Bonheur (BONHR) Q1 2026 earnings summary

Executive summary

• EBITDA rose to NOK 760 million in 1Q 2026 from NOK 728 million year-over-year, with net result increasing to NOK 294 million from NOK 92 million, driven by strong Renewable Energy and Cruise performance, while Wind Service EBITDA declined.

• Operating revenues were NOK 2,873 million, slightly down from NOK 2,896 million in 1Q25.

• Major milestones included Crystal Rig IV commencing operation, acquisition of the remaining 50% of Muir Mhòr floating wind project, and a 10-year charter secured in Wind Service.

• Cruise segment returned to positive EBITDA, with record bookings and improved occupancy.

• All main business segments contributed, with notable improvements in Renewable Energy and Cruise.

Financial highlights

• EBITDA margin improved to 26% from 25% year-over-year.

• Net result after tax increased to NOK 294 million from NOK 92 million, with net result attributable to shareholders at NOK 93 million from NOK -42 million.

• Cash and cash equivalents rose to NOK 7,905 million, up NOK 1,079 million from 1Q25.

• Net interest-bearing liabilities decreased to NOK 282 million from NOK 2,947 million year-over-year.

• Cruise EBITDA improved from minus NOK 33 million to plus NOK 9 million.

Outlook and guidance

• Windy Standard III construction is progressing, with production start-up planned for 1Q27.

• Cruise bookings are up 23% year-over-year for 2025, indicating strong demand for future quarters.

• Wind Service backlog doubled to nearly NOK 1 billion/EUR 986 million, driven by a new 10-year contract and high tender activity.

• Renewables segment expects continued benefit from higher power prices and new contracts.

• Ongoing volatility in commodity and fuel prices, but limited financial impact due to hedging.