Bonheur ASA
OSE:BONHR
Bonheur ASA
Bonheur ASA is a holding company, which engages in long term investment within the shipping and energy related activities, transportation, technology and property development, leisure, and other enterprises. The company is headquartered in Oslo, Oslo. The Company’s activities are divided into four segments: Renewable Energy, which develops, constructs and operates wind farms in Scotland, Norway and Sweden, among others, through ownership in Fred Olsen Renewables AS; Shipping/Offshore wind, which through ownership in Fred Olsen Ocean Ltd operates a fleet of specialized vessels and provides transportation, installation and maintenance services for the offshore wind industry; Cruise, which operates cruise ships through ownership in Fred Olsen Cruise Lines Ltd, and Other Investments, which comprise the Company's participation in NHST Media Group AS, a publishing company, and Dolphin Drilling Ltd, and offshore drilling contractor, among others.
Bonheur ASA is a holding company, which engages in long term investment within the shipping and energy related activities, transportation, technology and property development, leisure, and other enterprises. The company is headquartered in Oslo, Oslo. The Company’s activities are divided into four segments: Renewable Energy, which develops, constructs and operates wind farms in Scotland, Norway and Sweden, among others, through ownership in Fred Olsen Renewables AS; Shipping/Offshore wind, which through ownership in Fred Olsen Ocean Ltd operates a fleet of specialized vessels and provides transportation, installation and maintenance services for the offshore wind industry; Cruise, which operates cruise ships through ownership in Fred Olsen Cruise Lines Ltd, and Other Investments, which comprise the Company's participation in NHST Media Group AS, a publishing company, and Dolphin Drilling Ltd, and offshore drilling contractor, among others.
Strong Results: Bonheur Group delivered a solid set of numbers for Q3 2025, with room for further improvement, especially in cruise and renewables.
Wind Service Performance: Wind Service segment saw EBITDA rise from NOK 435 million to NOK 577 million, driven by good operational performance and new contract wins.
Cruise Recovery: Fred. Olsen Cruise Lines posted higher revenue and EBITDA, with occupancy up to 81% and yield up 13%. Forward bookings are strong.
Renewables Headwinds: Renewable energy EBITDA was about NOK 40 million below last year due to reduced generation, lower REGO prices, and grid outages. Future earnings will be impacted by prolonged grid maintenance at key wind farms.
Strong Balance Sheet: The group maintains a solid financial position, with over NOK 5.3 billion in cash, minimal debt in key subsidiaries, and full alignment with financial policy.
Cautious Market Outlook: Management noted continued volatility and uncertainty in offshore wind demand, though long-term fundamentals remain intact.
Capital Allocation: The company is upstreaming cash to the parent to maintain flexibility, but is cautious on large new investments given industry uncertainty.
