Annual Report 2025
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Contents
At a glance 3
Financial highlights 4
Key figures 5
Letter from the CEO 6
Bonheur overview 7
Director’s Report 10
The Board of Directors 17
Shareholders’ Committee 19
Sustainability statement 21
Mapping of Disclosures Against the Norwegian
Transparency Act (Åpenhetsloven) 68
Consolidated accounts 69
NGAAP accounts 117
Auditor's report 134
Auditor's limited assurance report 137
Directors’ responsibility statement 139
Statement by the shareholders’ committee 140
Major asset list as per 31 December 2025 141
Definitions 142
Addresses 143
Brave Tern – Fred. Olsen Windcarrier
SEARCHPAGE 2 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
At a glance
Total emplyoees world wide
6,192
Total revenue in NOK
12 billion
Revenue
per segment
Other
NOK 1,279 million
Renewable energy
NOK 2,376 million
Cruise
NOK 3,779 million
Wind service
NOK 5,035 million
SEARCHPAGE 3 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Financial highlights
Operating revenues
12,492
(13,995)
EBIT
2,491
(2,324)
EBITDA
3,745
(3,537)
Equity ratio
68%
(67%)
Net result after tax
1,886
(1,647)
Cash in parent company
3,412
(3,455)
GROUP PARENT COMPANY
SEARCHPAGE 4 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Key figures
Group of companies – Bonheur ASA 2025 2024 2023
Amounts in NOK million
Income statement
Operating income 12,492.7 13,995.4 12,559.7
Operating profit before depreciation and impairment losses
(EBITDA)
3,744.9 3,537.2 3,557.1
EBITDA-margin 30% 25% 28%
Operating profit/loss (-) (EBIT) 2,490.8 2,324.4 2,442.2
Share of result in associates -23.8 -20.3 -20.4
Net finance income / expense (-) -254.8 -211.3 -384.8
Profit / loss (-) before tax 2,212.3 2,092.7 2,037.0
Tax income / expense (-) -325.8 -445.4 -457.8
Net result from continuing operations 1,886.4 1,647.3 1,579.3
Profit for the year 1,886.4 1,647.3 1,579.3
Non-controlling interests 463.8 506.7 541.5
Profit / loss (-) for the year (shareholders of the parent) 1,422.6 1,140.6 1,037.8
Statement of financial position
Non-current assets 15,928.3 15,474.5 14,048.0
Current assets 9,465.9 9,788.1 9,456.7
Equity ex non-controlling interests 8,852.5 7,771.7 6,677.5
Non-controlling interests 2,398.2 1,429.7 1,230.4
Non-current interest-bearing liabilities 6,493.0 7,463.2 7,717.4
Other non-current liabilities 2,221.2 2,103.4 1,853.8
Current interest-bearing liabilities 2,132.3 2,514.2 2,362.8
Other current liabilities 3,296.9 3,980.6 3,662.9
Total assets / total equity and liabilities 25,394.1 25,262.7 23,504.8
Liquidity
Cash and cash equivalents as at 31 December
1)
6,317.1 6,582.6 5,460.2
Net change in cash and cash equivalents
1)
-166.1 930.8 -144.3
Net cash from operating activities
1)
2,018.4 3,497.2 2,417.9
Capital
Share capital 53.2 53.2 53.2
Total number of shares outstanding as at 31 December 42,531,893 42,531,893 42,531,893
Parent Company – Bonheur ASA 2025 2024 2023
Amounts in NOK million
Parent Company - Bonheur ASA
Equity-to-assets ratio
2)
68% 67% 70%
Booked equity 8,702 8,138 8,565
Total assets / total equity and liabilities 12,789 12,217 12,182
Key figures per share (Amounts in NOK):
Market price 31 December 252 261 242
Dividend per share 7.30 6.75 6.0
1)
In accordance with cash flow statement.
2)
Equity as per cent of total assets.
The non-controlling interests in the Group of companies are included in the Consolidated Income
Statement. 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
Blue Tern Limited, 50% of United Wind Logistics GmbH, 7.84% of Global Wind Services A/S and 18.32% of
Projective Ltd.
SEARCHPAGE 5 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Letter from the CEO
Dear Shareholders,
2025 was another solid financial year for the
Group. Despite a challenging macroeconomic and
geopolitical backdrop, Bonheur delivered strong
results and continued to strengthen the strategic
positioning of all major subsidiaries.
We believe these achievements reflect the
consistency of our long-term strategy. We
remain focused on reinforcing our competitive
advantages, developing our organisation, and
ensuring robust day-to-day operations.
Bonheur is well positioned across several
high-growth segments, particularly within the
renewable energy ecosystem. Our activities
include development and production of
renewable energy, wind industry services, and
renewable energy technology. This combination
provides a unique platform for future strategic
opportunities. Meanwhile, the cruise and
media businesses have undergone significant
organisational transformation in recent years,
now contributing positively both financially and
strategically.
For 2025, I would highlight the following
developments:
• Renewable Energy: Construction progressed
on two onshore wind projects in Scotland. Our
offshore wind portfolio advanced with onshore
consent and a secured grid connection for the
Muir Mhòr floating wind project, alongside
continued development of the Codling project
in Ireland.
• Wind Service: The segment delivered a
strong year driven by solid commercial
contracts and high operational performance.
MEAG’s investment in Fred. Olsen Windcarrier
represented a strategic milestone, reinforcing
the long-term potential of the business.
• Cruise: The segment maintained positive
momentum supported by strong bookings and
enhanced customer satisfaction.
• Other Investments: Fred. Olsen 1848 advanced
its technology portfolio, including the Brizo
floating-solar pilot project and the Brunel
floating-wind foundation. NHST Holding
delivered improved results driven by revenue
growth and strengthened cost discipline.
On a consolidated basis, Bonheur achieved an
EBITDA of NOK 3,745 million, an increase from NOK
3,537 million in 2024. Bonheur ASA strengthened
its equity position to NOK 8,702 million at
year-end 2025, compared with NOK 8,138 million
at year-end 2024. The financial position remains
fully aligned with our stated financial and capital
allocation policies.
Looking into 2026, geopolitical tensions are
creating significant uncertainty in global energy
markets, making the operating environment
demanding. In the longer term, governments
across Europe and Asia are advocating and
establishing support schemes to accelerate
investment in renewable energy as part of their
energy-security strategies. We believe our strategic
positioning and integrated renewable-energy
ecosystem are well suited for what lies ahead.
We extend our sincere appreciation to our
shareholders, employees, partners, and
stakeholders for their continued support and trust.
Sincerely,
Anette S. Olsen
CEO, Bonheur ASA
SEARCHPAGE 6 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Bonheur overview
Bonheur ASA (the “Company”) is domiciled
in Norway with its head office in Oslo and
is listed on the Oslo Stock Exchange.
Building on 178 years of experience with shipping,
offshore, wind and other operations, Bonheur
is today invested in a diversified set of business
segments through operating subsidiaries dedi-
cated to innovation and excellence in operation.
Bonheur has focused its energy-related invest-
ments on renewable energy and has developed
a strong eco-system of renewable energy
related companies. Bonheur’s first renewable
energy investment was made in 1996 and today,
through subsidiaries, it owns (partly or in whole) a
substantial portfolio of both operating wind farms
and development projects mainly located in the
United Kingdom, Scandinavia, Italy and Ireland.
Capitalizing on its vast experience from diversified
shipping/marine operations and renewable
energy, Bonheur’s activities have in later years
expanded further into the offshore wind service
industry providing transportation, installation and
maintenance services related to offshore wind
turbines through operating subsidiaries.
Developments within technology and innovation
in renewables are aimed at developing cost-saving
and efficient solutions to the industry’s challenges,
as well as pursuing investment opportunities to
strengthen existing businesses and expanding
into new related business areas.
The cruise segment operate three cruise ships from
the UK, offering an award-winning product with
ships that are known as the friendliest fleet afloat.
Other investments include media and marketing
covering publications and PR software services.
The total number of employees including
contracting personnel working in the Group
was 6,192, and the total revenue of NOK 12,493
million.
Bonheur reports its results in reference to four
distinct segments:
Head office in Oslo
SEARCHPAGE 7 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
RENEWABLE ENERGY SEGMENT
The Renewable Energy segment consists of Fred.
Olsen Renewables AS (FOR) and Fred. Olsen
Seawind ASA (FOS).
FOR is engaged in the development, construction
and operation of wind farms. By the end of the
year the installed capacity in operation was 804.9
MW. In addition, FOR has an onshore development
portfolio of 4,075 MW in addition to 137 MW
under construction with the Crystal Rig IV (49
MW) and Windy Standard III (88 MW) projects in
Scotland, and 495 MW being consented.
FOS is engaged in development of Codling and
Muir Mhôr offshore wind farms. In 2022 FOS was
awarded an option agreement for the Scottish
floating offshore wind farm, Muir Mhòr, with
capacity up to 1,000 MW in a joint venture with
Vattenfall. The consent application was submitted
for Muir Mhòr in the fourth quarter of 2024. In
2023 Codling Wind Park Ltd. (Ireland) was awarded
1,300 MW in the offshore wind CfD auction in
Ireland (ORESS 1). The consent application for the
Codling Wind Park project was submitted in the
third quarter of 2024.
WIND SERVICE SEGMENT
Fred. Olsen Ocean Ltd. (FOO) which main
operating entities are:
• Fred. Olsen Windcarrier ASA (FOWIC)
• Global Wind Service A/S (GWS)
Subsidiaries of FOWIC own and operate
three modern jack-up vessels designed for
transportation, installation and service of offshore
wind turbines, and is further entrusted with the
commercial operation of a similar fourth vessel
outside Japanese waters.
GWS (owned 92.2% by FOO) is an international
provider of installation services, blade repair
services and expertise to the global onshore
and offshore wind turbine industry with a global
footprint through operations in Europe, Asia, US
and Australia.
CRUISE SEGMENT
The Cruise segment’s principal trading entity is
Fred. Olsen Cruise Lines Ltd. (FOCL), operating
from the UK. FOCL and subsidiaries operate three
cruise ships with an overall berth capacity of
approximately 4,100 passengers.
FOCL offers cruise holidays ranging from 2-night
mini cruises in Europe, to more than 100-nights on
World cruises. The strategy is to develop unique
itineraries and onboard experiences allowing
passengers to get closer to the destinations,
offering authentic and interesting experiences.
Fred. Olsen Cruise LinesFred. Olsen Renewables Fred. Olsen Windcarrier
SEARCHPAGE 8 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
OTHER INVESTMENTS
Other investments include:
• Fred. Olsen 1848 (FO 1848) is a technology and
innovation company. The main technologies
of FO 1848 are aimed at solving some of the
industry key challenges within floating wind
and floating solar.
• Fred. Olsen Investments (FOI), is a company with
an investment team executing and managing
investment opportunities to strengthen existing
business and expand into new related business
areas
• NHST Holding AS (owned 55.1% by Bonheur)
comprises both publication and software-as-
a-service companies. The main publications
are Dagens Næringsliv, Tradewinds, Recharge
Intrafish and Upstream. The software-as-a-
service company is MyNewsDesk
Other investments also include 100% ownership
of the service companies Fred. Olsen Insurance
Services AS and Fred. Olsen Travel AS. The
segment also includes investments within real
estate,including the Fred. Olsen office buildings in
Oslo, and bonds and shares.
BRIZO in Risør – Fred. Olsen 1848
NHST HoldingFred. Olsen Investments
SEARCHPAGE 9 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
The consolidated financial statements
for the year ended 31 December 2025
are for Bonheur ASA, its subsidiaries and
associates. The Company’s head office is
in Oslo, Norway. Numbers in (brackets)
relates to 2024.
2025 turned out to be a year with continued
economic growth despite the US tariff
announcements that initially created increased
risks for the global economy. The global GDP
growth recovered during the year as much of the
tariffs were avoided and 2025 ended with a 3.2%
(3.2%) growth, according to IMF.
The Renewable Energy segment was impacted
by a 10% decline in electricity generation in 2025.
This was in particular due to the grid outage
impacting the Mid Hill windfarm, production
issues at the early generation Crystal Rig I
windfarm approaching end of life, and blade
issues at the Högaliden windfarm. EBITDA in 2025
was NOK 1,297 million (NOK 1,584 million).
The Wind Service segment performed well in
2025 and was positively impacted by an improved
market and good operational performance. EBITDA
in 2025 was NOK 1,799 million (NOK 1,552 million).
The Cruise segment operated it’s three ships with
improved booking numbers in a positive market.
EBITDA in 2025 was NOK 674 million (NOK 501
million).
Overall, the Group of companies achieved an
EBITDA in 2025 of NOK 3,745 million (NOK 3,537
million).
In addition to the financial results, the Group of
Companies has made strategic progress in the
following areas:
• Construction of two new windfarm projects in
Scotland.
· The construction work for the Crystal Rig
IV project, a 49 MW wind farm in Scotland
commenced in the third quarter of 2024 with
estimated project completion in the first quarter
of 2026, and with an estimated total investment of
GBP 81 million.
· The construction work for the Windy StandardIII,
an 88 MW wind farm in Scotland commenced in
the first quarter of 2025 and with an estimated
total investment of GBP 133 million.
• Offshore project development has made
progress in Ireland and Scotland:
· Advancing the Codling wind park project
together with EDF. FOS is progressing the
development of Codling Wind Park project in
the Irish Sea. The consent application for the
Codling Wind Park project was submitted by
FOS in the third quarter of 2024. A Request for
Further Information (RFI) was received in the third
quarter of 2025 from the Irish government in the
third quarter, postponing the expected consent
determination.
· Advancing the Muir Mhòr site offshore Scotland
together with Vattenfall. The offshore floating wind
site northeast of Aberdeen has a capacity when
built of up to 1,000 MW. The consent application
was submitted by FOS for Muir Mhòr in the
fourth quarter of 2024 as one of the first consent
application for floating wind in Scotland.
• Strategic transactions in the Wind Service
segment:
· Sale of the 50% stake in United Wind Logistic
(UWL) to United Heavy Lift GmbH & Co. KG in the
second quarter of 2025. The sales price of the stake
was EUR 48.5 million. The ownership in UWL was
originally acquired in 2019 for EUR 12 million. The
transaction was completed on 30 April.
· In the fourth quarter of 2025, FOO entered into
an agreement with MEAG Munich ERGO Asset
Management GmbH (“MEAG”) to which MEAG
committed to make an equity investment of EUR
150 million in FOWIC. The first closing of EUR 100
million occurred on 3 February 2026, and MEAG
obtained a 17.05% non-controlling interest in
FOWIC. A second closing is expected to occur in
2027, upon which MEAG will invest an additional
EUR 50 million and MEAG is expected to finally
hold approximately 24% of FOWIC’s share capital.
• Fred. Olsen 1848 progressing floating solar
with installation of a pilot for Brizo in Risør and
progressing on floating wind with basic design
certification for the Brunel floating foundation.
Director’s Report
SEARCHPAGE 10 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
• New NOK 700 million bond loan. Bonheur ASA
successfully completed a new senior unsecured
green bond issue of NOK 700 million with cash
effect in September 2025 and with maturity in
September 2030.
Bonheur ASA has a strong balance sheet and a
solid financial position. At year end, the Company
had book equity of NOK 8.7 billion (NOK 8.1
billion) and a cash position of NOK 3.4 billion (NOK
3.5 billion).
THE GROUP OF COMPANIES’ RESULTS
Operating revenues for the year amounted to NOK
12,493 million (NOK 13,995 million). Operating
expenses amounted to NOK 8,748 million (NOK
10,458) million.
Operating result before depreciation, amortisation
and impairment charges (EBITDA) was NOK
3,745 million (NOK 3,537 million). Depreciation
amounted to NOK 1,279 million (NOK 1,137
million). Impairment related to property, plant and
equipment and intangible assets were NOK 25
million (NOK -76 million). Operating result (EBIT)
was NOK 2,491 million (NOK 2,324 million).
Net financial items were NOK -255 million (NOK
-211 million). Profit for the year was NOK 1,886
million (NOK 1,647 million).
After non-controlling interests of NOK 464 million
(NOK 507 million), controlling interests’ share of
result after estimated tax amounted to NOK 1,423
million (NOK 1,141 million). The main reason for
the difference between controlling and non-
controlling interests is the financial results in the
Cruise segment where Bonheur holds 100%, while
the non-controlling interests own indirectly 49% of
11 of the 12 onshore wind farms which generated
less profit in 2025. At year-end, the non-controlling
interests of the Group of companies mainly
consisted of 43.28% of NHST Holding AS (adjusted
for own shares), 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 Ltd, 49% of Blue Tern Limited and
7.84% of Global Wind Service A/S.
Net cash from operating activities was NOK
2,018 million (NOK 3,497 million). Net cash from
investing activities was NOK -1,410 million (NOK
-1,200 million). Net cash from financing activities
was NOK -774 million (NOK -1,366 million). Cash
and cash equivalents at 31 December 2025 were
NOK 6,317 million (NOK 6,583 million).
RESULTS FROM THE MAIN BUSINESS SEGMENTS
WITHIN WHICH BONHEUR ASA IS INVESTED
The financial results below are presented on 100%
basis and net of intra-group eliminations.
RENEWABLE ENERGY
The Renewable Energy segment consists of 100%
ownership of Fred. Olsen Renewables AS with
subsidiaries and 100% ownership of Fred. Olsen
Seawind ASA.
Fred. Olsen Renewables (FOR)
FOR owns twelve windfarms in operation and has
in addition a sizeable portfolio of development
projects onshore in the UK, Norway, Sweden and
Italy.
Nine windfarms are located in Scotland. Six
windfarms with installed capacity of 433 MW
(Crystal Rig, Crystal Rig II, Rothes, Rothes II,
Paul’s Hill and Mid Hill) are owned 51% by FOR.
The remaining 49% is owned by the UK listed
infrastructure fund The Renewables Infrastructure
Group Limited (TRIG).
Two Scottish windfarms (Crystal Rig III and
Brockloch Rig Windfarm with total installed
capacity of 75 MW) are owned 51% by FOR and
49% owned by CK William Energy 2 Limited,
an entity owned by a consortium of CK Group
companies (CK).
One Scottish windfarm, Brockloch Rig I, with total
installed capacity of 21.6 MW is owned 100% by FOR.
Three windfarms in operation (Högaliden and
Fäbodliden in Sweden, and Lista in Norway),
with total installed capacity of 275.2 MW and the
construction projects Crystal Rig IV and Windy
Standard III in Scotland, with a total capacity of
137.1 MW are owned 51% by FOR and 49% of
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 has an exclusive right and obligation to
invest 49% in all onshore windfarm projects in the
UK and Sweden that FORAS takes through final
investment decision until the current outstanding
commitment of Euro 164 million is fully utilized
or a period of five years from establishment has
lapsed, whichever comes first. Wind Fund 1 is
managed by Hvitsten AS, which is a licensed
infrastructure fund manager owned by Fred. Olsen
& Co. AS.
SEARCHPAGE 11 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
FOR holds an installed gross capacity of 804.9 MW
at the end of 2025.
Fred. Olsen Seawind (FOS)
FOS is developing offshore wind projects in a
number of countries and sits in joint ventures (JVs)
in Ireland with EDF and in Scotland with Vattenfall.
FOS is progressing the development of Codling
Wind Park project in the Irish Sea, which
represents one of the largest energy infrastructure
investments in Ireland this decade and will
become Ireland’s largest offshore windfarm. In
2023 Codling Wind Park Ltd. (Ireland) was awarded
1,300 MW in the offshore wind CfD auction in
Ireland (ORESS 1). The consent application for the
Codling Wind Park project was submitted in the
third quarter of 2024. In the third quarter of 2025,
Codling Wind Park received a Request for Further
Information (RFI) from the Irish government, which
is expected to add to the timeline for consent
determination due to the need for additional
surveys.
FOS was together with Vattenfall successfully
awarded the 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. Following
the submission of the consent application, Muir
Mhòr was awarded the onshore consent in Q2
2025 with the final offshore consent expected to
come in 2026. In June 2025, Muir Mhòr secured
its grid connection for mid 2030s and the project
has subsequently applied for an accelerated
connection date.
Operating revenues in the Renewable Energy
segment were NOK 2,376 million (NOK 2,659
million) and the annual production was 1,674 GWh
(1,862 GWh). EBITDA was NOK 1,297 million (NOK
1,584 million). Operating result (EBIT) amounted
to NOK 926 million (NOK 1,204 million), while net
result was NOK 282 million (NOK 538 million).
WIND SERVICE
The Wind Service segment comprises the holding
company FOO with its operating subsidiaries
including 100% ownership of Fred. Olsen
Windcarrier (FOWIC) and 92.16% ownership of
Global Wind Service (GWS).
Fred. Olsen Windcarrier (FOWIC)
FOWIC is through subsidiaries providing Transport
& Installation services (T&I) as well as Operation &
Maintenance services (O&M) for the offshore wind
industry. FOWIC owns 100% of the two jack-up
T&I vessels Brave Tern and Bold Tern and 51%
of the Blue Tern vessel and further performs the
commercial operation of the T&I vessel Blue Wind
outside Japanese waters.
FOWIC provides transport, installation and service
solutions with experienced teams of engineers,
project managers and installation crews.
During 2025 the company has secured several
new projects, resulting in a backlog of EUR 391
million (EUR 488 million) for the Tern vessels. The
utilisation for the vessels in 2025 was 66%, the
same as in 2024.
Global Wind Service (GWS)
GWS is an international service provider of
installation and maintenance expertise to the
global onshore and offshore wind turbine industry,
supplying skilled technicians and expertise to
projects in Europe, the US and Asia.
GWS continued to grow especially within offshore
wind installation, preassembly and service. GWS
has a training centre in Poland where they educate
and train their own technicians to meet the
strong demand for skilled people. GWS had 1,413
employees at the end of 2025 (1,373 employees in
2024).
Operating revenues for the Wind Service segment
were NOK 5,071 million (NOK 6,484 million).
Operating result before depreciation (EBITDA) was
NOK 1,799 million (NOK 1,552 million). Operating
result (EBIT) amounted to NOK 1,175 million (NOK
1,073 million) and net result was NOK 1,340 million
(NOK 920 million).
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Directors’ responsibility
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Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
CRUISE
The Cruise segment consists of the Company’s
100% ownership of First Olsen Holding AS with
subsidiaries (“FOHAS”), i.a. Fred. Olsen Cruise Lines
Ltd (“FOCL”), which operate the cruise ships MS
Balmoral, MS Bolette and MS Borealis.
In 2025 the average occupancy for the ships was
73% (72%) of full capacity, net ticket income per
passenger day (NTI) was GBP 196 (GBP 185), and
the total number of cruise days was 1,071 (1,078).
Operating revenues were NOK 3,779 million
(NOK 3,650 million). Operating result before
depreciation (EBITDA) was NOK 674 million (NOK
501 million). Operating result (EBIT) amounted to
NOK 473 million (NOK 321 million) and net result
was NOK 306 million (NOK 229 million).
OTHER INVESTMENTS
The Other Investments of Bonheur ASA mainly
consist of the 100% owned entities Fred. Olsen
1848 AS (FO1848), Fred. Olsen Investments AS
(FO Investments), Fred. Olsen Insurance Services
AS (FOIS) and Fred. Olsen Travel AS (FOT), and
Bonheur ASA’s ownership of 55.1% in NHST
Holding AS. In addition, the segment has various
investments in real estate, bonds and shares.
Fred. Olsen 1848 AS
FO1848 is a wholly owned innovation
company that focuses on development and
commercialization of new technologies and
solutions related to renewable energy. On the back
of decades-long experience within renewables,
a portfolio of innovative technical solutions
has been developed within Bonheur-related
companies. The solutions are aimed at solving
some of the industry's key challenges within
floating wind and floating solar.
• For floating solar PV, FO1848 has developed
"BRIZO", a pioneering floating PV technology
created to unlock the potential of floating solar
with a simplicity enabling a new standard of
cost efficiency. The modular design makes
it suitable for a wide range of commercial
applications worldwide. BRIZO is currently
piloted with 124 kW outside Risør in Norway.
• FO1848 is developing "BRUNEL", a concept for
floating wind turbines with strong technical and
commercial capabilities. It is designed for the
next generation of wind turbines, with a modu-
lar approach, suitable for serial and automized
production in the existing global supply chain
allowing for instant scale-up and low cost.
Fred. Olsen Investments
FO Investments is a wholly owned subsidiary.
FO Investments invests in and manage new
opportunities with a view to strengthen existing
business segments of the Company, and also to
expand into new business areas.
NHST Holding AS
NHST Holding AS (NHST) has two business
segments, DN Holding and NHST Marketing
Technology. DN Holding consists of the
publications Dagens Næringsliv, Recharge,
Hydrogeninsight, Tradewinds, Upstream, Intrafish.
no, Intrafish.com, Fiskeribladet and Europower.
NHST Marketing Technology include the software-
as-a-Service (SaaS) company MyNewsdesk.
Revenues in NHST were 1.7% higher in 2025 than
in 2024, mainly driven by higher user market
revenues. The operating expenses in NHST was
reduced with 3.6% compared to 2024 due to good
cost control and focus on core areas. In the SaaS
segment Mention Solutions was de-consolidated
in the second quarter of 2025.
The number of employees in 2025 was 478
employees (506).
In the Other segment the operating revenues were
NOK 1,347 million (NOK 1,296 million) and EBITDA
was negative with NOK -27 million (NOK -100
million). Operating result (EBIT) was negative with
NOK -85 million (NOK -273 million).
INVESTMENT ACTIVITIES
The Renewable Energy segment had capital
expenditure of NOK 1,350 million (NOK 408
million) in the year mainly related to the
construction projects at Crystal Rig IV and Windy
Standard III in Scotland.
The Wind Service segment had capital expenditure
of NOK 480 million (NOK 801 million) mainly
related to yard stay for Brave Tern and class
renewal surveys in 2025 compared with the new
crane and upgrades projects of the vessel Brave
Tern in 2024.
The Cruise segment had capital expenditure of
NOK 273 million (NOK 217 million) mainly related
to dry-docking for Borealis in 2025.
In total, investments (capex) in property, plant and
equipment (PPE) during the year amounted to
NOK 1,944 million (NOK 1,275 million). In addition,
NOK 195 million (NOK 159 million) was capitalized,
relating to IFRS 16, leasing – right-to-use assets.
The Group of companies’ net investments paid,
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Major asset list as per
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Definitions
Addresses
amounted to NOK 1,410 million (NOK 1,250
million), mainly financed with cash and financing
activities.
FOS does not own a controlling share in neither
the Codling nor the Muir Mhòr JVs and are
therefore recording these JVs according to the
equity method. As to the Codling JV FOS has
issued loans reflected in the balance sheet
as “Other financial fixed assets”. In 2025 this
amounted to NOK 124 million (NOK 148 million).
For Muir Mhòr FOS has issued equity reflected in
the balance sheet as “Investment in associates”.
In 2025 this amounted to NOK 53 million (NOK
99 million). At year-end 2025, FOS has issued
accumulated loans to Codling in the amount of
NOK 818 million and FOS has issued accumulated
equity to Muir Mhòr equal to NOK 452 million.
Dividend payments to external shareholders of
the Group of companies in total amounted to NOK
516 million (NOK 460 million), of which NOK 287
million (NOK 255 million) was to the shareholders
of Bonheur ASA.
RESEARCH AND DEVELOPMENT ACTIVITIES
Research and development activities are carried
out constantly within all the main business
segments. Close relationships exists with suppliers
and customers in order to optimize operations and
minimize potential environmental consequences.
In 2025 a spend of NOK 34 million (NOK 61 million)
was recorded as research and development
expenses.
FINANCIAL POLICY AND CAPITAL ALLOCATION
FRAMEWORK
Bonheur ASA has implemented a Financial Policy
and Capital Allocation Framework reflecting the
Company's priorities and ambition with a view to
create long-term shareholder value.
Financial Policy:
• The Company and its financial and liquidity
position shall be strong
• The subsidiaries must optimize their own non-
recourse financing
• In order 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
• In order 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
FINANCING AND INTEREST-BEARING DEBT
The Group of companies' overriding financial
objectives target to secure long-term visibility and
flexibility through business cycles.
At year-end 2025, Bonheur ASA's interest-bearing
debt relates to NOK 3,085 million (NOK 3,090
million) in unsecured bonds maturing between
2026 and 2030. With a cash position of NOK 3,412
million (NOK 3,456 million), net interest-bearing
debt on parent level was positive with NOK 327
million (NOK 366 million). Similarly, debt in the
Group of companies excluding the Company,
but including IFRS 16 obligations, amounted to
NOK 5,740 million (NOK 6,888 million). All the
financings in subsidiaries are on a non-recourse
basis to the Company. The split of the Group
of companies' debt on the respective business
segments is respectively NOK 4,665 million (NOK
5,173 million) related to Renewable Energy, NOK
837 million (NOK 1,326 million) related to Wind
Service and NOK 238 million (NOK 283 million)
related to Other Investments. The Cruise segment
has no external debt at the end of 2025.
For further details see Note 18 - Interest bearing
loans and borrowings.
In the opinion of the Board of Directors, both
the financial situation and the cash position of
Bonheur ASA are satisfactory and sufficient to
meet the Company's current commitments.
FINANCIAL MARKET RISK
The international profile of Bonheur ASA and
its operating subsidiaries results in exposure to
financial market risks.
The financial market risks to which the Group of
companies is exposed, are predominantly currency
risks, interest rate risks, risks related to oil/fuel
price and electricity prices. These financial risks are
continuously monitored, and financial instruments
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Major asset list as per
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Definitions
Addresses
are from time to time used to hedge economic
effects of such and related exposures. There is
also a credit risk related to customers within the
individual companies, and risks associated with
the general development of international financial
markets.
CURRENCY RISK
The Group of companies’ financial statements are
presented in NOK. Revenues consist primarily of
EUR, GBP and NOK. The expenses are primarily
in GBP, EUR, USD and NOK. As such, earnings are
exposed to fluctuations in the currency market.
Parts of the currency exposure are neutralized
due to the majority of the debt and a large
part of expenses being denominated in the
same currencies as the main revenues. Forward
exchange contracts are from time to time entered
into to reduce currency exposures.
INTEREST RATE RISK
The Group of companies is exposed to interest
rate fluctuations, as loans are frequently based on
floating interest rates. By the turn of the year, parts
of the outstanding loans in Renewable energy had
been hedged against interest fluctuations through
interest rate swap agreement. See note 3.
OIL / FUEL PRICE
The Group of companies is exposed to fluctuations
in bunker prices, which move partly in line to the
price of crude oil. By the turn of the year, Cruise
had entered into hedge contracts for the bunker
cost for 51% of the estimated remaining bunker
consumption in 2026 and for 7% of the estimated
bunker consumption in 2027.
ELECTRICITY PRICE
Electricity sales for the windfarms are on floating
contracts and are subject to change in electricity
prices. The wind farm Pauls Hill has entered into
forward sales contracts for 75% of volume at 79.20
GBP/mwh for the summer of 2025 and 80.20 GBP/
mwh for the winter of 2025.
CREDIT RISK
There is a governing principle within the Group of
companies to continuously evaluate credit risks
associated with customers and, when considered
necessary, to require appropriate guarantees.
SUSTAINABILITY REPORTING
Sustainability reporting for 2025 follows the Cor-
porate Sustainability Reporting Directive (CSRD)
and the European Sustainability Standard (ESRS)
and is included as a separate chapter within the
annual report. The Sustainability report includes
the Governance section. The sustainability state-
ment is part of the Board of Directors report and
must be read in conjunction with the Sustainabili-
ty statement and vice versa.
SUBSEQUENT EVENTS
In 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.
OUTLOOK 2026
The Company is well positioned in several high
growth segments and especially in the renewable
energy eco-system. This includes interests within
development and production of renewable
energy, wind industry services, and renewable
energy technology. This unique combination
also positions the Company for new strategic
opportunities. The growth in the cruise industry
continues.
Political support for increased investments in
green energy solutions from major economies
in Europe and Asia is continuing over the long-
term. The current situation in the Middle-East
and the war in Ukraine are exposing global
threats for energy security, which is expected to
accelerate investments into renewable energy.
Chinese companies are already dominating the
global supply-chain for solar energy and battery
technologies and are now emerging in the global
supply chain for wind energy technologies as well.
Strong focus on reducing costs and innovating
new practices will be important for the renewable
industry in general, but also for the Group of
companies’ investments.
The long-term impact from the current
geopolitical events is highly uncertain. From an
accounting perspective, such risks increase the risk
of impairments and may also affect accounting
estimates. Nevertheless, the Company is well
capitalized and has demonstrated the ability to
attract investments required for its substantial
renewable energy investments opportunities and
has options to manage its business through the
current uncertainty.
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Consolidated accounts
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Definitions
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PARENT COMPANY INFORMATION
Bonheur ASA’s annual result was NOK 866 million,
compared to a loss of NOK -96 million in 2024
The Net result of NOK 866 million is proposed to
be allocated as follows:
For dividends NOK 310 million
To other equity NOK 556 million
Total allocated NOK 866 million
Going Concern
In accordance with §3-3a of the Norwegian
Accounting Act, the Board of Directors to the best
of its knowledge and judgement confirms the
going concern assumption, on which the financial
statements have been prepared. The accounts
are prepared in accordance with International
Financial Reporting Standards (IFRS) for the Group
of companies and NGAAP for the parent company.
Bonheur ASA’s total capital as per 31 December
2025 was NOK 12,789 million. The Company’s cash,
cash equivalents, short-term securities and current
receivables amounted to NOK 5,216 million.
DIVIDEND/ANNUAL GENERAL MEETING
With regard to the Annual General Meeting
in 2026, the Board of Directors is proposing a
dividend payment of NOK 7.30 per share subject
no deviating views expressed by the Shareholders’
Committee prior to the Annual General Meeting.
The Annual General Meeting is scheduled for
Wednesday 27 May 2026.
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Major asset list as per
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Definitions
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Fred. Olsen was the proprietor of Fred. Olsen &
Co. from 1955 to 1994 and has been chairman
of the Board since 1955. Since 1994 he has
assisted Bonheur on transition into renewable
energy activities. He is an Honorary Doctor of
the University of Heriot Watt, also of the Queen’s
University Belfast, a Fellow of the Royal Institution
of Naval Architects and further holds the titles
of Industry Pioneer from the Offshore Energy
Center Hall of Fame in Galveston, Texas and the
Institutium Canarium’s Dominik Wölfel Medal,
Vienna. He was chairman of the Aker Group from
1957 to 1975 and from 1977 to 1981, chairman
of Timex Corporation from 1980 to 2002 and
of Harland & Wolff, Belfast from 1989 to 2001.
He co- founded and was later chairman of the
Norwegian Oil Consortium AS (NOCO), 1965-1983
and was a board member of SAGA Petroleum AS
from 1972 to 1983. He was further chairman of
Widerøe’s Flyveselskap AS, 1970-1983. Mr Fred.
Olsen pioneered within tanker developments, rig
developments (Aker H3 drilling design), watch
developments and he headed the transition of the
Aker yards from shipbuilding into construction
of semi-submersible drilling rigs. Fred. Olsen is a
Norwegian citizen and resides in Oslo, Norway.
Carol Bell joined the board in 2014.
She holds an MA in Natural Sciences from the
University of Cambridge and a PhD in Archaeology
from University College London. Since 2000, after
having worked within the oil and gas industry and
investment banking (with JP Morgan and Chase
Manhattan), she has divided her time between a
range of activities, notably being non-executive
director in the energy sector, conducting academic
research and as a charity trustee. She is currently
Senior Independent Director of Tharisa plc, a
listed mining company. She has also served on
the boards of the BlackRock Energy and Resources
Income Trust plc, TransGlobe Energy, Ophir Energy
plc, PGS ASA, Salamander Energy plc., Hardy
Oil & Gas plc., Revus Energy ASA, Det norske
oljeselskap ASA and Caracal Energy Inc. She is also
the Football Association of Wales and a founder
Director of Chapter Zero, which engages with non-
executive directors on climate risk. She is a Chair of
Heneb – The Trust for Welsh Archaeology, a Council
Member of Research England and the Senior
Independent Director of the National Physical
Laboratory. Carol Bell is a British citizen and resides
in London and Cardiff.
Gaute Gjelsten joined the board in 2024.
He is a candidate in jurisprudence from the
University of Oslo, and joined the law firm Wikborg
Rein directly after law school and worked there for
almost 25 years, 18 years as a partner, and headed
the firm's shipping offshore department for several
years. During this time, Gjelsten worked at the
Oslo and London offices, and was for three years
the firm's Japan Representative whilst also acting
as Norwegian Consul-General for Kobe/Osaka,
Japan. In September 2022, Gjelsten co-founded
the shipping, offshore & insurance law litigation
firm Gjelsten Herlofsen Law. In June 2025, Gjelsten
was appointed by the Norwegian Government
to head a new Law Committee focused on
modernising Norway’s maritime regulatory
framework. Mr Gjelsten is recognised as a market
leading Norwegian shipping and offshore lawyer
and is top ranked in Legal 500 ("Recommended
Individual") and Chambers and Partners (ranked
in Band 1). He has extensive litigation experience
before the Norwegian courts and in arbitration
proceedings and is admitted to the Norwegian
Supreme Court. Gaute Gjelsten is a Norwegian
citizen and resides in Oslo, Norway.
FRED. OLSEN
(b. 1929 )
Chairman of the board
CAROL BELL
(b. 1958 )
Board member and
member of audit committee
GAUTE GJELSTEN
(b.1969)
Board member
The Board of Directors (GOV-1)
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Kristin Gjertsen holds a MSc in Industrial
Engineering and Civil Engineering from Trondheim
and an MBA in Strategic Management from
Bergen. At present she works as Executive advisor
and Non-Executive Director. In the period of 2022-
2024 she was the CEO of Norsea Impact and before
that she was the CEO of Magnora Offshore Wind,
building up the company from idea to successful
application in ScotWind (2020-2022). She has 10
years’ experience form different management
positions in Det Norske/Aker BP and Aker Energy
(2010 – 2020) with e.g. area and field development,
asset and strategy development and turnaround
projects within oil and gas. Further she has more
than 10 years’ management experience from Saga
Petroleum/Norsk Hydro/StatoilHydro (Equinor)
within both oil and gas, aluminum and fertilizer
asset management and projects (1998-2008). In
addition, she has worked with Exxon (1993-1996),
Accenture (1996-1998) and Microsoft (2008-2010).
Currently she is member of the Board of Director in
NEO NEXT+ and has previously served as member
of the Board in MLK Oy, Sval Energi, Aker BP,
Viking Drilling, Western Bulk and The Norwegian
Ski Federation (Skiforbundet). Kristin Gjertsen is a
Norwegian citizen and resides in Oslo, Norway.
KRISTIN GJERTSEN
(b. 1969 )
Board member
Nick Emery was appointed to the board in 2014.
He is a qualified Management Accountant. He has
worked in various Fred. Olsen- related companies
for over 35 years and until April 2013 was the
CEO of Fred. Olsen Renewables AS. From April
2013 he holds the position of CEO of the privately
owned Fred. Olsen Ltd. (UK). He is Chairman of
the following Fred. Olsen Limited subsidiaries: The
Natural Power Consultants Limited and Zephir
Limited. In addition, he is a director of a number
of other companies including Fred. Olsen Travel
Limited. Mr Emery is a British Citizen and resides in
London and Cornwall, England.
NICK EMERY
(b. 1961 )
Board member and
member of audit committee
Jannicke Hilland joined the board in 2020.
She holds a PhD in Physics from the University of
Bergen, a BSc Honours in Electrical and Electronic
Engineering from the University of Manchester
Institute of Science and Technology and a study
in Strategic Leadership from the Norwegian
Business School. She is at present EVP of digital
Infrastructure in Telenor. In the period 2015 –
2022 she was the CEO of Eviny, one of the larger
renewable energy companies in Norway. In the
period 2008 - 2015 she held different positions
in Statoil, like Head of Gullfaks operations, Vice
President of Joint Operations on the Norwegian
Continental Shelf and Senior Vice President for
Safety, Security and Emergency Preparedness
in the Corporate Executive Committee where
she was responsible for the Statoil BoD Safety,
Security, Sustainability and Ethics Committee. In
1998 - 2008 she held different positions in Hydro,
amongst others as platform manager on the
Troll Field. She is deputy Head of Board in Yara
International, member of the Yara Board Audit and
Sustainability Committee and member of Board
in the Confederation of Norwegian Enterprise
(NHO). She was a member of the board of Nysnø
Klimainvesteringer in 2018–2023. Jannicke Hilland
is a Norwegian citizen and resides in Bergen.
JANNICKE HILLAND
(b. 1967 )
Board member
The Board of Directors (GOV-1) (continued)
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Mr Michelet became a candidate in jurisprudence
at the University of Oslo in 1980, and holds an
MBA from INSEAD, France in 1981. He has served
as lieutenant in the Norwegian Army. He was
partner in the law firm Arntzen de Besche from
1985-2015. In the period 1989 – 1992 Mr Michelet
was Vice President in Total Norge AS. He was
partner in the law firm Michelet & Co 2015-2018
and is now partner in the law firm Schjødt law
from 2019. He is specialized in the petroleum and
energy sectors. Mr Michelet is an advisor on legal
and strategic matters to various corporate actors
in these sectors, to Norwegian petroleum and
energy authorities and to petroleum authorities in
countries in several parts of the world on policies,
legislation and state contracts. In addition to
working with transactions and acting as a litigator,
he regularly serves as arbitrator. He is admitted to
the Norwegian Supreme Court. Mr Michelet is a
Norwegian citizen and resides in Oslo, Norway.
CHRISTIAN FREDRIK MICHELET
(b. 1953) Joined 2007
Chairman
Shareholders’ Committee
Mr Aabø- Evensen was originally trained as a
police officer and became later a candidate in juris-
prudence from the University of Oslo in 1988. He
also received a scholarship from the British Council
(1992) and has studied English and International
Law at King’s College University of London (1992).
Mr Aabø-Evensen is founding partner of the M&A
and Capital Markets boutique law firm Aabø-
Evensen & Co (2002-). Before establishing Aabø-
Evensen, he was partner and head of M&A and
corporate legal services at KPMG in Norway (1995-
2002), an associated partner with the de Besche &
Co (now Arntzen de Besche) and has also worked
as a trainee in Sinclair Roche Temperleyand Essex
Court Chambers. As a leading transaction lawyer.
Mr Aabø-Evensen has specialized in corporate
transactions, public and private mergers & acquisi-
tions and securities/stock exchange law. He holds
various board and committee positions. Mr Aabø-
Evensen is the author of the leading textbook on
M&A in Norway in addition to numerous inter-
national publications on mergers and acquisitions.
He’s a member of the Norwegian Bar Association,
the American Bar Association, the Internation-
al Bar Association and the International Fiscal
Association. Mr Aabø-Evensen is a Norwegian
citizen and resides in Oslo, Norway.
OLE KRISTIAN AABØ-EVENSEN
(b. 1964) Joined 2017
Vice Chair
Ms Harris holds a degree in Business
Administration (siviløkonom) from BI, Oslo from
1988. She started her career in Total Norge AS
with various management positions mainly within
Finance giving twenty year of experience from
the oil & gas industry. After that she joined Norsk
Hydro for senior management positions for ten
years adding experience from aluminium industry
with three years at the Executive Board. Ms Harris
moved on as CFO in Entra Eiendom AS followed by
Multiconsult ASA before joining Statkraft as CFO
for four years. Currently she holds various board
positions such as board member and Chair Audit
Committee of Cowi Holding in Denmark and Aker
Biomarine ASA, board member of Petoro AS and
AF Group ASA. Ms Harris is a Norwegian citizen
and resides in Drammen, Norway.
ANNE HARRIS
(b. 1960) Joined 2025
Committee Member
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Mr Mellbye was trained as an officer in the
Norwegian Navy (1975-1977) and later became
a candidate in jurisprudence from the University
of Oslo in 1983. He became partner of Wiersholm
1989. Before joining Wiersholm he worked in the
legal department of Norsk Hydro, including one
year on secondment to Legal & acquisition dep.
in Conoco, London. He has been a member of
the Bonheur Board of Directors since 2001 and
before that served as an alternate. Mr Mellbye
was admitted to the Norwegian Supreme Court
in 1995. Besides litigation within company law,
Mr Mellbye specializes in corporate transactions,
mergers & acquisitions, securities/ stock exchange
law. He holds various board and committee
positions, including chairman of Martina Hansens
Hospital and Lorentzens Skibs AS. Previously
Mr Mellbye was chairman of Pareto Wealth
Management and was also member of the
previous Securities Law Forum of the Oslo Stock
Exchange. Mr Mellbye is a Norwegian citizen and
resides in Bærum, Norway.
ANDREAS MELLBYE
(b. 1955 ) Joined 2024
Committee Member
Shareholders’ Committee (continued)
Ms Homble became a candidate in jurisprudence
at the University of Oslo in 1997. After law school
she joined Wikborg Rein and served as attorney
at law for eight years, specializing in company
law, M&A and corporate governance. Ms Homble
has 10 years of experience from the aquaculture
industry, as member of the global management
team of Cermaq Group and Chief Officer Legal and
Corporate Functions. After that she was for seven
years part of the top management of the Vy Group,
with responsibilities including digital customer
services, market services, new mobility solutions
and business in the tourism segment. Currently
Ms Homble is a partner of the law firm Homble
Solheim, a boutique law firm within employment
law and corporate governance. Ms Homble has
held various board positions, such as deputy chair
of the Board of Directors of Statnett and member
of the national OECD contact point for responsible
business conduct. Currently she is Chair of the
Board of Fjord Tours Group and a director of the
boards of Å Energi AS, Fjellinjen AS og Flåmsbana
AS. Ms Homble is a Norwegian citizen and resides
in Oslo, Norway.
SYNNE HOMBLE
(b.1972) Joined 2023
Committee Member
SEARCHPAGE 20 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Sustainability statement
Brave Tern – Fred. Olsen Windcarrier
SEARCHPAGE 21 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Contents
I. GENERAL INFORMATION 24
General disclosures 25
General basis for preparation (BP-1) 25
Disclosures in relation to specific circumstances (BP-2) 25
Management and supervisory bodies (GOV-1, G1-GOV-1) 25
Sustainability matters addressed by the management and
supervisory bodies (GOV-2) 26
Sustainability-related performance in incentive schemes (GOV-3 and E1-GOV-3) 27
Risk management and internal controls over sustainability reporting (GOV-5) 27
Strategy, business model and value chain (SBM-1) 27
Interests and views of stakeholders (SBM-2) 28
Material impacts, risks and opportunities (IRO) (SBM-3) 29
Policies Related to Material Topics (E1-2, E2-1, S1-1, S2-1, S3-1, G1-1) 31
Environmental Policy (E1-2, E2-1) 31
Social Policy (S1-1, S2-1, S3-1) 31
Governance Policy and Business Ethics (G1-1) 32
Processes to identify and assess material IROs (IRO-1) 32
II. ENVIRONMENTAL INFORMATION 34
Disclosures pursuant to EU Taxonomy (Article 8 of Regulation 2020/852) 35
Results per activity 36
Taxonomy assessment methodology 39
Accounting principles and Calculation of KPIs 40
E1 Climate change 41
Material IROs and their interaction with strategy and
business model (E1–SBM-3, E1-IRO-1) 41
Transition plan for climate change mitigation (E1-1) 41
Actions and Resources in Relation to Climate Change (E1-3) 42
Targets related to climate change (E1-4) 42
Energy consumption and mix (E1-5) 43
Gross Scopes 1, 2, 3 and Total GHG emissions (E1-6) 44
E4 Biodiversity and ecosystems 47
Processes to identify and assess material biodiversity and
ecosystem-related IROs (E4-IRO-1) 47
Material IROs related to biodiversity (E4–SBM-3) 47
Transition plan and consideration of biodiversity and ecosystems in strategy
and business model (E4-1) 48
Actions and Resources Related to Biodiversity and Ecosystems (E4-3) 48
Targets related to biodiversity and ecosystems (E4-4) 48
SEARCHPAGE 22 EXPLORE
At a glance
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Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
III. SOCIAL INFORMATION 49
S1 Own workforce 50
Material IROs related to own workforce (S1–SBM-3) 50
Engaging with own workforce and workers' representatives (S1-2) 50
Remediation and channels for own workers to raise concerns (S1-3) 51
Action on material impacts on own workforce (S1-4) 51
Targets related to own workforce (S1-5) 51
Characteristics of employees (S1-6) 51
Characteristics of non-employees in own workforce (S1-7) 52
Diversity metrics (S1-9) 52
Health and safety metrics (S1-14) 52
Work-life balance (S1-15) 53
Compensation metrics (S1-16) 53
Incidents, complaints and severe human rights impacts (S1-17) 53
S2 Workers in the value chain 54
Material IROs and their interaction with strategy and business model (S2–SBM-3) 54
Engaging with value chain workers (S2-2) 54
Remediation and channels for value chain workers to raise concerns (S2-3) 54
Action on material impacts on value chain workers (S2-4) 55
Targets related to value chain workers (S2-5) 55
S3 Affected communities 56
Material IROs and their interaction with strategy and business model (S3–SBM-3) 56
Engaging with affected communities (S3-2) 56
Remediation and channels for affected communities to raise concerns (S3-3) 57
Action on material impacts on affected communities (S3-4) 57
Targets related to affected communities (S3-5) 57
IV. GOVERNANCE INFORMATION 58
G1 Business conduct 59
Processes to identify and assess material IROs related to
business conduct (G1-IRO-1) 59
Prevention and detection of corruption and bribery (G1-3) 59
Incidents of corruption or bribery (G1-4) 60
Sustainability statement appendices 61
Disclosure requirements covered sustainability statement (IRO-2) 61
Processes to identify and assess material pollution-related IROs (E2-IRO-1) 66
Processes to identify and assess material water and marine
resources-related IROs (E3-IRO-1) 66
Processes to identify and assess material resource use and
circular economy-related IROs (E5-IRO-1) 66
E2-4 Total emissions to air with breakdown by pollutants 67
Contents continued
SEARCHPAGE 23 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
I. General information
Sail into Seydisfjordur, Iceland – FO Cruise Lines
SEARCHPAGE 24 EXPLORE
At a glance
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Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
General disclosures
General basis for preparation (BP-1)
Bonheur reports its sustainability statement
in reference to the Corporate Sustainability
Reporting Directive (CSRD) and the relevant
European Sustainability Reporting Standards
(ESRS).
This sustainability statement is prepared on a
consolidated basis, aligned with the scope of
the financial report, using data from Bonheur’s
operating subsidiaries.
This sustainability statement is restricted to those
parts of the value chain, where the subsidiaries
can provide relevant and reliable data.
Disclosures in relation to specific
circumstances (BP-2)
Sources of estimation and outcome uncertainty
The methodology for estimating figures is
described within each disclosure. Where relevant,
sources such as conversion factors are listed in the
document. This is particularly applicable to E1-5
and E1-6.
The financial data in this sustainability
statement primarily derives from deployment
of the methodology of the European Union (EU)
taxonomy and so Bonheur has not distinctly
calculated financial implications of all risks and
opportunities.
Changes in preparation or presentation of
sustainability information
The report includes restatements of previously
reported GHG emissions. These adjustments are
aimed at improving the accuracy and reliability of
reported sustainability data. GHG emissions from
UWL are estimated for the period 01.01.2025-
30.04.2025 based on data from 2024, but no other
data from UWL is part of this statement. Bonheur
has opted to use the new and simplified version of
the EU Taxonomy.
Disclosures from other legislation
As well as following the structure of ESRS, this
statement also comprises disclosures required
by the updated 2025 EU Taxonomy regulation,
information used for reporting on the Norwegian
Transparency Act (S2) as well as the Norwegian
Equality and Anti-Discrimination Duty (ARP)
reporting (S1-6 and S1-14).
Management and supervisory bodies
(GOV-1, G1-GOV-1)
The management of Bonheur is contracted to
Fred. Olsen & Co. AS. Under these services Anette
S. Olsen holds the position of Managing Director
of Bonheur.
Private Fred. Olsen-related interests hold a total of
51.6% of Bonheur ASA’s shares.
The Comapany remain focused on continuously
adhering to principles on good corporate
governance and performance monitoring.
Fred. Olsen & Co. AS’s sustainability reporting
function sits within its Finance Department, and
provides regular updates to Bonheur’s Audit
Committee, which in turn relate accordingly to the
Board of Bonheur.
Composition and diversity of the management
and supervisory bodies
Metric Total
Number of executive members in the Board of Directors 0
Number of non-executive members in the Board of
Directors
6
Board of Directors' gender diversity ratio 50%
Percentage of independent board members 66.67%
Number of executive members in Shareholder’s
Committee
0
Number of non-executive members in Shareholder’s
committee
5
Shareholder committee's gender diversity ratio 40%
Percentage of independent Shareholder’s Committee
members
100%
Number and percentage of members of the administrative,
management and supervisory bodies by gender
11
Female 5 (45.5%)
Male 6 (54.5%)
See bios for the Board of Directors and
Shareholder’s Committee on page 17-21. The
Company has support for identifying and holding
liability insurances also for directors and officers.
The conduct of respectively Board of Bonheur and
Fred. Olsen & Co. AS are subject to supervision by
the Shareholders’ Committee, consisting exclusively
of independent members elected by Bonheur’s
Annual General Meeting. Representatives from Fred.
Olsen & Co. AS management also serve on boards
of Bonheur’s subsidiaries.
SEARCHPAGE 25 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
In addition to statutory requirements and
the Company’s Articles, the Board and the
Shareholders’ Committee are subject to bespoke
guidelines. Their respective compositions reflect
relevant expertise and experience. Bonheur’s Audit
Committee operates under a bespoke charter.
The Audit Committee monitors the sustainability
reporting. The sustainability team participates in
regular updates to the Audit Committee, which
in turn convey status to the Board of Directors.
Bonheur’s sustainability statement is reviewed by
the Audit Committee and approved by the Board
of Directors. The Audit Committee addresses both
financial and sustainability reporting.
Governance processes and procedures regarding
Impact Risk and Opportunities (IRO)
Bonheur addresses IROs through its investments in
and interaction with operating subsidiaries.
Fred. Olsen & Co. AS relates to Bonheur’s risk
management process as embedded within each
operating subsidiary’s risk and internal control
procedures. Target setting and follow-up are
managed within these subsidiaries. Consequently,
Bonheur does not maintain group-level
sustainability targets.
Available skills and expertise
The expertise and experience of the supervisory
bodies on business conduct matters are detailed
in i.a. the Shareholder Committee and Board
member bios.
Evolving from the mid-1990s, Bonheur has
established itself as a long-term owner and
investor in renewable energy, covering the
value chain from windfarm development to
construction, operation, and maintenance,
both onshore and offshore. This commitment
serves a dual purpose: advancing a sustainable
business model and supporting the transition to a
decarbonised society, thereby attracting a skilled
workforce.
Board members, management, and employees
procure extensive sustainability expertise.
Fred. Olsen & Co. and Bonheur’s operating
subsidiaries employ sustainability professionals
who coordinate, develop, and report on
initiatives. These teams guide and provide
support on integrating material IROs into
strategies, investment decisions, and stakeholder
engagement.
Sustainability matters addressed by the
management and supervisory bodies
(GOV-2)
Bonheur’s governance model follows a bottom
up reporting structure, where the management
services from Fred. Olsen & Co. AS consolidate
information from the operating subsidiaries to
Bonheur's Board of Directors.
Supervisory bodies' meetings
Each operating subsidiary holds at least six
annual board meetings, four quarterly meetings
in connection with quarterly financial reporting,
strategy meetings, and budget meetings.
Sustainability topics are, when relevant, integrated
into these meetings and form part of strategic,
financial, and risk discussions. Material impacts,
risks, and review findings are presented to
Bonheur.
Bonheur’s Board of Directors follow the same
annual cycle plus an additional meeting for
review and approval of the annual report. The
Shareholder's committee meet at least three times
a year.
Audit Committee oversight
Bonheur's Audit Committee meets quarterly to
review financial risks and internal control, and
relevant related party matters, and oversees
the sustainability reporting process, including
preparation of the sustainability statement, which
is integrated in the annual report.
Reporting and updates
The sustainability function in Fred. Olsen & Co.
AS’ Finance Department provides due updates to
both the Audit Committee and Bonheur’s Board of
Directors
Corporate governance information
In addition to management of Bonheur, Fred.
Olsen & Co. AS provides a variety of professional
services to Bonheur’s operating subsidiaries.
To safeguard integrity within this structure, the
Company has, partly through Fred. Olsen & Co. AS,
implemented several measures, including policies
for related-party transactions which have been
adapted by the Group of companies, see note 26.
The Company’s corporate governance practice
is sought adapted to the recommendations and
principles set out in the Norwegian Code of
Practice for Corporate Governance, latest version
(“NUES”).
SEARCHPAGE 26 EXPLORE
At a glance
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Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Sustainability-related performance in
incentive schemes (GOV-3 and E1-GOV-3)
Bonheur ASA has no employees, and none of the
members of the supervisory bodies have incentive
schemes.
Risk management and internal controls
over reporting (GOV-5)
Group of companies' risk management policies
are designed to identify, assess, and manage risks
that may influence the performance of its diverse
business activities. Each operating subsidiary
maintains its own risk management process,
supported by Group of companies wide tools
such as the sustainability risk database, climate
risk assessments, the HSE Handbook, and project
and operations level risk registers covering
construction, wind farm operations, vessels,
maritime transport, and hazardous work.
Risk evaluations and mitigation priorities follow
a standard matrix that considers both likelihood
and severity of potential events. Since Bonheur’s
interests extends across several industries,
reporting procedures and system maturity
naturally vary between its subsidiaries.
Operating subsidiaries are responsible for
assessing risks related to the accuracy and
completeness of sustainability data and
implementing appropriate controls.
Fred. Olsen & Co. AS conducts overall risk
assessments for sustainability reporting and
determines internal control measures based on
materiality and risk severity. Risk management
is based on the principle that risk evaluation
extends to all business activities. As part the of
cash management policy, the Group of companies
may individually deploy derivative instruments,
such as interest rate swaps and currency contracts
in order to reduce exposures. The operational risk
management and internal control are carried out
within each business segment in accordance with
the nature of the operations and the governing
legislation in the relevant jurisdictions.
The Company adhere to developments
appropriately within the operating subsidiaries,
such as business performance, market conditions,
the competitive environment and identification of
strategic issues. Relevant information in this regard
come from board meetings in such subsidiaries
providing contributions to Company’s assessment
of its overall strategic, financial and operational
risks.
Financial risk management related to foreign
exchange, interest rate management and short-
term investments is handled in accordance with
established policies and procedures.
Strategy, business model and value chain
(SBM-1)
Key elements of strategy and business model
affecting sustainability matters
Bonheur’s operating subsidiaries may be impacted in
various ways, including renewable energy produc tion,
GHG emissions, job creation, and land use.
The total number of employees including
contracting personnel working in the Group was
6,192 and the revenues were NOK 12.5 billion in
2025, and reports its investments in four segments:
• Renewable Energy
Development, construction, ownership and
operation of renewable energy, contributing to
sustainable energy generation.
• Wind Service
Provision of services for offshore and onshore
wind turbines through specialised subsidiaries
• Cruise
Ownership and operation of cruise ships.
• Other Investments
Media and marketing technology services
as well as investments in renewable energy
technology, real estate, bonds, and shares.
Bonheur’s investments contribute positively
to clean energy production and global
decarbonisation through developing, deploying
and maintaining renewable energy. GHG
emissions from vessels and upstream value
chain activities related to construction represent
potentially negative climate impacts. Growing
demand for renewable energy presents financial
opportunities for subsidiaries, driving potential
revenue growth and reducing exposure to fossil
fuel price volatility.
About targets and action plans
Sustainability goals set by Bonheur’s operating
subsidiaries are linked to their respective business
models, products, and services.
Targets are established and monitored by the
operating subsidiaries’ managements and
boards. The Board of Bonheur does not develop
or approve these targets, as they lie within the
subsidiaries’ autonomous decision-making.
SEARCHPAGE 27 EXPLORE
At a glance
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Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Business model and value chain
Bonheur and its operating subsidiaries rely on
natural resources such as wind, land and sea
access, as well as highly skilled human capital,
financial capital, and physical assets.
The key outputs of activities in the operating
subsidiaries are production and deployment of
renewable energy, installation and maintenance
of both offshore and onshore wind, cruise holidays
and business news as well as other activities.
The Company secures its capital through
dividends from subsidiaries, and external financing
via banks and bond markets. The Company has a
long-term and active ownership perspective.
With a diverse portfolio of investments and
operating subsidiaries, the Group of companies
has a complex and global value chain. Some of the
subsidiaries also form part of the value chain of
other companies within the Group of companies.
Interests and views of stakeholders
(SBM-2)
The Group of companies engage with stake-
holders through meetings with employee
representatives, investors, regulators, business
partners, communities, and industry associations.
While Bonheur values collaboration and feedback,
it reserves the right to determine which topics to
be considered material.
Stakeholder Key engagement channel Purpose of engagement
Bonheur’s subsidiaries
(affected stakeholder)
• Board meetings and day-to-
day dialogue through services
performed by Fred. Olsen & Co. AS.
• Active long-term ownership.
• Optimising the performance of the
subsidiaries.
• Realising any synergies and
business opportunities across the
Group of companies
Employees of operating
subsidiaries (affected
stakeholder)
• Regular meetings
• Employee satisfaction surveys
• Work environment committee
(onshore and offshore)
• Appraisal conversations
• Digital communication
• Whistleblower procedure/
Complaint procedure
• Find and solve challenges at the
workplace.
• Improve employee satisfaction
Board of directors and
shareholder’s committee
(affected stakeholder and
user of the sustainability
statement)
• Regular quarterly board meetings
and any other updates as deemed
necessary
• Information on sustainability risks
and opportunities
• Understand the Board’s
expectations related to
sustainability
Investors and bond-
holders (affected
stakeholder and user
of the sustainability
statement)
• Quarterly and annual reports
• Investor meetings
• ESG ratings agencies
• Communicating to the financial
market and understanding the
markets sustainability expectations.
• Peer comparisons
National authorities
and other regulators
(user of the sustainability
statement)
• Dialogue with authorities both
directly and through industry
organisations
• Ongoing dialogue and reporting to
regulators
• Bonheur engage with regulators
and policymakers to seek to ensure
that the business is in compliance
with existing and coming
regulations
SEARCHPAGE 28 EXPLORE
At a glance
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Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
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Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Material impacts, risks and opportunities (IRO) (SBM-3)
The material IROs identified through the double materiality assessment are summarised in the table below and further detailed in the topical standards
chapters. Six topics are material to Bonheur:
E1
Climate Change
E4
Biodiversity and
Ecosystems
S1
Own Workforce
S2
Workers in the
Value Chain
S3
Affected
Communities
G1
Business Conduct
SUB-TOPIC SUB SUB-TOPIC TYPE DESCRIPTION OF IRO
ESRS E1 Climate change
Climate change mitigation Positive impact Development, installation and maintenance of onshore and offshore wind power infrastructure increase the supply of
clean electricity to the grid.
Negative impact GHG emissions from vessel operations, wind farm construction, maintenance activities and procurement may contribute
negatively to climate change.
Financial risk and
opportunity
Decarbonisation efforts increase demand for renewable energy, creating opportunities for Bonheur’s renewable energy
investments. Volatile energy prices, changing subsidy schemes may represent both risks and opportunities.
Climate change adaptation Financial risk and
opportunity
Exposure to policy changes, technological shifts and legal risks related to high emissions may affect costs. Growing
demand for renewable energy and low-emission maritime services creates opportunities for revenue expansion, improved
investment attractiveness, and reduced exposure to carbon pricing.
Energy use Negative impact Continued reliance on fossil fuels for maritime operations .
Financial risk Higher fuel prices, costly shore power connections and unpredictable energy markets may increase operating costs across
maritime and project driven activities.
ESRS E4 Biodiversity and ecosystems
Direct impact drivers of biodiversity loss Negative impact Construction and operation of onshore and offshore wind farms may lead to habitat disturbance and changes, potentially
affecting local biodiversity. GHG emissions contribute to global warming that may affect biodiversity.
Impact on the state of species Financial risk Protected species and stricter biodiversity regulations may hinder project consent and increase development and
construction costs for wind farms
ESRS S1 Own workforce
Working conditions (vii) Work-life balance Negative impact Overtime, shiftwork and project time pressure may cause fatigue, stress and other health and safety risks.
(viii) Health and safety Negative impact Maritime operations and wind-turbine installation/maintenance may expose employees to work at heights, heavy-lifting
operations, moving equipment, vessel transfers and harsh weather, increasing the risk of injuries.
Financial risk Injuries or safety incidents may lead to compensation claims, operational delays, regulatory penalties and reputational
damage.
Equal treatment and opportunities for all (ii) Training and skills
development
Positive impact Training and skills development ensure employees have relevant competencies for quality employment.
(iv) Measures
against violence and
harassment in the
workplace
Negative impact Risk of workforce being subjected to bullying and/or harassment at work.
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At a glance
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Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
SUB-TOPIC SUB SUB-TOPIC TYPE DESCRIPTION OF IRO
ESRS S2 Workers in the value chain
Working conditions (vii) Work-life balance Negative impact Impacts related to subcontracted manpower and workers in the value chain are similar to own workforce.
(viii) Health and safety Negative impact Workers in supplier industries may face hazardous working conditions.
ESRS S3 Affected communities
Communities’ economic, social and
cultural rights
(iv) Land-related
impacts
Negative impact Nature loss, noise and visual disturbance from wind farm construction and operation may negatively affect local
communities
Positive impact Projects may create local employment, contracting opportunities and infrastructure improvements, supporting regional
economic development in affected communities.
Financial risk Public opposition toward onshore wind projects may cause delays and/or unsuccessful consent processes
ESRS G1 Business conduct
Corporate structure and business
conduct policies
Financial risk Operating through multiple autonomous subsidiaries across jurisdictions may lead to inconsistent governance practices,
uneven policy implementation and compliance gaps.
Protection of whistle-blowers Negative impact Potentially insufficient whistle-blower protection mechanisms could discourage reporting of misconduct, increasing the
risk of undetected violations.
Corruption and bribery Financial risk Corruption or bribery risks may arise when operating in regions or supply chains with higher exposure, potentially leading
to legal, financial and reputational impacts.
Bonheur is awaiting the outcome of the EU Omnibus process, a proposal to reduce administrative burdens by simplifying sustainability reporting and
assessment requirements, before calculating anticipated financial effects of material impacts, risks, or opportunities.
SEARCHPAGE 30 EXPLORE
At a glance
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Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Policies Related to Material Topics (E1-2,
E2-1, S1-1, S2-1, S3-1, G1-1)
Bonheur ASA has adopted group-wide policies on
principles for managing material environmental,
social, and governance IROs across the Group of
companies. The policies relate to internationally
recognised standards including the OECD Guide-
lines for Multinational Enterprises, UN Global Com-
pact, ILO conventions, the Universal Declaration of
Human Rights, the UN Convention Against Corrup-
tion, and relevant Norwegian legislation.
These policies guide the management of material
topics identified through Bonheur’s materiality
assessment.
Scope of policies
The policies apply to all employees in Bonheur’s
operating subsidiaries, including temporary
staff, contractors, and consultants. Suppliers and
business partners are expected to comply with
these policies.
The policies are publicly available on Bonheur’s
website.
Environmental Policy (E1-2, E2-1)
Bonheur’s Environmental Policy sets out
commitments relevant to the Group of companies’
material environmental impacts, risks, and
opportunities.
Climate Change
The policy supports the Paris Agreement aiming
for long-term decarbonisation across the Group
of companies. The operating subsidiaries are
expected to:
• Reduce GHG emissions in their own operations
and value chains and set measurable and
timebound reduction targets.
• Improve energy efficiency, deploy renewable
energy, and support technological
developments such as low emission fuels and
new propulsion systems.
• Conduct climate risk assessments and integrate
findings into transition planning.
Biodiversity and Ecosystems
Subsidiaries are expected to identify and
address potential impacts on species, habitats,
land-use and sea-use changes, and other
biodiversity impacts in both project development,
construction and operations.
Pollution
Certain subsidiaries emit NOx, SOx, and particle
matters (PM), and work to reduce these emissions
in reference to the EU Zero Pollution Action Plan
and applicable local and global regulations.
Possible pollution-related impacts on communities
are assessed and sought mitigated as part of
environmental management systems.
Social Policy (S1-1, S2-1, S3-1)
The Social and Human Rights Policy provides a
shared framework for managing impacts, risks, and
opportunities related to own workforce, value-
chain workers, and affected communities.
Own Workforce
The policy relates to internationally recognised
human rights and labour standards, with
zero tolerance for child labour, forced labour,
discrimination, or harassment. Subsidiaries are
expected to:
• Ensure fair and safe working conditions and
strive for zero injuries.
• Conduct regular hazard assessments and
implement risk reduction measures (in reference
to the Working Environment Act).
• Promote equal opportunities and prevent
discrimination, including equal pay analyses
and actions in reference to the Equality and
Anti-Discrimination Act.
Value Chain Workers
Suppliers are expected to uphold the same human
rights and social standards as Bonheur’s operating
subsidiaries.
Affected Communities
Subsidiaries are expected to engage with affected
communities throughout project development
and operations. Material risks related to
community rights, local environmental effects, and
economic and cultural impacts are assessed and
managed through reviews in each subsidiary.
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Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Governance Policy and Business Ethics
(G1-1)
The Governance Policy and Code of Conduct set
out the Group of companies’ expectations on
ethical conduct and compliance. Key elements
include:
• Business ethics and anti-corruption: No
acceptance of bribery or corruption in any form.
Requirements for ethical judgment, prohibition
of conflicts of interest, and compliance with the
UN Convention Against Corruption.
• Transparency and assessments: Subsidiaries
are expected to communicate transparently
with stakeholders and conduct reviews in
reference to OECD Guidelines.
• Confidentiality and integrity: Employees must
respect confidentiality, avoid misuse of inside
information, and prevent unauthorised access
to sensitive data.
• Whistleblowing: A group-wide external
whistleblower channel is available for
employees and stakeholders. Subsidiaries
must investigate reports promptly and protect
whistleblowers against retaliation.
Implementation and Oversight
The Board approves and reviews these policies.
Operating subsidiaries are responsible for
operationalising these policies through
management systems, procedures, training, and
internal controls. They monitor performance
through safety metrics, human rights
assessments, environmental management
systems, and whistleblowing reporting. Policies
are communicated through induction training,
internal e learning modules, intranet, and
subsidiary specific management systems.
Stakeholder engagement informs policy updates
and supports continuous improvement.
Processes to identify and assess material
IROs (IRO-1)
Bonheur has conducted a double-materiality as-
sessment, combining quantitative and qualitative
reviews across major operating subsidiaries. This
assessment reflect that some IROs are material
to specific subsidiaries, but not to Bonheur. The
assessment evaluates actual and potential impacts
on the environment, people, and society, as well as
financially material risks and opportunities related
to sustainability. The process included stakeholder
dialogues, workshops, previous assessments, and
other relevant corporate information. Findings
were presented and addressed with the Audit
Committee and eventually approved by Bonheur’s
Board of Directors.
The process considers Bonheur’s business model,
subsidiary value chains, and stakeholder input to
determine positive and negative impacts.
Scoring and prioritisation of IROs
A sustainability matter is considered material from
an impact perspective when it reflects Bonheur’s
significant actual or potential positive or negative
impacts on people or the environment. Topics are
assessed and prioritized based on the combined
estimated impact of severity and likelihood.
Severity is assessed based on scale, scope, and the
irremediable nature of the impact. For potential
negative human rights impacts, severity may
outweigh likelihood. Severity is calculated as an
average of these factors, see table below.
Scale Scope Irremediability
5 Absolute Global/total Non-remediable/irreversible
4 High Widespread Very difficult to remedy or long-term
3 Medium Medium Difficult to remedy or mid-term
2 Low Concentrated Remediable with effort (time & cost)
1 Minimal Limited Relatively easy to remedy short-term
0 None None Very easy to remedy
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Against the Norwegian
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(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Example of how Bonheur calculate materiality:
4
SCALE
High
4
SCOPE
Widespread
3
IRREMEDIABILITY
Difficult to remedy
3.7
SEVERITY
Calculation
(3+3+4 ) / 3
18.3
MATERIAL
Calculation
(3.7 x 5 )
Likelihood
5 Almost certain 100% probability to occur
4 Likely 80% probability to occur
3 Medium 60% probability to occur
2 Unlikely 40% probability to occur
1 Very unlikely 20% probability to occur
Likelihood (rated 1–5) is also assessed for potential
impacts, risks, and opportunities, see table above.
The final score equals severity × likelihood. For
the purpose of this reporting, scores over 16 are
deemed material.
For example, negative impact related to land-use
changes are assessed to be 18.3. The scoring of
scale (4), scope (4) and irremediability (3) results
in a severity score of 3.7 ((3+3+4)/3). This is
multiplied with the likelihood of 5 giving the final
score 18.3.
Risks and opportunities that may have
financial effects
A sustainability matter is considered financially
material to Bonheur if it generates or may
generate risks or opportunities that could
materially influence Bonheur’s long-term strategic
development and/or its long-term financial
position.
Materiality assessments for Bonheur and its
operating subsidiaries are managed through
project groups involving sustainability, finance,
legal, procurement, HR, and operations. These
assessments are led by the sustainability
responsible within each subsidiary and the
Sustainability Manager of Fred. Olsen & Co AS and
ultimately approved corporately as appropriate.
The materiality assessment process across the
Group of companies is harmonised through the
use of mandatory scoring methodology, templates
and documentation.
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Mapping of Disclosures
Against the Norwegian
Transparency Act
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Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
II. Environmental information
BRUNEL Floating Foundation – Fred. Olsen 1848
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At a glance
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Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Disclosures pursuant to EU Taxonomy (Article 8 of Regulation 2020/852)
The EU Taxonomy is a classification system
defining which economic activities are
environmentally sustainable. It supports the
EU’s efforts to scale up green investment and
deliver the European Green Deal by providing
harmonised, science-based criteria for when an
activity can be considered sustainable.
The Company is subject to the taxonomy
regulation by being listed and with a consolidated
work force of more than 500 employees. The
Company reports turnover and capital expenditure
(CapEx) associated with taxonomy-eligible and
aligned economic activities. The taxonomy OpEx
category is not considered material to Bonheur
and is therefore only reported by an aggregated
number. The Taxonomy report is based on the
EU Delegated Act amending the Taxonomy
Disclosures published in the Official Journal in
January 2026.
For an activity to be aligned, it has to satisfy the
following conditions:
1. Make a substantial contribution to one or
more of the climate and environmental
objectives.
2. Not cause significant harm to the other
objectives.
3. Fulfil the minimum safeguard standards based
on OECD and UN guidelines.
Bonheur identified the following three activities
covered by the taxonomy; 4.3 electricity
generation, 6.11 sea and coastal passenger
transport, 7.7. Acquisition and ownership of
buildings.
Borealis anchor dropping into the water
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The Board of Directors
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Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Results per activity
Please note that all relative numbers in the tables below refer to the Group of companies for 2025 on a consolidated basis. Previous year KPIs are based on the
requirements applicable at the time and have not been restated in the current report.
Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic (summary KPIs)
FINANCIAL YEAR 2025
Breakdown by environmental objectives of Taxonomy aligned activities
KPI (1) Total (2)
Proportion of Taxonomy eligible activities (3)
Taxonomy aligned activities (4)
Proportion of Taxonomy aligned activities (5)
Climate Change Mitigation (6)
Climate Change Adaptation (7)
Water (8)
Circular Economy (9
Pollution (10
Biodiversity (11)
Proportion of enabling activities (12)
Proportion of transitional activities (13)
Not assessed activities considered
non-material (14)
Taxonomy aligned activities in previous
financial year (2024) (15)
Proportion of Taxonomy aligned activities in
previous financial year (2024) (16)
Text NOK million % NOK million % % % % % % % % % % NOK million %
Turnover 12,492.6 83.15% 7,173.5 57.42% 57.42% - - - 8,702.2 62.2%
CapEx 2,267.6 90.11% 1,801.9 79.46% 79.46% - - - - 1,162.2 75.6%
OpEx 716.8 - - - - - - - - - -
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Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Proportion of turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities
FINANCIAL YEAR 2025
Environmental objective of Taxonomy aligned activities
Economic Activities (1) Code (2)
Taxonomy eligible KPI (Proportion of
Taxonomy eligible Turnover / CapEx / OpEx)
(3)
Taxonomy aligned KPI (monetary value of
Turnover / CapEx / OpEx) (4)
Taxonomy aligned KPI (Proportion of
Taxonomy aligned Turnover, CapEx, OpEx (5)
Climate Change Mitigation (6)
Climate Change Adaptation (7)
Water (8)
Circular Economy (9
Pollution (10
Biodiversity (11)
Enabling activity (12)
Transitional activity (13)
Proportion of Taxonomy aligned in Taxonomy
eligible (14)
Text % NOK million % % % % % % %
(E where
applicable)
(T where
applicable)
%
Acquisition and ownership of buildings CCM 7.7 0.03% 4 0.03% 0.03% 100.00%
Electricity generation from wind power CCM 4.3 57.39% 7,169.5 57.39% 57.39% 100.00%
Sea and coastal passenger water transport CCM 6.11 25.73% 0 - -
Sum of alignment per objective 57.42%
Total KPI (Turnover) 83.15% 7.173.5 57.42% 57.42% - - 69.06%
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Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities
FINANCIAL YEAR 2025
Environmental objective of Taxonomy aligned activities
Economic Activities (1) Code (2)
Taxonomy eligible KPI (Proportion of
Taxonomy eligible Turnover / CapEx / OpEx)
(3)
Taxonomy aligned KPI (monetary value of
Turnover / CapEx / OpEx) (4)
Taxonomy aligned KPI (Proportion of
Taxonomy aligned Turnover, CapEx, OpEx (5)
Climate Change Mitigation (6)
Climate Change Adaptation (7)
Water (8)
Circular Economy (9
Pollution (10
Biodiversity (11)
Enabling activity (12)
Transitional activity (13)
Proportion of Taxonomy aligned in Taxonomy
eligible (14)
% NOK million % % % % % % %
(E where
applicable)
(T where
applicable)
%
Acquisition and ownership of buildings CCM 7.7 0.18% 4.1 0.18% 0.18% 100.00%
Electricity generation from wind power CCM 4.3 79.28% 1,797.7 79.28% 79.28% 100.00%
Sea and coastal passenger water transport CCM 6.11 10.65% 0 - -
Sum of alignment per objective 79.46%
Total KPI (CapEx) 90.11% 1,801.9 79.46% 79.46% - - 88.18%
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Against the Norwegian
Transparency Act
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Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Taxonomy assessment methodology
Reporting boundaries
Bonheur’s assessment covers the activities in the major operating subsidiaries. The scope of the taxonomy
assessment follows that of the consolidated financial reporting. Joint ventures (JV) are not included in the
assessment.
Defining eligibility and relevant activities
A taxonomy-eligible activity means an economic activity that is included in the taxonomy regulation.
Bonheur’s activities have been mapped out according to the activities defined in the Climate Delegated
Act and categorised as either eligible or non-eligible (listed in the table below):
Activity Comments
4.3. Electricity
generation from
wind power
Activities in Bonheur’s renewable energy subsidiaries qualify under Activity 4.3
as they develop, construct, operate and maintain onshore and offshore wind
farms, generating electricity from wind. FOR’s wind farms meet the substantial
contribution criteria for climate change mitigation by delivering renewable energy
to the grid. In addition, FOWIC’s installation vessels and GWS’s installation and
maintenance services directly support the construction, major refurbishment and
continued safe operation of wind farms, which are covered as enabling activities
within the scope of 4.3.
6.11. Sea and
coastal passenger
water transport
FOCL’s operations fall under Activity 6.11, which includes the purchase, financing,
chartering, and operation of vessels designed for passenger transport in sea or
coastal waters. FOCL’s cruise activities match the Taxonomy definition covering
passenger transport such as cruise services, coastal voyages, sightseeing and
excursion activities.
7.7. Acquisition
and ownership of
buildings
GWS’s office building in Fredericia is Taxonomy eligible under Activity 7.7, as it was
constructed before 31 December 2020 and holds an energy performance certificate
(EPC) of class A. Related rent and operating expenditures associated with this
building are therefore included under 7.7.
Taxonomy-non-
eligible or non-
material activities
Bonheur’s investments in NHST Holding and other smaller investments do not
fall within any activity categories defined in the EU Taxonomy and are therefore
classified as taxonomy non eligible. For FOS, project activities are organised
under JVs and remain at an early stage development phase without meeting the
Taxonomy definitions for electricity generation, construction, or enabling activities.
As a result, no underlying economic activity currently qualifies as Taxonomy eligible.
Assessing whether eligible activities are aligned
4.3 Electricity generation from wind power
Bonheur has assessed the “do no significant harm”
(DNSH) criteria for the activities contributing to
electricity generation from wind power. Almost
all of activities in FOR, GWS, and FOWIC meet
the DNSH requirements, including those related
to environmental impact assessments, pollution
prevention, waste management, biodiversity
protection, and compliance with relevant EU
directives. These activities operate within the
technical screening and regulatory thresholds
defined in the Climate Delegated Act and
associated environmental legislation.
6.11 Sea and coastal passenger water transport
FOCL’s ships do not meet the DNSH criteria for
climate change mitigation, as current vessel
emissions exceed the required GHG intensity
thresholds. Consequently, the activities are
taxonomy eligible but not taxonomy aligned.
7.7 Acquisition and ownership of buildings
The GWS headquarters building complies with the
DNSH requirements under Activity 7.7. It meets
the necessary standards for performance and
environmental safeguards.
Assessing minimum safeguards
The EU Taxonomy has not yet established
detailed criteria for assessing compliance with
the minimum safeguards beyond referencing the
OECD Guidelines for Multinational Enterprises
and the UN Guiding Principles on Business and
Human Rights (UNGPs). Bonheur therefore bases
its minimum-safeguards assessment on the core
elements described in the OECD Guidelines and
the UNGPs.
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Definitions
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This includes evaluating whether the operating
subsidiaries’ governance systems, policies,
risk-management processes and grievance
mechanisms are designed and implemented to:
• Identify and assess actual and potential adverse
impacts
• Integrate and act on findings
• Track the effectiveness of actions
• Communicate transparently about impacts and
responses
Based on this evaluation, Bonheur have asssessed
that the activities meets the minimum safeguards
requirement.
Accounting principles and Calculation of
KPIs
Turnover KPI
The Turnover KPI reflects revenue recognised in
accordance with IAS 1, paragraph 82(a).
For Bonheur, changes in taxonomy eligible and
taxonomy aligned turnover are primarily driven by:
• Electricity generation revenues in FOR, which
vary with power prices, and
• Installation and maintenance activities
performed by FOWIC and GWS.
• Cruise bookings for FOCL
• Taxonomy-aligned expenditures are primarily
captured through CapEx related to the
development and upgrade of assets.
CapEx KPI
Bonheur does not deploy a formal
Taxonomy-aligned CapEx plan as described in
the delegated act as the CapEx KPI rather reflects
actual additions to tangible and intangible
assets incurred during the reporting year,
recorded before depreciation, amortisation,
remeasurements, impairments or fair-value
adjustments.
Only capital expenditure that is directly
attributable to Taxonomy-eligible economic
activities, such as investments in wind-farm
development, offshore installation vessels,
and equipment supporting installation and
maintenance services, are hence included as
eligible CapEx.
OpEx KPI
The Taxonomy OpEx definition differ significantly
from the regular financial statement definition of
OpEx. In accordance with the updated 2025 EU
Taxonomy guidance, Taxonomy OpEx reporting
is required only where this constitutes a material
driver of value creation or investments. Bonheur,
has concluded on non-materiality based on the
following factors:
• The Group of companies’ renewable energy
and maritime operations are capital intensive
and the reporting on these are covered by the
revenue and CapEx numbers in the Taxonomy.
• Routine maintenance and operating costs (crew,
port fees, repairs, etc.) are necessary to sustain
operations, but do not necessarily constitute
taxonomy-relevant improvement activities.
• The OpEx share, as defined by the Taxonomy, of
total operating costs is low.
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E1 Climate change
Material IROs and their interaction with
strategy and business model (E1–SBM-3,
E1-IRO-1)
Climate-related risks relevant to Bonheur are
divided into two main categories: transition risks
and physical risks.
Transition risks arise from the shift towards a
low-carbon economy and relate to changes in
regulation, technology, markets, and stakeholder
expectations. All operating subsidiaries have
assessed climate-related transition risks.
For Bonheur, these risks primarily relate to
investments in new technologies, uncertain
market signals, increased costs of raw materials,
potential negative stakeholder reactions, and
sector-specific reputational pressure. Exposure to
transition risk varies across subsidiaries, reflecting
Bonheur’s diversified portfolio of maritime and
renewable-energy activities.
Physical risks arise from the direct impacts of
climate change on assets and operations and are
relevant mainly for subsidiaries with significant
physical or location-specific assets. Some
operations are exposed to immediate risks such
as extreme weather events, including storms,
heavy precipitation, floods, wildfires, avalanches,
and landslides. Other assets may be affected by
chronic risks, including heat stress, changing wind
patterns, and long-term changes in precipitation.
Subsidiaries may also be indirectly affected
through climate-related impacts on clients and
suppliers. Where relevant, assessments include the
use of high-emission climate scenarios.
GHG emissions from maritime operations may
contribute to ocean warming, which may in turn
have indirect impacts on marine biodiversity.
Transition risks and opportunities
Transition risks and opportunities are identified
through subsidiary-level analysis, and where
relevant, support from external experts. While
parts of Bonheur’s portfolio generate CO₂
emissions, other segments provide solutions that
enable emissions reductions.
Due to Bonheur’s exposure to renewable-energy
activities, climate change adaptation also
represents a material opportunity. Increased
demand for renewable energy, driven by
national and international climate ambitions
and decarbonisation targets under the Paris
Agreement, is expected to strengthen market
prospects.
Overall, Bonheur’s investment strategy and
business model are assessed to have low transition
risk, reflecting the high share of renewable-energy
investments.
A resilience analysis of how the transition to
a low-carbon economy may affect Bonheur,
including macroeconomic trends, energy demand
and technological assumptions has not yet been
formalised.
Transition plan for climate change
mitigation (E1-1)
Bonheur and its subsidiaries have identified
multiple decarbonisation levers focused on
operational adjustments and technological
advancements, such as improving efficiency and,
adoption of renewable energy propulsion.
The operating subsidiaries are also exploring
emission reductions through their supply
chains by engaging with suppliers and partners.
Regarding scope 3 emissions the efforts to reduce
these are influenced by supplier dependencies
and travel requirements.
Locked-in emissions refer to future emissions
resulting from existing assets. Bonheur has,
through its operating subsidiaries, locked-in
emissions from different assets. The vessels
operated by FOWIC and FOCL are dependent on
fossil fuels. Other locked-in emissions stem from
fossil fuel-reliant vehicle fleets, and facilities that
are yet to be powered by renewable energy.
The Group of companies aims at developing
adapted climate transition plans when the revised
ESRS requirements are finalised.
The emission reduction targets set by the
operating subsidiaries are approved and followed
up by their management and their respective
boards.
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31 December 2025
Definitions
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Actions and Resources in Relation to
Climate Change (E1-3)
Subsidiaries take a range of measures to improve
energy efficiency and reduce fuel use, including
vessel upgrades, operational optimisation
and enhanced energy management practices.
Together, these actions illustrate how Bonheur’s
climate guidance is being translated into practical
steps that help lower emissions across the
businesses.
In line with policy of the Group of companies,
operating subsidiaries increasingly turn to
renewable electricity by purchasing green tariffs
and exploring opportunities for on site generation.
Bonheur further encourages its businesses to
consider other lower carbon and cost efficient
operational choices where feasible.
Targets related to climate change (E1-4)
In order to identify targets and actions as close
to business as practically possible, the Group of
companies has established a bottom-up approach.
Operating subsidiaries are responsible for defining
targets that reflect their operational context,
regulatory environment, and material emissions
sources.
As these subsidiary-level targets mature and
become comparable, Bonheur will assess
opportunities to consolidate them into Group
of companies’ commitments. This ensures that
targets are based on credible data, robust
methodologies, and operational ownership.
Fred. Olsen Seawind
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Major asset list as per
31 December 2025
Definitions
Addresses
Energy consumption and mix (E1-5)
2025 2024 2023 % change
(1) Fuel consumption from coal and coal products (MWh) 22 18 - 22.22%
(2) Fuel consumption from crude oil and petroleum products (MWh) 762,681 827,397 855,379 -7.82%
(3) Fuel consumption from natural gas (MWh) 485 416 ,637 16.55%
(4) Fuel consumption from other fossil sources (MWh) 4 16 -75.00%
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil
sources (MWh)
2,683 2,971 2,495 -9.69%
(6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 765,876 830,818 858,511 -7.82%
Share of fossil sources in total energy consumption (%) 99.25% 99.17% 99.38% 0.08%
(7) Consumption from nuclear sources (MWh) 850 1,097 930 -22.52%
Share of consumption from nuclear sources in total energy consumption (%) 0.11% 0.13% 0.11% -15.88%
(8) Fuel consumption for renewable sources, including biomass (also comprising industrial
and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh)
- 1,191 36
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from
renewable sources (MWh)
4,849 4,656 4,283 4.15%
(10) The consumption of self-generated non-fuel renewable energy (MWh) 61 - 70
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10) 4,910 5,847 4,389 -16.03%
Share of renewable sources in total energy consumption (%) 0.64% 0.70% 0.51% -8.83%
Total energy consumption (MWh) (calculated as the sum of lines 6, and 11) 771,636 837,762 863,830 -7.89%
Energy-consumption data is collected by each
subsidiary at the level of individual energy
types and then consolidated for the Group of
companies. Fossil energy use includes all fuel
combusted by vessels.
Purchased electricity and heat cover consumption
at offices, operational sites, and vessels in
shipyards receiving shore power. The share of
fossil and renewable sources is calculated using
energy-mix data published by the International
Energy Agency (IEA).
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Several sites and offices hold Guarantee of Origin
(GoO) contracts for their purchased electricity,
reducing the market-based emissions. At present,
Bonheur lacks sufficient data to verify the
share of energy contracts that include bundled
attributes. Bundled attributes refer to energy
sold or purchased together with associated
environmental attributes, such as guarantees of
origin or similar certificates.
Metric 2025
Percentage of energy consumption in relation to Scope
2 emissions associated with attributes about energy
generation
99.99%
Percentage of energy consumption in relation to Scope 2
emissions associated with bundled attributes about energy
generation
95.93%
Percentage of energy consumption in relation to Scope
2 emissions associated with unbundled attributes about
energy generation
4.06%
Operating subsidiaries of Bonheur produced
1,674,080 MWh renewable energy in 2025,
amounting to 2,16 times more produced
renewable energy compared to calculated energy
consumption (1,674,080/771,636). Energy intensity
is calculated by dividing total energy consumption
by Group of companies’ revenue. The energy
intensity in 2025 was 61.8 MWh per NOK million in
revenues, compared to 59.9 the year before.
ENERGY INTENSITY
(MWh/NOK million)
2025 2024 2023 %
61.77 59.86 68.78 3.18%
Gross Scopes 1, 2, 3 and Total GHG
emissions (E1-6)
Bonheur consolidates greenhouse gas emissions
using the financial control approach in reference
to the GHG Protocol. Scope 1 covers all direct
emissions from operating subsidiaries. Scope
2 includes purchased electricity and district
heating, calculated using country-specific
market-based factors applied by Bonheur’s
operating subsidiaries. Scope 3 emissions are
value chain emissions, and they are divided into 15
subcategories, of which 8 are material to Bonheur.
Scope 3 emissions carry a high degree of
uncertainty, as they rely on emission factors
that may be imprecise. Calculations are based
on a third-party carbon-accounting module and
include external spend and activities registered
from Bonheur’s operating subsidiaries.
Adjustments to prior-year figures reflect improved
supplier and transaction categorisation in the
carbon accounting system, with historical data
updated to enhance accuracy and comparability.
Adjustments for 2024 numbers resulted in a 11%
reduction of scope 3 emissions.
Total GHG emissions are the sum of scope 1, 2 and
3 across the subsidiaries of Bonheur.
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GHG ACCOUNTS (E1-6)
Category 2025 2024 2023 Diff
Scope 1
Direct GHG emissions 46 411 321 -89%
Fuel combustion 215,170 251,496 236,065 -14%
Ic vehicles 43 19 - 125%
Other scope 1 - - - -
Sum scope 1 215,259 251,927 236,386 -15%
Scope 2
District heating 23 24 10 -4%
Electricity consumption (market-based) 317 1,378 2,124 -77%
Electric vehicles - - - -
Sum scope 2 341 1,402 2,134 -76%
Scope 3
Purchased goods and services 34,029 35,923 43,749 -5%
Capital goods 22,741 14,345 17,714 59%
Fuel and energy related activities 48,910 51,886 54,929 -6%
Upstream transportation and distribution 1,615 7,765 8,134 -79%
Waste generated in operations 3,510 3,472 3,205 1%
Business travel 24,102 20,504 17,079 18%
Employee commuting 145 173 - -16%
Upstream leased assets 840 9,027 3,727 -91%
Downstream transportation and distribution 241 - - -
Downstream leased assets 37 43 - -14%
Sum scope 3 136,170 143,139 148,538 -5%
Total emissions per year (tCO2e) 351,770 396,468 387,057 -11%
GHG INTENSITIES
2025 2024 2023 %
GHG emissions intensity location-based (tCO2eq/MNOK) 28.16 29.62 30.82 -5%
Total GHG emissions per employee (tCO2eq/head count) 135.14 162.91 142.46 -17%
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Calculation method and any significant changes
in Scopes 1, 2 and 3
The reduction in Scope 1 emissions is primarily
driven by lower fuel consumption in FOCL. Scope
2 emissions decreased due to a higher share
of purchased electricity backed by Guarantees
of Origin. The significant reductions in Scope 3
are mainly explained by the Blue Wind vessel
operation in 2024.
The sources of GHG emissions across Bonheur’s
operating subsidiaries vary considerably. For
the main emitters: FOCL and FOWIC, Scope 1
emissions largely stem from fuel consumed by
vessels. Fuel use is continuously monitored and
reported, with emission factors based on the EU
FuelEU Maritime Regulation and Department for
Environment, Food & Rural Affairs (DEFRA).
Consolidation of emissions follows the financial
control approach in accordance with the GHG
Protocol. Emissions from joint ventures outside
operational control are excluded. Emissions are
calculated using conversion factors for energy
consumption, spend and activity data sourced
from several databases, such as Exiobase.
Bonheur has reported on emissions from scope
3 categories 1, 2, 3, 4, 5, 6, 7, 8, 9 and 13. The
spend- based estimates use emission factors from
Exiobase, a globally recognised database.
Fred. Olsen Renewables
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E4 Biodiversity and ecosystems
Processes to identify and assess material
biodiversity and ecosystem-related IROs
(E4-IRO-1)
Biodiversity and ecosystems are identified as a
material topic for Bonheur. Land use and potential
negative impacts on species are particularly
relevant to the renewable energy segment.
Both onshore and offshore wind farms and
projects are required to conduct risk mapping and
environmental impact assessments (EIAs). These
reports form the basis for evaluating biodiversity-
related impacts, risks, and opportunities from
site locations or assets. Affected communities are
consulted in the EIA process.
Bonheur has in this process not identified any
dependencies on ecosystem services beyond
access to land and sea. Potential impact on
biodiversity throughout the value chain is partly
assessed. Access to land and sea are both a
transition risk and opportunity to Bonheur, as this
may change in coming years.
Sites located near biodiversity-sensitive areas
None of the onshore sites or projects are located
in Special Protection Area or Special Areas of
Conservation. However, most of the wind farms
are located near such designated areas.
Information on the vicinity of wind farms to bio-
diversity sensitive areas, and if they potentially nega-
tively affect these areas, as well as any corresponding
mitigating measures, are covered in the EIAs.
IMPACT METRICS RELATED TO BIODIVERSITY AND
ECOSYSTEMS (E4-5)
Metric Total
Number of sites owned, leased or managed in or near
protected areas or key biodiversity areas *)
13
Hectares of sites owned, leased or managed in or near
protected areas or key biodiversity areas
3,876
*
Only sites with contruction or operational activities
Material IROs related to biodiversity
(E4–SBM-3)
Within the Group of companies, approaches to
biodiversity differ according to each subsidiary’s
operations. FOR maintains full operational control
of its wind farms, while FOS has two projects
organised through joint ventures. FOCL primarily
operates along open maritime routes and
regulated ports and GWS does not own or develop
wind farms, but recognises potential biodiversity
impacts in its value chain, especially during
construction.
All operational wind farms within the Group
of companies are considered material from a
potential impact perspective. Sites still in early
development are excluded, as no construction or
operations have begun.
For any new wind farm, a comprehensive EIA is
carried out as part of the consent process and
national regulatory requirements. Each EIA follows
the applicable regulations and incorporates
feedback received during public consultation.
Building and operating wind farms, both onshore
and offshore, can affect wildlife by altering
habitats and introducing infrastructure such as
roads, foundations, and turbines. These changes
may disrupt ecosystems and place pressure on
species that rely on the area.
Offshore wind development can create additional
disturbances, including underwater noise and
vibration that affect marine life. Bird behaviour
may also change, with a risk of avian collisions, and
installation noise can temporarily affect marine
mammals.
The Group of companies recognises the potential
for land degradation within its renewable energy
operations and acknowledges that extensive land
use inherently places pressure on surrounding
ecosystems.
Dependencies
Bonheur’s business model depends on healthy
ecosystems. Offshore and maritime activities
rely on safe and predictable marine conditions,
while onshore wind operations depend on
stable landscapes, soil integrity, and long-term
ecosystem functioning. These dependencies
influence the resilience of assets, access to
sites, licensing processes, and the continuity of
operations across the Group of companies.
Bonheur does not yet have a group-wide
system for classifying sites based on impacts,
dependencies, or ecological status. However,
operating subsidiaries are actively working to
strengthen their understanding and develop
approaches that could support such a framework.
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All sites undergo detailed ecological and
hydrological assessments, including analyses
of conservation areas, vegetation, habitats, and
potential effects from wind farm development.
Preserving biodiversity is a priority across all
operations, regardless of location. Regulatory
approvals require the companies to monitor and
address any impacts on threatened species.
Biodiversity considerations influence strategic
and operational decisions across the Group of
companies, including site selection, project layout,
construction timing, and mitigation measures
required to obtain permits. Operating subsidiaries
integrate ecological constraints into project design
and planning, ensuring that locations with high
environmental sensitivity are avoided where
feasible and that mitigation hierarchy principles
guide all new developments.
Activities in the operating subsidiaries may affect
threatened species, though the risk is considered
low. Regulatory permissions require the
companies to monitor and address any identified
effects on threatened species.
Transition plan and consideration of
biodiversity and ecosystems in strategy
and business model (E4-1)
The operating subsidiaries implement measures
designed to reduce biodiversity impacts. The
renewable energy segment prioritises wind farm
designs, layouts, and technical solutions that
minimise ecological disturbance, essential for
obtaining development consent.
Looking ahead, the Group of companies
await completion and implementation of new
regulations before defining the scope of a
biodiversity transition.
Resilience analysis
A resilience analysis will form part of the work to
develop a transition plan. The renewable energy
segment closely assesses impacts, risks, and
opportunities related to biodiversity throughout
project development and operations. Subsidiaries
apply various de-risking procedures, including
selecting sites that pose lower ecological risk.
Biodiversity considerations are integrated into
EIAs, which guide decisions on risk-mitigating
actions. These assessments incorporate preventive
and compensatory measures where needed.
Stakeholder engagement is an essential part
of the process, ensuring input from the public,
regulators, and other stakeholders is reflected in
the final assessment.
Actions and Resources Related to
Biodiversity and Ecosystems (E4-3)
Bonheur provides guidance on biodiversity related
risk management through its Environmental
policy. Operating subsidiaries apply this guidance
by evaluating their proximity to biodiversity
sensitive areas and taking site specific actions
when wildlife or habitats may be affected.
The relevant subsidiaries allocate considerable
resources annually to assess, prevent and mitigate
potential negative impact on biodiversity.
Project teams also monitor evolving biodiversity
regulations in their respective countries, such as
the UK’s biodiversity net gain rules, and integrate
these requirements into early project planning
and development.
Targets related to biodiversity and
ecosystems (E4-4)
The operating subsidiaries work to minimise
land use in new wind farm projects, and this
approach is embedded in FOR’s development
practices. For new sites, road layouts are designed
to reduce land requirements and avoid peatland
where possible. Construction projects also aim
to minimise or eliminate the need for temporary
blade-storage areas. Where impacts cannot be
avoided, measures such as restoring nearby land
are used to compensate for ecological disturbance.
Work to develop targets is planned implemented
when the ESRS requirements are revised.
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III. Social information
Fäbodliden - Fred. Olsen Renewables
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S1 Own workforce
Material IROs related to own workforce
(S1–SBM-3)
Bonheur’s operating subsidiaries prioritise a safe
working environment by focusing on identifying
and managing potential adverse impacts. Bonheur
recognises the potential for employee injuries and
high workloads and actively works to mitigate
such risks.
Some employees work on projects with tight,
time-critical deadlines, which can lead to high
workloads and increased time pressure. These
conditions raise the risk of stress, burnout, and
negatively affect work-life balance. The offshore
and multicultural nature of some subsidiaries
may also create challenges, increasing the risk
of harassment or bullying in more isolated
environments.
Identified and potential workforce impacts and
risks are considered when adapting strategies and
the business model in the operating subsidiaries.
Operating subsidiaries systematically assess
and mitigate risks as part of daily work and
continuously improve processes to enhance
health and safety. A non-financial audit in FOCL in
relation to working environment has been carried
out and issues are being addressed.
Types of employees and non-employees in own
workforce
The operating subsidiaries’ workforce, according to
the ESRS definitions, includes a mix of employees
(full-time and part-time staff and contract workers)
and non-employees (self-employed individuals,
third-party personnel). At FOWIC and FOCL, third-
party personnel primarily comprise of marine crew
employed through agencies.
The Company recognises the need for skilled
personnel performing hazardous work and
long periods away from home in several of the
operating subsidiaries.
Given the potential health and safety risks in some
subsidiaries, HSEQ incidents of varying severity
occur annually. Work-related incidents may also
lead to compensation claims, regulatory penalties,
operational delays and reputational impacts.
Bonheur and its operating subsidiaries create
positive impacts by offering meaningful work,
secure employment, fair wages, and training
opportunities. GWS operates an internationally
certified training academy that develops
workforce skills and ensures compliance with
industry safety standards for both employees and
external participants.
Engaging with own workforce and
workers' representatives (S1-2)
Engaging with the workforce is essential to
prevent health and safety incidents. The primary
communication channel is direct contact between
employees and line managers.
The operating subsidiaries promote an open
culture through daily dialogue, annual reviews,
and engagement with local unions. Subsidiaries
with active work environment committees meet
quarterly.
HR organises workplace engagement initiatives
ensuring feedback informs procedures and
actions.
Workforce engagement occurs at multiple stages
through various channels. Dialogues between
operating subsidiaries and local unions are actively
encouraged to foster broader interaction across
the organisation.
Effectiveness is monitored through work
environment surveys. The management reviews
results, assigns actions, and sets improvement
targets where relevant.
Bonheur and its operating subsidiaries promote
an inclusive, diverse workplace and maintain
policies to prevent discrimination and harassment.
The Social Policy and Personnel Handbook
reinforce equal opportunities and encourages
open, everyday dialogue that supports workforce
engagement. The relevant policies and handbooks
are accessible on the intranet.
Bonheur’s Social and Human Rights Policy aligns
with international standards, including the UN
Universal Declaration of Human Rights, ILO
Declaration on Fundamental Principles and Rights
at Work, and OECD Guidelines for Multinational
Enterprises. Bonheur’s commitment to human
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rights is also outlined in its Code of Conduct.
Remediation and channels for own
workers to raise concerns (S1-3)
Bonheur and its operating subsidiaries provide
an accessible intranet with clear instructions for
reporting concerns, including a whistleblower
channel available across the Group of companies.
Reporting procedures may vary by subsidiary
and jurisdiction, reflecting local legislation and
employee representation requirements.
Handling and follow-up procedures are detailed
in the whistleblower portal. Bonheur’s social
policy and personnel handbook explicitly protect
whistleblowers and concerned employees against
any form of retaliation.
As to reported HSEQ incidents, the policy is to
define, implement and monitor relevant corrective
actions. Effectiveness is assessed through
work environment surveys, with subsidiary
management reviewing results, assigning actions,
and setting targets.
The whistleblower channel is available to everyone
and covers employee-related matters. Handling
and follow-up procedures are detailed in the
portal. Bonheur’s social policy and personnel
handbook guarantee protection against
retaliation, ensuring employees can raise concerns
safely and without negative consequences.
When using the whistleblower channel, reporters
may choose to submit concerns to the relevant
subsidiary or directly to Bonheur.
Procedures for managing and following up on
reported concerns are outlined in handbooks
and the whistleblower portal. Engagement
effectiveness is monitored through work
environment surveys, with management reviewing
results, assigning actions, and setting targets.
Action on material impacts on own
workforce (S1-4)
Bonheur sets expectations for health and safety,
competence development, and overall employee
wellbeing through the Group of companies.
Operating subsidiaries carry this forward through
local initiatives, system improvements and
daily operational routines designed to ensure
safe working environments and proactive risk
management.
The Group of companies also promotes equality,
fair opportunities and a culture of inclusion.
Subsidiaries reflect this in their own practices,
reviewing benefits, strengthening career pathways
and implementing training measures to support
workforce development.
Safety governance is reinforced through group
standards that support subsidiaries in assessing
and refining their Safety Management Systems,
helping to clarify roles, strengthen accountability
and improve collaboration between shore and
vessel operations.
Preventing negative impacts
The health, safety, and wellbeing of employees in
Bonheur’s operating subsidiaries are important.
Management practices are regularly discussed
at all levels, from operating sites to subsidiary
management teams and the board of directors,
both within subsidiaries and Bonheur.
The main responsibility for such issues is in the line
management of the operating subsidiaries, as well
as the respective HR and HSEQ departments.
Targets related to own workforce (S1-5)
Target setting follows a bottom up process by
the operating subsidiaries and overseen by
their respective boards. Where common key
performance indicators (KPIs) and measurement
methods are used, these may be aggregated and
targeted at Group of companies’ targets.
Characteristics of employees (S1-6)
Gender 2025 2024
Female 665 671
Male 1,938 1,860
Not reported 0 12
Total number of employees 2,603 2,543
COUNTRIES WITH MORE THAN 50 EMPLOYEES
Country Number of employees (head count)
Denmark 743
Malta 88
Norway 437
Poland 196
Romania 213
Sweden 109
United Kingdom 389
USA 189
Turkey 93
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EMPLOYEE TURNOVER AND EMPLOYEES THAT HAVE LEFT DURING
THE REPORTING PERIOD
2025 2024
Total number of employees who have left in the
reporting year
598 512
Rate of employee turnover (%) 23.5% 20%
The turnover rate is calculated as the total number
of employees who left employment with their
company during the reporting period, whether
voluntarily or through dismissal, retirement, or
death, divided by the total number of employees
at the beginning of the reporting period.
The employee turnover rate is elevated due to
GWS’s bespoke operating model with a high
degree of seasonality and use of project specific
work contracts. The turnover rate without GWS is
15.5%.
Description of the methodologies and
assumptions
Employee numbers are based on year-end
headcount, including contract type, disaggregated
by gender, all permanent, temporary, and
non-guaranteed-hours employees reported by
Bonheur’s operating subsidiaries.
The figures include fixed-term contracts
and project assignments, some of which are
open-ended. Certain temporary employees work
under non-guaranteed-hours contracts, which
may result in sub-metrics showing a higher
number of employees than the consolidated
headcount for the Group of companies.
Characteristics of non-employees in own
workforce (S1-7)
Metric 2025 2024
Total number of non-employees in own workforce
(head count)
3,589 3,629
The number of non-employees is calculated by
head count at end of the year. Seafarers constitute
the majority of non-employees in Bonheur's
workforce (3,288 of the 3,589). In addition to this,
there were 194 consultants and 107 secondees.
Diversity metrics (S1-9)
AGE DISTRIBUTION OF EMPLOYEES
Head count
Metric 2025 2024
< 30 years 16.42% 14.0%
30-50 years 66.42% 67.2%
> 50 years 17.15% 18.9%
Share of females in management positions (%) 35.6% Not
reported
Health and safety metrics (S1-14)
Metric 2025 2024
Percentage of employees in own workforce
covered by a health and safety management
system (%)
87.46% 100%
Percentage of non-employees in own workforce
covered by a health and safety management
system (%)
97.29% 100%
Office employees with perceived low health and
safety risk in certain companies are not covered by
a health and safety management system.
Metric 2025 2024
Number of recordable work-related injuries in own
workforce
143 22
Number of cases of recordable work-related ill
health among employees in own workforce
38 39
Number of cases of recordable work-related ill
health detected among former own workforce
1 1
Number of days lost to work-related injuries among
employees in own workforce
295 213
Number of fatalities as a result of work-related
injuries and work-related ill health
0 0
Operating subsidiaries are required to monitor
performance continuously and report all incidents
to ensure that health and safety risks affecting the
workforce are identified and addressed promptly.
The main reason for the increase in reported
injuries is the inclusion of injuries on non-
employees in the workforce.
The different Quality, Health, Safety and
Environment management systems for the
operating subsidiaries are certified in accordance
with the IMO’s International Safety Management
(ISM) Code as well as ISO 9001, ISO 14001 and ISO
45001.
TYPE OF EMPLOYMENT
2025 2024
Head count Female Male
Not
reported Total Female Male
Not
reported Total
Number of employees 665 1,938 0 2,603 671 1,860 12 2,543
Number of permanent employees 621 1,771 0 2,392 633 1,608 0 2,253
Number of temporary employees 31 159 0 190 23 144 0 167
Number of non-guaranteed (head count) 11 8 0 19 15 108 0 123
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(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Work-life balance (S1-15)
Metric 2025 2024
Percentage of employees entitled to take family-
related leave
92.44% 100%
Percentage of entitled employees that took family-
related leave
Female 9.6% 8%
Male 3.3% 5%
The Group of companies promotes a healthy work
life balance and the possibility to take family-
related leave when necessary.
Compensation metrics (S1-16)
Metric 2025 2024 2023
Gender pay gap 26.21% 28.5% 31.7%
Annual total remuneration ratio 6.81 7.99 8.88
Calculation of remuneration ratio and pay gaps
When compiling the information required to
report the annual total remuneration ratio,
Bonheur has used the ratio between the total
remuneration to the highest paid individual in the
Group of companies to the median annual total
remuneration for all employees (excluding the
highest-paid individual), as described in ESRS S1,
AR 103.
The unadjusted gender pay gap is defined as the
difference of average pay levels between all female
and male employees, expressed as percentage
of the average pay level of male employees.
The pay gap is not adjusted for level of position,
experience, tenure, responsibilities, or geography.
Incidents, complaints and severe human
rights impacts (S1-17)
Metric 2025 2024
Total number of reported complaints on discrimination 3 8
Number of complaints filed through channels for
people in own workforce to raise concerns
2 5
Number of complaints filed to the National Contact
Points for OECD Multinational Enterprises
0 0
Other reported complaints of a similar nature 1 0
Total amount of fines, penalties, and compensation
for damages as result of reported incidents and
complaints (NOK)
0 0
Total amount of fines, penalties, and compensation
for damages for the reported severe human rights
incidents connected to own workforce (NOK)
0 0
Number of registered severe human rights incidents 0 0
No incidents, suspicions or allegations of severe
human rights violations were registered occurred
in the Group of companies during 2025. This data
is based on channels available to the operating
subsidiaries or Bonheur.
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S2 Workers in the value chain
Material IROs and their interaction with
strategy and business model (S2–SBM-3)
Impacts on value chain workers are considered
material due to reliance on suppliers and
subcontractors. The scale of subcontractors
involved during construction and operations also
makes it challenging to ensure consistent health,
safety, and labour standards.
Suppliers engaged in wind farm development,
vessel operations, or upgrade projects may
face health and safety risks. These risks are
sought mitigated through a contractor safety
management system, reflecting Bonheur’s
attention towards addressing potential adverse
impacts across the value chain. Engaging
subcontractors and suppliers may also challenge
current standards and practices. Contractor
personnel working on wind farms may be exposed
to elevated risks of work-related injuries or
illnesses, affecting both the individuals involved
and operational continuity.
Bonheur’s activities and projects may positively
impact value chain workers by creating and
sustaining jobs, requiring proper working
conditions, and promoting human and labour
rights among suppliers.
To reduce these risks, the operating subsidiaries
integrate mitigation measures into project
planning and execution and apply contractor
safety requirements in high risk activities such as
wind farm development and vessel operations.
Some suppliers operate in high-risk industries
where hazardous working conditions may
increase Bonheur’s exposure to human-rights
risks. Bonheur supports deployment of proper due
diligence procedures as and when appropriate in
order to avoid indirect involvement in human and
labour rights breaches across the value chain.
Engaging with value chain workers (S2-2)
Bonheur relates to value chain workers through
multi level communication undertaken by its
operating subsidiaries. Workers are encouraged
to raise observations or concerns through
established reporting channels, supporting the
identification of actual and potential impacts.
Operating subsidiaries collaborate with internal
and external stakeholders. Engagement primarily
occurs with workers on vessels or at sites
operated by subsidiaries, but where risks of direct
contribution to impacts are identified, outreach
extends to workers beyond operational locations.
Workers on vessels are considered particularly
vulnerable, and their perspectives are actively
gathered through observation cards, improvement
suggestions, and regular meetings.
Bonheur’s adopted procedures encourage
value chain workers to report observations
or inquiries through the respective relevant
company reporting systems to support the review
of actual and potential impacts. Engagement
primarily occurs with workers on vessels or sites
owned by operating subsidiaries. If risks of direct
contribution to impacts are identified, operating
subsidiaries may engage with workers outside
operational sites.
Engagement with suppliers and subcontractors is
an essential element of Bonheur’s general policy
on due-diligence for its operating subsidiaries,
both before contracting and throughout a
contract period. Concerns are followed up as
considered prudent, by the operating subsidiaries
at any time in question and they are expected
to cooperate proactively with relevant suppliers
as appropriate in the circumstances. Initial risk
screening uses industry- and country-level
indicators from the European Bank for
Reconstruction and Development (EBRD) and the
International Trade Union Confederation (ITUC),
helping identify high-risk suppliers for further
assessment.
Remediation and channels for value
chain workers to raise concerns (S2-3)
If misconduct is identified, remedial measures
are sought implemented as deemed appropriate
with a view to rectify issues and/or mitigate risks,
as the case may be. Effectiveness is assessed
through follow-ups on corrective actions, supplier
reassessments, and whistleblower case reviews,
with success measured by improved compliance
and issue resolution.
If operating subsidiaries identify that they have
caused or contributed to adverse impacts,
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possible remediation procedures will be assessed
as considered appropriate in reference to
OECD guidelines. This may include restoring
affected people to their prior situation where
possible; measuring remediation proportionate
to the impact’s scale; consulting with impacted
rights-holders and their representatives and
assessing satisfaction with the chosen process
and outcomes, always remaining mindful
of compliance with legal requirements and
international standards.
External stakeholders, including value chain
workers, can contact the operating subsidiaries’
head offices for information on human rights
practices or to report suspected violations.
Concerns may be raised directly with site
management, through the email addresses
listed on company websites, or via the online
whistleblowing channel.
The third party whistleblower platform
strengthens transparency and provides an
accessible, independent route for value chain
workers to report issues.
Action on material impacts on value
chain workers (S2-4)
Bonheur maintains group level expectations
for ethical sourcing, due diligence and supplier
sustainability performance. Subsidiaries
operationalise these expectations by setting local
supplier requirements, evaluating sustainability
practices and engaging with suppliers on topics
such as emissions reporting and waste reduction.
Group of companies’ guidance on safety is also
applied locally, with subsidiaries defining incident
reporting boundaries and applying shared safety
management principles to external workers.
Relevant operating subsidiaries maintain ISO
45001 and ISM-certified management systems,
including risk assessments, permits to work,
procedures, and training to prevent incidents.
Contractors onboard subsidiary vessels must
comply with the work system and HSE Manual.
To extend these standards across the value
chain, subcontractors are required to have
ISO 45001-certified management systems or
equivalent systems aligned with ISO 45001.
Targets related to value chain workers
(S2-5)
As the subsidiaries set targets, Bonheur will
consider establishing Group-wide targets aligned
with these.
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S3 Affected communities
Material IROs and their interaction with
strategy and business model (S3–SBM-3)
Bonheur’s operating subsidiaries integrates
community-impact considerations into strategic
and operational planning. Across the portfolio,
activities may influence local communities in
different ways, ranging from the socioeconomic
benefits created through renewable-energy
development and maritime operations to the
potential challenges associated with industrial
activity.
The Group of companies aim to generate positive
societal impacts by its investments. In some
markets, increasing public opposition to onshore
wind projects may delay consent processes
and hinder the timely development of new
renewable-energy sites. Bonheur recognises
that its diverse business models may affect
communities differently and remain alert to
enhance positive contributions while managing
potential adverse impacts in a consistent and
responsible manner.
Bonheur’s Renewable Energy segment depends
on cooperation with local communities near
wind farms during planning, construction, and
operations. Large-scale projects require land
and sea, and Bonheur acknowledges that noise
and visual impacts from turbines and navigation
lights may affect nearby communities and
actively seeks to minimise these impacts. The
activities contribute with positive impact in both
the construction and operational phase with
job creation, increased local business activity,
increased local tax revenue and other economic
ripple effects such as improved infrastructure.
Both positive and negative impact informs project
development and strategy. Access to land and
sea areas is essential for wind farm projects.
Bonheur and its operating subsidiaries prioritise
constructive dialogue with landowners and the
communities. Delays may occur due to local
resistance or insufficient stakeholder engagement,
while a strong record of positive community
impact can improve approval prospects for future
projects.
No widespread or systemic negative impacts
on communities where Bonheur’s operating
subsidiaries operate have been reported, nor
any individual incidents causing material harm.
Potential impacts, such as conflicts of interest
with other economic activities and noise or visual
pollution from turbines, are acknowledged and
actively managed.
Regular, constructive dialogue with affected
communities reduces conflict risk, and all
potentially material negative impacts are
addressed professionally. No specific cases of
material negative impacts have been identified.
Types of affected communities subject to
material impacts
Bonheur’s operating subsidiaries are primarily
located in well-developed countries with strong
legal frameworks for community protection.
Consequently, no affected communities have been
identified as particularly vulnerable.
Engaging with affected communities
(S3-2)
Bonheur is committed to open and transparent
dialogue with affected communities. For wind
farm projects, dedicated websites share plans,
progress updates, and documents such as
impact assessments and concession applications.
Development processes include open information
meetings and other communication channels
with communities. Interests of specific groups are
addressed through direct engagement.
During development and due diligence, Bonheur’s
operating subsidiaries seek to identify potential
human rights or other material negative impacts
on affected communities and develops mitigation
measures as risks are identified.
Groups for which engagement with affected
communities occurs
FOR and FOS has extensive engagement with
the local communities at different levels, from
the project level to the Senior Management. At
FOCL the itinerary planning department manages
engagement with ports to ensure meaningful
community interaction.
The subsidiaries assign responsibility for their
community engagement at various organisational
levels.
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Major asset list as per
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Definitions
Addresses
Remediation and channels for affected
communities to raise concerns (S3-3)
Depending on the issue, the relevant subsidiary
engages directly with the community and works to
remedy the impact through professional dialogue,
cooperation, and appropriate corrective actions.
Operating subsidiaries are responsible for
establishing processes to provide or support
remedy when they potentially cause or contribute
to a material negative impact on affected
communities.
Stakeholder communication for designing
remediation measures takes place through various
channels, including face-to-face meetings, public
forums, project websites, brochures, and other
tools appropriate to the local context.
Action on material impacts on affected
communities (S3-4)
Bonheur encourages subsidiaries to take an
active and responsible role in the communities
where they operate. This includes administering
community funds, responding to local needs and
engagement with stakeholders based on local
context and expectations.
The operating subsidiaries maintain constructive
and transparent engagement with affected
communities, ensuring continuous dialogue on
sustainability topics relevant to each local context.
Progress and effectiveness are monitored
throughout development, construction, and
operational phases to ensure that actions remain
appropriate and responsive to community needs.
Targets related to affected communities
(S3-5)
As the subsidiaries set targets, Bonheur will
consider establishing Group of companies’ wide
targets aligned with these.
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Definitions
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IV. Governance information
Fäbodliden - Fred. Olsen Renewables
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G1 Business conduct
Processes to identify and assess material
IROs related to business conduct
(G1-IRO-1)
Bonheur is focused on compliance with applicable
codes of conduct across the Group of companies
in order to ensure responsible business practices.
Upholding these standards is essential for
maintaining trust among investors, business
partners, communities, employees, and other
stakeholders.
Through its double-materiality assessment,
Bonheur has identified and evaluated a range of
potential impacts and risks related to business
conduct at both Group of companies and
individual subsidiary level. These insights inform
governance processes and support continuous
improvement in ethical and responsible behaviour.
Prevention and detection of corruption
and bribery (G1-3)
Bonheur maintains strong expectations for ethical
conduct across the Group of companies, and
each subsidiary is required to operate prevention
and detection systems that address potential
corruption or bribery risks. These measures form
part of the broader risk-management framework
and support consistent application of the group’s
standards.
Employees can report concerns related to
anti-bribery or breaches of the Code of Conduct
through the procedures outlined in the HSE
Handbook, which is available to all staff. The
operating subsidiaries also provide dedicated
hotlines for anti-corruption reporting. Together,
these mechanisms enable Bonheur to prevent,
identify, and respond effectively to any allegations
or incidents of corruption or bribery.
Bonheur’s operating subsidiaries investigate duly
reported and documented irregularities, with
procedures and timelines determined by case
specifics. Each year, subsidiaries submit reports to
their boards on substantiated concerns and claims,
investigation status, outcomes, and potential
implications. Bonheur’s Audit Committee is also
informed of any ongoing investigations into
financial irregularities.
The operating subsidiaries implement systems
to prevent and detect corruption and bribery,
consistent with the UN Convention Against
Corruption and the OECD Guidelines. Employees
receive training and guidance through the
Code of Conduct, including rules on avoiding
inappropriate gifts or benefits. Irregularities can be
reported through the established whistleblowing
channel, and all cases are investigated. Bonheur
expects suppliers and business partners to follow
the same zero tolerance principles.
Bonheur’s governance policy sets clear standards
for business ethics and anti-corruption, applying
to all employees, contractors, and consultants.
The operating subsidiaries may develop tailored
training programs aligned with Bonheur’s
principles. The whistleblower channel is designed
to ensure accessible reporting and proper
handling of concerns.
Anti-corruption and anti-bribery training
programmes
All employees, including the management and
administration of Fred. Olsen & Co. AS, should
complete anti-corruption training.
Metric 2025 2024
Percentage of functions-at-risk covered by
anti-corruption and anti-bribery training
programmes
100% Not
reported
Actions and resources in relation to business
conduct
Bonheur establishes the governance and
compliance framework for the Group of
companies, including participation in industry
organisations, overall compliance policies and
training expectations.
The operating subsidiaries implement these
expectations within their operations, contributing
to stronger oversight, increased transparency,
reduced corruption risk and alignment with ESRS
governance requirements.
Targets related to business conduct
All operating subsidiaries of Bonheur have a
zero tolerance for corruption and a target of zero
corruption or bribery incidents.
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Incidents of corruption or bribery (G1-4)
Metric 2025 2024
Number of convictions for violation of anti-
corruption and anti-bribery laws (#)
0 0
Amount of fines for violation of anti-corruption and
anti-bribery laws (NOK)
0 0
Number of confirmed incidents of corruption or
bribery (#)
0 0
Number of incidents reported through
whistleblower mechanism (#)
0 0
No violations requiring corrective action related
to anti-corruption or anti-bribery practices were
identified to having occurred during the reporting
period.
Global Wind Service
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Sustainability statement appendices
Disclosure requirements covered sustainability statement (IRO-2)
See table below for an overview of all the datapoints that derive from other EU legislation as listed in ESRS 2 Appendix B. The table indicates where each
datapoint can be found in the sustainability statement, if material.
Bonheur has used the phase-in requirements described in ESRS 2 regarding calculation of financial effects of material impacts, risks and opportunities (IROs).
List of non-material topics:
E2
Pollution
E3
Water and marine
resources
E5
Resource use and
circular economy
S4
Consumers and
end-users
How information disclosed on material IROs has been determined
Bonheur has used the guidelines in “Appendix E: Flowchart for determining disclosures to be included” from the ESRS to determine which disclosure
requirements to include in the sustainability statement. In addition, entity-specific disclosures related to E2 Pollution are also included in an appendix.
Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law
reference
Page and link to
disclosure, if material
ESRS 2 GOV-1
Board's gender diversity paragraph 21 (d)
Indicator number 13 of Table #1 of Annex 1 Commission Delegated
Regulation (EU) 2020/1816 ,
Annex II
25
ESRS 2 GOV-1
Percentage of board members who are independent
paragraph 21 (e)
Delegated Regulation (EU)
2020/1816, Annex II
25
ESRS 2 GOV-4
Statement on due diligence paragraph 30
Indicator number 10 Table #3 of Annex 1 66
ESRS 2 SBM-1
Involvement in activities related to fossil fuel activities
paragraph 40 (d) i
Indicators number 4 Table #1 of Annex 1 Article 449a Regulation (EU)
No 575/2013; Commission
Implementing Regulation (EU)
2022/245313Ta ble 1: Qualitative
information on Environmental
risk and Table 2: Qualitative
information on Social risk
Delegated Regulation (EU)
2020/1816, Annex II
N/A
ESRS 2 SBM-1
Involvement in activities related to chemical
production paragraph 40 (d) ii
Indicator number 9 Table #2 of Annex 1 Delegated Regulation (EU)
2020/1816, Annex II
N/A
ESRS 2 SBM-1
Involvement in activities related to controversial
weapons paragraph 40 (d) iii
Indicator number 14 Table #1 of Annex 1 Delegated Regulation (EU)
2020/181814 , Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
N/A
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Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law
reference
Page and link to
disclosure, if material
ESRS 2 SBM-1
Involvement in activities related to cultivation and
production of tobacco paragraph 40 (d) iv
Delegated Regulation (EU)
2020/1818, Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
N/A
ESRS E1-1
Transition plan to reach climate neutrality by 2050
paragraph 14
Regulation (EU)
2021/1119, Article
2(1)
41
ESRS E1-1
Brand Units excluded from Paris-aligned Benchmarks
paragraph 16 (g)
Article 449a Regulation (EU)
No 575/2013; Commission
Implementing Regulation (EU)
2022/2453 Template 1: Banking
bookClimate Change transition
risk: Credit quality of exposures
by sector, emissions and
residouble maturity
Delegated Regulation (EU)
2020/1818, Article12.1 (d) to (g),
and Article 12.2
N/A
ESRS E1-4
GHG emission reduction targets paragraph 34
Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU)
No 575/2013; Commission
Implementing Regulation
(EU) 2022/2453 Template 3:
Banking book – Climate change
transition risk: alignment metrics
Delegated Regulation (EU)
2020/1818, Article 6
42
ESRS E1-5
Energy consumption from fossil sources
disaggregated by sources (only high climate impact
sectors) paragraph 38
Indicator number 5 Table #1 and Indicator
n. 5 Table #2 of Annex 1
43
ESRS E1-5
Energy consumption and mix paragraph 37
Indicator number 5 Table #1 of Annex 1 43
ESRS E1-5
Energy intensity associated with activities in high
climate impact sectors paragraphs 40 to 43
Indicator number 6 Table #1 of Annex 1 N/A
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG emissions
paragraph 44
Indicators number 1 and 2 Table #1 of
Annex 1
Article 449a; Regulation (EU)
No 575/2013; Commission
Implementing Regulation
(EU) 2022/2453 Template 1:
Banking book – Climate change
transition risk: Credit quality of
exposures by sector, emissions
and residouble maturity
Delegated Regulation (EU)
2020/1818, Article 5(1), 6 and 8(1)
45
ESRS E1-6
Gross GHG emissions intensity paragraphs 53 to 55
Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU)
No 575/2013; Commission
Implementing Regulation
(EU) 2022/2453 Template 3:
Banking book – Climate change
transition risk: alignment metrics
Delegated Regulation (EU)
2020/1818, Article 8(1)
45
ESRS E1-7
GHG removals and carbon credits paragraph 56
Regulation (EU)
2021/1119, Article
2(1)
N/A
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Definitions
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Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law
reference
Page and link to
disclosure, if material
ESRS E1-9
Exposure of the benchmark portfolio to climate-
related physical risks paragraph 66
Delegated Regulation (EU)
2020/1818, Annex II Delegated
Regulation (EU) 2020/1816,
AnnexII
N/A
ESRS E1-9
Disaggregation of monetary amounts by acute and
chronic physical risk paragraph 66 (a) ESRS E1-9
Location of significant assets at material physical risk
paragraph 66 (c).
Article 449a Regulation (EU)
No 575/ 2013; Commission
Implementing Regulation (EU)
2022/ 2453 paragraphs 46 and
47; Template 5: Banking book
- Climate change physical risk:
Exposures subject to physical
risk.
N/A
ESRS E1-9
Breakdown of the carrying value of its real estate
assets by energyefficiency classes paragraph 67 (c).
Article 449a Regulation (EU)
No 575/ 2013; Commission
Implementing Regulation
(EU) 2022/ 2453 paragraph
34; Template 2:Banking book
-Climate change transition
risk: Loans collateralised by
immovable property - Energy
efficiency of the collateral
N/A
ESRS E1-9
Degree of exposure of the portfolio to climate-related
opportunities paragraph 69
Delegated Regulation (EU)
2020/1818, Annex II
N/A
ESRS E2-4
Amount of each pollutant listed in Annex II of the
EPRTR Regulation (European Pollutant Release and
Transfer Register) emitted to air, water and soil,
paragraph 28
Indicator number 8 Table #1 of Annex 1
Indicator number 2 Table #2 of Annex 1
Indicator number 1 Table #2 of Annex 1
Indicator number 3 Table #2 of Annex 1
N/A
ESRS E3-1
Water and marine resources paragraph 9
Indicator number 7 Table #2 of Annex 1 N/A
ESRS E3-1
Dedicated policy paragraph 13
Indicator number 8 Table 2 of Annex 1 N/A
ESRS E3-1
Sustainable oceans and seas paragraph 14
Indicator number 12 Table #2 of Annex 1 N/A
ESRS E3-4
Total water recycled and reused paragraph 28 (c)
Indicator number 6.2 Table #2 of Annex 1 N/A
ESRS E3-4
Total water consumption in m3 per net revenue on
own operations paragraph 29
Indicator number 6.1 Table #2 of Annex 1 N/A
ESRS 2- SBM-3 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1
ESRS 2- SBM-3 - E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1
ESRS 2- SBM-3 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1
ESRS E4-2
Sustainable land / agriculture practices or policies
paragraph 24 (b)
Indicator number 11 Table #2 of Annex 1
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Financial highlights
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Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law
reference
Page and link to
disclosure, if material
ESRS E4-2
Sustainable oceans / seas practices or policies
paragraph 24 (c)
Indicator number 12 Table #2 of Annex 1 N/A
ESRS E4-2
Policies to address deforestation paragraph 24 (d)
Indicator number 15 Table #2 of Annex 1 N/A
ESRS E5-5
Non-recycled waste paragraph 37 (d)
Indicator number 13 Table #2 of Annex 1 N/A
ESRS E5-5
Hazardous waste and radioactive waste paragraph 39
Indicator number 9 Table #1 of Annex 1 N/A
ESRS 2- SBM3 - S1
Risk of incidents of forced labour paragraph 14 (f)
Indicator number 13 Table #3 of Annex I
ESRS 2- SBM3 - S1
Risk of incidents of child labour paragraph 14 (g)
Indicator number 12 Table #3 of Annex I
ESRS S1-1
Human rights policy commitments paragraph 20
Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
31
ESRS S1-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8, paragraph 21
Delegated
Regulation (EU)
2020/1816, Annex II
ESRS S1-1
Processes and measures for preventing trafficking in
human beings paragraph 22
Indicator number 11 Table #3 of Annex I N/A
ESRS S1-1
Workplace accident prevention policy or
management system paragraph 23
Indicator number 1 Table #3 of Annex I
ESRS S1-3
Grievance/complaints handling mechanisms
paragraph 32 (c)
Indicator number 5 Table #3 of Annex I 51
ESRS S1-14
Number of fatalities and number and rate of work-
related accidents paragraph 88 (b) and (c)
Indicator number 2 Table #3 of Annex I Delegated Regulation (EU)
2020/1816, Annex II
52
ESRS S1-14
Number of days lost to injuries, accidents, fatalities or
illness paragraph 88 (e)
Indicator number 3 Table #3 of Annex I 52
ESRS S1-16
Unadjusted gender pay gap paragraph 97 (a)
Indicator number 12 Table #1 of Annex I Delegated Regulation (EU)
2020/1816, Annex II
53
ESRS S1-16
Excessive CEO pay ratio paragraph 97 (b)
Indicator number 8 Table #3 of Annex I 53
ESRS S1-17
Incidents of discrimination paragraph 103 (a)
Indicator number 7 Table #3 of Annex I 53
ESRS S1-17
Non-respect of UNGPs on Business and Human Rights
and OECD paragraph 104 (a)
Indicator number 10 Table #1 and Indicator
n. 14 Table #3 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II Delegated
Regulation (EU) 2020/1818 Art
12 (1)
53
ESRS 2- SBM3 – S2
Significant risk of child labour or forced labour in the
value chain paragraph 11 (b)
Indicators number 12 and n. 13 Table #3 of
Annex I
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shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU Climate Law
reference
Page and link to
disclosure, if material
ESRS S2-1
Human rights policy commitments paragraph 17
Indicator number 9 Table #3 and Indicator
n. 11 Table #1 of Annex 1
31
ESRS S2-1
Policies related to value chain workers paragraph 18
Indicator number 11 and n. 4 Table #3 of
Annex 1
ESRS S2-1
Non-respect of UNGPs on Business and Human Rights
principles and OECD guidelines paragraph 19
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU)
2020/1816, Annex II Delegated
Regulation (EU) 2020/1818, Art
12 (1)
N/A
ESRS S2-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU)
2020/1816, Annex II
31
ESRS S2-4
Human rights issues and incidents connected to its
upstream and downstream value chain paragraph 36
Indicator number 14 Table #3 of Annex 1 55
ESRS S3-1
Human rights policy commitments paragraph 16
Indicator number 9 Table #3 of Annex 1 and
Indicator number 11 Table #1 of Annex 1
31
ESRS S3-1
Non-respect of UNGPs on Business and Human
Rights, ILO principles or OECD guidelines paragraph
17
Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU)
2020/1816, Annex II Delegated
Regulation (EU) 2020/1818, Art
12 (1)
N/A
ESRS S3-4
Human rights issues and incidents paragraph 36
Indicator number 14 Table #3 of Annex 1 N/A
ESRS S4-1
Policies related to consumers and end-users
paragraph 16
Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex 1
N/A
ESRS S4-1
Non-respect of UNGPs on Business and Human Rights
and OECD guidelines paragraph 17
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU)
2020/1816, Annex II Delegated
Regulation (EU) 2020/1818, Art
12 (1)
N/A
ESRS S4-4
Human rights issues and incidents paragraph 35
Indicator number 14 Table #3 of Annex 1 N/A
ESRS G1-1
United Nations Convention against Corruption
paragraph 10 (b)
Indicator number 15 Table #3 of Annex 1 31
ESRS G1-1
Protection of whistle- blowers paragraph 10 (d)
Indicator number 6 Table #3 of Annex 1 59
ESRS G1-4
Fines for violation of anti-corruption and anti-bribery
laws paragraph 24 (a)
Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU)
2020/1816, Annex II)
60
ESRS G1-4
Standards of anticorruption and anti- bribery
paragraph 24 (b)
Indicator number 16 Table #3 of Annex 1 N/A
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Major asset list as per
31 December 2025
Definitions
Addresses
GOV-4 STATEMENT ON DUE DILIGENCE
Core elements of due diligence Paragraphs in the sustainability statement
(a) Embedding due diligence in governance,
strategy and business model
Due diligence is embedded into governance and strategy as described under GOV-1 and GOV-2, which outline the roles of the Board, Audit Committee, and
management in overseeing sustainability risks and processes. Integration into the strategy and business model is addressed under SBM-1 and the materiality approach
in SBM-3, where sustainability IROs inform decisions across the Group of companies.
(b) Engaging with affected stakeholders in all key
steps of the due diligence
Stakeholder engagement processes are presented under SBM-2, with additional details across GOV-2 and IRO-1. Engagement is further elaborated in the topical
standards (S1, S2, S3), reflecting how subsidiaries interact with employees, communities, regulators, suppliers, and other affected stakeholders throughout the
due-diligence cycle.
(c ) Identifying and assessing adverse impacts Processes for identifying and assessing actual and potential adverse impacts on people and the environment are outlined under IRO-1, supported by the broader
impact overview and materiality outcomes in SBM-3. These sections describe how subsidiaries map, score, and prioritise IROs.
(d) Taking action to address those adverse
impacts
Actions to prevent, mitigate, or remediate adverse impacts are described within the topical standards E1, E4, S1, S2, S3, and G1.
(e) Tracking the effectiveness of these efforts and
communicating
Effectiveness is monitored and reported through indicators and processes presented in the topical standards E1, E4, S1, S2, S3, and G1, including incident reporting,
audit follow-up, human-rights assessment processes, and performance metrics. Oversight by the Audit Committee and relevant governance bodies, described under
GOV-2/GOV-3, forms part of the continuous evaluation and communication cycle
Processes to identify and assess material
pollution-related IROs (E2-IRO-1)
The emissions to air from the vessels operated
by FOCL and FOWIC are subject to reporting
requirements according to EU’s reporting
thresholds. The amounts of such emissions are
estimated based on the efficiency of the engines,
type of fuel and use of scrubbers and reported
under ESRS 2 SBM-3.
Bonheur has not assessed site-specific pollution
risks or impacts to be material. This assessment
does not extend throughout the value chain.
External consultations
FOCL and FOWIC are in dialogue with ports and
other local and national regulators in connection
with considering possible pollution-related
impacts and corresponding regulations regarding
such emissions.
External consultations have not been conducted
in the process, because the potential impact was
deemed to be low.
Processes to identify and assess material
resource use and circular economy-
related IROs (E5-IRO-1)
Potential IROs related to circular economy
The operating subsidiaries have screened their
assets and activities in the process of identifying
IROs related to E5. Some of the operating
subsidiaries have noted that they have potentially
significant resource inflow for turbines and parts,
vessel upgrades and other maintenance. The
operating subsidiaries do not currently have direct
influence on the supplier's degree of circular
economy implementation.
Processes to identify and assess material
water and marine resources-related IROs
(E3-IRO-1)
Screening of assets and the activities of the
operating subsidiaries towards potential IROs
related to E3 did not result in any material
IROs. Since water and marine resources are
not a material topic for Bonheur there are
no corresponding disclosures made in this
sustainability statement.
The screening was conducted by the operating
subsidiaries that have activities or assets that
relate to water and marine resources. There is
no material water consumption in the onshore
production facilities of the operating subsidiaries
and no activities related to marine resources. There
is potential adverse impact related to bunkering
freshwater to vessels, but it is not considered
material.
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Major asset list as per
31 December 2025
Definitions
Addresses
Regarding resource outflow, there are no immediate plans for
decommissioning of wind farms or scrapping of vessels. Any potential
repowering of wind farms will reduce the resource outflow and increase
circularity. Since E5 is not deemed to as a material topic for Bonheur, the
corresponding disclosure requirements are omitted in this sustainability
statement.
In the screening process, the operating subsidiaries have relied on industry
data and knowledge.
Disclosures on non-material sustainability matter E2 Pollution
Vessels operated by FOWIC and FOCL entails potential impacts such as
“emissions to air”. These issues are on this basis considered material to the
respective subsidiaries but not to Bonheur.
Bonheur has chosen to disclose entity-specific metrics related to these. The
Company reports SOx and NOx in line with Directive 2010/75/EU on industrial
emissions. Calculations are based on emission factors and third-party verified
engine data.
E2-4 Total emissions to air with breakdown by pollutants
TOTAL EMISSIONS TO AIR
2025 2024 %-change
Tonnes
Nitrogen oxides (NOx/NO2)
Fred. Olsen Windcarrier 487 503 -3.2%
Fred. Olsen Cruise Lines 3,297 3,634 -9.3%
Total 3,784 4,137 -8.5%
Sulphur oxides (SOx/SO2)
Fred. Olsen Windcarrier 13 13 0.0%
Fred. Olsen Cruise Lines 197 226 -13.0%
Total 210 239 -12.2%
SOx emissions have decreased due to multiple factors: shorter and slower
sailing routes that reduce fuel consumption, effective technical upgrades
such as new propellers, and regulatory changes increasing destinations that
require lower sulphur content.
Oslo, 15 April 2026
Bonheur ASA – The Board of Directors
Fred. Olsen
Chair
Carol Bell
Director
Gaute Gjelsten
Director
Jannicke Hilland
Director
Kristin Gjertsen
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
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Consolidated accounts
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Auditor's report
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assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Mapping of Disclosures Against the Norwegian Transparency Act (Åpenhetsloven)
Bonheur remain focused on
conducting its business with honesty
and integrity. The Company expects
that the operating subsidiaries
behave in accordance with
internationally established human
rights and applicable regulations.
Promoting fundamental human
rights, decent working conditions
and business relationships, is
important to Bonheur. Thus, Bonheur
is in support of regular assessments
in reference to the OECD Guidelines
for multinational enterprises.
Bonheur is subject to the Norwegian
Transparency Act and this statement
is a supporting document to the
sustainability statement which
cover such processes in Bonheur’s
operating subsidiaries. Bonheur’s
statement on due diligence
processes is integrated primarily in
the social chapters of the annual
report.
The table provides an overview
of how Bonheur's sustainability
statement corresponds to the
reporting requirements set out in
the Norwegian Transparency Act.
The mapping reflects Bonheur’s
governance model, where Fred.
Olsen & Co. AS and the operating
subsidiaries carry out due diligence
activities on behalf of Bonheur.
Transparency Act requirement Reference to disclosure in annual report
General description of the company structure and
operations
See section SBM-1 under the Overview chapter as well as the ESRS 2 SBM-subchapters.
Description of guidelines and procedures for handling
actual and potential adverse impacts on fundamental
human rights and decent working conditions
The governance structure for handling of sustainability issues is described in GOV-2.
For further information, see S1 Own workforce (S1-1, S1-2, S1-3), S2 Workers in the value chain
(S2-1, S2-2, S2-3) and S3 Affected communities (S3-1, S3-2, S3-3)
Information regarding actual adverse impacts and
significant risks of adverse impacts that the enterprise has
identified through its due diligence
The actual adverse impacts and identified risks are described in the SBM-3 table and chapters S1-
SBM-3, S2-SBM-3 and S3-SBM-3.
Information regarding measures the enterprise has
implemented or plans to implement to cease actual adverse
impacts or mitigate significant risks of adverse impacts, and
the results or expected results of these measures
See the annual report chapters S1 Own workforce (S1-4, S1-5), S2 Workers in the value chain (S2-
4, S2-5) and S3 Affected communities (S3-4, S3-5).
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shareholders’ committee
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31 December 2025
Definitions
Addresses
Consolidated accounts
BRIZO in Risør – Fred. Olsen 1848
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shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
For the period 1 January - 31 December | Note | 2025 | 2024 |
| Amounts in NOK 1,000 | |||
Revenues | 5 | ||
Gain on sale of property, plant and equipment | |||
Total operating income | |||
Cost of sales | - | - | |
Salaries and other personnel expenses | 7, 19 | - | - |
Other operating expenses | 6, 19 | - | - |
Loss on sale of property, plant and equipment | - | - | |
Total operating expenses | - | - | |
Operating profit / loss (-) before depreciation and impairment losses | |||
Depreciation and amortisation | 10, 11 | - | - |
Impairment of property, plant and equipment and intangible assets | 10, 11 | - | |
Total depreciation and impairment losses | - | - | |
Operating profit / loss (-) | |||
Share of profit / (loss-) in associates | 12 | - | - |
Interest income | |||
Other finance income | |||
Finance income | 8 | ||
Interest expenses | - | - | |
Other finance expenses | - | - | |
Finance expenses | 8 | - | - |
Net finance income / expense (-) | - | - | |
Profit / (-loss) before tax | |||
Tax income / expense (-) | 9 | - | - |
Profit / (loss-) for the year | |||
| Allocated to: | |||
Shareholders of the parent | |||
Non-controlling interests | |||
Profit / (loss-) for the year | |||
Basic and diluted earnings per share (NOK) | 17 |
The non-controlling interests in the Group of companies are included in the Consolidated Income Statement. The non-controlling interests consist of 43.28% of NHST Holding AS (adjusted for own shares), 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 and 7.84% of Global Wind Service A/S.
Consolidated Income Statement
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Major asset list as per 31
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Definitions
Addresses
For the period 1 January - 31 December | Note | 2025 | 2024 |
| Amounts in NOK 1,000 | |||
Profit/Loss for the period | |||
| Other comprehensive income | |||
| Items that will not be reclassified to profit or loss | |||
Actuarial gains/(losses) on pension plans | 19 | - | |
Other comprehensive income for the period | |||
Income tax on other comprehensive income | - | - | |
Total items that will not be reclassified to profit or loss | - | ||
| Items that may be reclassified subsequently to profit or loss | |||
| Foreign exchange translation effects: | |||
- Foreign currency translation differences from foreign operations | |||
- Foreign currency translation difference from foreign operations transferred to profit or loss | |||
| Fair value effects related to financial instruments: | |||
- Financial assets at fair value over OCI | |||
Other comprehensive income from associates | |||
Income tax on other comprehensive income | 9 | - | - |
Total items that are or may be reclassified subsequently to profit or loss | |||
Other comprehensive result for the period, net of income tax | |||
Total comprehensive income for the period | |||
| Allocated to: | |||
Shareholders of the parent | |||
Non-controlling interest | |||
Total comprehensive income / loss for the period |
As at 31 December 2025 non-controlling interests consist of 43.28% of NHST Media Group AS (adjusted for own shares), 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, 49% of Blue Tern Limited and 7.84% of Global Wind Service A/S.
Consolidated Statement of Comprehensive Income
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Major asset list as per 31
December 2025
Definitions
Addresses
Note | 2025 | 2024 | |
| Amounts in NOK 1,000 | |||
| ASSETS | |||
| Non-current assets | |||
Development costs | |||
Publishing rights | |||
Customer relationships, technology, patents, other | |||
Goodwill | |||
Intangible assets | 11 | ||
Deferred tax assets | 9 | ||
Windfarms | |||
Ships | |||
Other fixed assets | |||
Property, plant and equipment | 10 | ||
Investments in associates | 12 | ||
Investments in other shares | 13 | ||
Bonds and other receivables | 13 | ||
Pension funds | 19 | ||
Financial fixed assets | |||
Total non-current assets | |||
| Current assets | |||
Inventories | 14 | ||
Trade receivables and contract assets | 15 | ||
Other receivables and shares | 15 | ||
Restricted cash | 16 | ||
Other cash and bank deposits | 16 | ||
Total current assets | |||
Total assets |
The non-controlling interests in the Group of companies are included in the Consolidated Income Statement. The non-controlling interests consist of 43.28% of NHST Holding AS (adjusted for own shares), 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 and 7.84% of Global Wind Service A/S.
Consolidated Statement of Financial Position
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Definitions
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31.12. | 31.12. | |
| Amounts in NOK 1,000 | ||
| EQUITY AND LIABILITIES | ||
| Equity | ||
Share capital | ||
Additional paid in capital | ||
Total paid in capital | ||
Retained earnings | ||
Share of equity attributable to shareholders of the parent | ||
Non-controlling interests | ||
Total equity | ||
| Liabilities | ||
Employee benefits | ||
Deferred tax liabilities | ||
Interest bearing loans and borrowings | ||
Other non-current liabilities | ||
Total non-current liabilities | ||
Current tax | ||
Investment in associates | ||
Interest bearing loans and borrowings | ||
Other accruals and deferred income | ||
Trade and other payables | ||
Total current liabilities | ||
Total liabilities | ||
Total equity and liabilities |
The non-controlling interests in the Group of companies are included in the Consolidated Income Statement. The non-controlling interests consist of 43.28% of NHST Holding AS (adjusted for own shares), 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 and 7.84% of Global Wind Service A/S.
Oslo, 15 April 2026
Bonheur ASA – The Board of Directors
Fred. Olsen
Chair
Carol Bell
Director
Gaute Gjelsten
Director
Jannicke Hilland
Director
Kristin Gjertsen
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
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shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
| Share | Share | Translation | Fair value | Retained | Non-controlling | Total | ||
| capital | premium | reserve | reserve | earnings | Total | interests | equity | |
| Amounts in NOK 1,000 | ||||||||
Balance at 1 January 2024 | - | |||||||
Total comprehensive income for the period | ||||||||
Dividends to shareholders in parent company | - | - | - | |||||
Dividends to non-controlling inter-ests in subsidiaries | - | - | ||||||
Balance at 31 December 2024 | ||||||||
Balance at 1 January 2025 | ||||||||
Total comprehensive income for the period | ||||||||
Reclassification | - | - | ||||||
Effect from transactions with non-controlling interests 1) | - | - | ||||||
Effect of divestment of subsidiary 2) | - | - | ||||||
Dividends to shareholders in parent company | - | - | - | |||||
Dividends to non-controlling inter-ests in subsidiaries | - | - | ||||||
Balance at 31 December 2025 |
Share capital
Par value per share NOK 1.25
Number of shares issued 42,531,893
Shares outstanding and dividends Note 2025 2024
Number of shares outstanding at 1 January 42,531,893 42,531,893
New shares issued 0 0
Number of shares outstanding at 31 December 17 42,531,893 42,531,893
Total dividends per share 7.30 6.75
1)
Mainly the transaction related to the drop-down of Crystal Rig IV and Windy Standard III to Wind Fund 1.
2)
Divestment of United Wind Logistics GmbH.
Statement of Changes in Equity
The board will propose to the Annual General Meeting on 27 May 2026 to approve a dividend of NOK 7.30
per share.
Translation reserves
The reserve represents exchange rate differences resulting from the consolidation of associates and
subsidiaries having functional currencies other than NOK.
Fair value reserve
The reserve includes the cumulative net change from investments at fair value through other
comprehensive income until the investment is derecognized.
Non-controlling interests
As at 31 December 2025 the non-controlling interests consist of 43.28% of NHST Holding AS (adjusted for
own shares), 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 and 7.84% of Global
Wind Service A/S.
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Note | 2025 | 2024 | |
| Amounts in NOK 1,000 | |||
| Cash flow from operating activities | |||
Net results after tax | |||
| Adjustments for: | |||
Depreciation / amortisation / impairment | 10, 11 | ||
Impairment of financial investments / net change in fair value of financial assets | 8 | ||
Pension costs | 7 | - | |
Net unrealized foreign exchange gain (-) / loss | 8 | - | - |
Interest income and dividends | 8 | - | - |
Interest expenses | 8 | ||
Share of results in associates | 12 | ||
Net gain (-) / loss on sale of property, plant and equipment | 10 | - | - |
Net gain (-) / loss on sale of investments | 8,13 | - | - |
Tax income (-) / expense | 9 | ||
Cash generated before changes in working capital and provisions | |||
Increase (-) / decrease in trade and other receivables | |||
Increase / decrease (-) in current liabilities | - | ||
Cash generated from operations | |||
Interest paid | - | - | |
Tax paid | 9 | - | - |
Net cash from operating activities | |||
| Cash flow from investing activities | |||
Proceeds from sale of property, plant and equipment | 10 | ||
Proceeds from sale of investments | 13 | ||
Interest received | |||
Dividends received | |||
Acquisitions of property, plant and equipment | 10, 11 | - | - |
Acquisitions of other investments | 13 | - | - |
Net cash from investing activities | - | - | |
| Cash flow from financing activities | |||
Proceed from sale of shares in subsidiaries as part of financing | |||
Increase in borrowings | 18 | ||
Repayment of borrowings | 18 | - | - |
Dividends paid | - | - | |
Net cash from financing activities | - | - | |
Net increase in cash and cash equivalents | - | ||
Cash and cash equivalents at 1 January | |||
Effect of exchange rate fluctuations on cash held | - | ||
Cash and cash equivalents at 31 December | 16 |
Consolidated Cash Flow Statement
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NOTE 1 Principal accounting policies and key accounting estimates
Principal accounting policies
The Group of companies’ accounting policies are described in the individual notes to the Consolidated
Financial Statements. Considering all the accounting policies applied, Management regards the notes listed
below as the most significant notes for the recognition and measurement of reported amounts.
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Renewable Energy 1) | Wind Service 2) | Cruise 3) | ||||
Fully consolidated companies | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Amounts in NOK 1,000 | ||||||
Operating income - External | 2,376,206 | 2,659,380 | 5,035,343 | 6,453,800 | 3,778,951 | 3,649,895 |
Operating income - Internal | -34 | 0 | 36,004 | 29,712 | 0 | 0 |
Operating cost | -1,079,316 | -1,075,667 | -3,272,648 | -4,931,480 | -3,104,677 | -3,148,417 |
Depreciation | -371,113 | -369,436 | -623,547 | -478,713 | -201,063 | -180,894 |
Impairment | 0 | -10,296 | 0 | 0 | 0 | 0 |
Operating profit/loss | 925,744 | 1,203,981 | 1,175,153 | 1,073,319 | 473,212 | 320,583 |
Interest income | 47,896 | 54,177 | 52,145 | 88,989 | 19,859 | 29,077 |
Interest expenses | -386,687 | -347,786 | -63,566 | -104,588 | -110,559 | -115,711 |
Tax income / expense (-) | -203,168 | -305,294 | -90,903 | -131,957 | -4,880 | 6,846 |
Profit / (loss) for the year | 282,088 | 538,045 | 1,340,128 | 920,022 | 306,142 | 228,512 |
Total assets | 11,217,786 | 10,086,455 | 7,432,218 | 8,554,359 | 1,685,396 | 1,509,785 |
Total liabilities | 7,986,757 | 7,750,246 | 1,451,694 | 2,747,689 | 2,762,326 | 2,954,385 |
Total equity | 3,231,029 | 2,336,211 | 5,980,524 | 5,806,669 | -1,076,930 | -1,444,600 |
Capital expenditures | 1,350,000 | 353,883 | 480,000 | 776,762 | 273,000 | 216,870 |
Other investments 4) | Eliminations | Group total | ||||
Fully consolidated companies | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Amounts in NOK 1,000 | ||||||
Operating income - External | 1,302,166 | 1,232,357 | 0 | 0 | 12,492,667 | 13,995,431 |
Operating income - Internal | 44,892 | 63,962 | -80,862 | -93,674 | -0 | 0 |
Operating cost | -1,374,386 | -1,396,009 | 83,268 | 93,385 | -8,747,759 | -10,458,188 |
Depreciation | -83,718 | -107,836 | 0 | 0 | -1,279,441 | -1,136,880 |
Impairment | 25,367 | -65,717 | 0 | 0 | 25,367 | -76,013 |
Operating profit/loss | -85,679 | -273,243 | 2,405 | -289 | 2,490,834 | 2,324,351 |
Interest income | 379,712 | 360,963 | -228,395 | -171,995 | 271,217 | 361,211 |
Interest expenses | -242,636 | -243,834 | 228,105 | 172,026 | -575,342 | -639,893 |
Tax income / expense (-) | -26,893 | -15,003 | 0 | 0 | -325,844 | -445,408 |
Profit / (loss) for the year | 907,203 | -39,463 | -949,147 | 0 | 1,886,414 | 1,647,273 |
Total assets | 13,494,736 | 13,004,029 | -8,435,986 | -7,846,864 | 25,394,151 | 25,307,764 |
Total liabilities | 4,716,518 | 4,838,715 | -2,773,780 | -2,184,658 | 14,143,516 | 16,106,377 |
Total equity | 8,778,218 | 8,165,314 | -5,662,206 | -5,662,206 | 11,250,635 | 9,201,388 |
Capital expenditures | 36,000 | 2,284 | 0 | 0 | 2,139,000 | 1,349,799 |
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Renewable Energy 1) | Wind Service 2) | Other Investments 4) | Group of companies total | |||||
Associates 1) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Amounts in NOK 1,000 | ||||||||
Operating income | 35 | 0 | 9,706 | 5,749 | 65,396 | 62,243 | 75,138 | 67,992 |
Operating costs | -1,934 | -1,071 | -7,841 | -4,483 | -67,711 | -57,551 | -77,486 | -63,105 |
Depreciation / Impairment | -8,518 | -8,506 | 0 | 0 | -3,066 | -1,283 | -11,585 | -9,789 |
Operating result | -10,417 | -9,578 | 1,865 | 1,266 | -5,381 | 3,409 | -13,932 | -4,903 |
Share of profit in associates | -27,421 | -23,400 | 1,424 | 984 | 2,240 | 2,091 | -23,756 | -20,326 |
Share of equity | 381,341 | 360,928 | 2,615 | 1,191 | 36,306 | 26,569 | 420,262 | 388,689 |
Europe | Asia | Americas | ||||
Fully consolidated companies | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Amounts in NOK 1,000 | ||||||
Operating income | 11,114,408 | 9,946,376 | 318,060 | 2,246,377 | 1,054,931 | 1,797,265 |
Capital expenditure | 1,981,512 | 1,500,540 | 53 | 212 | 810 | 3,315 |
Africa | Other regions | Group of companies total | ||||
Fully consolidated companies | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Amounts in NOK 1,000 | ||||||
Operating income | 578 | 658 | 4,690 | 4,756 | 12,492,667 | 13,995,431 |
Capital expenditure | 0 | 0 | 0 | 0 | 1,982,375 | 1,504,067 |
For explanations to the footnotes see previous page.
1)
For information on associates please refer to note 12.
The distribution of the operating revenue reported above is based on the geographical location of the customers. The Group of companies' operating income is primarily originating in Europe from ownership and
operation of windfarms, Wind Service activities, cruise activities and from NHST. The capital expenditure is based on the location of the company that is actually doing the investment.
Major customer
Of the total revenue in 2025 within the Group of companies, UK, Netherlands, Germany, France and Norway contributed 41%, 12%, 10%, 10% and 9% respectively (32%, 12%, 12%, 2% and 7% respectively). Revenues from
four largest customers within the Renewable Energy segment constituted 19% (18%), and in the Wind Service segment the four largest customers constituted 26% (30%) of the total revenue in the Group of companies.
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2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Sales of electricity and other goods | 1,455,798 | 1,053,628 |
Service revenue | 8,436,788 | 9,537,380 |
Other operating revenue | 105,792 | 88,543 |
Total revenue from goods and services | 9,998,377 | 10,679,551 |
Lease revenue | 1,225,965 | 1,673,363 |
Green Certificate revenue | 923,231 | 1,038,883 |
Government grants | 5,795 | 7,354 |
Other operating revenue | 335,015 | 595,338 |
Other operating revenue | 2,490,006 | 3,314,939 |
Other operating income | 4,284 | 941 |
Total operating income | 12,492,667 | 13,995,431 |
Note | 31 December 2025 | 31 December 2024 | |
| Amounts in NOK 1,000 | |||
Accounts receivables | 15 | 1,121,103 | 1,164,038 |
Contract assets | 15 | 219,779 | 324,525 |
Contract liabilities | 20 | 1,558,610 | 1,916,913 |
2026 | 2027 | 2028 | |
| Amounts in NOK 1,000 | |||
Order backlog per year | 3 632 | 999 | 869 |
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2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Administrative expenses 1) | 708,397 | 760,763 |
Other operating expenses 2) | 4,044,986 | 6,163,050 |
Total | 4,753,384 | 6,923,813 |
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Statutory audit | 36,843 | 32,689 |
Other attestation services | 624 | 538 |
Tax services | 2,695 | 1,806 |
Other non-audit services | 3,752 | 2,531 |
Total (VAT exclusive) | 43,914 | 37,563 |
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Research and development expenditures included in "Other operating expenses" | 34,212 | 60,944 |
Salaries etc. | Note | 2025 | 2024 |
| Amounts in NOK 1,000 | |||
Salaries | 2 565 717 | 2,299,931 | |
Social security cost | 115 596 | 117,027 | |
Pension costs | 19 | 113 255 | 101,405 |
Other | 20 114 | 41,720 | |
Total | 2 814 682 | 2,560,083 | |
Loans to employees in the Group of companies | 460 | 502 |
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Fred. Olsen, Chairman of the Board | 1,698 | 1,670 |
Nick Emery 1) | 590 | 538 |
Carol Bell 1) | 560 | 530 |
Gaute Gjelsten | 468 | 440 |
Jannicke Hilland | 460 | 440 |
Kristin Gjertsen | 468 | 0 |
Heidi Skaaret | 0 | 440 |
Total compensations | 4,243 | 4,058 |
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Christian Fr. Michelet | 255 | 240 |
Synne Homble | 210 | 200 |
Andreas Mellbye | 210 | 200 |
Ole Kristian Aabø-Evensen | 210 | 200 |
Anne Harris | 210 | 0 |
Jørgen G. Heje | 0 | 200 |
Total compensations | 1,095 | 1,040 |
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Finance income and expenses | 2025 | 2024 |
| Amounts in NOK 1,000 | ||
Interest income on bonds | 13,824 | 15,372 |
Interest income on receivables | 19,070 | 35,240 |
Interest income on bank deposits | 238,324 | 310,598 |
Interest income | 271,217 | 361,210 |
Dividend income on financial assets | 477 | 273 |
Net gain on disposal of financial assets recognised directly in profit or loss | 347,574 | 1,420 |
Foreign exchange gain | 459,472 | 490,780 |
Net change in fair value of financial assets at fair value through profit or loss | 3,630 | 29,701 |
Various finance income | 18,693 | 21,579 |
Total other finance income | 829,845 | 543,753 |
| Interest expenses on financial liabilities measured at amortised | ||
cost | -575,342 | -639,893 |
Interest expense | -575,342 | -639,893 |
Foreign exchange loss | -589,735 | -334,959 |
Net change in fair value of financial assets at fair value through profit or loss | -110,353 | 0 |
Impairment of financial assets | -5,903 | -39,641 |
Various finance expenses | -74,550 | -101,819 |
Total other finance expenses | -780,540 | -476,418 |
Net finance expenses recognised in profit or loss | -254,820 | -211,348 |
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2025 | 2024 | |
| Amounts in NOK 1,000 | ||
| Profit/loss (-) before tax: | ||
Norway | 1,248,704 | 749,257 |
Other countries | 963,554 | 1,343,267 |
Total | 2,212,258 | 2,092,524 |
| Taxes paid (-) / received: | ||
Norway | -32,632 | -39,540 |
Other countries | -269,045 | -379,126 |
Total paid taxes | -301,677 | -418,666 |
| 1) Current tax expense (-) / income: | ||
Norway | -104,035 | -46,909 |
Other countries | -278,346 | -395,861 |
Total current tax expenses | -382,381 | -442,769 |
| 2) Deferred tax expense (-) / income: | ||
Norway | -22,931 | -17,352 |
Other countries | 79,468 | 14,713 |
Total deferred tax expenses | 56,537 | -2,639 |
Total income tax expenses 1) + 2) | -325,844 | -445,409 |
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2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Income/(-)loss before tax | 2,212,258 | 2,092,524 |
Norwegian statutory tax rate | 22% | 22% |
Income tax using the Company's domestic tax rate | -486,697 | -460,355 |
| Increase (-reduction) in income taxes from: | ||
Effect of tax rates other than statutory tax rate in Norway | -44,225 | -141,804 |
Effects on change in tax rates | 0 | 389 |
Share of profit on equity-accounted investments | -5,226 | 0 |
Effects on tax incentives / tonnage tax | 88,273 | 209,710 |
Prior period adjustments | 28,327 | -13,910 |
Change in recognised deductible temporary differences | 100,118 | -21,399 |
Change in unrecognized deferred tax assets | -25,420 | -34,175 |
Impairment on tangible and intangible assets | -2,244 | 727 |
Non-deductible and non-taxable expenses/income | 29,579 | -75,820 |
Currency effects 1) | -5,384 | 81,315 |
Income/expenses recognised directly in equity | -2,945 | 9,914 |
Tax expenses % | 15% | 21% |
Tax expenses | -325,844 | -445,408 |
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Current tax payable Norway | 79,858 | 28,403 |
Current tax payable other countries | 68,533 | 120,888 |
Current tax payable | 148,391 | 149,291 |
| Assets | Liabilities | Assets | Liabilities | |
| 2025 | 2025 | 2024 | 2024 | |
| Amounts in NOK 1,000 | ||||
Property, plant and equipment | 2,792 | -493,530 | 2,632 | -643,500 |
Intangible assets | 1,431 | 0 | 1,448 | -464 |
Gain and loss accounts | 7,190 | -3,956 | 5,552 | -4,934 |
Loans and borrowings | 2,417 | -41,283 | 220 | -65,307 |
Shares and bonds | 5,007 | 0 | 0 | -7,811 |
Other | 18,907 | -99,320 | 4,916 | -30,297 |
Tax loss carryforwards | 178,231 | -5,118 | 246,828 | -8,958 |
Subtotal | 215,976 | -643,205 | 261,597 | -761,270 |
Set off of tax | -20,091 | 20,091 | -35,008 | 35,008 |
Net tax assets / (-) liabilities | 195,885 | -623,114 | 226,589 | -726,262 |
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Deductible temporary differences | 35,549 | 46,860 |
Tax losses | 416,885 | 406,609 |
Total | 453,433 | 453,469 |
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Windfarms | 24 years |
Ships | 10 to 42 years |
Wind installation vessels | 20 years |
Plant and Buildings | 5 to 50 years |
Machinery and Equipment | 3 to 10 years |
Cars | 7 years |
IT Equipment | 5 years |
Furniture and fixtures | 5 to10 years |
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| Other | ||||
Windfarms | Vessels | fixed assets | Total | |
| Amounts in NOK 1,000 | ||||
| Costs | ||||
Balance at 1 January 2024 | 10,967,441 | 9,840,780 | 1,577,166 | 22,385,387 |
Acquisitions | 268,819 | 869,690 | 137,011 | 1,275,521 |
Right to use assets (leasing IFRS 16) | 128,702 | 0 | 30,304 | 159,006 |
Disposals | -8,459 | -261,624 | -85,176 | -355,259 |
Other | -21,725 | 0 | 0 | -21,725 |
Reclassifications | 68,211 | -8,698 | 3,540 | 63,053 |
Currency translation | 827,309 | 645,348 | 65,640 | 1,538,297 |
Balance at 31 December 2024 | 12,230,299 | 11,085,495 | 1,728,486 | 25,044,280 |
Balance at 1 January 2025 | 12,230,299 | 11,085,495 | 1,728,486 | 25,044,280 |
Adjustment opening balance | 171 | 0 | -405 | -234 |
Acquisitions | 1,203,362 | 681,291 | 59,796 | 1,944,449 |
Right to use assets (leasing IFRS 16) | 144,022 | 0 | 50,720 | 194,742 |
Disposals | 0 | -129,522 | -33,920 | -163,442 |
Other | 19,788 | 0 | 556 | 20,345 |
Reclassifications | 52,585 | 458,142 | -459,479 | 51,249 |
Divestment of subsidiary | 0 | -587,762 | -6,778 | -594,540 |
Currency translation | -253,478 | -128,471 | -9,343 | -391,292 |
Balance at 31 December 2025 | 13,396,749 | 11,379,173 | 1,329,634 | 26,105,556 |
| Depreciation and impairment losses | ||||
Balance at 1 January 2024 | -5,589,660 | -5,032,735 | -769,136 | -11,391,532 |
Depreciation | -352,526 | -551,090 | -155,413 | -1,059,029 |
Impairments | 0 | 0 | 0 | 0 |
Disposals | 0 | 261,446 | 73,823 | 335,269 |
Reclassifications | 0 | -1,604 | 6,763 | 5,159 |
Other | 0 | 0 | 170 | 170 |
Currency translation | -495,416 | -387,364 | -35,393 | -918,173 |
Balance at 31 December 2024 | -6,437,602 | -5,711,348 | -879,186 | -13,028,136 |
Balance at 1 January 2025 | -6,437,602 | -5,711,348 | -879,186 | -13,028,136 |
Adjustment opening balance | 0 | 0 | 271 | 271 |
Depreciation | -353,104 | -766,310 | -101,010 | -1,220,424 |
Impairments | 0 | 0 | 0 | 0 |
Disposals | 0 | 129,522 | 6,025 | 135,548 |
Reclassifications | 0 | -92,908 | 93,902 | 994 |
Other | 0 | 7,181 | -12,157 | -4,976 |
Divestment of subsidiary | 0 | 201,584 | 5,768 | 207,352 |
Currency translation | 211,147 | 109,759 | 4,965 | 325,871 |
Balance at 31 December 2025 | -6,579,559 | -6,122,518 | -881,422 | -13,583,499 |
| Other | ||||
Windfarms | Vessels | fixed assets | Total | |
| Amounts in NOK 1,000 | ||||
| Carrying amounts | ||||
At 1 January 2024 | 5,377,781 | 4,808,045 | 808,030 | 10,993,855 |
At 31 December 2024 | 5,792,696 | 5,374,148 | 849,299 | 12,016,143 |
At 1 January 2025 | 5,792,696 | 5,374,148 | 849,299 | 12,016,143 |
At 31 December 2025 | 6,817,190 | 5,256,656 | 448,211 | 12,522,056 |
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Technology | 5 years |
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| Development | Publishing | Technology, | |||
| costs | rights 1) | Goodwill | patents, other | Total | |
| Amounts in NOK 1,000 | |||||
| Cost | |||||
Balance at 1 January 2024 | 634,457 | 162,000 | 547,939 | 597,066 | 1,941,462 |
Acquisitions | 74,466 | 0 | 63,532 | 51,910 | 189,908 |
Disposals | -6,271 | 0 | 0 | -241 | -6,512 |
Reclassifications | -68,211 | 0 | 0 | -11,573 | -79,784 |
Currency translation | 59,420 | 0 | 10,124 | 3,315 | 72,859 |
Balance at 31 December 2024 | 693,861 | 162,000 | 621,595 | 640,477 | 2,117,933 |
| Cost | |||||
Balance at 1 January 2025 | 693,861 | 162,000 | 621,595 | 640,477 | 2,117,933 |
Adjustment opening balance | -287,617 | 0 | 0 | 287,617 | 0 |
Acquisitions 2) | 101,338 | 0 | 0 | 29,502 | 130,840 |
Disposals | 0 | 0 | 0 | -40,729 | -40,729 |
Reclassifications | -52,243 | 0 | 0 | -83,965 | -136,208 |
Company disposals | 0 | 0 | -103,737 | -3,569 | -107,306 |
Currency translation | -12,003 | 0 | 273 | -10,500 | -22,230 |
Balance at 31 December 2025 | 443,335 | 162,000 | 518,130 | 818,833 | 1,942,299 |
| Depreciation and impairment losses | |||||
Balance at 1 January 2024 | -123,712 | 0 | -136,394 | -458,414 | -718,520 |
Depreciation | -11,923 | 0 | 0 | -65,926 | -77,849 |
Impairments | -10,297 | 0 | -16,349 | -49,367 | -76,013 |
Disposals | 6,271 | 0 | 0 | 181 | 6,452 |
Reclassifications | 0 | 0 | 0 | 11,573 | 11,573 |
Currency translation | -12,416 | 0 | -3,365 | 5,794 | -9,987 |
Balance at 31 December 2024 | -152,077 | 0 | -156,108 | -556,159 | -864,344 |
Balance at 1 January 2025 | -152,077 | 0 | -156,108 | -556,159 | -864,344 |
Adjustment opening balance | 99,176 | 0 | 0 | -99,176 | 0 |
Depreciation | -347 | 0 | 0 | -58,670 | -59,017 |
Impairments | 0 | 0 | 0 | 25,367 | 25,367 |
Disposals | 0 | 0 | 0 | 44,298 | 44,298 |
Reclassifications | 0 | 0 | 0 | 58,598 | 58,598 |
Currency translation | 1,435 | 0 | 0 | 6,390 | 7,825 |
Balance at 31 December 2025 | -51,813 | 0 | -156,108 | -579,352 | -787,273 |
| Carrying amounts | |||||
At 1 January 2024 | 510,745 | 162,000 | 411,545 | 138,652 | 1,222,942 |
At 31 December 2024 | 541,784 | 162,000 | 465,487 | 84,318 | 1,253,588 |
At 1 January 2025 | 541,784 | 162,000 | 465,487 | 84,318 | 1,253,588 |
At 31 December 2025 | 391,522 | 162,000 | 362,022 | 239,481 | 1,155,025 |
2025 | 2024 | |
| Amounts in NOK million | ||
Renewable Energy | 0 | -10 |
Other Investments | 25 | -66 |
Total Impairment | 25 | -76 |
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| Codling | Muir | Other | ||
Holding Ltd 1) | Mhör Ltd | associates 2) | Total | |
| Amounts in NOK 1,000 | ||||
Business office | Ireland | Scotland | ||
Bonheur Group's ownership per 31.12.2024 | 50.00% | 50.00% | ||
Bonheur Group's percentage of votes per 31.12.2024 | 50.00% | 50.00% | ||
Bonheur Group's ownership per 31.12.2025 | 50.00% | 50.00% | ||
Bonheur Group's percentage of votes per 31.12.2025 | 50.00% | 50.00% | ||
Share of equity per 31.12.2024 | -45,110 | 406,039 | 27,760 | 388,689 |
Adjustment opening balance | 215 | 0 | 0 | 215 |
Profit from the company accounts | -26,718 | -703 | 3,665 | -23,756 |
Net profit included in the Group of companies | -26,718 | -703 | 3,665 | -23,756 |
Share issue / Capital increase | 0 | 64,827 | 0 | 64,827 |
Acquisition / disposal | 0 | 0 | 12,213 | 12,213 |
Currency translation differences | -550 | -18,634 | 123 | -19,062 |
Other | 1,976 | 0 | -4,840 | -2,864 |
Share of equity per 31.12.2025 | -70,188 | 451,528 | 38,921 | 420,262 |
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Profit for the year | -53,436 | -46,754 |
Total assets | 1,630,156 | 1,446,285 |
Total liabilities | 1,770,532 | 1,536,505 |
Total equity | -140,376 | -90,220 |
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Profit for the year | -1,406 | -45 |
Total assets | 963,446 | 870,872 |
Total liabilities | 60,389 | 58,795 |
Total equity | 903,057 | 812,077 |
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| Fair value as per | Fair value as per | |
| 31.12.25 | 31.12.24 | |
| Amounts in NOK 1,000 | ||
Total short-term liquid share portfolio | 77,439 | 66,114 |
Total long-term liquid share portfolio | 91,045 | 111,067 |
Total liquid share portfolio | 168,484 | 177,181 |
| Fair value as per | Fair value as per | |
| 31.12.25 | 31.12.24 | |
| Amounts in NOK 1,000 | ||
Bonds and securities (specification below) | 214,408 | 219,618 |
Loans granted to associates | 825,919 | 706,980 |
Financial instruments | 168,371 | 261,226 |
Other interest-bearing loans | 7,205 | 83,704 |
Other non-interest-bearing receivables | 127,840 | 38,211 |
Total Bonds and other receivables (long-term assets) | 1,343,743 | 1,309,739 |
| Average | ||||
| interest rate | Fair value as | Fair value as per | ||
Long-term assets: | Cost price | 2025 | per 31.12.25 | 31.12.24 |
| Amounts in NOK 1,000 | ||||
Utility companies | 20,000 | 5.2% | 20,128 | 25,069 |
Real Estate companies | 32,004 | 5.5% | 32,166 | 22,125 |
Industrial companies | 38,500 | 6.3% | 39,021 | 87,947 |
Financial companies | 77,250 | 7.3% | 78,622 | 73,925 |
Insurance companies | 9,000 | 8.0% | 9,454 | 9,301 |
Other companies | 34,871 | 6.0% | 35,017 | 1,251 |
Total | 211,625 | 6.4% | 214,408 | 219,618 |
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Inventory | 2025 | 2024 |
| Amounts in NOK 1,000 | ||
Inventories and consumable spare parts | 234,278 | 253,526 |
Bunkers | 32,053 | 27,784 |
Articles of consumption onboard | 55,940 | 41,357 |
Work in progress | 87,717 | 53,345 |
Total | 409,988 | 376,011 |
Note | 2025 | 2024 | ||
| Amounts in NOK 1,000 | ||||
| Other trade receivables | 2,441 | ,589 | 2,439,047 | |
Contract assets | 5, 22 | 219,779 | 324,525 | |
| Total trade receivables and contract assets |
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2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Cash related to payroll tax withholdings | 30,238 | 30,897 |
Other restricted cash 1) | 538,651 | 570,030 |
Total restricted cash | 568,889 | 600,926 |
Unrestricted cash 2) | 5,748,200 | 5,981,664 |
Total cash & cash equivalents | 6,317,088 | 6,582,590 |
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Net result for the year (Majority share) | 1,422,567 | 1,140,593 |
Average number of outstanding shares during the year 1) | 42,531,893 | 42,531,893 |
| Basic and diluted earnings per share | 33.4 | 26.8 |
| Amounts in NOK 1,000 | 2025 | 2024 |
Issued ordinary shares at 1 January | 42,531,893 | 42,531,893 |
Weighted average number of ordinary shares at 31 December | 42,531,893 | 42,531,893 |
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2025 | 2024 | |
| Amounts in NOK 1 000 | ||
| Non-current interest-bearing liabilities | ||
Secured bank loans | 2 490 051 | 3 573 827 |
Unsecured loans | 2 386 056 | 2 387 694 |
Lease liability, IFRS 16 | 659 335 | 555 178 |
Other loans | 957 571 | 946 475 |
Total | 6 493 012 | 7 463 174 |
| Current interest-bearing liabilities | ||
Current portion of secured bank loans | 870 767 | 959 176 |
Current portion of unsecured loans | 699 382 | 699 104 |
Current portion of lease liability, IFRS 16 | 81 511 | 94 913 |
Other loans | 480 685 | 760 961 |
Total | 2 132 344 | 2 514 154 |
| Bonheur ASA bond loans | ||||
2025 | 2024 | |||
| Amounts in NOK 1 000 | ||||
Bond issue ticker, terms | Issued | Maturity | ||
BON10 ESG 3 month NIBOR + 2.75 % | 22-Sep-20 | 22-Sep-25 | 699 104 | |
BONHR01 ESG 3 month NIBOR + 2.90 % | 13-Jul-21 | 13-Jul-26 | 699 382 | 698 145 |
BONHR02 ESG 3 month NIBOR + 3.00 % | 15-Sep-23 | 15-Sep-28 | 749 142 | 748 122 |
BONHR03 ESG 3 month NIBOR + 2.35 % | 9-Oct-24 | 9-Oct-29 | 943 231 | 941 426 |
BONHR04 ESG 3 month NIBOR + 2.15 % | 17-Sep-25 | 17-Sep-30 | 693 683 | |
Total | 3 085 438 | 3 086 798 |
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| 31.12.2025 | 31.12.2024 | |||||
Currency | Nominal interest rate | Year of maturity | Carrying amount | Carrying amount | ||
| Amounts in NOK 1 000 | ||||||
| Renewable Energy: | ||||||
Secured bank loan 1) | GBP | 75% fixed 3.17%, 25% SONIA + 1.40% | 2032 | 2 420 841 | 3 084 625 | |
Secured bank loan 2) | GBP | 75% fixed 3.55%, 25% SONIA + 1.80% | 2036 | 615 081 | 681 392 | |
Shareholder loan 3) | GBP | SONIA + 6.00% | 2036 | 808 682 | 902 169 | |
Lease liability, IFRS 16 | GBP | 573 295 | 455 615 | |||
Other | GBP | 47 304 | 50 050 | |||
4 465 203 | 5 173 851 | |||||
| Wind Service: | ||||||
Secured green bank loan 4) | EUR | 3 month EURIBOR + 3.10% | 2026 | 279 019 | 363 483 | |
Secured green bank loan | EUR | 3 month EURIBOR + 2.05% | 2025 | 0 | 252 376 | |
Secured bank loan | EUR | Fixed 3.33% | 2027 | 0 | 46 326 | |
Secured bank loan | EUR | Fixed 3.33% | 2028 | 0 | 54 763 | |
Shareholder loan | EUR | Fixed 5.00% | 2028 | 0 | 31 847 | |
Lease liability, IFRS 16 | EUR | 39 829 | 47 138 | |||
Other 5) | DKK/EUR | 517 841 | 529 921 | |||
836 689 | 1 325 853 | |||||
| Cruise: | ||||||
Sellers credit | GBP | Fixed 2.50% | 2025 | 0 | 105 862 | |
0 | 105 862 | |||||
| Other: | ||||||
Unsecured Bonheur ASA bond loans 6) | NOK | NIBOR / 2.90% / 3.00% / 2.35% / 2.15% | 2026/ -28/ -29/ -30 | 3 085 438 | 3 086 798 | |
Lease liability, IFRS 16 | NOK | 128 027 | 147 338 | |||
Other 7) | NOK | 110 000 | 137 626 | |||
3 323 465 | 3 371 762 | |||||
Total interest-bearing debt | 8 625 357 | 9 977 328 |
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| Future minimum lease | Present value of minimum | Future minimum lease | Present value of minimum | |||
payment 2025 | Interest 2025 | lease payments 2025 | payment 2024 | Interest 2024 | lease payments 2024 | |
| Amounts in NOK 1 000 | ||||||
Less than one year | 83 613 | 27 004 | 56 609 | 64 326 | 8 603 | 55 723 |
Between one and five years | 248 646 | 52 412 | 196 234 | 193 650 | 25 396 | 168 254 |
More than five years | 405 847 | 47 653 | 358 194 | 498 559 | 222 475 | 276 083 |
Total | 738 106 | 127 069 | 611 037 | 756 535 | 256 474 | 500 061 |
| Book value | ||
31.12.2025 | 31.12.2024 | |
| Amounts in NOK 1 000 | ||
Windfarms | 4 271 882 | 3 383 012 |
Vessels | 2 941 705 | 4 561 938 |
Other fixed assets | 286 960 | 198 636 |
Total book value of collateral | 7 500 547 | 8 143 586 |
| Book value | ||
31.12.2025 | 31.12.2024 | |
| Amounts in NOK 1 000 | ||
Guarantees granted to associates 1) | 606 906 | 604 447 |
Guarantees granted to Group companies' entities | 2 291 546 | 825 937 |
Total | 2 898 452 | 1 430 384 |
| Guarantees are granted in connection with the following investments | ||
Cruise ships | 679 755 | 716 167 |
Windfarms | 2 218 697 | 714 217 |
Total | 2 898 452 | 1 430 384 |
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Liabilities | Equity | ||||
| Other | Equity | Non- | |||
| Lease | interest bearing | holders of | controlling | ||
| liabilities | loans | the parent | interest | Total | |
Balance as per 1 January 2024 | 553 871 | 9 526 409 | 6 677 452 | 1 230 388 | 17 988 120 |
| Changes from financing cash flows | |||||
Proceeds from long-term loans and borrowings | 0 | 1 099 589 | 0 | 0 | 1 099 589 |
Repayment of long-term loans and borrowings | 0 | -2 006 093 | 0 | 0 | -2 006 093 |
Dividend paid | 0 | 0 | -255 191 | -204 182 | -459 373 |
Total changes from financing cash flows | 0 | -906 504 | -255 191 | -204 182 | -1 365 877 |
Change lease liabilities (IFRS 16) | 96 220 | 0 | 0 | 0 | 96 220 |
Effect on liabilities of changes in foreign exchange rates | 0 | 707 332 | 0 | 0 | 707 332 |
Effects from transactions with non-controlling interests | 0 | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 | 0 |
Comprehensive income for the period 1) | 0 | 0 | 1 349 391 | 403 529 | 1 752 921 |
Balance as per 31 December 2024 | 650 091 | 9 327 237 | 7 771 652 | 1 429 736 | 19 178 716 |
Balance as per 1 January 2025 | 650 091 | 9 327 237 | 7 771 652 | 1 429 736 | 19 178 716 |
| Changes from financing cash flows | |||||
Proceeds from long-term loans and borrowings | 0 | 723 920 | 0 | 0 | 723 920 |
Repayment of long-term loans and borrowings | 0 | -1 951 434 | 0 | 0 | -1 951 434 |
Effect from divestment of subsidiary | 0 | -132 936 | -132 936 | ||
Dividend paid | 0 | 0 | -287 090 | -228 651 | -515 741 |
Total changes from financing cash flows | 0 | -1 360 450 | -287 090 | -228 651 | -1 876 191 |
Change lease liabilities (IFRS 16) | 90 755 | 0 | 0 | 0 | 90 755 |
Effect on liabilities of changes in foreign exchange rates | 0 | -82 277 | 0 | 0 | -82 277 |
Effects from transactions with non-controlling interests | 0 | 0 | -52 121 | 793 791 | 741 670 |
Effect from divestment of subsidiary | 0 | 0 | 0 | -243 844 | -243 844 |
Reclassification | 0 | 0 | -86 158 | 86 158 | 0 |
Comprehensive income for the period 1) | 0 | 1 506 196 | 560 966 | 2 067 162 | |
| 19 875 991 |
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2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Present value of unfunded obligations | -736,296 | -711,247 |
Present value of funded obligations | -897,243 | -821,883 |
Total present value of obligations | -1,633,538 | -1,533,130 |
Fair value of plan assets | 1,031,876 | 990,536 |
Net liability for defined benefit obligations | -601,662 | -542,594 |
Financial fixed assets / pension funds | 134,634 | 168,652 |
Liabilities / Employee benefits | -736,296 | -711,246 |
Net liability as at 31 December | -601,662 | -542,594 |
Major categories of plan assets: | 2025 | 2024 |
Equity instruments | 30% | 37% |
Corporate bonds | 49% | 45% |
Government bonds | 8% | 4% |
Other assets | 13% | 14% |
Total plan assets | 100% | 100% |
Funded obligation | Unfunded obligation | Net obligation | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Amounts in NOK 1,000 | ||||||
Balance at 1. January | 168,652 | 121,686 | -711,247 | -628,630 | -542,594 | -506,944 |
168,652 | 121,686 | -711,247 | -628,630 | -542,594 | -506,944 | |
Pension contribution | -18 278 | 45 434 | 0 | 0 | -18,278 | 45,434 |
Benefits paid by the plan 1) | 0 | 0 | 11 885 | 11,480 | 11,885 | 11,480 |
-18 278 | 45 434 | 11 885 | 11,480 | -6,392 | 56,915 | |
| Included in profit and loss: | ||||||
| Interest on obligation / Interest | ||||||
on plan assets | 5 246 | 5 119 | -23 321 | -22,927 | -18,075 | -17,808 |
Current service cost | -21 346 | -22 811 | -14 194 | -12,870 | -35,540 | -35,682 |
Past service cost | 0 | 0 | 0 | 0 | 0 | 0 |
Currency effects / Corrections | 0 | 0 | 0 | 0 | 0 | 0 |
Net pension cost | -16 100 | -17 693 | -37 515 | -35,797 | -53,615 | -53,490 |
Included in other comprehensive income: | ||||||
| Actuarial gain/(loss) arising from: | ||||||
| Financial assumptions | ||||||
Experience adjustments 2) | -53 601 | 4 300 | 581 | -58,300 | -53 020 | -54,000 |
Transferred value | 1 680 | 1 246 | 0 | 0 | 1 680 | 1,246 |
Return on plan assets | 52 280 | 13 680 | 0 | 0 | 52 280 | 13,680 |
359 | 19 226 | 581 | -58,300 | 940 | -39,074 | |
Foreign currency translation | 0 | 0 | 0 | 0 | 0 | 0 |
Balance as at 31 December | 134 634 | 168 653 | -736 296 | -711,247 | -601,662 | -542,593 |
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2025 | 2024 | |
Discount rate / Expected return on plan assets at 31. December | 4.00% | 3.30% |
Future salary increase | 3.75% | 3.25% |
Yearly regulation in official pension index (G) | 3.75% | 3.25% |
Future pension increases | 3.00% | 2.10% |
Social security costs | 14.10% | 14.10% |
Mortality table | K2013 | K2013 |
Disability table | KU | KU |
| 2025 | |
| Amounts in NOK 1,000 | |
Future salary increase with 0.25% | 13 741 |
Future pension increase with 0.25% | 45 050 |
Discount rate decreases with 0.25% | 30 468 |
Future mortality assumption, increased lifetime by 1 year | 54 920 |
NOTE 20 Deferred income and other accruals
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Accrued interest other | 107,412 | 121,160 |
Other accruals | 913,467 | 1,035,376 |
Contract liabilities | 1,558,610 | 1,916,913 |
Other accruals and deferred income | 2,579,489 | 3,073,450 |
NOTE 21 Trade and other payables
Trade and other Payables
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Other trade payables | 478,706 | 757,823 |
Total trade payables | 478,706 | 757,823 |
Fair value of derivatives | 20,188 | 0 |
Total other payables | 20,188 | 0 |
Total trade and other payables | 498,894 | 757,823 |
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Carrying value | Fair value | ||||||||
Equity investments 1) | |||||||||
| Hedging | Amortized | ||||||||
instruments | at FVTPL | at FVOCI | cost | Total | Level 1 | Level 2 | Level 3 | Total | |
| Amounts in NOK 1,000 | |||||||||
Other shares 2) | 0 | 77,439 | 91,045 | 0 | 168,484 | 77,758 | 0 | 90,726 | 168,484 |
Bonds 2) | 0 | 214,408 | 0 | 0 | 214,408 | 214,408 | 0 | 0 | 214,408 |
Interest rate swaps | 0 | 165,133 | 0 | 0 | 165,133 | 0 | 0 | 0 | 0 |
Forward exchange contracts | 0 | 3,238 | 0 | 0 | 3,238 | 0 | 0 | 0 | 0 |
Loans granted to associates | 0 | 0 | 0 | 825,919 | 825,919 | 0 | 0 | 0 | 0 |
Other interest-bearing loans | 0 | 0 | 0 | 7,205 | 7,205 | 0 | 0 | 0 | 0 |
Other non-interest-bearing receivables | 0 | 0 | 0 | 127,840 | 127,840 | 0 | 0 | 0 | 0 |
Trade and other receivables | 0 | 0 | 0 | 2,661,368 | 2,661,368 | 0 | 0 | 0 | 0 |
Cash and cash equivalents | 0 | 0 | 0 | 6,317,088 | 6,317,088 | 0 | 0 | 0 | 0 |
Financial assets | 0 | 460,218 | 91,045 | 9,939,420 | 10,490,683 | 292,166 | 0 | 90,726 | 382,892 |
Bank overdrafts | 0 | 0 | 0 | 480,685 | 480,685 | 0 | 0 | 0 | 0 |
Interest-bearing bond loans | 0 | 0 | 0 | 3,085,438 | 3,085,438 | 0 | 0 | 0 | 0 |
Secured bank loans | 0 | 0 | 0 | 3,360,818 | 3,360,818 | 0 | 0 | 0 | 0 |
Unsecured loans | 0 | 0 | 0 | 956,144 | 956,144 | 0 | 0 | 0 | 0 |
Right-of-use liabilities | 0 | 0 | 0 | 740,846 | 740,846 | 0 | 0 | 0 | 0 |
Trade and other payables | 0 | 0 | 0 | 2,965,053 | 2,965,053 | 0 | 0 | 0 | 0 |
Financial liabilities | 0 | 0 | 0 | 11,588,982 | 11,588,982 | 0 | 0 | 0 | 0 |
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Carrying value | Fair value | ||||||||
Equity investments 1) | |||||||||
| Hedging | Amortized | ||||||||
instruments | at FVTPL | at FVOCI | cost | Total | Level 1 | Level 2 | Level 3 | Total | |
| Amounts in NOK 1,000 | |||||||||
Other Shares 2) | 0 | 66,114 | 111,067 | 0 | 177,181 | 66,523 | 0 | 110,657 | 177,181 |
Bonds 2) | 0 | 219,618 | 0 | 0 | 219,618 | 219,618 | 0 | 0 | 219,618 |
Interest rate swaps | 261,226 | 0 | 0 | 0 | 261,226 | 0 | 261,226 | 0 | 261,226 |
Loans granted to associates | 0 | 0 | 0 | 706,980 | 706,980 | 0 | 0 | 0 | 0 |
Other interest-bearing loans | 0 | 0 | 0 | 4,002 | 4,002 | 0 | 0 | 0 | 0 |
Other non-interest-bearing receivables | 0 | 0 | 0 | 117,913 | 117,913 | 0 | 0 | 0 | 0 |
Trade and other receivables | 0 | 0 | 0 | 2,763,408 | 2,763,408 | 0 | 0 | 0 | 0 |
Cash and cash equivalents | 0 | 0 | 0 | 6,582,590 | 6,582,590 | 0 | 0 | 0 | 0 |
Financial assets | 261,226 | 285,731 | 111,067 | 10,174,894 | 10,832,918 | 286,141 | 261,226 | 110,657 | 658,025 |
Bank overdrafts | 0 | 0 | 0 | 502,463 | 502,463 | 0 | 0 | 0 | 0 |
Interest-bearing bond loans | 0 | 0 | 0 | 3,086,798 | 3,086,798 | 0 | 0 | 0 | 0 |
Secured bank loans | 0 | 0 | 0 | 4,553,003 | 4,553,003 | 0 | 0 | 0 | 0 |
Unsecured loans | 0 | 0 | 0 | 1,204,973 | 1,204,973 | 0 | 0 | 0 | 0 |
Right-of-use liabilities | 0 | 0 | 0 | 650,091 | 650,091 | 0 | 0 | 0 | 0 |
Trade and other payables | 0 | 0 | 0 | 3,726,050 | 3,726,050 | 0 | 0 | 0 | 0 |
Financial liabilities | 0 | 0 | 0 | 13,703,378 | 13,703,378 | 0 | 0 | 0 | 0 |
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| Carrying amount | ||
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Financial assets, shares | 168,484 | 177,181 |
Financial assets, bonds | 214,408 | 219,618 |
Loans granted to associates | 825,919 | 706,980 |
Other interest-bearing loans | 7,205 | 4,002 |
Other non-interest-bearing receivables | 127,840 | 117,913 |
Trade and other receivables 1) | 2,441,589 | 2,438,883 |
Contract assets 1) | 219,779 | 324,525 |
Cash and cash equivalents | 6,317,088 | 6,582,590 |
Derivatives | 168,371 | 261,226 |
Total | 10,490,683 | 10,832,918 |
| Carrying amount | ||
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Renewable Energy | 1,119,719 | 1,324,027 |
Wind Service | 1,123,732 | 1,159,813 |
Cruise | 215,966 | 124,283 |
Other Investments | 201,951 | 155,284 |
Total | 2,661,368 | 2,763,408 |
| Carrying amount | ||
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
UK | 723,223 | 1,177,392 |
EURO-zone incl. Norway | 1,575,346 | 1,243,679 |
America | 304,124 | 287,222 |
Africa | 776 | 0 |
Asia | 56,835 | 54,973 |
Other | 1,064 | 142 |
Total | 2,661,368 | 2,763,408 |
Gross | Provisions | Balance | Gross | Impairment | Balance | |
2025 | 2024 | |||||
| Amounts in NOK 1,000 | ||||||
Not past due | 1,432,834 | 0 | 1,432,834 | 2,595,193 | 0 | 2,595,193 |
Past due 0-30 days | 787,493 | 0 | 787,493 | 113,902 | -142 | 113,760 |
Past due 31-180 days | 50,000 | -2,700 | 47,300 | 45,662 | -496 | 45,166 |
Past due 181-360 days | 199,161 | -139 | 199,022 | 3,434 | -585 | 2,849 |
More than one year | 205,817 | -11,100 | 194,717 | 18,051 | -11,611 | 6,440 |
Total | 2,675,306 | -13,938 | 2,661,368 | 2,776,242 | -12,834 | 2,763,408 |
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| Carrying | Contractual | 2029 and | |||||
| 31 December 2025 | amount | cash flows | 2026 | 2027 | 2028 | 2029 | thereafter |
| Amounts in NOK 1,000 | |||||||
Non-derivative financial liabilities | 8,625,357 | 7,207,606 | 1,677,506 | 615,811 | 1,304,171 | 1,388,968 | 2,221,150 |
Derivative financial liabilities | 20,188 | 151,512 | 38,797 | 31,172 | 25,377 | 19,505 | 36,660 |
| Carrying | Contractual | 2028 and | |||||
| 31 December 2024 | amount | cash flows | 2025 | 2026 | 2027 | 2028 | thereafter |
| Amounts in NOK 1,000 | |||||||
Non-derivative financial liabilities | 9,977,328 | 8,573,335 | 2,480,184 | 1,672,674 | 507,632 | 1,224,376 | 2,688,468 |
Derivative financial liabilities | 0 | 207,058 | 48,258 | 40,664 | 32,672 | 26,598 | 58,867 |
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31 December 2025 | 31 December 2024 | |||||
Amounts in NOK 1,000 | USD | GBP | EUR | USD | GBP | EUR |
| Gross statement of financial | 37,396 | -240,802 | 169,993 | 32,844 | -296,318 | 98,350 |
| position exposure | ||||||
Forward exchange contract | 0 | -1,249 | 0 | 0 | 0 | 0 |
Net exposure | 37,396 | -242,051 | 169,993 | 32,844 | -296,318 | 98,350 |
Equity | Profit or loss | |
| Effect in NOK 1,000 | ||
| 31 December 2025 | ||
USD | -37,691 | 0 |
GBP | 326,819 | 1,708 |
EUR | -201,323 | 0 |
| 31 December 2024 | ||
USD | -37,289 | 0 |
GBP | 421,509 | 0 |
EUR | -116,004 | 0 |
Average rate | Reporting date spot rate | |||
2025 | 2024 | 2025 | 2024 | |
1 USD | 10.3912 | 10.7433 | 10.0791 | 11.3534 |
1 GBP | 13.6788 | 13.7390 | 13.5721 | 14.2249 |
1 EUR | 11.7177 | 11.6276 | 11.8430 | 11.7950 |
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At the reporting date the interest rate profile of the Group of companies’ interest-bearing financial
instruments was:
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Fixed rate instruments | 165,133 | 1,843 |
Financial liabilities (interest-hedged portion of interest-bearing debt) | -2,276,942 | -3,063,310 |
Total | -2,111,809 | -3,061,467 |
| Variable rate instruments | ||
Financial assets (cash and cash equivalents) | 6,317,088 | 6,582,590 |
Financial liabilities (non-interest-hedged portion of interest-bearing debt) | -6,348,416 | -6,914,018 |
Total | -31,327 | -331,428 |
Interest rate sensitivity
A change of 100 basis points in interest rates at the reporting date would have increased (decreased)
equity and profit or loss by the amounts indicated below. This analysis is on a pre-tax basis and assumes
that all other variables, in particular foreign currency rates, remain constant. Changes in the market value
of interest rate swap agreements are not included. The analysis is performed on the same basis as for the
previous year.
Profit or loss | Equity | |||
| 100 bp | 100 bp | 100 bp | 100 bp | |
| increase | decrease | increase | decrease | |
| Amounts in NOK 1,000 | ||||
| 31 December 2025 | ||||
Net interest costs | -313 | 313 | -313 | 313 |
| 31 December 2024 | ||||
Net interest costs | -3,314 | 3,314 | -3,314 | 3,314 |
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| Land and | Other | |||
| Vessels | Buildings | fixed assets | Total | |
| Amounts in NOK 1,000 | ||||
| 2025 | ||||
Balance at 1 January | 3,637 | 597,450 | 22,803 | 623,890 |
Adjustment. Opening balance | 0 | 1,824 | 4,577 | 6,401,695 |
Depreciation charge for the year | 0 | -75,130 | -11,293 | -86,423 |
Impairment | 0 | 0 | 0 | 0 |
Additions to right-of-use assets | 0 | 181,397 | 13,345 | 194,742 |
Derecognition of right-of-use assets | -3,726 | -19,261 | -6,009 | -28,995 |
Reclassification | 0 | 15,923 | 0 | 15,923 |
Other | 0 | 556 | 0 | 556 |
Currency differences - Cost | 0 | -22,302 | 611 | -21,691 |
Currency differences - Depreciation | 88 | 6,192 | -450 | 5,830 |
Balance at 31 December | 0 | 686,648 | 23,585 | 710,234 |
| 2024 | ||||
Balance at 1 January | 3,812 | 503,000 | 24,421 | 531,234 |
Adjustment. Opening balance | 0 | 0 | 0 | 1 |
Depreciation charge for the year | -543 | -72,284 | -10,592 | -83,419 |
Additions to right-of-use assets | 0 | 137,250 | 21,756 | 159,006 |
Derecognition of right-of-use assets | 0 | -8,805 | -8,972 | -17,777 |
Reclassification | 0 | 9,962 | -5,158 | 4,803 |
Other | 0 | -9 | 0 | -9 |
Currency differences - Cost | 504 | 42,016 | 2,347 | 44,868 |
Currency differences - Depreciation | -137 | -13,680 | -1,000 | -14,817 |
Balance at 31 December | 3,637 | 597,450 | 22,803 | 623,890 |
Amounts recognized in profit or loss
Leases under IFRS 16 | 2025 | 2024 |
| Amounts in NOK 1,000 | ||
Depreciation charge for the year | 86,423 | 83,419 |
Interest on lease liabilities | 34,142 | 22,063 |
Expenses related to short-term leases | 75,316 | 101,259 |
Expenses related to leases of low-value assets | 2,991 | 867 |
Amounts recognized in statement of cash flows
2025 | 2024 | |
| Amounts in NOK 1,000 | ||
Total cash outflow for leases | 93,375 | 103,520 |
Most of the lease rentals in the Group of companies are related to office rental contracts in several
countries, land leases regarding wind farms. The additions to right-of-use assets in 2025 are mainly
related to new office rental contracts and new land lease contract in the Renewable Energy segment.
Expenses included in profit or loss from short-term leases are mainly related to leases of cranes and various
equipment in the Global Wind Service Group.
The office rental contracts are mainly within the subsidiary NHST Holding AS. The most significant leases
are related to the main offices in Europe and have a duration of 5-10 years, some which contain renewal
options. The renewal period is a significant proportion of the leasing liability. It is assessed that it is most
likely to exercise the options to extend the lease period and the calculation of the liability and right-of-use
asset is based on this assumption.
Also included are land leases, with fixed payments, regarding wind farms within Renewable Energy.
These contracts are mainly compensation for road access, use of a compound or a minimum rent to the
landowners. The land rent contracts normally have variable lease terms based on turnover or usage. These
lease payments depending on turnover or usage will continue to be recognized in profit or loss when the
use occurs. These payments are not included in the lease liability that is recognized under IFRS 16, due
to their variable nature. The total expenses relating to variable lease payments which is not included in
the measurement of lease liabilities are NOK 29 million in 2025 (NOK 104 million). The cash outflow from
variable leases is estimated to NOK 51 million in 2025.
The Group of companies has some short-term office rental contracts and leases of low-value items which
the Group of companies has elected not to recognize as right-of-use assets and lease liabilities.
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Per year end 2025 | Per year end 2024 | |||||
Project | Committed | Capitalised | Remaining Committed | Capitalised | Remaining | |
| Amounts in NOK 1,000 | ||||||
| Renewable Energy | ||||||
Crystal Rig IV | 614,538 | 536,494 | 78,044 | 891,429 | 280,769 | 610,660 |
Windy Standard III | 1,365,143 | 457,978 | 907,165 | 0 | 0 | 0 |
Total | 985,209 | 610,660 | ||||
| Wind Service | ||||||
BoldWind | 0 | 0 | 0 | 43,758 | 0 | 43,758 |
BraveWind | 0 | 0 | 0 | 43,758 | 0 | 43,758 |
Total | 0 | 87,517 | ||||
| Cruise | ||||||
Bolette | 58,885 | 0 | 58,885 | 37,491 | 0 | 37,491 |
Borealis | 11,968 | 0 | 11,968 | 18,673 | 0 | 18,673 |
Balmoral | 0 | 0 | 0 | 1,076 | 0 | 1,076 |
Total | 70,853 | 57,240 | ||||
Remaining capital commitments | 1,056,062 | 755,417 |
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Invoices from related parties | 2025 | 2024 |
| Amounts in NOK 1,000 | ||
Costs together with profit margin and bonus to Fred. Olsen & Co., charged to the Company | 116 606 | 122,928 |
Costs and fees charged to subsidiaries | 140,210 | 108,220 |
Amount outstanding between Fred. Olsen & Co. and the Company 1) | 511 | -9,418 |
Amount outstanding between Fred. Olsen & Co. and subsidiaries of the Company 1) | -46,971 | -12,607 |
Invoices from related parties in Renewable Energy | 2025 | 2024 |
| Amounts in NOK 1,000 | ||
Natural Power with subsidiaries - asset management services | 159,705 | 152,797 |
Natural Power with subsidiaries - other consultancy services | 22,679 | 29,766 |
Fred. Olsen & Co | 67,931 | 41,357 |
Fred. Olsen Ltd. | 6,667 | 6,534 |
Zephir Ltd. | 313 | 781 |
ZX Measurement Services Ltd. | 3,015 | 3,859 |
Fred. Olsen Travel Ltd. | 427 | 716 |
New Power Partners ApS | 19,035 | 29,947 |
Total paid to related parties | 279,772 | 265,758 |
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Invoices from related parties in Cruise | 2025 | 2024 |
| Amounts in NOK 1,000 | ||
Fred. Olsen Ltd | 34,100 | 34,482 |
Fred. Olsen Travel Ltd | 22,229 | 18,263 |
Fred. Olsen House JV | 10,863 | 11,187 |
Bahia Shipping Services Inc. (agency fee for crewing services) | 10,025 | 10,513 |
Fred. Olsen & Co. (invoiced for admin fee for Group services) | 4,758 | 2,826 |
Total paid to related parties | 81,975 | 77,270 |
Board of directors: | Shareholders' committee: | Managing Director: | |||
| Number of shares | |||||
Fred. Olsen | 40,586 | Christian F. Michelet | 0 | Anette S. Olsen | 2,942 |
Carol Bell | 1,200 | Ole Kristian Aabø-Evensen | 0 | ||
Nick Emery | 325 | Synne Homble | 0 | ||
Kristin Gjertsen | 0 | Andreas Mellbye | 0 | ||
Gaute Gjelsten | 0 | ||||
Jannicke Hilland | 0 |
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| Country of | Votes, | |||
incorporation | Ownership interest | percentage | ||
2025 | 2024 | |||
Fred. Olsen Seawind ASA | Oslo, Norway | 100.00% | 100.00% | 100.00% |
Fred. Olsen Renewables AS | Oslo, Norway | 100.00% | 100.00% | 100.00% |
- Fred. Olsen Wind Ltd. | UK | 51.00% | 51.00% | 51.00% |
- Fred. Olsen CBH Ltd. | UK | 51.00% | 51.00% | 51.00% |
- Hvitsten II JV AS | Oslo, Norway | 51.00% | 51.00% | 51.00% |
- Hvitsten II JV AB | Sweden | 51.00% | 51.00% | 51.00% |
Fred. Olsen Ocean Ltd. | Hamilton, | 100.00% | 100.00% | 100.00% |
| Bermuda | ||||
- Fred. Olsen Windcarrier ASA | Oslo, Norway | 100.00% | 100.00% | 100.00% |
- Global Wind Services A/S | Fredericia, | 92.16% | 92.16% | 92.16% |
| Denmark | ||||
First Olsen Holding AS | Oslo, Norway | 100.00% | 100.00% | 100.00% |
NHST Holding AS | Oslo, Norway | 55.13% | 55.13% | 55.13% |
Fred. Olsen Travel AS | Oslo, Norway | 100.00% | 100.00% | 100.00% |
Fred. Olsen Insurance Services AS | Oslo, Norway | 100.00% | 100.00% | 100.00% |
AS Stavnes Byggeselskap | Oslo, Norway | 100.00% | 100.00% | 100.00% |
Fred. Olsen Spedisjon AS | Oslo, Norway | 100.00% | 100.00% | 100.00% |
Fred. Olsen 1848 AS | Oslo, Norway | 100.00% | 100.00% | 100.00% |
Fred. Olsen Investments AS | Oslo, Norway | 100.00% | 100.00% | 100.00% |
Fred. Olsen Cruise Lines Pte Ltd | Singapore | 100.00% | 100.00% | 100.00% |
Projective Ltd. | London | 81.68% | 0.00% | 81.68% |
Ganger Rolf AS 1) | Oslo, Norway | 100.00% | 100.00% | 100.00% |
Fred. Olsen Canary Lines S.L. 1) | Spain | 100.00% | 100.00% | 100.00% |
Felixstowe Ship Management Ltd. 1) | UK | 99.85% | 99.85% | 99.85% |
| Number of | Book value | Result | ||
| shares | shares | for the year | Equity | |
| Amounts in NOK 1,000 | ||||
Fred. Olsen Seawind ASA | 10,000,000 | 546,683 | -84,477 | 300,687 2) |
Fred. Olsen Renewables AS | 30,000 | 1,779,107 | 366,565 | 2,930,342 2) |
- Fred. Olsen Wind Ltd. | 400,002 | 2,045,199 | 567,930 | 1,139,986 2) |
- Fred. Olsen CBH Ltd. | 153 | 367,034 | 38,392 | 187,435 2) |
- Hvitsten II JV AS | 57,607,438 | 769,463 | -305 | 286,897 |
- Hvitsten II JV AB | 12,750 | ,1,582,654 | -44,749 | 1,384,935 |
- Hvitsten II JV Limited | 43,265 | 787,898, | -455 | 957,372 |
Fred. Olsen Ocean Ltd. | 39,993,796 | 2,749,285 | 1,340,128 | 5,980,524 2) |
- Fred. Olsen Windcarrier ASA | 50,000,000 | 1,568,579 | 968,289 | 4,852,888 2) |
- Global Wind Services A/S | 940,000 | 476,391 | 6,968 | 295,441 2) |
First Olsen Holding AS | 1,000,100 | 587,131 | 306,142 | -1,076,930 2) |
NHST Holding AS | 882,371 | 271,622 | 89,233 | -224,858 2) |
Fred. Olsen Travel AS | 4,482 | 7,914 | 7,853 | 21,213 |
Fred. Olsen Insurance Services AS | 1,500 | 2,278 | 340 | 891 |
AS Stavnes Byggeselskap | 11,000 | 28,660 | -1,547 | 28,057 |
Fred. Olsen Spedisjon AS | 700 | 5,570 | -2,194 | 5,570 |
Fred. Olsen 1848 AS | 40 | 67,750 | -46,942 | 35,369 2) |
Fred. Olsen Investments AS | 1,000 | 10,000 | 881 | 9,996 |
Fred. Olsen Cruise Lines Pte Ltd | 1,000,000 | 6,230 | 423 | 23,459 |
Projective Ltd. | 892 | 76,117 | -6,528 | 6,111 |
Ganger Rolf AS 1) | 30,000 | 31 | 0 | 15 |
Fred. Olsen Canary Lines S.L. 1) | 100 | 96 | 0 | 0 |
Felixstowe Ship Management Ltd. 1) | 15,151 | 965 | 0 | 0 |
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NOTE 28 Subsequent events
MEAG Munich ERGO Asset Management GmbH invested in FOWIC
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. In connection with this closing, FOO sold
existing shares in FOWIC to MEAG for total consideration of EUR 70 million, and FOWIC issued new shares
to MEAG for consideration of EUR 30 million. Following completion of 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.
The FOO sale of shares in FOWIC of EUR 70 million will result in a gain in the subsidiary FOO in 2026 of
EUR 44.7 million (which will be eliminated in the Bonheur financial statements), reflecting the difference
between the consideration received and the carrying amount of the shares disposed.
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Addresses
NGAAP accounts
Bold Tern, FO Windcarrier
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Major asset list as per 31
December 2025
Definitions
Addresses
Note 2025 2024
Amounts in NOK 1,000
Other income 1 17,859 19,469
Total income 17,859 19,469
Operating expenses 2 -189,511 -200,374
Depreciation 3 -3,232 -3,170
Total operating expenses -192,743 -203,544
OPERATING RESULTS -174,884 -184,074
Interest income 4 375,131 342,314
Dividends 5 949,149 10,815
Foreign exchange gains 41,133 187,755
Gain on sale of bonds and securities 7 1,008 2,327
Other financial income 36,523 7,928
Total financial income 1,402,944 551,140
Other interest expenses 6 -224,966 -222,087
Foreign exchange losses -113,318 -15,432
Loss on sale of bonds and securities 7, 8 0 -11
Other financial expenses 9 -24,003 -225,802
Total financial expenses -362,287 -463,332
Net financial items 1,040,657 87,808
RESULT BEFORE TAX 865,772 -96,266
Current tax 10 0 0
Deferred taxes 10 0 0
RESULT FOR THE YEAR 865,772 -96,266
Proposed allocations:
Dividends 11 310,483 287,090
Other equity 11 555,290 -383,356
Total allocations 865,772 -96,266
Income Statement (NGAAP)
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December 2025
Definitions
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Note 2025 2024
Amounts in NOK 1,000
ASSETS
Non-current assets
Real estate 3 32,416 33,628
Other property, plant and equipment 3 29,600 30,596
Total property, plant and equipment 62,017 64,224
Investments in subsidiaries 12 6,138,347 6,118,179
Investments in associates 7 16,747 16,747
Investments in other shares 7 47,271 69,155
Bonds 8 211,566 215,589
Other receivables 4 1,047,306 1,194,920
Pension funds 15 49,089 43,425
Financial fixed assets 7,510,326 7,658,015
Total non-current assets 7,572,343 7,722,239
Current assets
Short-term securities 7 77,439 61,869
Current receivables 4 1,727,315 977,205
Restricted cash 16 503,049 502,771
Unrestricted cash 16 2,908,629 2,952,986
Total current assets 5,216,432 4,494,831
TOTAL ASSETS 12,788,775 12,217,070
Balance Sheet (NGAAP)
Note 2025 2024
Amounts in NOK 1,000
EQUITY AND LIABILITIES
Equity
Share capital 11 53,165 53,165
Additional paid in capital 143,270 143,270
Total paid in capital 196,435 196,435
Other equity 8,505,192 7,941,699
Total equity 11 8,701,626 8,138,134
Liabilities
Pension liabilities 15 614,886 593,581
Total provisions 614,886 593,581
Bond loans non-current 2,386,056 2,387,694
Other non-current loans 36,553 57,535
Total non-current liabilities 6 2,422,609 2,445,229
Bond loans current 699,382 699,104
Other current liabilities 350,272 341,023
Total current liabilities 6 1,049,654 1,040,127
Total liabilities 4,087,149 4,078,937
TOTAL EQUITY AND LIABILITIES 12,788,775 12,217,070
Oslo, 15 April 2026
Bonheur ASA – The Board of Directors
Fred. Olsen
Chair
Carol Bell
Director
Gaute Gjelsten
Director
Jannicke Hilland
Director
Kristin Gjertsen
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
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Statement by the
shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
Note 2025 2024
Amounts in NOK 1,000
Cash flow from operating activities:
Net result after tax 11 865,772 -96,266
Adjustments for:
Depreciation 3 3,232 3,170
Impairment of investments 9 17,492 218,575
Pension costs 34,581 32,563
Amortisation of borrowing costs 5,290 4,623
Unrealized currency gains (-) / losses 74,493 -119,186
Interest income -375,130 -342,314
Dividends -949,149 -10,815
Group contribution -25,067 0
Interest expenses 224,967 222,087
Gains (-) / losses on sale property plant and equipment 3 -25 0
Gains (-) / losses on sale of shares and bonds -1,008 -2,316
Taxes 10 0 0
Cash generated before changes in working capital and provisions -124,552 -89,879
Increase (-) / decrease in trade and other receivables 7,453 -1,911
Increase / decrease (-) in current liabilities -24,116 2,216
Net cash generated from operations -141,215 -89,574
Interest paid -227,228 -210,603
Tax paid 10 0 0
Net cash from operating activities -368,443 -300,177
Cash flow from investing activities:
Proceeds from sale of property plant and equipment 3 25 0
Proceeds from sale of shares and bonds 30,341 56,630
Interest received 257,679 312,579
Dividends received 949,149 9,475
Acquisitions of property plant and equipment -1,025 -339
Acquisitions of shares in subsidiaries other shares and bonds 12 -54,877 -103,882
Net change in receivables 4 -546,390 -11,316
Net cash flow from investing activities 634,902 263,147
Cash flow from financing activities:
Increase in borrowings 6 693,350 1,092,922
Repayment of borrowings 6 -716,798 -800,000
Dividends paid 11 -287,090 -255,191
Net cash flow from financing activities -310,538 37,731
Net change in cash and cash equivalents -44,079 701
Cash and cash equivalents at 1 January 16 3,455,757 3,455,056
Cash and cash equivalents at 31 December 16 3,411,678 3,455,757
Cash Flow Statement (NGAAP)
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General Information and summary of significant Accounting Principles
Bonheur ASA is a long-term industrial investment company.
The accounts have been prepared in accordance with the Norwegian accounting act and generally
accepted accounting principles in Norway. The annual accounts give a true and fair view of assets and
liabilities, financial status and results.
All figures presented are in NOK unless otherwise stated.
The annual accounts are based on basic policies related to historical cost, comparability, going concern,
congruence and prudence. Specific transactions are recognized at fair value of the date of the transactions.
Revenues from house rental, which is invoiced monthly, are recognised in the income statement once
invoiced.
Assets related to receivables payable within one year are classified as current assets. Other assets are
classified as non-current assets. An equivalent principle is applied to liabilities. Instalments related to long-
term debt payable within one year are classified as short-term liabilities.
Bonheur ASA’s significant accounting principles are consistent with the accounting principles for the
Group of companies, as described in note 1 and in the separate notes of the consolidated financial
statements. Where the principles for the Company are substantially different from the principles for the
Group of companies, these are explained below. Otherwise, refer to the notes to the consolidated financial
statements.
Foreign currency items and derivatives
Short and long-term assets and liabilities are valued at currency rates prevailing at year end. Unrealized
losses are expensed, and unrealized gains are accounted for as financial income.
Shares and other securities
Long-term investments in subsidiaries and associated companies are classified as financial fixed assets
in the balance sheet and measured at the lower of cost and fair value. Subsidiaries are entities qualifying
under Section 1-3 of the Norwegian Public Limited Liability Companaies’ Act.
Long-term investments in other shares and bonds held to maturity date, are classified as financial fixed
assets in the balance sheet and measured at the lower of cost and fair value. Short-term investments in
other shares are classified as current assets in the balance sheet and measured at fair value in the income
statement. Average cost is used when gains/losses on sale of shares and bonds are calculated. Gains/losses
on sale of securities are recognized in the income statement as financial income/losses.
At the reporting dates, the carrying amounts of fixed assets are reviewed to determine whether there is an
indication of impairment. Fixed assets are written down to their recoverable amount if this is lower than the
carrying amount, and the decline is expected to be permanent. The recoverable amount is the higher of an
asset or cash generating unit’s fair value, less cost of disposal and its value in use. For investments that are
not actively traded in the market, fair value is determined by using valuation techniques such as e.g. using
recent arm’s length market transactions. Value in use is the present value of future cash flows expected to
be derived from an asset or cash generating unit.
Cash and cash equivalents
Cash and cash equivalents include cash and bank deposits held within financial institutions, both
unrestricted and restricted, and other current, liquid investments.
Management expenses
The Company’s relative share of Fred. Olsen & Co. AS's management expenses are charged to «operating
expenses» in the income statement.
Pension cost/-commitments
The Company has chosen to follow IAS 19 also for the parent company’s presentation of pension costs, as
optionally granted in NRS 6.
Net pension cost, which consists of gross pension cost, less estimated return on plan assets adjusted for the
impact of changes in estimates and pension plans, are classified as an operating cost, and is presented in
the line item “operating expenses” whereas the changes in estimates are recognized in equity.
Dividends received
Dividend income is recognised in profit or loss on the date that the company’s right to receive payment
is established, which in the case of quoted securities is the ex-dividend date. Dividends from non-listed
securities are recognised in profit or loss at the date the company receives the dividends.
Transactions with related parties
Purchase and sale transactions with related parties in Norway, subject to the Norwegian Limited Liability
Companies Act § 3-9, are carried out in accordance with general business terms and principles. There are
written agreements for significant transactions. Transactions with related parties are specified in note 1.
Bonheur ASA’s share of revenues, expenses (e.g., administration fee and IT fee), gains and losses not
attributable to a particular company within the Group of companies is based on allocation keys in
accordance with good business practice.
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NOTE 1 Related party information
In the ordinary course of business, the Group of companies recognizes certain business transactions
with accounting wise related parties. This note describes the background; the services included the
compensation principles as well as the governance principles applied to such main arrangements.
Transactions within the Group of companies and with related parties
Internal short and long-term Group of companies loans and commitments carry market interest rates
according to agreement as at the date of issue. Depending on the terms of the loan agreement, the interest
rates set are based on an arm’s length principle and follow the market interest rates taking into account the
relevant risks involved. The risks include type of business, geographical affiliation, security, duration etc.
2025 2024
Amounts in NOK 1,000
Revenues
Subsidiaries 9,379 9,457
Other related parties 474 601
Fred. Olsen & Co. AS 5,410 6,799
Total 15,263 16,857
Operating expenses
Subsidiaries 11,875 14,380
Other related parties 564 893
Fred. Olsen & Co. AS 116,606 122,928
Total 129,045 138,201
Financial income
Interest income from subsidiaries 229,126 173,062
Group contribution 24,697 0
Guarantee income from subsidiaries: 6,421 5,631
Total 260,245 178,693
Accounts receivable
Subsidiaries 4,850 37
Other related parties -6 44
Fred. Olsen & Co. AS 511 0
Total 5,355 82
Accounts payable
Subsidiaries 2,605 3,948
Other related parties 12 16
Fred. Olsen & Co. AS 0 9,418
Total 2,618 13,383
Non-current Interest-bearing receivables
Subsidiaries 1,043,305 1,191,420
Total 1,043,305 1,191,420
Current Interest-bearing receivables
Subsidiaries 1,393,685 768,017
Total 1,393,685 768,017
Current Interest-bearing payables
Subsidiaries 0 3,078
Total 0 3,078
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Fred. Olsen & Co. AS
The origin of the firm Fred. Olsen & Co. AS (Fred. Olsen & Co.) dates back to 1848. The current proprietor of
Fred. Olsen & Co, Anette Sofie Olsen, identifies the fifth generation Olsen and can draw an uninterrupted
line of business conduct back to 1848. Whilst some Fred. Olsen-related activities are investments by the
Company, others remain private - but they all stem from the private entrepreneurship back in 1848.
A good example is the Renewable Energy business segment, which in the early nineties of the last century
evolved out of private Fred. Olsen-related green energy activities in the moorlands of Scotland. On the back
of these activities an opportunity was made available for the Company to expand its business interests into
investing in developing, constructing, owning and operating windfarms, initially primarily in the UK, but
later also in Scandinavia.
Fred. Olsen & Co. has for generations managed operation of the Company. The public side of the Fred.
Olsen-related activities were in earlier years centered around five shipping companies, all listed on the
Oslo Stock Exchange and each engaged in distinct business activities and managed by Fred. Olsen & Co.
Following various mergers, the latest in May 2016, the Company became the sole surviving entity out of
these five companies, but now with investments in a variety of diversified business segments, each subject
to an autonomous corporate structures and accordingly with distinct management.
Over the years Fred. Olsen & Co. have in addition also been engaged in the operation or provision of
professional services to other companies and investment funds.
In addition to managing the Company, Fred. Olsen & Co. today also provides a variety of professional
services at market rates to predominantly subsidiaries of the Company engaged in the various business
segments within which the Company is invested. Fred. Olsen & Co. only to a very limited degree provides
services to private Fred. Olsen-related companies, and then at rates equal to those applied to subsidiaries of
the Company.
The Board of Bonheur is satisfied that the arrangement with Fred. Olsen & Co. in charge of the full operation
of the Company, which has proved resilient and successful for decades, also today is very suitable.
The Board is of the view that the business segments within which Bonheur at any one point in time are
invested in through subsidiaries must be operated on an autonomous basis. At the same time, and partly
for the same reason, it is of significant value to Bonheur that Fred. Olsen & Co. with its experience and
knowledge on a professional basis assist each of these business segments in achieving their respective
goals. That in turn provides a unique platform for Fred. Olsen & Co. to be able to efficiently provide such
day-to-day operation of the Company that it needs. By Fred. Olsen & Co. both being in charge of the day-
to-day operation of the Company and also providing a variety of services to subsidiaries of Bonheur, the
Company and Fred. Olsen & Co. achieve cost and competence synergies. Such benefits to both parties are
then realized without any interest being compromised.
For its services to the Company, Fred. Olsen & Co. is compensated through a cost-plus model. A profit
margin commensurable with margins used in comparable uncontrolled transactions is applied on top of a
cost base consisting of documented expenses mainly related to personnel, external consultancy services,
rent and IT expenses (see below table). Defined contribution pension relative to Fred. Olsen & Co. is
included in the above cost base, while defined benefit pension costs relative to Fred. Olsen & Co. hereunder
pension to Mr. Fred. Olsen, do not form part of this cost base but are charged directly to the Company. The
profit margin on the ordinary services by Fred. Olsen & Co. has in 2025 been set at 8%.
The compensation model is monitored by the Shareholders’ Committee who applies it in connection
with its annual recommendation to the Board on compensation and possible bonus to Fred. Olsen & Co.
The five members of the Shareholders’ Committee are all independent of the majority shareholders of
Bonheur. When dealing with these recommendations, the Board will be constituted by its, in this regards
non-conflicted Directors. The Board of Bonheur consists of six Directors out of which the majority, i.e. four
Directors, are independent of the majority shareholders of Bonheur.
The aforementioned compensation, together with a possible bonus, is the only compensation Fred. Olsen
& Co. receives. The profit margin and the maximum obtainable bonus are subject to regular third-party
benchmarking and review, performed every 3 years, last time in 2025, also monitored by the Shareholders’
Committee.
2025 2024
Amounts in NOK 1,000
Costs together with profit margin and bonus to Fred. Olsen &
Co., charged to the Company
116,606 122,928
Amount outstanding between Fred. Olsen & Co. and the
Company
1)
511 -9,418
1)
Short term outstanding in connection with current operations.
Mr. Fred. Olsen is party to a consultancy agreement with Fred. Olsen & Co. In 2025, NOK 2.6 million was paid
under this consultancy agreement (NOK 5.2 million). Such payment is part of the costs charged to Bonheur.
Hvitsten AS, a subsidiary of Fred. Olsen & Co. AS, is an alternative investment fund manager, as well as
naturally associated activities. Hvitsten AS's operations are subject to the Act on the Management of
Alternative Investment Funds of 20 June 2014 No. 28. In 2022, the company received permission to manage
funds from the Norwegian Financial Supervisory Authority. The permit is limited to management of funds
with an investment strategy within private equity and infrastructure investments, ref. § 2-4 fifth paragraph.
Hvitsten AS has a management agreement with Wind Fund I AS which invested EUR 316 million to
indirectly acquire three Scandinavian windfarms and two windfarms under construction in Scotland. In
addition, EUR 164 million is committed for future wind farm developments. Hvitsten AS is not exposed to
significant credit, interest rate and currency risks. The company has a long-term management agreement
with Wind Fund I AS but may also manage other alternative investment funds in the future.
Hvitsten AS charge a fixed administration fee to Wind Fund I AS with a stairstep fee-model for each new
wind farm, in addition to a one-time investment fee for each new wind farm investment.
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Consolidated accounts
NGAAP accounts
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Statement by the
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Major asset list as per 31
December 2025
Definitions
Addresses
NOTE 2 Personnel expenses, professional fees to the auditors and
other operating expenses
Bonheur ASA has no employees. The position as Managing Director is held by Anette S. Olsen as part of the
management of the Company provided by Fred. Olsen & Co AS. See note 1.
Fred. Olsen & Co AS has for the same period charged subsidiaries and other company related parties for
comparable services under distinct agreements.
Note 2025 2024
Amounts in NOK 1,000
Remuneration etc.
Admin. costs together with profit margin and bonus to
FOCO, charged the Company
82,025 90,365
Admin. cost to subsidiary 11,875 14,380
Employee benefits/pension costs related to FOCO,
charged the Company
15 34,581 32,563
Fees to the Board of Directors and Shareholders'
Committee
5,338 5,378
Other operating expenses 55,693 57,689
Total Operating expenses 189,511 200,374
2025 2024
Amounts in NOK 1,000
Hereof professional fees to the auditors
Statutory audit 6,431 6,885
Other services outside the audit scope 2,769 179
Total (VAT included) 9,200 7,064
Remuneration to the Board of Directors and the Shareholders Committee
2025 2024
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board 1,698 1,670
Nick Emery
1)
590 538
Carol Bell
1)
560 530
Gaute Gjelsten 468 440
Jannicke Hilland 460 440
Kristin Gjertsen 468 0
Heidi Skaaret 0 440
Total Compensations 4,243 4,058
1)
Includes compensation for overnight stops in connection with Board Meetings
The remunerations of the members of the Board of Directors do not follow the calendar year, but are from
one annual general meeting to the next, meaning from June one year to May the next year.
Remuneration to the Shareholders’ Committee:
2025 2024
Amounts in NOK 1,000
Christian Fr. Michelet 255 240
Synne Homble 210 200
Andreas Mellbye 210 200
Ole Kristian Aabø-Evensen 210 200
Anne Harris 210 0
Jørgen G. Heje 0 200
Total Compensations 1,095 1,040
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Consolidated accounts
NGAAP accounts
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Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
NOTE 3 Property, plant and equipment
Real estate Other assets Total
Amounts in NOK 1,000
Cost price as per 01.01.24 116,638 69,512 186,150
Purchases 0 339 339
Disposals 0 0 0
Other 0 0 0
Cost price as per 31.12.24 116,638 69,851 186,489
Cost price as per 01.01.25 116,638 69,851 186,489
Purchases 0 1,024 1,024
Disposals 0 -477 -477
Other 0 0 0
Cost price as per 31.12.25 116,638 70,398 187,037
Accumulated depreciation as per 01.01.24 -81,682 -37,413 -119,095
Depreciation current year -1,328 -1,842 -3,170
Accumulated depreciation assets sold 0 0 0
Other 0 0 0
Accumulated depreciation as per 31.12.24 -83,010 -39,255 -122,265
Accumulated depreciation as per 01.01.25 -83,010 -39,255 -122,265
Depreciation current year -1,212 -2,020 -3,232
Accumulated depreciation assets sold 0 477 477
Other 0 0 0
Accumulated depreciation as per 31.12.25 -84,222 -40,798 -125,020
Carrying amount as per 01.01.25 33,628 30,596 64,224
Carrying amount as per 31.12.25 32,416 29,600 62,017
Expected economic life 25 years Cars: 7 years
Depreciation schedule is linear for all categories
NOTE 4 Receivables
2025 2024
Amounts in NOK 1,000
Current assets - interest bearing
Subsidiaries
4)
Fred. Olsen Seawind ASA 818,437 612,305
Fred. Olsen Ocean Ltd 0 0
Fred. Olsen Cruise Lines Ltd 271,442 142,249
Fred. Olsen Spedisjon AS 1,000 130
Fred. Olsen Renewables AS 302,806 0
NHST Media Group AS 0 13,333
Total short-term receivables - Interest bearing 1,393,685 768,017
Current assets - non-interest bearing
Accounts receivable
1)
4,257 141
Accrued interest income
2)
309,156 199,458
Other
3)
20,217 9,589
Total short-term receivables 1,727,315 977,205
Financial fixed assets - interest bearing
Fred. Olsen Ocean Ltd 0 0
Fred. Olsen Cruise Lines Ltd 640,603 1,009,968
Fred. Olsen Renewables AS 395,916 174,340
First Olsen Holding AS 6,786 7,112
AS Stavnes Byggeselskap 0 0
Total subsidiaries
4)
1,043,305 1,191,420
Other 4,001 3,500
Total long-term receivables 1,047,306 1,194,920
Interest income group companies 229,126 173,062
1)
Hereof subsidiaries and other related parties 3,580 37
2)
Hereof subsidiaries and other related parties 307,749 198,050
3)
Hereof subsidiaries and other related parties 11,988 2,440
4)
For further information see note 14 - Financial instruments.
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Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
NOTE 5 Dividends
2025 2024
Amounts in NOK 1,000
Subsidiaries:
Fred. Olsen Ocean Ltd. 949,147 0
Fred. Olsen Insurance Services AS 0 1,340
Fred. Olsen Travel AS 0 5,000
New Power Partners ApS 0 4,202
Other:
Other investments 2 273
Total 949,149 10,815
NOTE 6 Liabilities
2025 2024
Amounts in NOK 1,000
Current liabilities:
Dividends 310,483 287,090
Accounts payable
1)
4,155 9,617
Bond-loans
3)
699,382 699,104
Other short-term liabilities
2)
35,635 44,316
Total current liabilities 1,049,654 1,040,127
Non-current liabilities:
Bond-loans
3)
2,386,056 2,387,694
Other non-current liabilities 36,553 57,535
Total non-current liabilities 2,422,609 2,445,229
Interest paid to subsidiaries 0 0
1)
Hereof subsidiaries and other related companies 3,301 7,008
2)
Hereof subsidiaries, associates and other related companies -696 10,258
3)
Bond-loans
Ticker Terms Issued Maturity 2025 2024
BON10 ESG 3 month NIBOR + 2.75% 22 Sep 20 22 Sep 25 0 699,104
BONHR01 ESG 3 month NIBOR + 2.90% 13 Jul 21 13 Jul 26 699,382 698,145
BONHR02 ESG 3 month NIBOR + 3.00% 15 Sep 23 15 Sep 28 749,142 748,122
BONHR03 ESG 3 month NIBOR + 2.35% 9 Oct 24 9 Oct 29 943,231 941,426
BONHR04 ESG 3 month NIBOR + 2.15% 17 Sep 25 17 Sep 30 693,683 0
Total 3,085,438 3,086,798
According to the covenants in the bond agreements the Company, including companies owned 100%,
has to maintain cash and cash equivalents of minimum NOK 500 million. In addition, the Company must
maintain a book equity of minimum NOK 2,280 million and a book equity ratio of minimum 35%. As per 31
December 2025 the Company is not in breach of the covenants
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Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
NOTE 7 Shares in associated companies and other investments
Cost price
Book value
as per
31.12.25
Market
value as per
31.12.25
Book value
as per
31.12.24
Market
value as per
31.12.24
Amounts in NOK 1,000
Total short-term liquid share portfolio 229,915 77,439 77,439 61,869 66,114
Shares in associated companies and other
long-term investment portfolio 203,977 64,018 64,213 85,901 86,187
Total liquid share portfolio 433,892 141,457 141,652 147,771 152,301
The market value of listed shares is determined by using the listed prices of the companies at year end.
Market value of non-listed companies is based on cost (book value) if no reliable measure of fair value
exists. See note 9 for impairment of financial assets.
NOTE 8 Bonds
Fixed assets Cost price Currency
Book
value
as per
31.12.25
Market
value
as per
31.12.25
Average
interest
rate 2025
Book
value
as per
31.12.24
Market
value
as per
31.12.24
Amounts in NOK 1,000
Energy Services companies 20,000 NOK 19,998 20,128 5.2% 24,989 25,069
Real Estate companies 32,004 NOK 32,003 32,166 5.5% 22,001 22,125
Industry companies 38,500 NOK 38,500 39,021 6.3% 85,408 87,947
Finance companies 77,250 NOK 77,250 78,622 7.3% 72,992 73,927
Insurance companies 9,000 NOK 9,000 9,454 8.0% 9,000 9,300
Investments companies 34,871 NOK 34,815 35,017 6.0% 1,200 1,251
Total 211,625 NOK 211,566 214,408 6.4% 215,589 219,618
NOTE 9 Other financial expenses
2025 2024
Amounts in NOK 1,000
Impairment of shares in subsidiaries
1)
15,810 180,568
Impairment of other shares 1,658 40,739
Various financial expenses 6,535 4,495
Total 24,003 225,802
1) Subsidiaries:
Fred. Olsen 1848 AS
1)
14,650 170,380
Fred. Olsen Insurance Service AS -2,100 0
Fred. Olsen Spedisjon AS 3,260 4,091
AS Stavnes Byggeselskap 0 6,097
Sum 15,810 180,568
2) Other shares:
Short-term liquid shares -15,570 28,396
Long-term liquid shares 17,228 12,343
Sum 1,658 40,739
1)
See also note 12.
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Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
NOTE 10 Tax
2025 2024
Amounts in NOK 1,000
Result before tax 865,772 -96,266
+/- permanent differences, tax exempt dividends, impairment
of shares
-935,610 215,565
+/- Changes in temporary differences -15,494 86,274
+/- Income / expenses recognised directly in equity 8,793 -74,006
- Application of loss carried forward 0 -131,566
+/- Adjustment from previous year 0 0
+/- Adjustment of interest deductible carried forward from
previous year
0 0
Basis for tax payable 0 0
Tax payable, 22% 0 0
Total payable tax - Balance sheet 0 0
Tax cost estimated as follows
Tax payable, 22% 0 0
Tax income / (-) cost 0 0
Reconciliation of tax income / (-) cost
Result before tax 865,772 -96,266
Income tax using the domestic corporation tax rate -190,470 21,179
Permanent differences 195,686 -47,743
Income / expenses recognised directly in equity -1,934 16,281
Change in limitation of deferred tax assets related to tax loss
carryforward
-3,281 10,284
Tax income / (-) cost 0 0
Basis for deferred tax
2025 2024 Change
Amounts in NOK 1,000
Fixed assets 19,186 18,978 -208
Deferred taxable gain/loss account -1,149 -1,473 -324
Receivables / financial instruments -4,182 -4,182 0
Pension premium funds -565,797 -579,400 -13,603
Miscellaneous differences 14,562 13,203 -1,360
Net temporary differences -537,379 -552,873 -15,494
Shares, bonds and partnerships -6,979 -6,946 33
Loss carried forward / deferred allowance -1,297,218 -1,220,679 76,539
Interest deductible carried forward -166,130 -212,292 -46,162
Allowances for deferred tax assets 2,007,706 1,992,790 14,915
Deferred tax basis 0 0 0
Deferred tax benefit (-) / deferred tax liabilities 0 0 0
The Company evaluates the criteria for recognizing deferred tax assets at the end of each reporting period.
The Company recognizes deferred tax assets when they are "more likely than not" to be realised based on
available evidence at the end of the reporting period, hereunder forecasted taxable profit and consolidated
budgets. As of 31 December 2025 there is no other evidence that future taxable profit may be available
against which the unused tax losses or unused tax credits can be utilized by the Company.
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(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
NOTE 11 Share capital and shareholders
Major shareholders as of 31.12.2025: Number Percent
INVENTO AS 12,328,547 28.99%
QUATRO A/S 8,736,550 20.54%
FOLKETRYGDFONDET 3,715,345 8.74%
Skagen Vekst Verdipapirfond 1,793,858 4.22%
FLØTEMARKEN AS 1,407,000 3.31%
MP PENSJON PK 880,615 2.07%
Verdipapirfondet Sparebank 1 Norge verdi 871,052 2.05%
The Bank of New York Mellon SA/NV 809,644 1.90%
TRASSEY SHIPPING LIMITED 793,740 1.87%
Salt Value AS 712,417 1.68%
Intertrade Shipping AS 550,635 1.29%
Verdipapirfondet Storeband Norge Institusjon 356,371 0.84%
Verdipapirfondet Alfred Berg Norge Restricted 329,283 0.77%
Verdipapirfondet Alfred Berg Norge 326,532 0.77%
Verdipapirfondet Storeband Norge Horisont 290,377 0.68%
JPMorgan Chase Bank, N.A., London 281,189 0.66%
Verdipapirfondet KLP Aksjenorge Indeks 278,897 0.66%
J.P. Morgan SE 247,702 0.58%
Verdipapirfondet DNB Norge Indeks 232,736 0.55%
Verdipapirfondet KLP Aksjenorge Aktiv 217,362 0.51%
Other 7,372,041 17.33%
Total 42,531,893 100.00%
As of 31 December 2025 the share capital of Bonheur ASA amounted to NOK 53,164,866.25 divided into
42,531,893 shares at nominal value of NOK 1.25 each. As of 31 December 2025 total number of shareholders
were 4,823. The Company has only one class of shares and each share equals one vote.
AS per 31 December 2025 the members of the board, members of the shareholders' committee and the
managing director owned and/or controlled directly and indirectly, the following number of shares in the
Company:
2025
Number of shares
Board of directors:
Fred. Olsen 40,586
Carol Bell 1,200
Nick Emery 325
Kristin Gjertsen 0
Gaute Gjelsten 0
Jannicke Hilland 0
Shareholders' committee:
Christian F. Michelet 0
Ole Kristian Aabø-Evensen 0
Anne Harris 0
Synne Homble 0
Andreas Melbye 0
Managing Director:
Anette S. Olsen (indirectly owned and controlled) 2,942
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 21,958,380 shares in the
Company.
Equity
Note
Paid in
share
capital
Additional
paid in
capital
Other
equity Total
Amounts in NOK 1,000
Equity 01.01.2024 53,165 143,270 8,368,428 8,564,863
Net group contribution 0 0 1,389 1,389
Actuarial gain / loss (-) 15 0 0 -44,762 -44,762
Result for the year 0 0 -96,266 -96,266
Proposed dividends 0 0 -287,090 -287,090
Equity 31.12.2024 53,165 143,270 7,941,699 8,138,134
Equity 01.01.2025 53,165 143,270 7,941,699 8,138,134
Net group contribution 0 0 -590 -590
Actuarial gain / loss (-) 15 0 0 8,793 8,793
Result for the year 0 0 865,772 865,772
Proposed dividends 0 0 -310,483 -310,483
Equity 31.12.2025 53,165 143,270 8,505,192 8,701,626
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Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
NOTE 12 Subsidiaries
Business office Ownership
Votes,
percentage
Number of
shares
Book value of
shares
Result for
the year Equity
Amounts in NOK 1,000
Fred Olsen Seawind ASA Oslo 100% 100% 10,000,000 546,683 -84,477 300,687
1)
Fred Olsen Renewables AS Oslo 100% 100% 30,000 1,779,107 366,565 2,930,342
1)
Fred Olsen Ocean Ltd Oslo 100% 100% 39,993,796 2,749,285 1,340,128 5,980,524
1)
First Olsen Holding AS Oslo 100% 100% 1,000,100 587,131 306,142 -1,076,930
1) 2)
DN Media Group Oslo 55% 55% 882,371 271,622 89,233 -224,858
1) 3)
Fred. Olsen Insurance Service AS Oslo 100% 100% 1,500 2,278 340 891
4)
Fred. Olsen Travel AS Oslo 100% 100% 4,482 7,914 7,853 21,213
AS Stavnes Byggeselskap Oslo 100% 100% 11,000 28,660 -1,547 28,057
5)
Fred. Olsen Spedisjon AS Oslo 100% 100% 700 5,570 -2,194 5,570
6)
Fred. Olsen 1848 AS Oslo 100% 100% 40 67,750 -46,942 35,369
1) 7)
Fred. Olsen Investments AS Oslo 100% 100% 1,000 10,000 881 9,996
Fred. Olsen Cruise Lines Pte Ltd Singapore 100% 100% 1,000,000 6,230 423 23,459
Projective Group Holdings Limited London 82% 82% 892 76,117 -6,528 6,111
1)
Ganger Rolf AS Oslo 100% 100% 30,000 - 0 15
8)
Fred. Olsen Canary Lines S.L. Spain 100% 100% 100 - 0 0
8)
6,138,347
1)
Group Company Equity based on IFRS.
2)
The Group of companies continuously evaluates its assets on an individual basis at each reporting date to determine whether there is objective evidence of impairment within the various business segments (for more information see note 10 for the
Group of companies).
3)
An impairment assessment was made by year end with the conclusion that no impairment is required for the Company's investment in NHST. The assessment is based on Bonheur’s continuous ownership in NHST, and the underlying values of the
assets in NHST. The impairment assessment is based on the principles and assumptions made when the impairment testing was performed for the underlying CGUs. See further information in note 11 for the Group Financial statement. The Company
performed sensitivity analysis to the changes in revenue and WACC to test the impairment estimates.
4)
In 2025 there was a decrease in the paid in capital of NOK 1.6 million. In 2025 there was a reversal of a previous impairment of Bonheur ASA’s investment in Fred. Olsen Insurance Services AS by NOK 2.1 million.
5)
In 2025 there was an increase in the paid in capital of NOK 1.3 million.
6)
In 2025 there was an increase in the paid in capital of NOK 1.5 million. In 2025 Bonheur ASA’s investment in Fred. Olsen Spedisjon AS was written down by NOK 3.3 million.
7)
In 2025 there was an increase of paid in capital of NOK 33 million. In 2025 Bonheur ASA’s investment in Fred. Olsen 1848 AS was written down by NOK 14.7 million.
8)
Based on the Company's ownership interest the companies are classified as subsidiaries, but due to no or insignificant activity the companies are not consolidated in the Group of companies. The book values from these companies are included in the
book value in note 7 – Shares in associated companies and other investments and in “Other investments” in the balance sheet.
.
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Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
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Statement by the
shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
NOTE 13 Guarantees
Bonheur ASA
Guarantee in favour of subsidiaries: 2025 2024
Amounts in NOK 1,000
ABTA bonds, Fred. Olsen Cruise Lines
1)
678,605 711,245
Fuel hedge, Fred. Olsen Cruise Lines
1)
0 4,922
Offshore Windfarm development project
1)
47,372 47,180
Offshore Windfarm development project
2)
0 62,590
Total guarantee commitments 31.12 725,977 825,937
1)
Bonheur ASA is liable for the guarantees.
2)
Bonheur ASA is pro rata liable for the guarantee.
NOTE 14 Financial instruments
The Company’s ordinary operations involve exposure to credit-, interest-, currency- and liquidity risks.
Credit risk
Transactions with financial derivatives are carried out with counterparties with good credit ratings. The
counterparty risk is therefore considered to be low. The maximum exposure of the credit risk is reflected in
the balance sheet value of each financial asset, including financial derivatives. No financial derivatives were
entered into during 2025. There is a credit risk related to loans to subsidiaries.
Interest rate risk
The Company is exposed to fluctuations in interest rates, as the debt is partly based on floating interest
rates, primarily in NOK. From time to time, the Company enters into interest rate swap agreements in order
to reduce the interest rate risk. Per 31 December 2025 there are no interest rate swap agreements. Please
refer to note 6 for an overview of Company loan commitments.
Currency risk
The Company is exposed to currency risk by purchases, sales, assets and liabilities in other currencies than
NOK, primarily the currencies GBP, EUR and USD.
The Company accounts are presented in NOK. The Company is closely monitoring the currency markets and
may enter into forward exchange contracts if this seems appropriate. No currency contracts were entered
into during 2025.
From the beginning to the end of 2025 the GBP weakened against NOK by 4.6% from 14.2249 to 13.5721,
the EUR strengthened against NOK by 0.1% from 11.7950 to 11.8430 and the USD weakened against NOK
by 11.2% from 11.3534 to 10.0791.
Total cash and cash equivalents as per 31 December 2025 were NOK 3,412 million, of which GBP represents
5.1%, EUR 30.6% and USD 0.3%.
As per 31 December 2025 the company granted loans to subsidiaries of NOK 2,745 million. The distribution
of the loans was as follows: Renewable Energy NOK 1,715 million (including GBP 54.8 million), Cruise NOK
1,029 million (GBP 75.8 million) and other minor loans of NOK 1 million.
Liquidity risk
A conservative handling of liquidity risk involves having sufficient cash, securities and available financing,
as well as the possibility of closing market positions. Bonheur ASA is exposed to the risk of not being able to
sell unlisted shares at prices close to fair value. The management is of the opinion that this risk is low, as the
investments in unlisted shares are long-term investments.
Solidity
The Company had an equity ratio of 68% per 31 December 2025.
Assessment of fair value
The most important methods and assumptions applied when evaluating the fair value of financial
instruments are summarized below.
Shares and bonds
Fair value is based on listed market prices on the balance sheet date without deduction for transaction
costs. Where no listed market price is available, the fair value is estimated based on information received
from the Group of companies.
Accounts receivable and accounts payable
The carrying amount is considered to reflect the fair value of accounts receivable/payable with duration of
less than one year. Other accounts receivable/payable are discounted in order to assess the fair value.
Fair value of financial instruments
Fair values and carrying amounts are as follows:
Carrying
amount 2025 Fair value 2025
Carrying
amount 2024 Fair value 2024
Amounts in NOK 1,000
Cash and cash equivalents 3,411,678 3,411,678 3,455,757 3,455,757
Trade debtors and other short-term
receivables
1,804,754 1,804,754 1,039,074 1,043,319
Shares and bonds 6,413,931 6,416,969 6,419,670 6,422,435
Unsecured bond-loans -2,386,056 -2,400,000 -2,387,694 -2,400,000
Trade creditors and other short-term
liabilities
1)
-1,049,654 -1,050,272 -1,040,127 -1,041,023
8,194,653 8,183,129 7,486,680 7,480,488
Unrealized gains / (losses) 0 -11,524 0 -6,192
1)
Inclusive short-term portion of unsecured bond-loans in 2025.
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Statement by the
shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
NOTE 15 Pensions / Employee benefits
The Company has no employees, although the position of Managing Director is held by Anette S. Olsen
as part of the overall managerial services under a management agreement with Fred. Olsen & Co AS. The
Company is charged for the execution of these services and is liable for the pension obligations related to
the employees of Fred. Olsen & Co AS.
Employees of Fred. Olsen & Co AS, who were employed before 1 June 2012, are members of Fred. Olsen
& Co AS’s Pension Fund. Members of the pension fund have the right to future pension benefits (defined
benefit plan) based upon the number of contribution years and salary level at retirement. The pension
scheme is administered by FOCO’s Pension Fund, which is a separate legal entity, mainly investing its funds
in interest bearing securities and shares in Norwegian listed companies. As per 2025, 71 employees were
members of the defined benefit scheme in the pension fund (71), whereof 52 pensioners (55).
All people employed after 1 June 2012 are offered a Defined Contribution Scheme. All employees as at June
2012 decided to keep their defined benefit plans. The pension schemes are accounted for in accordance
with IAS19. The pension plans are in compliance with the Norwegian requirements for Mandatory Service
Pension, “Offentlig tjenestemannspensjon” (OTP).
The Company has unfunded (unsecured) pension obligations towards 22 of Fred. Olsen & Co AS’s directors
and senior managers with a salary exceeding 12 G (of whom 11 pensioners and 1 former employee). The
directors have the right to an early pension upon reaching 65 years of age, while other managers have
a retirement age of 72 years. The pension obligations represent 66% of the relevant salary at the time of
retirement subject to years of serivce.
2025 2024
Amounts in NOK 1,000
Present value of unfunded obligations -614,886 -593,581
Present value of funded obligations -247,868 -229,819
Total present value of obligations -862,754 -823,400
Fair value of plan assets 296,957 273,243
Net liability for defined benefit obligations -565,797 -550,157
Hereof unfunded pension plans -614,886 -593,581
Hereof funded pension plans 49,089 43,424
Recognized net defined benefit obligations -565,797 -550,157
• Expected payment of benefits from the funded plans in 2026 are estimated to be NOK 10.9 million.
• Expected payment of benefits from the unfunded plans in 2026 are estimated to be NOK 14.0 million.
• There is no expected contribution to funded defined benefit plans in 2026.
Movement in net liability of defined benefit obligations:
Funded obligation Unfunded obligation Total obligation
2025 2024 2025 2024 2025 2024
Amounts in NOK 1,000
Balance at 1. January 43,424 33,855 -593,581 -523,419 -550,157 -489,564
Pension contribution 0 7,141 0 0 0 7,141
Benefits paid by the plan
1)
0 0 10,147 9,591 10,147 9,591
0 7,141 10,147 9,591 10,147 16,732
Included in profit and loss:
Interest 0 1,253 -19,420 -19,189 -19,420 -17,936
Current Service cost -4,544 -4,615 -10,617 -10,012 -15,160 -14,627
Net pension cost -4,544 -3,362 -30,036 -29,201 -34,580 -32,563
Included in equity
Actuarial gain/(loss) arising from:
Financial assumptions and
experience adjustment -12,193 -2,610 -1,416 -50,551 -13,609 -53,162
Return on plan assets 22,402 8,400 0 0 22,402 8,400
10,208 5,790 -1,416 -50,551 8,793 -44,762
Balance as at 31. December 49,089 43,424 -614,886 -593,581 -565,797 -550,157
1)
Payment of benefits from the funded defined benefit plans were in 2025 NOK 10.8 million (NOK 11.2 million). Payments
are covered by funds from the pension trust and are netted-out in the table above.
The principal actuarial assumptions at the balance sheet date are the same as used for the Group of
companies, please see note 19 in the consolidated accounts. Assumptions are based on the guidance from
The Norwegian Accounting Standards Board (NASB), and other relevant sources.
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding
other assumptions constant, would have affected the defined benefit obligation by the amounts below:
Change in PBO
1)
2025
Amounts in NOK 1,000
Future salary increase with 0.25%-points 5,047
Future pension increase with 0.25%-points 26,071
Discount rate decreases with 0.25%-points 31,095
Future mortality, increased by 1 year longevity 40,050
1)
Projected Benefit Obligation, increase/-decrease.
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Statement by the
shareholders’ committee
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December 2025
Definitions
Addresses
NOTE 16 Cash and cash equivalents
2025 2024
Amounts in NOK 1,000
Cash related to payroll tax withholdings 3,049 2,771
Other restricted cash
1)
500,000 500,000
Total restricted cash 503,049 502,771
Unrestricted cash
2)
2,908,629 2,952,986
Total cash & cash equivalents 3,411,678 3,455,757
Unused credit facilities 0 0
1)
According to covenants in bond agreements the Company, including subsidiaries owned 100%, has to maintain cash
and cash equivalents of minimum NOK 500 million.
2)
In 2020 the Company established a green finance framework with an eligibility assessment from DNV and have since
issued four green bond loans to be used for eligible green investments as defined in the framework of totally NOK 3,100
million. Separate green bank deposits have been established and are included in unrestricted cash.
As part of establishing the Green Finance Framework, the Company established an internal Green Finance
Committee who approves eligible green investments in the green investment portfolio.
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Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2025
Definitions
Addresses
Auditor's report
KPMG AS
Dronning Eufemias gate 6A
P.O. Box 7000 Majorstuen
N
-0306 Oslo
Telephone +47 45 40 40 63
Internet www.kpmg.no
Enterprise 935 174
627 MVA
To the General Meeting of Bonheur ASA
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Bonheur ASA, which comprise:
• the financial statements of the parent company Bonheur ASA (the Company), which comprise
the balance sheet as at 31 December 2025, the income statement and cash flow statement for
the year then ended, and notes to the financial statements, including a summary of significant
accounting policies, and
• the consolidated financial statements of Bonheur ASA and its subsidiaries (the Group), which
comprise the consolidated statement of financial position as at 31 December 2025, the
consolidated income statement, consolidated statement of comprehensive income, statement
of changes in equity and consolidated cash flow statement for the year then ended, and notes
to the financial statements, including material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at
31 December 2025, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2025, and its financial performance and its cash flows for the year
then ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company and the
Group as required by relevant laws and regulations in Norway and the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards) (IESBA Code) as applicable to audits of financial statements
of public interest entities, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Penneo document key: 80CKT-7AGP5-8Q03K-PV2GC-C2KOX-BODJH
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of Bonheur ASA for 38 years from the election by the general meeting of
the shareholders on 9 June 1987 for the accounting year 1987.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Impairment assessment of windfarms in Sweden
Reference is made to Note 10 Property, plant and equipment.
The Key Audit Matter
How the matter was addressed in our audit
As at 31 December 2025 the Renewable
Energy segment within the Group has reported
wind farms of NOK 6 817 million across several
cash-generating units (CGUs).
Management assess, at each reporting date,
whether there is a trigger indicating that the
carrying amount of an asset may be impaired.
Two windfarms in Sweden with a total carrying
value of NOK 1 996 million was identified to
have impairment triggers mainly due to low
power prices, resulting in management
performing an impairment assessment of the
wind farms.
Due to the potential impact on the Group’s
consolidated financial statements given the size
of the balance and the uncertainty related to the
future economic environment, and the auditor’s
judgment required when evaluating whether
management’s assumptions are reasonable
and supportable, the impairment assessment of
the windfarms was considered to be a key audit
matter.
As the recoverable amount for each of the two
CGUs exceeded the carrying value, the CGUs
were assessed not to be impaired.
Audit procedures performed in this area
included:
•
obtaining an understanding of
management’s process, and testing
design and implementation of
management’s control over the
impairment assessment;
•
assessing the mathematical and
methodological integrity of
management's impairment models with
assistance from our valuation
specialists;
• evaluating and challenging management
on the appropriateness of the key
assumptions, such as estimated energy
production, future electricity prices,
future operating expenses, and applied
discount rate;
•
performing sensitivity assessment of key
assumptions in management’s
impairment models;
• evaluating the adequacy and
appropriateness of the relevant
disclosures in the financial statements.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information
in the Board of Directors’ report and the other information accompanying the financial statements. The
other information comprises information in the annual report, but does not include the financial
statements and our auditor’s report thereon. Our opinion on the financial statements does not cover
the information in the Board of Directors’ report nor the other information accompanying the financial
statements.
Penneo document key: 80CKT-7AGP5-8Q03K-PV2GC-C2KOX-BODJH
SEARCHPAGE 134 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
In connection with our audit of the financial statements, our responsibility is to read the Board of
Directors’ report and the other information accompanying the financial statements. The purpose is to
consider if there is material inconsistency between the Board of Directors’ report and the other
information accompanying the financial statements and the financial statements or our knowledge
obtained in the audit, or whether the Board of Directors’ report and the other information
accompanying the financial statements otherwise appears to be materially misstated. We are required
to report if there is a material misstatement in the Board of Directors’ report or the other information
accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate
Governance.
Our opinion on whether the Board of Directors’ report contains the information required by applicable
statutory requirements, does not cover the Sustainability Statement, on which a separate assurance
report is issued.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true
and fair view in accordance with the Norwegian Accounting Act and accounting standards and
practices generally accepted in Norway, and for the preparation of the consolidated financial
statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards
as adopted by the EU. Management is responsible for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern. The financial statements of the Company use the going concern basis of accounting insofar
as it is not likely that the enterprise will cease operations. The consolidated financial statements of the
Group use the going concern basis of accounting unless management either intends to liquidate the
Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error. We design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's and the Group's internal control.
Penneo document key: 80CKT-7AGP5-8Q03K-PV2GC-C2KOX-BODJH
• evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company's and the
Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company and the Group to cease to
continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Bonheur ASA, we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the
annual report, with the file name 213800HOQE1B34SUA323-2025-12-31-1-en, have been prepared,
in all material respects, in compliance with the requirements of the Commission Delegated Regulation
(EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant
to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the
preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated financial
statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all
material respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
regulation. This responsibility comprises an adequate process and such internal control as
management determines is necessary.
Penneo document key: 80CKT-7AGP5-8Q03K-PV2GC-C2KOX-BODJH
SEARCHPAGE 135 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all
material respects, the financial statements included in the annual report have been prepared in
compliance with ESEF. We conduct our work in compliance with the International Standard for
Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of
historical financial information”. The standard requires us to plan and perform procedures to obtain
reasonable assurance about whether the financial statements included in the annual report have been
prepared in compliance with the ESEF Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s
processes for preparing the financial statements in compliance with the ESEF Regulation. We
examine whether the financial statements are presented in XHTML-format. We evaluate the
completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess
management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with
the audited financial statements in human-readable format. We believe that the evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 18 April 2026
KPMG AS
Øyvind Skorgevik
State Authorised Public Accountant
Penneo document key: 80CKT-7AGP5-8Q03K-PV2GC-C2KOX-BODJH
SEARCHPAGE 136 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Auditor's limited assurance report
KPMG AS
Dronning Eufemias gate 6A
P.O. Box 7000 Majorstuen
N
-0306 Oslo
Telephone +47 45 40 40 63
Internet www.kpmg.no
Enterprise 935 174
627 MVA
To the General Meeting of Bonheur ASA
Independent Sustainability Auditor’s Limited Assurance Report
Limited Assurance Conclusion
We have conducted a limited assurance engagement on the consolidated sustainability statement
of Bonheur ASA (the «Company»), included in Sustainability section of the Board of Directors' report
(the «Sustainability Statement»), as at 31 December 2025 and for the year then ended.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to
our attention that causes us to believe that the Sustainability Statement is not prepared, in all material
respects, in accordance with the Norwegian Accounting Act section 2-3, including:
• compliance with the European Sustainability Reporting Standards (ESRS), including that the
process carried out by the Company to identify the information reported in the Sustainability
Statement (the «Process») is in accordance with the description set out in Process to identify
and assess material IROs; and
• compliance of the disclosures in Disclosures pursuant to EU Taxonomy of the Sustainability
Statement with Article 8 of EU Regulation 2020/852 (the «Taxonomy Regulation»).
Basis for Conclusion
We conducted our limited assurance engagement in accordance with International Standard on
Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews
of historical financial information («ISAE 3000 (Revised)»), issued by the International Auditing and
Assurance Standards Board.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion. Our responsibilities under this standard are further described in the Sustainability Auditor’s
Responsibilities section of our report.
Our Independence and Quality Management
We have complied with the independence and other ethical requirements as required by relevant laws
and regulations in Norway and the International Code of Ethics for Professional Accountants (including
International Independence Standards) issued by the International Ethics Standards Board for
Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality and professional behaviour.
The firm applies International Standard on Quality Management 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Responsibilities for the Sustainability Statement
The Board of Directors (Management) is responsible for designing and implementing a process to
identify the information reported in the Sustainability Statement in accordance with the ESRS and for
disclosing this Process in Process to identify and assess material IROs of the Sustainability Statement.
This responsibility includes:
• understanding the context in which the Group's activities and business relationships take place
and developing an understanding of its affected stakeholders;
• the identification of the actual and potential impacts (both negative and positive) related to
sustainability matters, as well as risks and opportunities that affect, or could reasonably be
expected to affect, the Group's financial position, financial performance, cash flows, access to
finance or cost of capital over the short-, medium-, or long-term;
• the assessment of the materiality of the identified impacts, risks and opportunities related to
sustainability matters by selecting and applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, in accordance
with the Norwegian Accounting Act section 2-3, including:
• compliance with the ESRS;
• preparing the disclosures in Disclosures pursuant to EU Taxonomy of the Sustainability
Statement, in compliance with the Taxonomy Regulation;
• designing, implementing and maintaining such internal control that Management determines is
necessary to enable the preparation of the Sustainability Statement that is free from material
misstatement, whether due to fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making
assumptions and estimates that are reasonable in the circumstances.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, Management is required to prepare
the forward-looking information on the basis of disclosed assumptions about events that may occur in
the future and possible future actions by the Group. Actual outcomes are likely to be different since
anticipated events frequently do not occur as expected.
Sustainability Auditor’s Responsibilities
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about
whether the Sustainability Statement is free from material misstatement, whether due to fraud or error,
and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise
professional judgement and maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion
on the effectiveness of the Process, including the outcome of the Process;
• Considering whether the information identified addresses the applicable disclosure
requirements of the ESRS; and
• Designing and performing procedures to evaluate whether the Process is consistent with the
SEARCHPAGE 137 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Company’s description of its Process set out in Process to identify and assess material IROs.
Our other responsibilities in respect of the Sustainability Statement include:
• Identifying where material misstatements are likely to arise, whether due to fraud or error; and
• Designing and performing procedures responsive to where material misstatements are likely to
arise in the Sustainability Statement. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Summary of the Work Performed
A limited assurance engagement involves performing procedures to obtain evidence about the
Sustainability Statement. The procedures in a limited assurance engagement vary in nature and timing
from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of
assurance obtained in a limited assurance engagement is substantially lower than the assurance that
would have been obtained had a reasonable assurance engagement been performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the
identification of disclosures where material misstatements are likely to arise in the Sustainability
Statement, whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the Process, we:
• Obtained an understanding of the Process by:
o performing inquiries to understand the sources of the information used by management
(e.g., stakeholder engagement, business plans and strategy documents); and
o reviewing the Company’s internal documentation of its Process; and
• Evaluated whether the evidence obtained from our procedures with respect to the Process
implemented by the Company was consistent with the description of the Process set out
in Process to identify and assess material IROs.
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
• Obtained an understanding of the Group’s reporting processes relevant to the preparation of its
Sustainability Statement by:
o Obtaining an understanding of the Group's control environment, processes and
information system relevant to the preparation of the Sustainability Statement, but not
for the purpose of providing a conclusion on the effectiveness of the Group’s internal
control;
• Evaluated whether the information identified by the Process is included in the Sustainability
Statement;
• Evaluated whether the structure and the presentation of the Sustainability Statement is in
accordance with the ESRS;
• Performed inquiries of relevant personnel on selected information in the Sustainability
Statement;
• Performed substantive assurance procedures on selected information in the Sustainability
Statement;
• Where applicable, compared disclosures in the Sustainability Statement with the corresponding
disclosures in the financial statements and other sections of the Board of Directors' report;
• Evaluated the methods, assumptions and data for developing estimates and forward-looking
information;
• Obtained an understanding of the Company’s process to identify taxonomy-eligible and
taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability
Statement;
• Evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned
economic activities is included in the Sustainability Statement; and
• Performed inquiries of relevant personnel and substantive procedures on selected taxonomy
disclosures included in the Sustainability Statement.
Oslo, 15 April 2026
KPMG AS
Cathrine Husebye Rein
State Authorised Public Accountant – Sustainability Auditor
SEARCHPAGE 138 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Directors’ responsibility statement
The Board of Directors of Bonheur ASA (the Company) and Fred. Olsen & Co.
AS together with the Managing Director of the Company have in a board
meeting 15 April 2026 reviewed and in their respective capacities approved
the Board of Directors’ Report and the consolidated and separate annual
financial statements for the Company for the year ending 31 December 2025
(Annual Report 2025) subject to corresponding recommendation from the
Shareholders’ Committee on the following basis:
To the best of our knowledge:
The consolidated and separate annual financial statements for 2025 have
been prepared in accordance with applicable accounting standards.
The consolidated and separate annual financial statements give a true and fair
view of the assets, liabilities and financial position and profit as a whole as of
31 December 2025 for the Group of companies (i.e., the Company including
subsidiaries) and the Company.
The Board of Directors’ report for the Group of companies and the Company
includes a true and fair review of
- the development and performance of the business and the position of the
Group of companies and the Company, and
- the principal risks and uncertainties which the Group of companies and
the Company face.
Oslo, 15 April 2026
Bonheur ASA – The Board of Directors
Fred. Olsen
Chair
Carol Bell
Director
Gaute Gjelsten
Director
Jannicke Hilland
Director
Kristin Gjertsen
Director
Nick Emery
Director
Sign. Sign. Sign. Sign. Sign. Sign.
Anette Sofie Olsen
Managing Director
Sign.
SEARCHPAGE 139 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Statement by the shareholders’ committee
The annual report and accounts for 2025 were addressed by the Shareholders’
Committee on 21 April 2026. The Shareholders’ Committee resolved to
recommend to the Annual General Meeting that the Board’s proposal to
the annual accounts for 2025 is approved. The Shareholders’ Committee
hereunder resolved to recommend to the Annual General Meeting that the
Board’s proposal on an ordinary dividend equal to NOK 7.30 per share, in total
for the company NOK 310 million, is approved.
Oslo, 21 April 2026
Christian Fredrik Michelet,
Chairman of the Shareholders’ Committee
Sign.
SEARCHPAGE 140 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Major asset list as per 31 December 2025
The Group of companies
Segment / Asset Built year Type Capacity/ length/ water depth/ tonnage Ownership
Renewable Energy Capacity
Crystal Rig 2004/-07 25 Nordex 2.5 MW 62.5 MW 51.0%
Rothes 2005 22 Siemens 2.3 MW 50.6 MW 51.0%
Paul's Hill 2006 28 Siemens 2.3 MW 64.4 MW 51.0%
Crystal Rig II 2010 60 Siemens 2.3 MW 138.0 MW 51.0%
Rothes II 2013 18 Siemens 2.3 MW 41.4 MW 51.0%
Mid Hill 2014 33 Siemens 2.3 MW 75.9 MW 51.0%
Brockloch Rig Windfarm 2017 30 Senvion 2.05 MW 61.5 MW 51.0%
Brockloch Rig 1 1996 36 Nordtank 0.6 MW 21.6 MW 100.0%
Crystal Rig III 2016 6 Siemens 2.3 MW 13.8 MW 51.0%
Lista 2012 31 Siemens 2.3 MW 71.3 MW 51.0%
Fäbodliden 2015 24 Vestas 3.3 MW 96.4 MW 51.0%
Högaliden 2021 25 Vestas V150 4.3 MW 107.5 MW 51.0%
Wind Service Length
Brave Tern 2012 Offshore wind turbine installation vessel 132 metres 100.0%
Bold Tern 2013 Offshore wind turbine installation vessel 132 metres 100.0%
Blue Tern 2012 Offshore wind turbine installation vessel 151 metres 51.0%
Cruise: Tonnage
Balmoral 1998/-08 Cruise 43 537 grt 100.0%
Borealis 1996 Cruise 61.849 grt 100.0%
Bolette 2000 Cruise 62.735 grt 100.0%
SEARCHPAGE 141 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
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.
Capital employed: NIBD + Total equity
Equity ratio: The ratio of total equity divided by total capital
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
UWL: United Wind Logistics GmbH
UF: Universal Foundation A/S
Cruise:
FOCL: Fred. Olsen Cruise Lines Ltd
Other Investments:
NHST: NHST Holding AS
FO 1848: Fred. Olsen 1848 AS
FO Investments: Fred. Olsen Investments AS
Abbreviations – Related party names:
FOCO Fred. Olsen & Co. AS
FOIS: Fred. Olsen Insurance Services AS
FOL Fred. Olsen Ltd
FOTL Fred. Olsen Travel Ltd
Natural Power Natural Power Consultants Ltd
SEARCHPAGE 142 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
Addresses
Bonheur ASA
Enterprise no: 830 357 432
Fred. Olsens gate 2
P.O. Box 1159 Sentrum
0107 Oslo, Norway
Telephone: +47 22 34 10 00
www.bonheur.no
Fred. Olsen & Co. AS
Enterprise no: 970 942 319
Fred. Olsens gate 2
P.O. Box 1159 Sentrum
0107 Oslo, Norway
Telephone: +47 22 34 10 00
www.fredolsen.com
Renewable Energy
Fred. Olsen Renewables AS
Enterprise no: 983 462 014
Fred. Olsens gate 2
0152 Oslo, Norway
Telephone: +47 22 34 10 00
www.fredolsenrenewables.com
Fred. Olsen Seawind AS
Enterprise no: 983 462 014
Fred. Olsens gate 2
0152 Oslo, Norway
Telephone: +47 22 34 10 00
www.fredolsenseawind.com
Fred. Olsen Renewables Ltd.
Enterprise no: 2672436
36 Broadway
London, SW1H 0BH, England
Telephone: +44 207 963 8904
www.fredolsenrenewables.com
Fred. Olsen Seawind Ltd.
Enterprise no: 2672436
36 Broadway
London, SW1H 0BH, England
Telephone: +44 207 963 8904
www.fredolsenseawind.com
Wind Service
Fred. Olsen Ocean Ltd.
c/o Fred. Olsen Ocean AS
Enterprise no: 970 897 356
Fred. Olsens gate 2
P.O.Box 581 Sentrum
0106 Oslo, Norway
Telephone: +47 22 34 10 00
www.fredolsen-ocean.com
Fred. Olsen Windcarrier AS
Enterprise no: 988 598 976
Fred. Olsens gate 2
P.O. Box 581 Sentrum
0106 Oslo, Norway
Telephone: +47 22 34 10 00
www.windcarrier.com
Global Wind Service A/S
Enterprise no: 31166047
Strevelinsvej 28
7000 Fredericia
Denmark
Telephone: +45 76 203 660
www.globalwindservice.com
Cruise
Fred. Olsen Cruise Lines Ltd.
Enterprise no: 2672435
Fred. Olsen House, 42 White
House Rd, Ipswich,
Suffolk, IP1 5LL
England
www.fredolsencruises.com
Other Investments
NHST Holding AS
Enterprise no: 914 744 121
Christian Kroghs gate 16
PO Box 1182 Sentrum
0107 Oslo, Norway
Telephone: +47 22 00 10 00
www.nhst.no
Fred. Olsen Travel AS
Enterprise no: 925 619 655
Prinsensgate 2B
0152 Oslo, Norway
Telephone: +47 22 34 11 11
www.fredolsentravel.no
SEARCHPAGE 143 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses
www.bonheur.no
SEARCHPAGE 144 EXPLORE
At a glance
Financial highlights
Key figures
Letter from the CEO
Bonheur overview
Director’s Report
The Board of Directors
Shareholders’ Committee
Sustainability statement
Mapping of Disclosures
Against the Norwegian
Transparency Act
(Åpenhetsloven)
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per
31 December 2025
Definitions
Addresses