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Bonheur (BONHR) investor relations material

Bonheur Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary10 Jul, 2025

Executive summary

  • Operating revenues for 2Q25 were NOK 3,251 million, down from NOK 4,283 million year-over-year, with EBITDA at NOK 1,053 million and net result after tax at NOK 920 million, up from NOK 694 million, mainly due to a NOK 347 million gain from the UWL divestment.

  • Segment performance varied: Renewable Energy and Wind Service saw lower revenues and EBITDA, while Cruise and Other Investments improved.

  • Cruise segment EBITDA rose to NOK 307 million from NOK 212 million, with occupancy at 79% and bookings up 11% year-over-year.

Financial highlights

  • Total revenues for 2Q25 were NOK 3,251 million, a decrease of NOK 1,032 million compared to 2Q24, mainly due to lower wind service revenues.

  • EBITDA margin was 32% versus 29% last year, despite a NOK 176 million year-over-year decline in EBITDA.

  • Net result after tax increased to NOK 920 million from NOK 694 million, mainly due to one-time financial income from the UWL sale.

  • Basic/diluted EPS for the quarter was NOK 20.6, up from NOK 14.0 year-over-year.

  • Net interest-bearing liabilities decreased to NOK 2,905 million from NOK 3,027 million year-over-year.

Outlook and guidance

  • Construction of Crystal Rig IV and Windy Standard III windfarms is progressing ahead of schedule.

  • Onshore consent awarded for the Muir Mhòr project in Scotland, with offshore consent pending.

  • Cruise bookings up 11% year-over-year, with 75% of 2025 bunker needs hedged.

  • Market remains tight for wind installation vessels, with high tender activity and limited new contract awards.

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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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