Good morning, everybody, and 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, Richard.

Yes. Thank you, Anette.

Also a hearty good morning from from me. We are now The second-quarter presentation is characterized by very solid underlying performance.

We have two items that are impacting the results in a negative direction. It's 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, but despite those, we are presenting a very solid set of numbers based on good underlying performance in all the segments. By 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 252 million. That comes mainly from two 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, and hopefully this quarter can mark a turn of of that trend.

Also, prices in the UK are up, but they they have been in 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 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, but results year-over-year are down from 584 to 326.

When you normalize for last quarter no, for second quarter in in 2025, there is about 100 million in termination fees included in the 584. You're really comparing 484 with 326.

The delta between the 484 and the 326 we can contribute to three 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 in this quarter. Magne will cover cover come back to the incident in itself.

Thirdly, FOWIC and GWS have their results in euro and we translate that back to Norwegian kroner, and the Norwegian kroner is at a higher level compared to the euro this quarter than the same quarter last year. I leave the backlog and the incident to 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 Norwegian kroner is stronger compared to the British pounds this quarter than second quarter last year.

Other than that, it's pointing definitely in the right direction for Cruise lines with improved occupancy and slightly higher prices, and 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. 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 they 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 commercial pickup in activity there, and hopefully we can land some commercial contracts in the years to come, and he will come back to that more in his 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 back coming in back.

Yeah. 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 3.5 and 4 billion kroner. What you see is the distribution between the three 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 three three strong segments, all contributing to to cash flow and profits for 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 216 million.

It's really coming from the Wind Service segments, and again, the three effects: less activity on Blue Tern, the incident at the Esbjerg Harbor, and FX. That goes straight also to into the EBITDA, main explanation of the of the drop in EBITDA, and we're reporting EBITDA of 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's taken place in Fred.

Olsen Renewables, where two wind farms have been or wind farm projects have been written off because we don't see any more prospects of developing developing them profitably. Having said that, the portfolio of Foras and Seawind remains strong, with with good projects, and particularly a lot of them have grid, which is more and more scarce resource these days.

On the net finance, it's a big swing. You see we reported 189 million positive net finance second quarter 2025, negative 158 this year, a negative swing of 348 million.

That is exactly on the million the gain we booked on the sale of the UGL shares in the second quarter last year. Net finance this quarter is exactly on line in line with the second quarter last year when you normalize for the sale of the UGL shares.

Having said that, there's a lot of pluses and minuses in the net finance related to to currency, bunkers, what have you, but you will find all those details in the in the quarterly report for those who are interested. Very low tax cost this quarter, we end up with a net result of 372 million.

Moving on to the balance sheet and my last slide. This is as clean as I can ever remember it.

FOWIC now paid down the last on their debt, Fred. Olsen Windcarrier is now debt free.

We also see Renewable Energy, apart from two 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 4.3 billion. The debt we have is on the Renewable Energy side related to the two joint ventures in in Scotland, which is long-term project finance.

On Wind Service, it's really the working capital facilities of Global Wind Service. Other is really the working capital facility of NHST, and we see both those segments are are cash positive.

All in all, a strong underlying quarter, and we're 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. The first slide was a picture of Crystal Rig IV on the left-hand side being constructed as part of our Crystal Rig cluster.

Then, 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 then to the overview of our projects and our business model. 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 UK and the Nordics have increased compared to the same quarter last year, mainly because of increase in the gas prices.

We also saw the effect of quite high renewable generation and combined with lower demand, that kept 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 risk 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 then. Bit more details on our production.

It's generally in line with the similar quarter in '25, 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 of 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 constraint issues that we had at Rothes I and 2 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 six of eight turbines erected of those eight that have been delivered to site.

Then 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 budget, 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 Hareide, CEO of Fred.

Olsen Windcarrier.

Good morning, everyone. As I think Richard nicely summarized in the start, the two highlights for FOWIC was yet another company with a strong underlying performance, but we had this incident on Brave Tern in Esbjerg, which I will come back to later.

If you go into the vessels, what they did the quarter, Bold Tern continued on the monopile drilling campaign off 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, but 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 three 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 on yard until mid-May, went straight out to an O&M campaign before it had some idle 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 three points it's very important to highlight.

First, apart for 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 set 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. The bridge was able to do then the navigational correction to avoid the blades hitting the other vessel.

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, repaired the vessel both forward and blade rack, mobilized the vessel back again in three weeks.

The vessel has been ready for some time. It has 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 23 million.

If we go over to the backlog and the market, the backlog went slightly up this quarter, and for me also little bit symbolic, for the first time, it passes the 1 billion mark in FOWIC's 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 decades, 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. Thank you.

Maren, you're next. Maren Schreder 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, and 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, and 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 seabed exclusivity and we have grid 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 Mhòr, a 1,000-megawatt project outside Peterhead.

The project is viewed as one of the top floating projects in the UK with radial grid connection already secured for mid-2030s. We have secured onshore consent, we have signed important land option agreements, and we are expecting the final offshore consent to come in this year.

The key focus in Muir Mhòr 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, and 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, and this is done by active engagement with government and stakeholders and with the supply chain to mature our business case. Final slide, bit more details on Muir Mhòr.

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 in an advanced planning and approval stage, we remain focused on targeting an early allocation round.

Through collaboration with both supply chain and stakeholders, Muir Mhòr 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, but also advance towards construction and generation.

That was it for me.

Good. Per-Eivind Karlsen, 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, BRISOL. That is a milestone to us that means that 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 BRISOL building block, but it also just as much covers the methods that we have developed to dimension and size BRISOL in respective environments. That is, as I said, a good milestone technically, but 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 two pilots that we have in Risør in Norway and Alter do Chão in Brazil, that we really 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 three main application areas that we focus on.

Where we solve the largest problems the soonest is in displacing hydrocarbons, and that is typically a bit remote places like islands, resorts, and ports. That is an important focus for us at the moment.

There's also very good potential in the commercial and industry, 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 large surface, the larger the wave, that is really where BRISOL can make a difference. As Richard mentions, we do see activity in all applications, actually, and this last quarter, we have been part of active tender processes when it comes to developing floating solar on saltwater, typically hydrocarbon displacement.

We've also completed a quite significant feed study on more utility-scale project. That is this quarter.

Thank you. Good.

Samantha Stimpson, CEO of Fred. Olsen Cruise Lines.

Welcome.

Good morning, everyone. Today I'm talking about improved performance for quarter two 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 average 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 two 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 average 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, so that's a slight impact.

We continue to also invest in the modernization and the customer improvements across the operation as well, so 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 six 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 two, 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 three 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.

Yes. Hello.

Thank you for taking my question. I had one question related to the Brave Tern incident.

I'm wondering a bit if you could give us a bit more flavor on that one, sort of with respect to who was responsible for sort of what part of the incident, and maybe some additional details also on the costs there. I understand you have taken the accruals, but how large are they?

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 of the total cost, including the deductible under the various insurance, but 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 tried to be open here and giving the root cause and explaining what happened.

Maybe you can rephrase the question

so I'm What I was really wondering about is sort of what part of the damages was FOWIC's responsibility, and was any of this sort of the responsibility of the party that contacted you, or sort of how does that picture look here? Like with for instance vessel damages on FOWIC, turbine damages, etc.

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

Okay.

Good.

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