Bonheur Asa

Good day and thank you for standing by. Welcome to Bono Asa third quarter 2026 results webcast and conference call. I'd like to hand the conference over to Anette Sofie Olsen, Chief Executive Officer. Please go ahead.

Good morning, everybody, and a hearty welcome to our presentation today. As usual, Rikard Oland Aal, our CFO, will present The figures. And then each of the CEOs from the different segments and companies will come forward and present to you. And we will then take questions and answers at the end. So over to you, Rikard.

Yes, thank you, Anette. I think we can start by saying it's been yet another solid quarter from Bonheur. We have underlying improvements in local currency in all companies. Yet there are still not full utilization of the assets in the business this quarter. We have mid-heel auto operation for many of the quarter. and also Blue Turn have low utilization and there's still more occupancy to be had on cruise lines. So even it's a solid quarter, I would also underline that there is still further potentials in the company as it is today as introduction to this call. But going through the numbers and the main events, these will be thoroughly elaborated by the CEOs. I will be brief. But starting with renewable energy, almost a doubling of the EBITDA to 385 million, mainly driven by higher electricity prices, but also very importantly, a contribution from our new infarm, Crystal Rig 4, that has come online in a very good way. And also what we see now, better generation and higher prices in Sweden, which has been a problematic area. and also very good to see that the large new wind farm, the project with the standard tree is progressing as planned. Still a few items left there, which Sofie will cover. And also which Barn will cover that we closed out with Ottenfall on the Murmoor in this quarter. In wind service, we have a strong Executional quarter. Underlying improvement in local currency, but also correcting for one-offs in third quarter last year. There is improvement both in Fovik and GDS. Very good execution on the contracts for Brave and Volturn in Fovik. Blue Turn, lower utilization. and GVS had a strong quarter this summer. Cruise lines, a little bit down EBITDA in measured innovation kroner. That is due to a strengthening kroner towards the pound. In pound, it's a small improvement. There, it's important to note, and Samantha will cover that, that we take extra costs into the product now and the organization to improve the operations and the customer experience going forward. Occupancy up, and we see the booking numbers are up 17%, and that's very important because we have still room to grow on the occupancy, and that we see that we can fill the ships, which is a very CapEx-like way of driving cash flow. It's very good to see. Other investments, we see EVTA for NHST on par with last year. Also, they're an underlying improvement in local currency and at a reasonable level now for media companies. Also important to note that in September, we had a successful placement of a six-year, 800 million green bond. That is the first six-year bond we have had and one of the very few six-year bonds in the Norwegian bond market. This comes on the back of our strong performance and our strong credit being able then to push tenure one year longer than we normally have done and longer than the typical market. We are on Fred Olsen 1848. We're getting sharper and sharper on how to approach the floating solar market. And I think you should listen carefully to Per today about our positioning now for utility scale electricity, co-location on hydro dams and diesel generator replacements, which are the three main areas 1848 is targeting. So that is quite Not many slides, but very interesting slides in my view, which you should listen carefully. Then the long-term picture. We have been showing this for a couple of years now, and this quarter just falls in line with the trends we have seen the last three, four years. So still revenue at the level around 13, 14 billion rolling, and then underlying 12-month rolling EVTA between 3.5 and 4 billion. We see an uptick, a small uptick at the end of the time series here. That's really due to that renewables has a much stronger Q3 this year than last year, which you also see in the dark blue at the bottom. So all business areas contributing meaningfully to the Group EBTA, and also EBTA from NHST, almost covering the full overhead in the group measured on EBTA. We don't need to spend too much time on this one, but just the revenue is up 209 million. If the kroner had been stable, it had been significantly higher. So we are impacted by the stronger And then the same picture really for the EBITDA and year-on-year improvement of EBITDA of 113 million. Again, there we had some one-offs in wind service, positive in third quarter 2025, and also impacted by the currency, but we really see on renewables, the carry-through of improved pricing, and also that crystal rig is now coming in with full force. Then on the consolidated P&L, already covered improvement on EBITDA, depreciation on the same level. Important to note, net finance, we have lower net interest costs due to the cash position. and also some unrealized gains on our commodity contracts in this cork. Taxes are higher on the back of a higher result, especially in renewables. And then you have what falls to the parent versus the . Finally, from my side, the key items on the balance sheet. And again, I want to relate this to our financial policy. to the left, the company, meaning Bonner Asa, and its financial liquidity postulation shall be strong. I think we can pick that box in the top third. Subsidiaries must optimize their own non-recourse financing. We have no bank or bond debt that is guaranteed by Bonner Asa, so we can pick that box. But I think it's very important to note the third box here, is that we are in capital intensive industry with high growth. We have strong positions and we have to be very good in finding now right means of financing growth going forward, both with the cash position we have and with partners and debt as we have done before. So I just want to reiterate we're checking the boxes on the financial policy and the numbers strongly support that. Important to note in the 100% all entity on wind service now. Fovik is moved out of that and is reported in less than 100% because we have a new partner for Fovik. So on the 100% entities as they stand now, we have close to 4.3 billion in cash and close to 2.4 million in debt, a net cash position of 1.9. While in the less than 100%, the main long-term debt there is related to The two joint ventures in the UK, wind farms, that are project finance, which you see the debt there are close to 3.4 billion. And then the main debt in wind service is, or the only debt in wind service is really related to working capital financing in global wind service. So, yes, ticking all the boxes on the financial policy. And by that, I'll end my part of the presentation.