Bonheur (BONHR) investor relations material

Executive summary

• Operating revenues for Q2 2026 were NOK 3,035 million, down NOK 216 million year-over-year, with EBITDA at NOK 886 million (down from NOK 1,053 million) and net result after tax at NOK 372 million (down from NOK 920 million), mainly due to lower wind service performance and higher depreciation.

• Renewable Energy segment saw improved EBITDA, driven by higher power prices and improved generation, while Wind Service and Cruise segments experienced lower EBITDA year-over-year due to operational setbacks, reduced vessel utilization, and currency effects.

• Cruise segment delivered results in line with plan, with improved occupancy and forward bookings, but faced higher crew and fuel costs.

• Balance sheet remains strong, with net interest-bearing liabilities down to NOK 480 million and most segments now debt-free.

• Major projects such as Windy Standard III and Muir Mhòr progressed, with Crystal Rig IV operational and nominated for an industry award.

Financial highlights

• Group EBITDA for the quarter was NOK 886 million, with a margin of 29% (down from 32% in Q2 2025).

• Renewable Energy revenue increased to NOK 519 million (up NOK 119 million), with EBITDA at NOK 252 million (up NOK 125 million).

• Wind Service revenue dropped to NOK 1,147 million (down NOK 305 million), with EBITDA at NOK 326 million (down NOK 258 million).

• Cruise revenue was NOK 1,061 million (down NOK 31 million), with EBITDA at NOK 278 million (down NOK 29 million), and occupancy at 83%.

• Net finance swung from NOK 189 million positive last year to NOK 158 million negative, due to a one-off gain in 2025.

Outlook and guidance

• Wind Service expects a tight market for installation vessels with strong long-term demand, despite short-term volatility.

• Cruise segment reports strong forward bookings, up 22% year-over-year, and expects continued occupancy growth.

• Renewables segment expects continued positive momentum with new projects coming online, including Windy Standard III and Muir Mhòr.

• Floating solar technology (BRIZO) sees increased commercial activity and technical milestones.