Earnings call transcript: Bonheur’s Q2 2025 results show steady growth

Bonheur’s Q2 2025 earnings call revealed a mixed financial performance, with notable improvements in certain areas despite challenges in others. The company’s EBITDA decreased to NOK 584 million from NOK 763 million last year, but the net result improved by SEK 226 million. The stock price rose by 3.9%, reflecting a positive market reaction. According to InvestingPro data, the company maintains impressive gross profit margins of 94.5% and has demonstrated consistent profitability over the last twelve months.

Key Takeaways

• EBITDA decreased year-over-year, but net results showed improvement.
• Stock price increased by 3.9% following the earnings call.
• Strong cash position with close to NOK 5.7 billion.
• Continued focus on renewable energy projects, despite operational challenges.

Company Performance

Bonheur reported a decrease in EBITDA to NOK 584 million from NOK 763 million, indicating some operational challenges. However, the net result improved by SEK 226 million, signaling better financial management and cost control. The parent company reported a profit increase to SEK 877 million from SEK 596 million. The company’s strong cash position and reduced external debt to NOK 3.5 billion provide a solid foundation for future investments.

Financial Highlights

• EBITDA: NOK 584 million (down from NOK 763 million last year)
• Net result: Improved by SEK 226 million
• Parent company profit: SEK 877 million (up from SEK 596 million)
• Cash position: Close to NOK 5.7 billion
• External debt: NOK 3.5 billion

Market Reaction

Bonheur’s stock price increased by 3.9% in pre-market trading, reflecting investor confidence despite the mixed financial results. InvestingPro analysis indicates the stock is currently undervalued, with a beta of 0.71 suggesting lower volatility than the market. The company has maintained dividend payments for 20 consecutive years, demonstrating strong shareholder commitment. For detailed valuation insights and 8 additional exclusive ProTips, explore the comprehensive Pro Research Report available on InvestingPro.

Outlook & Guidance

The company remains focused on advancing its renewable energy projects, including floating wind and solar initiatives, with a significant pipeline in the Philippines. Bonheur is also keen on enhancing its cruise line offerings, targeting younger audiences with shorter summer cruises. The company’s forward guidance includes a 11% increase in cumulative sales for 2025-2027.

Executive Commentary

• Sofia Olsen Jepsen, CEO of Fred Olsen Renewables, emphasized the importance of onshore wind in the future energy mix.
• Lars Bendig, CEO of Fred Olsen Seawind, highlighted the company’s strong projects in attractive markets.
• Manuura, CEO of Redolfo Wind Carrier, noted the tight market conditions expected in the coming years.

Risks and Challenges

• Operational issues in renewable energy production, particularly in the Crystal Rig one wind farm.
• Grid outages in Scotland impacting energy generation.
• Volatility in the offshore wind market with reduced visibility.
• Record number of negative price hours due to high renewable energy supply.

Despite some operational setbacks, Bonheur’s strategic focus on renewable energy and cruise lines positions it well for future growth. The positive market reaction to the earnings call underscores investor confidence in the company’s long-term prospects. InvestingPro data reveals strong fundamentals with a current ratio of 1.54 and an impressive Altman Z-Score of 6.4, indicating solid financial health. The company’s revenue has grown at a 5-year CAGR of 12%, supporting its expansion strategy in renewable energy markets.

Full transcript - Bonheur (BONHR) Q2 2025:

Annette Olsen, CEO, Bondueur: Good morning, and very welcome to everybody to Bondueur’s second quarter presentation. My name is Annette Olsen. I am the CEO of Bonner. And today, as usual, we will have our CFO, Riccardo Lavo, presenting the figures. And also, the CEOs for the individual companies will present.

At the end, we will open up for Q and As. So welcome, everybody. And Richard?

Riccardo Lavo, CFO, Bondueur: Yes. Thank you, Annette, and also a hearty welcome from me to this second quarter presentation. As an overall picture, we’re delivering a solid set of financial figures this quarter. Apart from some downtime in Fred Olsen renewables, the companies are delivering well. And in addition, we have booked the gain of the sale over 50% share in United Wind Logistics.

So in total, the financial figures for this quarter come in at a strong level. I will now go through each of the segment quite briefly and with a more financial focus because they will be covered more thoroughly by the CEOs. And then I will go through the consolidated p and l figures and also cover the sale of UWL in more detail so you can understand the financial effects. And finally, I will cover the balance sheet before handing over to the CEOs. But the highlights for the various segments, renewable energy had an EBITDA of 127,000,000, down from $259,000,000.

You could assume that due to the steep drop in the power prices in Sweden that the pricing is the main driver behind the drop. It’s true. We have very low power price in Sweden, but the prices in The UK are holding up quite well. And UK is a much bigger part of our portfolio, so pricing is not the main driver for the reduced EBITDA. The main driver we find on the generation side, which is 20% lower than the P58 estimate.

And that’s due to continued downtime in some of our operations and particularly at the Crystal Rig one wind farm where we also have rocks and good prices. So loss generation there is also hurting from a financial perspective, which Sophie will cover more in detail. The construction projects, Crystal Rig four and Windy Standard three, large projects, total CapEx close to 3,000,000,000 kroner, progressing according to plan, very important. And then Lars will cover the significant development in Scotland where we now have the onshore consent award for the Miramar project. And knowing the grid situation in Scotland, that’s a very good achievement.

Wind service requires some explanation this quarter because here we have a lot of effects. I think I would point your attention to the fourth bullet point. This has been a good operational quarter. So if we look at just Voorvik and Global Wind Service, which will be the two operating companies in that segment going forward post the sale of UWL, they deliver an improved EBITDA of NOK145 million when we exclude the significant termination and reservation fee effects in the wind service segments. I’ll come back in a later slide, hold that hold those reservation fees and termination fees affect the quarter.

But underlying, it’s a strong delivery from both Vorvik and DBS in this quarter. I think also an important achievement in this quarter is the divestment of UWL, and I’ll come back to the financial effects from that. But overall, EBITDA is down from 763 to 584, and the effects on the termination and reservation effect of that is 305,000,000 net. So if you take that out and add back the 145,000,000 from full week and EBITDA and a small effect from UWL, you get to the 584. Then on the cruise, an improvement from an EBITDA 212,000,000 to 307,000,000, almost 50% improvement in EBITDA.

We’re still sailing with less than full ships, occupancy improvement to 79%, also lower than we aiming for. We see that net ticket income is up from 196 to 210, and we also have lower cost this quarter than second quarter last year, where we also had the one off related to the Holland America case. On the other investments, positive EBITDA of 35,000,000 compared to negative 4,000,000. The main driver for that is improved results in NHST, which had an EBITDA in the quarter of 63,000,000, up from 44,000,000 similar quarter last year. The long term trends since 2017 on EBITDA and revenues per segment and total continues approximately the same level we have been with this quarter, somewhat lower revenue due to this effect of the termination fees.

And we see also the EBITDA are keeping on the on the same more or less the same level as as in the last couple of years. The divestment of United Wind Logistics was announced in the first quarter, but this quarter, it will show its effects on the account. I think a very easy way of looking at the financial effect of this is that we acquired these shares back in 2019 for €12,000,000, and we sold them for 48 and a half million euro. So it’s a it’s a gain buying and selling of 36 and a half million euro. And in Norwegian kroner, it’s more because the euro rate was lower when they acquired than when they sold.

However, when you look at the effect on the consolidated group level accounts, the effect is less than the €36,500,000. It comes in at an effect of €29,000,000 or a $347,000,000 financial gain. This is not part of the EBITDA. It’s a part of the financial gain in the quarter. The reason why you have a delta is obviously that we have taken in the profits from UWL in the period, while they have not received dividends as the company has paid down debt on the ships.

The cash effect is will be 51 or is 51,200,000 because in addition to this equity price for the share of 48,500,000.0 was a shareholder’s loan of 2,700,000.0 that was paid back in Q1. So what should you expect going forward? Well, we sold the shares for 48,500,000.0 for 50% of the company. So the full value of the company was then priced to 97 and a half million euro. The EBITDA of UWL the last years have been around €9,000,000 that will now go out from our accounts going forward.

So a very easy way to think about it is that the company on equity value was sold on a 100% basis for €97,000,000, and it’s around €9,000,000 that will go out from the consolidated EBITDA going forward. Then going a little bit more into the variation between second quarter last year and second quarter this year on revenues and EBITDA. Renewable energy, mainly lower generation, both on revenue and EBITDA, which Sophie will cover more in detail. And then we have the wind service, where we see the revenue is down almost SEK 1,000,000,000, mainly related to the termination and reservation fees in previous years. But I would like to point your attention to wind service EBITDA, which again is down SEK 179,000,000.

There, we have booked positive reverse or positive effect of the termination fee of 100,000,000 in this quarter, while we had a positive effect of $4.00 5,000,000 in the same quarter in 2024. So the net of this is $3.00 5,000,000 negative effect from ’24 to ’25, while we see the variance is only a reduction of 179,000,000. Hence, there has been a strong underlying improvement in both Global Wind Service and Fred Olsen Wind Carrier, mostly in Fred Olsen Wind Carrier. Cruise lines and NHT ST already commented on a little bit of a credit to NHST, improved revenues and good cost control in this quarter, delivering a strong, strong quarter. And then on a consolidated basis, already comment on the revenues and the EBITDA.

On the depreciation, it’s a small special effect this quarter is that we could reverse an impairment of NOK 23,000,000 related to mentioned solution in this this quarter. That was a debt item that we could now eliminate and put back on the impairment. So a positive effect there of NOK 23,000,000. Net finance is positive this quarter. That was negative with 130,000,000 same quarter last year, and that’s basically the gain on the sale of UWH shares with SEK $347,000,000.

That’s the main driver of the SEK $320,000,000 variance year on year. So earnings before tax comes in at $967,000,000 $164,000,000 stronger than last year. Tax costs are down because we basically, where we earn money in this quarter is all the vessels, which are all in the tonnage tax systems, while there are less profit in renewable energy where we are in a taxable position. So the net result come in SEK $226,000,000 stronger than second quarter last year. And as the main profit generator in these quarters are 100% owned by Bonnour, the share of the results to the parent is quite high this quarter with SEK $877,000,000 to the parent compared to SEK $5.96 same quarter last year since improvement of SEK $281,000,000.

So for the parent company, this has been a quite strong quarter. Finally, from my side, the capitalization per second quarter. I will not go through again the financial policy and the capital allocation policy, but I’ll just remind you of what is to the left there, how and how important it is to us, but more focusing on the on the figures. As usual, we have split this in the entities we control 100% and the joint ventures and where we don’t own 100% to the bottom. Where we own 100%, the cash position now is close to $5,700,000,000 and external debt is $3,500,000,000 The only significant external debt we have, where we have 100, are the bond loans in Bondi.

And as you see, the net cash debt in Bonnour is down by $321,000,000 That is basically related to that we paid out dividend to the shareholders in the second quarter and that we have not upstreamed the cash from wind service. You would see in wind service, there is now a cash position coming from the UWL sale and the strong results in Fred Olsen Wind Carrier of more than SEK 2,000,000,000 in cash in wind service and very little external debt related to BrakeTurn and Bolturn. So a net cash on debt position in wind service, so close to SEK 1,700,000,000.0. On the less than 100%, but more than 50% owned entities, there is no significant development in renewable energy that does basically related to the joint ventures in Scotland. While on wind service, obviously, these numbers now are without United Wind Logistics.

So these numbers are really related to global wind service and and BlueTurn in in particular. Yes. So that takes, Anat, me to the end of my presentation.

Annette Olsen, CEO, Bondueur: Yes. Good. Thank you. First one to present today is Fred Olsen, Renewables with CEO, Sofia Olsen, Jepsen.

Sofia Olsen Jepsen, CEO, Fred Olsen Renewables: Thank you very much. The highlights of this quarter is that production were below estimates due to the low availability and also low wind in Scotland. We see weak power prices and curtailed generation in Sweden despite there being quite high winds. And then finally, the construction of our two wind farms in Scotland is progressing well. So moving on then.

We have presented our business model previously with the overview of our projects. No highlights or news to mention there today, so I will just keep it here and then move forward. Talking about the market because we do see that the average prices have declined due to a low demand, which is not unreasonable given that we have the onset onset of the summer’s beat season where there is cooling demand expected in the more southern regions of Europe, but not the same demand expected in Northern Europe. I think the most remarkable thing to note in this quarter is that we have had a record amount of negative price hours, up over 50% year to date compared to last year, and this is driven by rising solar and wind generation because we do see, in general, that the renewable energy supply is high in general. Moving on then to comment on our production.

As mentioned, the generation is below budget due to downtime, And there are three main reasons for that. Crystal Rig one, our wind farm in Scotland, has technical and operational challenges at these early 2.5 megawatts turbines or early generation, I should say, as they were very novel at the time they were built. We do have a turnaround program ongoing and are working closely with our service provider to to really get this turnaround. In Sweden, we see that Hoegh Galliden has had technical challenges related to blade bearings, and several has been exchanged in the quarter, and that has been the main reason for the downtime there. Now that is solved.

But going forwards, we have mentioned sorry, seen that we needed to take three turbines offline as we want to investigate some suspected blade cracks. I think this shows the importance of being proactive because they were identified during some proactive drone campaigns that we had on the wind farm. Midhill, our wind farm in the northern part of Scotland, has had a grid outage from June 16 to the July 13. There is, unfortunately, a planned grid outage from September 25 until May 26, and there is work ongoing to try to mitigate this impact to see if that can be done in any way. However, an outage should be expected on this wind farm in that period.

Then we have mentioned, and periods within low negative prices in Sweden, which means that we are curtailing production. And a measure to to counter this is that we are in underway to access the ancillary markets in Sweden, which has had record prices lately. Then we have had low winds in Scotland on top of the impacts mentioned above, which has further reduced generation. So moving on then to address our construction projects. The first one is in Scotland in the Southwest.

Windy Standard three progressing well. There is a lot of trees on-site, and the tree felling has reached achieved its first milestone ahead of time. We are now have been constructing the roads and the hardstands, and the construction compound is where all the activity is done from. Then we have another construction project as well, Crystal Rig 4, which is a bit more progressed in the time lines. And all the hard stands are now ready for turbine installation, and we will now start the transport of the turbines components.

So this is the more exciting time, I would say, of the construction period when we actually do see the erection of the turbines. Then we’ve also had the transformer delivered to site, and the installation and commissioning of this is ongoing. So summing up, production is below estimates due to low availability in low wind in Scotland. We have had weak power prices and curtailed generation in Sweden despite high winds there, and our construction projects are progressing well. I also wanted to mention the reason why we are here and what we are working to achieve every day, and that is actually that we do very strongly believe that onshore wind plays a core part in the future energy mix.

Mix. And we do see that Fred Olsen renewables benefits from having a presence in very committed markets like The UK, like Italy, like Sweden, and that we do have a strong pipeline.

Annette Olsen, CEO, Bondueur: Thank you, Sophie. Lars Bendig, CEO of

Lars Bendig, CEO, Fred Olsen Seawind: Yes. Thank you, Annette. And I will take you through the highlights for Fred Olsen Seawind this quarter. But before doing that, I thought I would make a few overall comments both in relation to the quarter, but also in relation to our projects. And as you see here, the first point is that we have strong projects in attractive markets.

Cotlin Wind Park is a fundamentally strong project. It’s one of the largest bottom fixed projects in Europe. And as important, it is sitting in a market where the government is in strong support of offshore wind. In Scotland, we have Muir Borr, which is a floating offshore wind project with the potential of becoming the first large scale floating project in the world. Again, a project with strong fundamentals and also a project which sits in a country with a strong governmental support.

The reason I mentioned this is because this is naturally key for us that we have strong projects and it’s key also for our strong belief and confidence in taking these projects forward along the way. The second bullet in relation to our projects, we apply what I would call diligent development strategies, which basically means three things. Point one, we maintain lean cost and DABICS profiles. Secondly, we minimize pre FID commitments. And then thirdly, and as importantly, we focus on delivering incremental value and progress on the projects quarter on quarter.

And this allows us to be flexible in the development, but it also allows us to progress the projects in a in a manner where we can gradually take them towards the next milestones. And I think that leads naturally to the third point, which is good news for this quarter. Richard already mentioned it. We had an onshore consent award for our New War project in Scotland, which I can say a bit more about what that means for the project if we turn to the Muir War slide. Because we’ve now had an onshore consent granted, which naturally is positive, it’s a significant milestone, and it’s a very well executed job by the team in in Scotland.

So very well done. Now we are naturally awaiting the next step, which will be the offshore consent, which will come first half of twenty six, or at least that’s the expectation. Following the final consent award, the project will be in a position for bidding into a CFD auction. Another advancement over, I would say, this quarter, but also the last quarter, is that our grid position has significantly improved. We now have a radio connection, and we are also eligible under The UK connections reform process.

So both our consent and our grid is coming along nicely and advancing in the manner that we we had hoped. This also supports and and emphasizes the strategy we had from day one, which is being one of the first mover projects in in Scotland for floating offshore wind. And with that, I will turn to cotling. Naturally, a focus point in Ireland is the consent application process, which I’ve mentioned, I think, numerous times on on this quarterly presentation, and we follow it closely. The planning body is now starting to request further information from the different projects, which is a, I would say, natural next step in the process of planning.

Very importantly, and I think worth emphasizing also based on my earlier comment is that we had a new Irish government coming into office, not in this quarter, but the quarter before. And we very much see a government that is very committed to offshore wind and committed to progressing this rapidly and with government support in in basically paving the way for these first projects in in Ireland. And naturally, codling remains key to the government’s ambition in reaching its offshore wind ambitions. So in the project, we are, of course, focusing on being ready on the back of the consent determination and award of final consent to execute the project. So I’d say overall, a quarter with some good news in Scotland with both advancement of grid and also the consent on onshore.

But also very importantly, I think it’s important to mention we have strong projects in attractive markets, which we have strong confidence in. And with that, I will give the word back to you and wish you a nice summer holiday.

Annette Olsen, CEO, Bondueur: Thank you, Lars. Next is. I’m not going to sing the birthday song.

Riccardo Lavo, CFO, Bondueur: No. That’s fine. Thank you.

Annette Olsen, CEO, Bondueur: Happy birthday.

Riccardo Lavo, CFO, Bondueur: Thank you.

Annette Olsen, CEO, Bondueur: And and you will present for us the technology developments.

Technology Development Representative, Bondueur: I will. Yes. So for 1848 this time, we will start with floating wind and reflecting a bit about the importance of the project certification process and how we have attacked that joined that with some market observations. And then for floating solar, then we’ll share some observations from the last quarter. So looking at certification process that has been something that we had focused on from the start.

Now a certification process is really a technical derisking of a project development. And this technical derisking, that is done by verifying the technical concept according to a set of requirements, agreed requirements, which are defined in industry standards, which have then been accepted by all the industry stakeholders. And by industry stakeholders, then that is, of course, the normal food chain with vendors, fabricators and developers, but it also include other stakeholders such as banks giving loans and insurers providing insurance. So to the right here, you see that we have shown two figures out of two such industry standards. These two issued by DNV, showing a typical certification scope and and which parts of the technical system which are typically derisked.

For a bottom fixed project, just to compare with that before moving into floating, you typically have a certified turbine from the start. So a certified turbine type certified turbine, that is. That means that the turbine itself has been pre certified according to a set of boundary conditions. Then you take the pre certified turbine, and you integrate it with a site specific foundation being a monopilot or a jacket, and that is done as part of the project development process. For floating wind, that’s a bit different because the floating foundation itself can affect the operation of the turbine.

So in effect, the turbine and the floater needs to be certified as one unit. And the benefit of that is that that one unit is much less site specific dependent on site specific conditions. So that means that you can with the industry standards available today, you can take out a larger chunk of the technical derisking scope outside of the project development and away from the critical line of the project. So from our side, that has been an important feature when we’ve been working with to achieve an advanced level of certification as early as possible. So how does this look out into the market?

Well, for us, we know that there are certain floater designs that has achieved an advanced level of certification for smaller turbines. But when it come to commercially sized turbines, such as 15 megawatts and above, then it’s really been us. We announced our basic design certificate in October. But then this quarter, BaVideo fall in suit announcing their basic design certificate. And for us, we believe that we have a good solution when it comes to to industrialization and and performance.

But this news is also good for the floating industry. It’s stepping in the right direction is my view. So that concludes the floating wind part. On the floating solar, this is much the same observations as we shared last time. Asia continues to lead the way with the utility scale projects.

This quarter, underlined by The Philippines, preparing for the fourth energy auction, green energy auction. And by that, The Philippines will have a total pipeline around three gigawatts for floating solar. Hybridization with hydro dams shows good potential. We see that is also the same continuing. Vietnam and Thailand has announced more projects.

And in fact, the largest most projects in Asia today is hybridization projects. And then on the last bullet, Europe is slowing is moving forward, but slowly, then that was the news this week. Underlining that, we thought, with Italy launching a tender for 50 megawatts for floating solar, which is very, very positive, but, of course, a different scale than what we see in in Southeast Asia. So by that, that was mine.

Sofia Olsen Jepsen, CEO, Fred Olsen Renewables: Good. Thank you.

Annette Olsen, CEO, Bondueur: Welcome, Manuura, CEO of Redolfo Wind Carrier.

Manuura, CEO, Redolfo Wind Carrier: Good morning, everyone. I think second quarter for four week was a mixed quarter, but I think it’s mixed in a good way. If you look at what our vessel did, they one of the vessels preparing for monopole drilling campaign, one vessel installing turbines, one vessel doing OEM. So I think it’s a good testimony of the diversity of our vessels and our organization. We also had some vessel yard, but despite that, the financials came in at a solid level as highlighted by Richard earlier.

On the market side, I think we reiterate the view that we have communicated for the last quarters that we see a very tight market the next years, but we see some more volatility creating somewhat reduced visibility as we go along. I think if you go over to what the vessels did last quarter, As I said, we had Bolton. She started to prepare for a large offshore monopod drilling campaign with Saipem. I will update the picture to try to illustrate the size of the drilling equipment that’s gone gone gone onboard. Normally, this is a huge tech area.

Now you only see drilling equipment and the temporary living quarters. Brave Turn completed the energy project in May. Thereafter, she went into yard to do upgrade of the aft to do a generic 15 megawatt three turbine setup so we easily can switch between Siemens and turbines and to do some other maintenance. Blue Turn, she came out of yard during the period, and she commenced online campaign with Siemens. Also update the picture to to illustrate what we’re doing here.

It made a huge tent, which is basically a fabric onboard. Bluewind continued on the Hai Long project

Riccardo Lavo, CFO, Bondueur: during the quarter. If you

Manuura, CEO, Redolfo Wind Carrier: go then over to the financials, it was a solid operational quarter. We had a 99% utilization when we was on contract, taking into account the downtime we incurred in the yard and between the contract and yard, the total utilization was 73%. I think I’ve been standing here for some quarters now talking about yard. I don’t like it. But we see now that this high activity with planned yard activity is coming to an end.

Brave turn will now be in yard for most of the quarter, but I think that should hopefully mark at least it marks almost three quarter with higher than normal planned yard activity. The financial for the quarter came in with a in in with an EBITDA of €42,100,000, which is very good. But please note that 8,800,000.0 of this is an accounting effect of a previously announced cancellation fee back from a contract termination in q four twenty twenty four. Then over to the market and backlog. I think in general, we have seen fewer than normal new contract award in first half of twenty five.

A lot of what has been announced has been early announced reservation agreement and acceleration campaign, meaning that you need more vessel time and there has been quality issues on the turbines leading to more vessel time. This was the same effect for four week. This quarter, we did not book any new major contract. So the backlog went from 426 to €352,000,000. On the market, as mentioned, we continue to see a tight market going forward the next years with increasing activity.

We also see that the ongoing value chain issues we have, the growth pains that we see in the offshore wind industry, which started two, three years ago, is again impacting the demand, creating some more volatility and some more uncertainty on the visibility when we go more out in the into the decade. But if you look at then at our tendering activity, we always track the number of active tenders, and you see the number of tenders that we have in the pipeline today is at a very strong level also when you compare it to twenty three and twenty four. So activity on the tendering side remains high, and that’s both for project in the medium term, but also on the longer term. So I think that concludes my my remarks.

Annette Olsen, CEO, Bondueur: Thank you. Will talk to you about Fred Olsen cruise lines.

Riccardo Lavo, CFO, Bondueur: Yes. Thank you, Annette. We’re very pleased to see that coming out of a quite weak first quarter where we had the impact from the canceled cruise in the Red Sea or due to the geopolitical situation in The Middle East that impacted our first quarter in quite material way. So we’re quite pleased now to see that the second quarter, we have a strong recovery and also coming in with the results that is significantly improved from second quarter last year. And we see on this slide that some of the drivers, passenger numbers are up twelve percent second quarter last year to this year.

And also the yield per passenger is up 7%. And despite that, like I commented earlier, we’re still below 80% occupancy, so there is still room to grow. And that leads me to the third bullet point there is the cumulative sales going forward. We also had a quite strong booking quarter, second quarter this year. So the cumulative sales now for the full year ’25, including the weak first quarter, ’26 and ’27 is 11% up.

That leads me to the next slide then. Apart from a very nice picture of our very good vessels, there are a couple of important points in this slide. And one is you see some of the destinations we’re going to, which we think are very attractive destination for customers. But I’d like to point your attention to the number of cruises. Each vessel now has a double digit number of cruises in the quarter.

So it’s quite short cruises compared to what we have in fourth and first quarter during the winter season where the cruises cruises are longer. What we’re able to do with these shorter cruises is attract a lot of new guests that are new to Fred Ursson cruise lines and younger guests that will be important going forward. So this is quite important that we utilize the summer season with shorter cruises, where we can attract younger audiences, which have less time for cruises into more cruises for a week or so on to quite attractive destinations in around in Europe as you see here. So it’s a big shift between the winter and the summer, and that has been executed so far this summer quite successfully, and that’s also what we see going into second and third quarter next year. So a key challenge is how do we do this in the winter season, maybe in improved way, which Cruise Lines is working on.

But all in all, a strong improvement from second quarter last year, but still a lot more potential in the company.

Annette Olsen, CEO, Bondueur: Good.

Technology Development Representative, Bondueur: Thank

Annette Olsen, CEO, Bondueur: you. This now concludes the main presentation, and we will move to the session of questions and answers.

Sofia Olsen Jepsen, CEO, Fred Olsen Renewables: Thank you. There are currently no phone questions. I will hand the call back to you.

Annette Olsen, CEO, Bondueur: Thank you very much. And it remains just to wish you a very nice summer.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.