Interim report
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- 1 - Report for the third quarter 2026 Financial and operating highlights – 3Q26 (3Q25 in brackets): Operating revenues were NOK 3 615 million (NOK 3 406 million) EBITDA was NOK 1 230 million (NOK 1 117 million) EBIT was NOK 930 million (NOK 818 million) Net result after tax was NOK 673 million (NOK 561 million) Segment highlights 3Q26 (3Q25 in brackets): Renewable Energy o EBITDA NOK 385 million (NOK 219 million) o Generation, including curtailment, increased by 15%, mainly reflecting the contribution from Crystal Rig IV and higher generation in Sweden o Power prices increased in the UK and Scandinavia, mainly driven by higher gas prices o Mid Hill resumed operations in mid-September o Windy Standard III is progressing with estimated production start-up as planned in 1Q 2027 o FOS owns 100% of the Muir Mhòr from 31 July 2026 Wind Service o EBITDA NOK 530 million (NOK 577 million) o Solid execution in both FOWIC and GWS improved underlying results in EUR o The contract backlog for the Tern vessels was EUR 970 million (EUR 360 million) o Utilisation of 77% (67%) for FOWIC Cruise o EBITDA NOK 333 million (NOK 352 million) o Occupancy of 85% (81%) of full capacity o Gross income per passenger day of GBP 284 (GBP 283) o Booking numbers are up 17% compared to last year Other Investments o EBITDA NOK -18 million (NOK -31 million) o EBITDA for NHST NOK 47 million (NOK 48 million) o Successful placement of a six-year NOK 800 million green bond o Fred. Olsen 1848, unique floating solar technology positioned for utility scale electricity, co-location on hydro dams and diesel generator replacement o Fred. Olsen Investments currently manage investments within renewable energy related companies and will potentially undertake new investments
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- 2 - Financial information The unaudited Group accounts for the third quarter of 2026 comprise Bonheur ASA (the “Company”) and its subsidiaries (together the “Group of companies”) and the Group of companies’ ownerships in associates. The Group reports on four business segments: Renewable Energy, Wind Service, Cruise and Other Investments. Financial key figures (million NOK) 3Q26 3Q25 Per 3Q26 Per 3Q25 Operating revenues 3 615 3 406 9 522 9 553 EBITDA 1 230 1 117 2 876 2 898 EBIT 930 818 1 945 2 005 Net results 673 561 1 339 1 573 Hereof attributable to shareholders of the parent company 526 461 921 1 296 Total number of shares outstanding as per 42 531 893 42 531 893 42 531 893 42 531 893 Average number of shares outstanding in the period 42 531 893 42 531 893 42 531 893 42 531 893 Basic/diluted earnings per share 12,4 10,8 21,7 30,5 Gross interest-bearing liabilities 7 070 9 669 7 070 9 669 Net interest-bearing liabilities -7 2 451 -7 2 451 Cash and cash equivalents 7 077 7 219 7 077 7 219 Capital expenditure 317 508 1 148 1 582 The Group of companies’ operating revenues in the quarter amounted to NOK 3 615 million (NOK 3 406 million). Revenues were NOK 691 million (NOK 477 million) in Renewable Energy, NOK 1 483 million (NOK 1 471 million) in Wind Service, NOK 1 144 million (NOK 1 148 million) in Cruise and NOK 298 million (NOK 310 million) in Other investments. EBITDA in the quarter was NOK 1 230 million (NOK 1 117 million). Renewable Energy achieved EBITDA of NOK 385 million (NOK 219 million), Wind Service NOK 530 million (NOK 577 million) and Cruise NOK 333 million (NOK 352 million). Within Other investments, EBITDA was NOK -18 million (NOK -31 million). Depreciation amounted to NOK -300 million (NOK -299 million). EBIT in the quarter was NOK 930 million (NOK 818 million). Net financial expenses were NOK -106 million (NOK -133 million). This includes net interest expenses of NOK -48 million (NOK -72 million), net unrealized foreign exchange losses of NOK -79 million (NOK -23 million), impairment of other investments of NOK -9 million (gains of NOK 2 million), and Other financial items amounted to NOK -8 million (NOK -10 million). This was partly offset by a net unrealized gain on financial instruments of NOK 28 million (NOK -30 million). Net Result was NOK 673 million (NOK 561 million), of which NOK 526 million (NOK 461 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result was NOK 147 million (NOK 100 million).
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- 3 - Business segments The business segments are presented on a 100% basis. Segment information is provided in Note 4. For a list of company names and abbreviations used in the report, please see page 23. Renewable Energy Segment The Renewable Energy segment consists of the wholly owned Fred. Olsen Renewables AS (FOR) and Fred. Olsen Seawind ASA (FOS) together with their respective subsidiaries. Fred. Olsen Renewables FOR owns thirteen wind farms and one under construction as well as a portfolio of onshore development projects in the UK, Norway, Sweden and Italy. FOR has an installed gross capacity of 854 MW. Ten operational wind farms and one under construction are located in Scotland: • Six wind farms with a combined installed capacity of 432.8 MW (Crystal Rig, Crystal Rig II, Rothes, Rothes II, Paul’s Hill and Mid Hill) are owned 51% by FOR and 49% by the Renewables Infrastructure Group Limited (TRIG). • Two Scottish wind farms (Crystal Rig III and Brockloch Rig Windfarm with a total installed capacity of 75.3 MW) are owned 51% by FOR and 49% by UK Renewable Energy Group Limited, an entity owned by a consortium of CK Group companies (CK). • One Scottish wind farm, Brockloch Rig I, with a total installed capacity of 21.6 MW is owned 100% by FOR. • One Scottish wind farm, Crystal Rig IV, with installed capacity of 49.1 MW is owned 51% by FOR and 49% by Wind Fund 1. • The Scottish construction project Windy Standard III with a capacity of 88 MW is owned 51% by FOR and 49% by Wind Fund 1. Three operational wind farms are located in Scandinavia: • Three wind farms (Högaliden, Fäbodliden and Lista) with a combined installed capacity of 275.2 MW) are owned 51% by FOR and 49% by Wind Fund 1. Wind Fund 1 is owned with 1/3 each by Kommunal Landspensjonskasse (KLP), MEAG Munich ERGO Asset Management GmbH, and Keppel Infrastructure Trust/Keppel Corporation Limited. The fund, with a total value of EUR 480 million, has an exclusive right and obligation to invest 49% in all onshore wind farm projects in the UK and Sweden that FOR takes forward to final investment decision until the current outstanding commitment of Euro 164 million is fully utilized or a period of five years from establishment, in Jul y 2022, has lapsed, whichever comes first. Wind Fund 1 is managed by Hvitsten AS, which is licensed as an infrastructure fund manager owned by Fred. Olsen & Co. AS.
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- 4 - The table below summarises the operati onal wind farms, their installed capacities, ownership interests and support arrangements: Wind farms Year commissioned Country Gross capacity (MW) FOR ownership (%) Support regime (*) Support expiry Crystal Rig 2003 UK 62.5 51% ROC Mar 2027 Rothes 2005 UK 50.6 51% ROC Mar 2027 Paul's Hill 2005 UK 64.4 51% ROC Mar 2027 Crystal Rig II 2009 UK 138.0 51% ROC Nov 2029 Rothes II 2013 UK 41.4 51% ROC Feb 2033 Mid Hill 2013 UK 75.9 51% ROC Dec 2033 Crystal Rig III 2016 UK 13.8 51% ROC Nov 2036 Brockloch Rig Windfarm 2017 UK 61.5 51% ROC Mar 2037 Brockloch Rig I 1996 UK 21.6 100% ROC Mar 2027 Crystal Rig IV 2026 UK 49.1 51% CfD Apr 2041 Fäbodliden 2015/2023 Sweden 96.4 51% GC Nov 2030 Högaliden 2021 Sweden 107.5 51% GC Dec 2037 Lista 2012 Norway 71.3 51% None (Supported upon construction) N/A *) ROC: Renewables Obligation Certificate, CfD: Contract for Difference, GC: Green Certificate Revenues are generated from electricity sales and applicable support arrangements. Most Scottish wind farms receive Renewables Obligation Certificates (ROCs), while Crystal Rig IV operates under a Contract for Difference (CfD). Electricity is generally sold on a floating-price basis, with revenues therefore subject to market price fluctuations. FOR has entered into forward sales contracts for the following wind farms: • Paul’s Hill o 4Q 2026 and 1Q 2027 covering 75% of the volume at GBP 83.31 per MWh • Crystal Rig III o 4Q 2026 and 1Q 2027 covering 75% of the volume at GBP 79.72 per MWh • Crystal Rig II o 4Q 2026 and 1Q 2027 covering 25% of the volume at GBP 91.93 per MWh • Rothes o 4Q 2026 and 1Q 2027 covering 25% of the volume at GBP 92.24 per MWh
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- 5 - Installed gross capacity (MW) and achieved gross generation (MWh) for the quarter, year to date and the same periods last year, are presented in the table below. The construction of Windy Standard III (88 MW capacity), in Scotland, is progressing, and the construction is currently expected to be completed as planned in the first quarter of 2027. As previously announced, grid and nearby substation upgrade works by the National Energy System Operator (NESO) required an outage at Mid Hill from 15 September 2025 to 15 September 2026. Mid Hill resumed operation 16 September 2026. A second outage is planned to last approximately 10 weeks from late September 2027 until early December 2027. Fred. Olsen Seawind Fred. Olsen Seawind ASA (FOS) is developing the Codling bottom-fixed offshore wind project in Ireland and the Muir Mhòr offshore floating wind project in Scotland. Codling FOS is developing Codling Wind Park in the Irish Sea through a joint venture with EDF. The project represents one of the largest energy infrastructure investments in Ireland this decade. In 2023, Codling Wind Park Ltd. was awarded 1,300 MW in Ireland’s first offshore wind support auction (ORESS 1). The consent application was submitted in the third quarter of 2024. FOS do not currently own a controlling share of the JV and accounts for the joint venture using the equity method. For Codling FOS has issued loans reflected in the statement of financial position as “Other financial fixed assets” equal to NOK 852 million per the third quarter of 2026. Muir Mhòr FOS was together with Vattenfall successfully awarded Muir Mhòr floating offshore wind site in the ScotWind leasing round in January 2022 with a capacity of up to 1 000 MW. The consent application was submitted for Muir Mhòr in the fourth quarter of 2024. On 22 April 2026, FOS and Vattenfall agreed that FOS would assume 100% ownership of the Muir Mhòr by taking over Vattenfall’s current 50% ownership. The transaction was completed on 31 July 2026. The change of ownership took the form of a share sale, under which FOS acquired Vattenfall’s 50% share in the project. The acquisition was considered to be an asset acquisition as such the investment was accounted for at cost. As of 31 December 2025, Bonheur’s 50% interest in the JV was recognised on its balance sheet at a book value of GBP 33 million (NOK 452 million). Following the increase to 100% ownership, the book value amounted to NOK 440 million as of 30 September (the change from 31 December 2025 is due to currency fluctuations). From 31 July 2026 Muir Mhòr is a wholly owned subsidiary and is fully consolidated. The previously held interest in associates has been derecognised, and the related assets and liabilities have been recognised. Generation (MWh) 3Q 2026 3Q 2025 Capacity (MW) 2026 2025 UK (Controlled 51%) 281 543 265 693 UK (Controlled 51%) 557,2 508,1 UK (Wholly owned) 7 767 6 692 UK (Wholly owned) 21,6 21,6 Scandinavia (Controlled 51%) 143 560 105 306 Scandinavia (Controlled 51%) 275,2 275,2 Total 432 869 377 692 Total 854,0 804,9 Total excl. Crystal Rig IV 391 897 377 692 Total excl. Crystal Rig IV 804,9 804,9 *) Generation includes compensated curtailment *)
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- 6 - Renewable Energy segment consolidated: Financial key figures (million NOK) 3Q26 3Q25 Per 3Q26 Per 3Q25 Operating revenues 691 477 2 139 1 650 EBITDA 385 219 1 237 853 EBITDA margin 56% 46% 58% 52% EBIT 284 129 898 575 EBT 180 24 624 288 Net results after tax 111 9 391 172 Capex 314 425 819 1 177 Equity 3 404 3 057 3 404 3 057 Gross interest-bearing debt *) 6 037 6 315 6 037 6 315 - Cash and cash equivalents 1 740 1 105 1 740 1 105 = Net interest-bearing debt (NIBD) 4 297 5 210 4 297 5 210 Capital employed (Equity + NIBD) 7 701 8 267 7 701 8 267 *) Hereof internal debt to Bonheur ASA 2 118 1 440 2 118 1 440 Notes as per 3Q 2026: As at 30 September 2026 FOR had NOK 3 918 million of external gross interest-bearing debt. NOK 2 096 million is ring-fenced in FOWL, 51% owned by FOR and 49% by TRIG. NOK 7 28 million is a shareholder loan from UK Renewables Energy Group Limited (UK REG) ring-fenced in Fred. Olsen CBH Limited (FOCBH). The loan has interest rate sterling overnight index average ( SONIA) plus a margin of 6%. Fred. Olsen CB Ltd. (FOCB) has a corresponding shareholder loan to FOCBH of NOK 728 million which is eliminated in the consolidated accounts. FOCBH is 51% owned by FOR and 49% by UK REG Investors. In addition, NOK 555 million is ring-fenced within FOCB, which is wholly owned by FOR and a holding company for FOR’s 51% investment in FOCBH. All debt is non- recourse to Fred. Olsen Renewables AS (FORAS). Gross interest-bearing debt also includes lease liabilities recognised under IFRS 16 of NOK 540 million. The interest-bearing debt of NOK 2 096 million in FOWL and NOK 555 million within FOCB has a fixed interest rate of 3.17% and 3.55%, respectively for 75% of the loans and SONIA plus an average margin of 1.4% and 1.8% respectively for 25% of the loans. Operating revenues were NOK 691 million (NOK 477 million) and EBITDA was NOK 385 million (NOK 219 million). The increases reflected higher generation and power prices. Generation increased by 15%, mainly due to the contribution from Crystal Rig IV and higher generation in Sweden. The increases in power prices in UK and Scandinavia were driven by higher gas prices resulting from the Middle East conflict, combined with lower hydro reservoir levels in Scandinavia. Crystal Rig IV was fully operational throughout the quarter. Mid Hill resumed operations on 16 September 2026 following the one-year outage.
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- 7 - Wind Service Segment The Wind Service segment comprises FOO and its operating subsidiaries, including Fred. Olsen Windcarrier (FOWIC), in which it holds an 82.95% interest, and Global Wind Service (GWS), in which it holds a 96.08% interest. Fred. Olsen Windcarrier Through its subsidiaries, FOWIC provides transport and installation (T&I) and operations and maintenance (O&M) services to the offshore wind industry. FOWIC owns Brave Tern and Bold Tern outright and holds a 51% interest in Blue Tern. Activities during the quarter: • Brave Tern continued the installation work on the Thor project • Bold Tern continued the drilling operations for Saipem in France • Blue Tern commenced the BorWin5 accommodation contract in early September The vessel utilisation in the quarter was 77% (67%). The market remains tight with limited vessel availability in the medium term , but the installation activity is expected to be reduced towards end of decade. Longer term outlook remains solid supported by continued high tendering activity for projects with execution in the next decade and an increasing pipeline of new offshore wind auctions in 2027. The contract backlog for the Tern vessels was EUR 970 million (EUR 360 million). Global Wind Service GWS provides installation and maintenance services to the global onshore and offshore wind industry. At the end of the quarter, GWS had 1,543 employees working on projects in Europe, the US and Asia. Wind Service segment consolidated: Financial key figures (million NOK) 3Q26 3Q25 Per 3Q26 Per 3Q25 Operating revenues 1 483 1 471 3 466 3 997 EBITDA 530 577 1 032 1 440 EBITDA margin 36% 39% 30% 36% EBIT 412 430 683 1 009 EBT 410 418 696 1 268 Net results after tax 342 320 685 1 133 Capex 7 37 117 323 Equity 6 134 5 717 6 134 5 717 Gross interest-bearing debt *) 588 1 425 588 1 425 - Cash and cash equivalents 1 631 1 961 1 631 1 961 = Net interest-bearing debt (NIBD) -1 043 -537 -1 043 -537 Capital employed (Equity + NIBD) 5 091 5 180 5 091 5 180 *) Hereof internal debt to Bonheur ASA 0 0 0 0
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- 8 - Operating revenues were NOK 1 483 million (NOK 1 471 million). EBITDA was NOK 530 million (NOK 577 million) reflecting good operational results at both FOWIC and GWS, partly offset by lower utilisation of Blue Tern. The year-on-year EBITDA comparison is impacted by a NOK 40 million effect from a stronger NOK and termination- and reservation fees recognized in 2Q25 of approximately NOK 50 million. During the fourth quarter of 2025, FOO entered into an agreement with MEAG Munich ERGO Asset Management GmbH (“MEAG”), acting on behalf of affiliates of the Munich Re Group, pursuant to which MEAG committed to make an equity investment of EUR 150 million in FOWIC. The first closing of the transaction occurred on 3 February 2026 for a consideration of EUR 100 million. Following the first closing, and with effect from 1 January 2026, FOO’s ownership interest in FOWIC was reduced to 82.95%, while MEAG obtained a 17.05% non‑controlling interest. A second closing is expected to occur in 2027, upon which MEAG will invest an additional EUR 50 million through the issuance of new shares in FOWIC. Following the second closing, MEAG is expected to hold approximately 24% of FOWIC’s share capital. Cruise The Cruise segment consists of wholly owned First Olsen Holding AS and subsidiaries, including Fred. Olsen Cruise Lines Ltd. (FOCL). FOCL owns three cruise ships serving the UK market: Balmoral, Bolette and Borealis. • The average occupancy for the cruise ships was 85% (81%) of full capacity. • Gross income achieved was GBP 284 per passenger day (GBP 283). • Number of passenger days in the quarter was 315 082 (297 429). FOCL continues to see a positive cruise market, supported by the itinerary strategy of offering more, shorter cruises. Booking numbers are up 17% compared to last year for cruises in 2026 and all future cruises. Financial key figures (million NOK) 3Q26 3Q25 Per 3Q26 Per 3Q25 Operating revenues 1 144 1 148 2 996 2 978 EBITDA 333 352 621 627 EBITDA margin 29% 31% 21% 21% EBIT 270 309 434 479 EBT 291 277 453 361 Net results after tax 291 277 453 361 Capex -21 32 181 36 Equity -559 -1 006 -559 -1 006 Gross interest-bearing debt *) 542 960 542 960 - Cash and cash equivalents 537 605 537 605 = Net interest-bearing debt (NIBD) 5 355 5 355 Capital employed (Equity + NIBD) -553 -651 -553 -651 *) Hereof internal debt to Bonheur ASA 542 960 542 960
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- 9 - Operating revenues were NOK 1 144 million (NOK 1 148 million). EBITDA was NOK 333 million (NOK 352 million) reflecting both a stronger NOK vs. GBP and costs due to roll-out of new passenger entertainment offering on the vessels, modernisation of IT systems and strengthening of the organisation. FOCL has entered into bunker hedging contracts covering 77% of its estimated remaining bunker consumption for 2026, 48% of its estimated consumption for 2027 and 7% for 2028. Other investments The Other Investments segment includes Bonheur ASA’s parent -company activities, its 55.13% interest in NHST Holding AS, and the wholly owned companies Fred. Olsen 1848 AS, Fred. Olsen Investments AS, Fred. Olsen Insurance Services AS and Fred. Olsen Travel AS. NHST Holding AS NHST Holding AS (NHST) is a holding company owning DN Media Group, with publications covering business, shipping, seafood, aquaculture and energy , and NHST Marketing Technology, with Software- as-a-Service products for PR and media monitoring. NHST reported revenues of NOK 301 million (NOK 294 million) and EBITDA of NOK 47 million (NOK 48 million) in the quarter . Revenues from subscriptions increased with 2% and revenues from advertising and commercial services increased with 13% during the quarter . The underlying o perating expenses increased with 2.5% in the quarter reflecting continued good cost control. Fred. Olsen 1848 AS Fred. Olsen 1848 (FO 1848), a wholly owned subsidiary of Bonheur, is an innovation and technology company that focuses on development and commercialization of innovative technologies related to renewable energy. Currently, the company is progressing on several technologies and innovations within floating wind and floating solar. Through its subsidiary within floating solar, the company is actively participating in commercial processes as an original equipment manufacturer for the floating solar technology BRIZO. Fred. Olsen Investments AS Fred. Olsen Investments, a wholly owned subsidiary of Bonheur, identifies and manages new investment opportunities for Bonheur ASA. The company has undertaken investments within renewable energy related companies.
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- 10 - Other information Capital and financing The total new capital investments in the quarter for the Group of companies were NOK 317 million, including IFRS-16 effects of NOK 38 million. Investments in the wind farm construction project Windy Standard III amounted to NOK 314 million. As at 30 September 2026, gross interest-bearing debt was NOK 7 070 million, a decrease of NOK 2 599 million compared to 30 September 2025. Cash and cash equivalents amounted to NOK 7 077 million, a decrease of NOK 142 million. Net interest-bearing debt is NOK -7 million, a decrease of NOK 2 458 million. For a detailed split per segment, see the table below: Renewable Energy Wind Service Cruise Other/Elim 30.09.2026 30.09.2025 (NOK million) Total Total Non-current interest-bearing liabilities 3 363 49 415 2 115 5 941 7 937 Current interest-bearing liabilities 2 674 539 128 -2 211 1 129 1 732 Gross interest-bearing liabilities *) 6 037 588 542 -97 7 070 9 669 Cash and cash equivalents 1 740 1 631 537 3 170 7 077 7 219 Net interest-bearing liabilities *) 4 297 -1 043 5 -3 266 -7 2 451 Equity 3 404 6 134 -559 3 671 12 651 10 819 Capital employed 7 701 5 091 -553 405 12 644 13 270 *) Intercompany loans included Oslo, 29 October 2026 Bonheur ASA – the Board of Directors Gaute Gjelsten Carol Bell Kristin Gjertsen Jannicke Hilland Nick Emery Chair Director Director Director Director Anette Sofie Olsen Managing Director
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- 11 - Condensed consolidated financial statements in accordance with IFRS Income statement - Group of companies Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 (NOK million) - unaudited Note Revenues 4 3 615 3 406 9 522 9 553 Operating costs -2 384 -2 289 -6 646 -6 655 Operating result before depreciation / impairment losses (EBITDA) 4 1 230 1 117 2 876 2 898 Depreciation / Impairment losses 2 -300 -299 -931 -893 Operating result (EBIT) 4 930 818 1 945 2 005 Share of results from associates -6 -5 -19 -18 Result before finance 924 813 1 926 1 987 Financial income 374 121 924 822 Financial expenses -480 -254 -1 249 -965 Net financial income / expense (-) -106 -133 -326 -143 Results before tax (EBT) 818 680 1 600 1 844 Estimated tax cost 6 -145 -119 -261 -272 Net results for the period 673 561 1 339 1 573 Hereof attributable to non-controlling interests 1) 147 100 418 277 Hereof attributable to shareholders of the parent company 526 461 921 1 296 Basic earnings / Diluted earnings per share (NOK) 12,4 10,8 21,7 30,5 *) The non-controlling interests attributable to continuing operations consist of 43.28% of NHST Holding AS, 49% of Fred. Olsen Wind Limited (UK), 49% of Fred. Olsen CBH Limited (UK), 49% of Hvitsten II JV AS, 49% of Hvitsten II JV AB, 49% of Hvitsten II JV Limited, 17.05% of Fred. Olsen Windcarrier ASA, 49% of Blue Tern Limited and 3.92% of Global Wind Services A/S.
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- 12 - Statement of comprehensive income - Group of companies Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 (NOK million) - unaudited Net results for the period 673 561 1 339 1 573 Other comprehensive income: Items that will not be reclassified to profit or loss Other comprehensive results for the period -3 11 6 11 Total items that will not be reclassified to profit or loss -3 11 6 11 Items that may be reclassified subsequently to profit or loss Foreign exchange translation effects: - Foreign currency translation differences for foreign operations -325 92 -811 41 Fair value effects related to financial instruments: - Net change in fair value of investment designated at FVOCI -1 0 -2 0 Other comprehensive income from associates 0 1 -3 0 Total items that may be reclassified subsequently to profit or loss -325 93 -815 41 Other comprehensive result for the period, net of income tax -328 104 -809 52 Total comprehensive income / loss (-) for the period 346 665 530 1 625 Attributable to: Shareholders of the parent 369 665 392 1 611 Non-controlling interests 1) -23 0 139 14 Total comprehensive income / loss (-) for the period 346 665 530 1 625 1) As at 30 September 2026 non-controlling interests consist of 43.28% of NHST Holding AS, 49% of Fred. Olsen Wind Limited (UK), 49% of Fred. Olsen CBH Limited (FOCBH) (UK), 49% of Hvitsten II JV AS, 49% of Hvitsten II JV AB, 49% of Hvitsten II JV Limited, 17.05% of Fred. Olsen Windcarrier ASA, 49% of Blue Tern Limited and 3.92% of Global Wind Services A/S.
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- 13 - Statement of financial position – Group of companies (NOK million) - unaudited Note 30.09.2026 30.09.2025 31.12.2025 Intangible fixed assets 3 1 535 1 133 1 155 Deferred tax asset 6 366 168 196 Property, plant and equipment 2 11 883 11 559 12 522 Investments in associates 34 417 490 Other financial fixed assets 1 563 1 774 1 565 Non-current assets 15 380 15 050 15 928 Inventories and consumable spare parts 422 327 410 Trade and other receivables 2 975 3 403 2 739 Cash and cash equivalents 7 077 7 219 6 317 Current assets 10 474 10 949 9 466 Total assets 4 25 854 25 999 25 394 Share capital 53 53 53 Share premium reserve 143 143 143 Retained earnings 9 074 8 847 8 656 Equity owned by the shareholders in the parent company 9 270 9 044 8 852 Non-controlling interests 1) 3 381 1 776 2 398 Total Equity 12 651 10 819 11 251 Non-current interest-bearing liabilities 5 5 941 7 937 6 492 Other non-current liabilities 6 2 151 2 077 2 223 Non-current liabilities 8 092 10 014 8 714 Current interest-bearing liabilities 5 1 129 1 732 2 132 Other current liabilities 6 3 982 3 433 3 297 Current liabilities 5 112 5 166 5 429 Total equity and liabilities 25 854 25 999 25 394 1) The non-controlling interests consist of 43.28% of NHST Holding AS, 49% of Fred. Olsen Wind Limited (UK), 49% of Fred. Olsen CBH Limited (UK), 49% of Hvitsten II JV AS, 49% of Hvitsten II JV AB, 49% of Hvitsten II JV Limited, 17.05% of Fred. Olsen Windcarrier ASA, 49% of Blue Tern Limited and 3.92% of Global Wind Services A/S. Oslo, 29 October 2026 Bonheur ASA – the Board of Directors Gaute Gjelsten Carol Bell Kristin Gjertsen Jannicke Hilland Nick Emery Chair Director Director Director Director Anette Sofie Olsen Managing Director
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- 14 - Statement of changes in equity – Group of companies (NOK million) - unaudited Share Capital Share premium Translation reserve Fair value reserve Retained earnings Total Non- controlling interests Total equity Balance at 1 January 2025 53 143 426 2 7 147 7 772 1 430 9 201 Total comprehensive income for the period 0 0 192 0 1 419 1 611 14 1 625 Effect from transactions with non- controlling interests 0 0 0 0 -52 -52 794 742 Non-controlling interest in discontinued operations 0 0 0 0 0 0 -244 -244 Dividends to shareholders in parent company 0 0 0 0 -287 -287 0 -287 Dividends to non-controlling interests in subsidiaries 0 0 0 0 0 0 -218 -218 Balance at 30 September 2025 53 143 618 2 8 226 9 044 1 776 10 819 Balance at 1 January 2026 53 143 496 2 8 158 8 853 2 398 11 251 Total comprehensive income for the period 0 0 -528 -1 921 392 139 530 Effect from transactions with non- controlling interests 1) 0 0 0 0 337 337 1079 1 416 Dividends to shareholders in parent company 0 0 0 0 -310 -310 0 -310 Dividends to non-controlling interests in subsidiaries 0 0 0 0 0 0 -236 -236 Balance at 30 September 2026 53 143 -32 1 9 105 9 270 3 381 12 651 1) Transaction mainly related to Munich Ergo Asset Management GmbH's (MEAG) investment in Fred. Olsen Windcarrier ASA. Share capital and share premium Par value per share NOK 1.25 Number of shares issued 42 531 893 Translation reserves The reserve represents exchange differences resulting from the consolidation of subsidiaries and associated companies having other functional currencies than NOK. Fair value reserves The reserve includes cumulative changes in the fair value of equity investments designated at fair value through other comprehensive income (FVOCI). Non-controlling interests As of 30 September 2026, the non-controlling interests consist of: • 49% of Fred. Olsen Wind Limited (UK) • 49% of Fred. Olsen CBH Limited (UK) • 49% of Hvitsten II JV AS • 49% of Hvitsten II JV AB • 49% of Hvitsten II JV Limited • 49% of Blue Tern Limited • 43.28% of NHST Holding AS • 17.05% of Fred. Olsen Windcarrier ASA • 3.92% of Global Wind Services A/S
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- 15 - Consolidated statement of cash flow – Group of companies Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 (NOK million) - unaudited Note Cash flow from operating activities Net results 673 561 1 339 1 573 Adjustments for: Depreciation, impairment losses 2 300 299 931 893 Net of investment income, interest expenses and net unrealized foreign exchange gains 120 -90 272 327 Share of results from associates 6 5 19 18 Net gain (-) / loss on sale of property, plant and equipment and other investments -10 -1 -11 -351 Tax expense 6 145 119 261 272 Cash generated before changes in working capital and provisions 1 234 894 2 810 2 732 Increase (-) / decrease in trade and other receivables -291 307 -460 222 Increase / decrease (-) in current liabilities -84 -796 625 -799 Cash generated from operations 859 404 2 975 2 155 Interest paid -68 -110 -293 -382 Tax paid -84 -27 -332 -258 Net cash from operating activities 707 267 2 350 1 515 Cash flow from investing activities Proceeds from sale of property, plant and equipment and other investments 2 9 11 69 614 Interest and dividends received 59 73 131 152 Acquisitions of property, plant and equipment and changes in other investments 2 -397 -651 -1 313 -1 799 Net cash from investing activities -329 -567 -1 112 -1 033 Cash flow from financing activities Proceed from sale of shares in subsidiaries as part of financing 0 364 1 118 760 Increase in borrowings 295 986 450 1 314 Repayment of borrowings -722 -730 -1 369 -1 387 Dividends paid -69 -80 -466 -505 Net cash from financing activities -496 539 -267 181 Net increase in cash and cash equivalents -118 239 971 664 Cash and cash equivalents at the beginning of period 7 323 6 896 6 317 6 583 Effect of exchange rate fluctuations on cash held -128 84 -211 -28 Cash and cash equivalents at 30 September 7 077 7 219 7 077 7 219
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- 16 - Notes Note 1 – Basis of presentation Introduction The Group of companies’ accounts for the third quarter of 2026 comprise Bonheur ASA and its subsidiaries (together the “Group of companies” and individually “Group entities”) and the shares in associates. The quarterly accounts for 2026 and the annual accounts for 2025 may be obtained by contacting Fred. Olsen & Co., Oslo, or at www.bonheur.no. Financial framework and accounting principles The interim accounts have been prepared in accordance with IAS 34 as adopted by EU and the additional requirements in the Norwegian Securities and Trading Act. The accounts do not include all the information required for annual accounts and should be read in conjunction with the Group of Companies’ annual accounts for 2025. The interim financial report for the third quarter of 2026 was approved by the Company’s board on 29 October 2026. The other main accounting policies applied by the Group of companies in these consolidated financial statements are the same as those applied by the Group of companies in its consolidated financial statements for the year ended 31 December 2025. Estimates The preparation of interim accounts involves the use of appraisals, estimates and assumptions influencing the amounts recogni zed for assets and obligations, revenues and costs. Actual results may differ from these estimates. There will always, and especially in times like these, with high geopolitical uncertainty, be significant uncertainties in pr edicting future developments, including forming a view on macroeconomic developments. From an accounting perspective, a continued uncertainty increases the risk of impairments and may also affect accounting estimates going forward.
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- 17 - Note 2 – Property, plant and equipment – investments and disposals (NOK million) Windfarms Vessels Other Total Cost Balance at 1 January 2026 13 395 11 379 1 330 26 104 Acquisitions 797 260 34 1 091 Right to use asset (leasing IFRS 16) 22 0 33 55 Disposals -8 -53 -9 -69 Other 1 0 2 3 Reclassifications 0 0 7 7 Currency translation -949 -851 -47 -1 847 Balance at 30 September 2026 13 258 10 735 1 349 25 343 Depreciation Balance at 1 January 2026 -6 577 -6 122 -882 -13 581 Depreciation -284 -487 -66 -837 Disposals 0 53 3 56 Reclassifications 0 0 -3 -2 Other 0 0 -1 -1 Currency translation 430 452 24 907 Balance at 30 September 2026 -6 431 -6 104 -924 -13 459 Carrying amounts At 1 January 2026 6 817 5 258 447 12 522 At 30 September 2026 6 827 4 631 425 11 883 Note 3 – Intangible assets – investments As per the third quarter of 2026 the Group of companies had consolidated intangible assets of NOK 1 535 million. Renewable Energy has intangible assets of NOK 954 million which include: • FOR has development costs related to onshore wind farms of NOK 514 million • FOS has development costs related to Muir Mhòr of NOK 440 million Wind Service has intangible assets of NOK 25 million. The Other segment has intangible assets of NOK 556 million which include: • Fred Olsen 1848 AS has development costs of NOK 23 million • NHST has NOK 469 million of which NOK 349 million is goodwill. • Projective Ltd has goodwill of NOK 64 million Development projects are evaluated regularly. Some projects may not come through to fruition, in which case, previously capitalized intangible assets will be impaired.
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- 18 - Note 4 – Segment information Renewable energy Wind Service Cruise Other investments Total fully consolidated companies 3 quarter Fully consolidated companies 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 Revenues 691 477 1 483 1 471 1 144 1 148 298 310 3 615 3 406 Operating costs -305 -258 -953 -895 -810 -796 -316 -341 -2 384 -2 289 EBITDA 385 219 530 577 333 352 -18 -31 1 230 1 117 Depreciation / Impairment -102 -90 -118 -146 -63 -43 -18 -19 -300 -299 EBIT 284 129 412 430 270 309 -36 -51 930 818 Net results 111 9 342 320 291 277 -70 -45 673 561 Total assets 12 041 11 098 7 392 8 120 1 797 1 746 4 624 5 034 25 854 25 999 Total liabilities 8 637 8 041 1 258 2 404 2 356 2 752 953 1 983 13 203 15 180 Renewable energy Wind Service Cruise Other investments Total fully consolidated companies Jan-Sep Fully consolidated companies YTD 26 YTD 25 YTD 26 YTD 25 YTD 26 YTD 25 YTD 26 YTD 25 YTD 26 YTD 25 Revenues 2 139 1 650 3 466 3 997 2 996 2 978 922 928 9 522 9 553 Operating costs -902 -797 -2 433 -2 557 -2 375 -2 351 -937 -950 -6 646 -6 655 EBITDA 1 237 853 1 032 1 440 621 627 -14 -21 2 876 2 898 Depreciation / Impairment -339 -278 -349 -432 -187 -148 -57 -37 -931 -893 EBIT 898 575 683 1 009 434 479 -71 -58 1 945 2 005 Net results 391 172 685 1 133 453 361 -190 -92 1 339 1 573 Total assets 12 041 11 098 7 392 8 120 1 797 1 746 4 624 5 034 25 854 25 999 Total liabilities 8 637 8 041 1 258 2 404 2 356 2 752 953 1 983 13 203 15 180 Companies consolidated in the Group of companies’ accounts Renewable Energy The companies within the segment are mainly engaged in development, construction and operation of wind farms in Scotland, Nor way, Sweden, Ireland and Italy. Wind Service The companies within the segment are engaged in logistics and services within the wind industry. Cruise Cruise owns three cruise ships and provides a diverse range of cruises. Other investments The segment has investments within media, properties, various service companies and financial investments.
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- 19 - Revenue split (NOK million) 3Q26 3Q25 Per 3Q26 Per 3Q25 Sales of electricity 390 176 1 207 761 Sales of other goods 55 259 130 331 Service revenues 2 566 2 317 6 335 6 508 Other operating revenues 15 18 50 59 Total revenues from goods and services 3 027 2 771 7 723 7 659 Lease revenues 314 327 912 1 042 Green Certificate revenues 242 168 727 637 Government grants 1 2 2 5 Other operating revenues 31 139 158 208 Other operating revenues 588 635 1 799 1 892 Other operating income 0 0 1 3 Total operating income 3 615 3 406 9 522 9 553 Note 5 – Interest bearing loans Bonheur ASA has the following Financial Policy and Capital Allocation Framework. 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, including but not limited to JVs, Hvitsten AS, public markets and M&As Capital Allocation Framework: • The Company's Financial Policy is the foundation for capital allocation • The Company aims to generate competitive long- term shareholder value through a combination of share appreciation and distributions to shareholders • To drive share appreciation, the Company will allocate capital to the areas where long- term value creation on a risk -adjusted basis is considered attractive, also considering opportunities outside current ownership holdings • When considering dividend proposals, the Company's Board of Directors takes into account the Company's other capital allocation opportunities and its Financial Policy As per 30 September 2026 FOR had NOK 3 918 million of external gross interest-bearing debt. • NOK 2 096 million is external debt ring-fenced in FOWL, 51% owned by FOR and 49% by TRIG. The loan has a fixed interest rate of 3.17% for 75% of the loan and SONIA plus an average margin of 1.4% for 25% of the loan • NOK 728 million is an external shareholder's loan from UK Renewables Energy Group Limited (UK REG) ring fenced in Fred. Olsen CBH Limited (FOCBH). The loan has interest rate SONIA plus a margin of 6%. Fred. Olsen CB Ltd. (FOCB) has a corresponding shareholder's loan to FOCBH of NOK 728 million which is eliminated in the consolidated accounts. FOCBH is 51% owned by FOR and 49% by UK REG Investors • NOK 555 million is external debt ring-fenced within FOCB, which is wholly owned by FOR and a holding company for FOR's 51% investment in FOCBH. The loan has a fixed interest rate of 3.55% for 75% of the loan and SONIA plus an average margin of 1.8% for 25% of the loan • All debt is non-recourse to Fred. Olsen Renewables AS (FORAS) • NOK 540 million finance lease liabilities included in external gross interest-bearing debt are related to IFRS 16 GWS holds an EUR 45 million credit facility with Danske Bank, of which approximately EUR 39 million was outstanding as of 30 September 2026.
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- 20 - As of 30 September 2026, NHST has a facility frame of NOK 130 million . Outstanding bank loan as of 30 September 2026 was NOK 45 million. The final maturity for the facility is in June 2028. In addition, NHST had financial leasing liabilities (according to IFRS 16) r elated to office rental contracts of NOK 130 million. Bonheur ASA had the following bond loans outstanding as per 30 September 2026: Bond issue Ticker Issued Outstanding loan Nominal value (NOK mill.) Maturity Terms BONHR02 ESG Sep 23 750 Sep 28 3-month NIBOR + 3.00% BONHR03 ESG Oct 24 950 Oct 29 3-month NIBOR + 2.35% BONHR04 ESG Sep 25 700 Sep 30 3-month NIBOR + 2.15% Total 2 400 In September, Bonheur ASA successfully completed a 6-year senior unsecured green bond issue of NOK 800 million with maturity in October 2032. The bonds will pay a coupon of 3 months NIBOR + 2.15%. Note 6 – Taxes Net tax expense in the quarter was NOK 145 million (NOK 119 million). Current tax expenses were NOK 112 million (NOK 87 million), mainly related to Renewable Energy with NOK 78 million (NOK 40 million), and Wind Service with NOK 34 million (NOK 27 million) . Net deferred tax expense was NOK 33 million (NOK 32 million). The Group of companies paid NOK 84 million (NOK 27 million) in taxes in the quarter, whereof NOK 75 million (NOK 6 million) in Renewable Energy segment mainly in the UK, and NOK 8 million (NOK 21 million) in Wind Service mainly in Norway, Germany and the US. Tax cost year to date was NOK 261 million (NOK 272 million), whereof NOK 279 million (NOK 225 million) in current tax. Hereof NOK 252 million (NOK 173 million) related to Renewable Energy, NOK 27 million (NOK 32 million) to Wind Service. Deferred tax income was NOK 18 million (expenses NOK 46 million), mainly related to deferred tax income in Renewable Energy with NOK 18 million (income NOK 56 million), income in Wind Service with NOK 15 million (expenses NOK 103 million) and expenses in NHST with NOK 16 million (0). Year to date the group has paid a net of NOK 332 million (NOK 258 million) in taxes, whereof NOK 276 million (NOK 210 million) in Renewable Energy mainly in the UK, and NOK 54 million (NOK 48 million) in Wind Service segment mainly in Norway, Germany and the US. Per third quarter The Bonheur group did not need to add any additional tax based on Pillar 2 minimum tax. For further information, please see annual report Note 9. Note 7 – Bonheur ASA (Parent company – NGAAP) Basis of presentation of the Parent Company financial information Bonheur ASA is the Parent Company. Financial framework and accounting principles The accounts have been prepared in accordance with the Norwegian accounting act and generally accepted accounting principles in Norway (NGAAP). The accounts do not include all information required for annual accounts and should be read in conjunction wi th the Parent Company's annual accounts for 2025. All figures presented are in NOK unless otherwise stated. Shares and other securities Long-term investments in subsidiaries, associated companies and other shares and bonds, which are held to maturity date, are classified as financial fixed assets in the balance sheet and measured at the lower of cost and market value.
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- 21 - (NOK million) - unaudited Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 CONDENSED INCOME STATEMENT (NGAAP) Revenues 5 5 14 13 Operating costs -61 -69 -136 -146 Operating results before depreciation (EBITDA) -56 -64 -122 -133 Depreciation -1 -1 -3 -2 Operating results (EBIT) -57 -65 -124 -135 Financial income 141 1 064 1 424 1 258 Financial expenses -169 -100 -459 -311 Net financial items -28 964 965 948 Results before tax (EBT) -85 899 841 813 Tax expenses 0 0 0 0 Net results after estimated tax -85 899 841 813 CONDENSED BALANCE SHEET (NGAAP) 30.09.2026 30.09.2025 Property, plant and equipment 64 62 Investments in subsidiaries 6 181 6 146 Other financial fixed assets 668 1 660 Non-current assets 6 913 7 869 Shares and current receivables 2 730 1 453 Cash and cash equivalents 2 999 3 372 Current assets 5 728 4 825 Total assets 12 641 12 693 Share capital 53 53 Share premium 143 143 Retained earnings 9 346 8 754 Equity 9 543 8 950 Non-current interest-bearing debt 2 389 3 085 Other non-current liabilities 670 658 Non-current liabilities 3 059 3 743 Current interest-bearing debt 0 0 Other current liabilities 39 0 Current liabilities 39 0 Total equity and liabilities 12 641 12 693 Equity ratio 75% 71%
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- 22 - CONDENSED STATEMENT OF CASH FLOW (NGAAP) Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 (NOK million) - unaudited Cash flow from operating activities Net results after tax -85 899 841 813 Adjustments for: Depreciation 1 1 3 2 Net of investment income, interest expenses and net unrealized foreign exchange gains -12 -963 -1 063 -938 Net gain on sale of property, plant and equipment and other investments 0 0 0 -1 Tax expenses 0 0 0 0 Cash generated before changes in working capital and provisions -96 -63 -219 -124 Increase (-) / decrease in trade and other receivables -3 0 15 -8 Increase / decrease (-) in current liabilities 18 -24 2 -52 Cash generated from operations -82 -87 -203 -184 Interest paid -55 -58 -161 -173 Tax paid 0 0 0 0 Net cash from operating activities -138 -145 -364 -357 Cash flow from investing activities Proceeds from sale of property, plant and equipment and other investments 9 10 53 26 Interest and dividends received 20 971 1 225 1 112 Acquisitions of property, plant and equipment and other investments -426 -148 -317 -555 Net cash from investing activities -397 832 962 583 Cash flow from financing activities Increase in borrowings 0 695 0 695 Repayment of borrowings -700 -703 -700 -717 Dividends paid 0 0 -310 -287 Net cash from financing activities -700 -8 -1 010 -309 Net change in cash and cash equivalents -1 234 679 -413 -84 Cash and cash equivalents beginning of period 4 233 2 693 3 412 3 456 Cash and cash equivalents end of period 2 999 3 372 2 999 3 372
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- 23 - Definitions List of Alternative Performance Measures (APM): Bonheur ASA discloses alternative performance measures as a supplement to the financial statements prepared in accordance with IFRS. In the quarterly report the following alternative performance measures are most frequently used. Below is a list followed by a definition of each APM. General financial Alternative Performance Measures: EBITDA: Earnings before Depreciation, Impairment, Result from associates, Net financial expense and Tax. EBIT: Operating result after depreciation (EBITDA less depreciation and impairments) EBT: Earnings before tax EBITDA margin: The ratio of EBITDA divided by operating revenues NIBD: Net Interest-Bearing Debt is the sum of non-current interest-bearing debt and current interest-bearing debt, less the sum of cash and cash equivalents. Financial leasing contracts are included. Cash and cash equivalents Cash, liquidity funds and money market funds Capital employed: NIBD + Total equity Equity ratio: The ratio of total equity divided by total capital Contract Backlog: The sum of contractual work not invoiced the client Abbreviations – Company Names per segment Renewable Energy: FORAS: Fred. Olsen Renewables AS FOR: Fred. Olsen Renewables group FOS: Fred. Olsen Seawind ASA FOWL: Fred. Olsen Wind Limited FOCB: Fred. Olsen CB Limited FOCBH: Fred. Olsen CBH Limited TRIG: The Renewables Infrastructure Group Limited Wind Service: FOO Fred. Olsen Ocean Ltd GWS Global Wind Service A/S FOWIC Fred. Olsen Windcarrier AS Cruise: FOHAS First Olsen Holding AS FOCL Fred. Olsen Cruise Lines Ltd Other: NHST NHST Holding AS FO 1848 Fred. Olsen 1848 AS FO Investments Fred. Olsen Investments AS FOCO Fred. Olsen & Co. AS