This article first appeared on GuruFocus .
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EBITDA:252 million, almost doubling from the previous year, driven by higher prices in Sweden and the UK.
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Wind Service Revenue:Decreased from 5.84 to 3.26, with a normalized comparison of 484 to 326 due to lower utilization and currency effects.
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Net Result:372 billion, with low tax costs contributing to the outcome.
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Cash Position:Bonheur sits with a cash position of close to 4.3 billion.
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Revenue:Down to 216 million, primarily due to wind service segment impacts.
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Consolidated EBITDA:886 million, with depreciation and impairment affecting results.
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Net Finance:Negative swing of 348 million, normalized for the sale of UVL shares.
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Renewable Energy Production:Up 8% year-on-year, despite grid outages.
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Cruise Lines Revenue:Improved through increased occupancy and utilization, with a slight decrease in EBITDA due to increased crew flight costs.
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Wind Farm Projects:Crystal Rig 4 operational, Windy Standard 3 construction ongoing.
Release Date: July 09, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Bonheur ASA ( FRA:V7P ) reported a significant increase in EBITDA, nearly doubling from the previous year, driven by higher power prices in Sweden and the UK.
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The company achieved an 8% improvement in wind generation year-on-year, despite the Midhill wind farm outage.
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Crystal Rig 4 wind farm was successfully completed and is now operational, contributing to increased production.
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Fred Olsen Cruise Lines reported improved occupancy and higher booking numbers, indicating strong demand and future growth potential.
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The company maintains a strong balance sheet with significant cash reserves and minimal debt, enhancing financial stability.
Negative Points
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The Midhill wind farm outage negatively impacted results, and the outage is expected to extend further due to grid operator delays.
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Wind service segment results declined year-over-year, affected by lower utilization and currency fluctuations.
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The Brave Turn incident in SVAG harbor resulted in commercial downtime and additional costs, impacting the wind service segment's performance.
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Currency fluctuations, particularly the stronger Norwegian krone, negatively affected the cruise lines' EBITDA compared to the previous year.
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Lista wind farm is operating at reduced capacity due to fatigue-related foundation issues, requiring ongoing repairs into 2027.
Q & A Highlights
Q: Can you provide more details on the Brave Turn incident, including responsibility and costs? Are any damages covered by insurance? A: Yes, we have insurance coverage. We have estimated the total cost, including insurance, but we do not provide detailed figures. The root cause of the incident is linked to situational awareness on the bridge. The total cost has been accrued in the figures.
Q: What factors contributed to the decrease in EBITDA for the wind service segment? A: The decrease in EBITDA from 5.84 to 3.26 is due to lower utilization of Blue Turn, costs related to the incident at Esbjerg Harbor, and currency effects from translating results from euros to Norwegian kroner.
Q: How did the renewable energy segment perform this quarter? A: The renewable energy segment saw a positive development with an almost doubling of EBITDA to 252 million, driven by higher prices in Sweden and the UK, and an 8% improvement in generation despite the Midhill wind farm outage.
Q: What is the status of the Midhill wind farm and other construction projects? A: The Midhill wind farm is out due to grid upgrades, with the outage extended until the end of August. Crystal Rig 4 has moved from construction to operations, and Windy Standard 3 is progressing with six of eight turbines erected.
Q: How is the cruise lines segment performing, and what are the future prospects? A: Cruise lines are performing well, with improved occupancy and slightly higher prices. Booking numbers are strong, and the segment is selling well into 2027. However, EBITDA is slightly lower due to currency effects and increased crew flight costs.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
