Q1 2025 Bonheur ASA Earnings Call Transcript
Key Points
- Bonheur ASA (FRA:V7P) reported an improvement in operating results with an increase of NOK132 million compared to the previous year.
- The Renewable Energy segment saw a year-on-year improvement in EBITDA, aided by higher power prices in the UK.
- The Wind Service segment experienced a strong improvement in EBITDA from NOK174 million to NOK280 million, despite lower utilization rates.
- Construction projects Crystal Rig IV and Windy Standard III are progressing on time and within budget, with a combined CapEx of close to NOK3 billion.
- Booking numbers for the Cruise segment are up 11% compared to last year, indicating strong future demand.
- Technical issues and low wind conditions led to a 21% lower generation than the P50 estimate in the Renewable Energy segment.
- A cruise for Balmoral was canceled due to geopolitical issues, resulting in lower-than-expected occupancy and financial performance in the Cruise segment.
- The Wind Service segment experienced a revenue drop of NOK109 million, primarily due to a lower margin Shimizu contract.
- The company faces challenges with low power prices in Northern Sweden due to transmission capacity issues.
- The supply chain for offshore wind projects remains tight and volatile, impacting project timelines and costs.
Good morning, everybody, and welcome to the First Quarter Presentation for Bonheur. My name is Anette Olsen. I am CEO of Bonheur and Fred. Olsen & Co.
And with me today, I have Richard Olav Aa, our CFO, and he will do the first part of the presentation as usual, and then the CEOs for the different segments will come and present. And we will take the questions and answers at the end.
So Richard, over to you.
Yes. Thank you, Anette, and also a hearty welcome from me to this first quarter presentation.
We have a mixed quarter. On one hand, we have an improvement in our operating result with NOK132 million, which, of course, is positive. On the other hand, we have had some wind farms that have not operated as capacity due to technical issues, and we have had a canceled cruise for Balmoral due to the geopolitical situation in the Red Sea. And obviously, without these issues, the operating results could have been better. So again, it's a
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