Bonheur : 3Q 2025 Presentation

3Q Presentation

24 October 2025

3Q 2025 Highlights

Renewable Energy Wind service Cruise Other Investments

• EBITDA NOK 219 mill. (NOK 263 mill.)

• Reduced generation, mainly due to downtime at Crystal Rig I (early generation turbines) and curtailment of the Swedish windfarms due to market conditions

• Revenue reduction due to lower price of Renewable Energy Guarantees of Origin (REGO)

• Crystal Rig IV and Windy Standard III are progressing with estimated COD as planned in 1Q 2026 and 1Q 2027

• Grid outages for Mid Hill windfarm from 15 September until May 2026 and from November 2026 until April 2027 without any automatic compensation from the grid owner. FOR works

• EBITDA NOK 577 mill. (NOK 435 mill.)

• Backlog of EUR 360 mill. (EUR 288 mill.) for the Tern vessels

• FOWIC signed a firm contract for installation of 64 turbines in 2027, and a reservation agreement for installation of 63 turbines in 2028

• Utilisation 67% due to planned yard stay for Brave Tern to reinforce the deck structure to carry +15MW wind turbines

• Good operational quarter in FOWIC and GWS

• EBITDA NOK 352 mill. (NOK 255 mill.)

• Occupancy of 81% (77%) of full capacity

• Net ticket income per passenger day of GBP 218 (GBP 194)

• Booking numbers are up 12% compared to last year

• EBITDA NOK -31 mill. (NOK -15 mill.)

• EBITDA for NHST NOK 48 mill. (NOK 57 mill.)

• Placement of new NOK 700 mill. green bond

• Fred. Olsen 1848, progressing several technologies and innovations within floating wind and floating solar

• Fred. Olsen Investments currently manage five investments within renewable energy related companies and potentially undertake new investments

Segment Analyses per 3Q 2025

Revenues - 12 months rolling EBITDA - 12 months rolling

16 000

*

14 000

Cruise Renewable Energy Wind Service Other

5 000

Renewable Energy Wind Service Other Cruise

4 000

3 000

2 000

1 000

0

*

-1 000

12 000

10 000

8 000

6 000

4 000

2 000

0

Revenue and EBITDA per segment

NOK million

R evenue	3Q25	3Q24	Variance
R enewable E nergy	477	529	-53
W ind S ervice	1 471	1 752	(281)
C ruis e	1 148	1 016	132
Other Inves tments	310	308	2
Total Revenue	3 406	3 606	(200)
E BITDA	3Q25	3Q24	Variance
R enewable E nergy	219	263	(44)
W ind S ervice	577	435	142
C ruis e	352	255	97
Other Inves tments	(31)	(15)	(16)
Total EBITDA	1 117	938	179

Consolidated summary 3Q 2025

NOK million 3Q25 3Q24 Variance

R evenues	3 406	3 606	-200
Opex	(2 289)	(2 669)	379
EBITDA	1 117	938	179
Depreciation	(299)	(335)	36
EBIT	818	603	215
R es ults from associates	(5)	(5)	(0)
Net F inance	(133)	(161)	28
EBT	680	438	242
Tax C ost	(119)	(87)	(32)
Net result	561	350	210
S hareholders of the parent company	461	271	189

Group Capitalization per 3Q 2025

Financial Policy

The Company and its financial and liquidity position shall be strong

The subsidiaries must optimize their own non-recourse financing

To accelerate growth within the capital-intensive industries, various means of external capital will be considered, incl. but not limited to JVs, Hvitsten AS, public markets and M&As

NOK million	Cash	External debt*)	Net cash/(debt)
100% owned entities
Renewable Energy	338	0	338
Wind Service	973	297	675
Cruise	605	0	605
Bonheur ASA + Other Investments	3 437	3 085	352
Sum 100% owned entities	5 353	3 383	1 970
Less than 100% but more than 50% owned entities (incl. associated holding companies):
Renewable Energy	767	4 321	(3 554)
Wind Service	988	1 093	(104)
Other Investments	110	150	(40)
Sum less than 100%, but more than 50% owned entities	1 865	5 564	(3 698)

*) Bank and bond debt 6

Sofie Olsen Jebsen

CEO

3Ǫ Fred. Olsen Renewables

• Production in Ǫ3 lower than same quarter 2024

  • Crystal Rig I recovery project (early generation turbines)

  • Market reasons at Swedish windfarms: ancillary services, low prices, grid export limits as well as blade issues

• Lower revenues due to lower REGO prices

• Construction work on two windfarms progressing well

Full Cycle Business Model

Site investigation

Development

Consented

Construction

Operation

UK	UK	900 MW
Norway	Portfolio
Sweden	Norway	1150 MW
Italy PV	Portfolio Sweden	1725 MW
	Portfolio
	Italy Portfolio	300 MW

UK

Paul's Hill II 21 MW

Fetteresso 42 MW

Rothes III 93 MW Crystal Rig Solar 27 MW

Windy Standard I Repower 56 MW

Sweden

Verkanliden 162 MW

Italy

Sant'Ilario Solar 6 MW

UK

Crystal Rig IV 49.1 MW Windy Standard III 87,6 MW

Scotland

Crystal Rig 62.5 MW

Crystal Rig II 138.0 MW

Rothes 50.6 MW

Rothes II 41.4 MW

Paul's Hilll 64.4 MW

Mid Hill 75.9 MW

Crystal Rig III 13.8 MW Brockloch Rig Windfarm 61.5 MW Brockloch Rig 1 21.6 MW

Norway

Lista 71.3 MW

Sweden

Fäbodliden 96,4 MW

Högaliden 107,5 MW

Total portfolio 4 075 MW 497 MW 137 MW 804.9 MW

Market Backdrop

European power prices held steady in Ǫ3, supported by weak demand, strong renewable output, and subdued fuel costs.

• Nordic prices remained low, while UK prices edged higher but stayed well below early-year levels.

• Gas prices stabilized in the low €30s/MWh as storage reached 79% - well behind levels seen last year but still deemed sufficient as Europe enters upcoming winter season.

  GBP/MWh

  EUR/MWh

• Weather continues to influence regional dynamics, with longterm trends pointing to softer prices as LNG supply expands.

European gas- and power prices

60

50

EUR/MWh (gas)

40

30

20

10

0

Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Gas: TTF (15-day MA) Electricity: DE, FR, UK (15-day MA)

140

EUR/MWh (electricity)

120

100

80

60

40

20

Ǫ2-22

Ǫ3-22

Ǫ4-22

Ǫ1-23

Ǫ2-23

Ǫ3-23

Ǫ4-23

Ǫ1-24

Ǫ2-24

Ǫ3-24

Ǫ4-24

Ǫ1-25

Ǫ2-25

Ǫ3-25

0

Power prices (quarterly average)

400 400

350

350

300

300

250

250

200

200

150

150

100

100

50

50

0

0

N2EX

NO2

SE2

10