Bonheur Asa

Good morning, everybody. It's a hearty welcome to the fourth quarter presentation for Bonheur 2025. My name is Annette Olsen. I'm the CEO of Bonheur. Today we will do the presentation as usual. where Rikard Olav Å, our CFO, will present to you the overall figures. We will then move to presentations by each individual CEO for the underlying companies. We have today a new CEO that we will present to you. She has been with us for a bit of time now, but first time presenting. And that is Marn Schleibel-Lundby. She is the CEO of Fred Olsen Seawin. So, a hearty welcome to you, Marn. And for everybody else, we will move to the figures. Thank you.

Thank you, Anette, and also a warm welcome from me to this fourth quarter presentation. Before moving into the numbers, I think, in my view, there are a lot of events this quarter, but maybe three things that I would like to point out. One is that we continue to grow our earnings, despite that significant assets like the Mid-Hill Wind Farm And the installation vessel, Braveturn, both have been idle the full quarter. And despite that, the earnings continue to grow. Secondly, we have a major transaction this quarter with our long-term partner, Meag, which we have been partnered in the renewables side for many years now, but also now are partnering with Aln Fred Olsen Wind Carrier, which bought Håkon Magne Oren. I will come back to it. And thirdly, it's a stellar booking performance in Cruise Lines. I think it's the best fourth quarter booking we ever had, and Samantha will come back to that in her presentation. A lot of other events as well, but I would like to highlight those three before we move into the numbers. So here we have the highlights for the quarter per segment. I will be quite brief on this because this will be well covered by the CEOs. But starting from left, renewable energy and EBITDA for quarter last year of 444 million down from 587 million. the main explanation for the reduction is that in fourth quarter 24 we booked 160 million in insurance claim on the mid hill wind farm that we don't have in the fourth quarter of 25. there are of course other pluses and minuses generation is somewhat down we still have outages on several wind farms this quarter but that was also the same in the fourth quarter in 24. so the main explanation on the result is the insurance So here we'll cover the grid situation more in detail, but there are pluses and minuses there. It's very positive what we see in the UK, that the UK government really takes renewable energy seriously, and not at least with the new AR7 option, and also they're reinforcing the grid. Unfortunately, this comes with some negative impact on us, and especially on the mid-hint wind farm that Sofie will come back to. On the construction side, she will also cover that in much more detail, but Crystal Rig 4 is soon to be finished, actually this quarter. And then we have Windy Standard 3, where we now have some issues related to turbine transportation, which could potentially delay the project. Wind service, a good improvement from 180 million to 359 million year over year, and despite the break turn being idle in the full quarter. Good operational quarter for blue turn and bold turn, and also GVS had a strong finish to the year. Maybe most significantly in the quarter is the transaction with MEAG, which is a long-term renewable investor, one of the leading in the world, which we have been partnering with on the wind farm side. We also made a partnership agreement with them, where they come in to Fovik, invest 150 million, or approximately 24% in Fovik. And this cooperation is intended to strengthen Fovik's long-term strategic opportunities. For those of you who have followed us a while, you maybe remember four years back, we tried to IPO Fovik. That we had to pull away from due to the full-scale invasion of Ukraine, which is actually four years ago as we speak. Looking in retrospect now, I think we believe this is actually a better strategic transaction for the company. But financially, it's a total different valuation than we saw, and a much better valuation than we saw in the IPO. So we're quite happy with this solution for Fulvik, and also Colmagne will come back to seeing it from more the company perspective. Cruise plans, a quarter of continuous improvement, both on occupancy and yield. Still, occupancy is below where it should be. But again, like I started with, and Samantha will cover more into detail, the booking numbers, which have grown 17%, and really a massive change in this quarter, in the fourth quarter, sorry. is really pointing to an improved occupancy for the future if cruise lines can keep up that kind of booking performance. Other investments, also an improvement that's really related to the turnaround in NHST, which are now producing healthy margin for the media business. Per Arvid will cover more of the progress on floating solar in particular, but we continue to invest both in floating solar and floating wind in 1848. Another news this quarter is that the board proposed a dividend of NOX 730 per share, approximately 310 million in payout. That is a healthy growth from last year dividend of 6.75. The equity in the parent company, after also allocating to the dividend of 300 million, continues to grow and goes up year over year from approximately 1.8 billion to approximately 8.7 billion. And the equity in the parent stands with this dividend allocation at 68%. Summing up a little bit more long-term and maybe in particular how the year ended, and this is the rolling 12 months revenues and EBITDA for the group. So the last data point is obviously the full year since it's rolling 12 months. We see on the revenue side, we end the year on a lower level than we had in 2024. That is basically related to the bump on the wind service. That is due to the big contract we had with Shimizu for the Blue Wind vessel, where we took in the full revenue, but also the full cost of that vessel. In addition, we sold off UWL, and also the termination fee related to the big terminated contract in Fovik also is a year-over-year event on the revenue side. Maybe more importantly is the earnings. That continued to grow year-over-year. You see the end position there with the black line. It's an improvement from 2004. despite, as I started with, significant assets being out during the year. And good improvements in many of the business units. We've been through this on a high level, but so just briefly going through a little bit more detail on the revenue in EBITDA per segment in the fourth quarter. Revenue is down 194 million. We see the main explanation is in Renewable, and that is, again, the insurance claim on Midhill. That was a part of the fourth quarter 24 revenues and not the fourth quarter 25 revenues. Wind service, a slight reduction in revenue that is again related to termination fees, blue wind and UWL. So the two remaining vessels, the two vessels that have been in operation and also GVS had a very strong finish to the year on the revenue. So good underlying revenue growth in wind service. Cruise lines, flat on revenue, measured in Norwegian kroner, but here we have to remember that the kroner has strengthened quite a bit to the pound year over year, so there is a good underlying growth in pounds in cruise lines. And then some growth in NHST. On the EBITDA, the reduction in revenues due to the insurance claim plays also then directly into the reduction in EBITDA in renewables. All we see on wind service, the performance of bold turn, blue turn and also DVS and strong finish through the year makes the EBTA grow quite considerably year over year. Also cruise lines improved yield and occupancy, improved EBTA and also then the turnaround on NSHST improved EBITDA there. So in total, EBITDA improves by 73 million year-over-year. And like I started, a continuous improvement in EBITDA despite significant assets being out of operations. Then the consolidated figures. We have already explained the revenues and the EBITDA. Depreciation is higher than normal this quarter. That is related to Fovik, that we have scrapped some of the equipment on the turn vessels coming out of upgrades that we don't see any need for anymore after upgrades. Net finance is higher than normal this quarter. It was lower than normal the fourth quarter in 24. This is mainly related to unrealized gains and losses on the interest rate swaps in production renewables on the two joint ventures which are project financed in the UK. So in a way, fourth quarter 24 was a normally low, and fourth quarter this year is a normally high. On taxes, we have the opposite, a normal low tax quarter that is related to blue turn entering the tonnage tax system. where we can reverse some of earlier accrued taxes. So taxes year-over-year improved 73 million. So all in all, also the EBITDA improved 73 million, but we also see this also slowing down an improvement in the bottom line on the net result. That takes me to my last slide. That is the group capitalization per fourth quarter 2025. There are no big changes to this since the third quarter, so I will be quite brief. It's well in line with our policy, which you see on the left-hand side. Cash sitting in 100% control entities, close to 5 billion. And the external debt we have in 100% control entities are mainly related to the bonds issued by Bonheur, close to 3.1 billion. So where we control things 100%, we're net cash positive by close to 1.7 billion. Where we have significant debt is, again, on the two joint ventures in the UK with Trigg and Hutchinson, where the external debt is close to 4 billion. Wind service, which is GVS, and where we don't control 100%, GVS and Blue Turn, cash and debt net each other out, and the same with NHST, which has a cash position slightly above the debt. So I think I'll end there, just saying that the balance sheet is strong, and hand it back to you, Anette.

Thank you, Richard. First out is Sofia Olsen-Jepsen, CEO of Fred Olsen Renewed. Thank you.