Bonheur ASA (STU:V7P) Q4 2025 Earnings Call Highlights: Strategic Growth Amidst Renewable Challenges

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Thu, February 26, 2026 at 12:00 AM GMT+9 4 min read

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**Renewable Energy EBITDA:** $444 million, down from $587 million due to absence of a $160 million insurance claim.

**Wind Service Revenue:** Improved from $180 million to $359 million year over year.

**Dividend Proposal:** NOK 7.30 per share, approximately $310 million payout.

**Equity Growth:** Parent company equity increased from approximately $1.8 billion to $8.7 billion.

**Cash Position:** Close to $5 billion in 100% controlled entities.

**External Debt:** Close to $3.1 billion in 100% controlled entities.

**Cruise Lines Booking Growth:** 17% increase in bookings.

**Cruise Lines Yield Increase:** Yield per passenger per day increased by 3%.

**Cruise Lines Utilization Increase:** Utilization increased by 3%.

**Cruise Lines EBITDA Impact:** Positive $14 million year over year.

**Net Promoter Score:** Improved by 10 points.

**Group EBITDA Improvement:** Increased by $73 million year over year.

**Group Revenue:** Down by $194 million, mainly due to absence of insurance claim.

**Net Cash Position:** Approximately $1.7 billion in 100% controlled entities.

**Floating Solar Investment:** Continued investment in floating solar and wind.

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Release Date: February 25, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Bonheur ASA (STU:V7P) reported continued growth in earnings despite significant assets like the Mid-hill Wind Farm and the installation vessel Brave Turn being idle for the full quarter.

The company completed a major transaction with long-term partner MEAG, enhancing strategic opportunities in the renewables sector.

Fred Olsen Cruise Lines achieved a record fourth-quarter booking performance, indicating strong future occupancy rates.

The board proposed a dividend increase to 730 per share, approximately $310 million, reflecting a healthy growth from the previous year's dividend.

The company's balance sheet remains strong, with equity in the parent company growing from approximately 1.8 billion to 8.7 billion year over year.

Negative Points

Renewable energy segment saw a decrease in EBITDA from $587 million to $444 million, primarily due to the absence of a $160 million insurance claim booked in the previous year.

Several wind farms experienced outages, including the Mid-hill Wind Farm, which faced grid-related issues affecting production.

The construction project Windy Standard 3 faces potential delays due to new regulations affecting turbine component transportation.

Fred Olsen Renewables reported an 8% decrease in production compared to the same quarter last year, impacted by grid outages and constraints.

The cruise line segment, while showing improvement, still has occupancy rates below optimal levels.

 






Story Continues  

Q & A Highlights

Q: Can you provide more details on the strategic rationale behind the Fvik and MAi deal, and what are your plans for the proceeds? A: The financial details are disclosed in the presentation, including secondary and primary share issues. Strategically, we follow Bonheur’s guiding policy and do not disclose major investment plans before they are finalized. However, the deal positions the company well, providing flexibility to seize opportunities as they arise. - Unidentified_5

Q: Is there a planned dry dock for the cruise ship Belletta in the next few quarters? A: Borealis had its dry dock in Q4, and Belletta completed its dry dock in Q1 of this year. Originally, both were planned for Q4, but we decided to separate them into different quarters. Each dry dock lasted approximately 2.5 weeks. - Samantha Stimpson, CEO of Fred Olsen Cruise Lines Ltd

Q: Are you seeing any external interest in your onshore renewable energy portfolio, and are you open to divesting parts of it? A: Our main focus is on maintaining a solid and healthy portfolio in our current markets. We will inform about any developments if and when they occur. - Sofie Olsen Jebsen, CEO of Fred Olsen Renewables

Q: Is there any plan to update the aging fleet in Fred Olsen Cruise Lines? A: Under Bonheur’s guidance, I can’t speculate on fleet updates. In 2022, we added two larger vessels and continue to monitor market activity. We focus on improving utilization and occupancy with the current fleet. - Samantha Stimpson, CEO of Fred Olsen Cruise Lines Ltd

Q: How much has been invested in the Codling Wind Park project so far? A: We have invested approximately 800 million NOK in the Codling Wind Park project. - Richard Aa, Director at Fred Olsen Cruise Lines Ltd

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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