Report for the first quarter 2026

Financial and operating highlights 1Q26 (1Q25 in brackets):

 Operating revenues were NOK 2 873 million (NOK 2 896 million)  EBITDA was NOK 760 million (NOK 728 million)  EBIT was NOK 476 million (NOK 404 million)  Net result after tax was NOK 294 million (NOK 92 million)

Segment highlights 1Q26 (1Q25 in brackets):

Renewable Energy o EBITDA NOK 600 mill. (NOK 506 mill.) o Crystal Rig IV commenced operation during the quarter o Improved generation (including curtailment) with 8% and improved power prices in Scandinavia o Outage for Mid Hill windfarm commenced on 15 September 2025 and is estimated until late July 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 the remaining 50% of the Muir Mhòr offshore floating wind project

Wind Service o EBITDA NOK 177 mill. (NOK 280 mill.) o Backlog of EUR 986 mill. (EUR 426 mill.) for the Tern vessels incl. a 10-year firm contract this quarter o Utilisation of 59% (57%) o Fred. Olsen Ocean and MEAG MUNICH ERGO Asset Management GmbH (“MEAG”) agreed that MEAG will invest €150 million with the first closing in the quarter of which MEAG obtained a 17.05% non‑controlling interest in Fred. Olsen Windcarrier

Cruise o EBITDA NOK 9 mill. (NOK -33 mill.) o Occupancy of 70% (63%) of full capacity o 22 nights in dry-dock for Bolette o Gross income per passenger day of GBP 240 (GBP 231) o Booking numbers are up 23% compared to last year

Other Investments o EBITDA NOK -26 mill. (NOK -25 mill.) o EBITDA for NHST NOK 31 mill. (NOK 31 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.   Financial information

The unaudited Group accounts for the first 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 2 873 million (NOK 2 896 million). Renewable Energy had operating revenues of NOK 930 million (NOK 774 million), Wind Service NOK 836 million (NOK 1 073 million), Cruise NOK 791 million (NOK 737 million). Other investments had operating revenues of NOK 317 million (NOK 312 million).

EBITDA in the quarter was NOK 760 million (NOK 728 million). Renewable Energy achieved EBITDA of NOK 600 million (NOK 506 million), Wind Service NOK 177 million (NOK 280 million), Cruise NOK 9 million (NOK -33 million). Within Other investments EBITDA was NOK -26 million (NOK -25 million).

Depreciation in the quarter was NOK -284 million (NOK -325 million).

EBIT in the quarter was NOK 476 million (NOK 404 million).

Net financial items in the quarter were NOK -62 million (NOK -199 million). Net interest expenses were NOK -65 million (NOK -75 million). In addition, there were net unrealized gains on financial instruments of NOK 128 million (gains of NOK 10 million), net unrealized foreign exchange losses of NOK -155 million (NOK -103 million), gains in other investments of NOK 28 million (losses of NOK -11 million) and Other financial items amounted to NOK 2 million (NOK -20 million).

Net Result for the quarter was NOK 294 million (NOK 92 million), of which NOK 93 million (NOK -42 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result was NOK 201 million (NOK 134 million).