Bonheur (BONHR) Q1 2025 earnings summary

Executive summary

• EBITDA increased to NOK 728 million from NOK 596 million year-over-year, despite a 3% revenue decline to NOK 2,896 million and technical issues at wind farms and cruise cancellations due to geopolitical risks.

• Net result after tax dropped to NOK 92 million from NOK 304 million, mainly due to negative net financial items and unrealized FX losses; parent company shareholders posted a loss of NOK 42 million.

• Renewable Energy and Wind Service segments delivered strong EBITDA growth, while Cruise and Other Investments underperformed due to cancellations and technical issues.

• NHST contributed positively with EBITDA of NOK 31–38 million, a significant turnaround from last year.

• Cruise bookings for 2025 and 2026 are up 11%, with 75% of 2025 bunker needs hedged.

Financial highlights

• Group EBITDA margin improved to 25% from 20% year-over-year, with total EBITDA up by NOK 132 million; EBIT increased to NOK 404 million from NOK 317 million.

• Revenues were stable quarter-over-quarter, with a NOK 77 million drop mainly from wind service; opex fell by NOK 209 million.

• Wind service EBITDA rose to NOK 280 million (from NOK 174 million), with a backlog of EUR 426 million.

• Depreciation increased to NOK 325 million from NOK 279 million, mainly due to crane upgrades on Tern vessels.

• Net financial items were NOK -199 million (vs. NOK 114 million in 1Q24), including NOK -105 million in unrealized FX losses.

Outlook and guidance

• Construction of Crystal Rig IV and Windy Standard III wind farms is on time and on budget, with Windy Standard III completion expected in 1Q 2027.

• Power prices reached a two-year high in February but are expected to weaken post-winter as demand drops and renewables increase market share.

• Continued support for offshore wind in the U.K. and Ireland, with key projects progressing through consent and grid connection stages.

• Flexible development strategy for Codling project allows adaptation to market and supply chain conditions.

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