Report for the fourth quarter 2025

Financial and operating highlights 4Q25 (4Q24 in brackets):

 Operating revenues were NOK 2 940 million (NOK 3 133 million)  EBITDA was NOK 847 million (NOK 774 million)  EBIT was NOK 486 million (NOK 467 million)  Net result after tax was NOK 314 million (NOK 299 million)  Dividend proposal of NOK 7.30 per share and NOK 310 million in total dividend  Equity in parent company post proposed dividend NOK 8 702 million (NOK 8 138 million)

Segment highlights 4Q25 (4Q24 in brackets):

Renewable Energy o EBITDA NOK 444 mill. (NOK 587 mill.) o Reduced generation (including curtailment) with 8% compared to same quarter last year o A UK grid upgrade program is impacting the Mid Hill windfarm. The windfarm is expected to be out of operation from 15 September to July 2026, and further from November 2026 to April 2027, without compensation to FOR o The construction project Crystal Rig IV progressing as planned with production start-up in 1Q 2026 o The construction project Windy Standard III – Turbine component transportation potentially delayed

Wind Service o EBITDA NOK 359 mill. (NOK 180 mill.) o Backlog of EUR 391 mill. (EUR 448 mill.) for the Tern vessels o Utilisation of 67% (33%) o Good operational quarter in FOWIC and GWS o MEAG MUNICH ERGO Asset Management GmbH to invest €150 million in approximately 24 percent ownership in FOWIC. The co-operation is intended to strengthen FOWIC’s long-term strategic opportunities

Cruise o EBITDA NOK 47 mill. (NOK 33 mill.) o Occupancy of 68% (65%) of full capacity o Net ticket income per passenger day of GBP 178 (GBP 172) o Booking numbers are up 17% compared to last year

Other Investments o EBITDA NOK -4 mill. (NOK -26 mill.) o EBITDA for NHST NOK 44 mill. (NOK 35 mill.) o Fred. Olsen 1848, progressing several technologies and innovations within floating wind and floating solar o Fred. Olsen Investments currently manage five investments within renewable energy related companies and will potentially undertake new investments

Financial information

The unaudited Group accounts for the fourth quarter of 2025 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 2 940 million (NOK 3 133 million). Renewable Energy had operating revenues of NOK 726 million (NOK 905 million), Wind Service NOK 1 074 million (NOK 1 098 million), Cruise NOK 801 million (NOK 802 million). Other investments had operating revenues of NOK 338 million (NOK 329 million).

EBITDA in the quarter was NOK 847 million (NOK 774 million). Renewable Energy achieved EBITDA of NOK 444 million (NOK 587 million), Wind Service NOK 359 million (NOK 180 million), Cruise NOK 47 million (NOK 33 million). Within Other investments EBITDA was NOK -3 million (NOK -26 million).

Depreciation and impairment in the quarter was NOK -361 million (NOK -307 million).

EBIT in the quarter was NOK 486 million (NOK 467 million).

Net financial items in the quarter were NOK -112 million (NOK -34 million). Net interest expenses were NOK -75 million (NOK -63 million). In addition, there were net unrealized losses on financial instruments of NOK -55 million (gain of NOK 10 million), net unrealized foreign exchange gain of NOK 26 million (NOK 51 million) and Other financial items amounted to NOK -8 million (NOK -19 million).

Net Result for the quarter was NOK 314 million (NOK 299 million), of which NOK 126 million (NOK 102 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result was NOK 187 million (NOK 198 million).