Bonheur (BONHR) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue was NOK 3,615m, EBITDA NOK 1,230m, EBIT NOK 930m and net result NOK 673m, all higher YoY; Renewable Energy offset lower Wind Service and Cruise EBITDA.

• Stronger NOK weighed on translated results, while asset utilization remained below potential at Mid Hill, Blue Tern and Fred. Olsen Cruise Lines.

Financial highlights

• 3Q26 revenue rose NOK 209m YoY and EBITDA rose NOK 113m; EBIT was NOK 930m vs NOK 818m, and net result NOK 673m vs NOK 561m.

• NOK 526m of net result was attributable to parent shareholders vs NOK 461m; 3Q net financial expense was NOK 106m vs NOK 133m.

• Jan–Sep revenue was NOK 9,522m vs NOK 9,553m and EBITDA NOK 2,876m vs NOK 2,898m; net result was NOK 1,339m vs NOK 1,573m and EPS NOK 21.7 vs NOK 30.5.

• Net finance benefited from lower interest costs and unrealized commodity-contract gains; higher taxes reflected improved earnings, particularly in renewables.

Outlook and guidance

• Windy Standard III remains on track for completion and estimated production start-up in Q1 2027; transmission substation work and weather remain risks.

• Mid Hill is expected to face a further ~10-week outage in H2 2027; mitigation work is ongoing with grid operators and owners.

• Codling consent is expected in H1 2027; Muir Mhòr consent is expected in Q4 2026, with an early allocation-round bid strategy in preparation.

• Cruise forward sales and bookings were up 17% YoY; 2027 sales were strong and the Q1–Q2 2028 program had a good start, while one Q4 Balmoral fly-cruise sailing lagged expectations.