Bonheur (BONHR) Q4 2025 earnings summary

Executive summary

• EBITDA increased to NOK 847 million in Q4 2025, up from NOK 774 million year-over-year, despite a revenue decline to NOK 2,940 million from NOK 3,133 million.

• Net result after tax rose to NOK 314 million from NOK 299 million year-over-year.

• Dividend proposal of NOK 7.30 per share, totaling NOK 310 million.

• Cruise lines achieved record Q4 bookings and improved occupancy and yield, with forward bookings up 17%.

• Major transaction with MEAG: €150 million investment for up to 24% in Fred. Olsen Windcarrier, supporting long-term growth.

Financial highlights

• Total revenue for Q4 2025 was NOK 2,940 million, down NOK 194 million year-over-year.

• EBITDA increased by NOK 73 million to NOK 847 million.

• EBIT rose to NOK 486 million from NOK 467 million.

• Net interest-bearing liabilities decreased to NOK 2,508 million from NOK 3,395 million year-over-year.

• Cash and cash equivalents at year-end were NOK 6,317 million.

Outlook and guidance

• Crystal Rig IV windfarm expected to start production in Q1 2026, with full production in March.

• Windy Standard III faces potential 4–6 month delay due to new transport regulations.

• Mid Hill windfarm outage extended to July 2026, with further planned outage in late 2026.

• Cruise bookings for 2025–2027 up 17% year-over-year, indicating strong demand.

• Wind Service and Cruise segments report positive market outlooks and increased contract backlogs.