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.

• Major MEAG transaction: €150 million investment for up to 24% stake in FOWIC, supporting long-term strategy.

• Cruise Lines achieved record Q4 bookings, improved occupancy and yield, and strong forward bookings for 2025–2027.

• Board proposed a dividend of NOK 7.30 per share, totaling NOK 310 million, up from NOK 6.75 last year.

Financial highlights

• Total revenue for Q4 2025 was NOK 2,940 million, down NOK 194 million year-over-year, mainly due to the absence of the Mid Hill insurance claim.

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

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

• Net finance costs increased to NOK -112 million from NOK -34 million.

• Parent company equity post-dividend: NOK 8,702 million; equity ratio 68%.

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, with strong forward sales for 2026 and 2027.

• Wind service expects 2026 to be the busiest year on record for turbine installations.