Bonheur ASA

Bonheur reported EBITDA of NOK 886 million for Q2 2026 and net result of NOK 372 million. Renewable energy EBITDA was NOK 252 million, almost double the year-ago quarter, with 8% higher generation year over year despite Mid Hill being out for the full quarter. Wind Service EBITDA was NOK 326 million versus NOK 584 million a year ago; management said roughly NOK 100 million of the prior-year result was termination fees, and the decline this quarter reflected lower Blue Tern utilization, accrued costs from the Esbjerg Harbor incident, and FX. Cruise Lines EBITDA was slightly lower than Q2 last year due to currency, while revenue improved on higher occupancy and utilization. Looking ahead, management did not provide formal group guidance, but said Wind Service backlog passed NOK 1 billion for the first time, Crystal Rig IV is now operational and delivered on budget subject to final closeouts, Windy Standard III is expected to close in Q1 2027, and the Muir Mhor transaction with Vattenfall is expected to complete by the end of the month.

Anette Olsen opened and closed the call by framing the quarter as another strong one for the group and emphasizing that the mix of earnings has become more even across the three main segments. She pointed to renewables, cruise, and wind service all contributing to cash flow and profits, while also noting that the company is ending the quarter with a very strong balance sheet. Her tone was upbeat and reassuring.

Richard Olav Aa said the quarter showed very solid underlying performance despite two negative items outside or largely outside management control: the Mid Hill Wind Farm outage and the Esbjerg Harbor incident. He highlighted EBITDA of NOK 886 million, revenues down NOK 216 million mainly because of Wind Service, and a net result of NOK 372 million after a negative net finance swing tied to last year’s UWL share sale. He also stressed the clean balance sheet: Howick is fully repaid, Fred. Olsen Windcarrier is debt-free, Cruise Lines has no external debt, renewables is debt-free apart from two Scottish JVs, and Bonheur holds close to NOK 4.3 billion of cash.

The main analyst question focused on the Brave Tern incident, asking who was responsible, how damages were allocated, and whether insurance covered the losses. Haakon Magne Ore said the company has insurance coverage and has accrued its estimate of the total cost, but would not provide more detailed figures; he said the root cause was poor situational awareness on the bridge, including the pilot, and that the investigation found no technical or capability issues with the vessel. Management did not assign detailed liability shares or discuss specific damage splits beyond saying the total cost was accrued in the quarter.