. Market outlook shows considerably weakening in the short-term. 350 350 • Lower demand when exiting winter season. 300 300 • Demand is increasingly covered by cheaper renewables, hence prices
Slide 11: Production
Production • Generation below estimates in the first quarter due to low winds in Scotland and Norway, curtailment and downtime • Significantly reduced turbine availability on Crystal Rig I • Mid Hill Wind Farm back in operation late January after external transformer failure • Periods with negative
Slide 12: Windy Standard III
Under construction Windy Standard III • Progressing well Project information • Site mobilization in early March • Tree felling ongoing 20 88 MW Wind turbines Windfarm capacity • Construction compound being established GBP 133 mill. 180m/125m Total investment estimate Two clusters with different tip-
Slide 13: Crystal Rig IV
Under construction Crystal Rig IV • Progressing well Project information • All anchor cages installed • Concrete pouring of 8 out of 11 11 49.1 MW foundations completed Wind turbines Windfarm capacity • Continuous environmental measures, e.g. closing roads for GBP 81 mill. 200m / 150m Total investme
Slide 14: Summary
Summary • Production below estimates • Power prices reached two-year high, weakening in short-term • Construction of Crystal Rig IV and Windy Standard III progressing well 15
Slide 15: Q1 highlights
Q1 highlights Clarity on grid for our Muir Mhòr project in Scotland. Continued support for offshore wind in both Ireland and UK. 16
Slide 16: Summary - Status and update
Summary - Status and update CODLING WIND PARK MUIR MHÒR Large Scale Bottom Fixed Project in Ireland 1000 MW Floating Project in Scotland • Codling Wind Park a 50/50 Joint venture with EdF. • 50/50 Joint Venture with Vattenfall • Codling Wind Park has secured site exclusivity, grid access • Muir Mhor
Slide 17: Muir Mhòr Project
Status and Update Muir Mhòr Project • The Muir Mhor project was the first Scotwind project to submit both onshore and offshore consent application Peterhead in Q4 2024. • Following final consent award (expected 2025-26), the project will be in position for bidding into CfD auction. • Grid position n
Slide 18: Codling Wind Park
Status and Update Codling Wind Park Dublin Greystone Wicklow • The project will continue to follow up the consent application submitted in Q3 2024 in close dialogue with the authorities and relevant stakeholders. • New Irish Government remains committed to offshore wind and Codling is key to reachin
Slide 19: Fred. Olsen 1848 – Per Arvid Holth, CEO
IX Fred. Olsen 1848 a Per Arvid Holth CEO
Slide 20: 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 21
Slide 21: Floating Solar
Floating Solar Fred. Olsen Flovoltaic - BRIZO 22
Slide 22: Market Observations
BRUNEL Market Observations Market perception BRUNEL reflections • There is currently a momentum in floating due to projects maturing, From the technology perspective: with UK leading the way in Europe. Good ideas need to become • Key decisions within technology, documented facts interfaces and suppl
Slide 23: Any consolidation in technologies?
Brunel Floating AS Any consolidation in technologies? Not so necessarily in names, but absolutely in function • Balanced designs …Improving motions in waves OLD NEW ⎯ Center of Gravity vs. Center of Bouancy ⎯ BRUNEL has been balanced from the start • Tower designs Larger turbine higher up requires s
Slide 24: Floating Solar
Floating Solar Fred. Olsen Flovoltaic - BRIZO 25
Slide 25: Market Observations
BRIZO Market Observations Floating solar is expanding globally, but market momentum varies significantly by region. • Asia continues to lead the way with utility scale projects • Growing attention on small/mid scale projects for island communities • Europe is moving forward, but slowly ⎯ Northern an
Slide 26: Project status
BRIZO Project status Confirmed behaviour and cost reductions • Model test completed, SINTEF OCEAN ⎯ Confirmed expected global behaviour • Significant cost reductions achieved through design and supply chain efforts 27
Slide 27: Fred. Olsen Windcarrier – Haakon Magne Ore, CEO
IXY Fred. Olsen Windcarrier Haakon Magne Ore CEO
Slide 28: 1Q highlights
1Q highlights Improving quarterly activity Tight vessel market with volatility on demand side persist 29
Slide 29: 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 426 million track record in all core offshore wind installation backlog including markets vessel fleet options 30
Slide 30: Status and Update
Status and Update BOLD TERN BRAVE TERN BLUE TERN BLUE WIND • Completed yard stay and • Commenced the NNG project • Vestas O&M campaign until • Start up of Hai Long project commenced monopile drilling early January mid February before entering late 1q25 campaign with Saipem in yard. Scheduled to star
Slide 31: Quarterly Financials
Quarterly Financials Impacted by Yard activity • Improving quarterly activity and healthy operational performance • Two vessels commenced new contracts following yard stays Revenue & EBITDA (EUR million) while third vessel entered yard in February 400 ⎯ 57% contractual utilization 300 ⎯ 98% commerci
Slide 32: Backlog Development
Backlog Development • Backlog FOWIC vessels end 2024 is EUR 426 million (4Q 2024: EUR 448 million) • In general, few new major T&I contract awards YTD ⎯ One O&M campaign secured for Blue Tern during quarter Revenue backlog (EUR million) 1) 175 • Market remains tight with limited vessel availability