Slide 1: 4Q Presentation
4Q Presentation 25 February 2026
Slide 2: 4Q 2025 Highlights
Bonheur ASA group of companies 4Q 2025 Highlights Renewable Energy Wind service Cruise Other Investments • EBITDA NOK 444 mill. (NOK 587 mill.) • EBITDA NOK 359 mill. (NOK 180 mill.) • EBITDA NOK 47 mill. (NOK 33 mill.) • EBITDA NOK -3 mill. (NOK -26 mill.) • Reduced generation (including curtailmen
Slide 3: Segment Analyses per 4Q 2025
Bonheur ASA group of companies Segment Analyses per 4Q 2025 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 4Q25 4Q24 Variance R enewable 726 905 (179) W ind S ervice 1 074 1 098 (24) C ruis e 801 802 (1) Other 338 329 9 Total Revenue 2 940 3 133 (194) E BITDA 4Q25 4Q24 Variance R enewable 444 587 (142) W ind S ervice 359 1
Slide 5: Consolidated summary 4Q 2025
Bonheur ASA group of companies Consolidated summary 4Q 2025 NOK million 4Q25 4Q24 Variance R evenues 2 940 3 133 (194) Opex (2 093) (2 360) 267 EBITDA 847 774 73 Depreciation (361) (307) (54) EBIT 486 467 19 R es ults from as s ociates (6) (6) 0 Net F inance (112) (34) (78) EBT 368 427 (59) T ax C o
Slide 6: Group Capitalization per 4Q 2025
Bonheur ASA group of companies Group Capitalization per 4Q 2025 NOK million Cash External debt*) Net cash/(debt) Financial Policy 100% owned entities Renewable energy 307 0 307 The Company and its financial and liquidity Wind Service 829 279 550 position shall be strong Cruise 424 0 424 Bonheur ASA
Slide 7: Sofie Olsen Jebsen, CEO
Sofie Olsen Jebsen CEO 7
Slide 8: 4Q Fred. Olsen Renewables
4Q Fred. Olsen Renewables • Production 8% (Incl. curtailment) lower than same quarter last year • Mid Hill outage both in this quarter and same quarter last year, but last year was compensated by insurance • Crystal Rig IV – Estimated full production in March • Windy Standard III – Turbine component
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 87,6 MW Crystal Rig II 138.0 MW Sweden Norway 1150 MW Rothes III
Slide 10: Market Backdrop Power prices
Market Backdrop Power prices (quarterly average) European power prices rise due to increasing 400 400 demand, weak renewable output and increased need for fossil-fired generation 350 350 300 300 • Demand increased in line with the onset of the winter season. • Nordic prices remained lowest in Europe
Slide 11: Production
Production • Production 8% lower incl. curtailment ⎯ External grid outages and constraints: • Mid Hill outage both in this quarter and same quarter last year, but last year was compensated by insurance • Grid export constraints at Rothes and Rothes II ⎯ Lower production at Högaliden and Fäboliden du
Slide 12: Grid outages and constraints
Mid Hill Grid Outage, Rothes I/II Grid Constraint Grid outages and constraints Mid Hill Grid Outage • Current outage: Originally scheduled by SSE from 15 Sep 2025 to 14 Apr 2026; re-energization is now expected on 23 July 2026, reflecting weather impacts, supplier delays and supplier quality-related
Slide 13: Crystal Rig IV
Under construction Crystal Rig IV Project information • Estimated full production in March (originally estimated in February) 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: Windy Standard III
Under construction Windy Standard III Project information • New regulations have significantly reduced the capacity for Scottish police escort for abnormal load transport • Updated information on availability of police resources 20 87,6 MW Wind turbines Windfarm capacity results in a potential four
Slide 15: Haakon Magne Ore, CEO
IXY Fred. Olsen Windcarrier SEBIPBER Haakon Magne Ore CEO 15
Slide 16: 4Q highlights
4Q highlights Solid performance MEAG invest EUR150m Volatility on demand side persist 16
Slide 17: Status and Update
Status and Update BOLD TERN BRAVE TERN BLUE TERN BLUE WIND • Continued offshore work • Mobilizing for the Thor • O&M campaign with Vestas • Vessel undergoing under the Saipem monopile SGRE14MW turbine project throughout quarter maintenance drilling campaign 17
Slide 18: Solid full year performance
Solid full year performance • Solid performance despite high yard activity ⎯ Quarterly contractual and commercial utilization of 67% and 100% ⎯ Annual contractual and commercial utilization of 66% and 99% • MEAG invest EUR 150 million in FOWIC for a ~24% ownership Revenue & EBITDA (EUR million) ⎯ Ai
Slide 19: Backlog Development
Backlog Development • Backlog FOWIC vessels is EUR 391 million (3Q 2025: EUR 360 million) • Earlier announced reservation agreement for the Gennaker Revenue backlog (EUR million) project in 2028 turned into a firm charter party 200 • Market remains tight with limited vessel availability medium 150 E
Slide 20: Samantha Stimpson, CEO
IX Fred.Olsen Cruise Lines Samantha Stimpson CEO
Slide 21: 4Q Highlights
4Q Highlights Revenue growth by improved utilization and yield Improved customer satisfaction Cost control results in EBITDA growth Good future booking performance 21
Slide 22: Quarterly performance 4Q 2025 vs. 4Q 2024
Quarterly performance 4Q 2025 vs. 4Q 2024 • Yield per passenger per day +3% • Utilization of 68% (65%) • EBITDA of NOK 47 mill (NOK 33 mill) • Net Promoter Score increased to 68 from 58 +10 point • Cumulative sales for 2025, 2026 and 2027 departures +17% 22
Slide 23: Cruises in the quarter
Cruises in the quarter BOREALIS BOLETTE BALMORAL • Cruises this Quarter: 7 • Cruises this Quarter: 8 • Cruises this Quarter: 9 Spain, Northern Lights, Mystery cruise, Azores & Madeira, Iberia & Morocco, Med fly cruises x 4, Northern Lights x 2, Gibraltar & Iberia, Morocco, Baltic and Northern Lights
Slide 24: Maren Sleire Lundby, CEO
KX Fred. Olsen Seawind Maren Sleire Lundby CEO
Slide 25: Q4 highlights
Q4 highlights • Strong projects in attractive markets • Diligent development strategies • AR7 confirms policy support and strategic direction 25
Slide 26: 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 Mhòr
Slide 27: 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 28: Muir Mhòr Project
Status and Update Muir Mhòr Project • Land option agreements signed for both landfall and onshore substation area. Onshore consent awarded – Peterhead offshore consent progressing and followed closely. • Grid position advanced with radial connection and potential to improve connection date. • Follow
Slide 29: Per Arvid Holth, CEO
Per Arvid Holth CEO BRIZO Pilot installed in Risør, Norway 29
Slide 30: Floating solar applications
Solar PV – fastest growing source of renewable energy Floating solar applications PV-Utility • Utility scale in suitable markets • Hybrid solution with hydro PV-Distributed • Displacement of hydrocarbons in coastal communities. • Special applications needing local renewable power, such as ports and
Slide 31: Nearshore FPV feeding Ports and Micro-grids
A promising beachhead market for BRIZO Nearshore FPV feeding Ports and Micro-grids • Nearshore market has large potential 1.6 billion people living within 20 km of coastline • Focus on where BRIZO can solve the largest challenges first Over 3000 ports • Island micro-grids and ports shows the best pr
Slide 32: Nearshore FPV addresses pain-points, now
For islands and ports generating electricity by combustion Nearshore FPV addresses pain-points, now 32
Slide 33: Nearshore FPV – A game-changing solution for islands and ports
For islands and ports generating electricity by combustion Nearshore FPV – A game-changing solution for islands and ports in the sunbelt 33
Slide 34: Islands and ports – A beachhead market with scaling potential
BRIZO Islands and ports – A beachhead market with scaling potential • Nearshore FPV - market entry ⎯ Displacement of diesel/fuel on islands and in ports • Nearshore FPV market has a large scaling potential ⎯ From industrial applications to utility scale 34
Slide 35: Q&A
XX Bonheur ASA Q&A