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Bonheur (BONHR) investor relations material
Bonheur Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
3Q26 revenue was NOK 3,615m, EBITDA NOK 1,230m, EBIT NOK 930m and net result NOK 673m, all higher YoY; Renewable Energy offset lower Wind Service and Cruise EBITDA.
Stronger NOK weighed on translated results, while asset utilization remained below potential at Mid Hill, Blue Tern and Fred. Olsen Cruise Lines.
Financial highlights
3Q26 revenue rose NOK 209m YoY and EBITDA rose NOK 113m; EBIT was NOK 930m vs NOK 818m, and net result NOK 673m vs NOK 561m.
NOK 526m of net result was attributable to parent shareholders vs NOK 461m; 3Q net financial expense was NOK 106m vs NOK 133m.
Jan–Sep revenue was NOK 9,522m vs NOK 9,553m and EBITDA NOK 2,876m vs NOK 2,898m; net result was NOK 1,339m vs NOK 1,573m and EPS NOK 21.7 vs NOK 30.5.
Net finance benefited from lower interest costs and unrealized commodity-contract gains; higher taxes reflected improved earnings, particularly in renewables.
Outlook and guidance
Windy Standard III remains on track for completion and estimated production start-up in Q1 2027; transmission substation work and weather remain risks.
Mid Hill is expected to face a further ~10-week outage in H2 2027; mitigation work is ongoing with grid operators and owners.
Codling consent is expected in H1 2027; Muir Mhòr consent is expected in Q4 2026, with an early allocation-round bid strategy in preparation.
Cruise forward sales and bookings were up 17% YoY; 2027 sales were strong and the Q1–Q2 2028 program had a good start, while one Q4 Balmoral fly-cruise sailing lagged expectations.
- Renewables lifted EBITDA, offset by weaker Wind Service results and lower consolidated earnings.BONHR
Company presentation - Renewable Energy EBITDA rose on higher power prices, but group earnings declined year-over-year.BONHR
Q2 2026 - EBITDA and net profit rose, driven by renewables and cruise, with improved cash and record wind backlog.BONHR
Q1 2026 - EBITDA rose to NOK 847 million, led by Wind Service and Cruise, despite grid-related challenges.BONHR
Q4 2025 - Net profit surged on divestment gains, offsetting lower revenues in key segments.BONHR
Q2 2025 - Double-digit revenue growth and higher earnings across all main segments.BONHR
Q3 2024 - Wind Service and Cruise drove 2Q24 profit surge, offsetting lower power prices.BONHR
Q2 2024 - EBITDA up 22% to NOK 728m, but net profit fell as cruise lagged and FX losses hit.BONHR
Q1 2025 - Dividend up 12.5% as net profit rises, cruise bookings and wind service backlog grow.BONHR
Q4 2024
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