Bonheur Asa · OSL:BONHR
Bonheur Asa — Q3 2026 Earnings Presentation
32 slides from Bonheur Asa's earnings presentation, Oct 30, 2026
Slide 1: 3Q Presentation
3Q Presentation 30 October 2026
Slide 2: 3Q 2026 Highlights
Bonheur ASA group of companies 3Q 2026 Highlights Renewable Energy Wind service Cruise Other Investments • EBITDA NOK 385 million (NOK 219 million) • EBITDA NOK 530 million (NOK 577 • EBITDA NOK 333 million (NOK 352 • EBITDA NOK -18 million (NOK -31 million) • Generation, including curtailment, mill
Slide 3: Segment Analyses per 3Q 2026
Bonheur ASA group of companies Segment Analyses per 3Q 2026 Revenues – 12 months rolling EBITDA – 12 months rolling 16 000 5 000 14 000 4 000 12 000 Total net rolling 12 month EBITDA 10 000 3 000 8 000 2 000 6 000 4 000 1 000 2 000 - - * (1 000) Other Renewable Energy Wind Service Cruise Total net r
Slide 4: Revenue and EBITDA per segment
Bonheur ASA group of companies Revenue and EBITDA per segment NOK million R evenue 3Q26 3Q25 Variance R enewable 691 477 214 W ind S ervice 1 483 1 471 11 C ruis e 1 144 1 148 (4) Other 298 310 (12) Total Revenue 3 615 3 406 209 E BITDA 3Q26 3Q25 Variance R enewable 385 219 166 W ind S ervice 530 57
Slide 5: Consolidated summary 3Q 2026
Bonheur ASA group of companies Consolidated summary 3Q 2026 NOK million 3Q26 3Q25 Variance R evenues 3 615 3 406 209 Opex (2 384) (2 289) (95) EBITDA 1 230 1 117 113 Depreciation (300) (299) (1) EBIT 930 818 112 R es ults from as s ociates (6) (5) (1) Net F inance (106) (133) 27 EBT 818 680 138 T ax
Slide 6: Group Capitalization per 3Q 2026
Bonheur ASA group of companies Group Capitalization per 3Q 2026 NOK million Cash and cash External debt*) Net cash/(debt) equivalents Financial Policy 100% owned entities Renewable energy 248 0 248 The Company and its financial and liquidity Wind Service 429 0 429 position shall be strong Cruise 537
Slide 7: Sofie Olsen Jebsen, CEO
Sofie Olsen Jebsen CEO 7
Slide 8: Q3 Fred. Olsen Renewables
Q3 Fred. Olsen Renewables • Strong result driven by higher prices • Generation ~15% higher than Q3 2025 • Mid Hill reconnected on 16 September • Crystal Rig IV enters CfD from 13 October 8
Slide 9: Full Cycle Business Model
Full Cycle Business Model Site investigation Development Consented Construction Operation UK UK 900 MW UK UK Scotland Portfolio Paul’s Hill II 21 MW Windy Standard III 88 MW Crystal Rig* 62.5 MW Norway Rothes III 193 MW Crystal Rig II 138.0 MW Sweden Norway 1030 MW Crystal Rig III 13.8 MW Portfolio
Slide 10: Market Backdrop
Market Backdrop Power prices – monthly spot and futures Middle East LNG losses lifted European gas and power prices to highest since early 2023 200 200 • Q3 spot: EU €137/MWh (+67% y/y), Nordic system €74/MWh (+107% 150 150 y/y), UK £123/MWh (+69% y/y) • TTF gas rose from €43 to €84/MWh; EU storage
Slide 11: Production
Production • Generation ~15% higher than Q3 2025 ⎯ Crystal Rig IV operational and improvements at Swedish wind farms • Mid Hill reconnected 16 Sep from grid outage; 96,3 % availability since ⎯ Second outage expected 10 weeks during second half 2027. • Lista: 12 turbines partially curtailed in strong
Slide 12: Windy Standard III
Under construction Windy Standard III • All eight E-115 turbines installed; installation of the twelve E-138 turbines underway • Estimated completion Q1 2027 • Progressing according to plan. Still residual risk: ⎯ Ongoing works by Scottish Power Transmission to Project information upgrade the Dun Hi
Slide 13: Haakon Magne Ore, CEO
Haakon Magne Ore CEO 13
Slide 14: 3Q Highlights
3Q Highlights • Stable quarter • All vessels back in operation 14
Slide 15: Status and Update
Status and Update BOLD TERN BRAVE TERN BLUE TERN BLUE WIND • Continued operations under • Continued operations on the • Performed O&M services in • In yard for leg extension the Saipem monopile drilling Thor project Germany since early campaign September 15
Slide 16: Stable operations
Stable operations • Quarterly contractual and commercial utilization of 77% and 98% ⎯ Stable technical performance ⎯ Blue Tern idle before commencing O&M contract early September Revenue & EBITDA (EUR million) • Limited accounting effects in quarter from Brave Tern collision 400 350 300 EUR million
Slide 17: Backlog Development
Backlog Development • Backlog FOWIC vessels is EUR 970 million (2Q 2026: EUR 1,006 million) • Primary changes linked project progress partly offset by some O&M additions • Market remains tight with limited vessel availability medium Revenue backlog (EUR million) next 3 years term. Reduced installati
Slide 18: Maren Sleire Lundby, KX Fred. Olsen Seawind
KX Fred. Olsen Seawind Maren Sleire Lundby CEO
Slide 19: 3Q Highlights
3Q Highlights • Progressing the development of Muir Mhòr under 100% ownership • Consents expected: Muir Mhòr Q4 2026, Codling H1-2027 • Diligent development strategies continue 19
Slide 20: Fred. Olsen Seawind – Portfolio Status
Fred. Olsen Seawind – Portfolio Status Pure-play offshore wind developer with established market position and around 2.3GW gross-capacity in mature development Codling Muir Mhòr Large scale bottom-fixed project in Ireland 1000 MW deep water project in Scotland Project viewed as one of the top deep w
Slide 21: Codling Wind Park
Status and Update Codling Wind Park Dublin Greystone Wicklow • Codling submitted its response to the Further Information Request (FIR) in June 2026. Consent determination from An Coimisiún Pleanála is now expected in H1 2027. • We are working with multiple scenarios for the delivery schedule of Codl
Slide 22: Muir Mhòr
Status and Update Muir Mhòr • Fred. Olsen Seawind has taken over 100% ownership of Muir Mhòr following Vattenfall’s exit. Peterhead • Offshore consent determination is expected in Q4 2026, following additional engagement with the Marine Directorate in September. • Supply chain engagement is progress
Slide 23: Per Arvid Holth, CEO
Per Arvid Holth CEO 23
Slide 24: A growing solar market creates space for cost-effective floating solar solutions
GLOBAL MARKET DEVELOPMENT A growing solar market creates space for cost- effective floating solar solutions • Solar PV projected to become dominant electricity generator. • Floating solar (FPV) is competitive compared to other energy sources, now. • Several FPV markets applicable: ⎯ Diesel displacem
Slide 25: Unique technology expanding potential for Solar
PATENTED TECHNOLOGY Unique technology expanding potential for Solar …to water surfaces subject to 1-3.5m Hs Flexible rope mesh design: • Absorbing wave motions without lift-off • Continuous load paths from anchor to anchor • Redundant toward single failures • Allowing movement of individual floaters
Slide 26: Robust delivery model supporting a CAPEX-light business model
DELIVERY AND BUSINESS MODEL Robust delivery model …supporting a CAPEX-light business model Flexible and existing supply chain: Original equipment manufacturer (OEM) • Well known, low-cost materials • Well defined business model • Wide-spread availability of fabrication plants • Clear deliverables •
Slide 27: Samantha Stimpson, Fred. Olsen Cruise Lines
IX Fred.Olsen Cruise Lines Samantha Stimpson CEO
Slide 28: 3Q 2026 Highlights
3Q 2026 Highlights Revenue improved through: Utilisation and occupancy Gross revenue per ALBD improvement Forward bookings continue to perform well Guest experience focus, driving improved NPS scores 28
Slide 29: Quarterly performance 3Q 2026 vs. 3Q 2025
Quarterly performance 3Q 2026 vs. 3Q 2025 • Passenger days +6% • Gross Revenue per passenger per day +0% • Gross Revenue per ALBD +7% • Utilization of 85% vs 81% • Operational Occupancy 90% vs 85% • EBITDA of NOK 333 million v NOK 352 million • Net Promoter Score movement from 69 to 79 +10 points •
Slide 30: Status and Update
Status and Update • Net promoter improvements coming from: Crew, Food, Itineraries & Entertainment • All 3 vessels are live with our New Entertainment partner • Over 30 cruises have achieved NPS scores in excess of 80 • Cruises this Quarter: 11 • Cruises this Quarter: 10 • Cruises this Quarter: 9 Sp
Slide 31: Investment update
Investment update Launched across all 3 vessels • New evening & daytime entertainment programmes • Speciality Dining menu rotations; Grill, Asian, Italian • Drinks included with meals • Gratuities included • Forward sales are ahead of the same time last year 31
Slide 32: Q&A
XX Bonheur ASA Q&A