Slide 1: 3Q Presentation
3Q Presentation 24 October 2025
Slide 2: 3Q 2025 Highlights
Bonheur ASA group of companies 3Q 2025 Highlights Renewable Energy Wind service Cruise Other Investments • EBITDA NOK 219 mill. (NOK 263 mill.) • EBITDA NOK 577 mill. (NOK 435 mill.) • EBITDA NOK 352 mill. (NOK 255 mill.) • EBITDA NOK -31 mill. (NOK -15 mill.) • Reduced generation, mainly due to dow
Slide 3: Segment Analyses per 3Q 2025
Bonheur ASA group of companies Segment Analyses per 3Q 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 Revenue 3Q25 3Q24 Variance Renewable Energy 477 529 -53 Wind Service 1 471 1 752 (281) Cruise 1 148 1 016 132 Other Investments 310 308 2 Total Revenue 3 406 3 606 (200) EBITDA 3Q25 3Q24 Variance Renewable Energy 219 263 (44)
Slide 5: Consolidated summary 3Q 2025
Bonheur ASA group of companies Consolidated summary 3Q 2025 NOK million 3Q25 3Q24 Variance Revenues 3 406 3 606 -200 Opex (2 289) (2 669) 379 EBITDA 1 117 938 179 Depreciation (299) (335) 36 EBIT 818 603 215 Results from associates (5) (5) (0) Net Finance (133) (161) 28 EBT 680 438 242 Tax Cost (119
Slide 6: Group Capitalization per 3Q 2025
Bonheur ASA group of companies Group Capitalization per 3Q 2025 NOK million Cash External debt*) Net cash/(debt) Financial Policy 100% owned entities Renewable Energy 338 0 338 The Company and its financial and liquidity Wind Service 973 297 675 position shall be strong Cruise 605 0 605 Bonheur ASA
Slide 7: Sofie Olsen Jebsen, CEO
Sofie Olsen Jebsen CEO 7
Slide 8: 3Q Fred. Olsen Renewables
3Q Fred. Olsen Renewables • Production in Q3 lower than same quarter 2024 ⎯ Crystal Rig I recovery project (early generation turbines) ⎯ Market reasons at Swedish windfarms: ancillary services, low prices, grid export limits as well as blade issues • Lower revenues due to lower REGO prices • Constru
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
Market Backdrop Power prices (quarterly average) European power prices held steady in Q3, 400 400 supported by weak demand, strong renewable output, and subdued fuel costs. 350 350 • Nordic prices remained low, while UK prices edged higher but stayed well below early-year levels. 300 300 • Gas price
Slide 11: Production
Production • Generation below estimates ⎯ Crystal Rig I recovery project with early generation turbines increases availability ⎯ Lower production at Högaliden and Fäboliden mainly due to market (ancillary services and low prices), grid export limits and blade issues • Grid outages ⎯ Planned grid mai
Slide 12: Crystal Rig IV
Under construction Crystal Rig IV Project information • Good progress - 5 turbines installed • Delayed transport of components postponed 11 49.1 MW installation start Wind turbines Windfarm capacity ⎯ Due to low capacity on police escort. Mitigating actions taken GBP 81 mill. 200m / 150m Total inves
Slide 13: Windy Standard III
Under construction Windy Standard III Project information • Project progressing well 20 87,6 MW Wind turbines Windfarm capacity • Two wind turbine foundations successfully poured • Civil work progressing according to plan GBP 133 mill. 180m/125m Total investment estimate Two clusters with different
Slide 14: Lars Bender, Fred. Olsen Seawind
KX¢ Fred. Olsen Seawind Lars Bender CEO
Slide 15: Q3 highlights
Q3 highlights • Good projects in attractive markets • Diligent development strategies • Request for information (RFI) received for Codling postponing expected consent determination • Landfall and onshore substation land areas secured for Muir Mhòr 15
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 Mhòr
Slide 17: Codling Wind Park
Status and Update Codling Wind Park Dublin Greystone Wicklow • Consent application process ongoing and followed closely. • Codling Wind Park have received a RFI from the Irish government, postponing the expected consent determination. • Irish Government remains committed to offshore wind buildout. C
Slide 18: Muir Mhòr Project
Status and Update Muir Mhòr Project • Land option agreements signed for both landfall and onshore substation area north of Peterhead Peterhead • Onshore consent awarded – offshore consent progressing • Following final consent award for offshore, the project will be in position for bidding into CfD a
Slide 19: Per Arvid Holth, Fred. Olsen 1848
IX Fred. Olsen 1848 LLL Per Arvid Holth CEO
Slide 20: Status and Update
Status and Update FLOATING SOLAR • IEA 2025 ⎯ Electricity produced ⎯ Installed capacity • Floating solar PV reflections 20
Slide 21: Solar power becoming largest renewable energy source
IEA projection Solar power becoming largest renewable energy source Installed capacity Generated electricity IEA (2025), Renewables 2025, IEA, Paris https://www.iea.org/reports/renewables-2025, IEA (2025), Renewables 2025, IEA, Paris https://www.iea.org/reports/renewables-2025, 21 Licence: CC BY 4.0
Slide 22: Solar PV showing high availability
Solar PV Solar PV showing high availability ▪ Unlike other renewable energy sources, overcapacity in supply chain. ▪ This has resulted in PV price reduction of 60% since 2023, currently down to USD 0.09/Wp. IEA (2025), Renewables 2025, IEA, Paris https://www.iea.org/reports/renewables-2025, 22 Licen
Slide 23: Wide range of opportunities
The Floating PV Power Production System BRIZO Wide range of opportunities PV-Utility • Utility scale in suitable markets • Hybrid solution with hydro PV-Distributed Project information • Displacement of hydrocarbons in island communities. Robust Design Versatile application Designed to resist to win
Slide 24: Samantha Stimpson, Fred. Olsen Cruise Lines
IX Fred.Olsen Cruise Lines Samantha Stimpson CEO
Slide 25: 3Q Highlights
3Q Highlights Revenue growth by improved utilization and yield Improved customer satisfaction Cost control results in EBITDA growth Good future booking performance 25
Slide 26: Quarterly performance 3Q 2025 vs. 3Q 2024
Quarterly performance 3Q 2025 vs. 3Q 2024 • Passenger numbers +19% • Yield per passenger per day +13% • Utilization of 81% (77%) • EBITDA of NOK 352 mill (NOK 255 mill) • Net Promoter Score increased to 68 from 63 +5 point • Cumulative sales for 2025, 2026 and 2027 departures +12% 26
Slide 27: Status and Update
Status and Update BOREALIS BOLETTE BALMORAL • Cruises this Quarter: 9 • Cruises this Quarter: 9 • Cruises this Quarter: 12 Azores & Madeira x 2, British Isles, Norway x 2, Scottish Isles x 2, France & Norway x 4, French Rivers x 2, UK short Iceland, Spain, Amalfi Coast and Norway Britain coastline,
Slide 28: Haakon Magne Ore, Fred. Olsen Windcarrier
KX Fred. Olsen Windcarrier Haakon Magne Ore CEO
Slide 29: 3Q highlights
3Q highlights Good performance Two new T&I contracts signed Volatility on demand side persist 29
Slide 30: Status and Update
Status and Update BOLD TERN BRAVE TERN BLUE TERN BLUE WIND • Commenced work offshore • In yard to prepare generic 3 • O&M campaign with SGRE • Completed the Hai Long under the Saipem monopile turbine seafastning and carry throughout the quarter. project drilling campaign over work from Navantia Comm
Slide 31: Quarterly Financials
Quarterly Financials Impacted by Yard activity • Good operational and financial performance • High activity but one vessel in yard for full quarter ⎯ 67% contractual utilization Revenue & EBITDA (EUR million) ⎯ 99% commercial utilization 400 300 EUR million • Quarterly revenue of EUR 60,3 million an
Slide 32: Backlog Development
Backlog Development • Backlog FOWIC vessels is EUR 360 million (2Q 2025: EUR 357 million) ⎯ Excluding vessel reservation agreements • Signed two new turbine T&I contracts during the quarter ⎯ Vessel reservation agreement to install 63 15MW turbines at the Gennaker project in 2028 ⎯ Firm contract for
Slide 33: Q&A
KX Bonheur ASA Q&A