Report for the second quarter 2025

10 Jul 2025 08:00 CEST

Financial and operating highlights 2Q25 (2Q24 in brackets):

 Operating revenues were NOK 3 251 million (NOK 4 283 million)
 EBITDA was NOK 1 053 million (NOK 1 229 million)
 EBIT was NOK 783 million (NOK 938 million)
 Net result after tax was NOK 920 million (NOK 694 million)

Segment highlights 2Q25 (2Q24 in brackets):

Renewable Energy
o EBITDA NOK 127 mill. (NOK 259 mill.)
o 10% higher power prices in UK and 56% lower power prices in Sweden compared to
same quarter last year
o Generation 20% lower than P50 estimate due to continued downtime in operations
particularly at the Crystal Rig 1 windfarm
o The construction projects Crystal Rig IV and Windy Standard III are
progressing according to plan
o Onshore consent award for our Muir Mhòr project in Scotland

Wind Service
o EBITDA NOK 584 mill. (NOK 763 mill.)
o Backlog of EUR 357 mill. (EUR 325 mill.) for the Tern vessels
o Utilisation of 73% due to yard stays for Brave Tern and Blue Tern
o Good operational quarter with NOK 145 mill improved EBITDA in FOWIC and GWS
(excl. termination- and reservation fees)
o Divestment of UWL was completed on 30 April

Cruise
o EBITDA NOK 307 mill. (NOK 212 mill.)
o Occupancy of 79% (77%) of full capacity
o Net ticket income per passenger day of GBP 210 (GBP 196)
o Booking numbers up 11% compared to last year
o Bunker hedged for 75% of estimated remaining consumption in 2025

Other Investments
o EBITDA NOK 35 mill. (NOK -4 mill.)
o EBITDA for NHST NOK 63 mill. (NOK 44 mill.)
o Fred. Olsen 1848, progressing several technologies and innovations within
floating wind and floating solar
o Fred. Olsen Investments, undertaken investments within renewable energy
related companies
 
Financial information

The unaudited Group accounts for 2Q25 comprise Bonheur ASA (the “Company”) and
its subsidiaries (together the “Group of companies”) and the Group of companies’
ownerships in associates.

The main business segments within which the Company is invested are categorized
as follows: Renewable Energy, Wind Service, Cruise and Other investments.

The Group of companies’ operating revenues in the quarter amounted to NOK 3 251
million (NOK 4 283 million). Renewable Energy had operating revenues of NOK 399
million (NOK 501 million), Wind Service NOK 1 452 million (NOK 2 451 million),
Cruise NOK 1 092 million (NOK 1 043 million). Other investments had operating
revenues of NOK 307 million (NOK 288 million).

EBITDA in the quarter was NOK 1 053 million (NOK 1 229 million). Renewable
Energy achieved EBITDA of NOK 127 million (NOK 259 million), Wind Service NOK
584 million (NOK 763 million), Cruise NOK 307 million (NOK 212 million). Within
Other investments EBITDA was NOK 35 million (NOK -4 million).

Depreciation and impairment in the quarter was NOK -270 million (NOK -292
million).

EBIT in the quarter was NOK 783 million (NOK 938 million).

Net financial items in the quarter were NOK 189 million (NOK -130 million). The
main positive contributor was NOK 347 million in net profit from the divestment
of the 50% ownership of UWL. Net interest expenses were NOK -82 million (NOK -68
million). In addition, there were net unrealized financial losses of NOK -59
million (NOK -43 million). Other financial items amounted to NOK -17 million
(NOK -19 million).

Net Result in the quarter was NOK 920 million (NOK 694 million) of which NOK 877
million (NOK 596 million) is attributable to the shareholders of the parent
company. The non-controlling interests’ share of the net result was NOK 43
million (NOK 98 million).

For the first half-year, operating revenues were NOK 6 147 million (NOK 7 256
million) and with an EBITDA of NOK 1 782 million (NOK 1 826 million).

More information:
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650991_Bonheur 2Q 2025 Report.pdf
650991_Bonheur 2Q 2025 - Presentation.pdf