Slide 1: 2Q Presentation
KX Bonheur ASA 2Q Presentation 9 July 2026
Slide 2: 2Q 2026 Highlights
Bonheur ASA group of companies 2Q 2026 Highlights Renewable Energy Wind service Cruise Other Investments • EBITDA NOK 252 mill. (NOK 127 mill.) • EBITDA NOK 326 mill. (NOK 584 mill.) • EBITDA NOK 278 mill. (NOK 307 mill.) • EBITDA NOK 30 mill. (NOK 35 mill.) • Improved generation (including curtailm
Slide 3: Segment Analyses per 2Q 2026
Bonheur ASA group of companies Segment Analyses per 2Q 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 2Q26 2Q25 Variance R enewable 519 399 119 W ind S ervice 1 147 1 452 (305) C ruis e 1 061 1 092 (31) Other 307 307 1 Total Revenue 3 035 3 251 (216) E BITDA 2Q26 2Q25 Variance R enewable 252 127 125 W ind S ervice 326
Slide 5: Consolidated summary 2Q 2026
Bonheur ASA group of companies Consolidated summary 2Q 2026 NOK million 2Q26 2Q25 Variance R evenues 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) R es ults from as s ociates (7) (6) (1) Net F inance (158) 189 (348) E
Slide 6: Group Capitalization per 2Q 2026
Bonheur ASA group of companies Group Capitalization per 2Q 2026 NOK million Cash External debt*) Net cash/(debt) Financial Policy 100% owned entities Renewable energy 244 0 244 The Company and its financial and liquidity Wind Service 451 0 451 position shall be strong Cruise 403 0 403 Bonheur ASA +
Slide 7: Sofie Olsen Jebsen
Sofie Olsen Jebsen CEO 7
Slide 8: Q2 Fred. Olsen Renewables
Q2 Fred. Olsen Renewables • Production up 8% vs. Q2 last year, reflecting the contribution from Crystal Rig IV • Grid outage at Mid Hill • Progression of the Windy Standard III construction project 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 Rothes III 93 MW Crystal Rig II 138.0 MW Sweden Norway 1030 MW Crystal Rig Solar 27 MW Crystal Ri
Slide 10: Market Backdrop
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 11: 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
Slide 12: Windy Standard III
Under construction Windy Standard III • Complete delivery of 8 turbines at site ⎯ 6 of 8 turbines erected • Transportation of remaining 12 turbines to commence end of Summer Project information • Estimated project closeout in Q1 2027 20 87,6 MW Wind turbines Windfarm capacity GBP 133 mill. 125 - 180
Slide 13: Crystal Rig IV
Under construction Crystal Rig IV • All 11 turbines are fully operational, with take over certificates signed • Delivered on budget* • Nominated for “Onshore Construction Project of Project information the Year” at the National Wind Energy Awards 11 49,1 MW Wind turbines Windfarm capacity GBP 81 mil
Slide 14: Haakon Magne Ore
IXY Fred. Olsen Windcarrier Haakon Magne Ore CEO
Slide 15: Solid underlying performance Brave Tern incident
2Q highlights Solid underlying performance Brave Tern incident 15
Slide 16: 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 17: 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 • Blades carried on board Brave Tern made contact with another WTI during m
Slide 18: 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 19: Maren Sleire Lundby
Maren Sleire Lundby CEO 19
Slide 20: Q2 highlights
Q2 highlights • Progressing towards completion of Muir Mhòr transaction end of July • Data for “Further Information Request” submitted for Codling • Diligent development strategies continue 20
Slide 21: 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 22: Codling Wind Park
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 23: Muir Mhòr Project
Status and Update Muir Mhòr Project • Progressing according to plan on the Muir Mhòr transaction with completion expected end of July 2026. Peterhead • With strong project fundamentals, in an advanced planning and approval stage, Muir Mhòr remains focused on targeting an early allocation round. • Th
Slide 24: Per Arvid Holth
Per Arvid Holth CEO BRIZO Pilot installed in Risør, Norway 24
Slide 25: Technology development
Technology development • DNV verification completed ⎯ Short path to certification according 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. 25
Slide 26: 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 27: Samantha Stimpson
IX Fred.Olsen Cruise Lines Samantha Stimpson CEO
Slide 28: 2Q 2026 Highlights
2Q 2026 Highlights Revenue improved through: Utilisation and occupancy Gross revenue per ALBD improvement Continued growth in forward booking performance 28
Slide 29: 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 30: 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 31: Q&A
XX Bonheur ASA Q&A