Bonheur (BONHR) Q3 2025 earnings summary

Executive summary

• EBITDA rose to NOK 1,117 million in Q3 2025, up NOK 179 million year-over-year, driven by strong Wind Service and Cruise segments.

• Net result after tax increased to NOK 561 million from NOK 350 million, with EPS at NOK 10.8 versus NOK 6.4.

• Revenue declined to NOK 3,406 million from NOK 3,606 million year-over-year, mainly due to lower Renewable Energy output and prices.

• Strong operational performance in Wind Service and Cruise, with improvements in occupancy, yield, and contract backlog.

• Significant cash position and upstreamed dividends from subsidiaries to parent for capital flexibility.

Financial highlights

• Q3 2025 revenue was NOK 3,406 million, down from NOK 3,606 million; EBITDA increased to NOK 1,117 million from NOK 938 million.

• Net result of NOK 561 million, up NOK 210 million year-over-year; EPS at NOK 10.8.

• Cruise lines saw revenue and EBITDA growth, with occupancy up to 81% and yield up 13%.

• Wind Service EBITDA improved by NOK 142 million to NOK 577 million, with a backlog of EUR 360 million and new contracts signed.

• Renewable Energy EBITDA was NOK 219 million (down NOK 44 million), impacted by lower generation and prices.

Outlook and guidance

• Crystal Rig IV and Windy Standard III windfarms are on track for COD in Q1 2026 and Q1 2027, respectively.

• Cruise bookings for 2025 and beyond are up 12% year-over-year, indicating strong forward demand.

• Wind Service market remains tight, with high tender activity and limited vessel availability.

• Renewable Energy anticipates continued impact from planned grid outages at Mid Hill, with mitigation efforts ongoing.

• Offshore wind projects in Ireland and Scotland progressing, but subject to regulatory and timing uncertainties.