Bonheur Asa · OSL:BONHR
Bonheur Asa — Investor Presentation (September 2026)
31 slides from Bonheur Asa's investor presentation, September 2026
Slide 1: Company Presentation
Company Presentation September 2026
Slide 2: Bonheur – a long-term, industrial investor
Introduction to Bonheur Bonheur – a long-term, industrial investor • 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 an early mov
Slide 3: Solid position in attractive business segments
Segment overview – Q2 2026 Solid position in attractive business segments Renewable Wind Other Energy Service Cruise Investments 854 MW in operation, 88 MW under Leading global providers of logistics, 3 vessels operating within the small- Long-term, industrial investments construction and pipeline o
Slide 4: Robust financials
Segment financials – Q2 2026 Robust financials EBITDA – 12 months rolling Group – NIBD development NOKm NOKm 7,000 6,000 5,000 4,000 6.4 bn reduction 3,000 2,000 1,000 0 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 No
Slide 5: Established Financial Policy and Capital Allocation Framework
Bonheur Policies Established 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 compe
Slide 6: Group capitalization rooted in financial policy
Bonheur Capitalization – Q2 2026 Group capitalization rooted in financial policy External Net NOK million Cash debt1 cash/(debt) 100% owned entities Renewable energy 244 0 244 Wind Service 451 0 451 Cruise 403 0 403 Bonheur ASA + Other 4,293 3,088 1,205 Sum 100% owned entities 5,392 3,088 2,304 Less
Slide 7: Q2 2026 results
KX Bonheur ASA Q2 2026 results
Slide 8: Revenue and EBITDA per segment
Bonheur ASA group of companies Revenue and EBITDA per segment NOK million Revenue 2Q26 2Q25 Variance Renewable 519 399 119 Wind Service 1 147 1 452 (305) Cruise 1 061 1 092 (31) Other 307 307 1 Total Revenue 3 035 3 251 (216) EBITDA 2Q26 2Q25 Variance Renewable 252 127 125 Wind Service 326 584 (258)
Slide 9: Consolidated summary 2Q 2026
Bonheur ASA group of companies Consolidated summary 2Q 2026 NOK million 2Q26 2Q25 Variance Revenues 3 035 3 251 (216) Opex (2 149) (2 198) 49 EBITDA 886 1 053 (167) Depreciation and impairment (347) (270) (77) EBIT 539 783 (244) Results from associates (7) (6) (1) Net Finance (158) 189 (348) EBT 374
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Slide 11: 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 88 MW Crystal Rig 63 MW Rothes III 193 MW Crystal Rig II 138 MW Sweden Norway 1,030 MW Crystal Rig Solar 27 MW Crystal Rig II
Slide 12: Market Backdrop: Power prices
Market Backdrop Power prices (quarterly average) The quarter was largely defined by the Strait of Hormuz closure which affected both 140 140 power- and commodity markets. 120 120 • Power prices in the UK and the Nordics increased compared to the same quarter last year 100 100 • Unusually strong wind
Slide 13: Production
Production • Production in line with similar quarter 2025 ⎯ 8% higher when including Crystal Rig IV • Mid Hill outage for the whole quarter due to grid upgrades ⎯ Current outage extended from end of July until end August due to project delays by the grid operator ⎯ Previously scheduled timing for a
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Slide 15: Fred. Olsen Seawind – Portfolio Status
Fred. Olsen Seawind – Portfolio Status Pure-play offshore wind developer with established market position and around 2.3GW gross-capacity in mature development Codling Muir Mhòr Large scale bottom-fixed project in Ireland 1000 MW floating project in Scotland Project viewed as one of the top floating
Slide 16: Codling Wind Park – Status and Update
Status and Update Codling Wind Park Dublin Greystone Wicklow • In June 2026 Codling submitted data under the Further Information Request (FIR) from the Irish government. The FIR received in 2025 has postponed the expected consent determination. • Irish Government remains committed to offshore wind a
Slide 17: Muir Mhòr Project – Status and Update
Status and Update Muir Mhòr Project • With strong project fundamentals, in an advanced planning and approval stage, Muir Mhòr remains Peterhead focused on targeting an early allocation round. • Through collaboration with supply chain and stakeholders, Muir Mhòr is optimizing development spend while
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Slide 19: Dedicated to Developing Tomorrow’s Energy Solutions
Fred. Olsen 1848 Dedicated to Developing Tomorrow’s Energy Solutions An innovation and Having already made Builds on proven Strong engineering and technology company that significant strides in history of early maritime competencies develops and matures floating solar and adoption of new innovative
Slide 20: Technology development
Technology development • DNV verification completed ⎯ Short path to certification according to new standards DNV-ST-C108 and DNV-ST-E309 • Good progress on cost-out of BRIZO technology • Two pilots in operation, securing operational data validating system performance. 20
Slide 21: Commercial development
Commercial development • Focus on several applications ⎯ Hydrocarbon displacement: Islands, Resorts, Ports. ⎯ Commercial and industry (C&I) ⎯ Utility scale: Hydro power dams, lakes and nearshore • Active in tender processes related to development of floating solar on salt water • FEED study complete
Slide 22: Fred. Olsen Windcarrier
IX Fred. Olsen Windcarrier
Slide 23: 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 1,006 million proven track record in offshore wind installation backlog including all core markets fleet of 3x vessels options 23
Slide 24: Status and Update
Status and Update BOLD TERN BRAVE TERN BLUE TERN BLUE WIND • Continued operations under • Solid performance on Thor • Finished yard stay in May and • Preparation for upcoming the Saipem monopile drilling project but incident in port completed a smaller O&M contract campaign takes vessel out for thre
Slide 25: Solid underlying performance
Solid underlying performance • Quarterly contractual and commercial utilization of 78% and 90% ⎯ Downtime mainly linked to Brave Tern incident ⎯ Blue Tern went straight to a smaller O&M job after completing yard stay mid May • The Brave incident was signified by blades carried on board the Brave Ter
Slide 26: Backlog Development
Backlog Development • Backlog FOWIC vessels is EUR 1,006 million (1Q 2026: EUR 986 million) • Increased backlog in the quarter relates to extension of an existing contract Revenue backlog (EUR million) next 3 years 200 • Market remains tight with limited vessel availability medium 150 term. Volatili
Slide 27: Fred. Olsen Cruise Lines
I< Fred.Olsen Cruise Lines
Slide 28: Quarterly performance 2Q 2026 vs. 2Q 2025
Quarterly performance 2Q 2026 vs. 2Q 2025 • Passenger days +5% • Gross Revenue per passenger per day +0% • Gross Revenue per ALBD +4% • Utilization of 83% vs 79% • Operational Occupancy 87% vs 83% • EBITDA of NOK 279m v NOK 288m • Net Promoter Score movement from 68 to 74 +6 points • Cumulative sale
Slide 29: Status and Update
Status and Update BOREALIS BOLETTE BALMORAL • Cruises this Quarter: 9 • Cruises this Quarter: 8 • Cruises this Quarter: 12 France cities x 2, Norway x 3, Dutch Scotland x 2, Norwegian Fjords x 3, Norway x 4, Baltic, Scotland, Ireland, waterways, Italian Riviera, the Baltic, and Croatia, Azores & Mad
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