Bonheur (BONHR) Q4 2024 earnings summary

Executive summary

• Full-year performance remained solid despite significant asset downtime, with key vessels and wind farms out of operation for parts of the quarter; operating revenues for 4Q 2024 were NOK 3,133 million, down from NOK 3,531 million, and EBITDA at NOK 774 million (NOK 1,104 million).

• Net result after tax was NOK 299 million, up from NOK 287 million in 4Q 2023; proposed dividend of NOK 6.75 per share, totaling NOK 287 million, up 12.5%.

• Wind Service segment now matches Renewables in EBITDA contribution, with Cruise Lines and media business also showing strong recovery.

• Equity in the parent company post-dividend is NOK 8,109 million, with a strong equity ratio of 66.4%.

• Revenue decline mainly attributed to lower activity in Wind Service and Cruise segments.

Financial highlights

• Total revenues for 2024 reached NOK 13,995 million, up from NOK 12,560 million in 2023; full-year EBITDA was NOK 3,537 million, slightly down from NOK 3,557 million.

• Net result for 2024 was NOK 1,647 million, up from NOK 1,579 million year-over-year.

• Net interest-bearing liabilities decreased to NOK 3,395 million from NOK 4,620 million; cash and cash equivalents increased to NOK 6,583 million.

• Net financial items improved to NOK -34 million from NOK -362 million, mainly due to positive exchange rate differences and unrealized gains.

• Group EBITDA margin for the quarter was 25% (31%).

Outlook and guidance

• Cruise Lines expects further operating improvements in 2024, with bookings up 16% year-over-year and bunker hedged for 30% of estimated cruise consumption in 2025.

• Wind Service backlog increased to EUR 448 million, with strong order intake and limited vessel capacity in the market.

• Renewables pipeline includes two wind farms under construction and a 4 GW development portfolio.

• Focus on accelerating growth in capital-intensive industries through external capital, JVs, and M&A.

• Board considers both share appreciation and distributions in capital allocation decisions.