Bonheur Asa · OSL:BONHR
Bonheur Asa — Q1 2026 Earnings Presentation
33 slides from Bonheur Asa's earnings presentation, May 12, 2026
Slide 1: 1Q Presentation
KX Bonheur ASA 1Q Presentation 12 May 2026
Slide 2: 1Q 2026 Highlights
Bonheur ASA group of companies 1Q 2026 Highlights Renewable Energy Wind service Cruise Other Investments • EBITDA NOK 600 mill. (NOK 506 mill.) • EBITDA NOK 177 mill. (NOK 280 mill.) • EBITDA NOK 9 mill. (NOK -33 mill.) • EBITDA NOK -26 mill. (NOK -25 mill.) • Crystal Rig IV commenced operation • Ba
Slide 3: Segment Analyses per 1Q 2026
Bonheur ASA group of companies Segment Analyses per 1Q 2026 Revenues – 12 months rolling EBITDA – 12 months rolling 16 000 5 000 14 000 4 000 12 000 10 000 3 000 8 000 2 000 6 000 4 000 1 000 2 000 - - * * Other Renewable Energy Wind Service Cruise Total net rolling 12 month (1 000) Renewable Energy
Slide 4: Revenue and EBITDA per segment
Bonheur ASA group of companies Revenue and EBITDA per segment NOK million R evenue 1Q26 1Q25 Variance R enewable 930 774 156 W ind S ervice 836 1 073 (238) C ruis e 791 737 53 Other 317 312 6 Total Revenue 2 873 2 896 (23) E BITDA 1Q26 1Q25 Variance R enewable 600 506 93 W ind S ervice 177 280 (103)
Slide 5: Consolidated summary 1Q 2026
Bonheur ASA group of companies Consolidated summary 1Q 2026 NOK million 1Q26 1Q25 Variance R evenues 2 873 2 896 (23) Opex (2 113) (2 168) 55 EBITDA 760 728 32 Depreciation (284) (325) 40 EBIT 476 404 72 R es ults from as s ociates (6) (7) 1 Net F inance (62) (199) 137 EBT 408 198 210 T ax C os t (1
Slide 6: Group Capitalization per 1Q 2026
Bonheur ASA group of companies Group Capitalization per 1Q 2026 NOK million Cash External debt*) Net cash/(debt) Financial Policy 100% owned entities Renewable energy 243 0 243 The Company and its financial and liquidity Wind Service 431 0 431 position shall be strong Cruise 569 0 569 Bonheur ASA +
Slide 7: Sofie Olsen Jebsen, CEO
Sofie Olsen Jebsen CEO 7
Slide 8: Q1 Fred. Olsen Renewables
Q1 Fred. Olsen Renewables • Production and prices increased compared to same quarter last year • Grid outage at Mid Hill • Crystal Rig IV - All turbines operational • Windy Standard III - Estimated project completion is 1Q 2027 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 Windy Standard III 87,6 MW Crystal Rig 62.5 MW Fetteresso 42 MW Crystal Rig II 138.0 MW Sweden Norway 1150 MW Rothes III 93 MW Crystal Rig III 1
Slide 10: Market Backdrop Power prices
Market Backdrop Power prices (quarterly average) Europe experienced seasonally high prices during the quarter and prices have since 140 140 stayed elevated due to Middle East conflict Cold temperatures kept demand for heating and thermal 120 120 generation high at the beginning of the year Gas s
Slide 11: Production
Production • Compared to same quarter in 2025, production 8 % higher in combination with higher prices ⎯ Contribution from Crystal Rig IV ⎯ Mid Hill outage for the whole quarter due to grid upgrades • Export capacity expected to be restored towards the end of July • Second outage previously schedule
Slide 12: Windy Standard III
Under construction Windy Standard III • Capacity limitations on police escort for transportation on public roads Project information ⎯ Accelerated transport of first batches of wind 20 87,6 MW turbine components ⎯ Cooperating closely with the police on mitigating Wind turbines Windfarm capacity acti
Slide 13: Crystal Rig IV
Under construction Crystal Rig IV • All 11 turbines are operational • Project formally handed over Project information • CfD start date in Q2 11 49,1 MW Wind turbines Windfarm capacity GBP 81 mill. 150 – 174m Total investment estimate Two clusters with different tip-height configurations 13
Slide 14: Haakon Magne Ore
IXY Fred. Olsen Windcarrier Haakon Magne Ore CEO
Slide 15: Solid performance on first 14MW campaign Secure 10yrs contract
1Q highlights Solid performance on first 14MW campaign Secure 10yrs contract Demand volatility persist 15
Slide 16: Status and Update
Status and Update BOLD TERN BRAVE TERN BLUE TERN BLUE WIND • Continued offshore work • Commenced the Thor • Ended O&M campaign with • Vessel undergoing under the Saipem monopile SGRE14MW turbine project in Vestas in January and maintenance drilling campaign February commenced a yard stay 16
Slide 17: Solid underlying performance
Solid underlying performance • First 14MW project with solid performance and efficient operations ⎯ 25% of project completed ahead of schedule with uptime close to 100% ⎯ Able to complete a full roundtrip using only 2 days per turbine • Quarterly contractual and commercial utilization of 62% and 96%
Slide 18: Backlog Development
Backlog Development • Backlog FOWIC vessels is EUR 986 million (4Q 2025: EUR 391 million) • Signed a 10 years firm plus options contract with SGRE ⎯ O&M work on their turbines up to, and including, 15MW Revenue backlog (EUR million) next 3 years 200 150 • Market remains tight with limited vessel ava
Slide 19: Maren Sleire Lundby
KX Fred. Olsen Seawind Maren Sleire Lundby CEO
Slide 20: Q1 highlights
Q1 highlights • Assuming remaining 50% ownership in Muir Mhòr • Strong projects in attractive markets • Diligent development strategies 20
Slide 21: 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 is a 50/50 Joint venture with EdF. • Fred. Olsen Seawind will assume 100% ownership of the • Codling Wind Park has secured site exclusivity, gr
Slide 22: Codling Wind Park
Status and Update Codling Wind Park Dublin Greystone Wicklow • Consent application process ongoing and followed closely. • Codling Wind Park is in the process of submitting data under the Further Information Request (FIR) from the Irish government. The FIR received in 2025 has postponed the expected
Slide 23: Muir Mhòr Project
Status and Update Muir Mhòr Project • Following the transaction with Vattenfall*, Fred. Olsen Seawind will continue to develop the project through its Peterhead next milestones. • With strong project fundamentals, in an advanced planning and approval stage, Muir Mhòr remains focused on being a “firs
Slide 24: Per Arvid Holth
Per Arvid Holth CEO BRIZO Pilot installed in Risør, Norway 24
Slide 25: Hybridization – Floating Solar with Hydro
Discovering the benefits Hybridization – Floating Solar with Hydro Infrastructure Efficiency and Cost • Coexist: Hydro reservoir provides man-made water surface, less environmentally sensitive, minor ground cost. • Cohabit: Power plants share electrical infrastructure, significantly reducing the CAP
Slide 26: Global capacity factors for Hydro declining
Hybridization – Floating Solar with Hydro Global capacity factors for Hydro declining Global capacity factor - Hydropower 44 [(Annual generation*100 TWh)/(Installed capacity GW * 8.76)] • Negative trend in production due to change in precipitation patterns 43 Capacity factor 42 • International Hydro
Slide 27: Operational benefits
Hybridization – Floating Solar with Hydro Operational benefits Example: Rainfall and solar irradiance Madrid 80 300 Seasonal Synergy: Sun & Rain Rainfall [mm/month] Irradiance [kWh/m² ] 250 60 • Solar generates more in dry seasons, balancing reservoir 200 water level and stabilizing power export 40
Slide 28: Tension Buoy
Preparing BRIZO for hybridization Tension Buoy Main technical challenge: Large water level variations Solution: TensionBouy • Water level variations is a specific challenge for floating solar plants • The Tension Buoy is an adaptive mooring technology solving this problem. • Pilot installed with EPD
Slide 29: Samantha Stimpson
IX Fred.Olsen Cruise Lines Samantha Stimpson CEO
Slide 30: 1Q 2026 Highlights
1Q 2026 Highlights • Revenue growth achieved through; • Utilization & Occupancy • Gross Revenue per passenger day • Good future booking performance 30
Slide 31: Quarterly performance 1Q 2026 vs. 1Q 2025
Quarterly performance 1Q 2026 vs. 1Q 2025 • Passenger days +10% • Gross Revenue per passenger per day +4% • Utilization of 70% v 63% • Operational Occupancy 80% v 67% • EBITDA of NOK 9m v NOK -33m • Net Promoter Score movement to 61 to 53 -8 points • Cumulative sales +23% 31
Slide 32: Status and Update
Status and Update BOREALIS BOLETTE BALMORAL • Cruises this Quarter: 3 • Cruises this Quarter: 4 • Cruises this Quarter: 8 Northern Lights, Spain, South America Spain, Portugal & Morocco, Caribbean, Canary Islands, Norway, French Rivers Grand Voyage (76 nights) Mediterranean & Scottish Islands and No
Slide 33: Bonheur ASA Q&A
XX Bonheur ASA Q&A