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, driven by strong Wind Service and Cruise segments.

• Wind Service segment growth was boosted by a NOK 290 million contract cancellation fee and strong contract backlog.

• Cruise segment improved occupancy to 77% and net ticket income per passenger day to GBP 196, while Renewable Energy faced lower power prices but higher generation.

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

• Earnings per share increased to NOK 14.0 from NOK 10.3.

Financial highlights

• 2Q24 operating revenues: NOK 4,283 million (2Q23: NOK 2,833 million); EBITDA: NOK 1,229 million (2Q23: NOK 727 million); EBIT: NOK 938 million (2Q23: NOK 458 million).

• 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), impacted by 36% lower power prices despite 32% higher generation.

• Net interest-bearing debt decreased to NOK 3,027 million from NOK 4,768 million year-over-year; cash and cash equivalents increased to NOK 6,802 million.

Outlook and guidance

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

• Cruise bookings for 2024 and 2025 are strong, with occupancy rates returning to pre-pandemic levels and improved customer satisfaction.

• Renewable Energy progressing with Crystal Rig IV project and offshore wind developments in Ireland, Scotland, and Norway.