Bonheur Asa · OSL:BONHR
Bonheur Asa — Q2 2025 Earnings Presentation
34 slides from Bonheur Asa's earnings presentation, Jul 10, 2025
Slide 1: 2Q Presentation
KX Bonheur ASA 2Q Presentation 10 July 2025
Slide 2: 2Q 2025 Highlights
Bonheur ASA group of companies 2Q 2025 Highlights Renewable Energy Wind service Cruise Other Investments • EBITDA NOK 127 mill. (NOK 259 mill.) • EBITDA NOK 584 mill. (NOK 763 mill.) • EBITDA NOK 307 mill. (NOK 212 mill.) • EBITDA NOK 35 mill. (NOK -4 mill.) • 10% higher power prices in UK and 56% •
Slide 3: Segment Analyses per 2Q 2025
Bonheur ASA group of companies Segment Analyses per 2Q 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: Divestment of UWL – Effects to the accounts
Divestment of UWL – Effects to the accounts • Sold for EUR 48.5 mill with an investment of EUR 12 mill with no dividend received during the ownership period • Profit of transaction on consolidated group level with an effect of EUR 29 million (NOK 347 million) reflected in the accounts as financial i
Slide 5: Revenue and EBITDA per segment
Bonheur ASA group of companies Revenue and EBITDA per segment NOK million R evenue 2Q25 2Q24 Variance R enewable 399 501 (101) • Mainly lower generation W ind S ervice 1 452 2 451 (998) • Termination fee included in previous year C ruis e 1 092 1 043 49 • Improved occupancy and yield Other 307 288 1
Slide 6: Consolidated summary 2Q 2025
Bonheur ASA group of companies Consolidated summary 2Q 2025 NOK million 2Q25 2Q24 Variance R evenues 3 251 4 283 (1 032) • Revenues 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 improvemen
Slide 7: Group Capitalization per 2Q 2025
Bonheur ASA group of companies Group Capitalization per 2Q 2025 NOK million Cash External debt Net cash/(debt) Financial Policy 100% owned entities Renewable energy 233 0 233 The Company and its financial and liquidity Wind Service 2 012 316 1 696 position shall be strong Cruise 665 102 563 Bonheur
Slide 8: Sofie Olsen Jebsen
Sofie Olsen Jebsen CEO 8
Slide 9: 2Q Fred. Olsen Renewables
2Q Fred. Olsen Renewables • 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 9
Slide 10: 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 88 MW Crystal Rig II 138.0 MW Sweden Norway 1150 MW Rothes III 19
Slide 11: Market Backdrop Power prices
Market Backdrop Power prices (quarterly average) Average prices have declined due to low 400 400 demand, strong renewable and nuclear supply, and easing fuel prices. 350 350 • Demand fell in line with the onset of the spring season. 300 300 • Regional differences are expected in the coming months, w
Slide 12: Production
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 taken offline to investiga
Slide 13: Windy Standard III
Under construction Windy Standard III Project information • First tree felling milestone achieved ahead of time 20 88 MW • Road and hardstand construction ahead of Wind turbines Windfarm capacity schedule • Construction compound up and running GBP 133 mill. 180m/125m Total investment estimate Two cl
Slide 14: Crystal Rig IV
Under construction Crystal Rig IV • All hard stands ready for turbine Project information installations • Transport of turbine 11 49.1 MW components started Wind turbines Windfarm capacity • Transformer delivered to site installation/commissioning GBP 81 mill. 200m / 150m Total investment estimate T
Slide 15: Summary
Summary • Production below estimates due to low availability, and low wind in Scotland • Weak power prices and curtailed generation in Sweden, despite high wind • Construction of Crystal Rig IV and Windy Standard III progressing well • Onshore wind plays a core part in the future energy mix — FOR be
Slide 16: Lars Bender
KX Fred. Olsen Seawind Lars Bender CEO
Slide 17: Q2 highlights
Q2 highlights • Strong projects in attractive markets • Diligent development strategies • Onshore consent award for our Muir Mhòr project in Scotland 17
Slide 18: 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 Mhor
Slide 19: Muir Mhòr Project
Status and Update 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 20: Codling Wind Park
Status and Update 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. C
Slide 21: Per Arvid Holth
IX Fred. Olsen 1848 a Per Arvid Holth CEO
Slide 22: Status and Update
Status and Update FLOATING WIND FLOATING SOLAR • Importance of a certificate • Market observations • Market observations 22
Slide 23: Why floating wind turbine certification matters
BRUNEL Floating AS Why floating wind turbine certification matters Project certification • Project certificate provide technical de-risking across stakeholders. *Figure from DNV-SE-0190 “Project certification of wind power plants” • For floating wind turbine, the complete performance of the combined
Slide 24: What is the status?
BRUNEL Floating AS What is the status? Market observations • Certain floater designs has achieved advanced certification level for smaller turbines • For commercial size (15MW+) there are limited news related to floating wind turbines achieving the same: ⎯ FO1848 ⎯ BW Ideol 24
Slide 25: Market Observations
BRIZO Market Observations Floating solar is expanding globally, but market momentum varies significantly by region. • Asia continues to lead the way with utility scale projects • Hybridisation with hydrodams shows good potential ⎯ Most projects in Asia to date • Growing attention on small/mid scale
Slide 26: Haakon Magne Ore
IXY Fred. Olsen Windcarrier Haakon Magne Ore CEO 26
Slide 27: 2Q highlights
2Q highlights Mixed activity and high yard activity period coming to an end Tight vessel market with volatility on demand side persist 27
Slide 28: Fred. Olsen Windcarrier at a Glance
Fred. Olsen Windcarrier at a Glance Expertise and Excellence for tomorrow's wind gigaparks Global strategy – proven World leading 3x > 250 employees ~ EUR 357 million track record in all core offshore wind installation backlog including markets vessel fleet options 28
Slide 29: Status and Update
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 yard campaign with SGRE
Slide 30: Quarterly Financials
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 period with high yard act
Slide 31: Backlog Development
Backlog Development • Backlog FOWIC vessels end 2Q 2025 is EUR 357 million (1Q 2025 EUR 426 million) • In general, few new major T&I contract awards in 1H25 • Market remains tight with limited vessel availability medium Revenue backlog (EUR million) 1) term. Volatility in demand side persists 200 17
Slide 32: Fred. Olsen Cruise Lines
IX Fred.Olsen Cruise Lines Fred. Olsen Cruise Lines
Slide 33: Summary
Summary Passenger numbers Q225 vs Q224 +12% Yield per passenger per day Q225 vs Q224 +7% Cumulative sales for 2025, 2026 and 2027 +11% 33
Slide 34: Status and Update
Status and Update 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 Southampton), Norway x 2, Azores, European Cities, Croatia, Spain / Portugal and Norway x 4 Scotland x 2,