Bonheur Asa · OSL:BONHR
Bonheur Asa — Investor Presentation (September 2025)
31 slides from Bonheur Asa's investor presentation, September 2025
Slide 1: Company presentation
Company presentation September 2025
Slide 2: Introduction to Bonheur
Bonheur ASA Introduction to Bonheur • Bonheur ASA is a long-term, industrial investor with origin dating back to 1848 • Listed on Oslo Stock Exchange since 1921 • Core activities historically linked to maritime and energy sectors • Proven history of being early adaptors • 33 year track record withi
Slide 3: Segment overview
Bonheur ASA Segment overview Renewable Energy Wind service Cruise Other investments + others • Fred. Olsen Renewables owns and • Leading global providers of logistics, • Cruise line operating worldwide out of operates onshore wind farms in installation and expert services to the UK • Fred. Olsen 184
Slide 4: Segment reporting per Q2 2025
Bonheur ASA Segment reporting per Q2 2025 Revenues – 12 months rolling EBITDA – 12 months rolling NOKm NOKm 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 Note: *)
Slide 5: Q2 2025 results
KX Bonheur ASA Q2 2025 results
Slide 6: Revenue and EBITDA per segment
Q2 2025 results Revenue and EBITDA per segment NOK million Revenue 2Q25 2Q24 Variance Renewable 399 501 (101) • Mainly lower generation Wind Service 1 452 2 451 (998) • Termination fee included in previous year Cruise 1 092 1 043 49 • Improved occupancy and yield Other 307 288 19 • Improved revenues
Slide 7: Consolidated summary
Q2 2025 results Consolidated summary NOK million 2Q25 2Q24 Variance Revenues 3 251 4 283 (1 032) • Revenue decrease is mainly due to termination fee in Wind Service in Opex (2 198) (3 053) 856 previous year EBITDA 1 053 1 229 (176) • EBITDA increase includes solid improvements from Wind Service, Dep
Slide 8: Financial Policy and Capital Allocation Framework
Q2 2025 results Financial Policy and Capital Allocation Framework Financial Policy Capital Allocation Framework • The Company’s Financial Policy is the foundation for capital allocation The Company and its financial and liquidity position shall be strong • The Company aims to generate competitive lo
Slide 9: Group Capitalization
Q2 2025 results Group Capitalization External Net cash/ NOK million Cash Debt (debt) 100% owned entities Renewable energy 233 0 233 Wind Service 2 012 316 1 696 Cruise 665 102 563 Bonheur ASA + Other 2 769 3 089 (321) Sum 100% owned entities 5 679 3 508 2 171 Less than 100% but more than 50% owned e
Slide 10: Q2 2025 Highlights
Q2 2025 Highlights • Production below estimates due to low availability, and low wind in Scotland • Weak power prices and curtailed generation in Sweden, despite high wind • Construction work of two windfarms progressing well 10
Slide 11: Full cycle business model
Fred. Olsen Renewables 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 Norwa
Slide 12: Power prices (quarterly average)
Fred. Olsen Renewables Power prices (quarterly average) Average prices are trending upwards from Q2 400 400 due to higher demand, increased reliance on fossil fuels and relatively stable coal, gas and 350 350 carbon prices 300 300 • Demand expected to increase in line with fall and winter season • R
Slide 13: Production
Fred. Olsen Renewables Production • Generation below budget due to downtime ⎯ Crystal Rig I: technical and operational challenges at early generation turbines. Turnaround program ongoing ⎯ Högaliden: Technical challenges related to blade bearings, several exchanged in the quarter. Three turbines tak
Slide 14: Windy Standard III
Fred. Olsen Renewables Windy Standard III Under construction Project information • First tree felling milestone achieved ahead of time 20 88 MW • Road and hardstand construction ahead of Wind turbines Wind farm capacity schedule • Construction compound up and running GBP 133 mill. 180m/125m Total in
Slide 15: Crystal Rig IV
Fred. Olsen Renewables Crystal Rig IV Under construction • All hard stands ready for turbine Project information installations • Transport of turbine 11 49.1 MW components started Wind turbines Wind farm capacity • Transformer delivered to site Installation/commissioning GBP 81 mill. 200m / 150m Tot
Slide 16: Q2 2025 Highlights
Q2 2025 Highlights • Strong projects in attractive markets • Diligent development strategies • Onshore consent award for our Muir Mhòr project in Scotland 16
Slide 17: Status and update
Fred. Olsen Seawind 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 an
Slide 18: Muir Mhòr Project
Fred. Olsen Seawind Muir Mhòr Project • Project achieved yet another milestone in this quarter with onshore consent granted Peterhead • Following final consent award for offshore, the project will be in position for bidding into CfD auction • Grid position advanced with radial connection and potenti
Slide 19: Codling Wind Park
Fred. Olsen Seawind Codling Wind Park Dublin Greystone Wicklow • Consent application process ongoing and followed closely – and the planning body is now starting to request further information from the different projects • New Irish Government remains committed to offshore wind progressing rapidly.
Slide 20: Q2 2025 Highlights
Q2 2025 Highlights • Floating Wind: Received DNV Basic Design Certificate • Floating Solar: Model test completed by SINTEF OCEAN confirmed expected global behaviour; significant cost reductions achieved through design and supply chain efforts 20
Slide 21: Dedicated to Developing Tomorrow's Energy Solutions
Fred. Olsen 1848 Dedicated to Developing Tomorrow’s Energy Solutions An innovation and We have already made Builds on the proven Strong engineering and technology company that significant strides in history of early maritime competencies develops and matures floating solar and adoption of new innova
Slide 22: Status and update
Fred. Olsen 1848 Status and update • Floating Wind Floating Wind - BRUNEL Floating Solar - BRIZO Foundation has received DNV Basic Design Certificate • Floating Solar solution tested by SINTEF OCEAN, confirming expected global behaviour ⎯ Significant cost reductions achieved through design and suppl
Slide 23: Q2 2025 Highlights
Q2 2025 Highlights • Mixed activity and high yard activity period coming to an end • Tight vessel market with volatility on demand side persist 23
Slide 24: Expertise and Excellence for tomorrow's wind gigaparks
Fred. Olsen Windcarrier Expertise and Excellence for tomorrow's wind gigaparks Global strategy – World leading 3x > 250 employees ~ EUR 357 million proven track record in offshore wind installation backlog including all core markets fleet of 3x vessels options 24
Slide 25: Status and update
Fred. Olsen Windcarrier Status and update BOLD TERN BRAVE TERN BLUE TERN BLUE WIND • Preparations for start of the • Completed the NNG project • Completed yard stay in May • Worked on the Hai Long offshore monopile drilling in May, thereafter, entered and went on to O&M project campaign with Saipem
Slide 26: Quarterly Financials Impacted by Yard Activity
Fred. Olsen Windcarrier Quarterly Financials Impacted by Yard Activity • Solid operational performance • Mixed activity with two vessels partly in yard ⎯ 73% contractual utilization ⎯ 99% commercial utilization Revenue & EBITDA (EUR million) 400 • One vessel in dry dock during 3Q, marking end of a p
Slide 27: Backlog development
Fred. Olsen Windcarrier Backlog development • Backlog for FOWIC vessels end Q2 25 (not incl. any of the above) was EUR 357 million (Q1 25 EUR 426 million) • In general, few new major T&I contract awards in 1H25 • Market remains tight with limited vessel availability medium term. Volatility on demand
Slide 28: Q2 2025 Highlights
Q2 2025 Highlights • Passenger numbers +12% (vs Q2’24) • Yield per passenger per day +7% (vs Q2’24) • Cumulative sales for 2025, 2026 and 2027 +11% 28
Slide 29: Consolidated summary
Fred. Olsen Cruise Lines Consolidated summary BOREALIS BOLETTE BALMORAL • Cruises this Quarter: 10 • Cruises this Quarter: 10 • Cruises this Quarter: 11 Netherlands x 2, Scottish Isles, Iceland, World Cruise (Cape Town to Norway x 2, Azores, European Cities, Isles Croatia, Spain / Portugal and Norwa
Slide 30: Risk factors
Risk factors Investing in bonds issued by Bonheur ASA (the “Issuer”) involves inherent risks as is the case for all bonds in general. The risks and uncertainties described below are risks of which the Issuer is particularly aware and that the Issuer considers to be material to its business. Risk fac
Slide 31: Risk factors
Risk factors Liquidity risk: The Issuer is a holding company and may be dependent upon cash being distributed from its subsidiaries to be able to service payments in respect of the Bonds. Deteriorating market conditions in the group of companies’ main segments, disruption to operations, contractual