Bonheur
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Bonheur (BONHR) investor relations material

Bonheur Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • EBITDA increased to NOK 847 million in Q4 2025, up from NOK 774 million year-over-year, despite a revenue decline to NOK 2,940 million from NOK 3,133 million.

  • Net result after tax rose to NOK 314 million from NOK 299 million.

  • Major MEAG transaction: €150 million investment for up to 24% stake in FOWIC, supporting long-term strategy.

  • Cruise Lines achieved record Q4 bookings, improved occupancy and yield, and strong forward bookings for 2025–2027.

  • Board proposed a dividend of NOK 7.30 per share, totaling NOK 310 million, up from NOK 6.75 last year.

Financial highlights

  • Total revenue for Q4 2025 was NOK 2,940 million, down NOK 194 million year-over-year, mainly due to the absence of the Mid Hill insurance claim.

  • EBITDA increased by NOK 73 million to NOK 847 million.

  • EBIT rose to NOK 486 million from NOK 467 million.

  • Net finance costs increased to NOK -112 million from NOK -34 million.

  • Parent company equity post-dividend: NOK 8,702 million; equity ratio 68%.

Outlook and guidance

  • Crystal Rig IV windfarm expected to start production in Q1 2026, with full production in March.

  • Windy Standard III faces potential 4–6 month delay due to new transport regulations.

  • Mid Hill windfarm outage extended to July 2026, with further planned outage in late 2026.

  • Cruise bookings for 2025–2027 up 17% year-over-year, with strong forward sales for 2026 and 2027.

  • Wind service expects 2026 to be the busiest year on record for turbine installations.

Mid Hill outage: What is the financial impact?
What is the strategy for FOWIC's accelerated growth?
Floating solar: BRIZO's commercialization plan?
Mid Hill/Lista outages: future RE earnings impact?
FOWIC's growth strategy post-MEAG investment?
Drivers of group profit despite revenue drop?
Mid Hill outage: What are mitigation plans?
FOWIC: How will MEAG deal enable growth?
Cruise: Path to target occupancy with bookings?
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Frequently asked questions

Bonheur ASA, engages in the renewable energy, wind service, cruise, and other businesses in Norway, rest of Europe, Asia, the Americas, Africa, and internationally. It operates through four segments: Marine Assets; Renewable Energy; Real Estate; and Corporate Investments. The Marine Assets segment is engaged in providing marine services under time charter contracts for offshore support vessels. The company was founded in 1848 and is headquartered in Oslo, Norway.

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