Report for the second quarter 2026
Financial and operating highlights 2Q26 (2Q25 in brackets):
Operating revenues were NOK 3 035 million (NOK 3 251 million) EBITDA was NOK 886 million (NOK 1 053 million) EBIT was NOK 539 million (NOK 783 million) Net result after tax was NOK 372 million (NOK 920 million)
Segment highlights 2Q26 (2Q25 in brackets):
Renewable Energy o EBITDA NOK 252 mill. (NOK 127 mill.) o Improved generation (including curtailment) with 8% due to Crystal Rig IV contribution o Improved power prices in UK and Scandinavia mainly due to higher gas prices o Outage for Mid Hill windfarm commenced in September 2025 and is estimated to last until late August 2026 without any compensation from the grid owner o Windy Standard III is progressing with estimated production start-up as planned in 1Q 2027 o FOS to acquire 100% of the Muir Mhòr project subject to receiving regulatory approvals
Wind Service o EBITDA NOK 326 mill. (NOK 584 mill.) o Backlog of EUR 1 006 mill. (EUR 357 mill.) for the Tern vessels o Utilisation of 70% (72%) o Brave Tern three weeks out of operation from 10 June due to an incident in the Esbjerg harbour
Cruise o EBITDA NOK 278 mill. (NOK 307 mill.) o Occupancy of 83% (79%) of full capacity o Gross income per passenger day of GBP 276 (GBP 275) o Booking numbers are up 22% compared to last year
Other Investments o EBITDA NOK 30 mill. (NOK 35 mill.) o EBITDA for NHST NOK 51 mill. (NOK 63 mill.) o Fred. Olsen 1848, progressing several technologies and innovations within floating wind and floating solar o Fred. Olsen Investments currently manage investments within renewable energy related companies and will potentially undertake new investments
Financial information The unaudited Group accounts for the second quarter of 2026 comprise Bonheur ASA (the “Company”) and its subsidiaries (together the “Group of companies”) and the Group of companies’ ownerships in associates.
The main business segments within which the Company is invested are categorized as follows: Renewable Energy, Wind Service, Cruise and Other investments.
The Group of companies’ operating revenues in the quarter amounted to NOK 3 035 million (NOK 3 251 million). Renewable Energy had operating revenues of NOK 519 million (NOK 399 million), Wind Service NOK 1 147 million (NOK 1 452 million), Cruise NOK 1 061 million (NOK 1 092 million). Other investments had operating revenues of NOK 307 million (NOK 307 million).
EBITDA in the quarter was NOK 886 million (NOK 1 053 million). Renewable Energy achieved EBITDA of NOK 252 million (NOK 127 million), Wind Service NOK 326 million (NOK 584 million), Cruise NOK 278 million (NOK 307 million). Within Other investments EBITDA was NOK 30 million (NOK 35 million).
Depreciation and impairment in the quarter was NOK -347 million (NOK -270 million). The impairment of NOK -42 million are related to development projects in the Renewable Energy segment.
EBIT in the quarter was NOK 539 million (NOK 783 million).
Net financial items in the quarter were NOK -158 million (NOK 189 million). Net interest expenses were NOK -56 million (NOK -82 million). In addition, there were net unrealized losses on financial instruments of NOK -44 million (NOK -31 million), impairment of other investments of NOK -44 million (gains of NOK 3 million), net unrealized foreign exchange losses of NOK -9 million (NOK -30 million), and Other financial items amounted to NOK -5 million (NOK -17 million). Furthermore, there was a gain from the sale of United Wind Logistics of NOK 348 million in the same quarter previous year.
Net Result for the quarter was NOK 372 million (NOK 920 million), of which NOK 302 million (NOK 877 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result was NOK 70 million (NOK 43 million).
For the first half year, the operating revenues were NOK 5 908 million (NOK 6 147 million) and with an EBITDA of NOK 1 646 million (NOK 1 782 million).