Bonheur (BONHR) Q4 2025 earnings summary

Executive summary

• EBITDA increased to NOK 847 million in Q4 2025, up from NOK 774 million year-over-year, despite lower revenues and asset outages; net result after tax rose to NOK 314 million from NOK 299 million.

• Dividend proposal of NOK 7.30 per share, totaling NOK 310 million.

• Major MEAG investment: €150 million for up to 24% in Fred. Olsen Windcarrier, supporting strategic growth.

• Cruise lines achieved record Q4 bookings, improved occupancy and yield, with forward bookings up 17%.

Financial highlights

• Q4 2025 group EBITDA: NOK 847 million (up from NOK 774 million); revenue: NOK 2,940 million (down from NOK 3,133 million); EBIT: NOK 486 million (up from NOK 467 million).

• Wind Service EBITDA rose to NOK 359 million (up from NOK 180 million); utilization at 67%.

• Cruise EBITDA increased to NOK 47 million (up from NOK 33 million); occupancy at 68%.

• Renewable Energy EBITDA NOK 444 million (down from NOK 587 million); production 8% lower year-over-year.

• Net result attributable to shareholders was NOK 126 million, up from NOK 102 million.

Outlook and guidance

• Crystal Rig IV expected to reach full production in Q1 2026.

• Windy Standard III faces 4–6 month delay due to new transport regulations.

• Mid Hill windfarm outage extended to July 2026, with further planned outage in late 2026.

• Cruise bookings for 2025–2027 up 17% year-over-year, with positive market outlook.

• Floating solar and wind investments continue, targeting nearshore and distributed PV applications.