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Bonheur (BONHR) investor relations material
Bonheur Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
EBITDA rose to NOK 1,117 million in Q3 2025, up NOK 179 million year-over-year, driven by strong Wind Service and Cruise segments.
Net result after tax increased to NOK 561 million from NOK 350 million, with EPS at NOK 10.8 versus NOK 6.4.
Revenue declined to NOK 3,406 million from NOK 3,606 million year-over-year, mainly due to lower Renewable Energy output and prices.
Strong operational performance in Wind Service and Cruise, with improvements in occupancy, yield, and contract backlog.
Significant cash position and upstreamed dividends from subsidiaries to parent for capital flexibility.
Financial highlights
Q3 2025 revenue was NOK 3,406 million, down from NOK 3,606 million; EBITDA increased to NOK 1,117 million from NOK 938 million.
Net result of NOK 561 million, up NOK 210 million year-over-year; EPS at NOK 10.8.
Cruise lines saw revenue and EBITDA growth, with occupancy up to 81% and yield up 13%.
Wind Service EBITDA improved by NOK 142 million to NOK 577 million, with a backlog of EUR 360 million and new contracts signed.
Renewable Energy EBITDA was NOK 219 million (down NOK 44 million), impacted by lower generation and prices.
Outlook and guidance
Crystal Rig IV and Windy Standard III windfarms are on track for COD in Q1 2026 and Q1 2027, respectively.
Cruise bookings for 2025 and beyond are up 12% year-over-year, indicating strong forward demand.
Wind Service market remains tight, with high tender activity and limited vessel availability.
Renewable Energy anticipates continued impact from planned grid outages at Mid Hill, with mitigation efforts ongoing.
Offshore wind projects in Ireland and Scotland progressing, but subject to regulatory and timing uncertainties.
Mid Hill grid outage mitigation strategy?
Brave Tern 15MW upgrade: expected impact?
Funding strategy for increased YTD Capex?
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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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