Bonheur ASA (LTS:0DTI)

Q3 2025 Bonheur ASA Earnings Call Transcript

Oct 24, 2025 / 07:00 AM GMT

Release Date Price: kr218.75 (+2.94%)

Transcript

Key Points

Positve

Bonheur ASA (BNHUF) reported a solid set of numbers for the quarter, with significant improvements in EBITDA and earnings per share.
The company successfully refinanced over 700 million in green bonds at the lowest spread ever seen, demonstrating strong market confidence.
Fred Olsen Cruise Lines saw a 19% increase in passenger numbers and improved occupancy rates, contributing to a 13% increase in yield.
The company has secured two new contracts in the wind service segment, indicating a strong backlog and future revenue potential.
Bonheur ASA (BNHUF) maintains a strong balance sheet with a net cash position of over 300 million, providing financial flexibility for future investments.

Negative

Renewable energy segment reported a decrease in EBITDA due to reduced generation and lower prices for renewable energy guarantees of origin.
Grid outages at significant wind farms are expected to impact future earnings, with no automatic compensation for these downtimes.
The consenting process for the Codling project in Ireland has been postponed, adding uncertainty to the timeline for final investment decisions.
Market volatility and demand uncertainty in the offshore wind sector could impact future growth and project timelines.
Despite improvements, cruise line occupancy rates have not yet returned to pre-pandemic levels, indicating room for further recovery.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BONHR.OL - Bonheur ASA
Q3 2025 Bonheur ASA Earnings Call
Oct 24, 2025 / 07:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everybody and welcome to this 3rd quarter.

2025 presentation.

My name is Annette Olsen. I am the CEO of Bonner and Fred Olsen and Co.

As usual, today, Ricard Ulao, our CFO, will start the presentation going through the main figures, and then the different CEOs for The individual companies will present to you.

And we will take questions and answers at the end.

Today we have Samantha St Simpson with us, the CEO for Fred Olsen Cruise lines. So she will also present to you.

So welcome Maricart. I give the word to you.

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Unidentified_2 [2]
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