Financial and operating highlights 3Q25 (3Q24 in brackets):
Operating revenues were NOK 3 406 million (NOK 3 606 million)
EBITDA was NOK 1 117 million (NOK 938 million)
EBIT was NOK 818 million (NOK 603 million)
Net result after tax was NOK 561 million (NOK 350 million)
Segment highlights 3Q25 (3Q24 in brackets):
Renewable Energy
o EBITDA NOK 219 mill. (NOK 263 mill.)
o Reduced generation, mainly due to downtime at Crystal Rig I (early generation turbines) and curtailment of the Swedish windfarms due to market conditions
o Revenue reduction due to lower price of Renewable Energy Guarantees of Origin (REGO)
o Crystal Rig IV and Windy Standard III are progressing with estimated COD as planned in 1Q 2026 and 1Q 2027
o Grid outage for Mid Hill windfarm from 15 September and until May 2026 and from November 2026 until April 2027 without any automatic compensation from the grid owner. FOR works on mitigating actions
Wind Service
o EBITDA NOK 577 mill. (NOK 435 mill.)
o Backlog of EUR 360 mill. (EUR 288 mill.) for the Tern vessels
o FOWIC signed a firm contract for installation of 64 turbines in 2027, and a reservation agreement for installation of 63 turbines in 2028
o Utilisation 67% due to planned yard stay for Brave Tern to reinforce the deck structure to carry 15MW wind turbines
o Good operational quarter in FOWIC and GWS
Cruise
o EBITDA NOK 352 mill. (NOK 255 mill.)
o Occupancy of 81% (77%) of full capacity
o Net ticket income per passenger day of GBP 218 (GBP 194)
o Booking numbers are up 12% compared to last year
Other Investments
o EBITDA NOK -31 mill. (NOK -15 mill.)
o EBITDA for NHST NOK 48 mill. (NOK 57 mill.)
o Placement of new NOK 700 mill. green bond
o Fred. Olsen 1848, progressing several technologies and innovations within floating wind and floating solar
o Fred. Olsen Investments currently manage five investments within renewable energy related companies and potentially undertake new investments
Financial information
The unaudited Group accounts for 3Q25 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 3 406 million (NOK 3 606 million). Renewable Energy had operating revenues of NOK 477 million (NOK 529 million), Wind Service NOK 1 471 million (NOK 1 752 million), Cruise NOK 1 148 million (NOK 1 016 million). Other investments had operating revenues of NOK 310 million (NOK 308 million).
EBITDA in the quarter was NOK 1 117 million (NOK 938 million). Renewable Energy achieved EBITDA of NOK 219 million (NOK 263 million), Wind Service NOK 577 million (NOK 435 million), Cruise NOK 352 million (NOK 255 million). Within Other investments EBITDA was NOK -31 million (NOK -15 million).
Depreciation and impairment in the quarter was NOK -299 million (NOK -335 million).
EBIT in the quarter was NOK 818 million (NOK 603 million).
Net financial items in the quarter were NOK -133 million (NOK -161 million). Net interest expenses were NOK -72 million (NOK -70 million). In addition, there were net unrealized losses on financial instruments of NOK -30 million (NOK -117 million) and net unrealized foreign exchange losses of NOK -23 million (NOK 62 million). Other financial items amounted to NOK -8 million (NOK -36 million).
Net Result in the quarter was NOK 561 million (NOK 350 million) of which NOK 461 million (NOK 271 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result was NOK 100 million (NOK 79 million).