Bonheur ASA (0DTI.L) Q4 2025 Earnings Report

Bonheur ASA posted a solid Q4 2025 despite notable headwinds in its renewable assets and construction-related idling. Revenue of NOK 2,937 million was accompanied by EBITDA of NOK 1,120 million and net income of NOK 126 million. The quarter benefited from resilience in Wind Service and Cruise segments, while Renewable Energy faced revenue normalization due to the absence of insurance-related uplift booked in Q4 2024. Cash flow remained positive, with operating cash flow of NOK 503 million and free cash flow of NOK 28 million, supporting a strong balance sheet and a sizable net cash position of NOK 6.32 billion at period end. Management highlighted a meaningful strategic development in MEAG’s partnership with Fred. Olsen Windcarrier (FOWIC), which closed in February with a EUR 150 million investment for ~24% equity, enhancing strategic flexibility and long-term growth optionality.

The group continues to emphasize capital discipline and liquidity while pursuing growth through renewables and floating solar initiatives. The Cruise segment delivered the best fourth-quarter bookings on record, complemented by a 3% increase in yield and occupancy, pointing to higher sustainable cash generation ahead if demand holds. Bonheur also disclosed aggressive optionality via UK offshore wind opportunities (AR7 grid reinforcement) and project maturation in Codling Wind Park (Ireland) and Muir Mhor (Scotland), reinforcing its exposure to high-growth renewables tailwinds.

Near-term risks center on UK grid outages (Mid Hill, Rothes) and turbine transport constraints impacting certain projects, alongside general industry cyclicality and project timing. Notwithstanding, management signals a constructive long-term trajectory with elevated activity expected in 2026, a backdrop that could support continued EBITDA resilience and a healthy dividend framework given the strong liquidity position.