Norway · Delayed Price · Currency is NOK Bonheur ASA Earnings Call Transcripts
Fiscal Year 2026
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Solid underlying performance with strong EBITDA in renewables, improved cruise bookings, and a robust balance sheet. Wind Service faced incident-related costs but increased backlog, while floating solar technology achieved key milestones.
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EBITDA and net income rose year-over-year, driven by renewables and cruise recovery, while wind service faced contract-related headwinds. Strong liquidity, new contracts, and project completions support a positive outlook, though commodity and grid risks persist.
Fiscal Year 2025
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Earnings grew despite key assets being idled, with strong cruise bookings and improved wind service EBITDA. Renewables faced production declines due to grid issues, but strategic investments and a higher dividend support future growth. Cruise and wind service segments show positive momentum.
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Q3 2025 saw strong EBITDA and net income growth, driven by wind service and cruise lines, despite renewable energy headwinds from grid outages and lower prices. The group maintains a robust cash position, upstreamed dividends for flexibility, and continues to progress major projects amid industry volatility.
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Second quarter results showed strong financials, highlighted by a NOK 347 million gain from the UWL sale, improved cruise and NHST performance, and solid cash positions. Renewable energy faced lower generation and prices, while Wind Service and Cruise segments delivered operational improvements.
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Operating results improved year-over-year, driven by strong wind service EBITDA and positive contributions from NHST, despite technical issues in renewables and a cruise cancellation. Construction of major wind projects is on track, and the group maintains a robust net cash position.
Fiscal Year 2024
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Full-year results remained solid despite significant asset downtime, with Wind Service and Renewables now contributing equally to EBITDA. Dividend increased 12.5% to NOK 6.75 per share, and strong financial policy and capital allocation framework were reaffirmed.
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Third quarter results showed strong revenue and profit growth across all segments, with significant improvements in EBITDA and net cash positions. Key milestones included new CfD contracts, a major consent application for Codling Wind Park, and continued deleveraging.
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Second quarter saw record financial and operational results, with revenues up 54% year-over-year and EBITDA nearly doubling. Wind service and cruise segments drove growth, while renewable energy benefited from higher generation despite lower power prices.