Release Date: July 10, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Bonheur ASA (FRA:V7P, Financial) reported a strong financial quarter with a significant gain from the sale of its 50% share in United Wind Logistics.
- The Cruise segment showed a nearly 50% improvement in EBITDA, with increased passenger numbers and yield per passenger seat.
- Construction projects Crystal Rig 4 and Windy Standard 3 are progressing according to plan, with significant developments in Scotland.
- Fred. Olsen Windcarrier achieved a solid operational quarter with high vessel utilization rates.
- The divestment of United Wind Logistics resulted in a financial gain of EUR29 million, contributing positively to the company's financials.
Negative Points
- Renewable Energy segment experienced a drop in EBITDA due to lower generation and downtime, particularly at the Crystal Rig 1 wind farm.
- The Wind Service segment saw a decrease in EBITDA due to significant termination and reservation fee effects.
- Fred. Olsen Renewables faced technical and operational challenges, leading to below-estimate production.
- The Cruise segment is still operating with less than full occupancy, indicating room for improvement.
- The market for floating solar in Europe is progressing slowly compared to Asia, which may impact future growth opportunities.
Q & A Highlights
Q: Can you provide an overview of Bonheur ASA's financial performance for the second quarter?
A: Richard Aa, Chief Financial Officer, stated that Bonheur ASA delivered a solid set of financial figures for the second quarter. Despite some downtime in Fred. Olsen Renewables, the companies performed well overall. A significant gain was booked from the sale of a 50% share in United Wind Logistics, contributing to strong financial results.
Q: What were the main factors affecting the Renewable Energy segment's performance?
A: Sofie Olsen Jebsen, CEO of Fred. Olsen Renewables, explained that production was below estimates due to low availability and low wind in Scotland. Weak power prices and curtailed generation in Sweden also impacted performance. However, construction projects in Scotland are progressing well.
Q: How did the Wind Service segment perform this quarter?
A: Richard Aa, CFO, noted that the Wind Service segment had a good operational quarter. FOWIC and Global Wind Service delivered an improved EBITDA of NOK145 million, excluding significant termination and reservation fee effects. The divestment of United Wind Logistics was a key achievement.
Q: What are the highlights from Fred. Olsen Seawind's projects?
A: Lars Bender, CEO of Fred. Olsen Seawind ASA, highlighted strong projects in attractive markets, such as Codling Wind Park and Muir Mhòr. The onshore consent award for the Muir Mhòr project in Scotland was a significant milestone, with expectations for offshore consent in the first half of 2026.
Q: How did Fred. Olsen Cruise Lines perform in the second quarter?
A: Richard Aa, CFO, reported a strong recovery in the second quarter, with passenger numbers up 12% and yield per passenger seat up 7% compared to the previous year. Despite occupancy still below 80%, cumulative sales for 2025, 2026, and 2027 are up 11%.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
