Norway's Bonheur Q2 profit slumps, partly on lower wind service earnings
Norway's Bonheur Q2 profit slumps, partly on lower wind service earnings
Overview
Norway diversified holding company's Q2 revenue fell 7% yr/yr to NOK 3.04 bln
Q2 EBITDA dropped to NOK 886 mln from NOK 1 053 mln a year earlier
Net profit declined to NOK 372 mln, impacted by lower wind service earnings and prior-year gain
Outlook
Company expects Mid Hill windfarm outage to last until late August 2026
Windy Standard III estimated production start-up as planned in 1Q 2027
Cruise segment booking numbers are up 22% compared to last year
Result Drivers
RENEWABLE ENERGY GROWTH - Segment EBITDA rose due to increased generation, Crystal Rig IV contribution, and higher power prices in UK and Scandinavia
WIND SERVICE DECLINE - Segment EBITDA fell on lower revenues, reduced vessel utilisation, and operational disruption from Brave Tern incident
ABSENCE OF PRIOR-YEAR GAIN - Net profit was lower partly due to lack of gain from United Wind Logistics sale booked in previous year
Company press release: ID:nObi4LRYxa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| NOK 3.04 bln |
|
Q2 Net Income |
| NOK 372 mln |
|
Q2 EBIT |
| NOK 539 mln |
|
Q2 EBITDA |
| NOK 886 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the renewable energy equipment & services peer group is "buy"
Wall Street's median 12-month price target for Bonheur ASA is NOK300.00, about 36.4% above its July 8 closing price of NOK220.00
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)