Bonheur (BONHR) Q3 2024 earnings summary

Executive summary

• Operating revenues rose to NOK 3,606 million in 3Q24, up NOK 409 million or 13% year-over-year, with EBITDA at NOK 938 million and EBIT at NOK 603 million, driven by gains across all main business segments.

• Net result after tax doubled to NOK 350 million, supported by lower tax costs and strong segment performance.

• Equity ratio strengthened to 75.7%, with parent company cash at NOK 2,030 million at quarter-end.

• All major subsidiaries generated healthy EBITDA profits, despite asset utilization challenges such as a wind farm outage and vessel yard stays.

• Net result attributable to shareholders was NOK 271 million, with non-controlling interests at NOK 79 million.

Financial highlights

• Operating revenues: NOK 3,606 million (3Q23: NOK 3,197 million); EBITDA: NOK 938 million (NOK 800 million); EBIT: NOK 603 million (NOK 497 million).

• Net result after tax: NOK 350 million (NOK 172 million); EPS: NOK 6.4 (NOK 3.3).

• Parent company equity ratio close to 76%, with NOK 2 billion in cash at quarter-end.

• Net finance loss of NOK 165 million, mainly due to unrealized effects on financial instruments and positive currency effects.

• Capital expenditure in the quarter was NOK 502 million, mainly in Renewable Energy and Wind Service.

Outlook and guidance

• Cruise segment reports strong booking numbers for 2024 and 2025, up 15% year-to-date, with further improvement in occupancy and pricing expected.

• Wind Service segment sees a positive market outlook for wind turbine installation vessels, with a contract backlog of EUR 288 million, though project delays impact vessel demand.

• Renewable Energy expects moderate but rising power prices and ongoing project development, with flexible timelines for major wind projects.

• No specific forward guidance on investment plans, FID timing, or backlog, but management expresses comfort with current positions.

• Upward trend in European power prices since summer, driven by rising fuel costs and reduced renewable generation.