Bonheur-Good start to the year-05/12/2026

Research evidence excerpt

Bonheur-Good start to the year-05/12/2026

Bonheur

NEWSFLASH | 12 MAY 2026

Good start to the year

Bonheur reports Q1’26 EBITDA slightly ahead of expectations with softer results within wind service more than offset by

higher contribution from power production and cruise. EPS was mostly in line with consensus with offsetting net 'nancials

which fluctuates q/q (ahead of PAS). Renewable construction projects are progressing largely as expected, with no new

additions. Within offshore wind service, the updated backlog supports our initial dayrate estimate on the 10-year O&M

contract awarded in the quarter. Overall, a slightly positive report in our view. BUY, TP NOK 330

Deviation table

Selected comments

• Bonheur reports Q1 EBITDA 5% ahead of consensus, as a weaker-than-expected result from Wind Service is more than offset by a strong

quarter for Renewable Energy and Cruise

• Renewable Energy delivered higher than expected power generation with the new wind farm Crystal Rig IV coming online and netting out

the production loss at Mid Hill caused by the grid maintenance outage

• Cruise achieved higher y/y utilization, operational occupancy and gross revenue per passenger

• The Crystal Rig IV wind farm started operating during Q1, while the Windy Standard III project under construction is expected to

commence operation according to plan in Q1’27 as part of the police escort problems have been mitigated

• Bonheur has entered into xed price contracts for Paul’s Hill and Crystal Rig III for the next twelve months

• The grid outage at Mid Hill continues and the maintenance work is expected to be nished in late July 2026. The second planned

maintenance period which was set for November 2026 to April 2027 has been delayed without a new estimates time