Bonheur Stock

Good day, and thank you for standing by. Welcome to Bonheur ASA Third Quarter 2026 Results Webcast and Conference Call. I'd like to hand the conference over to Anette Sofie Olsen, Chief Executive Officer. Please go ahead.

Good morning, everybody, and a hearty welcome to our presentation today. As usual, Richard Olav Aa, our CFO, will present the figures. And then each of the CEOs from the different segments and companies will come forward and present to you. And we will then take questions and answers at the end. So over to you, Richard.

Yes. Thank you, Anette. I think we can start by saying it's been yet another solid quarter from Bonheur. We have underlying improvements in local currency in all companies, yet there are still not full utilization of the assets in the business this quarter. We have Mid Hill out of operation for the majority of the quarter and also Blue Tern have low utilization, and there's still more occupancy to be had on Cruise Lines. So even it's a solid quarter, I will also underline that there is still further potentials in the company as it is today as an introduction to this call. But going through the numbers and the main events, these will be thoroughly elaborated by the CEOs, so I will be brief.

But starting with renewable energy, almost a doubling of the EBITDA to NOK 385 million, mainly driven by higher electricity prices, but also very importantly, contribution from our new wind farm Crystal Rig IV that has come online in a very good way and also what we see now better generation and higher prices in Sweden, which has been a problematic area. And also very good to see that the large new wind farm project, Windy Standard III is progressing as planned. Still a few items left there, which Sofie will cover. And also, which Maren will cover that we closed out with Vattenfall on the Muir Mhor in this quarter.

In Wind Service, we have a strong executional quarter. Underlying improvement in local currency, but also correcting for one-offs in third quarter last year, there is improvement both in FOWIC and GWS. Very good execution on the contracts for Brave Tern and Bold Tern in FOWIC, Blue Tern, lower utilization and GWS had a strong quarter this summer.

Cruise lines, a little bit down EBITDA in -- measured in Norwegian kroner. That is due to a strengthening kroner towards the pound. In pound, it's a small improvement. There, it's important to note and Samantha covered that, that we take extra costs into the product now and the organization to improve the operations and the customer experience going forward. Occupancy up, and we see the booking numbers are up 17%, and that's very important because we have still room to grow on the occupancy and that we see that we can fill the ships, which is a very CapEx-light way of driving cash flow is very good to see.

Other investments, we see EBITDA for NHST on par with last year. Also there an underlying improvement in local currency, and at a reasonable level now for media companies. Also important to note that in September, we had a successful placement of a 6-year NOK 800 million green bond. That is the first 6-year bond we have had and one of the very few 6-year bond in the Norwegian bond market. This comes on the back of our strong performance and our strong credit being able then to push tenure 1 year longer than we normally have done and longer than the typical market.

We are on Fred. Olsen 1848, we're getting sharper and sharper on how to approach the floating solar market. And I think you should listen carefully to Per today about our positioning now for utility scale electricity, colocation of hydro dams and diesel generator replacements, which are the 3 main areas 1848 is targeting. So that is quite -- not many slides, but very interesting slides in my view, which you should listen carefully.

Then the long-term picture. We have been showing this for a couple of years now, and this quarter just falls in line with the trends we have seen in the last 3, 4 years. So still revenue at a level around NOK 13 billion, NOK 14 billion rolling and an underlying 12-month rolling EBITDA between NOK 3.5 billion and NOK 4 billion. We see an uptick -- a small uptick at the end of the time series here. That's really due to that Renewables has a much stronger Q3 this year than last year, which you also see in the dark blue at the bottom. So all business areas contributing meaningfully to the group EBITDA and also EBITDA from NHST almost covering the full overhead in the group measured on EBITDA.

Yes. We don't need to spend too much time on this one, been through it, but just the revenue is up NOK 209 million. If the kroner had been stable, it has been significantly higher. So we are impacted by the stronger kroner in all our segments because most of our operations are outside Norway and when you translate then revenue and costs back to krona, they will be lower with a strong Norwegian kroner. And then the same picture really for the EBITDA and year-on-year improvement of EBITDA of NOK 113 million. Again, that we had some one-offs in wind service positive in third quarter '25 and also impacted by the currency, but we really see on renewables, the carry-through of improved pricing and also that Crystal Rig is now coming in with full force.

Then on the consolidated P&L, already covered the improvement on EBITDA, depreciation on the same level. Important to note, net finance, we have lower net interest cost due to the cash position and also some unrealized gains on our commodity contracts in this quarter. Taxes are higher on the back of a higher result, especially in renewables. And then we have what falls to the parent versus the [indiscernible].

Finally from my side, the key items on the balance sheet. And again, I want to relate this to our financial policy. To the left, the company, meaning Bonheur ASA and its financial liquidity position shall be strong. I think we can tick that box in the quarter. Subsidiaries must optimize their own nonrecourse financing. We have no bank or bond debt that is guaranteed by Bonheur ASA, so we can tick that box. But I think it's very important to note the third box here is that we are in a capital-intensive industry with high growth. We have strong positions, and we have to be very good in finding now right means of financing growth going forward, both with the cash position we have and with partners and debt as we have done before. So I just want to reiterate, we're checking the boxes on the financial policy and the numbers strongly support that.

Important to note in the 100% owned entity on Wind Service now, FOWIC is moved out of that and is reported in less than 100% because we have a new partner for FOWIC. So on the 100% entities as they stand now, we have close to NOK 4.3 billion in cash and close to NOK 2.4 billion in debt and net cash position of NOK 1.9 billion. While in the less than 100%, the main long-term debt there is related to the 2 joint ventures in the U.K. wind farms that are project finance, which you see the debt there of close to NOK 3.4 billion. And then the main debt in Wind Service is -- or the only debt in Wind Service is really related to working capital financing in Global Wind Service. So yes, ticking all the boxes on the financial policy. And by that, I will end my part of the presentation.

Thank you, Richard. Next is Sofie Olsen Jebsen, CEO of Fred. Olsen Renewables.

Thank you. This was a strong quarter for Fred. Olsen Renewables, mainly driven by higher prices, but also generation that was higher than the same quarter last year. Mid Hill, our wind farm in Scotland, reconnected in the middle of September. And we have seen that Crystal Rig IV, our new wind farm has entered into the CfD, contracts for difference agreements in the middle of October.

Moving on. In Fred. Olsen Renewables, we have a full cycle business model for our wind farms. And for 2 of the wind farms, Crystal Rig and Brockloch Rig 1, we are preparing decommissioning after their ROCs run out and the production stops at the end of March 2027. These are early sites with excellent wind and hence, good candidates for repowering with modern technology. Brockloch Rig 1 was actually our first wind farm in Fred. Olsen Renewables. It's now 30 years old. And when you go to site, you can see the development of technology in the wind industry because you see the 600 kW turbines next to the 2-megawatt turbines of Brockloch Rig Wind Farm. And then you have the 4.2 and 4.4 megawatt machines from Windy Standard III being erected.

The market. We have seen power prices rising to the highest since early '23, mainly due to the Middle East situation. The EU storage levels are currently 71% full ahead of winter. So it's fair to say that prices will remain sensitive to weather and also geopolitics in the short term. We also see that hydro and nuclear output has lifted gas-fired generation. So moving on.

On the production side, our generation was 15% higher this quarter than the same in '25. This is mainly due to Crystal Rig IV and improvements at our Swedish wind farms. We have seen Mid Hill reconnected finally and at a strong availability since, which I think is a very good testament to the great job that our operational team has done during the outage on keeping these turbines well maintained. There is a second outage expected for 10 weeks during the second half of '27, and we are working closely with both the grid operator and grid owner to mitigate this to the extent possible.

At Lista in Norway, we have 12 turbines currently partially curtailed in strong winds due to fatigue-related foundation issues. This means that the maximum output for the wind farm is currently at 84% of full capacity. That is the maximum full capacity when it blows the most, which means that the peaks are really shaving off for production at the wind farm at the moment. We are focusing very much on repair works for this, and that will continue into '27.

My last update is on Windy Standard III, which is under construction. We are installing 2 turbine sizes at the site. All the smaller turbines have been installed and the larger ones are now underway. The estimated completion is still Q1 2027. And the project is progressing according to plan. There is still residual risk in terms of the ongoing works by Scottish Power Transmission with the Dunhill substation upgrade as well as weather-related risks, both of which the project team are working very well and hard to mitigate. So that was all for me. Thank you.

Thank you, Sofie. Next, Haakon Magne Ore, CEO of Fred. Olsen Windcarrier.

Thank you, and good morning to everyone. Third quarter operation-wise was another stable quarter as also highlighted by Richard, where we also brought all 3 vessels back in operation. So if we go into the details on the fleet, Bold Tern had yet another strong quarter performance-wise on the monopile drilling campaign off France. Brave Tern recommenced operation early July and now only have 12 turbines left on what is set to be the Denmark's largest offshore wind farm. Blue Tern had some idle days in the startup period, but she commenced an O&M contract off Germany in early September.

If we then go back again and looking at the consolidated figures, I said it was a stable quarter. It is highlighted by the uptime we have on our vessel of 98% on average through the quarter. With the idle days, especially linked to Blue Tern, we had an overall utilization in the quarter of 77%. Brave Tern recommenced its contract early July and the account itself does not have any meaningful impact from the addition earlier this summer. Financially, third quarter came in at EUR 53 million with an EBITDA of EUR 32 million.

If we then go over to the backlog, the backlog fell marginally. I don't like it, but it fell slightly below the EUR 1 billion mark as progress on the different projects was only partly offset by some O&M additions to the backlog.

On the market, I think we have been quite consistent on our view for a quite considerable time -- some quarters, where we continue to see a very tight market the next year. Again, for the summer season next year, there is very limited availability of vessels with a bigger crane. Then we expect some reduction in the T&I activity in '28 and further in 2029 before we then expect to see a rebound in activity next decade.

This rebound, I think it is evidenced by when we see -- continue to see a high level of tenders for execution in '30, '31 and '32. And we also see an increasing pipeline of new governmental auction in 2027, which will drive the new T&I activity in the period from '31 to '33. On the O&M side, that is a little bit more stable, and we continue to see stable and healthy growth in that market. So I think that concludes my comments.

Good. Thank you. Maren Sleire Lundby is next, CEO of Fred. Olsen Seawind.

Thank you. Good morning. So the Q3 highlights for Fred. Olsen Seawind include progressing the development of Muir Mhor now under 100% ownership of Fred. Olsen Seawind. We now expect the consents to come in, in Q4 2026 for Muir Mhor and first half of '27 for Codling. And lastly, our diligent development strategies continues for both projects.

A snapshot of our portfolio for those who are not familiar with that. We have Codling, a 50-50 joint venture with EDF in Ireland, where we have an attractive CfD for 1,300 megawatts secured as well as site exclusivity and grid into Dublin Port. We have submitted all the requested information for the consent application, and we are expecting the consent to come in next year. The key focus in Codling include engaging with authorities to progress that consent as well as maturing supply chain and the business case towards FID.

Muir Mhor is a 1,000-megawatt deepwater site in Scotland. It's viewed as one of the top projects in the U.K. for deepwaters, and it has a radial grid connection secured for mid-2030s. We have most of the regulatory approvals in place with the offshore consent still outstanding, but expected to come in later this year. The key focus for Muir Mhor is securing this consent as well as a grid acceleration, meaning an earlier connection date and in parallel, preparing the supply chain and the bid strategy to be prepared for an early allocation round.

Zooming in a bit on Codling and where the recent updates include submitting all the final information that was requested in this further information request that we received from the planning authorities. That was done in June this year. And based on the signals from An Coimisiun Pleanala, which is the Irish planning authorities, we now expect the consent to come in next year, first half of '27. When the consent is in, we are then working with multiple scenarios for the delivery schedule for the project, and this is to account for the uncertainty in the Irish regulatory time lines.

We are very pleased to see that the Irish government remains committed to offshore wind and Codling is still described as a key asset to reach the government's offshore wind ambitions. So we have a common objective that we're working towards. We are also working closely with turbine suppliers, and we are maturing -- preparing for procurement across all major scopes to mature the business case towards financial close.

In Muir Mhor, as I mentioned, we have taken over 100% ownership of the project following Vattenfall's exit that was done on 31st of July this year with great efforts from the team on both sides of that transaction, which meant we could successfully complete on time. The offshore consent determination is now expected in Q4 following some additional engagement we had with the Marine Directorate in Scotland during September. And as you may be aware, the U.K. CfD auction now have hybrid foundation and floating foundations in the same budget pot in allocation round 8. And as a result of that, we are now progressing supply chain engagement across both technologies, both floating and hybrid for Muir Mhor. And this is to inform our business case and our bid strategy, which is still to target an early allocation round.

We are very happy to be working closely with our colleagues in the wider Fred. Olsen ecosystem, leveraging the expertise and the experience from both 1848 on floating engineering as well as Windcarrier on marine engineering and Fred. Olsen Renewables on regulatory and grid expertise. And this is all to progress the development process, and we will continue that collaboration, obviously, as we advance toward construction and generation. So Muir Mhor is currently a very strong example of the cross-company collaboration that can bring value to the whole Fred. Olsen system. Thank you.

Very good, Maren. Per Arvid Holth is next. I think Per Arvid already has some...

I'll try to deliver accordingly. Yes. No. Thank you, Anette. So my focus this time will be on solar. And I think there's a rapid expansion of solar ongoing. And as we see in the slide here, which is taken from the DNV Energy transition outlook, solar PV is really becoming the backbone of global electricity generation together with onshore wind. So what opportunity does that give us who have a proprietary technology for floating solar. And this absolutely -- and you can only describe it as a huge wave, which has already started in deploying solar globally.

We are confident that you need alternative application methods than the conventional land-based solar. And here, floating solar has the potential of delivering large surfaces for development at a reasonably low cost. So as Richard mentioned, we are focusing for BRIZO on both diesel displacement or displacement of hydrocarbons in general for generating electricity. We are focusing on hybridization with hydro and utility scale. And then I'll add the fourth, which is commercial and industry behind the meter applications.

So for us, we see this as a good opportunity based on the setting we are in. And then I'll go into a bit on BRIZO when it comes to cost and then also, as Richard mentioned, a bit an insight to some of the business aspects. So -- but cost is key, and this is where BRIZO comes in. It's really enabling the new -- next step for floating solar, and that is advancing from still water and into wavy water. Up to 3.5-meter HS is what we have targeted and what we have tested for. So just to put that in context, I have a figure there to the right, setting -- giving you an impression of what 3.5-meter HS is.

The uniqueness by BRIZO is that we can deliver a sophisticated hydrodynamic response by utilizing well-known, low-cost materials with a high availability. And it's really about the system being able to absorb waves without lift off, and that's important when you add wind to the mix. It has continuous load paths from anchor to anchor. So it's really a mooring system. It has a high redundance towards single point failures and it allows movement of the individual floaters in protecting the panel.

But low cost is not only a design feature, it also has something to do about how we structure the business around the technology. And for BRIZO, I think there are 2 aspects that I'm highlighting here today. One is the delivery model. Now with BRIZO, we are leveraging an existing and a widespread supply chain that can deliver at scale today. And that is very important because that means that we can scale the production side without any large investment required from us.

On the business model, then we are an original equipment manufacturer, an OEM, leveraging a proprietary technology with a well-defined deliverable into our customers' projects, which we basically listed in the figure at the bottom. And this also third point there, which is insurance is something that we're working very hard on. We already have a DNV verification of our system, and then we are working to get by the end of the year, the first certified cost competitive floating solar technology according to the latest DNV standards, and that is to support our customers in getting bankable projects.

So all in all, as solar is expanding rapidly, then there is a substantial and long-term potential for floating solar. And BRIZO is really positioned to take the next phase of that market, which is moving into water surfaces with waves. So that was my pitch this time.

So stay tuned.

Exactly. Thank you.

Samantha, you're going to talk to us about Fred. Olsen Cruise Lines, CEO.

Good morning. Okay. So for Cruise Lines, the update and the highlights are as follows. So we've seen revenue improvement that has come through from occupancy utilization and ALBDs. And as Richard has alluded to, our continued focus on customer experience and the value proposition has seen our Net Promoter Scores increase and a continued strong forward sales position.

If we look into detail at the quarter 3 performance, what we can see is that we had more shorter sailings within the quarter, which has supported our growth in passenger days. We've seen the focus that we have on filling the ships working. Utilization and occupancy have improved. And as already mentioned, and I'll cover it in a bit more detail, our focus internally on guest experience and customer value proposition has seen our NPS improve by 10 points and our forward sales position for 2027 is strong and our recently launched 2028 program for quarter 1 and quarter 2 of 2028 is already off to a good start.

If we look in more detail, as I've mentioned, in quarter 3, we've seen more shorter sailings. We have seen an increase across the board on Net Promoter Scores for all 3 vessels, which I'm pleased about. The Net Promoter Score focus across this whole year has predominantly been on improvements within our food, within our itineraries and in our entertainment program. And I'll show you a little bit more shortly on the investments.

But when we look at this slide for the itineraries, we've seen an increase in the shorter sailings, and we've been able to really demonstrate to newcomers into Cruise Lines, destinations that are bucket list destinations, core destinations to our product offering and destinations where we've really been able to demonstrate our ability to provide scenic cruising in a good way. And when you think about the majority of our guests traveling our twin and solo guests to be able to deliver the improvement in occupancy and utilization through the focus on itineraries is really working. So we're pleased with that.

One thing that I would like to call out in advance is we do have one sailing for quarter 4 on Balmoral. It's our Fly Cruise program. And currently, she isn't performing in line with expectations. We have taken corrective action, and we don't foresee this happening again, but I did want to call that out in advance of our quarter 4 update in the future.

And if we move on to the final slide, what I've done is, to Richard's point, highlight the areas where we are investing into Cruise Lines deliberately. So we've invested in our value proposition. We've invested in our entertainment programs for guest experience improvements. I've already spoken about itineraries. But when we look at the investments across all 3 vessels, we now have a new entertainment program across evening entertainment and daytime with bespoke experiences exclusive to Fred. Olsen Cruise Lines.

We've improved our cuisine across the vessels, not just in the main restaurants, but with our specialty dining. And then we've had further inclusions, drinks included, gratuities included. And all of those actions have improved our value proposition, our Net Promoter Scores and all of those are driving forward sales and improving utilization and occupancy. Thank you very much.

Good focus. Thank you. I think we have now come to questions and answers. So please go ahead.

[Operator Instructions] There are no questions at this time. I'll now turn the call back to the room for closing comments.

Very good. Hopefully, everything was quite clear, and I can only wish you a very good weekend, and thank you for attending.

Thank you for participating in today's webcast and conference call. This does conclude the program. You may now disconnect your lines.

Good day. Thank you for standing by. Welcome to the Bonheur ASA Q2 2026 results conference.

[Operator Instructions]

Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Anette Sofie Olsen, CEO. Please go ahead.

Good morning, everybody. Welcome to the second quarter presentation for Bonheur. It's a beautiful day here in Oslo today. Hopefully you will be pleased with the presentation as well. I will now give the word to Richard Olav Aa, CFO in Bonheur. Go ahead, Rik.

Yes. Thank you, Anette. Also a hearty good morning from me. The second quarter presentation is characterized by very solid underlying performance. We have 2 items that are impacting the results in a negative direction, is the outage of the Mid Hill Wind Farm outside our control, and it's the incident in Esbjerg Harbor. Those are taking their toll on the results. Despite those, we are presenting a very solid set of numbers based on good underlying performance in all the segments. With that, we can move on and starting with renewable energy. We see a positive development in the EBITDA. Almost a doubling from second quarter last year, an EBITDA of NOK 252 million. That comes mainly from 2 effects. It's higher prices, and I'm especially happy to see higher prices in Sweden.

We have had a long period with very low power prices in Sweden. Hopefully this quarter can mark a turn of that trend. Also, prices in the U.K. are up, but they have been on a quite decent level for a long time, but they're also up this quarter. Also very good to see that generation is improving. 8% improved generation year-on-year, despite the Mid Hill Wind Farm being out the full quarter. This is really coming from improved generation in the other wind farms and the Crystal Rig IV, which has been successfully completed. Sofie will come back to the Crystal Rig IV more in detail, and also the other elements Sofie and Maren will cover in their presentation under renewable energy. All in all, an improved quarter based on generation and prices.

When it comes to wind service, we see a strong underlying performance both for FOWIC and GWS this quarter. The results year-over-year are down from NOK 584 million to NOK 326 million. When you normalize for second quarter in '25, there is about NOK 100 million in termination fees included in the NOK 584 million. You're really comparing NOK 484 million with NOK 326 million. The delta between the NOK 484 million and the NOK 326 million we can contribute to 3 main factors. One is that Blue Tern have had a much lower utilization this quarter. Secondly, we have accrued everything we can think of related to the incident in the Esbjerg Harbor in this quarter. Haakon Magne will come back to the incident in itself.

Thirdly, FOWIC and GWS have the results in EUR, and we translate that back to NOK, and the NOK is at the higher level compared to the EUR this quarter than the same quarter last year. I leave the backlog and the incident to Haakon Magne and moving on to Cruise Lines. Cruise Lines is delivering a result more or less at plan. The reason why the EBITDA is slightly lower than second quarter last year is due to currency. That the NOK is stronger compared to the GBP this quarter than the second quarter last year. Other than that, it's pointing definitely in the right direction for Cruise Lines with the improved occupancy and slightly higher prices.

Particularly good to see that the booking numbers are really keeping up and Cruise Lines are now selling also [ 27 ] in a very good way, and Samantha will come back to that in her presentation. In the other investments, the EBITDA are more or less on the same level. I think important to note that we see EBITDA on NHST at a very strong level still, but down from last year. I think we see a somewhat weaker top-line development in NHST, and then with cost inflation, there is some pressure on the margin, although from a much stronger margin level than we have seen for many years. 1848, we see pickup now and Per will come back to that when it comes to the floating solar. We see a commercial pickup in activity there and hopefully we can land some commercial contracts in the years to come.

He will come back to that more in his presentation. That's quite good because new technologies in renewables have had a lot of headwind the last few years, but we can maybe see a turn of that coming in now. Like I started with, the quarter falls in line with a series of strong quarters now, really starting in '21. The mix is different, but we still are at an EBITDA level on a 12-month rolling basis between NOK 3.5 billion and NOK 4 billion. What you see is the distribution between the 3 main segments is more even than it has been in the past. Also what you see, which is very good, is the uptick this quarter on renewables and the continued contributions from Cruise, while Wind Service continued to have a strong underlying performance.

We have 3 strong segments all contributing to cash flow and profits for the group of companies. Yeah. EBITDA and revenue per segment. I think I covered most of this already. We see that the revenues are down NOK 216 million. It is really coming from the Wind Service segments. Again, the 3 effects, less activity on Blue Tern, the incident at the Esbjerg Harbor and FX. That goes straight also into the EBITDA. Main explanation of the drop in EBITDA, and we are reporting EBITDA of NOK 886 million. On the consolidated results, already gone through the EBITDA development. Depreciation and impairment. We have higher depreciation this quarter that is mainly related to a review that has taken place in Fred. Olsen Renewables, where 2 wind farms or wind farm projects have been written off because we do not see any more prospects of developing them profitably.

Having said that, the portfolio of Fred. Olsen Seawind remains strong with good projects and particularly a lot of them have grid, which is a more and more scarce resource these days. On the net finance, it is a big swing. You see we reported NOK 189 million positive net finance second quarter '25, negative NOK 158 million this year. A negative swing of NOK 348 million. That is exactly [ on the million ], the gain we booked on the sale of the UWL shares in the second quarter last year. Net finance this quarter is exactly in line with the second quarter last year when you normalize for the sale of the UWL shares. Having said that, there is a lot of pluses and minuses in the net finance related to currency, bunkers, what have you, but you will find all those details in the quarterly report for those who are interested.

Very low tax cost this quarter, we end up with a net result of NOK 372 million. Moving on to the balance sheet and my last slide. This is as clean as I can ever remember it. Howick now paid down the last on their debt, Fred. Olsen Windcarrier is now debt-free. We also see renewable energy, apart from 2 joint ventures in Scotland, is debt-free. Cruise Lines have no external debt. The only external debt we have in what we control 100% is the bond loans of Bonheur, and Bonheur sits now with a cash position of close to NOK 4.3 billion. The debt we have is on the renewable energy side related to the 2 joint ventures in Scotland, which is long-term project finance. On Wind Service is really the working capital facilities of renewable Wind Service.

Other is really the working capital facility of NHST. We see both those segments are cash positive. All in all, a strong underlying quarter, and we are also ending the quarter with a very strong balance sheet.

Back to you, Anette.

Thank you, Richard. Next is now going through the different segments. Sofie Olsen Jebsen, CEO of Fred. Olsen Renewables.

Thank you. I'm starting off here with the first slide was a picture of Crystal Rig IV, on the left-hand side being constructed as part of our Crystal Rig cluster. Summarizing the quarter. We see that our production is up 8% versus Q2 last year. That also includes the production from Crystal Rig IV. We still have a grid outage at Mid Hill, and we are progressing the Windy Standard III construction projects. Moving on to the overview of our projects and our business model. The main change here from last time is that Crystal Rig IV has moved from construction over to operations. The market was defined by the Strait of Hormuz actions, which has affected a lot of the power markets.

We do see that the power prices in the U.K. and the Nordics have increased compared to the same quarter last year, mainly because of increase in the gas prices. Combined with lower demand, that capped the power prices and reduced the gas to power link compared to the 2022 crisis we had in power prices. I think it's fair to say that the Middle East geopolitical risks still remain a key uncertainty, and that is both for the European power prices short term and for the longer term, looking at the storage levels ahead of next winter or the coming winter. Moving on. A bit more details on our production. It is generally in line with the similar quarter in '25, a bit higher also, and that includes the production from Crystal Rig IV.

We have seen Mid Hill out for the whole quarter due to grid upgrades. We also got the news that the current outage is extended from July until the end August. That is due to project delays by the grid operator, who we are following up very closely, although this project remains outside our control. We have also been informed that the scheduled timing for a second outage after this has been canceled. Not that the outage itself has been canceled, but there is to be a revised schedule, and that has not been confirmed. We're working very hard to ensure that this is as favorable for us as possible, though. At our wind farm, Lista, we have seen 14 turbines partly curtailed in strong winds. That is because of fatigue-related foundation issues.

This means that we are currently producing at 82% of full capacity, or that is the maximum output for the wind farm. We are starting now repair works, and this will continue into 2027. Then I can also inform that the grid constraints issues that we had at Rothes I and II have been resolved. Those wind farms are now back in full operation. Moving then on to our construction projects. Windy Standard III, we have seen 6 of 8 turbines erected of those 8 that have been delivered to sites. There are a remaining 12 turbines to be delivered at site, and that transportation should commence now during end of summer. We are estimating the project closeout to be in Q1 '27. On Crystal Rig IV, that project has become operational.

Takeover certificate signed with the wind turbine manufacturer and delivered on budgets, subject to some final project closeouts. I think it's a big congratulations to the team, and we also see a recognition of that in the fact that we are nominated to the Onshore Construction Project of the Year at the National Wind Energy Awards.

That was all I had to say this quarter. Thank you.

Thank you, Sofie. Good to see that we can deliver on plan, as usual, I would say, for Fred. Olsen Renewables. Magne Ore, CEO of Fred. Olsen Windcarrier.

Good morning, everyone. As I think Richard nicely summarized in the start, the 2 highlights for FOWIC was yet another company with a strong underlying performance. We had this incident on Brave Tern in Esbjerg, which I'll come back to later. If you go into the vessels, what they did the quarter, Bold Tern continued on the monopile drilling campaign of France with continued good performance. Same was for Brave Tern. It started very well. The performance continued well into the quarter. We were ahead of the project schedule. On the trip that should have marked a 50% completion of the project, then we occur an incident in the Esbjerg Harbor, and the vessel is out for 3 weeks. Blue Tern finished yard mid-May, then it went straight to a minor O&M campaign. If we then go a little bit more into the figure itself.

For the quarter, we had contractual and commercial utilization of 78% and 90%, respectively. The main commercial downtime is linked to the Brave Tern incident. The other deviation is Blue Tern, which, as I said, was in yard until mid-May, went straight out to an O&M campaign before it had some ID days at the end of the quarter. With regards to Brave Tern, we have now concluded a thorough investigation of the incident to understand what happened and not at least learn so it will not happen again. I think it's 3 points, it's very important to highlight. First, apart from one seafarer that was sent to hospital for a checkup because he was exposed to dust from the collision, no other people was injured during the incident. Secondly, the investigation has not found any technical or capability issues with the vessel.

Thirdly, the direct cause of the incident was the situation awareness at the bridge, including the pilot. Giving a little bit more color on that, when you are to exit Esbjerg harbor, you are passing a very narrow passage at the end. When the vessel went out, it turned, it set a direction to actually get through this narrow passage. But the clearance to another wind turbine installation became too limited, and that was not discovered in time, so the bridge was able to do then the navigational correction to avoid the blades hitting the other vessel. A little bit, at least on the positive side, it has been a very strong effort by the team, as Sofie also mentioned in her speech, and also great cooperation with the stakeholders.

We have managed again to salvage the blades, repair the vessel, both forward and blade rack, mobilized the vessel back again in 3 weeks. The vessel has been ready for some time. It had been waiting on weather, and it went out at 7:00 this morning, so that is very good. Also, as Richard mentioned, we have made an estimate of the cost of the incident, which is accrued in the figure this quarter. Despite that, we still have an EBITDA of NOK 23 million. If we go over to the backlog and the market, the backlog went slightly up this quarter. And for me, also, a little bit symbolic, for the first time, it passes the NOK 1 billion mark in FOWIC history, which I think is very good. The main reason for the increased backlog this quarter is an extension of a 2027 contract.

On the market, I think we have been quite consistent with our view over the time, and I think we continue to see the same picture as we communicated last quarter. We see a very tight vessel market both this year and next year. Before we see more volatility on the demand side towards the end of decade, and then we see activity picking up as we go into the next decade. I think that was what I planned to say.

Thank you. Arne, you're next. Maren Lundby, CEO of Fred. Olsen Seawind.

Thank you. Good morning, everyone. This quarter, not surprisingly, we have worked quite actively with completing or progressing the transaction with Vattenfall. We expect the transaction to complete by the end of this month. We have passed a consenting milestone for Codling by submitting the data for the further information request last month. We are continuing our diligent development strategies in both projects. A quick overview of the projects in our portfolio for the ones who are not fully up to speed. In Codling, we have secured an attractive CFD for 1,300 megawatts. We have site exclusivity. We have great connection into Dublin. We submitted our consent application late '24, with the subsequent submission of the further information request last month. The key focus going forward for Codling is to engage with authorities to progress the consent and mature supply chain and the business case towards FID.

In Scotland, we have Muir Mhor, a 1,000 megawatt project outside Peterhead. The project is viewed as one of the top floating projects in the U.K., with radial grid connection already secured for mid-2030s. We have secured onshore consent. We have signed the important land option agreements. We are expecting the final offshore consent to come in this year. The key focus in Muir Mhor is to close the SPA, the transaction with Vattenfall later this month to progress the consent and execute the development strategy that we have set out towards an early allocation round. A bit more detail on Codling. As I mentioned, we submitted the data under the further information request last month, meaning the ball is now in the planning authority's court again, as we have done all the surveys and submitted the requested data from our side.

We take confidence in the Irish government still being committed to offshore wind. Codling is engaging constructively with stakeholders and politicians to progress the consent determination and support the delivery of Ireland's offshore wind ambitions. In the project, we are preparing for procurement across all major scopes ahead of the consent determination. This is done by active engagement with government and stakeholders, and with the supply chain to mature our business case. Final slide, a bit more details on Muir Mhor. We are progressing according to plan on the transaction with Vattenfall, with completion expected end of this month, as I already mentioned. With strong project fundamentals and an advanced planning and approval stage, we remain focused on targeting an early allocation round. Through collaboration with both supply chain and stakeholders, Muir Mhor is optimizing the development spend while reducing CFD bid risk and enhancing the project deliverability.

That's our key focus in the coming months and year. Fred. Olsen Seawind will leverage related companies' expertise to complete this development process, also advance towards construction and generation.

That was it for me.

Good. Per Arvid Holth, CEO of Fred. Olsen 1848.

Thank you, Anette. A brief technical and commercial update from my side this quarter. This quarter we have, on the technical side, achieved what is called a statement of compliance for our floating solar technology BRIZO. That is a milestone to us. What is special about this statement, compared to many others, is that it covers the full system. It covers the anchors, the mooring through the floater grid, and down to the anchors on the other side. It is done for a 3-megawatt BRIZO building block, it also just as much covers the methods that we have developed to dimension and size BRIZO in respective environments. That is, as I said, a good milestone technically, also when it comes to insurability and then thereby also bankability of the technology.

We have on the product development side a good cost out, so that we keep up our cost competitiveness. An important part of that is our 2 pilots that we have in Risor in Norway and Altamira Bay in Brazil, where we can take the operational data and use that to optimize our system. That is the technical side. On the commercial side then, reiterating a bit, there are 3 main application areas that we focus on. Where we solve the largest problems the soonest is in displacing hydrocarbons, that is typically in a bit remote places like islands, resorts, and ports. That is an important focus for us at the moment.

There is also very good potential in the Commercial and Industrial, also called C&I or also called private wire, for industries either that are close by a large water surface or also commercial stakeholders that want to purchase green energy. Finally, covered last quarter, the hybridization with hydropower dams, and that is more utility-scale applications. It could also be on lakes, and it could also be nearshore, but that is really the larger the water surface, the larger the wave. That is really where BRIZO can make a difference. As Richard mentions, we do see activity in all applications, actually. This last quarter we have been part of active tender processes when it comes to developing floating solar on saltwater, so typically hydrocarbon displacement. We've also completed a quite significant field study on more utility-scale project.

That is this quarter. Thank you.

Samantha Stimpson, CEO of Fred. Olsen Cruise Lines.

Good morning, everyone. Today I'm talking about improved performance for quarter 2 within Cruise Lines. We've seen improved revenue again this quarter, driven through increases in occupancy and overall utilization. We've seen a gross revenue improvement across our Available Lower Berth Days, and we continue to see improvement in our forward sales position for all seasons on sale. If we look a little bit closer at the quarter 2 performance, we can see that we've got an increase in overall passenger days. That's driven, as I've mentioned, through occupancy and utilization. We've managed to hold our price point flat as we've been able to increase the overall passenger numbers on board the ships. Therefore, we've been able to improve our Available Lower Berth Day in gross revenue by having more people on board the vessels, therefore ensuring we've got more passengers per berth.

Overall, we've seen a slight decrease in our EBITDA in the quarter. That's predominantly been driven through increased crew flight costs, where the fuel has increased this half year. That's a slight impact. We continue to also invest in the modernization and the customer improvements across the operation as well. That's where there's been a slight decrease there within the quarter. Pleased to say that all of the investment that we're putting into customer improvement in experience, we're seeing our Net Promoter Scores continue to improve, and they've gone up by 6 points this quarter versus last year. As previously mentioned, our cumulative sales for all seasons on sale continues to improve year-on-year. A pleasing performance. If we look at the itineraries, you can see that we continue to show and demonstrate breadth of itinerary.

We produced 29 sailings in total across quarter 2, demonstrating our focus and our mix of short sailings and longer sailings as well, ensuring that we get a good opportunity to maximize the occupancy across the 3 vessels. You can see there the individual Net Promoter Scores across the fleet, as already mentioned.

That's my quarter update. Thank you.

Thank you. With that, we will now move to questions and answers. Please.

[Operator Instructions]

Our first question for today comes from the line of Helene Brondbo from DNB Carnegie.

I had one question related to the Brave Tern incident. I'm wondering if you could give us a bit more flavor on that one, sort of with respect to who was responsible for what part of the incident and maybe some additional details also on the costs there. I understand you have taken the crews, but how large are they? And I'm also wondering if any of the damages are covered by insurance.

We can start with the insurance and cost basis. Yes, we have insurance coverage. As I said, we have tried to make an estimate over the total cost, including the deductible under the various insurance. I think as a policy, we don't give any more detailed insight into the figures.

With regards to the accident itself, I'm not sure if I fully understood your question, but I think we try to be open here and giving the root cause and explaining what happened. Maybe you can rephrase the question.

Yes. So what I was really wondering about is what part of the damages was for which responsibility, and was any of this the responsibility of the party that contacted you? How does that picture look here? For instance, vessel damages and turbine damages, et cetera?

I think the total cost we have accrued for in the figure. The root cause is, again, linked to the situation awareness on the bridge at the forepeak.

[Operator Instructions]

There seems to be no further questions for today. I will now hand the call back to the speakers for closing remarks.

So I think for us, we all wish you a very nice summer, and see you for the third quarter presentation. Thank you.

Good day, and thank you for standing by. Welcome to the Bonheur ASA Q1 2026 Results Conference Call.

I would now like to hand the conference over to your speaker today, Annette Olsen, CEO. Please go ahead.

Good morning, everybody, and welcome to our presentation today.

As usual, our CFO, Richard Olav Aa, will go through the main figures and then the CEOs for the different companies will present to you. And we will have the question and answers at the end.

So Richard, over to you.

Thank you, Anette, and also a hearty welcome from me to this first quarter presentation.

I think we are off to a good start to '26, a lot of positive events in this quarter. Normally, I try to highlight the top 3. I think this quarter, I would like to highlight top 5. I think this quarter, we have 2 wind farms in Scotland now that are progressing well to full completion. We have acquired the remaining 50% of the Muir Mhòr project in Scotland. We have closed the transaction with FOWIC and MEAG. We have entered a 10-year charter in FOWIC. And last but not least, there are record bookings in Cruise. So, I would like to highlight all those events span across all our segments and the CEOs will cover these important milestones in more detail under their presentation. But I think, definitely, we're off to a good start here.

So, moving on to the numbers per segment. I'll come back to the consolidated figures, starting from the left on the renewable energy side, an improvement of EBITDA of close to NOK 100 million. That comes on the back of improved generation, particularly Crystal Rig IV into production, but also other improvements in the portfolio. And very good to note that the power price in Scandinavia and in particular, in Sweden has come from a very low level to now at a much more healthy level after many quarters with very poor prices in Sweden. Anette Sofie will come back to that in more detail in her presentation.

On the more challenging side, we have the grid situation in Scotland, where the Mid Hill windfarm has been out since 15th of September and will not come back and now is estimated late July without any compensation. I mentioned then the 2 wind farms progressing to full completion. Handover of Crystal Rig IV has happened and in this time are now on track to be in production as planned first quarter next year. And then the acquisition of Muir Mhòr, which Maren will cover in more detail.

On the Wind Service side, EBITDA is down by close to NOK 100 million. There are a few items behind that. We have no longer UWL as a part of the Wind Service as we sold that in second quarter last year that contributes approximately NOK 20 million of the drop. The remaining part of the drop is largely related to the contract mix in FOWIC, and that we did not have any Shimizu revenue in this quarter.

Backlog has increased more than doubled by inclusion of the contract -- the 10-year firm contract for one of the Tern vessels that Haakon Magne will cover in more detail. Utilization is low this quarter. Yard stays for the vessels, and Haakon Magne will come back to the situation there, but we see that Brave Tern has come very well out of yard and now installing turbines on the Thor wind project in Denmark in a very good way.

And finally, this we have covered before, but the first close of the MEAG transaction between Fred Olsen Ocean, FOWIC and MEAG happened in the first quarter. Cruise Lines, good improvement in the EBITDA from minus NOK 33 million to plus NOK 9 million. I think Samantha will come back to it. I don't think first quarter last year is really the benchmark as we have canceled Cruise in the -- around the Red Sea, and we scramble to find compensating cruises. So, that impacted the first quarter negatively last year. But also first quarter this year, there's been a 22 nights dry-dock for Bolette, so it's not a full capacity on the fleet this quarter.

Occupancy and gross income per passenger day is up, but still, we see first quarter lower than we would like to have it with an occupancy of 70%. On a very positive side, the booking numbers are up 23% compared to the same date last year in the first quarter '25, and Samantha will also cover that in more detail.

Other investments, same level as last year, both for the segment and also for EBITDA -- sorry, for NHST, which is the main revenue-generating company in other investments. Per Arvid will cover some interesting aspects around floating solar in his presentation, especially related to a combination with floating solar and hydro production. Power production from hydro is maybe more correct to say it.

We can move on. This is the long-term trends, which we, of course, pay a lot of attention to, to see that over time, we strategically move in the right direction, both of what we do with our assets and how they grow in revenues and EBITDA. And if you -- we have spent time on this before, but if we focus on the right-hand side on the EBITDA 12-month rolling, we see now that we've been on this level of around NOK 3.5 billion plus on a rolling 12-month basis for a while. But we've seen over the last few quarters, we see an upward trend and also this quarter builds on that, that we have a stronger Q1 this year than we had last year. And what we also see is that Cruise Lines start now to contribute more and more to the mix.

So, we have the 2 big segments on EBITDA, the wind service and renewables, more or less on the same level now, but also now Cruise Lines start to be a significant part of the group companies' EBITDA. So, a little bit more granular on the revenue and EBITDA per segment. We see on the revenue side, we are more or less the same revenue as last year, around NOK 2.9 billion. We see higher revenues in renewables, in particular then 8% higher generation and higher prices, especially in Sweden. And then wind service is down for the reasons I mentioned earlier, contract mix, UWL being sold and no Shimizu revenue in those numbers.

Well, Cruise Lines is up, but here, you also have to take into account the FX effect that krona has strengthened quite considerably towards the pound. So in pound, the revenue growth is quite much stronger than what you see in measured in krona. That also goes for the other segment that we have significant lower revenues if you just measure same revenues and with the new currencies. So, we are able to grow underlying, but we have headwinds on the krona weakening, although all the other currencies towards the krona.

So on EBITDA, we see renewable have an improvement on EBITDA of NOK 93 million. You may ask why it is not more of the NOK 156 million flowing down to EBITDA. We had a quarter with quite a lot of major component exchange on the onshore wind, which is kind of more of a timing effect. So, that comes in on the negative side on the cost in this quarter. Wind Service, same explanations as I have been through before and Cruise Lines really driven by improved pricing and utilization and other is on the same level.

Before we move to the next slide, maybe I should make a small comment. We are in quite volatile times in terms of commodity pricing, especially on the situation in the Middle East. We, of course, analyze this very carefully. And I think when we look at the main impacts on our results, we can see it on power prices being up. We can see it on fuel prices going up, but we are 65% hedged in Cruise Lines. So the impact this quarter is not very big on the bunker. And then of course, there are some headwinds on travel for crew and technicians. So, those are the main effects that we have seen so far. But as you've seen from the numbers, the financial effect from what we have seen so far on commodity prices and turmoil in the Middle East is fairly limited.

So, moving on to the consolidated summary. We see an improvement on the EBITDA from last year from NOK 728 million to NOK 760 million. Depreciation is also down. We have upgraded to Tern vessels, and then we have prolonged the depreciation of those vessels following those upgrades. That's the main explanation for the lower depreciation, leading to an EBIT improvement of NOK 72 million.

Net finance significantly improved NOK 62 million, is more or less the net interest cost of the group of companies. But behind that number, there are quite large unrealized positive effects on fuel hedging and interest rate swaps in the U.K. and quite large negative effects due to the strengthening of the krona, but they net each other out. So the net finance is quite clean, net interest cost for the group of companies of NOK 62 million. So, that leads to an earnings before tax of NOK 408 million, which is NOK 210 million up from last year.

Tax cost is somewhat up. Where we have the significant tax cost is in the U.K. with the wind farms in the joint ventures. So, that's the bulk of the NOK 115 million. And that leads to a net result of NOK 294 million, which is up NOK 201 million. We also see contribution to the shareholders to the parent improved from minus NOK 42 million first quarter last year to plus NOK 135 million or to NOK 93 million, which is an improvement of NOK 135 million, excuse me.

So the final slide from me is the group capitalization. And this slide, you've seen many times before, but I reiterate, there are 2 messages here. You have the policy on the left-hand side and you have the numbers on the right-hand side. And I want to focus a little bit on the policy. I think this quarter really shows a very strong compliance against the policy. Liquidity position shall be strong. We can see that from the numbers. I'll come back to that.

Subsidiaries must optimize their own non-recourse financing. There are no guarantees to any bank or bond debt from the mother company to the subsidiaries. But then finally, how we then innovate to enable growth when you have quite hard restrictions on the 2 first pillars in the policy. And we see the strength of the third pillar in this quarter with the MEAG transaction coming in, giving more growth capital into FOWIC. And we also see the strength of it being able now to construct 2 new wind farms in the U.K. with strong partners in the Hvitsten structure. So, I think the policy works. We are compliant with the policy, and I just want to reiterate that.

Finally, on the numbers, we see what we control 100%. Cash is around NOK 5.5 billion, while external debt is around NOK 3.1 billion, leaving a net cash of NOK 2.4 billion by the end of this quarter. Where we have some debt is in the joint venture and in particular then in the 2 joint ventures in the U.K. on the wind farm side. We see the debt level there is quite much down from last quarter. That is related to the currency movement as well. So there, we have a positive effect from the strengthening of the krona.

So where we don't control 100%, where the main assets then are in renewable energy, we see that we have cash of close to NOK 2.4 billion, while the debt is NOK 4.4 billion. So the net debt there is minus NOK 2 billion. where a big part is this NOK 2.6 billion net debt in renewables, which we have 51% of, but there is 100% consolidation.

So by that capitalization and quite a strong capitalization of the group of companies, I'll leave it back to you, Anette.

Thank you, Richard. And we will now present the individual companies.

First one out is Fred. Olsen Renewables with the CEO, Sofie Olsen Jebsen.

Thank you. Fred. Olsen Renewables, this quarter, we have seen production and prices increased compared to the last quarter or similar quarter last year, and that is even though we've had the grid outage for Mid Hill. For Crystal Rig IV, all the turbines there are now operational and Windy Standard III is progressing towards project completion in Q1 '27.

This is the overview of our business model and the full cycle of how we develop projects. The change here is really that Crystal Rig IV has moved from construction to operation. Otherwise, we're still progressing projects towards consent and construction as well.

So moving on, the market backdrop is, of course, important. Europe has experienced seasonally high prices this quarter. We began with seeing cold temperatures that kept the demand for heating and thermal generation high. Then there has been concerns about the gas supply because the Middle East conflict began right at the start of the gas injection season in Europe. I think we do all see that there is a risk of a further escalation or a prolonged closure of the Strait of Hormuz, which may pose challenge for both the short-term power prices and the storage ahead of the winter season.

We have taken advantage of the market environment and have entered into 2 forward contracts this quarter, 75% of the volume for Paul's Hill and Crystal Rig III, and that is for the periods Q1 '26 to -- sorry, Q2 '26 to Q1 '27. The production this quarter has been 8% higher in combination with the higher prices that we have seen. Highlights include a contribution from Crystal Rig IV, as mentioned. We've also had the Mid Hill outage due to the grid upgrades happening at the substation there.

The export capacity is now expected to be restored towards the end of July. And then there is a second outage coming. That was previously scheduled from the end of '26 until April '27, but has now been postponed and the new timing is not announced, but we are in close dialogue with SSE to mitigate this.

Rothes II and III -- sorry, I and II, they were curtailed to 25 megawatts each. That was due to a faulty current transformer at the external substation. That curtailment lasted from early December until early March. So, we're very happy that they are back in operation fully again. Then we have a partial curtailment at Lista ongoing. That is due to fatigue-related rock anchor foundation issues. We are currently doing inspection here and planning repair work, which will probably be finalized by Q4. But it means that the curtailment is approximately 20% of the capacity at Lista.

Moving on then to go a bit more into the details of the construction projects, starting off with Windy Standard III. I talked last time about the capacity limitations that we do see on the police escort for transportation on public roads. I'm very happy to say that we've been able to accelerate the transportation of the first batches of wind turbine components, which has been a great job by the team. And that is being achieved by a close cooperation with the police on the mitigating action. Now, we are estimating project completion in Q1 '27.

Moving on then to Crystal Rig IV. As mentioned, all the 11 turbines there are now operational. We have formally taken over the project from the OEM and the contract for difference start date is estimated to be in Q2. So, a very good job by the whole team on that project as well.

And that concludes my presentation this quarter. Thank you.

Next is Fred. Olsen Windcarrier with CEO, Haakon Magne Ore.

Good morning, everyone.

First quarter was yet another eventful quarter for Fred. Olsen Windcarrier. Firstly, as Richard mentioned, we commenced and successfully executed on our first turbine installation of this next generation of turbines of 14, 15 megawatts, performing very well, giving a proof of concept. Secondly, as Olsen mentioned before, we secured a first of its kind 10-year contract to do the high-end maintenance of Siemens.

On the market, we reiterate what we now have been saying for quite a long time that the market is tight medium term, but we see increased volatility in demand for the years towards the end of this decade. If we go a little bit into what did the vessels do this quarter? Bold Tern continued on the Saipem monopile drilling contract, which has been more than 1 year now. Brave Tern commenced the Thor 14-megawatt project in February. We are actually seeing a picture of the first turbine coming up, vessel going out with 3 turbines. The first one is being installed. Blue Tern ended O&M campaign with Vestas in January and then went into a planned yard stay to do repairs of the jacking system.

To go a little bit into the operation of the -- during the quarter, the main highlight here operational was the first 14-megawatt project. It is the Thor project of Denmark, the first 14-megawatt turbines being installed in Denmark. Last week or before that, we made a significant milestone. We had completed 25% of the project. We are well ahead of the clients' schedule, and we basically had 0 uptime. We're operating at 100%.

Another interesting observation is that, yes, this is done during the winter in the North Sea. Despite that, we have been able to do a complete round trip down to an average of 2 days per turbine. Again, a good illustration of the efficiency of the upgraded Tern vessel. The quarterly contractual utilization, the number of days that we have been sold came in at 62%, mainly linked to Blue going into yard to do the remainder of the upgrade of the jacking system. We also had one incident on Bold on 5 days also related to the jacking system, bringing down the commercial utilization down to a 96% level.

MEAG, the transaction we announced late December last year, closed this quarter, currently owns 17% of the company and they also committed to a second tranche next year, which will bring their ownership to 24%. First quarter revenue came in at NOK 37 million with an EBITDA of NOK 19 million, which is a couple of million shy of what we delivered last year for the reason mentioned by Richard.

Going into the backlog and the market. The backlog is now close to NOK 1 billion, up from around NOK 400 million last quarter, mainly driven by this new inaugural 10-year firm contract with Siemens, where we are to do all the high-end O&M work on the turbines up to -- and including the 15 megawatts.

On the market, if you look at the vessel side, there is very limited vessel available in the next year. So the market is tight. But we see that, again, this disruption we had in the industry has increased and continue to increase the volatility on the demand side. So, we see increased volatility in the market for the last years of this decade.

On the positive side, I think we still see the momentum building up longer term. Energy security has gotten an increased focus. It was very high on the agenda prior to the Middle East, but we see that increased focus, especially in the EU on homegrown energy to mitigate this geopolitical tension. So, we see a high tender work, but given the lead time in our industry, new tenders, new auctions, they will not come with installation activity before into next decade.

So, I think that concludes my remark.

Thank you. Next is Maren Sleire Lundby, CEO of Fred. Olsen Seawind.

Thank you. Thank you, and good morning.

The most important event this quarter for Fred. Olsen Seawind is the transaction with Vattenfall, where we will take over their 50% share in the project, meaning we now own 100% of Muir Mhòr floating offshore wind park. Further, we continue to see the strength of our projects and the attractiveness in the markets we are present in. And lastly, we will continue our diligent and flexible development strategies for both of our projects.

So, I'm sure many of you are now familiar with our projects, but a quick status on our portfolio. For Codling Wind Park, we have a 50-50 joint venture with EDF. We have secured site exclusivity, grid access, and we have a 1,300-megawatt contract for difference in Ireland. We submitted our consent application in late 2024, and we are actively engaging with authorities and government to progress the consent towards determination. The main focus remains on maturing the supply chain and optimizing our business case so that we are ready to accelerate towards FID once we get our consent.

Moving to Muir Mhòr. Following the transaction with Vattenfall, we will now own 100% of that project, subject to regulatory approvals, which we expect will come in timely later this year. Muir Mhòr has site exclusivity. It has secured grid access with a radial connection for mid-2030s. We have secured onshore consent and critical land option agreements. The main focus remains on securing our final offshore consent, which we expect will come in this year. And we will continue to progress the development strategy towards an early allocation round in the U.K.

So, zooming in on Codling Wind Park, our main priority remains on the consent application progression. As you may recall from last year, we received a Further Information Request from the planning authorities. We are now in the finalization of submitting that required additional information that will be handed in before the summer. And then the government or the planning authorities will be processing that information and give us the consent thereafter.

The Irish government remains committed to offshore wind. Codling is a key project in their plan to reach their clean energy ambitions for this decade. And we have a close and constructive dialogue with the government throughout the planning process and the consent determination time line. So in parallel -- sorry, I had one more bullet on Codling. In parallel with the government engagements and the consent progression, we are working with the supply chain to prepare them for the procurement that will come once we get our consent. And we are working across all major scopes to be ready to accelerate that process once we get the consent.

So last but not least, the Muir Mhòr project. We will continue to develop Muir Mhòr according to the strategy, following the transaction with Vattenfall. So, we are very excited to see the project being developed through the next milestones. With the strong project fundamentals being good wind speed and close proximity to onshore infrastructure hubs and demand centers, together with the mature approval and planning stage, we remain confident in the strategy of the project to target an early allocation round in the U.K.

The recent election in Scotland last week confirmed the support, the political, local support towards our industry with the sitting government coming out strong from that election. So, we can continue to enjoy strong support for our industry and the floating offshore wind in particular.

Lastly, we plan to continue the development according to the strategy set out for the project, and we will leverage the related companies' expertise to complete this development process, but also advance towards construction and generation for Muir Mhòr.

Thank you.

Thank you, Maren. And Per Arvid Holth, CEO of Fred. Olsen 1848.

Thank you, Anette.

So, as Richard mentioned earlier, last time I had a presentation here, I talked about why our immediate focus was nearshore floating solar for Brizo. So this time, I sort of allow myself to look at what we see as the pipeline market for Brizo and that is, as Richard mentioned, the hybridization between floating solar and hydro.

So to build up this, we have sort of defined 3 levels of integration between floating solar and hydro: coexist, cohabit and cooperate. And coexist, that means basically that there is a man-made water surface available for floating solar that has less environmental sensitivity usually and usually less ground cost or land cost. In cohabit, then you basically share infrastructure, that is sharing the transmission connection with the hydro plant. And that is in the end a reduction of CapEx for the floating solar plant. But it's the cooperate part where we need to go, we believe, that is basically the hybrid setup where the 2 power plants are commonly controlled. And that allows you to work on -- strategically, working up your reservoir levels over time, but also work on the intermittency on solar and both of those behind the grid connection point.

And finally, if you have pump storage available, then that allows you to increase your capacity of floating solar, but that we will come a bit back to. So, a bit techy this, but bear with me. I'm mentioning reservoir preservation and there is a backdrop to that. And that backdrop is that rainfall patterns around the world are changing, and that has a visible negative effect on the hydropower production globally. So typically, this is the Mediterranean, India, China, Western U.S. and Brazil are examples.

In other areas, you see increases and in other areas, you see more erratic rainfall pattern, but the global trend is that the -- with the installed capacity, which is there today, the power production from hydro is dropping. So, preservation of reservoirs that has an additional value in itself, and that also ties to availability of freshwater and energy security.

So, going a bit deeper into the operational benefits. So, I mentioned the seasonal synergies. So, that we just made an example of that, staying in the Mediterranean on the Iberian Peninsula, choosing Madrid to take out some marine data and some solar irradiance data, but clearly showing how the increased solar irradiance compensates for the dry season. And that is -- when you combine these 2 in one system, then you can systematically work and preserving your water levels, both within the season, but also over years where you have reservoirs where they are multi-annual.

The second synergy is, of course, the daily synergy. So, everybody has seen a solar production curve. Then we took out the -- this is an average July day in 2025 in Europe that you see there. But the daily intermittency of solar power, that is very, very clear. So, combining that with hydro is a good potential and doing that in one system, in one integrated system via hydro grid connection, then that is also a much more pleasant system, much more pleasant intermittent power producer to include in your grid.

So typically, you would size your solar installation so that the maximum production on a good day is equal to the transmission capacity at the hydro dam. And that basically allows you to avoid touching the existing grid capacity, which is there, but it allows you to feed more products through that capacity.

I mentioned reservoir preservation in a few places. So, that is a benefit, and a smaller benefit is also that covering the water surface reduces evaporation in dry regions. On the environmental side, also mentioned that breaking new ground is avoided, so less environmental sensitive and in agriculture areas, then you have a lesser effect of reducing algae blooms after the rainy season.

So in sum, we see a lot of positive effects of hybridizing hydro and floating solar. So, how are we preparing for that with our system Brizo? Well, there's a very specific technical challenge when it comes to installing floating things in water reservoirs, and that is that you have large water level variations. So, our solution to that is the Tension Buoy, which is an adaptive mooring system that keeps pretension in your system and keeps your system on station all the time.

So, this technology, we are currently piloting on the Iberian Peninsula in Portugal with EDP Renewables installed in October last year. So by that, a bit more techy, but that's where we are.

Thank you.

Thank you. Samantha, you are last one on the list, CEO of Fred. Olsen Cruise Lines. Last but not the least. Good improvements.

Perfect. Good morning, everybody.

So, I'll take some time to walk through Cruise Lines results. As Richard mentioned this morning, the comparison against Q1 of last year isn't really a fair comparison, but I do feel a good result nonetheless.

In Q1 of 2026, we have seen revenue growth, and that's been predominantly achieved through an improvement across utilization and operational occupancy, which I'll speak to shortly. In addition to that, we've seen an increase in gross revenue per passenger day. So, that's where our ticket income and our onboard customer spend is combined, and we've seen an increase in that. And as Richard has already mentioned, we are seeing a good forward sales performance for the remainder of this year as well as for the forward seasons on sale already.

So if we take a deeper dive into the quarterly performance, from a passenger days perspective, so this is where we have the actual number of passengers multiplied by the cruise length that they take, and we've seen a 10% increase. So, what you can take from that is that we were able to fill the sailings that we had more effectively than we have been doing. In addition to that, gross revenue per passenger, as explained, we've seen that increase. So, that's an increase in the price that customers have paid for their ticket as well as the amount of money they've been spending on board during the course of their sailing.

If we look at utilization and occupancy, as Richard has already mentioned, our utilization sits at 70% versus 63% in the same quarter last year. But I wanted to introduce a new number, operational occupancy. So the operational occupancy is what we actually have available to sell when you exclude things like dry dock as an example. So if you take the 22-day dry dock out of the equation and look at the remaining cabins that we actually had available to sell in that quarter, our operational occupancy actually sat at 80% versus 67% in the same period, again, demonstrating that we've been able to fill the sailings in that quarter more effectively than we had been doing.

Richard has already explained the improvement that we've been able to see from increasing that occupancy and increasing the gross revenue per customer and the impact that, that's had on our EBITDA. And if we look at net promoter score, I'll talk about that on the next slide shortly, but we have seen a negative movement in the quarter. That doesn't mean that we've changed our focus, which remains on occupancy and guest experience, but I'll talk to that in a short while. And then again, as already mentioned, cumulative sales for the organization for the remainder of '23 and for all of the quarters on sail for 2027 remain really strong for Cruise Lines currently.

So, what you'll see from this slide, and if we start from the right-hand side first, you'll see Balmoral. So, Balmoral's NPS was impacted negatively during the quarter, sitting at an NPS or a net promoter score of 36 versus 63 in the same quarter last year. And the real reason for that is we had a number of sailings for the Northern Lights. And unfortunately, the weather was not on our side, and weather and itinerary always play a massive part in how customers feel about their experience.

And in addition to that, we did have some sailings that were impacted by gastroenteritis. So, that also had an impact on the ability for us to give our guests the experience that they're used to. But what I can say is when you're sailing to warmer climates and everything is going in the right direction and things go positively as they did for Borealis and Bolette in that quarter, our net promoter score does improve. And you'll see for Borealis, it went from 64 to 66. And for Bolette in the same quarter, it went from 39 to 74. And 2 long sailings in that quarter, one on Borealis and one on Bolette, both received target -- excellent net promoter scores as voted by our customers, demonstrating the improvements that we've made for our longer voyages.

And that's it. Thank you.

Thank you very much. I think that leaves us now with the questions-and-answers. So, please go ahead.

[Operator Instructions] We will now take the first question from the line of Daniel Haugland from ABG Sundal Collier.

I only have one this time. That is on the outage for Mid Hill that was planned for second half and into 2027. You now say that, that is postponed and it hasn't been kind of -- you haven't given any notice of when it will come. But what will that mean for operation at that site during the period? Will basically then the farm function as normal in the H2 period? Or how does that work?

Sofie?

Thank you for your question. I think in terms of the timing and length of the outage, we have been informed that, that will change compared to what we have previously been communicated. We are, however, in very close dialogue with SSE on this, and are trying and working closely with them to mitigate that outage as much as possible. So some technical solutions, we are working to get some technical solutions installed during this current outage that Mid Hill is currently under, which will then hopefully be able to mitigate that outage to some extent. So, I think that is as precise that I can be right now. And in terms of production from Mid Hill during that outage, it's a bit early to say as well.

Maybe I wasn't entirely clear. So, I was thinking about the outage that was planned in the fall that is, at least to my understanding, not going to be the case anyway. During that period, will then the wind farm basically produce as normal then, given that there will be no outage now?

I think maybe I'm not clear enough. We do not know yet the length and/or the time period of the second outage coming up. So it's not confirmed that it will go completely away. There might still be an outage. We are working on technical solutions, a bypass cable so that hopefully, Mid Hill will be able to do some production during the outage, but it's still a bit early to say.

Maybe if I add a comment that the plan now before we know anything about for the second outage is that if the first outage ends in July as is estimated, then it's the plan to go back to full production from July.

Definitely, definitely. That is, of course.

Okay. That clarifies. And then I obviously understand that there will be a second, or probably it will be a second outage, but the question is when it comes and we'll just have to see.

Yes. We don't know.

Exactly. So, we're working closely with involved parties here, SSE as well as NISO to try and influence and mitigate it.

Okay. I had a second question, if I may. And it's on -- also on renewable energy. And it's on this new adjustments that they made to the EGL in -- so the electricity generator levy or windfall tax in the U.K. Have you had any clarity yet on whether it's only the kind of the tax rate that has changed or whether they will also make changes to the calculation mechanisms like I think we talked about a few years ago that they calculated on the average of the full year rather than kind of every month, and that really matters for their total bill?

Yes. I'm trying to hear your question correctly. But you are correct, they are -- the government has announced a potential policy change in the U.K. with regards to a potential windfall levy tax and this voluntary CfD for the wholesale part of the revenue for rock generators. So then on the windfall tax, this is currently a policy. It has to also pass into legislation that is planned for -- to happen before the 1st of July. So far, we have seen that it is a rise or a rise in the tax percentage to 55%. It seems from what we are -- of our analysis that all the parameters otherwise will stay the same. So hopefully, that answers your question.

I think also talking about that, it's important to recognize there are several things that -- with this tax that impacts or that we would consider for -- when looking at the impact for our business. And one is that they have a -- there is -- the levy will only kick in if you have -- if you reach a certain threshold of prices during a certain accounting period. For us, this is 1 year, and the threshold is currently GBP 82.6. Also, CfD projects are exempt from such a levy. And there is also revenues or revenues of NOK 10 million are also -- there is a -- how do you say, exemption? Yes. So, you have to generate above that for these higher prices and for that floor.

[Operator Instructions] There are no further questions at this time. I would like to hand back over to the speakers for closing remarks.

Okay. Well, thank you very much, everybody, for joining us today. And we will now close.

Good morning, everybody, and a heartly welcome to the fourth quarter presentation for Bonheur 2025. My name is Anette Olsen. I'm the CEO of Bonheur. Today, we will do the presentation as usual, where Richard Olav Aa, our CFO, will present to you the overall figures. And we will then move to presentations by each individual CEO for the underlying companies.

We have today a new CEO that we will present to you. She has been with us for a bit of time now, but first time presenting, and that is Maren Sleire Lundby. She is the CEO of Fred. Olsen Seawind. So a heartly welcome to you, Maren, and for everybody else. We will move to the figures. Richard?

Yes. Thank you, Anette, and also a warm welcome from me to this fourth quarter presentation. Before moving into the numbers, I think in my view, there are a lot of events this quarter, but maybe 3 things that I would like to point out that we -- one is that we continue to grow our earnings despite that significant assets like the Mid Hill windfarm and the installation vessel, Brave Tern, both have been idled the full quarter. And despite of that, the earnings continue to grow.

Secondly, we have a major transaction this quarter with our long-term partner, MEAG, which we have been partnered in the renewables side for many years now, but also now are partnering with Fred. Olsen Windcarrier, which both Haakon Magne Ore and I will come back to.

And thirdly, is a stellar booking performance in Cruise Lines. I think it's the best fourth quarter booking we ever had, and Samantha will come back to that in her presentation. A lot of other events as well, but I would like to highlight those 3 before we move into the numbers.

So here, we have the highlights for the quarter per segment. I will be quite brief on this because this will be well covered by the CEOs. But starting from left, Renewable Energy and EBITDA fourth quarter last year of NOK 444 million, down from NOK 587 million. The main explanation for the reduction is that in fourth quarter '24, we booked NOK 160 million in insurance claim on the Mid Hill windfarm, that we don't have in the fourth quarter of '25.

There are, of course, other pluses and minuses. Generation is somewhat down. We still have outages on several windfarms this quarter, but that was also the same in the fourth quarter in '24. So the main explanation on the result is the insurance.

Sofie will cover the grid situation more in detail, but there are pluses and minuses there. It's very positive what we see in the U.K., that the U.K. government really takes renewable energy seriously and not at least with the new AR7 auction and also they're reinforcing the grid. Unfortunately, this comes with some negative impact on us and especially on the Mid Hill windfarm that Sofie will come back to.

On the construction side, she will also cover that in much more detail. But Crystal Rig IV is soon to be finished actually this quarter. And then we have Windy Standard III, where we now have some issues related to turbine transportation, which could potentially delay the project.

Wind Service, a good improvement from NOK 180 million to NOK 359 million year-over-year and despite Brave Tern being idled in the full quarter. Good operational quarter for Blue Tern and Bold Turn and also GWS had a strong finish to the year.

Maybe most significantly in the quarter is the transaction with MEAG MUNICH ERGO, which is a long-term renewable investor, one of the leading in the world, which we have been partnering with on windfarm side. We also made a partnership agreement with them where they come in to FOWIC, invest EUR 150 million or approximately 24% in FOWIC. And this cooperation is intended to strengthen FOWIC's long-term strategic opportunities.

For those who have followed us a while, you maybe remember 4 years back, we tried to IPO FOWIC that we had to pull away from due to the full-scale invasion of Ukraine, which is actually 4 years ago as we speak. Looking in retrospect now, I think we believe this is actually a better strategic transaction for the company. But financially, it's a total different valuation than we saw and a much better valuation than we saw in the IPO. So we're quite happy with this solution for FOWIC and also Haakon Magne Ore will come back to seeing it from more the company perspective.

Cruise Lines, a quarter of continuous improvement, both on occupancy and yield. Still, the occupancy is below where it should be. But again, like I started with, and Samantha will cover more into detail, the booking numbers, which have grown 17% and really a massive change in this quarter -- in the fourth quarter, sorry, is really pointing to an improved occupancy for the future if Cruise Lines can keep up that kind of booking performance.

Other investments, also an improvement. That's really related to the turnaround in NHST, which are now producing healthy margin for the media business. Per Arvid will cover more the progress on floating solar in particular, but we continue to invest both in floating solar and floating wind in 1848.

Another news this quarter is that the Board proposed a dividend of NOK 7.30 per share, approximately NOK 310 million in payout. That is a healthy growth from last year dividend of NOK 6.75. The equity in the parent company after also allocating to the dividend of NOK 300 million, continues to grow and goes up year-over-year from approximately NOK 1.8 billion to approximately NOK 8.7 billion, and the equity in the parent stands with this dividend allocation at 68%.

Summing up a little bit more long-term and maybe in particular, how the year ended, and this is the rolling 12 months revenues and EBITDA for the group. So the last data point is obviously the full year since it's rolling 12 months.

We see on the revenue side, we end the year on a lower level than we had in '24. That is basically related to, see the bump on the Wind Service. That is due to the big contract we had with Shimizu for the Blue Wind vessel where we took in the full revenue, but also the full cost of that vessel. In addition, we sold off UWL and also the termination fee related to the big terminated contract in FOWIC also is a year-over-year event on the revenue side.

Maybe more importantly is the earnings. That continued to grow year-over-year. You see the end position there with the black line. It's an improvement from '24 despite, as I started with, significant assets being out during the year and good improvements in many of the business units.

We've been through this on a high level, but so just briefly going through the a little bit more detail on the revenue and EBITDA per segment in the fourth quarter. Revenue is down NOK 194 million. We see the main explanation is in renewable, and that is, again, the insurance claim on Mid Hill that was a part of the fourth quarter '24 revenues and not fourth quarter '25 revenues.

Wind Service, a slight reduction in revenue. That is, again, related to termination fees, Blue Wind and UWL. So the 2 remaining vessels, we have 2 vessels that have been in operation and also GWS had a very strong finish to the year on the revenue. So good underlying revenue growth in Wind Service.

Cruise Lines, flat on revenue measured in Norwegian kroner, but here we have to remember that the krona has strengthened quite a bit to the pound year-over-year. So there is a good underlying growth in pounds in Cruise Lines. And then some growth in NHST.

On the EBITDA, the reduction in revenues due to the insurance claim plays also then directly into the reduction in EBITDA in renewables. While we see on Wind Service, the performance of Bold Tern, Blue Tern, and also GWS in a strong finish to the year, makes the EBITDA grow quite considerably year-over-year.

Also Cruise Lines improved yield and occupancy, improved EBITDA, and also then the turnaround on NHST improved EBITDA there. So in total, EBITDA improves by NOK 73 million year-over-year. And like I started, a continuous improvement in EBITDA despite significant assets being out of operations.

Then the consolidated figures, we have already explained the revenues and EBITDA. Depreciation is higher than normal this quarter. That is related to FOWIC that we have scrapped some of the equipment on the tern vessels coming out of the upgrades that we don't see a need for anymore after upgrades.

Net finance is higher than normal this quarter. It was lower than normal the fourth quarter in '24. This is mainly related to unrealized gains and losses on the interest rate swaps in Fred. Olsen Renewables on the 2 joint ventures, which are project financed in the U.K. So in a way, fourth quarter '24 was abnormally low and fourth quarter this year is normally high.

On taxes, we have the opposite, a normal low tax quarter that is related to Blue Tern entering the tonnage tax system, where we can reverse some of the earlier accrued taxes. So taxes year-over-year improved NOK 73 million. So all in all, also the EBITDA improved NOK 73 million, but we also see this also flowing down to an improvement in the bottom line on the net result.

That takes me to my last slide, that is the group capitalization per fourth quarter '25. There are no big changes to this since the third quarter. So I will be quite brief. It's well in line with our policy, which you see on the left-hand side.

Cash sitting in 100% controlled entities, close to NOK 5 billion. And the external debt we have in 100% controlled entities are mainly related to the bonds issued by Bonheur, close to NOK 3.1 billion. So where we control things 100%, we are net cash positive by close to NOK 1.7 billion.

Where we have significant debt is, again, on the 2 joint ventures in the U.K. with [ TRL ] and Hvitsten, where the external debt is close to NOK 4 billion.

Wind Service, which is GWS and where we don't control 100% GWS and Blue Tern, cash and debt net each other out and the same with NHST, which has a cash position slightly above the debt.

So I think I will end there, just saying that the balance sheet is strong and hand it back to you, Anette.

Thank you, Richard. First out is Sofie Olsen Jebsen, CEO of Fred. Olsen Renewables.

Thank you. Hello, everyone. So summing up this quarter for Fred. Olsen Renewables, our production was 8% lower than the same quarter last year. I'll come back to the reasons for that. One point to highlight is that Mid Hill had an outage both in this quarter and in same quarter last year. But last year, that was compensated by insurance.

For our construction projects, Crystal Rig I has estimated full production in March. And on Windy Standard III, the second construction project, the turbine component transportation is potentially delayed. You know this overview of our business model, and we are working to mature our projects towards the operation phase. So no big changes here from previous quarters.

Moving on then to give a bit of a backdrop of the market. We have seen this quarter that the European power prices have risen due to an increasing demand. And that, combined with a weakened renewable output and then an increased need for fossil-fired generation has led to the higher prices that we see. There has been winter, so the demand has increased as normal.

Additionally, we see that the Nordic power prices are the lowest in Europe, even though they increased significantly towards year-end. And then we see that continental market prices are indeed supported by fossil-fired generation that has increased. It also remains to comment that the prices are sensitive to hydrology, temperature, and changing gas prices.

Moving on to production. That was 8% lower, as mentioned. We have this quarter seen external grid outages and constraints that I will come more on to. But in short, there is an ongoing grid upgrade program in the U.K. That is a good thing for the industry as a whole. Unfortunately, that is affecting our windfarm Mid Hill negatively, which has an outage this quarter, unfortunately. It also had an outage the same quarter last year, but that was due to a transformer failure at the substation and hence compensated by insurance. We're also seeing grid export constraints at Rothes and Rothes II.

In addition to these external grid events, we have had lower production in Sweden at Hogaliden and Faboliden due to grid export limits, which are also then slightly external, but also icing and blade issues where we estimate that the blade repairs will be completed by Q3.

In Norway, at Lista, we have partially curtailed turbines because we see there has been some fatigue-related broken bolts in the foundations, which we are -- have been investigating and are scheduling out a repair program for, which will be completed by Q4. I think it's worth mentioning that these foundations at Lista are quite solid. They are anchored down in the bare rocks. And when the bolts have been broken there, it has -- it is due to some fatigue-related reasons.

On a more positive note, our windfarm, Crystal Rig I in Scotland has seen an increased availability on the recovery program we have there, which is the windfarm we have with very early generation design turbines.

So moving on then to go a bit more into the grid outages and constraints, which we thought it was interesting to give you some more flavor of this quarter. Because the Mid Hill grid outage, which is current, is scheduled by SSE, so not controlled by us, to last until April '26. Now it's -- that was the original schedule. We now see an expected reenergization in July '26, which reflects weather impacts, supplier delays, and also supplier quality-related issues that SSE have experienced.

There is also a second outage planned by SSE from November to April, so November 26 to April 27. There are mitigating actions underway, which we are working very hard on at the moment, and we expect a more firmer schedule to be updated by this mid-year.

On Rothes I and Rothes II, we have seen grid constraints. They have been constrained since December '25 with then export limited at 50%, i.e., 25 megawatts per site because there has been a current transformer failure at the substation. In order to complete the repair there, there will be a 0 outage period from February to March so that SSE can perform all the job they need to do. After this, we expect all of the 3 sites above actually to return to full capacity once the outages are finished.

Moving on then to our construction projects. Crystal Rig IV near Edinburgh in Scotland is estimating full production in Q1. I would also like to update on Windy Standard III, which is more in the southwest of Scotland, where we have seen new regulations since the beginning of this year that has significantly reduced the capacity for the Scottish police escort for abnormal load transport, which is required to transport blades, et cetera.

We have now updated information on the availability of police resources, which result in a potential 4 to 6 months delay of these turbine component transportation. We are investigating mitigating actions and the impact that this may have on cost and schedule is still to be assessed. So this is the latest information I can give you as of now, and it also marks the end of my presentation. Thank you.

Thank you, Sofie. And then next is Haakon Magne Ore, Fred. Olsen Windcarrier.

Good morning, everyone. If you turn over to the highlights for the quarter, I'm pleased to also say this quarter that fourth quarter was yet another quarter with solid operations. I think we have said that for the year, but I think it's good illustrated by that we achieved more than 99% uptime on our vessels throughout the full year.

Further, as Richard mentioned, MEAG -- late December, MEAG announced an investment in FOWIC of EUR 150 million. I'm very pleased to also say that that formally closed in February.

On the market side, I think we see -- continue to see the same trend as we have spoken about for the last 1 to 2 years, where we see that the underlying turmoil in the value chain and the industry is impacting the volatility of demand, especially towards the end of this decade.

If we then turn over to the quarter itself, what the vessel has done. Bold Tern continued with good performance on the monopile drilling campaign of France. Brave Tern, there we used the period coming out of yard to prepare and mobilize for the Thor project. This is the first project for us with the new 14, 15-megawatt generation turbine. The vessel went on hire on Tuesday evening, and I think we are close to being fully loaded already for the first round.

Blue Tern, it was on a major O&M campaign with Vestas for the quarter. This was the third consecutive major O&M campaign for the vessel this year. So I think it's very good that it proves its value in the higher-end O&M market. And also to illustrate the performance for the 109 days contract we had with Vestas, we actually had 0 downtime. I think that is one of the first time in the company history that we are able to deliver such a long contract without having any -- an hour of downtime.

If we go more into the quarter, as I said, solid performance for the quarter. We were very close to 100% uptime, as Richard mentioned, both Brave Tern did not work. It was mobilizing and preparing for the Thor project. And I think I just added a picture in the slide to illustrate what we have done. You see now the new blade rack, which is out of the vessel. I think a little bit also illustrating the size of the turbines we are now starting to handle in addition to it being a nice picture.

For the year, we, as I said, reported around above 99% uptime when we are on contract. And we had a quite significant amount of yard time. So more or less on average one vessel out every quarter due to yard, which hopefully now comes to an end in this year.

I think we have touched upon it a couple of times, MEAG investing EUR 150 million in FOWIC. They will get around 24% ownership. It builds on an established relationship. But I think as we see it, I think it's a very good transaction, both for Bonheur and also for FOWIC.

FOWIC was debt-free before this transaction. With the transaction, we further strengthened our position to deliver on our target to remain a leading payer long-term. So we are in a position to develop the company when we find the opportunity in the market.

On the accounting side and the financials, we ended the quarter with an EBITDA of EUR 28 million, which led to an annual EBITDA of EUR 137 million. That was actually the fifth year with increasing EBITDA and a new record for the company.

If you go to my last slide on the backlog. At the end of the year, the backlog was at EUR 391 million. I think that the trend we have seen for the last year with major new contract activity being slightly on the lower side than what we normally have seen in general for the industry continued also this quarter. On the positive side, the early announced reservation for the Gennaker project in 2028 turned into a firm charter party and is now part of the backlog.

On the market side, I think 2026 will be the most busiest year on record for the industry. The number of turbines, which is scheduled to be installed, is significantly above what we have seen in the last 3 years. So activity-wise, the medium-term is high. But as we have mentioned, we see that the turmoil in the value chain that started back in '22, '23, it impacts the timing of demand. This is not new. This trend has been there for some time, but we see that it impacts the timing of demand, especially when we look into the end of this decade due to the long lead time in the industry.

So I think that concludes my remarks.

Thank you, Haakon Magne. Samantha Stimpson, Fred. Olsen Cruise Lines. Welcome.

Good morning. So if I go through the highlights first. So overall, a good performance in Cruise Lines for quarter 4 with increases being seen in utilization, yield, as well as continuing our focus on cost controls. We also continue to see improvement in customer satisfaction, and I'm pleased to say forward bookings are looking strong.

So if I take you through that in a little bit more detail. So we've been able to increase yield per passenger per day by 3%. Our utilization also increased by 3%, which gave us an overall, with the cost control measures, EBITDA impact of a positive NOK 14 million year-over-year.

When we look at customer satisfaction, our customer Net Promoter Score continued to increase in the quarter with a positive 10-point improvement, demonstrating that we continue to listen to the guests and improve our customer proposition, supporting our retention going forward.

And again, pleased to say as per Richard's update this morning, that forward bookings are looking strong. In addition to that, quarter 4 bookings actually performed very well for late departures in the Q4 2025 period. And sales for '26 and '27 are looking very promising.

And if we look at our final slide, it just gives you a bit of an overview of the sailings that we had as we went through Q4. So Borealis, you can see here, 7 sailings in that period. She had fewer sailings than Bolette and Balmoral, predominantly due to her dry dock that happened during the Q4 period.

And then what you can see is Balmoral had more sailings in that period, demonstrating, as I mentioned in the previous update, that we are continuing to focus on increasing the number of sailings, therefore, having shorter sailings in each of the quarters, enabling us to carry more passengers in each of the quarters.

And that's the end of my update. Thank you.

Thank you, Samantha. And Maren will now cover the Fred. Olsen Seawind.

Thank you. So good morning, everyone. My name is Maren. I stepped into the role as CEO of Fred. Olsen Seawind in December last year. So a few highlights from last quarter from our side. We have 2 strong projects in attractive markets. We have diligent and flexible development strategies in our projects. And the strong results from AR7 announced earlier this year confirms the policy supports in the U.K. as well as our strategic direction set out for our U.K. projects.

For an overview of our portfolio, we'll -- we can see Codling Wind Park, a bottom fixed project in Ireland together with EdF. We have secured site exclusivity, grid access, and a CfD contract for 1,300 megawatts for 20 years. In late '24, we submitted the consent application, and we are actively engaging with authorities and stakeholders to progress the consent determination. The project's focus is on maturing supply chain and business case towards FID following the consent award.

In Scotland, we have a 1,000-megawatt floating project together with Vattenfall, Muir Mhor. There, we have secured site exclusivity, onshore consent, land areas, and grid access. So the remaining milestone is the offshore consent, which we expect to come in later this year. So the project is focused on securing the final consent, obviously, as well as progressing towards a CfD auction.

So if we zoom in a bit to the project in Ireland, where the consent application process is ongoing and followed very closely by the team. We are also in the process of submitting data under the further information request that we received from the Irish government last year. As you may recall, this has postponed the expected consent determination somewhat. The Irish government, however, remains fully committed to its offshore wind ambitions as was illustrated by the successful Tonn Nua auction in late '25. Codling is still a key project to reach the government's offshore wind ambitions. Within the project, we are preparing for procurement processes on all the major scopes on the back of the expected consent determination.

Moving to Scotland and my final slide. We have signed land option agreements last year for both the landfall and onshore substation area. As I mentioned, the onshore consent was awarded and so was grid was secured last year and also advanced with the radial connection.

We have potential to improve the connection dates further. And with all this, together with the expected offshore consent to come this year, we will be in position to bid into a CfD auction when we receive the final consent.

We remain focused on being the first mover or one of the first movers in Scotland for floating offshore wind. And as I mentioned, the strong results from AR7 confirms the U.K. government support towards the industry, its ambitions towards clean energy 2030 targets as well as confirming that strategic direction that we have set out for the project. Thank you.

Good. Per Arvid Holth, Fred. Olsen 1848.

Thank you, Anette. So in my previous presentation in the last quarter, I presented the numbers from the International Energy Agency, showing that solar PV is the fastest-growing source of renewable energy and will be the largest source of renewable energy by 2028. And in Fred. Olsen 1848, we strongly believe that floating solar will be part of supporting that growth.

So in this presentation, I thought I'd go one step deeper and focusing on shore lines. It's basically inland and nearshore FPV that is we look at and speak about why we in 1848 are targeting the shore lines and distributed PV applications. As you can see, it is expected to have a solid contribution to the growth for island communities and ports.

So nearshore FPV is something that we have been convinced about in 1848, and it's also a very strong driver behind the design of our floating solar PV technology, BRIZO. Nevertheless, we see that nearshore solar is lagging a bit behind inland, which has already reached utility scale developments. But we do see movements now in the markets across Southeast Asia, in the Pacific, in the Indian Ocean, and in the Korean. So our focus has really been on where do we enter nearshore solar with our technology. And here, island communities and ports powered by fuel oil stand out as a clear case.

So if we move to the next slide, that is because there are some clear pain points for these applications that a nearshore FPV plant can solve. One is a high power price, several times higher usually on islands than on -- than the global average, being dependent on importing fuel oil brings volatility to your electricity prices. Energy security is important in most regions these days and relying on imported energy is reducing energy security.

Of course, it's not sustainable. And if you want to grow renewables along the shore, then scarcity of land can be an issue. So for these pain points, a technology like BRIZO brings relief and solving these pain points. And that is through cost savings, floating solar is cost competitive to fuel oil. It solves land and carbon footprint challenges. That is every kilowatt hour produced by floating solar displaces a kilowatt hour produced by fuel. And it also resolves the footprint challenges, which can be onshore. Every kilowatt hour produced by a local source is more secure than one that depends on imports. So it strengthens energy security.

And another benefit for nearshore PV is it's scalable at speed. So a technology like BRIZO comes in modular -- 3-megawatt modular parts. So you can start with 3 megawatt, increase with 12, and so on and so on as the demand increases.

So as a summary, entering the nearshore market, we see that the displacement of electricity generated by fuel oil is a natural starting point. And beyond that, we also see clear scaling applications for floating PV, supporting industrial scale developments or even utility. So a bit of a sneak pick on how we look at nearshore to finalize the CEO presentation at this time. Thank you.

Very good. We will now open up for questions.

[Operator Instructions] We are now going to proceed with our first question. And the questions come from the line of Daniel Haugland from ABG Sundal Collier.

I have 3 questions. I'll start on FOWIC and the MEAG deal. It's a very interesting transaction, obviously. So I was wondering, can you give any more commentary on what is kind of the strategic rationale or maybe your plans here? You kind of commented a little bit about it, but I see that the deal includes some primary components. So do you have any kind of plans to do with the proceeds, et cetera? So I'll just start there.

No. In general, I think the financial details is disclosed in details in the presentation on what is secondary and what is primary share issues. So I think you have that details in the press release itself. When it comes to the strategic, what -- how we are going to develop the company, then I have to refer to the Bonheur guiding policy where we do not disclose any thoughts on major investments or future before it potentially is done.

It's nice, though, to see that MEAG believes in us and wants to invest in the company.

Absolutely. And as I said, it puts the company in a very good position. It was in a very good position being debt-free. But now with this added flexibility, we are in a position to rapidly take advantage of opportunities should they arise.

Okay. Then I have a question on Cruise. I think you -- it maybe a few quarters ago, but I think you indicated that Bolette was also going to dry dock in Q4. So that doesn't seem like it happened. So any commentary on whether there's kind of a planned dry dock for Bolette now, let's say, in the next couple of quarters or?

So I think I heard all of your question. So in quarter 4, Borealis had her dry dock and quarter 1, Bolette had her. So quarter 1 of this year, Bolette had her dry dock, so it was complete. You're right, the original plans 2 years ago were to do both vessels in Q4, but I made that change the year before last to separate the dry docks one in each quarter.

Yes. That make sense. And for the -- but kind of the duration is kind of approximately the same, I guess?

What, sorry?

Duration.

Duration.

So a couple weeks, I guess?

Yes. So the duration of the dry docks for both vessels, so for Borealis and Bolette was around sort of 2.5 weeks for each of the dry docks.

Okay. Super. And then just last question. So my question is basically on renewable energy. So are you seeing any kind of external interest in your onshore portfolio? And the reason I'm asking is obviously that Orsted sold its European onshore portfolio to CIP this quarter and it seems like they are getting a good price. So are you guys kind of also open to do anything structurally in onshore? Not obviously selling the entire business, but let's say, divesting parts of the portfolio to further develop new projects or something like that if an opportunity arise?

Thank you for your question. I think what I can comment on there is that we are very much focusing on progressing a solid and healthy portfolio of projects in the markets that we are in. So that is our main focus at the moment. And we will let you know about any other developments if and when they occur.

We are now going to proceed with our next question. And the questions come from the line of Lars Christensen from Fearnley.

I have a question in relation to the Fred. Olsen Cruise. Is there any planning of future fleet here in relation to that? You're starting to have a pretty old fleet in the Cruise segment. Is it possible to get any color on that, please?

Future possibilities.

So under Bonheur guidance, I can't sort of speculate on anything. What I can say is, in '22, we welcomed 2 vessels into the fleet, larger vessels, which we were very excited to receive. And we continue to monitor activity in the market. And yes, I think we're in a good position. We've still got opportunity to continue to focus on utilization and occupancy improvements with the current fleet, but we'll continue to monitor the market and our performance.

Okay. And then I also have one question in relation to Codling. Is it possible to get any color on how much you have invested so far into the project?

Thank you. The question was how much we have invested so far into Codling project? Yes. I believe the number is NOK 800 million.

Yes, it's disclosed on Page 18 in the report, both for Codling and Muir Mhor. Yes.

Yes.

[Operator Instructions] We have no further questions at this time. So I'll hand back to you for closing remarks.

Well, thank you very much, everybody. It seems that the presentations this time are fairly clear and understood. So thank you for joining us.

Good morning, everybody, and welcome to this third quarter 2025 presentation. My name is Anette Olsen. I am the CEO of Bonheur and Fred. Olsen & Co. As usual, today, Richard Olav Aa, our CFO, will start the presentation going through the main figures and then the different CEOs for the individual companies will present to you. And we will take questions and answers at the end. Today, we have Samantha Stimpson with us, the CEO for Fred. Olsen Cruise Lines. So she will also present to you. So welcome. Richard, I give the word to you.

Yes. Thank you, Anette, and also a hearty welcome from me to this third quarter presentation. Before we go into the numbers, I would like to give some reflections on the report. I think the Bonheur Group of companies delivered a solid set of numbers this quarter. But we can also say that there are room for improvements in the numbers. We see cruise lines improving utilization, but still room to grow. We see Windcarrier, vessel at yard also this quarter, and we also see downtime in renewables. So yes, a good set of numbers, but definitely more room to grow the earnings on existing assets.

So with that in mind, we can move over to the highlights. And my colleagues will go through the main strategic and operational highlights of the quarter within each company. So I will limit myself to comment on the more financial aspects of the highlights. But starting on renewable energy, reporting an EBITDA slightly below last year, some NOK 40 million plus NOK 40 million down on EBITDA, mainly related to reduced generation and reduced prices of REGO that Sofie will cover in more detail. Things to be aware on the financial side that there will be a grid outage on Midhill now this winter, Midhill being a significant wind farm. So that will impact earnings and EBITDA going forward.

And then we'll be notified on another downtime next winter. And these downtimes don't have any automatic compensation and [indiscernible] works heavily on mitigating actions on this downtime, especially the second one, which will come -- Sofie will come back to. But no doubt, if they last as long as they are stated there, they will have impact on the earnings going forward.

Wind Service, an EBITDA from -- up from NOK 435 million to NOK 577 million, which is coming off of a good operational quarter, both in FOWIC and also in GWS. I'll come a little bit back to the underlying improvement in Wind Service on the next slide because there are some special items both last year and this year. I'm also happy to see the backlog increasing and 2 new contracts signed, and it's the firm contract that is reflected in the backlog, while the reservation agreement is not reflected in the backlog. Haakon Magne will cover that more in detail. On Cruise, I will leave that to Samantha, but all in all, an improved quarter. EBITDA up with close to NOK 100 million coming off improved occupancy yield and good cost control. Then in the other investments, NHST continued to deliver healthy results and the margin levels are at higher levels than we have seen in this company before. Also under other investments, we had a refinancing of a NOK 700 million green bond this quarter. utilizing a healthy market and also utilizing the Bonheur Group of companies good standing in this market, we were able to place that bond at the lowest spread we have ever seen of 215 basis points above NIBOR.

Fred. Olsen 1848 will present later by Per, continuing to progress technologies. And today, we will cover more detail on the floating solar. Moving on to the segment analysis per third quarter '25. We have showed you these graphs a few quarters now. We think they are very good to also focus on how the group develops in the longer term. Maybe not so much reflection on the revenue side this quarter, but on the EBITDA side, where this quarter is another quarter that builds on the momentum we have seen coming out of COVID where we have been able to lift the running EBITDA of the Bonheur Group of companies to a level actually on an average, somewhat north of NOK 3.5 billion on a 12-month rolling basis compared to pre-COVID of around NOK 1.5 billion plus. And we see all 3 segments have significantly better earnings than pre-COVID, especially the Wind Service segment.

Yes. Briefly comment on revenue and EBITDA per segment. We have covered the EBITDA already, but there are a few items to note, especially on Wind Service, which I mentioned on the previous slides. We see on Wind Service that the revenues are down by NOK 281 million and that is really related to that in the third quarter last year, we had a big contract with the Shimizu vessel Blue Wind, which contributed by more than NOK 500 million to the revenue. So excluding that and excluding UWL being included in the third quarter '24 and not third quarter '25 as we successfully sold that last quarter. There is a strong underlying revenue improvement in Wind Service. And we can see that more on the EBITDA on Wind Service, which has an improvement of NOK 142 million. I think if you exclude the Shimizu contribution, the one-off we also now have related to the Ocean Wind termination fee and UWL, we see an underlying improvement in EBITDA in Wind Service of more than NOK 200 million year-on-year this quarter.

So on back of that, we come out with an EBITDA of NOK 1.117 billion compared to NOK 938 million third quarter last year, which is an improvement of NOK 179 million. And remember that figure when we move now on to the consolidated summary, so we can start with the EBITDA line. And again, the same numbers there, an improvement of NOK 179 million, and I will briefly comment on other P&L items. Balance sheet, I'll cover on the next slide. Depreciation is down by NOK 36 million. That's really related to a one-off and reversal of an impairment in the media company. So the improvement there is a one-off. Net finance. Interest cost at a quite normal level on a net basis this quarter around NOK 70 million. And then we have these unrealized currency and interest rate effects, mainly related to the interest rate swaps in the U.K. that goes up and down each quarter, but I really point out that, that's unrealized. So -- but also an improvement there of NOK 28 million.

So earnings before tax is at NOK 680 million, which is an improvement of NOK 242 million. Taxes are up mainly related to better results. So the net result is NOK 561 million, which is an improvement of NOK 210 million. What is worth noting is that a bigger share of this result flows to the shareholders of the parent, the shareholders of Bonheur because more of the results comes from 100% controlled entities. So the NOK 561, NOK 461 flows to the shareholders of the mother company. So actually, we're delivering earnings per share of more than NOK 10 per share this quarter, which is quite strong. Then final slide for me is the group capitalization per third quarter. First to the left, our financial policy that we obviously reiterate every quarter because it's very important to us. And it's also important to check that we are in line with the financial policy, and we can confirm that our numbers are fully in line with the financial policy.

Then going through the numbers. And if we start with the table above with 100% owned entities, we see that we now sit with more than NOK 5.3 billion in cash and close to NOK 3.4 billion in debt, and then a net cash position slightly below NOK 2 billion. So a few things to note there is that Wind Service, we have dividended out the proceeds from the successful sale of UWL and also some dividend up from FOWIC up to Bonheur this quarter. So there is a big change in the cash position between Wind Service and Bonheur ASA in the quarter. And that you will also see in the mother company's results, which are attached in the report that the mother company delivered profit close to NOK 900 million this quarter due to the dividends up from Wind Service. Despite that dividend, Wind Service still sits with close to NOK 1 billion in cash and very little debt left on [indiscernible] around NOK 300 million and net cash position of NOK 675 million. Renewable Energy, that is the Scandinavian wind farms plus the development portfolio is debt-free and a small cash position there of NOK 338 million.

Point to note, Cruise Lines paid down the final installment on the seller credit on the 2 new vessels this quarter. So Cruise Line have no -- 0 external debt. So a small milestone for Cruise Lines there. And Earnings are improving. So a cash position of NOK 605 million, also Cruise lines is paying down its debt to Bonheur that they took up during COVID. And then finally, Bonheur, with the refinancing of the bond and the dividends out of wind service sits with NOK 3.4 billion in cash and net debt around NOK 3.1 billion and a net cash position of slightly more than NOK 300 million. So a solid position of what we control 100%. If we look below what we don't control 100% on renewable energy, which is really the joint ventures. Debt of NOK 4.3 billion and NOK 767 million in cash on net NOK 554 million. But remember, this we consolidate 100%, so Bonheur is 51% of this net debt position.

Wind Service, it's Blue Tern and also GWS, almost now debt-free in combination and other investments also close to debt free. So all in all, a strong balance sheet, fully in line with the financial policy. So with that, back to you, Anne.

Thank you. First to present today is CEO of Fred Olsen Renewables, Sofie Olsen Jebsen.

Thank you. This quarter, we saw production lower than the same quarter in '24. There are some reasons for that, the Crystal Rig 1 recovery project, which I've told you about earlier, that has early generation turbines. Also, we have some market reasons at our Swedish wind farm that is ancillary services, low prices and grid export limits in addition to blade issues. We've also seen lower revenues due to lower REGO prices this quarter and REGO's renewable energy guarantees of origin, those are certificates that are issued per megawatt hour produced that can be bought by consumers wanting to offset their carbon emissions.

In the last years, we've seen quite high prices on this before they have been decreasing back to the current levels because more renewable energy is coming into the market with subdued demand. Then we also have construction work of our 2 wind farms progressing well this quarter. Our business model, as you have seen before in Fred. Olsen Renewables, outlined on this slide, and there are some changes this quarter that I'm happy to report. If you see under the consented column, we have some projects that have received consent, 2 solar projects, one in the U.K. and one in Italy. In addition, we have received consent for Wind Standard 1 Repower, which is our first repowering project receiving this. And we are advancing and maturing these projects through our normal development process to ensure long-term value creation. Taking a step back and looking at the market, the prices have been steady. We see that there is now lower gas storage levels in the EU, which is a change in regulation there. This means that changes in weather or colder weather for longer times could mean an increase in prices. But what we also do see is that the long-term trends are pointing towards softer prices as there is an expansion of LNG supply.

Moving on then to talk about production. The generation was below estimates this quarter. I mentioned the Crystal Rig 1 recovery project with the early generation turbines. This is increasing availability steadily, which is good to see. We've also had the lower production on Högaliden and Fäbodliden in Sweden. That is mainly due to market then shutting down due to low prices and provision of ancillary services, grid export limit and blade issues. In terms of the ancillary services, we have recently entered that market and are offering to turn down production of our wind farms in order to help the system operator, which is [ Svenska Kraftnet ] in this instance to balance the grid. And we see that this provides revenues, and we are offering this service on an hourly and 15-minute basis together with our balancing system provider. The blade issues I commented on the last quarter. We have 3 turbines offline with suspected blade cracks and are working together with the manufacturer to assess and perform necessary repairs.

We also see grid outages this quarter. And as mentioned by Richard, we have a planned grid maintenance work at Mid Hill. That has been going on from the 15th of September and will last until May '26. And then we have a further estimated outage of from November '26 to April '27. There is no automatic compensation from the grid owner here. We are working on mitigating actions, especially on shortening the -- trying to shorten the second outage with Technical Solutions there. And I think it is fair to note that this quarter, we actually had more production from Midhill Wind Farm than the previous same quarter the last year. That was because last year, Midhill was out due to a failure at the external Fetteresso substation. That was a highly unusual event. And it is although still quite unusual that we see this length of grid outage that we now are in with Mid Hill and that we also have in front of us. I would like to point out that grid outages are, in general, infrequent. And when they do occur, it's normally due to scheduled maintenance, and it's quite specific for each substation.

This outage we are in the middle of now is because of an upgrade of the substation at Mid Hill, which is still quite unusual. And we are notified of all the outages in advance and also monitoring to keep overview ourselves. So moving on then to talk about our construction projects. Crystal Rig IV has good progress this quarter. We have 5 turbines installed, most likely 7 by the end of this week. There has been a delayed transport of components that has postponed the installation start, and that has been due to low capacity on police escort in Scotland. We are taking mitigating actions to this and currently operating with 2 cranes for installing to use all available weather windows. We also saw blade damaged by the storm Amy that was under -- or the blade was under the manufacturer's responsibility, and we are working together with the manufacturer to see how this will might affect us.

Then moving on to our second construction project, Windy Standard III, more in the Southwest of Scotland. The project is progressing well as well. We have 2 wind turbines foundations successfully poured. These are gravity-based foundations where you need to pour the concrete and the civil works are progressing according to plan. So that was all for me this quarter. Thank you.

Thank you, Sofie. Next is Lars Bender, CEO of Fred. Olsen Seawind.

Thank you, Anette. Yes, and I will take you through the highlights for Fred. Olsen Seawind this quarter. First of all, we remain confident in our projects. We have good projects in attractive markets with strong political support, both Codling in Ireland and Muir Mhòr in Scotland are in markets with political support and where offshore wind is a focus area in the energy transition. We still, as I have alluded to before, deploy very diligent development strategies on our projects, which basically means that we have focused on having lean spend profiles. We limit pre-FID commitments, and we focus on progressing the projects and creating incremental value quarter-on-quarter.

Then this quarter, we have received a request for further information for Codling in Ireland. This will postpone the expected consent determination, and I'll come back later in the presentation to what this exactly means and also put it into the context of the consenting process in Ireland. Then the fourth bullet, we have secured a landfall area and onshore substation area for the Muir Mhòr floating project. This is naturally a good milestone and good progress for the project. I'll also come a bit back to that later. So as I mentioned before, we are in the consenting process in Ireland with Codling. We submitted our consent application last year, and we have now in this quarter, received a request for further information. That request for information will postpone the expected consent determination. The content of the request for further information is a range of surveys, including offshore surveys, which we have to conduct. Then we have to, on the back of that, analyze the data and then put it into a report, which needs to be submitted to the consenting authorities.

It's important to note that other Phase 1 projects have received similar requests for information, and we very much see this request for information as a clear sign from the Irish planning body that they want a diligent and process and very robust consent determinations at the back of that. So we have already started this work and we will naturally continue this at pace. Just to maybe recap the process around consent in Ireland because I think it's important to put this RFI into context. First of all, the RFI was from our perspective, expected. It is quite usual in offshore wind to have a request for further information. And also in Ireland being a new offshore wind regime and a new planning body, it was also expected in that context. As I said before, we submitted our consent application last year. That was then sent into consultation. And now we have received this request for further information from the government.

On the back of that, the planning body will make a consent determination, which is basically the planning body's decision on our application. There is no fixed time lines to that, as I've said before on the quarterly presentations. And when the consent determination is issued, there is in Ireland, a risk of judicial review, which basically means that any person or any company can challenge the government's decision. We will not be parties to such challenge, but it is a risk that's sitting on the back. So this process, as I've said before, has some time uncertainty attached to it. But it's important to note a couple of things in that connection. First of all, our development strategy, as I mentioned before, we have been expecting that we had to be flexible in relation to timing. So we have been geared for that. Secondly, on the financial side, we have 100% indexation of our CfD until FID.

And then I think thirdly, and that's my third bullet, we are in an environment in Ireland with a government with strong support, which also very much are supporting the build-out of offshore wind and taking measures to support the industry, which, again, of course, gives us confidence in the project. That leads me to the fourth bullet. We are still pushing ahead with the project and preparing all procurement processes and engineering and so forth for the project. So we are ready on the back of the consent determination to move the project forward towards FID. If we then go to Scotland, as I said before, we have secured land for both landfall and onshore substation this quarter. This is something we've been working on for a while. The area where we are connecting in north of Peterhead is a very attractive area for connection, and therefore, it has been important for us to be one of the first projects to secure this area because it is, of course, a very important precondition to develop the project that we have access to land and grid.

Secondly, consent is progressing as planned. I said before that we received the onshore consent and we're awaiting offshore consent. When we have the consent, we are basically in a position to bid into a CfD auction. So currently, I would say the pieces of the puzzle, consent, grid, land are falling into place, and that also very much supports the strategy that we have deployed of being one of the first mover projects on floating wind in Scotland, and that continues to be our direction and also what we aim towards. And with those comments, I'll give the word back to you, Anette.

Thank you. Per Arvid Holth, CEO of Fred. Olsen 1848.

Thank you, Anette. So as mentioned by Richard and not visible on the first slide there, we'll focus on floating solar. And the backdrop for this presentation is that earlier this month, the International Energy Agency updated their annual report on renewables. So we'll allow ourselves to zoom out a bit and go through some of the results. So on this slide, I think we'll jump to the graph on the right side. This is one of the main conclusions to me. This is showing the actual product, the electricity produced until today and expected to be produced from renewable energy sources until 2030. If we look at wind first, then this shows a good momentum both in offshore and onshore wind as well, but it's solar that is sticking out, having started a significant momentum today, and that is expected to continue until 2030.

So if we compare the sources a bit here, then more terawatt hours of electricity will be produced from solar than from onshore wind this year already. combined onshore/offshore will be surpassed by solar next year. And in 2028, 1 year earlier than was projected last year, it is expected that more electricity will be produced from solar panels than from hydroelectric plants around the globe. So that is quite significant. I also added the capacity expectations of installed capacity until 2030. And it's a bit more complicated looking at that when it comes to electricity production. But it gives an indication of how much solar needs to be installed to produce the power that is visible to the right there. And it's a significant amount. It's around 3,600 gigawatts, which is expected to be installed until 2030.

So in conclusion, by 2030, amongst renewables, solar is expected to become the largest source and it will require a significant amount of panels. So then the question is whether the supply chain can supply those panels. So that is the next slide. And there are 2 things here. One is that the short answer is really yes. The panels -- panel production capacity is there. Already, there has been a significant increase in growth, but the utilization of the production facilities in the supply chain is quite low. And this fierce competition that exists, that has also resulted in a significant drop in prices. So it is -- now the global spot price is down to $0.09 per watt peak, and that is quite affordable. So if you add then that -- when it comes to solar PV, it's usually quite easily installed and it's available and quite affordable, then that is why that growth is picking up as shown in the first slide. But it does require a lot of area.

And if we go then to the next slide, where does that leave us, 1848 promoting our floating solar technology, BRIZO. We, of course, see this as very positive. Solar PV is area intensive, and we see that the market for utilizing water surfaces for installing solar PV is growing. So that is positive. But of course, with the amount of solar that is expected, we believe that it's important that there is a high flexibility in the application areas and our technology can facilitate that, either utility scale in hybrid setups with hydro or storage or indirect industrial applications as well. So all in all, these offer a stable and flexible and robust solution, which serve the application areas that we see for floating solar and has a potential for opening up new areas. So that is it. Thank you.

Next in line is Samantha Stimpson, CEO of Fred. Olsen Cruise Lines. And Samantha, you're joining us on Teams this time. So please go ahead.

Thank you. Good morning. So an update from Cruise Lines. We've seen growth in revenue and EBITDA. This is through improving our occupancy and our yield as well as putting some cost control measures in place. I'll also update you in a bit more detail from customers telling us that they are happier, and that's through measurements of customer surveys, focus groups and the introduction of Net Promoter Scoring. And I'm also pleased to announce that the future bookings performance is good as well. If we move on to the next slide, I'll be able to talk you through some details. So our passenger numbers are up 19% in quarter 3. This is predominantly due to us taking the decision to introduce more shorter duration sailings. This was a decision taken to encourage new to Fred. Olson cruise line customers, introduce them into the business as well as giving our loyal customers more choice to sail with us during the summer months. And I'm pleased to say this has worked.

Our occupancy in quarter 3 was up to 81%. And it's easier to achieve that through the warmer months of quarter 2 and quarter 3. So it was a good decision. If we then look at our yield performance, yield has improved by 13%. And this is due to some product mix. Every year, our itineraries and destinations and durations across the fleet change. In addition, we've made some decisions around how we manage our revenue performance pre-cruise and during the cruise. And all of the above initiatives have supported the growth that you can see here with our EBITDA. If I then talk to you about Net Promoter Score, I'm pleased to say this has increased from 68 -- from 63, sorry, to 68. That's a 5-point improvement in Net Promoter Score. We are investing a lot of time to understand where we need to make improvements with our customer satisfaction. And this is to ensure that we are improving retention and satisfaction rates. We're making good progress, and this is something as an organization, we are committed to continue to improve.

If we look at the forward sales, during quarter 3, we had our 2027 World Cruise on sale. We had the rest of 2025 to continue to sell, and we had the year of 2026. And I'm pleased to say that a big focus on 2026 has driven the improvement in the forward sales performance that you see here of plus 12%. We understand in the organization the importance of filling our ships, and we understand that one of the best ways of doing this is to ensure that we get guest commitment further in advance. And if we move to my final slide, you'll be able to see during quarter 3, the number of departures that we took for each of the vessels and some of the key destinations that we visited. And what I'd like to highlight is that Norway continues to be a positive performing destination as did the U.K. during the period of quarter 3, and that's predominantly supporting the shorter duration cruises that we've been able to see improvement in occupancy through. And that's it for me. Thank you.

Thank you, Samantha. Haakon Magne is now standing here to talk about Fred. Olsen Wind here.

Thank you, and good morning. Very happy that I can start the summary, as I've done the last time by reporting about a very good performance also this quarter. The vessels that has operated has been above 99% utilization, and we are delivering one of the best financial performance in the history. Further on the positive side, we have, during the quarter, signed 2 new installation contracts for installation in '27 and '28, respectively. And on the market, I think we reiterate what we have said for the last year that there is an increasing volatility on demand side, which impacts visibility and some uncertainty towards the end of the decade.

If we go down to what the vessel has done during the quarter, Bold Tern that commenced the work offshore under the Saipem drilling campaign. It took almost 5 months to make the vessel ready for operations with all the equipment and is now performing well offshore. Brave Tern went into yard to do the same work as we did on Bold Tern to prepare her for a generic 3 turbine sea fastening setup with 15-megawatt generator. So we can easily switch between the different models. We also had to do some carryover work from our stay in Navantia on the crane upgrade last year. Blue Tern, it completed its second major on campaign with Siemens this quarter and went straight in direct implementation over to a third campaign with Vestas early October. Blue Wind, there, we completed the Hai Long in the quarter. If we then go over to the financials, as I said, good performance and good results. We had one vessel in yard. That's why we only were able to sell 67% of the days. But of the 67 days we were able to sell, we got paid over 99% of it. And that is decent.

On the revenue side, we had revenues of around NOK 60 million with an EBITDA of close to NOK 43 million. Just note, I think, as Richard also mentioned, that around 4 of those are related to some -- the last accounting effect of the termination fee of a contract that was terminated in 2024. If we look to the bottom right of the slide, you see the development of annual performance. And year-to-date, we are close to 2024, which was a record year for us. So that is good. If we then go over to the market and the backlog slide. Yes, that appears not to be included in the slide. But I can take it anyway. If you see, I think order intake for the general industry has, to a larger extent than normal been driven by delayed projects and major O&M campaigns that has been triggered by quality issues on some of the turbines. But I think we are then happy to report that this quarter, we actually signed 2 contracts. We signed one contract for installation in 2027, and we signed a preferred supplier agreement for execution on the Gennaker project in 2028. Both contracts are for more than 60 turbines.

Our backlog for the quarter stands at NOK 360 million, slightly up from last quarter. But please note that, that does not include the reservation agreement as we do not report that in the backlog to the market. On the market, as I think, we are giving the same measures as we have done now for some time. You see in the medium term, there is very limited vessel availability of the high-spec vessels. So their impact on the demand side could have a quite strong impact on the outcome. The uncertainty and the issues that we see in the offshore wind value chain in general industry, again, that impacts the volatility of demand. And that we continue to see. But given the lead times in our industry, that doesn't impact the next year performance. So it's more impact the end of this decade. But I think this is the pick we have seen for some time. So the trend is the same in this quarter as we have seen before. So I think that concludes my comments. Then I give it back to Anette.

Yes. Thank you. We will now open up for questions. So please.

[Operator Instructions]

We will now take the first question from the line of Daniel Haugland from ABG Sundal Collier.

Congratulations on great results, even though it's been maybe a little bit difficult quarter for some of the businesses. I think it's still great results. I have 4 questions. I think I'll just do them by segment. So just kind of a simple question on renewable energy. So the grid outage at Midhill, why is that not compensated given that -- yes, it's a grid outage, which seems to be controlled by someone else?

In general, grid outages are not -- or planned grid outages are not compensated in the industry. Those are due to maintenance. In this case, it's upgrades of the grid. And yes, that's how it is.

Okay. And then one question on Sea Wind. So the Codling consent, if I heard correctly, that is -- it's postponed a little bit. So I don't know if are you able to give any comments on when a potential FID on that project could happen? Obviously, I'm asking for kind of guidance here, but kind of more like are we now into maybe a '26, '27 decision or maybe even later?

I can, of course, understand the question, but we cannot guide on the FID time line. As I said earlier in the presentation, the process does have uncertainty attached to it, and we are dependent on the government in relation to this. So we are currently awaiting the determination. We are handling this RFI now where we have extensive surveys we have to do. We have to analyze the data. We have to submit it back. They need to issue the determination, which then again has uncertainty around whether it will be subject to a judicial review or not.

So for me, to give an indication of FID would be very arbitrary at this point. But it is important to say that we remain confident in the project and the diligent development strategy that we are deploying currently for the project.

Okay. And then I have one question for Haakon Magne on Wind Service. So just on the demand picture right now, you touched a little bit in on it being volatile. But if I'm kind of just thinking a little bit loudly here, so Ørsted canceled Hornsea, Hornsea 4 earlier this year. We're seeing Vestas and Siemens Gamesa now pausing expansion at some offshore wind factories that they planned. And we also saw Maersk cancel and almost finished WTIB. So other than kind of just the very short to medium term here, how do you see kind of the outlook a little bit more out? Is it possible to give any kind of comments around this?

Yes, thanks for the question, but I think it's a very hard question to answer. But I think I would like to start, I think that the main drivers behind offshore wind is still there. We see that the government in the key areas that building offshore wind still is supportive for the industry. We still see new countries coming in with plans. But unfortunately I think every industry has a tendency to get some growth. So I think it's very hard for me again to explain when exactly this growth then will come back into the growth trajectory. So I think it's a good question, but I think it's very hard for us to answer.

Okay. I appreciate you don't have the answer, but do you kind of agree that the, should I say, 2028 to early 2030 picture looks a little bit different now than it did, let's say, 1 year ago or you don't see it that way?

No, I think we have been quite consistent in our focus on this last year on the quarterly presentations.

Okay. And then I have a last question, and then I'm going to hand on to the line. I think this maybe will be for Richard. So you now have a lot of cash, and I've been asking almost the same question for a couple of quarters. But given that the outlook for offshore wind might have deteriorated a little bit at least in kind of the period I mentioned. Have you kind of changed any view on, for example, ordering a new wind vessel? Are you kind of able to share any thoughts with shareholders on what to do with the cash?

Thank you for the question, Daniel. I think I'll then just relate to our capital allocation policy that we spent quite a bit of time with the Board to develop during the winter and that we announced in connection with our annual report, where we obviously are very aware of our duties of maximizing shareholder values and balancing what we invest in to secure that they create good value up against distribution to shareholders. So that is our starting point.

Having said that, a lot of cash is relative. If we look at the capital intensity of the industries we're in, one single investment can easily relate to several billions of kroner. Just an example as wind farms, not the biggest wind farms in the world, but still sizable wind farms, but NOK 3 billion approximately in gross CapEx just on those 2 wind farms. You also have to put the cash position relatively to the investment sizes we are facing.

But again, I'd like to reiterate to all listening to this call to read our capital allocation policy because you'll find very valuable information there about the thinking of the governing bodies of the Bonheur Group of companies.

We will now take the next question from the line of Ral Hardison from Clarksons Securities.

Congratulations on a very strong quarter. I want to touch a bit on the Cruise segment. So your occupancy there stood at 81% this quarter, as far as I can see, the strongest on this side of the pandemic, but still a little bit behind what you saw during the strongest quarter before the pandemic, which could reach into the high 80s. So with that in mind, do you think there's still room to lift occupancy further for the cruise segment as bookings seems strong? And do you believe that the high 80s figures that we occasionally saw prior to the pandemic still is attainable for the summer quarters going forward?

I think Samantha is there, hopefully, to answer your question.

Thanks for the question. Yes, occupancy and retaining the focus on filling the ships is a priority for us within the organization. Definitely continuing to improve the increase as high as we can to the top part of the 80s, as you referenced pre-pandemic is something that we are focused on. Just to also reiterate that part of our focus as well has been to introduce additional sailing volumes. So that's where the passenger growth has come from. We've increased the number of sailings as well as trying to fill the vessels. So sometimes it's not a like-for-like comparable, but it is something that we're focused on finding the balance for sure.

And then on, I guess, a continuation of the question that was asked previously, but you are making quite substantial upstream dividends this quarter, freeing up cash to the parent company level. And I'm not going to ask about the return of -- or potential return of capital to shareholders because I think that has already been addressed. But should we view this as a step to increase flexibility and potential reallocation of capital within the group? And of course, I appreciate that you can't give any details there, but any color here is welcome.

I think.. Yes. I think the distribution of dividend up to the parent comes also fully in line with our financial policy. Excess cash should not sit on the balance sheet of the subsidiary. It should be upstreamed to the mother company as then the mother company will have full flexibility in future capital allocation and can also do a better treasury activity than having excess cash spread around in the system. So the upstreaming of the UWL proceeds and the dividends out of FOWIC is just a normal upstreaming according to the capital allocation -- sorry, the treasury and financial policy. So it's nothing more than that.

[Operator Instructions]

We will now take the next question from the line of Helene Brondbo from DNB.

I have 2 ones on FOWIC. I can just start with sort of -- I just want to understand or maybe if you just could address sort of how are you addressing the situation with the higher uncertainty in FOWIC? How do you approach that when going into tenders, contract negotiations, et cetera? Are you, for instance, doing any planning for maybe taking on longer-term O&M agreements to secure a baseline of utilization? How are you thinking around this?

I think we all think a lot of what we are doing, not necessarily in this situation. But I think it's hard for us, I think also back to Bonheur's general, I think it's very hard for us to comment on what we going forward.

Okay. I fully appreciate that. And I also wonder what -- in light of this, what do you see as a general trend in day rates given this market volatility?

I think the market is well functioning, but I think we do not never go into details or into specific day rates neither on what we have or what we are bidding. But in general, we see a healthy market.

So you would say that day rates in the market are keeping up with levels seen before?

I'm not saying anything. I'm saying that I think we do not comment specifically on day rates. You are saying that, but I'm not saying that.

Thank you. There are no further questions at this time. I would like to hand back over to the speakers for closing remarks.

Okay. Thank you very much, everybody, for joining us today, and have a nice weekend.