Bonheur Asa (BNHUF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody, and welcome to this third quarter 2025 presentation. My name is Annette Olsen. I am the CEO of Bonner and Fred Olsen & Co. As usual today, Richard Olavo, our CFO, will start the presentation going through the main figures. And then the different CEOs for the individual companies will present to you. And we will take questions and answers at the end. Today, we have Samantha Stimson with us, the CEO for Fred Olsen Cruise Lines. So she will also present to you. So welcome, Richard, I give the word to you. Yes, thank you, Anette, and also a hearty welcome from me to this third quarter presentation. Before we go into the numbers, I would like to give some reflections on the report. I think the Bonheur Group of Companies deliver a solid set of numbers this quarter. But we can also say that there are room for improvements in the numbers. We see cruise lines improving utilization, but still room to grow. We see wind carrier, one vessel at yard, also this quarter. And we also see downtime in renewables. So yes, a good set of numbers, but definitely more room to grow the earnings on existing assets. So with that in mind, we can move over to the highlights. And my colleagues will go through the main strategic and operational highlights of the quarter within each company. So I will limit myself to comment on the more financial aspects of the highlights. But starting on renewable energy, reporting in EBITDA slightly below last year, some 40 million plus, 40 million down on EBITDA, mainly related to reduced generation and reduced prices of regos that Sofia will cover in more detail. Things to be aware of on the financial side, that there will be a grid outage on Midhill now this winter, Midhill being a significant wind farm, so that will impact earnings an...