Slides
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3Q Presentation 30 October 2026
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• EBITDA NOK -18 million (NOK -31 million) • EBITDA for NHST NOK 47 million (NOK 48 million) • Successful placement of a six-year NOK 800 million green bond • Fred. Olsen 1848, unique floating solar technology positioned for utility scale electricity, co-location on hydro dams and diesel generator replacement • Fred. Olsen Investments currently manage investments within renewable energy related companies and will potentially undertake new investments 3Q 2026 Highlights • EBITDA NOK 385 million (NOK 219 million) • Generation, including curtailment, increased by 15%, mainly reflecting the contribution from Crystal Rig IV and higher generation in Sweden • Power prices increased in the UK and Scandinavia, mainly driven by higher gas prices • Mid Hill resumed operations in mid- September • Windy Standard III is progressing with estimated production start-up as planned in 1Q 2027 • FOS owns 100% of the Muir Mhòr from 31 July 2026 2 Bonheur ASA group of companies • EBITDA NOK 530 million (NOK 577 million) • Solid execution in both FOWIC and GWS improved underlying results in EUR • The contract backlog for the Tern vessels was EUR 970 million (EUR 360 million) • Utilisation of 77% (67%) for FOWIC • EBITDA NOK 333 million (NOK 352 million) • Occupancy of 85% (81%) of full capacity • Gross income per passenger day of GBP 284 (GBP 283) • Booking numbers are up 17% compared to last year Renewable Energy Wind service Cruise Other Investments
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(1 000) - 1 000 2 000 3 000 4 000 5 000 Total net rolling 12 month EBITDA Renewable Energy Wind Service Cruise Other Total net rolling 12 month EBITDA - 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 Other Renewable Energy Wind Service Cruise Total net rolling 12 month EBITDA Revenues – 12 months rolling EBITDA – 12 months rolling 3 Segment Analyses per 3Q 2026 Bonheur ASA group of companies * 2017 12 months rolling revenue and EBITDA are restated excluding the Offshore Drilling segment which was de-consolidated in 2018 *
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Revenue and EBITDA per segment 4 Bonheur ASA group of companies NOK million Reven u e 3Q26 3Q25 Varian ce R e ne wable 691 477 214 W ind S e rvic e 1 483 1 471 11 C ruis e 1 144 1 148 (4) O the r 298 310 (12) Total Revenue 3 615 3 406 209 E BITDA 3Q26 3Q25 Varian ce R en ew abl e 385 219 166 W ind S e rvic e 530 577 (47) C ruis e 333 352 (19) O the r (18) (31) 13 Total EBITDA 1 230 1 117 113
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Consolidated summary 3Q 2026 5 Bonheur ASA group of companies NO K million 3Q26 3Q25 Varian ce R even u es 3 615 3 406 209 Opex (2 384) (2 289) (95) EBITDA 1 230 1 117 113 D e pre c iation (300) (299) (1) EBIT 930 818 112 Resu l t s f r om associ at es (6) (5) (1) Ne t F inanc e (106) (133) 27 EBT 818 680 138 T ax C os t (145) (119) (26) Net result 673 561 113 S hare holde rs of the pare nt company 526 461 65
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NOK million Cash and cash equivalents External debt*) Net cash/(debt) 100% owned entities Renewable energy Wind Service Cruise Bonheur ASA + Other Sum 100% owned entities Less than 100% but more than 50% owned entities (incl. associated holding companies): Renewable Energy Wind Service Other Sum less than 100%, but more than 50% owned entities 6 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 Financial Policy Group Capitalization per 3Q 2026 Bonheur ASA group of companies *) Excludes IFRS 16 accounting effects 248 0 248 429 0 429 537 0 537 3 079 2 389 691 4 293 2 389 1 904 1 492 3 378 (1 886) 1 202 552 650 93 45 48 2 787 3 976 (1 188)
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Sofie Olsen Jebsen CEO 7
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Q3 Fred. Olsen Renewables • Strong result driven by higher prices • Generation ~15% higher than Q3 2025 • Mid Hill reconnected on 16 September • Crystal Rig IV enters CfD from 13 October 8
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Full Cycle Business Model Site investigation Development Consented Construction Operation Total portfolio UK Norway Sweden Italy PV UK 900 MW Portfolio Norway 1030 MW Portfolio Sweden 1725 MW Portfolio Italy 300 MW Portfolio UK Paul’s Hill II 21 MW Rothes III 193 MW Crystal Rig Solar 27 MW Windy Standard I Repower 44 MW Sweden Verkanliden 162 MW Italy Sant’Ilario Solar 6 MW Scotland Crystal Rig* 62.5 MW Crystal Rig II 138.0 MW Crystal Rig III 13.8 MW Crystal Rig IV 49.1 MW Rothes 50.6 MW Rothes II 41.4 MW Paul’s Hilll 64.4 MW Mid Hill 75.9 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 9 3 955 MW 453 MW 854 MW UK Windy Standard III 88 MW 88 MW *Preparing decommissioning of Crystal Rig and Brockloch Rig 1 after their ROCs run out and productions stops end March 2027
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0 20 40 60 80 100 120 140 160 180 0 10 20 30 40 50 60 70 80 90 100 jan. 23 jul. 23 jan. 24 jul. 24 jan. 25 jul. 25 jan. 26 jul. 26 Gas: 15-day MA (TTF M1) Power: 15-day MA (DE, FR, UK avg) Middle East LNG losses lifted European gas and power prices to highest since early 2023 • Q3 spot: EU €137/MWh (+67% y/y), Nordic system €74/MWh (+107% y/y), UK £123/MWh (+69% y/y) • TTF gas rose from €43 to €84/MWh; EU storage ~71% full • Low hydro and nuclear output lifted gas-fired generation (+11% y/y) • Prices remain sensitive to weather and geopolitics short-term Market Backdrop 10 Power prices – monthly spot and futures 0 50 100 150 200 0 50 100 150 200 jan-2023 jul-2023 jan-2024 jul-2024 jan-2025 jul-2025 jan-2026 jul-2026 jan-2027 jul-2027 jan-2028 jul-2028 SE2 spot (€/MWh) SE2 futures (€/MWh) NO2 spot (€/MWh) NO2 futures (€/MWh) Germany spot (€/MWh) Germany futures (€/MWh) UK spot (£/MWh) UK futures (£/MWh) European gas and power prices
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Production • Generation ~15% higher than Q3 2025 ⎯ Crystal Rig IV operational and improvements at Swedish wind farms • Mid Hill reconnected 16 Sep from grid outage; 96,3 % availability since ⎯ Second outage expected 10 weeks during second half 2027. • Lista: 12 turbines partially curtailed in strong winds due to fatigue related foundation issues ⎯ Max output for the wind farm 84% of full capacity (59.8 MW) ⎯ Repair work ongoing and will continue into 2027 11
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Windy Standard III • All eight E-115 turbines installed; installation of the twelve E-138 turbines underway • Estimated completion Q1 2027 • Progressing according to plan. Still residual risk: ⎯ Ongoing works by Scottish Power Transmission to upgrade the Dun Hill substation ⎯ Weather related Under construction 20 Wind turbines 87,6 MW Windfarm capacity 125 - 180m Two clusters with different tip-height configurations Project information 12 GBP 133 mill. Total investment estimate
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Haakon Magne Ore CEO 13
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3Q Highlights • Stable quarter • All vessels back in operation 14
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Status and Update • Continued operations under the Saipem monopile drilling campaign • Continued operations on the Thor project • Performed O&M services in Germany since early September • In yard for leg extension BOLD TERN BRAVE TERN BLUE TERN BLUE WIND 15
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Stable operations • Quarterly contractual and commercial utilization of 77% and 98% ⎯ Stable technical performance ⎯ Blue Tern idle before commencing O&M contract early September • Limited accounting effects in quarter from Brave Tern collision • 3Q revenue of EUR 53 million and EBITDA of EUR 32 million 16 0 50 100 150 200 250 300 350 400 2023 2024 2025 9M 26 EUR million Revenue & EBITDA (EUR million) Revenue EBITDA
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Backlog Development 17 • Backlog FOWIC vessels is EUR 970 million (2Q 2026: EUR 1,006 million) • Primary changes linked project progress partly offset by some O&M additions • Market remains tight with limited vessel availability medium term. Reduced installation activity expected end of decade ⎯ Continued high tender activity for projects with execution next decade ⎯ Solid pipeline of new governmental offshore wind auctions in 2027 both in Europe and APAC ⎯ Steady growth in O&M 1) Blue Wind backlog (Shimizu vessel) not included in reported backlog due to significantly different EBITDA margin and diffe rent contracting entity. 0 50 100 150 200 2H 2026 2027 2028 EUR million Revenue backlog (EUR million) next 3 years Firm Options
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Maren Sleire Lundby CEO 18
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3Q Highlights • Progressing the development of Muir Mhòr under 100% ownership • Consents expected: Muir Mhòr Q4 2026, Codling H1-2027 • Diligent development strategies continue 19
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20 Fred. Olsen Seawind – Portfolio Status *) FIR: Further Information Request Codling Large scale bottom-fixed project in Ireland Muir Mhòr 1000 MW deep water project in Scotland Attractive CfD for 1300 MW, site exclusivity and grid secured. Consent application submitted Q3 2024. FIR* response submitted June 2026, determination expected H1-2027. Key focus: Engaging with authorities to progress consent, and maturing supply chain and business case towards FID. Project viewed as one of the top deep water projects in UK, with radial grid connection secured for mid 2030s. Land option agreements signed and onshore consent secured; offshore consent determination expected Q4 2026. Key focus: Securing consent and grid acceleration, and preparing supply chain and bid strategy for early AR. Pure-play offshore wind developer with established market position and around 2.3GW gross-capacity in mature development
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Dublin Greystone Wicklow Codling Wind Park • Codling submitted its response to the Further Information Request (FIR) in June 2026. Consent determination from An Coimisiún Pleanála is now expected in H1 2027. • We are working with multiple scenarios for the delivery schedule of Codling, to account for uncertainty in the Irish regulatory timelines. • Irish Government remains committed to offshore wind and Codling is key to reaching the Government’s offshore wind ambitions. • Codling is working closely with turbine suppliers and is preparing for procurement across all major scopes to mature the business case towards Financial Close. Status and Update 1.3 GW Awarded 13 km From shore, 10-25 m water depth 20 years CfD period 50/50 Partnership with EDF Project information 21
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Muir Mhòr • Fred. Olsen Seawind has taken over 100% ownership of Muir Mhòr following Vattenfall’s exit. • Offshore consent determination is expected in Q4 2026, following additional engagement with the Marine Directorate in September. • Supply chain engagement is progressing for both floating and hybrid solutions, to inform a bid strategy targeting an early allocation round. • Fred. Olsen Seawind is leveraging related companies’ expertise to progress the development process and will continue to do so as we advance toward construction and generation. Status and Update 1000 MW Capacity ~200 km2 Area 10.2 m/s Mean windspeed at 100 m Project information Peterhead 22 100%
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Per Arvid Holth CEO 23
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A growing solar market creates space for cost- effective floating solar solutions • Solar PV projected to become dominant electricity generator. • Floating solar (FPV) is competitive compared to other energy sources, now. • Several FPV markets applicable: ⎯ Diesel displacement on islands ⎯ Commercial/Industry ⎯ Hybridization with hydro ⎯ Utility scale 24 GLOBAL MARKET DEVELOPMENT Source: DNV Energy Transition Outlook
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Unique technology expanding potential for Solar 25 PATENTED TECHNOLOGY Flexible rope mesh design: • Absorbing wave motions without lift-off • Continuous load paths from anchor to anchor • Redundant toward single failures • Allowing movement of individual floaters …at low cost …to water surfaces subject to 1-3.5m Hs
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Robust delivery model 26 DELIVERY AND BUSINESS MODEL …supporting a CAPEX-light business model Original equipment manufacturer (OEM) • Well defined business model • Clear deliverables • Insurable product … limiting liability to design. Flexible and existing supply chain: • Well known, low-cost materials • Wide-spread availability of fabrication plants • No need to own plant …available to deliver at volume …without large asset investments.
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Samantha Stimpson CEO 27
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3Q 2026 Highlights Revenue improved through: Utilisation and occupancy Gross revenue per ALBD improvement Forward bookings continue to perform well Guest experience focus, driving improved NPS scores 28
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Quarterly performance 3Q 2026 vs. 3Q 2025 • Passenger days +6% • Gross Revenue per passenger per day +0% • Gross Revenue per ALBD +7% • Utilization of 85% vs 81% • Operational Occupancy 90% vs 85% • EBITDA of NOK 333 million v NOK 352 million • Net Promoter Score movement from 69 to 79 +10 points • Cumulative sales +17% 29
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Status and Update • Cruises this Quarter: 11 Spain x 3, Norway x 3, Ireland, Scotland, Scenic British Isles, French Rivers and Amalfi Coast • 3Q NPS: 2026 = 78, 2025 = 69 30 • Cruises this Quarter: 10 Norway x 3, Iceland x 2, Ireland, French Riviera, Scenic British Isles, Scottish Isles and Normandy & Dorset coasts • 3Q NPS: 2026 = 81, 2025 = 78 • Cruises this Quarter: 9 Norway x 2, French Rivers x 2, Iceland (solar eclipse), Scotland, Baltic, British Isles, Spain & River cities of France • 3Q NPS: 2026 = 78, 2025 = 59 • Net promoter improvements coming from: Crew, Food, Itineraries & Entertainment • All 3 vessels are live with our New Entertainment partner • Over 30 cruises have achieved NPS scores in excess of 80 In 4Q we have 1 cruise on Balmoral that isn’t performing inline with occupancy expectations. We have taken corrective action and do not foresee this happening again
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Investment update Launched across all 3 vessels • New evening & daytime entertainment programmes • Speciality Dining menu rotations; Grill, Asian, Italian • Drinks included with meals • Gratuities included • Forward sales are ahead of the same time last year 31
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Q&A