Q1 2026 Bonheur ASA Earnings Call Transcript
Key Points
- Bonheur ASA (FRA:V7P) reported a strong start to 2026 with significant positive events across various segments.
- The company saw an improvement in EBITDA by close to NOK100 million in the renewable energy segment, driven by improved generation and healthier power prices in Scandinavia.
- Record bookings were reported in the cruise segment, with a 23% increase in booking numbers compared to the previous year.
- The acquisition of the remaining 50% of the Muir Mhòr project in Scotland was completed, enhancing the company's renewable energy portfolio.
- The company secured a first-of-its-kind 10-year contract for high-end maintenance with Siemens, significantly increasing the backlog in the wind service segment.
- The grid situation in Scotland remains challenging, with the Midhill wind farm out of operation since September 15, and not expected to return until late July.
- EBITDA in the wind service segment decreased by close to NOK100 million due to contract mix and the absence of revenue from certain contracts.
- Occupancy in the cruise segment was lower than desired at 70%, despite improvements in gross income per passenger day.
- The company faces headwinds from currency fluctuations, with the strengthening of the Krona impacting revenue growth when measured in local currency.
- The company is experiencing increased volatility in demand for wind service towards the end of the decade, despite a tight market in the medium term.
Good day and thank you for standing by. Welcome to the Bonheur ASA Q1 2026 results conference call. I would now like to hand the conference over to your speaker today, Anette Olsen, CEO. Please go ahead.
Good morning, everybody, and welcome to our presentation today. As usual, our CFO, Richard Olav Aa, will go through the main figures. And then the CEOs for the different companies will present to you and we will have the question-and-answers at the end.
So Richard, over to you.
Thank you Anette and also hearty welcome from me to this first quarter presentation. I think we are off to a good start to '26, a lot of positive events in this quarter. Normally, I try to highlight the top three. I think this quarter, I would like to highlight the top five. I think this quarter, we have two wind farms in Scotland now that are progressing well to full completion.
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