Bonheur Asa (BNHUF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody, and welcome to the first quarter presentation for Bonheur. My name is Annette Olsen. I am the CEO of Bonheur and Fred Olsen & Company. And with me today, I have Richard Olavo, our CFO, and he will do the first part of the presentation, as usual, And then the CEOs for the different segments will come and present. And we will take the questions and answers at the end. So, Rikard, over to you. Yes, thank you, Anette. And also a hearty welcome from me to this first quarter presentation. We have a mixed quarter. On one hand, we have an improvement in our operating result with 132 million, which of course is positive. On the other hand, we have had some wind farms that have not operated as capacity due to technical issues. And we have had a cancelled cruise for Balmoral due to the geopolitical situation in the Red Sea. And obviously, without these issues, the operating results could have been better. So again, it's a mixed report this time. I will quickly go through the main events in each segment, as they will be thoroughly covered by my good colleagues. Starting with renewable energy, where we have a small year-on-year improvement on the EBITDA, but we have to remember that first quarter, 24, was a very low wind speed quarter. On the very positive side, we have seen higher power prices in the UK, more than compensating the very low power prices in northern Sweden, where there are severe issues with the trapped power in northern Sweden due to lack of transmission capacity from north to south, which Sofie will come back to. Like I said, generation is low this quarter. It's 21% lower than the P50 estimate, which is the kind of midpoint estimate for wind given historical wind resources in the various countries. The observed viewer of this presentatio...