Bonheur (BONHR) Q2 2024 earnings summary

Executive summary

• Operating revenues for 2Q24 reached NOK 4,283 million, up from NOK 2,833 million year-over-year, with EBITDA at NOK 1,229 million and net result after tax at NOK 694 million.

• Wind Service segment drove growth, benefiting from a NOK 290 million contract cancellation fee and strong contract backlog.

• Cruise segment improved occupancy to 77% and net ticket income, matching or exceeding pre-pandemic levels.

• Renewable Energy saw higher generation but was impacted by 36% lower power prices.

• Equity ratio at parent company was 70.9%, with cash holdings of NOK 3,076 million.

Financial highlights

• Wind Service EBITDA surged to NOK 763 million (2Q23: NOK 320 million), including a NOK 290 million cancellation fee.

• Cruise EBITDA improved to NOK 212 million (2Q23: NOK 132 million), with occupancy at 77% and higher net ticket income per passenger day.

• Renewable Energy EBITDA was NOK 259 million (2Q23: NOK 277 million), with underlying improvement after adjusting for one-time items.

• Net interest-bearing debt decreased to NOK 3,027 million from NOK 4,768 million year-over-year.

• Group EBITDA margin improved to 29% from 26% year-over-year.

Outlook and guidance

• Crystal Rig IV wind project (49 MW, GBP 81 million) investment decision made, with commercial operation targeted for February 2026.

• Wind Service market remains tight, with a contract backlog of EUR 325 million for Tern vessels and EUR 71 million for Blue Wind.

• Cruise segment sees continued strong bookings and customer satisfaction, supporting recovery.

• Renewable Energy progressing with offshore wind developments in Ireland, Scotland, and Norway.

• Power prices expected to remain sensitive to geopolitical events and industrial demand.