Report for the third quarter 2023

Financial and operating highlights 3Q23 (3Q22 in brackets):

• Operating revenues were NOK 3 197 million (NOK 3 212 million)
• EBITDA was NOK 800 million (NOK 1 083 million)
• EBIT was NOK 497 million (NOK 291 million)
• Net result after tax was NOK 172 million (NOK 394 million)

Segment highlights 3Q23 (3Q22 in brackets):

Renewable Energy

• EBITDA NOK 243 mill. (NOK 748 mill.)
• Declining power prices, in average 72% lower than 3Q last year
• Fäbodliden 2 on track to be completed in 4Q 2023
• Norwegian Government delayed offshore wind application processes for Sørlige Nordsjø and Utsira Nord

Wind Service

• EBITDA NOK 399 mill. (NOK 418 mill.)
• Backlog of EUR 512 million
• The Tern vessels had 91,4% (99%) utilization
• Blue Wind, owned by Shimizu, commenced contract in Taiwan
• GWS had an operational quarter in line with 3Q last year

Cruise

• EBITDA NOK 213 mill. (NOK -42 mill.)
• Cruising with three ships
• Occupancy of 76% (59%) of full capacity
• Net ticket income per passenger day of GBP 189 (GBP 188)
• Reduced bunker cost of GBP 7.4 mill vs. 3Q last year

Other Investments

• EBITDA NOK -55 mill. (NOK -42 mill.)
• Successful placement of new NOK 600 mill. green bond
• EBITDA for NHST NOK 4 mill. (NOK 15 mill.)
• Fred. Olsen 1848 continues to progress several technologies and innovations within floating wind and floating solar.
• Fred. Olsen Investments, undertaken smaller investments within renewable energy related companies

Financial information

The unaudited Group accounts for 3Q23 comprise Bonheur ASA (the “Company”) and its subsidiaries (together the “Group of companies”) and the Group of companies’ ownerships in associates. The main business segments within which the Company is invested are categorized as follows: Renewable Energy, Wind Service, Cruise and Other investments.

The Group of companies’ operating revenues in the quarter amounted to NOK 3 197 million (NOK 3 212 million). Renewable Energy had operating revenues of NOK 523 million (NOK 932 million), Wind Service NOK 1 476 million (NOK 1 378 million), Cruise NOK 921 million (NOK 632 million). Other investments had operating revenues of NOK 276 million (NOK 270 million).

EBITDA in the quarter was NOK 800 million (NOK 1 083 million). Renewable Energy achieved EBITDA of NOK 243 million (NOK 748 million), Wind Service NOK 399 million (NOK 418 million), Cruise NOK 213 million (NOK -42 million). Within Other investments EBITDA was NOK -55 million (NOK -42 million).

Depreciation in the quarter was NOK -263 million (NOK 337 million). Impairment of NOK 40 million was booked in the quarter of which NOK 33 million was related to impairment in NHST and NOK 7 million related to impairment of development projects in Renewable Energy. In the same quarter last year an impairment of NOK 455 million was booked in Cruise.

EBIT in the quarter was NOK 497 million (NOK 291 million).

Net financial items in the quarter were NOK -211 million (NOK 387 million). Net interest expenses in the quarter were NOK -72 million (NOK -90 million). In addition, there were net unrealized financial losses of NOK -122 million (NOK 467 million) in the quarter, which mainly consist of exchange rate differences of NOK -141 million (NOK 105 million), unrealized losses on financial instruments related to the interest swap agreements in Renewable Energy of NOK -6 million (NOK 391 million) and an unrealized gain on other investment of NOK 25 million (NOK -29 million). Other financial items amounted to NOK -18 million (NOK 10 million).

Net Result in the quarter was NOK 172 million (NOK 394 million) of which NOK 142 million (NOK 40 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result in the quarter was NOK 30 million (NOK 354 million).