Bonheur Asa

Good morning, everybody, and welcome to this third quarter 2025 presentation. My name is Annette Olsen. I am the CEO of Bonner and Fred Olsen & Co. As usual today, Richard Olavo, 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 Stimson with us, the CEO for Fred Olsen Cruise Lines. So she will also present to you. So welcome, Richard, I give the word to you.

Yes, thank you, Anette, and also a hearty welcome from me to this third quarter presentation. Before we go into the numbers, I would like to give some reflections on the report. I think the Bonheur Group of Companies deliver a solid set of numbers this quarter. But we can also say that there are room for improvements in the numbers. We see cruise lines improving utilization, but still room to grow. We see wind carrier, one vessel at yard, also this quarter. And we also see downtime in renewables. So yes, a good set of numbers, but definitely more room to grow the earnings on existing assets. So with that in mind, we can move over to the highlights. And my colleagues will go through the main strategic and operational highlights of the quarter within each company. So I will limit myself to comment on the more financial aspects of the highlights. But starting on renewable energy, reporting in EBITDA slightly below last year, some 40 million plus, 40 million down on EBITDA, mainly related to reduced generation and reduced prices of regos that Sofia will cover in more detail. Things to be aware of on the financial side, that there will be a grid outage on Midhill now this winter, Midhill being a significant wind farm, so that will impact earnings and EBITDA going forward. And then we'll be notified on another downtime next winter. And these downtimes don't have any automatic compensation. And for us works heavily to on mitigating actions on these downtime, especially the second one, which will come. So we will come back to it. But no doubt if they last as long as they are stated there, they will have impact on the earnings going forward. Wind service and EBITDA up from 435 to 577, which is coming off of a good operational quarter, both in Fovik and also in GVS. I'll come a little bit back to the underlying improvement in wind service on the next slide, because there are some special items both last year and this year. I'm also happy to see the backlog increasing, and two new contracts signed, and it's the firm contract that is reflected in the backlog, while the reservation agreement is not reflected in the backlog. Håkon Magne will cover that more in detail. On cruise, I will leave that to Samantha, but all in all, an improved quarter, EBTA up with close to 100 million, coming off improved occupancy yield and good cost control. Then in the other investments, NHST continued to deliver healthy results and the margin levels are at higher levels than we have seen in this company before. Also under other investments, we had a refinancing of a 700 million green bond this quarter. utilizing a healthy market and also utilizing the Bonheur Group of Companies good standing in this market, we were able to place that bond at the lowest spread we have ever seen of 215 basis points above NIBOR. Fred Olsen 1848 will present later by Per continuing to progress technologies and today we will cover more detail on the floating solar. Moving on to the segment analysis per third quarter 25. We have showed you these graphs a few quarters now. We think they are very good to also focus on how the group develops in the longer term. Maybe not so much reflection on the revenue side this quarter, but on the EBITDA side, where this quarter is an other quarter that builds on the momentum we have seen coming out of COVID. where we have been able to lift the running EBITDA of the Bonneur Group of companies to a level actually on an average somewhat north of 3.5 billion on a 12-month rolling basis compared to pre-COVID of around 1.5 billion plus. And we see all three segments have significantly better earnings than pre-COVID, especially the wind service segment. Briefly comment on revenue and EBITDA per segment. We have covered the EBITDA already, but there are a few items to note, especially on wind service, which I mentioned on the previous slides. We see on wind service that the revenues are down by 281 million. And that is really related to that in the third quarter last year, we had a big contract with the Shimizu Vessel BlueWin, which contributed by more than 500 million to the revenue. So excluding that and excluding UWL being included in the third quarter 24 and not third quarter 25, as we successfully sold that last quarter, there is a strong underlying revenue improvement in wind service. And we can see that more on the EBTA on wind service, which has an improvement of 142. I think if you exclude the Shimizu contribution, the one-off we also now have related to the ocean wind termination fee and the UWL, we see an underlying improvement in EBTA or in wind service of more than 200 million year-on-year this quarter. So on back of that, we come out with an EBITDA of 1 billion, 117 million compared to 938 million third quarter last year, which is an improvement of 179 million. And remember that figure when we move now on to the consolidated summary. So we can start with the EBITDA line. Then again, the same numbers there, an improvement of 179 million. And I will briefly comment on other P&L items. Balance sheet, I'll cover in the next slide. Depreciations down by 36 million. That's really related to a one-off, a reversal of an impairment in the media company. So the improvement there is a one-off. Net finance, interest cost at a quite normal level on a net basis this quarter around 70 million. And then we have these unrealized currency and interest rate effects, mainly related to the interest rate swaps in the UK that goes up and down each quarter. But I really point out that that's unrealized. But also an improvement there of 28 million. So earnings before tax is at 680 million, which is an improvement of 242 million. Taxes are up, mainly related to better results. So the net results is 561, which is an improvement of 210 million. What is worth noting is that biggest share of this result flows to the shareholders of the parent, the shareholders of Bonheur, because more of the results comes from 100% control entities. So the 561, 461 flows to the shareholders of the mother company. So actually we're delivering earnings per share of more than 10 kroner per share this quarter, which is quite strong. Then final slide for me is the group capitalization per third quarter. First to the left, our financial policy that we obviously reiterate every quarter because it's very important to us. And it's also important to check that we are in line with the financial policy and we can confirm that our numbers are fully in line with the financial policy. Then going through the numbers, and if we start with the table above with 100% owned entities, we see that we now sit with more than 5.3 billion in cash and close to 3.4 billion in debt, and then a net cash position slightly below 2 billion kroner. a few things to note there is that the wind service we have uh dividended out uh the proceeds from the successful sale of uwl and also some dividend up from four week up to boner this quarter so there is a big change in the cash position between wind service and boner asa in the quarter And that you will also see in the model company's results, which are attached in the report, that the model company delivered profit close to 900 million this quarter due to the dividends from Vint Service. Despite that dividend, Vint Service still sits with close to a billion in cash and very little debt left on Brave and Bolton, around 300 million, a net cash position of 675 million. Renewable energy, that is the Scandinavian wind farms plus the development portfolio is debt-free and a small cash position there of 338 million. Point to note, Cruise Lines paid down the final installment on the seller credit on the two new vessels this quarter, so Cruise Lines have zero external debt, so a small milestone for Cruise Lines there. Earnings are improving, so a cash position of 605 million. Also, Cruise Lines is paying down its debt to Bonheur that they took up during COVID. And then finally, Bonheur, with the refinancing of the bond and the dividends out of in-service, sits with 3.4 billion in cash and net debt around 3.1, and a net cash position slightly more than 300 million. So a solid position of what we control 100%. If you look below what we don't control 100% on renewable energy, which is really the joint ventures. Debt of 4.3 billion and 767 million in cash on net 3, 5, 5, 4. But remember, here we consolidate 100%, so Bonheur is 51% of this net debt position. Wind Service, it's Blue Turn and also GWS, almost now debt-free in combination. And other investments also close to debt-free. So all in all, a strong balance sheet, fully in line with the financial policy. So with that, back to you, Anette.

Thank you. First to present today is CEO of Fred Olsen Renewables, Sophie Olsen-Jepsen.