Report for the third quarter 2026
Financial and operating highlights - 3Q26 (3Q25 in brackets):
Operating revenues were NOK 3 615 million (NOK 3 406 million) EBITDA was NOK 1 230 million (NOK 1 117 million) EBIT was NOK 930 million (NOK 818 million) Net result after tax was NOK 673 million (NOK 561 million)
Segment highlights 3Q26 (3Q25 in brackets):
Renewable Energy o EBITDA NOK 385 million (NOK 219 million) o Generation, including curtailment, increased by 15%, mainly reflecting the contribution from Crystal Rig IV and higher generation in Sweden o Power prices increased in the UK and Scandinavia, mainly driven by higher gas prices o Mid Hill resumed operations in mid-September o Windy Standard III is progressing with estimated production start-up as planned in 1Q 2027 o FOS owns 100% of the Muir Mhòr from 31 July 2026
Wind Service o EBITDA NOK 530 million (NOK 577 million) o Solid execution in both FOWIC and GWS improved underlying results in EUR o The contract backlog for the Tern vessels was EUR 970 million (EUR 360 million) o Utilisation of 77% (67%) for FOWIC
Cruise o EBITDA NOK 333 million (NOK 352 million) o Occupancy of 85% (81%) of full capacity o Gross income per passenger day of GBP 284 (GBP 283) o Booking numbers are up 17% compared to last year
Other Investments o EBITDA NOK -18 million (NOK -31 million) o EBITDA for NHST NOK 47 million (NOK 48 million) o Successful placement of a six-year NOK 800 million green bond o Fred. Olsen 1848, unique floating solar technology positioned for utility scale electricity, co-location on hydro dams and diesel generator replacement 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 third 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 Group reports on four business segments: Renewable Energy, Wind Service, Cruise and Other Investments.
The Group of companies' operating revenues in the quarter amounted to NOK 3 615 million (NOK 3 406 million). Revenues were NOK 691 million (NOK 477 million) in Renewable Energy, NOK 1 483 million (NOK 1 471 million) in Wind Service, NOK 1 144 million (NOK 1 148 million) in Cruise and NOK 298 million (NOK 310 million) in Other investments.
EBITDA in the quarter was NOK 1 230 million (NOK 1 117 million). Renewable Energy achieved EBITDA of NOK 385 million (NOK 219 million), Wind Service NOK 530 million (NOK 577 million) and Cruise NOK 333 million (NOK 352 million). Within Other investments, EBITDA was NOK -18 million (NOK -31 million).
Depreciation amounted to NOK -300 million (NOK -299 million).
EBIT in the quarter was NOK 930 million (NOK 818 million).
Net financial expenses were NOK -106 million (NOK -133 million). This includes net interest expenses of NOK -48 million (NOK -72 million), net unrealized foreign exchange losses of NOK -79 million (NOK -23 million), impairment of other investments of NOK -9 million (gains of NOK 2 million), and Other financial items amounted to NOK -8 million (NOK -10 million). This was partly offset by a net unrealized gain on financial instruments of NOK 28 million (NOK -30 million).
Net Result was NOK 673 million (NOK 561 million), of which NOK 526 million (NOK 461 million) is attributable to the shareholders of the parent company. The non-controlling interests' share of the net result was NOK 147 million (NOK 100 million).