Bonheur ASA reports strong Q3 earnings despite revenue dip

Bonheur ASA announced robust financial results for Q3 2025, with operating revenues of NOK 3,406 million, down from NOK 3,606 million in Q3 2024. Despite this, EBITDA surged to NOK 1,117 million (Q3 2024: NOK 938 million), and EBIT reached NOK 818 million (Q3 2024: NOK 603 million). Net result after tax more than doubled to NOK 561 million, compared to NOK 350 million in the same period last year.

The Wind Service segment was a primary growth driver, with EBITDA increasing to NOK 577 million (Q3 2024: NOK 435 million). This was supported by a backlog of €360 million for Tern vessels and new contracts for turbine installations in 2027 and 2028. The Cruise segment also performed strongly, with EBITDA of NOK 352 million (Q3 2024: NOK 255 million), an 81% occupancy rate, and a 12% increase in booking numbers.

The Renewable Energy segment, however, saw a decline in EBITDA to NOK 219 million (Q3 2024: NOK 263 million) due to reduced generation at Crystal Rig I and Swedish windfarms, lower REGO prices, and grid outages at Mid Hill. Other Investments reported an EBITDA of NOK -31 million (Q3 2024: NOK -15 million).