Bonheur Asa (BNHUF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and very welcome to everybody to Bonheur's second quarter presentation. My name is Annette Olsen. I am the CEO of Bonheur and today as usual we will have our CFO Richard Olavo presenting the figures and also the CEOs for the individual companies will present. At the end we will open up for Q&As so welcome everybody and Richard. Yes thank you Annette and also a hearty welcome from me to this second quarter presentation. As an overall picture we're delivering a solid set of financial figures this quarter. Apart from some downtime in Fred Olsen renewables the companies are delivering well and in addition we have booked the gain of the sale over 50 percent share in United Wind Logistics. So in total the financial figures for this quarter come in at a strong level. I will now go through each segment quite briefly and with a more financial focus because they will be covered more thoroughly by the CEOs and then I will go through the consolidated P&L figures and also cover the sale of UWL in more detail so you can understand the financial effects and finally I will cover the balance sheet before handing over to the CEOs. But the highlights for the various segments Renewable Energy had done EBTA of 127 million down from 259 million. You could assume that due to the steep drop in the power prices in Sweden that the pricing is the main driver behind the drop. It's true we have very low power prices in Sweden but the prices in the UK are holding up quite well and UK is a much bigger part of our portfolio so pricing is not the driver for the reduced EBTA. The main driver we find on the generation side which is 20 percent lower than the P58 estimate and that's due to continued downtime in some of our operations and particularly at the Crystal Rig 1 wind farm where we ...