Norway · Delayed Price · Currency is NOK Bonheur ASA Earnings Call Transcripts
Fiscal Year 2025
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Earnings grew despite asset outages, with strong cruise bookings and a key MEAG investment. Renewables faced grid constraints, but Wind Service and Cruise Lines delivered record operational results. Dividend increased, and the balance sheet remains robust.
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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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Strong Q2 results with revenue and EBITDA growth across all segments, driven by wind service contract fees, higher cruise occupancy, and robust cash positions. Renewable energy saw higher generation but lower prices, while the wind service backlog declined due to a contract termination.