Bonheur (BONHR) Q2 2025 earnings summary

Executive summary

• Operating revenues for 2Q25 were NOK 3,251 million, down from NOK 4,283 million year-over-year, with EBITDA at NOK 1,053 million and net result after tax at NOK 920 million, up from NOK 694 million, mainly due to a NOK 347 million gain from the UWL divestment.

• Segment performance varied: Renewable Energy and Wind Service saw lower revenues and EBITDA, while Cruise and Other Investments improved.

• Net finance improved significantly, mainly from the UWL divestment.

Financial highlights

• EBITDA for the quarter was NOK 1,053 million, down from NOK 1,229 million year-over-year, with a margin of 32%.

• Net result after tax increased to NOK 920 million from NOK 694 million, mainly due to one-time financial income.

• Cruise segment EBITDA rose to NOK 307 million from NOK 212 million, with occupancy at 79% and net ticket income per passenger day at GBP 210.

• Net interest-bearing liabilities decreased to NOK 2,905 million from NOK 3,027 million year-over-year.

• Cash and cash equivalents rose to NOK 6,896 million from NOK 6,802 million.

Outlook and guidance

• Construction of Crystal Rig IV and Windy Standard III windfarms is progressing ahead of schedule.

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

• Market remains tight for wind installation vessels, with high tender activity and limited new contract awards.

• UWL sale will remove approximately EUR 9 million in annual EBITDA from future results.