Bonheur (BONHR) Company presentation summary

Portfolio and strategy

• Long-term industrial investor with origins dating to 1848; listed on the Oslo Stock Exchange since 1921 and has a 33-year renewables track record.

• Renewable Energy had 854 MW in operation, 88 MW under construction and a 6.9 GW pipeline; the cruise fleet comprised three vessels in the small-to-medium ship segment.

• Capital allocation aims to create long-term shareholder value through share appreciation and distributions, directing investment to risk-adjusted opportunities, including beyond current holdings.

• Financial policy prioritizes a strong financial and liquidity position; subsidiaries are expected to optimize non-recourse financing, with external capital considered to accelerate growth.

Q2 2026 financial performance

• Revenue was NOK 3,035m versus NOK 3,251m YoY; EBITDA was NOK 886m versus NOK 1,053m.

• Renewable Energy revenue was NOK 519m and EBITDA NOK 252m, up from NOK 399m and NOK 127m YoY; Wind Service revenue was NOK 1,147m and EBITDA NOK 326m, down from NOK 1,452m and NOK 584m.

• Cruise revenue was NOK 1,061m and EBITDA NOK 278m, versus NOK 1,092m and NOK 307m YoY; Other revenue was NOK 307m and EBITDA NOK 30m.

• EBIT was NOK 539m versus NOK 783m YoY; EBT was NOK 374m versus NOK 967m, and net result was NOK 372m versus NOK 920m.

• Net result attributable to parent shareholders was NOK 302m versus NOK 877m YoY; net finance was an expense of NOK 158m versus income of NOK 189m.

Renewable energy and offshore development

• Production was in line with the comparable 2025 quarter, and 8% higher including Crystal Rig IV; Mid Hill was offline for grid upgrades, with the outage extended to end-August due to grid-operator delays.

• Fourteen Lista turbines were partly curtailed in strong winds due to foundation fatigue; maximum output was 82% of full capacity, with repairs continuing into 2027. Rothes I and II returned to full operation after grid constraints were resolved.

• Codling’s 1.3 GW project has a 20-year CfD and a 50/50 partnership with EDF; further information was submitted in June 2026, while consent work and procurement preparation continued.

• Muir Mhòr is a 1,000 MW floating wind project targeting an early allocation round; development work focuses on consent, supply-chain collaboration, cost optimization and reducing CfD bid risk.

• Brizo floating-solar technology completed DNV verification, with two pilots operating; a FEED study was completed in H1 2026 for a 200+ MW floating-solar project.