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NOTE 1 Principal accounting policies and key accounting estimates
Bonheur ASA is domiciled in Norway. The address of the Company\u2019s registered office is Fred Olsens gate 2,
Oslo .
The consolidated financial statements of Bonheur ASA as at and for the year ended 31 December 2025
comprise Bonheur ASA and its subsidiaries (together referred to as the \u201cGroup of companies\u201d and
individually as \u201cGroup entities\u201d) and the Group of companies\u2019 interests in associates.
The Group of companies is primarily involved in Renewable Energy, Wind Service and Cruise.
The annual accounts together with the appurtenant financial statements were addressed by the Board of
Directors on 15 April 2026. In a meeting 21 April 2026, the Shareholders\u2019 Committee recommended to the
Annual General Meeting that the proposal to the annual accounts for 2025 together with the appurtenant
financial statements as addressed and resolved upon by the Board in the said meeting on 15 April 2026, is
approved. Eventual approval of the annual accounts together with the appurtenant financial statements
lies with the Annual General Meeting scheduled for 27 May 2026.
Basis of accounting
The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards
(R) and its interpretations, as adopted by the European Union and the disclosure requirements following
from the Norwegian Accounting Act, that are mandatory to apply at 31.12.2025.
Basis of preparation
These consolidated financial statements are presented in Norwegian Kroner (NOK), the functional currency
of Bonheur ASA. All financial information presented in NOK has been rounded to the nearest thousand.
The preparation of financial statements in conformity with IFRSs requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the reported amounts
of assets, liabilities, income and expenses. Estimates and judgments are continually evaluated and are
based on historical experience and other factors, including expectations of future events that are believed
to be reasonable under the circumstances. Actual results may differ from these estimates. Reassessment
of accounting estimates are recognised in the period in which the estimates are revised and in any future
periods affected.
Judgements and estimates made by management in the application of IFRSs that have significant effect on
the financial statements and estimates that have a significant risk of material adjustment in the next year
are discussed in the specific notes.
The accounting policies have been applied consistently to all periods presented in these consolidated
financial statements by all Group of companies entities. The Group of companies\u2019 accounting policies are
described in the individual notes to the Consolidated Financial Statements.
Principal accounting policies
The Group of companies\u2019 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.
Accounting estimates and judgments
Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that Management considers reasonable and appropriate
under the circumstances. The resulting accounting estimates may differ from the eventual outcome, but
the Group of companies\u2019 regards this as the best estimate at the balance sheet date. The notes in this report
provide further information on the specific topics including key accounting estimates and judgments.
Effects from new accounting standards
The amended standards and interpretations had no significant impact on the Group of companies
consolidated financial statements in 2025.
Forthcoming requirements
The amended standards and interpretations are not expected to have a significant impact on the Group of
companies consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of
Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The
new standard introduces the following key new requirements: Classify all income and expenses into five
categories in the profit or loss section of the consolidated statement of comprehensive income, namely
the operating, investing, financing, discontinued operations and income tax categories. It is also required
to present a newly defined operating profit subtotal. Net result will not change. Management defined
performance measures (MPMs) should be disclosed in a single note in the financial statements. In addition,
it is required to use the operating profit subtotal as the starting point for the consolidated statement of
cash flows when presenting cash flows from operating activities under the indirect method. Bonheur is
currently assessing the impact of the new standard.
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the
following:
\u2022 Derivative financial instruments are measured at fair value
\u2022 Financial assets measured at fair value through profit or loss or through other comprehensive income
\u2022 Employee benefits are measured at fair value
The methods used to measure fair values are discussed further in note 2.
Accounting policies
A business segment is a distinguishable component of the Group of companies that is engaged
in providing related products or services (business segment), which is subject to risks and returns
that are different from those of the Company's other business segments. Segment information is
presented in respect of the Group of companies' business segments. The business segments are
determined based on the Group of companies' management and internal reporting structure.
Inter-segment pricing is determined on an arm\u2019s length basis. Segment results, assets and
liabilities include items directly attributable to a segment as well as those that can be allocated
on a reasonable basis. Segment capital expenditure is the total cost incurred during the period
to acquire property, plant and equipment other than capital expenditure according to IFRS 16,
and intangible assets other than goodwill.
The Group of companies has four reportable business segments, as described below, which are
the Group of companies' strategic business areas. The strategic business areas offer different
products and services and are managed separately because they require different technology
and marketing strategies. For each of the strategic business areas, the Group of companies'
chief operating decision maker (CODM) reviews internal management reports on at least a
quarterly basis. Information regarding the results of each reportable segment is included below.
Performance is measured based on segment operating profit and profit after tax, as included in
the internal management reports that are reviewed by the Group of companies' CODM. Segment
profit is used to measure performance as management believes that such information is the
most relevant in evaluating the results of certain segments relative to other entities that operate
within these industries. Inter-segment pricing is determined on an arm's length basis.
Accounting policies
Revenue from the Renewable Energy segment
Revenue from sale of electric power is recognized in the period the power is generated and
supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer
for each MWh produced. Payment is due in the month after.
The Green Certificates are classified as other operating revenues. The Green Certificates are to be
considered as a government support. The grants are issued when the electricity is generated and
are therefore considered as a subsidy linked to production. The Green Certificates are recognized
under the income approach and accrued in the Profit or Loss on a monthly basis based on the
monthly generation of the windfarms.
Revenue from the Wind Service segment
Revenue from Transport & Installation
Operating revenue from charter rate contracts is split into two elements, income from rentals,
which is accounted for in accordance with IFRS 16, and services, which are accounted for under
IFRS 15.
Revenue on long-term contracts is recognized during the operational phase of the contract (from
the delivery of the vessel at the designated port and to the end of demobilization). During the
mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the
contract during the mobilization phase are capitalized and amortized over the contract term if they
meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized
as a contract liability until services are delivered.
Variable consideration that specifically relates to a distinct good or service is allocated specifically
to this good or service. Variable considerations that do not relate specifically to a distinct good
or service are included within the transaction price and recognized in line with progress. Time
elapsed, i.e., voyage days, is used to measure progress.
Revenue from Wind Services
Revenue derived from hourly service contracts is recognized in the period that the services are
rendered at rates established in the relevant contracts. Wind Services has installation and services
to wind farm projects around the world. The payment terms are usually 60 days or more. Revenue
derived from fixed price contracts is normally recognized over time. A cost-based measure is used
for measuring progress during the operational phase of the contract.
Revenue from the Cruise segment
Cruise fares are recognized evenly over number of nights of the cruise together with revenue from
onboard services. Flight revenue is recognized evenly over the duration of the cruise contract
(from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and
is considered as one performance obligation. Prepayments from sale of cruises are classified as
contract liabilities until the cruise commences.
Prebooked shore excursions are recognized as revenue when the tour is completed.
Revenue from the Other investments segment
Revenue in the Other investments segment mainly comes from subscriptions in NHST, which is
recognised over the subscription period, normally on a straight-line basis. Prepayments from sale
of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the
advertising is published.
The revenues of the Group of companies are summarised in the below tables:
Accounting policies
Finance income comprises interest income on funds invested in financial assets, dividend
income, gains on the disposal of financial assets, positive changes in the fair value of financial
assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments
that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss.
Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of
companies receives the dividends.
Finance expenses comprise interest expense on borrowings, losses on the disposal of financial
assets, negative changes in the fair value of financial assets at fair value through profit or
loss, impairment losses recognised on financial assets, currency losses and losses on hedging
instruments that are recognised in profit or loss.
Accounting principles
Income tax
Income tax expense comprises current and deferred tax. The Group of companies is subject to
income taxes in numerous jurisdictions. Significant judgement is required in determining the
provisions for income tax.
Current tax
Current tax is the expected tax payable on the taxable income for the year, using enacted tax
rates or substantively enacted at the reporting
date, and any adjustment to tax payable in respect of previous years.
Deferred tax
Deferred tax is recognized from temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is measured using the tax rates that are based on the laws that have been enacted
or substantively enacted by the reporting date.
Deferred tax assets and liabilities are recognized with the net amount if:
1. there is a legally enforceable right to offset current tax liabilities and assets,
2. they relate to income taxes levied by the same tax authority on the same taxable entity,
3. on different tax entities if the intend is to settle current tax liabilities and assets on a net
basis or their tax assets and liabilities will be realized simultaneously .
Accounting policies
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and
impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost
of self-constructed assets includes the cost of materials and direct labour, other costs directly
attributable to bringing the asset to a working condition for its intended use and costs related
to decommissioning of windfarms, including restoration of the site on which they are located.
Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of
foreign currency purchases of property, plant and equipment.
Costs for special periodic surveys on ships and vessels required by classification societies, are
capitalised and depreciated over the antici\u00acpated period between surveys, generally five years.
Extensive upgrading and repairs after termination of contracts, are depreciated either over the
assumed period to next survey or over the same profile as the unit if the unit's remaining useful
life is shorter. Other maintenance and repair costs are expensed as incurred.
Development costs for wind farm projects are booked as operating expenses until a project is
defined and firm. Thereafter development costs are capitalized, and when the projects are in the
construction phase these costs are transferred to property, plant and equipment. Auction/lease
fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated
lifetime of the wind farm.
Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS
23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time
to be made ready for its intended use, generally items that are subject to major development or
construction projects.
When parts of an item of property, plant and equipment have different useful lives, they are
accounted for separately.
Gains and losses on disposal of an item of property, plant and equipment are determined
by comparing the proceeds from disposal with the carrying amount of property, plant and
equipment and are recognised in profit or loss.
(ii) Residual values / decommissioning provision
Residual values are assessed at the beginning of each accounting year and constitute the basis
of the depreciation for the year. Residual values for ships are estimated based on recoverable
material reduced by other demobilisation costs related to the unit. Recoverable material for ships
is calculated as market steel price multiplied by the recoverable lightweight of the unit. Any
changes in residual values are accounted for prospectively as a change in accounting estimate.
Decommissioning provisions within the Renewable segment are made for the costs of removing
the windfarms from the time at which a commitment arises. The decommissioning provision is
calculated on the basis of current technology and regulations. When a removal commitment
is expensed as a liability a corresponding amount is capitalised as an operating asset which is
depreciated over the useful life of the windfarms. Any changes in the estimates concerning the
decommissioning provision are adjusted against book value and is recognised in the Income
Statement over the remaining useful life. The decommissioning provision has been calculated
using the cost levels, and where applicable this has been adjusted for inflation. The increase in
the liability as a consequence of adjustment for inflation is classified as a financial expense. The
estimated useful lives, residual values and decommissioning costs are reviewed on yearly basis.
Any change is accounted for prospectively as a change in accounting estimate.
(iii) Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the
carrying amount of the item if it is probable that the future economic benefits embodied within
the part will flow to the Group of companies and its cost can be measured reliably. The carrying
amount of the replaced part is derecognised. The costs of the day-to-day servicing of property,
plant and equipment are recognised in profit or loss as incurred.
(iv) Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful
lives of each part of an item of property, plant and equipment. Financially leased assets are
depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain
that the Group of companies will obtain ownership by the end of the lease term. Land is not
depreciated.
The estimated useful lives for the current and comparative periods are as follows:
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
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly
basis. Any changes are accounted for prospectively as a change in accounting estimate.
(v) Impairment
The carrying amounts of the Group of companies' property, plant and equipment are reviewed
at each reporting date to determine whether there is any indication of impairment. If any such
indication exists, then the asset\u2019s recoverable amount is estimated.
When considering impairment indicators, the Group of companies considers both internal
(e.g., adverse changes in performance) and external sources (e.g., adverse changes in the
business environment). For ships and vessels these are analysed as cash generating units
(CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified,
management estimates the amount, if any, of impairment. In order to measure potential
impairment, the carrying amount is compared to the recoverable amount, which is the higher of
its fair value less costs to sell and value in use. The value in use is calculated as the present value
of the expected future cash flows for the individual units, requiring significant management
estimates of assumptions including discount rates as well as the timing and amounts of cash
flows.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit
exceeds its estimated recoverable amount. Impairment losses are recognised in the income
statement. Impairment losses recognised in respect of cash-generating units are allocated first
to reduce the carrying amount of any goodwill allocated to the units and then to reduce the
carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any
indication that the loss has decreased or no longer exists. An impairment loss is reversed if there
has been a positive change in the estimates used to determine the recoverable amount. An
impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or amortisation, if
no impairment loss had been recognised.
Accounting policies
(i) Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures. In respect of
acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of
the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable
assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or
loss.
Subsequent measurement
Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to
cash-generating units and is tested annually for impairment. The carrying amount of goodwill
for associates is included in the carrying amount of the investment in the associates.
(ii) Research and development
Expenses for research activities with the prospect of gaining new technical knowledge, are
recognised in profit and loss when incurred.
Development expenditures are capitalised only if the development costs can be measured
reliably, and the product or process is both technically and commercially feasible with
probable future economic benefits. The capitalised expenditures include the cost of materials,
direct labour, overhead costs that are directly attributable and borrowing costs related to the
development. When a project is ready for intended use, it is reclassified from intangible assets to
the respective groups of property, plant and equipment.
Capitalised development expenditures are measured at cost less accumulated impairment
losses.
(iii) Technology and publishing rights
Technology is measured at cost less accumulated depreciation and impairment losses.
Technology relates to computer software, patented or unpatented technology or databases.
The estimated useful lives for the current and comparative periods are as follows:
Technology
5 years
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives
of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes
are accounted for prospectively as a change in accounting estimate.
Publishing rights/brand names comprise trade name, mastheads, domain name and content
rights which contribute significantly to future expected economic benefit. Publishing rights and
brand names are assumed to have indefinite remaining lives and are impairment tested on a
regular basis.
(iv) Impairment
The carrying amounts of the Group of companies' intangible assets are reviewed at each
reporting date to determine whether there is any indication of impairment. If any such indication
exists, then the asset\u2019s recoverable amount is estimated.
When considering impairment indicators, the Group of companies considers both internal (e.g.,
adverse changes in performance) and external sources (e.g., adverse changes in the business
environment). If an indicator of impairment is noted, further management estimate is required
to determine the amount, if any, of impairment. In order to measure for potential impairment,
the carrying amount is compared to the recoverable amount, which is the higher of its fair
value less costs to sell and value in use. The cash flow model is tested for changes in forecasted
revenues and discount rate. The recoverable amount for the CGU Mynewsdesk is based on a fair
value using a market value approach. The reason for using a market value approach is that the
company is set to undergo an extensive investment phase with negative cash flows for a few
years, where a value in use approach would possess high uncertainty. A market value approach
is believed to lower the uncertainty, as observed market transactions will give a better indication
of value. The market value approach is based on budgeted revenue for Mynewsdesk multiplied
with EV/Revenue multiples from relevant observed M&A transactions.
The goodwill acquired in a business combination, for the purpose of impairment testing,
is allocated to cash-generating units that are expected to benefit from the synergies of the
combination.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit
exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss.
Impairment losses recognised in respect of cash-generating units are allocated first to reduce the
carrying amount of any goodwill allocated to the units and then to reduce the carrying amount
of the other assets in the unit (group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment
losses recognised in prior periods are assessed at each reporting date for any indications that the
loss has decreased or no longer exists. An impairment loss is reversed if there has been a change
in the estimates used to determine the recoverable amount. An impairment loss is reversed only
to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would
have been determined, net of depreciation or amortisation, if no impairment loss had
been recognised
Accounting policies
Associates are those entities, typically joint ventures (JV) with equal ownership between the
JV parties, in which the Group of companies has significant influence, but not control, over the
financial and operating policies. Associates are accounted for using the equity method and are
initially recognized at cost. The Group of companies' investments includes goodwill identified
on acquisition, net of any accumulated impairment losses. The consolidated financial statements
include the Group of companies' shares of the income and expenses, and equity movements
of equity accounted investees, after adjustments to align the accounting policies with those of
the Group of companies, from the date that significant influence commences until the date that
significant influence ceases. When the Group of companies' shares of losses exceeds its interest
in an equity accounted investee, the carrying amount of that interest (including any long-term
investments) is reduced to nil and the recognition of further losses is discontinued except to the
extent that the Group of companies has an obligation or has made payments on behalf of the
associate.
Accounting policies
Financial assets
The Group of companies' short-term investments in equity securities and certain debt securities
are measured at fair value through profit or loss (FVTPL). Long-term investments are measured at
fair value through other comprehensive income (FVTOCI).
Other
Other non-derivative financial instruments, including financial liabilities, are recognized initially
at fair value and any directly attributable transaction costs. Subsequent to initial recognition,
assets and liabilities are measured at amortised cost when the objective is to hold assets in order
to collect contractual cash flows and the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
Impairment
IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial
assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares.
Shares are measured at fair value, see note 2.
Accounting policies
Inventories and bunkers are recorded at the lower of cost and net realisable value. The Group of
companies categorizes spare parts into two groups, spare parts and spare assets. Spare parts are
consumables that are not depreciated but expensed when used against repair and maintenance
cost. Consumables are measured at cost less a reserve for overstocked items. Spare assets are
larger items that are recorded as components and depreciated.
Accounting policies
Trade receivables that do not have a significant financing component are measured on initial
recognition at their transaction price, which is the amount of consideration to which the entity
expects to be entitled for transfer of the promised goods or services to the customer.
Trade receivables with a significant financing component are measured on initial recognition
at their transaction price if the entity has chosen not to adjust the promised amount of
consideration for the effects of a significant financing component. In other cases, the receivables
are measured at fair value on initial recognition.
The impairment model applicable to financial assets, measured at amortized cost, is based
on an \u201cexpected credit loss\u201d (ECL) model, which require forward looking judgements of two
classifications:
\u2022 12-month ECLs resulting from possible default events within 12 months after the reporting
date.
\u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial
instrument.
Accounting policies
Cash and cash equivalents include cash, bank deposits and other short-term highly liquid assets
that are readily convertible to known amounts of cash, and which are subject to insignificant
changes in value.
Accounting policies
The Group of companies presents basic earnings per share (EPS) data for its shares. Basic EPS
is calculated by dividing the profit or loss attributable to shareholders of the Company by
the weighted average number of shares outstanding during the period. Average number of
outstanding shares during the period is based on number of outstanding shares per year end.
Shares outstanding are total shares issued net of treasury shares.
Accounting policies
Defined benefit plans
The Company and certain of its subsidiaries have pension plans for employees which provide for
a defined pension benefit upon retirement (Defined benefit plans). These pension schemes are
accounted for in accordance with IAS19
The calculation of the liability is made on a linear basis, taking into account assumptions
regarding the number of years of employment, discount rate, future return on plan assets,
future changes in salaries and pensions, the size of defined national contributions and actuarial
assumptions regarding mortality, voluntary retirement etc. Plan assets are stated at fair values.
Net pension liability comprises the gross pension liability less the fair value of plan assets. Net
pension liabilities from under-funded pension schemes are included in the balance sheet as
long-term interest free debt, while over-funded schemes are included as long-term interest
free receivables, if it is likely that the over-funding can be utilized. The effect of retroactive plan
amendments without future benefits, are recognized in the income statement with immediate
effect. Remeasurements of the net defined benefit liability, which comprise actuarial gains
and losses, the return on plan assets (excluding interest) are recognized immediately in other
comprehensive income.
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 included in the line item \u201coperating expenses\u201d.
Pension schemes base the discount rate on the yield of long term covered bonds at the
statement of financial position date, adjusted to reflect the terms of the pension obligations. The
calculation is performed by a qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group of companies, the recognised asset is
limited to the net total of any unrecognised past service costs and the present value of any
future refunds from the plan or reductions in future contributions to the plan.
When benefits of a plan are improved, the portion of the increased benefit relating to past
service is recognised as an expense in the income statement on a straight-line basis until
the benefits become vested. To the extent that the benefits vest immediately, the expense is
recognised in the income statement.
Accounting classifications and fair values
Financial assets and liabilities in the Group of companies consist of investments in other
companies, trade and other receivables, cash and cash equivalents, interest rate instruments,
forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and
borrowings.
The following table below shows the carrying amounts and fair values of the financial assets and
financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease
liabilities is not included.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u2022 Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 Level 2: Fair values are based on price input other than quoted prices. Such prices are derived
from observable market transactions in an active market for identical assets or liabilities.
Level 2 includes currency or interest derivatives, typically when the Group of companies uses
forward prices on foreign exchange rates or interest rates as inputs to valuation models.
\u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions
used in absence of quoted prices from an active market or other observable price inputs.
Accounting policies Classification of financial assets and liabilities Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting. All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows: \u2022 Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met: \u00b7 The asset is held within a business model whose objective is to hold assets to collect contractual cash flow; and \u00b7 The contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal outstanding amount. \u2022 Fair value through other comprehensive income (FVOCI) - financial assets are classified and measured at FVTOCI if they are held in a business model whose objective is achieved by both collecting contractual cash flow and selling financial assets. \u2022 Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the two business models mentioned are measured at FVTPL. All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL. Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair value through profit or loss. Impairment The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications: \u2022 12-month ECLs resulting from possible default events within 12 months after the reporting date. \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss.
Accounting principles
At inception of a contract, the Group of companies assesses whether a contract is, or contains, a
lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Group of companies uses the
definition of a lease in IFRS 16.
At commencement or on modification of a contract that contains a lease component, the Group
of companies allocates the consideration in the contract to each lease component on the basis
of its relative stand-alone prices.
Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment
property are presented as property, plant and equipment (see note 10). See also note 18 for
information on the lease liabilities.
Accounting principles
At inception or on modification of a contract that contains a lease component, the Group of
companies allocates the consideration in the contract to each lease component based on their
relative stand-alone prices.
When the Group of companies act as a lessor, it determines at lease inception whether each
lease is a lease liability or an operating lease. To classify each lease, the Group of companies
makes an overall assessment of whether the lease transfers substantially all of the risks and
rewards incidental to ownership of the underlying asset. If this is the case, then the lease is
a lease liability; if not, then it is an operating lease. As part of this assessment, The Group of
companies consider certain indicators such as whether the lease is for a major part of the
economic life of the asset.
If an arrangement contains lease and non-lease components, then the Group of companies
applies IFRS 15, Revenue from contracts with customers, to allocate the consideration in the
contract. The Group of companies applies the derecognition and impairment requirements in
IFRS 9, Financial instruments, to the net investment in the lease.
For further details, see note 5.
Accounting policies
The consolidated financial statements include the Company and its subsidiaries. A company
within the Group of companies controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. The financial statements of subsidiaries are included in the consolidated
financial statements from the date on which control commences until the date on which control
ceases.
Bonheur ASA is the parent in the group of companies with the following subsidiaries:
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "Bonheur ASA is domiciled in Norway. The address of the Company\u2019s registered office is Fred Olsens gate 2, Oslo . The consolidated financial statements of Bonheur ASA as at and for the year ended 31 December 2025 comprise Bonheur ASA and its subsidiaries (together referred to as the \u201cGroup of companies\u201d and individually as \u201cGroup entities\u201d) and the Group of companies\u2019 interests in associates. The Group of companies is primarily involved in Renewable Energy, Wind Service and Cruise. The annual accounts together with the appurtenant financial statements were addressed by the Board of Directors on 15 April 2026. In a meeting 21 April 2026, the Shareholders\u2019 Committee recommended to the Annual General Meeting that the proposal to the annual accounts for 2025 together with the appurtenant financial statements as addressed and resolved upon by the Board in the said meeting on 15 April 2026, is approved. Eventual approval of the annual accounts together with the appurtenant financial statements lies with the Annual General Meeting scheduled for 27 May 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "Bonheur ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "Bonheur ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "Fred Olsens gate 2, Oslo ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "Oslo ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "The consolidated financial statements of Bonheur ASA as at and for the year ended 31 December 2025 comprise Bonheur ASA and its subsidiaries (together referred to as the \u201cGroup of companies\u201d and individually as \u201cGroup entities\u201d) and the Group of companies\u2019 interests in associates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "Bonheur ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "The Group of companies is primarily involved in Renewable Energy, Wind Service and Cruise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "The annual accounts together with the appurtenant financial statements were addressed by the Board of Directors on 15 April 2026. In a meeting 21 April 2026, the Shareholders\u2019 Committee recommended to the Annual General Meeting that the proposal to the annual accounts for 2025 together with the appurtenant financial statements as addressed and resolved upon by the Board in the said meeting on 15 April 2026, is approved. Eventual approval of the annual accounts together with the appurtenant financial statements lies with the Annual General Meeting scheduled for 27 May 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "Basis of accounting The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (R) and its interpretations, as adopted by the European Union and the disclosure requirements following from the Norwegian Accounting Act, that are mandatory to apply at 31.12.2025. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "Basis of preparation These consolidated financial statements are presented in Norwegian Kroner (NOK), the functional currency of Bonheur ASA. All financial information presented in NOK has been rounded to the nearest thousand. The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Reassessment of accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Judgements and estimates made by management in the application of IFRSs that have significant effect on the financial statements and estimates that have a significant risk of material adjustment in the next year are discussed in the specific notes. The accounting policies have been applied consistently to all periods presented in these consolidated financial statements by all Group of companies entities. The Group of companies\u2019 accounting policies are described in the individual notes to the Consolidated Financial Statements. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following: \u2022 Derivative financial instruments are measured at fair value \u2022 Financial assets measured at fair value through profit or loss or through other comprehensive income \u2022 Employee benefits are measured at fair value The methods used to measure fair values are discussed further in note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "These consolidated financial statements are presented in Norwegian Kroner (NOK), the functional currency of Bonheur ASA. All financial information presented in NOK has been rounded to the nearest thousand. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "Accounting estimates and judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that Management considers reasonable and appropriate under the circumstances. The resulting accounting estimates may differ from the eventual outcome, but the Group of companies\u2019 regards this as the best estimate at the balance sheet date. The notes in this report provide further information on the specific topics including key accounting estimates and judgments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "Effects from new accounting standards The amended standards and interpretations had no significant impact on the Group of companies consolidated financial statements in 2025. Forthcoming requirements The amended standards and interpretations are not expected to have a significant impact on the Group of companies consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements: Classify all income and expenses into five categories in the profit or loss section of the consolidated statement of comprehensive income, namely the operating, investing, financing, discontinued operations and income tax categories. It is also required to present a newly defined operating profit subtotal. Net result will not change. Management defined performance measures (MPMs) should be disclosed in a single note in the financial statements. In addition, it is required to use the operating profit subtotal as the starting point for the consolidated statement of cash flows when presenting cash flows from operating activities under the indirect method. Bonheur is currently assessing the impact of the new standard. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "Effects from new accounting standards The amended standards and interpretations had no significant impact on the Group of companies consolidated financial statements in 2025. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "Forthcoming requirements The amended standards and interpretations are not expected to have a significant impact on the Group of companies consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements: Classify all income and expenses into five categories in the profit or loss section of the consolidated statement of comprehensive income, namely the operating, investing, financing, discontinued operations and income tax categories. It is also required to present a newly defined operating profit subtotal. Net result will not change. Management defined performance measures (MPMs) should be disclosed in a single note in the financial statements. In addition, it is required to use the operating profit subtotal as the starting point for the consolidated statement of cash flows when presenting cash flows from operating activities under the indirect method. Bonheur is currently assessing the impact of the new standard. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
NOTE 2 Determination of fair values
A number of the Group of companies\u2019 accounting policies and disclosures require the determination of
fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for
measurement and / or disclosure purposes based on the following methods. When applicable, further
information about the assumptions made in determining fair values is disclosed in the notes specific to that
asset or liability.
(i) Property, plant and equipment (PPE)
The fair value of PPE is estimated when impairment tests are performed. The market value for vessels is
based on broker valuations, for other items it is based on quoted market prices for similar items. Fair value
may also be based on value in use for the purpose of impairment testing. Value in use is the present value
of the future net cash flows from continuing use and ultimate disposal of the asset.
(ii) Intangible assets
The fair value of other intangible assets, including goodwill, is based on the discounted net cash flow
expected to be derived from the use and potential sale of the assets. However, the value of Mynewsdesk
AS (inclusive intangible assets), a subsidiary of NHST, is based on fair value less cost of disposal where
estimated sales values for similar business are obtained from an independent party.
(iii) Investments in equity and debt securities
The fair value of financial assets at fair value through profit or loss and through other comprehensive
income is determined by reference to their quoted bid price at the reporting date.
If such a quoted bid price does not exist at the statement of financial position date, the following items are
considered when estimating the fair value:
\u2022 the latest known trading price
\u2022 average price from transactions
\u2022 transactions with high volume
(iv) Trade and other receivables
The fair value of trade and other receivables is estimated as the present value of expected future cash flows.
(v) Derivatives
The fair value of forward exchange contracts is based on available market information. The fair value is
estimated by discounting the difference between the contractual forward price and the current forward
price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).
The fair value of interest rate swaps is the estimated amount that the Group of companies would receive or
pay to terminate the swap at the statement of financial position date, taking into account current interest
rates and the counterparty\u2019s credit rating.
Financial Instruments as of 31 December 2025
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
1) FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income. 2) Investments in level 1 consist of listed shares and bonds with quoted market prices, investments in level 2 include model inputs that are observable either directly or indirectly and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price Financial Instruments as of 31 December 2024
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
1) FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income. 2) Investments in level 1 consist of listed shares and bonds with quoted market prices, investments in level 2 include model inputs that are observable either directly or indirectly and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price. General The Group of companies is exposed to various financial risk factors through its operating activities. The factors include market risks (currency risk, interest rate risk and commodity price risk), credit risk and liquidity risk. The management seeks to minimize the risks and monitors the financial markets closely. Fair values versus carrying amounts Unless otherwise stated, the net-book values are presumed to reflect the fair value of financial assets and liabilities. Credit risk The Group of companies continually evaluates the credit risks associated with customers and counterparties and, when necessary, requires guarantees or collaterals. The Group of companies' short- term investments are mainly limited to cash deposits with its relationship banks. The credit risk related to trade receivables is mainly within the business segments Renewable Energy and Wind Service from customers located in the EURO zone and United Kingdom. For further information, see note 3 - Financial Risk Management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "NOTE 2 Determination of fair values A number of the Group of companies\u2019 accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. (i) Property, plant and equipment (PPE) The fair value of PPE is estimated when impairment tests are performed. The market value for vessels is based on broker valuations, for other items it is based on quoted market prices for similar items. Fair value may also be based on value in use for the purpose of impairment testing. Value in use is the present value of the future net cash flows from continuing use and ultimate disposal of the asset. (ii) Intangible assets The fair value of other intangible assets, including goodwill, is based on the discounted net cash flow expected to be derived from the use and potential sale of the assets. However, the value of Mynewsdesk AS (inclusive intangible assets), a subsidiary of NHST, is based on fair value less cost of disposal where estimated sales values for similar business are obtained from an independent party. (iii) Investments in equity and debt securities The fair value of financial assets at fair value through profit or loss and through other comprehensive income is determined by reference to their quoted bid price at the reporting date. If such a quoted bid price does not exist at the statement of financial position date, the following items are considered when estimating the fair value: \u2022 the latest known trading price \u2022 average price from transactions \u2022 transactions with high volume (iv) Trade and other receivables The fair value of trade and other receivables is estimated as the present value of expected future cash flows. (v) Derivatives The fair value of forward exchange contracts is based on available market information. The fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). The fair value of interest rate swaps is the estimated amount that the Group of companies would receive or pay to terminate the swap at the statement of financial position date, taking into account current interest rates and the counterparty\u2019s credit rating. Financial Instruments as of 31 December 2025
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
1) FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income. 2) Investments in level 1 consist of listed shares and bonds with quoted market prices, investments in level 2 include model inputs that are observable either directly or indirectly and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price Financial Instruments as of 31 December 2024
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
1) FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income. 2) Investments in level 1 consist of listed shares and bonds with quoted market prices, investments in level 2 include model inputs that are observable either directly or indirectly and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price. General The Group of companies is exposed to various financial risk factors through its operating activities. The factors include market risks (currency risk, interest rate risk and commodity price risk), credit risk and liquidity risk. The management seeks to minimize the risks and monitors the financial markets closely. Fair values versus carrying amounts Unless otherwise stated, the net-book values are presumed to reflect the fair value of financial assets and liabilities. Credit risk The Group of companies continually evaluates the credit risks associated with customers and counterparties and, when necessary, requires guarantees or collaterals. The Group of companies' short- term investments are mainly limited to cash deposits with its relationship banks. The credit risk related to trade receivables is mainly within the business segments Renewable Energy and Wind Service from customers located in the EURO zone and United Kingdom. For further information, see note 3 - Financial Risk Management.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "NOTE 2 Determination of fair values A number of the Group of companies\u2019 accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. (i) Property, plant and equipment (PPE) The fair value of PPE is estimated when impairment tests are performed. The market value for vessels is based on broker valuations, for other items it is based on quoted market prices for similar items. Fair value may also be based on value in use for the purpose of impairment testing. Value in use is the present value of the future net cash flows from continuing use and ultimate disposal of the asset. (ii) Intangible assets The fair value of other intangible assets, including goodwill, is based on the discounted net cash flow expected to be derived from the use and potential sale of the assets. However, the value of Mynewsdesk AS (inclusive intangible assets), a subsidiary of NHST, is based on fair value less cost of disposal where estimated sales values for similar business are obtained from an independent party. (iii) Investments in equity and debt securities The fair value of financial assets at fair value through profit or loss and through other comprehensive income is determined by reference to their quoted bid price at the reporting date. If such a quoted bid price does not exist at the statement of financial position date, the following items are considered when estimating the fair value: \u2022 the latest known trading price \u2022 average price from transactions \u2022 transactions with high volume (iv) Trade and other receivables The fair value of trade and other receivables is estimated as the present value of expected future cash flows. (v) Derivatives The fair value of forward exchange contracts is based on available market information. The fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). The fair value of interest rate swaps is the estimated amount that the Group of companies would receive or pay to terminate the swap at the statement of financial position date, taking into account current interest rates and the counterparty\u2019s credit rating. Financial Instruments as of 31 December 2025
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
1) FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income. 2) Investments in level 1 consist of listed shares and bonds with quoted market prices, investments in level 2 include model inputs that are observable either directly or indirectly and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price Financial Instruments as of 31 December 2024
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
1) FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income. 2) Investments in level 1 consist of listed shares and bonds with quoted market prices, investments in level 2 include model inputs that are observable either directly or indirectly and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price. General The Group of companies is exposed to various financial risk factors through its operating activities. The factors include market risks (currency risk, interest rate risk and commodity price risk), credit risk and liquidity risk. The management seeks to minimize the risks and monitors the financial markets closely. Fair values versus carrying amounts Unless otherwise stated, the net-book values are presumed to reflect the fair value of financial assets and liabilities. Credit risk The Group of companies continually evaluates the credit risks associated with customers and counterparties and, when necessary, requires guarantees or collaterals. The Group of companies' short- term investments are mainly limited to cash deposits with its relationship banks. The credit risk related to trade receivables is mainly within the business segments Renewable Energy and Wind Service from customers located in the EURO zone and United Kingdom. For further information, see note 3 - Financial Risk Management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "NOTE 2 Determination of fair values A number of the Group of companies\u2019 accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. (i) Property, plant and equipment (PPE) The fair value of PPE is estimated when impairment tests are performed. The market value for vessels is based on broker valuations, for other items it is based on quoted market prices for similar items. Fair value may also be based on value in use for the purpose of impairment testing. Value in use is the present value of the future net cash flows from continuing use and ultimate disposal of the asset. (ii) Intangible assets The fair value of other intangible assets, including goodwill, is based on the discounted net cash flow expected to be derived from the use and potential sale of the assets. However, the value of Mynewsdesk AS (inclusive intangible assets), a subsidiary of NHST, is based on fair value less cost of disposal where estimated sales values for similar business are obtained from an independent party. (iii) Investments in equity and debt securities The fair value of financial assets at fair value through profit or loss and through other comprehensive income is determined by reference to their quoted bid price at the reporting date. If such a quoted bid price does not exist at the statement of financial position date, the following items are considered when estimating the fair value: \u2022 the latest known trading price \u2022 average price from transactions \u2022 transactions with high volume (iv) Trade and other receivables The fair value of trade and other receivables is estimated as the present value of expected future cash flows. (v) Derivatives The fair value of forward exchange contracts is based on available market information. The fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). The fair value of interest rate swaps is the estimated amount that the Group of companies would receive or pay to terminate the swap at the statement of financial position date, taking into account current interest rates and the counterparty\u2019s credit rating. NOTE 3 Financial risk management The Group of companies is exposed to certain financial risks related to its activities. The financial risks are continuously monitored and from time-to-time financial derivatives are used to economically hedge such exposures. The monitoring within the various business segments is carried out by the respective companies, in accordance with their policies and procedures, through internal reporting and online based information of movements and market values of relevant financial instruments. Reports on the companies\u2019 financial risk exposure are regularly submitted to the respective entities\u2019 Board of directors. For more information \u2013 see notes 18 and 22. Financial market risk Currency risk The Group of companies\u2019 financial statements are presented in NOK. The Group of companies\u2019 revenues consist primarily of EUR, GBP and NOK. The revenues within the Wind Service segment in 2025 were in EUR. The GBP revenues in 2025 are within the Renewable Energy and Cruise segments. Consequently, out of the group\u2019s gross income of NOK 12 493 million in 2025, 41% were in EUR, 47% were in GBP and 1% were in SEK. The remaining 11% were in NOK. The Group of companies\u2019 expenses are primarily in EUR, GBP, USD and NOK. As such, the Group of companies\u2019 earnings are exposed to fluctuations in the currency market. However, in the longer-term parts of the currency exposure are neutralized due to the majority of the Group of companies\u2019 debts being denominated in the same currencies as the main revenues. 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, 75% of the outstanding loans in Renewable energy had been hedged against interest fluctuations through interest rate swap agreement. Fuel / bunker price The Group of companies is exposed to fluctuations in bunker prices, which are fluctuating with the oil price. As per end of 2025, FOCL 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. In 2025 approximately 5.1% (4.9%) of total operating expenses within the Group of companies were bunker expenses within the Cruise segment, while approximately 0.6% (0.9%) were bunkers expenses within Wind Service. Electricity price In 2025 electricity sales for the windfarms were on floating contracts and were subject to change in electricity prices, except for the wind farm Paul\u2019s Hill which 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 The Group of companies continuously evaluates the credit risk associated with customers and, when considered necessary, seeks to obtain certain guarantees. The credit risk within the Group of companies is in general considered to be moderate without significant changes from the previous year. Customers within the Wind Service segment provided in 2025 41% (46%) of total revenues. Customers within Wind Service are large and well regarded entities from the Wind Service industry, although the turbine manufacturers are going through a period with negative profitability. Customers within Renewable Energy, which in 2025 provided 19% (19%) of total revenues, are large electricity distributors. The credit risk within cruise is also regarded to be moderate due to 30% of total revenues in 2025 (26%), cruise tickets, are being paid in advance. Within the segment Other 10% (9%) of total revenues, credit risk is regarded moderate due to prepayment of subscriptions being a major part of the revenues.
Liquidity risk
Gross interest-bearing debt of the Group of companies at year end was NOK 8 825 million (NOK 9 977
million). Cash and cash equivalents amounted to NOK 6 317 million (NOK 6 583 million). Net interest-
bearing debt of the Group of companies was NOK 2 508 million (3 395 million). Equity to assets ratio for the
parent company was 68% (67%), including the effect of the proposed NOK 7.30 in dividend for 2025.
The Group of companies\u2019 interest-bearing debt consists of several loans. Some of the main business
segments have arranged separate loans to cover their investments. In 2025 investments were financed by
cash from operations, bank credit facilities and bond loans. Dividend payments in 2025 from Bonheur ASA
to its shareholders amounted to NOK 287 million (255 million).
The Group of companies\u2019 short-term cash investments are mainly limited to cash deposits in the Group of
companies\u2019 relationship banks and bonds. Derivative financial instruments are normally entered into with
the Group of companies\u2019 main relationship banks.
A minimum of NOK 500 million of other restricted cash reflects deposits required according to covenants in
Bonheur ASAs bond loans.
Taking into account estimated revenues, proposed dividend payments and planned capital investments,
the Group of companies views the liquidity risk to be moderate.
Capital Management
The Group of companies\u2019 overriding financial objectives target to secure long-term visibility and flexibility
through business cycles in order to sustain future development of the separate business and the group as a
whole and maintain market and stakeholder confidence.
The Fred. Olsen & Co. AS on behalf of Bonheur ASA performs capital management for the Company\u2019s
operations and oversees activity on an overall level for the Group of companies. Capital management is
carried out within the various business segments, based on their respective policies and procedures.
The majority of the Group of companies\u2019 free available cash and cash equivalents have traditionally
been held as bank deposits, however, investments in short- and long-term securities are also made. As a
governing principle the wholly owned subsidiaries distribute free available excess cash to the Company.
Bonheur has formalized its commitment to sustainable financing with a green finance framework which
takes into account EU Taxonomy assessment rating, and which has an eligibility assessment from DNV.
Since 2020, four green bond loans of in total NOK 3.1 billion, which have been issued to be used for eligible
green investments as defined in the framework.
NOTE 18 Interest bearing loans and borrowings
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
Fred. Olsen Renewables Ltd. (FORL) had as at 31 December 2025, through its 51% owned subsidiary Fred.
Olsen Wind Ltd., drawn a total of GBP 400 million under a bank loan facility and leases, with current loan
balance at year end 2025 was GBP 178 million (GBP 217 million). The interest rates of the bank loan facility
are fixed 3.17% for 75% and SONIA plus a margin of 1.40% for 25% of the facility. The bank loan facility
matures in 2032.
FORL had through its 100% owned subsidiary Fred. Olsen CB Ltd. per year end 2024 drawn GBP 57 million
from a secured credit facility agreement, with current loan balance at year end 2025 was GBP 45 million
(GBP 48 million). The interest rates of the loan are fixed 3.55% for 75% of the loan and SONIA plus a margin
of 1.80% for the rest of the loan. The bank loan facility matures in 2036. In addition, Fred. Olsen CB Ltd. had
through its 51% owned subsidiary Fred. Olsen CBH Ltd, per year end 2025 drawn GBP 60 million (GBP 63
million) from an unsecured shareholder loan from CK Group, which holds 49% of the shares in the company.
The interest rate of this loan is SONIA plus a margin of 6%, and the loan matures in 2036. Fred. Olsen CBH
Ltd. has also drawn a shareholder loan with corresponding terms of GBP 70 million from Fred. Olsen CB Ltd.,
which is eliminated in the consolidated accounts.
FOO group, through its subsidiary FOWIC has two long-term non-recourse debt financing arrangements
related to the three offshore wind turbine transportation and installation jack-up vessels under its indirect
ownership (Brave Tern, Bold Tern and Blue Tern). In conjunction with the financing, a green loan framework
was established, supported by an eligibility assessment from DNV, which enables new investments to be
financed with green loans. For Brave Tern and Bold Tern, the arrangement is a EUR 75 million 6-years facility
with DNB Bank ASA and SpareBank 1 S\u00f8r-Norge ASA. In 2022 FOWIC entered into an agreement for an
increase of the available amount under the Fleet Financing Facility Agreement by a EUR 35 million revolving
facility tranche (RCF) with a margin of 3.20%. The current balance per 31 December 2025 is EUR 24 million
(EUR 31 million), where the drawdown on the EUR 35 mill RCF amounts to zero.
GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 40 million, of
which approximately EUR 32 million is outstanding as per 31 December 2025.
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
Terms and debt repayment schedule Terms and conditions of outstanding loans were as follows:
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
1) Financing facility for Fred. Olsen Wind 2 Ltd. 2) Financing facility for Fred. Olsen CB Ltd. 3) A total of GBP 59.6 million has been drawn by Fred. Olsen CBH Ltd. on a shareholder loan from CK Group. Remaining balance includes accrued interest. 4) Financing facility for Fred. Olsen Windcarrier of the jack-up vessels Brave Tern, Bold Tern and Blue Tern. 5) As per 31 December 2025 a bank overdraft of EUR 40.6 million regarding GWS, is included. 6) The market value of the four outstanding Bonheur bond loans maturing in 2026, 2028, 2029 and 2030 were per year end 100.74, 102.78 ,101.09 and 100.25 respectively. 7) Financing facility for NHST of NOK 110 million Lease liabilities
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
Booked value of collateral
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
Guarantees
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
1) The global credit insurance company Atradius has issued a guarantee of EUR 102 million to Irish authorities on behalf of Codling Wind Park Ltd. As 50% indirect owner of the company, Fred. Olsen Seawind ASA is obliged to issue a guarantee to Atradius for half of this amount. Fred. Olsen Renewables AS has issued this guarantee on behalf of Fred. Olsen Seawind ASA. Fred. Olsen Seawind ASA has then provided counter-quarantee to Fred. Olsen Renewables AS for the same amount.
Reconciliation of movements of liabilities to cash flows arising from financing activities
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
1)
According to statement of changes in equity, page 74.
Accounting classifications and fair values Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings. The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included. For financial instruments measured at fair value, the levels in the fair value hierarchy are: \u2022 Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities. \u2022 Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models. \u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs. NOTE 22 Financial Instruments Accounting policies Classification of financial assets and liabilities Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting. All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows: \u2022 Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met: \u00b7 The asset is held within a business model whose objective is to hold assets to collect contractual cash flow; and \u00b7 The contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal outstanding amount. \u2022 Fair value through other comprehensive income (FVOCI) - financial assets are classified and measured at FVTOCI if they are held in a business model whose objective is achieved by both collecting contractual cash flow and selling financial assets. \u2022 Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the two business models mentioned are measured at FVTPL. All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL. Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair value through profit or loss. Impairment The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications: \u2022 12-month ECLs resulting from possible default events within 12 months after the reporting date. \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss.
Financial Instruments as of 31 December 2025
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
1)
FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income.
2)
Investments in level 1 consist of listed shares and bonds with quoted market prices, investments in level 2 include model inputs that are observable either directly or indirectly and investments in level 3 are shares where fair value cannot be measured
reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price
Financial Instruments as of 31 December 2024
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
1)
FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income.
2)
Investments in level 1 consist of listed shares and bonds with quoted market prices, investments in level 2 include
model inputs that are observable either directly or indirectly and investments in level 3 are shares where fair value
cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value
is initial purchase price.
General
The Group of companies is exposed to various financial risk factors through its operating activities. The
factors include market risks (currency risk, interest rate risk and commodity price risk), credit risk and
liquidity risk. The management seeks to minimize the risks and monitors the financial markets closely.
Fair values versus carrying amounts
Unless otherwise stated, the net-book values are presumed to reflect the fair value of financial assets and
liabilities.
Credit risk
The Group of companies continually evaluates the credit risks associated with customers and
counterparties and, when necessary, requires guarantees or collaterals. The Group of companies' short-
term investments are mainly limited to cash deposits with its relationship banks. The credit risk related
to trade receivables is mainly within the business segments Renewable Energy and Wind Service from
customers located in the EURO zone and United Kingdom. For further information, see note 3 - Financial
Risk Management.
The Group of companies' financial assets were considered to have low credit risk per 1 January 2025. Historically, losses on receivables have been insignificant in the Group of companies. A large proportion of the Group of companies\u2019 receivables are advance payments from customers in the business segment Cruise and in NHST Media Group AS in the Other investments segment. The Group of companies has considered that the credit risk has not increased significantly during 2025. Based on the group\u2019s assessment, no significant changes in loss allowance are deemed necessary per 31 December 2025. The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure to credit risk at the reporting date was:
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
1) Trade receivables (which also includes prepayments) and contract assets are to be collected from the following business segments:
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
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
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
Impairment losses Loss allowances have been measured on the following basis: \u2022 12-month ECLs that result from possible default events within the 12 months after the reporting date; and \u2022 Lifetime ECLs that result from all possible default events over the expected life of a financial instrument. The aging of trade and other receivables at the reporting date were:
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
Based on historic default rates, the Group of companies believes that limited impairment allowance is necessary in respect of trade receivables not past due or past due by up to 30 days. Due to conditions related to specific customers in NHST Media Group AS and Global Wind Service, a provision for losses have been made to certain receivables past due 31-180 days and 181-360 days. Lifetime expected credit losses has been assessed and a provision for losses has been made to certain receivables related to specific customers in Global Wind Service in the Wind Service Segment. Liquidity risk The Group of companies is exposed to liquidity risk when payments of financial liabilities do not correspond to the cash flow from operations and/or financing. In order to effectively mitigate liquidity risk, the Group of companies\u2019 risk management strategy focuses on maintaining sufficient cash, marketable securities and/or committed credit facilities and targets a long-term funding profile. Moreover, the liquidity risk management strategy focuses on maximising the return on surplus cash as well as minimising the cost of short-term borrowing and other transaction costs. In order to uncover future liquidity risk, the Group of companies forecasts both short-term and long-term cash flows. Cash flow forecasts include cash flows stemming from operations, investments and financing activities. The liquidity risk is considered as moderate.
The following are the contractual maturities of financial liabilities, including estimated interest payments::
Due in
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
Due in
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
Currency Risk The Group of companies\u2019 financial statements are presented in Norwegian kroner (NOK). Most of the subsidiaries use Euro (EUR) or British Pound (GBP) as their functional currencies. The revenues mainly consist of GBP, EUR and NOK. The operating expenses mainly consist of USD, GBP, EUR and NOK. The Group of companies is exposed to foreign currency risks related to its operations and debt instruments. As such, the earnings are exposed to fluctuations in the currency markets. The future foreign currency exposure depends on the currency denomination of future operating revenues and expenses. In the longer term, parts of the currency exposures are neutralised due to the majority of the Group of companies\u2019 debt is denominated in the same currencies as the revenues. The management monitors the currency markets closely. In order to reduce the impact of currency rate fluctuations on the net income and the statement of financial position, currency contracts are entered into when considered appropriate. The Group of companies\u2019 exposure to foreign currency risk was as follows based on notional amounts: The figures are not directly comparable to the figures in the statement of financial position, as the statement of financial position shows the figures in actual currencies, net of intra group eliminations.
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
Currency sensitivity analysis A 10% increase of the NOK against the following currencies at 31 December would have affected the measurement of financial instruments denominated in a foreign currency and increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis is performed on the same basis as the previous year.
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
The following significant exchange rates applied during the year:
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
Interest rate risk When the Group of companies borrows funds externally, the interest rate payable is in most cases based on a floating interest rate. In order to reduce the fluctuations of interests payable, interest rate swap agreements are entered into. The Group of companies is exposed to fluctuations in interest rates for GBP, EUR, USD and NOK. All the interest rate swaps that are entered into are used for economic hedging. Therefore, the changes in the valuation of the interest rate swaps are taken over the profit or loss statement. The quarterly update of the valuations of the interest rate-swaps may result in substantial financial gains and losses, depending on the changes in the interest rate levels. The management monitors the interest rate markets closely and enters into interest rate swap agreements when this is considered appropriate. At the reporting date approximately 26% of the financial liabilities were interest hedged.
At the reporting date the interest rate profile of the Group of companies\u2019 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "
NOTE 3 Financial risk management
The Group of companies is exposed to certain financial risks related to its activities. The financial risks
are continuously monitored and from time-to-time financial derivatives are used to economically hedge
such exposures. The monitoring within the various business segments is carried out by the respective
companies, in accordance with their policies and procedures, through internal reporting and online based
information of movements and market values of relevant financial instruments. Reports on the companies\u2019
financial risk exposure are regularly submitted to the respective entities\u2019 Board of directors.
For more information \u2013 see notes 18 and 22.
Financial market risk
Currency risk
The Group of companies\u2019 financial statements are presented in NOK. The Group of companies\u2019 revenues
consist primarily of EUR, GBP and NOK. The revenues within the Wind Service segment in 2025 were in EUR.
The GBP revenues in 2025 are within the Renewable Energy and Cruise segments. Consequently, out of
the group\u2019s gross income of NOK 12 493 million in 2025, 41% were in EUR, 47% were in GBP and 1% were
in SEK. The remaining 11% were in NOK. The Group of companies\u2019 expenses are primarily in EUR, GBP, USD
and NOK. As such, the Group of companies\u2019 earnings are exposed to fluctuations in the currency market.
However, in the longer-term parts of the currency exposure are neutralized due to the majority of the
Group of companies\u2019 debts being denominated in the same currencies as the main revenues.
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, 75% of the outstanding loans in Renewable energy had been hedged
against interest fluctuations through interest rate swap agreement.
Fuel / bunker price
The Group of companies is exposed to fluctuations in bunker prices, which are fluctuating with the oil price.
As per end of 2025, FOCL 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. In
2025 approximately 5.1% (4.9%) of total operating expenses within the Group of companies were bunker
expenses within the Cruise segment, while approximately 0.6% (0.9%) were bunkers expenses within Wind
Service.
Electricity price
In 2025 electricity sales for the windfarms were on floating contracts and were subject to change in
electricity prices, except for the wind farm Paul\u2019s Hill which 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
The Group of companies continuously evaluates the credit risk associated with customers and, when
considered necessary, seeks to obtain certain guarantees. The credit risk within the Group of companies is
in general considered to be moderate without significant changes from the previous year. Customers within
the Wind Service segment provided in 2025 41% (46%) of total revenues. Customers within Wind Service
are large and well regarded entities from the Wind Service industry, although the turbine manufacturers
are going through a period with negative profitability. Customers within Renewable Energy, which in
2025 provided 19% (19%) of total revenues, are large electricity distributors. The credit risk within cruise
is also regarded to be moderate due to 30% of total revenues in 2025 (26%), cruise tickets, are being paid
in advance. Within the segment Other 10% (9%) of total revenues, credit risk is regarded moderate due to
prepayment of subscriptions being a major part of the revenues.
Liquidity risk Gross interest-bearing debt of the Group of companies at year end was NOK 8 825 million (NOK 9 977 million). Cash and cash equivalents amounted to NOK 6 317 million (NOK 6 583 million). Net interest- bearing debt of the Group of companies was NOK 2 508 million (3 395 million). Equity to assets ratio for the parent company was 68% (67%), including the effect of the proposed NOK 7.30 in dividend for 2025. The Group of companies\u2019 interest-bearing debt consists of several loans. Some of the main business segments have arranged separate loans to cover their investments. In 2025 investments were financed by cash from operations, bank credit facilities and bond loans. Dividend payments in 2025 from Bonheur ASA to its shareholders amounted to NOK 287 million (255 million). The Group of companies\u2019 short-term cash investments are mainly limited to cash deposits in the Group of companies\u2019 relationship banks and bonds. Derivative financial instruments are normally entered into with the Group of companies\u2019 main relationship banks. A minimum of NOK 500 million of other restricted cash reflects deposits required according to covenants in Bonheur ASAs bond loans. Taking into account estimated revenues, proposed dividend payments and planned capital investments, the Group of companies views the liquidity risk to be moderate. Capital Management The Group of companies\u2019 overriding financial objectives target to secure long-term visibility and flexibility through business cycles in order to sustain future development of the separate business and the group as a whole and maintain market and stakeholder confidence. The Fred. Olsen & Co. AS on behalf of Bonheur ASA performs capital management for the Company\u2019s operations and oversees activity on an overall level for the Group of companies. Capital management is carried out within the various business segments, based on their respective policies and procedures. The majority of the Group of companies\u2019 free available cash and cash equivalents have traditionally been held as bank deposits, however, investments in short- and long-term securities are also made. As a governing principle the wholly owned subsidiaries distribute free available excess cash to the Company. Bonheur has formalized its commitment to sustainable financing with a green finance framework which takes into account EU Taxonomy assessment rating, and which has an eligibility assessment from DNV. Since 2020, four green bond loans of in total NOK 3.1 billion, which have been issued to be used for eligible green investments as defined in the framework. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "Financial market risk Currency risk The Group of companies\u2019 financial statements are presented in NOK. The Group of companies\u2019 revenues consist primarily of EUR, GBP and NOK. The revenues within the Wind Service segment in 2025 were in EUR. The GBP revenues in 2025 are within the Renewable Energy and Cruise segments. Consequently, out of the group\u2019s gross income of NOK 12 493 million in 2025, 41% were in EUR, 47% were in GBP and 1% were in SEK. The remaining 11% were in NOK. The Group of companies\u2019 expenses are primarily in EUR, GBP, USD and NOK. As such, the Group of companies\u2019 earnings are exposed to fluctuations in the currency market. However, in the longer-term parts of the currency exposure are neutralized due to the majority of the Group of companies\u2019 debts being denominated in the same currencies as the main revenues. 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, 75% of the outstanding loans in Renewable energy had been hedged against interest fluctuations through interest rate swap agreement. Fuel / bunker price The Group of companies is exposed to fluctuations in bunker prices, which are fluctuating with the oil price. As per end of 2025, FOCL 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. In 2025 approximately 5.1% (4.9%) of total operating expenses within the Group of companies were bunker expenses within the Cruise segment, while approximately 0.6% (0.9%) were bunkers expenses within Wind Service. Electricity price In 2025 electricity sales for the windfarms were on floating contracts and were subject to change in electricity prices, except for the wind farm Paul\u2019s Hill which 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "Credit risk The Group of companies continuously evaluates the credit risk associated with customers and, when considered necessary, seeks to obtain certain guarantees. The credit risk within the Group of companies is in general considered to be moderate without significant changes from the previous year. Customers within the Wind Service segment provided in 2025 41% (46%) of total revenues. Customers within Wind Service are large and well regarded entities from the Wind Service industry, although the turbine manufacturers are going through a period with negative profitability. Customers within Renewable Energy, which in 2025 provided 19% (19%) of total revenues, are large electricity distributors. The credit risk within cruise is also regarded to be moderate due to 30% of total revenues in 2025 (26%), cruise tickets, are being paid in advance. Within the segment Other 10% (9%) of total revenues, credit risk is regarded moderate due to prepayment of subscriptions being a major part of the revenues. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "Liquidity risk Gross interest-bearing debt of the Group of companies at year end was NOK 8 825 million (NOK 9 977 million). Cash and cash equivalents amounted to NOK 6 317 million (NOK 6 583 million). Net interest- bearing debt of the Group of companies was NOK 2 508 million (3 395 million). Equity to assets ratio for the parent company was 68% (67%), including the effect of the proposed NOK 7.30 in dividend for 2025. The Group of companies\u2019 interest-bearing debt consists of several loans. Some of the main business segments have arranged separate loans to cover their investments. In 2025 investments were financed by cash from operations, bank credit facilities and bond loans. Dividend payments in 2025 from Bonheur ASA to its shareholders amounted to NOK 287 million (255 million). The Group of companies\u2019 short-term cash investments are mainly limited to cash deposits in the Group of companies\u2019 relationship banks and bonds. Derivative financial instruments are normally entered into with the Group of companies\u2019 main relationship banks. A minimum of NOK 500 million of other restricted cash reflects deposits required according to covenants in Bonheur ASAs bond loans. Taking into account estimated revenues, proposed dividend payments and planned capital investments, the Group of companies views the liquidity risk to be moderate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Capital Management The Group of companies\u2019 overriding financial objectives target to secure long-term visibility and flexibility through business cycles in order to sustain future development of the separate business and the group as a whole and maintain market and stakeholder confidence. The Fred. Olsen & Co. AS on behalf of Bonheur ASA performs capital management for the Company\u2019s operations and oversees activity on an overall level for the Group of companies. Capital management is carried out within the various business segments, based on their respective policies and procedures. The majority of the Group of companies\u2019 free available cash and cash equivalents have traditionally been held as bank deposits, however, investments in short- and long-term securities are also made. As a governing principle the wholly owned subsidiaries distribute free available excess cash to the Company. Bonheur has formalized its commitment to sustainable financing with a green finance framework which takes into account EU Taxonomy assessment rating, and which has an eligibility assessment from DNV. Since 2020, four green bond loans of in total NOK 3.1 billion, which have been issued to be used for eligible green investments as defined in the framework. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "NOTE 4 Operating segments Accounting policies A business segment is a distinguishable component of the Group of companies that is engaged in providing related products or services (business segment), which is subject to risks and returns that are different from those of the Company's other business segments. Segment information is presented in respect of the Group of companies' business segments. The business segments are determined based on the Group of companies' management and internal reporting structure. Inter-segment pricing is determined on an arm\u2019s length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment other than capital expenditure according to IFRS 16, and intangible assets other than goodwill. The Group of companies has four reportable business segments, as described below, which are the Group of companies' strategic business areas. The strategic business areas offer different products and services and are managed separately because they require different technology and marketing strategies. For each of the strategic business areas, the Group of companies' chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. Information regarding the results of each reportable segment is included below. Performance is measured based on segment operating profit and profit after tax, as included in the internal management reports that are reviewed by the Group of companies' CODM. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on an arm's length basis. The Group of companies comprise the following business segments: 1. Renewable Energy The companies included in the segment are Fred. Olsen Renewables and Fred. Olsen Seawind. The companies are engaged in development, construction and operation of wind farms in Scotland, Norway, Sweden, Ireland and Italy. 2. Wind Service The companies included in the segment are mainly Fred. Olsen Windcarrier and Global Wind Service. The companies are engaged in logistics and services within the offshore wind industry. 3. Cruise Cruise Lines operates three cruise ships and provides a diverse range of cruises. 4. Other Investments The segment includes entities Fred. Olsen 1848 AS, Fred. Olsen Investments AS, Fred. Olsen Insurance Services AS, Fred. Olsen Travel AS, the Company\u2019s ownership of 55% in NHST Holding AS and the parent company, Bonheur ASA. In addition, the segment has various investments in real estate, bonds and shares.
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
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "Accounting policies A business segment is a distinguishable component of the Group of companies that is engaged in providing related products or services (business segment), which is subject to risks and returns that are different from those of the Company's other business segments. Segment information is presented in respect of the Group of companies' business segments. The business segments are determined based on the Group of companies' management and internal reporting structure. Inter-segment pricing is determined on an arm\u2019s length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment other than capital expenditure according to IFRS 16, and intangible assets other than goodwill. The Group of companies has four reportable business segments, as described below, which are the Group of companies' strategic business areas. The strategic business areas offer different products and services and are managed separately because they require different technology and marketing strategies. For each of the strategic business areas, the Group of companies' chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. Information regarding the results of each reportable segment is included below. Performance is measured based on segment operating profit and profit after tax, as included in the internal management reports that are reviewed by the Group of companies' CODM. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on an arm's length basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "NOTE 5 Revenue Accounting policies Revenue from the Renewable Energy segment Revenue from sale of electric power is recognized in the period the power is generated and supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer for each MWh produced. Payment is due in the month after. The Green Certificates are classified as other operating revenues. The Green Certificates are to be considered as a government support. The grants are issued when the electricity is generated and are therefore considered as a subsidy linked to production. The Green Certificates are recognized under the income approach and accrued in the Profit or Loss on a monthly basis based on the monthly generation of the windfarms. Revenue from the Wind Service segment Revenue from Transport & Installation Operating revenue from charter rate contracts is split into two elements, income from rentals, which is accounted for in accordance with IFRS 16, and services, which are accounted for under IFRS 15. Revenue on long-term contracts is recognized during the operational phase of the contract (from the delivery of the vessel at the designated port and to the end of demobilization). During the mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the contract during the mobilization phase are capitalized and amortized over the contract term if they meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized as a contract liability until services are delivered. Variable consideration that specifically relates to a distinct good or service is allocated specifically to this good or service. Variable considerations that do not relate specifically to a distinct good or service are included within the transaction price and recognized in line with progress. Time elapsed, i.e., voyage days, is used to measure progress. Revenue from Wind Services Revenue derived from hourly service contracts is recognized in the period that the services are rendered at rates established in the relevant contracts. Wind Services has installation and services to wind farm projects around the world. The payment terms are usually 60 days or more. Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure is used for measuring progress during the operational phase of the contract. Revenue from the Cruise segment Cruise fares are recognized evenly over number of nights of the cruise together with revenue from onboard services. Flight revenue is recognized evenly over the duration of the cruise contract (from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and is considered as one performance obligation. Prepayments from sale of cruises are classified as contract liabilities until the cruise commences. Prebooked shore excursions are recognized as revenue when the tour is completed. Revenue from the Other investments segment Revenue in the Other investments segment mainly comes from subscriptions in NHST, which is recognised over the subscription period, normally on a straight-line basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the advertising is published. The revenues of the Group of companies are summarised in the below tables:
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
Service revenue arises mainly from the business segments Wind Service, Cruise and the subsidiary NHST
Holding AS. Lease revenue arises mainly from the business segment Wind Service and consists of Bare Boat
Charter hire to the vessel owners.
Contract balances
The following table provides information about receivables, contract assets and contract liabilities from
contract with customers:
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
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses
on contract assets have been recognized during 2025.
Contract liabilities are mainly related to subscriptions in NHST, prepayment of tickets and tours in the Cruise
segment and deferred revenue and mobilization fees from external customers in the Wind Service segment.
On 31.12.2024 the value of contract liabilities amounted to NOK 1,917 million of which NOK 1,765 million
has been recognized as income in 2025. The change in contract assets and liabilities relates to natural
progression of the project portfolio, as well as the current project mix.
Capitalised costs to fulfuill contracts at 31 December 2025 of NOK 53 million (NOK 271 Million) are related
to the projects that are scheduled to be performed from 2026 to 2028. Captialised project costs are
amortised over the operational phase of the contract (from the delivery of the vessel at the designated port
to the end of demobilisation) included as part of other operating expenses.
Order backlog
Contracts with duration of more than 12 months are included as order backlog.
2026
2027
2028
Amounts in NOK 1,000
Order backlog per year
3 632
999
869
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "NOTE 5 Revenue Accounting policies Revenue from the Renewable Energy segment Revenue from sale of electric power is recognized in the period the power is generated and supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer for each MWh produced. Payment is due in the month after. The Green Certificates are classified as other operating revenues. The Green Certificates are to be considered as a government support. The grants are issued when the electricity is generated and are therefore considered as a subsidy linked to production. The Green Certificates are recognized under the income approach and accrued in the Profit or Loss on a monthly basis based on the monthly generation of the windfarms. Revenue from the Wind Service segment Revenue from Transport & Installation Operating revenue from charter rate contracts is split into two elements, income from rentals, which is accounted for in accordance with IFRS 16, and services, which are accounted for under IFRS 15. Revenue on long-term contracts is recognized during the operational phase of the contract (from the delivery of the vessel at the designated port and to the end of demobilization). During the mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the contract during the mobilization phase are capitalized and amortized over the contract term if they meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized as a contract liability until services are delivered. Variable consideration that specifically relates to a distinct good or service is allocated specifically to this good or service. Variable considerations that do not relate specifically to a distinct good or service are included within the transaction price and recognized in line with progress. Time elapsed, i.e., voyage days, is used to measure progress. Revenue from Wind Services Revenue derived from hourly service contracts is recognized in the period that the services are rendered at rates established in the relevant contracts. Wind Services has installation and services to wind farm projects around the world. The payment terms are usually 60 days or more. Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure is used for measuring progress during the operational phase of the contract. Revenue from the Cruise segment Cruise fares are recognized evenly over number of nights of the cruise together with revenue from onboard services. Flight revenue is recognized evenly over the duration of the cruise contract (from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and is considered as one performance obligation. Prepayments from sale of cruises are classified as contract liabilities until the cruise commences. Prebooked shore excursions are recognized as revenue when the tour is completed. Revenue from the Other investments segment Revenue in the Other investments segment mainly comes from subscriptions in NHST, which is recognised over the subscription period, normally on a straight-line basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the advertising is published. The revenues of the Group of companies are summarised in the below tables:
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
Service revenue arises mainly from the business segments Wind Service, Cruise and the subsidiary NHST Holding AS. Lease revenue arises mainly from the business segment Wind Service and consists of Bare Boat Charter hire to the vessel owners. Contract balances The following table provides information about receivables, contract assets and contract liabilities from contract with customers:
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
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses on contract assets have been recognized during 2025. Contract liabilities are mainly related to subscriptions in NHST, prepayment of tickets and tours in the Cruise segment and deferred revenue and mobilization fees from external customers in the Wind Service segment. On 31.12.2024 the value of contract liabilities amounted to NOK 1,917 million of which NOK 1,765 million has been recognized as income in 2025. The change in contract assets and liabilities relates to natural progression of the project portfolio, as well as the current project mix. Capitalised costs to fulfuill contracts at 31 December 2025 of NOK 53 million (NOK 271 Million) are related to the projects that are scheduled to be performed from 2026 to 2028. Captialised project costs are amortised over the operational phase of the contract (from the delivery of the vessel at the designated port to the end of demobilisation) included as part of other operating expenses. Order backlog Contracts with duration of more than 12 months are included as order backlog.
2026
2027
2028
Amounts in NOK 1,000
Order backlog per year
3 632
999
869
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "NOTE 5 Revenue Accounting policies Revenue from the Renewable Energy segment Revenue from sale of electric power is recognized in the period the power is generated and supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer for each MWh produced. Payment is due in the month after. The Green Certificates are classified as other operating revenues. The Green Certificates are to be considered as a government support. The grants are issued when the electricity is generated and are therefore considered as a subsidy linked to production. The Green Certificates are recognized under the income approach and accrued in the Profit or Loss on a monthly basis based on the monthly generation of the windfarms. Revenue from the Wind Service segment Revenue from Transport & Installation Operating revenue from charter rate contracts is split into two elements, income from rentals, which is accounted for in accordance with IFRS 16, and services, which are accounted for under IFRS 15. Revenue on long-term contracts is recognized during the operational phase of the contract (from the delivery of the vessel at the designated port and to the end of demobilization). During the mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the contract during the mobilization phase are capitalized and amortized over the contract term if they meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized as a contract liability until services are delivered. Variable consideration that specifically relates to a distinct good or service is allocated specifically to this good or service. Variable considerations that do not relate specifically to a distinct good or service are included within the transaction price and recognized in line with progress. Time elapsed, i.e., voyage days, is used to measure progress. Revenue from Wind Services Revenue derived from hourly service contracts is recognized in the period that the services are rendered at rates established in the relevant contracts. Wind Services has installation and services to wind farm projects around the world. The payment terms are usually 60 days or more. Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure is used for measuring progress during the operational phase of the contract. Revenue from the Cruise segment Cruise fares are recognized evenly over number of nights of the cruise together with revenue from onboard services. Flight revenue is recognized evenly over the duration of the cruise contract (from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and is considered as one performance obligation. Prepayments from sale of cruises are classified as contract liabilities until the cruise commences. Prebooked shore excursions are recognized as revenue when the tour is completed. Revenue from the Other investments segment Revenue in the Other investments segment mainly comes from subscriptions in NHST, which is recognised over the subscription period, normally on a straight-line basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the advertising is published. The revenues of the Group of companies are summarised in the below tables:
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
Service revenue arises mainly from the business segments Wind Service, Cruise and the subsidiary NHST Holding AS. Lease revenue arises mainly from the business segment Wind Service and consists of Bare Boat Charter hire to the vessel owners. Contract balances The following table provides information about receivables, contract assets and contract liabilities from contract with customers:
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
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses on contract assets have been recognized during 2025. Contract liabilities are mainly related to subscriptions in NHST, prepayment of tickets and tours in the Cruise segment and deferred revenue and mobilization fees from external customers in the Wind Service segment. On 31.12.2024 the value of contract liabilities amounted to NOK 1,917 million of which NOK 1,765 million has been recognized as income in 2025. The change in contract assets and liabilities relates to natural progression of the project portfolio, as well as the current project mix. Capitalised costs to fulfuill contracts at 31 December 2025 of NOK 53 million (NOK 271 Million) are related to the projects that are scheduled to be performed from 2026 to 2028. Captialised project costs are amortised over the operational phase of the contract (from the delivery of the vessel at the designated port to the end of demobilisation) included as part of other operating expenses. Order backlog Contracts with duration of more than 12 months are included as order backlog.
2026
2027
2028
Amounts in NOK 1,000
Order backlog per year
3 632
999
869
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "Accounting policies Revenue from the Renewable Energy segment Revenue from sale of electric power is recognized in the period the power is generated and supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer for each MWh produced. Payment is due in the month after. The Green Certificates are classified as other operating revenues. The Green Certificates are to be considered as a government support. The grants are issued when the electricity is generated and are therefore considered as a subsidy linked to production. The Green Certificates are recognized under the income approach and accrued in the Profit or Loss on a monthly basis based on the monthly generation of the windfarms. Revenue from the Wind Service segment Revenue from Transport & Installation Operating revenue from charter rate contracts is split into two elements, income from rentals, which is accounted for in accordance with IFRS 16, and services, which are accounted for under IFRS 15. Revenue on long-term contracts is recognized during the operational phase of the contract (from the delivery of the vessel at the designated port and to the end of demobilization). During the mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the contract during the mobilization phase are capitalized and amortized over the contract term if they meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized as a contract liability until services are delivered. Variable consideration that specifically relates to a distinct good or service is allocated specifically to this good or service. Variable considerations that do not relate specifically to a distinct good or service are included within the transaction price and recognized in line with progress. Time elapsed, i.e., voyage days, is used to measure progress. Revenue from Wind Services Revenue derived from hourly service contracts is recognized in the period that the services are rendered at rates established in the relevant contracts. Wind Services has installation and services to wind farm projects around the world. The payment terms are usually 60 days or more. Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure is used for measuring progress during the operational phase of the contract. Revenue from the Cruise segment Cruise fares are recognized evenly over number of nights of the cruise together with revenue from onboard services. Flight revenue is recognized evenly over the duration of the cruise contract (from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and is considered as one performance obligation. Prepayments from sale of cruises are classified as contract liabilities until the cruise commences. Prebooked shore excursions are recognized as revenue when the tour is completed. Revenue from the Other investments segment Revenue in the Other investments segment mainly comes from subscriptions in NHST, which is recognised over the subscription period, normally on a straight-line basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the advertising is published. The revenues of the Group of companies are summarised in the below tables: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "
NOTE 6 Operating expenses
Operating expenses
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
1)
Inclusive administration costs and fee to Fred. Olsen & Co. AS of NOK 117 million (NOK 123 million). See note 26.
2)
Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service
(Global Wind Service AS and United Wind Logistics GmbH (until April 2025)). In 2025 cruise ships operation amounted
to NOK 2,557 million (NOK 2,597 million) which are mainly onboard expenses, ship operations expenses and Selling
& Marketing expenses. Operation of Wind Service amounts to NOK 1,451 million (NOK 3,250 million). Research and
development expenditures of NOK 34 million are recognised in profit or loss in 2025 (NOK 61 million).
Professional fees to the auditors
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
Research and development
2025
2024
Amounts in NOK 1,000
Research and development expenditures included in
\"Other operating expenses\"
34,212
60,944
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "NOTE 6 Operating expenses Operating expenses
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
1) Inclusive administration costs and fee to Fred. Olsen & Co. AS of NOK 117 million (NOK 123 million). See note 26. 2) Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH (until April 2025)). In 2025 cruise ships operation amounted to NOK 2,557 million (NOK 2,597 million) which are mainly onboard expenses, ship operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 1,451 million (NOK 3,250 million). Research and development expenditures of NOK 34 million are recognised in profit or loss in 2025 (NOK 61 million). Professional fees to the auditors
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
Research and development
2025
2024
Amounts in NOK 1,000
Research and development expenditures included in
\"Other operating expenses\"
34,212
60,944
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "NOTE 6 Operating expenses Operating expenses
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
1) Inclusive administration costs and fee to Fred. Olsen & Co. AS of NOK 117 million (NOK 123 million). See note 26. 2) Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH (until April 2025)). In 2025 cruise ships operation amounted to NOK 2,557 million (NOK 2,597 million) which are mainly onboard expenses, ship operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 1,451 million (NOK 3,250 million). Research and development expenditures of NOK 34 million are recognised in profit or loss in 2025 (NOK 61 million). Professional fees to the auditors
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
Research and development
2025
2024
Amounts in NOK 1,000
Research and development expenditures included in
\"Other operating expenses\"
34,212
60,944
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "NOTE 6 Operating expenses Operating expenses
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
1) Inclusive administration costs and fee to Fred. Olsen & Co. AS of NOK 117 million (NOK 123 million). See note 26. 2) Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH (until April 2025)). In 2025 cruise ships operation amounted to NOK 2,557 million (NOK 2,597 million) which are mainly onboard expenses, ship operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 1,451 million (NOK 3,250 million). Research and development expenditures of NOK 34 million are recognised in profit or loss in 2025 (NOK 61 million). Professional fees to the auditors
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
Research and development
2025
2024
Amounts in NOK 1,000
Research and development expenditures included in
\"Other operating expenses\"
34,212
60,944
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "NOTE 6 Operating expenses Operating expenses
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
1) Inclusive administration costs and fee to Fred. Olsen & Co. AS of NOK 117 million (NOK 123 million). See note 26. 2) Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH (until April 2025)). In 2025 cruise ships operation amounted to NOK 2,557 million (NOK 2,597 million) which are mainly onboard expenses, ship operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 1,451 million (NOK 3,250 million). Research and development expenditures of NOK 34 million are recognised in profit or loss in 2025 (NOK 61 million). Professional fees to the auditors
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
Research and development
2025
2024
Amounts in NOK 1,000
Research and development expenditures included in
\"Other operating expenses\"
34,212
60,944
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "Professional fees to the auditors
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "Research and development
2025
2024
Amounts in NOK 1,000
Research and development expenditures included in
\"Other operating expenses\"
34,212
60,944
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "
NOTE 7 Personnel 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 26.
Personnel expenses for the Group of companies were:
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
Subsidiaries within the Group of companies have established bonus systems. In 2025, the total bonuses
paid within the Group of companies amounted to NOK 54.9 million (NOK 46.3 million).
Remuneration to the Board of Directors:
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 the audit committee fee.
Remuneration to the Shareholders\u2019 Committee:
2025
2024
Amounts in NOK 1,000
Christian Fr. Michelet
255
240
Synne Homble
210
200
Andreas Mellbye
210
200
Ole Kristian Aab\u00f8-Evensen
210
200
Anne Harris
210
0
J\u00f8rgen G. Heje
0
200
Total compensations
1,095
1,040
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "NOTE 7 Personnel 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 26. Personnel expenses for the Group of companies were:
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
Subsidiaries within the Group of companies have established bonus systems. In 2025, the total bonuses paid within the Group of companies amounted to NOK 54.9 million (NOK 46.3 million). Remuneration to the Board of Directors:
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 the audit committee fee. Remuneration to the Shareholders\u2019 Committee:
2025
2024
Amounts in NOK 1,000
Christian Fr. Michelet
255
240
Synne Homble
210
200
Andreas Mellbye
210
200
Ole Kristian Aab\u00f8-Evensen
210
200
Anne Harris
210
0
J\u00f8rgen G. Heje
0
200
Total compensations
1,095
1,040
NOTE 19 Pension obligations Accounting policies Defined benefit plans The Company and certain of its subsidiaries have pension plans for employees which provide for a defined pension benefit upon retirement (Defined benefit plans). These pension schemes are accounted for in accordance with IAS19 The calculation of the liability is made on a linear basis, taking into account assumptions regarding the number of years of employment, discount rate, future return on plan assets, future changes in salaries and pensions, the size of defined national contributions and actuarial assumptions regarding mortality, voluntary retirement etc. Plan assets are stated at fair values. Net pension liability comprises the gross pension liability less the fair value of plan assets. Net pension liabilities from under-funded pension schemes are included in the balance sheet as long-term interest free debt, while over-funded schemes are included as long-term interest free receivables, if it is likely that the over-funding can be utilized. The effect of retroactive plan amendments without future benefits, are recognized in the income statement with immediate effect. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) are recognized immediately in other comprehensive income. 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 included in the line item \u201coperating expenses\u201d. Pension schemes base the discount rate on the yield of long term covered bonds at the statement of financial position date, adjusted to reflect the terms of the pension obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Group of companies, the recognised asset is limited to the net total of any unrecognised past service costs and the present value of any future refunds from the plan or reductions in future contributions to the plan. When benefits of a plan are improved, the portion of the increased benefit relating to past service is recognised as an expense in the income statement on a straight-line basis until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognised in the income statement. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus if the Group of companies has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Accounting estimate \u2013 pension obligation The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these assumptions will impact the calculated pension obligations. The Group of companies determines the appropriate discount rate at the end of each year. This rate is used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. The rate used for Norwegian subsidiaries is based on 10-year government bonds. Beyond 10 years the rate has been based on an extrapolation of the government bond rate and long-term swap rates for the relevant period. Other key assumptions for pension obligation are based on current market conditions. Pension plans Employees within of the Group of companies have the right to future pension benefits (defined benefit plans) based upon the number of contribution years and the salary level at retirement. The scheme of each entity is administered by individual pension funds or by separate insurance companies. Some subsidiaries have defined contribution schemes for all or some of their employees. In 2025, total costs incurred for defined contribution schemes were NOK 65 million (NOK 63 million) excluding pension cost included in cost of sales. The pension plans in the Norwegian companies meet the Norwegian requirements for a Mandatory Company Pension, \u201cObligatorisk tjenestemannspensjon\u201d (OTP). In total, the number of members in the funded defined benefit plans by the end of 2025 were 306, of which 178 were pensioners (313 of which 180 pensioners). Fred. Olsen & Co AS related individuals are members of Fred. Olsen & Co AS.\u2019s Pension Fund. Individuals employed in Fred. Olsen & Co AS after 1 June 2012 are covered by contribution plans. Other Fred. Olsen & Co AS related individuals have rights to future pension benefits (defined benefit plan) based on the number of contribution years and compensation level at retirement age. The Group of companies has unfunded (unsecured) pension arrangements for some executives with salaries in excess of 12 G. Those executives are also entitled to early retirement upon reaching 65 years of age. The early pension arrangement will represent 66%, in most cases, of the salary at the time of retirement until ordinary retirement. Executives of Fred. Olsen & Co AS have similar arrangements. In total, the number of members in the unfunded defined pension agreements were 34 by the end of 2025, of which 17 were pensioners and 4 former employees, same as previous year. The status of the defined benefit obligations is as follows:
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
Plan assets At the balance sheet date, plan assets are valued using market prices. This value is updated yearly in accordance with statements from the Pension Fund. There are no investments in the Company or in property occupied by the Group of companies.
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%
Movement in defined benefit obligations:
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
1) Payment of benefits from the funded defined benefit plans were in 2025 NOK 27.5 million (NOK 26.7 million). Figure netted out in the table above 2) The amount of the unfunded obligations increased as the basis on which these are calculated increased in excess of actuarial assumptions previously made, among them being salary increases. See also note 26. Principal actuarial assumptions at the balance sheet expressed as weighted averages:
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
Discount rate in Defined Benefit Plans The discount rate was determined by reference to high quality corporate bonds, where a deep enough market for such bonds exists. Covered bonds are in this context considered to be corporate bonds. In Norway the discount rate is determined with reference to covered bonds. Sensitivity 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 PBO1)
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
1) Projected Benefit Obligation (PBO), increase/-decrease. \u2022 Expected contributions to funded defined benefit plans for 2026 is NOK 10.6 million. \u2022 Expected payment of benefits in connection with unfunded plans for 2026 estimated to be NOK 16.0 million. Risks The major risks for the defined benefit plans are interest rate risk, investment risks, inflation risk and longevity risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "NOTE 7 Personnel 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 26. Personnel expenses for the Group of companies were:
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
Subsidiaries within the Group of companies have established bonus systems. In 2025, the total bonuses paid within the Group of companies amounted to NOK 54.9 million (NOK 46.3 million). Remuneration to the Board of Directors:
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 the audit committee fee. Remuneration to the Shareholders\u2019 Committee:
2025
2024
Amounts in NOK 1,000
Christian Fr. Michelet
255
240
Synne Homble
210
200
Andreas Mellbye
210
200
Ole Kristian Aab\u00f8-Evensen
210
200
Anne Harris
210
0
J\u00f8rgen G. Heje
0
200
Total compensations
1,095
1,040
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "NOTE 8 Finance income and expenses Accounting policies Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of companies receives the dividends. Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "NOTE 8 Finance income and expenses Accounting policies Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of companies receives the dividends. Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "NOTE 8 Finance income and expenses Accounting policies Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of companies receives the dividends. Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "NOTE 8 Finance income and expenses Accounting policies Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of companies receives the dividends. Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "NOTE 8 Finance income and expenses Accounting policies Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of companies receives the dividends. Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "NOTE 8 Finance income and expenses Accounting policies Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of companies receives the dividends. Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "Accounting policies Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of companies receives the dividends. Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "Accounting policies Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of companies receives the dividends. Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "Accounting policies Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of companies receives the dividends. Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "Accounting policies Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 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 Group of companies receives the dividends. Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "NOTE 9 Income taxes Accounting principles Income tax Income tax expense comprises current and deferred tax. The Group of companies is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the provisions for income tax. Current tax Current tax is the expected tax payable on the taxable income for the year, using enacted tax rates or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax Deferred tax is recognized from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured using the tax rates that are based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are recognized with the net amount if: 1. there is a legally enforceable right to offset current tax liabilities and assets, 2. they relate to income taxes levied by the same tax authority on the same taxable entity, 3. on different tax entities if the intend is to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously .
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
The income tax expense differs from the amounts computed when applying the Norwegian statutory tax rate to income before income taxes as a result of the following:
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
1) Currency effects primarily relate to translating tax positions in functional currency to NOK. Payable tax as presented in the Statement of Financial Position
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
Deferred tax The tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilities were as follows as of 31 December 2025 and 31 December 2024:
Assets Liabilities Assets Liabilities
2025 2025\ue01e 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
Deferred tax assets have not been recognized in respect of the following items:
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
As at 31 December 2025, approximately NOK 1.9 billion for subsidiaries in Norway in tax losses carried forward. These losses are not recorded as a deferred tax asset due to uncertainty of the level of the future suitable taxable profits in taxable jurisdictions. The tax losses carried forward have no expiry date. Tax disputes There were no tax disputes at year end 2025. OECD Pillar II On 12 January 2024, a new tax legislation was approved in Norway with effect from 1 January 2024. This was based on the OECD Global-Anti -Base Erosion Model Rules (Pillar Two -rules). The new tax legislation ensuring a global minimum tax for multinational enterprises with consolidated group revenue of at least EUR 750 million in at least two of the last four years. The Group of companies is in scope of these rules. Multinational enterprises within the scope of the rules are required to calculate their GloBE effective tax rate for each jurisdiction where they operate. They will be liable to pay a top-up tax for the difference between their GloBE effective tax rate for each jurisdiction and the 15% minimum rate. If the GloBE effective tax rate domestically is 15% or more, no GloBE top-up tax will be payable. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, and financial statements for the entities in the Group of Companies. It is the ultimate parent entity of the multinational enterprise that is primarily liable for the GloBE top-up tax in its jurisdiction\u2019s territory. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting to the tax authorities, and financial statements for the entities within the Group of companies.
Based on the assessment, the Pillar Two effective tax rates in almost all the jurisdictions in which the
Bonheur operates are above 15% or the additional tax is of negligible size. Based on the Group of
Companies preliminary assessment, no top-up tax is therefore expected for the 2025 tax year. This
assessment is primarily driven by considering the exclusionary provisions on qualifying international
shipping income from the Pillar Two tax base under the underlying OECD model rules. However, there
is some regulatory uncertainty, and the OECD guidance remain unclear. The Group of companies has
therefore not expensed any additional Pillar Two income tax for 2025.
IFRS has introduced a mandatory temporary exception to the requirements of IAS 12 under which a
company does not recognize or disclose information about deferred tax assets and liabilities related to the
Base Erosion and Profit Shifting (BEPS) Pillar Two model rules, which Bonheur applies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "NOTE 9 Income taxes Accounting principles Income tax Income tax expense comprises current and deferred tax. The Group of companies is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the provisions for income tax. Current tax Current tax is the expected tax payable on the taxable income for the year, using enacted tax rates or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax Deferred tax is recognized from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured using the tax rates that are based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are recognized with the net amount if: 1. there is a legally enforceable right to offset current tax liabilities and assets, 2. they relate to income taxes levied by the same tax authority on the same taxable entity, 3. on different tax entities if the intend is to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously .
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
The income tax expense differs from the amounts computed when applying the Norwegian statutory tax
rate to income before income taxes as a result of the following:
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
1)
Currency effects primarily relate to translating tax positions in functional currency to NOK.
Payable tax as presented in the Statement of Financial Position
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
Deferred tax
The tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and
liabilities were as follows as of 31 December 2025 and 31 December 2024:
Assets Liabilities Assets Liabilities
2025 2025\ue01e 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
Deferred tax assets have not been recognized in respect of the following items:
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
As at 31 December 2025, approximately NOK 1.9 billion for subsidiaries in Norway in tax losses carried
forward. These losses are not recorded as a deferred tax asset due to uncertainty of the level of the future
suitable taxable profits in taxable jurisdictions. The tax losses carried forward have no expiry date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "Accounting principles Income tax Income tax expense comprises current and deferred tax. The Group of companies is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the provisions for income tax. Current tax Current tax is the expected tax payable on the taxable income for the year, using enacted tax rates or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax Deferred tax is recognized from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured using the tax rates that are based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are recognized with the net amount if: 1. there is a legally enforceable right to offset current tax liabilities and assets, 2. they relate to income taxes levied by the same tax authority on the same taxable entity, 3. on different tax entities if the intend is to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Accounting principles Income tax Income tax expense comprises current and deferred tax. The Group of companies is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the provisions for income tax. Current tax Current tax is the expected tax payable on the taxable income for the year, using enacted tax rates or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax Deferred tax is recognized from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured using the tax rates that are based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are recognized with the net amount if: 1. there is a legally enforceable right to offset current tax liabilities and assets, 2. they relate to income taxes levied by the same tax authority on the same taxable entity, 3. on different tax entities if the intend is to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "Deferred tax The tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilities were as follows as of 31 December 2025 and 31 December 2024:
Assets Liabilities Assets Liabilities
2025 2025\ue01e 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
Deferred tax assets have not been recognized in respect of the following items:
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
As at 31 December 2025, approximately NOK 1.9 billion for subsidiaries in Norway in tax losses carried forward. These losses are not recorded as a deferred tax asset due to uncertainty of the level of the future suitable taxable profits in taxable jurisdictions. The tax losses carried forward have no expiry date. Tax disputes There were no tax disputes at year end 2025. OECD Pillar II On 12 January 2024, a new tax legislation was approved in Norway with effect from 1 January 2024. This was based on the OECD Global-Anti -Base Erosion Model Rules (Pillar Two -rules). The new tax legislation ensuring a global minimum tax for multinational enterprises with consolidated group revenue of at least EUR 750 million in at least two of the last four years. The Group of companies is in scope of these rules. Multinational enterprises within the scope of the rules are required to calculate their GloBE effective tax rate for each jurisdiction where they operate. They will be liable to pay a top-up tax for the difference between their GloBE effective tax rate for each jurisdiction and the 15% minimum rate. If the GloBE effective tax rate domestically is 15% or more, no GloBE top-up tax will be payable. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, and financial statements for the entities in the Group of Companies. It is the ultimate parent entity of the multinational enterprise that is primarily liable for the GloBE top-up tax in its jurisdiction\u2019s territory. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting to the tax authorities, and financial statements for the entities within the Group of companies. Based on the assessment, the Pillar Two effective tax rates in almost all the jurisdictions in which the Bonheur operates are above 15% or the additional tax is of negligible size. Based on the Group of Companies preliminary assessment, no top-up tax is therefore expected for the 2025 tax year. This assessment is primarily driven by considering the exclusionary provisions on qualifying international shipping income from the Pillar Two tax base under the underlying OECD model rules. However, there is some regulatory uncertainty, and the OECD guidance remain unclear. The Group of companies has therefore not expensed any additional Pillar Two income tax for 2025. IFRS has introduced a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognize or disclose information about deferred tax assets and liabilities related to the Base Erosion and Profit Shifting (BEPS) Pillar Two model rules, which Bonheur applies.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "NOTE10 Property, plant and equipment Accounting policies (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, other costs directly attributable to bringing the asset to a working condition for its intended use and costs related to decommissioning of windfarms, including restoration of the site on which they are located. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Costs for special periodic surveys on ships and vessels required by classification societies, are capitalised and depreciated over the antici\u00acpated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred. Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm. Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS 23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time to be made ready for its intended use, generally items that are subject to major development or construction projects. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised in profit or loss. (ii) Residual values / decommissioning provision Residual values are assessed at the beginning of each accounting year and constitute the basis of the depreciation for the year. Residual values for ships are estimated based on recoverable material reduced by other demobilisation costs related to the unit. Recoverable material for ships is calculated as market steel price multiplied by the recoverable lightweight of the unit. Any changes in residual values are accounted for prospectively as a change in accounting estimate. Decommissioning provisions within the Renewable segment are made for the costs of removing the windfarms from the time at which a commitment arises. The decommissioning provision is calculated on the basis of current technology and regulations. When a removal commitment is expensed as a liability a corresponding amount is capitalised as an operating asset which is depreciated over the useful life of the windfarms. Any changes in the estimates concerning the decommissioning provision are adjusted against book value and is recognised in the Income Statement over the remaining useful life. The decommissioning provision has been calculated using the cost levels, and where applicable this has been adjusted for inflation. The increase in the liability as a consequence of adjustment for inflation is classified as a financial expense. The estimated useful lives, residual values and decommissioning costs are reviewed on yearly basis. Any change is accounted for prospectively as a change in accounting estimate. (iii) Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group of companies and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. (iv) Depreciation Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Financially leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group of companies will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for the current and comparative periods are as follows:
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
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate. (v) Impairment The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For ships and vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. Impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
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
Depreciation schedule is linear for all categories.
Impairment
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.
During the year, carrying amounts of the Group of companies' property, plant and equipment have been
reviewed up against potential impairment indicators. Falling power prices in Sweden was identified as
indicators and impairment. Based on this, impairment tests have been carried out at the level of the
lowest cash generating units (CGUs), corresponding to the individual Swedish Wind farms. The recoverable
amounts have been determined based on value in use, calculated using discounted future cash flows. The
main assumptions applied are long term power price forecasts, P50 production and discount rates (WACC).
Sensitivity analyses have been performed. Based on the assessments, the recoverable amounts exceed the
carrying amounts of the CGUs, and no impairment loss has been recognized in the consolidated financial
statements as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "Accounting policies (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, other costs directly attributable to bringing the asset to a working condition for its intended use and costs related to decommissioning of windfarms, including restoration of the site on which they are located. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Costs for special periodic surveys on ships and vessels required by classification societies, are capitalised and depreciated over the antici\u00acpated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred. Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm. Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS 23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time to be made ready for its intended use, generally items that are subject to major development or construction projects. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised in profit or loss. (ii) Residual values / decommissioning provision Residual values are assessed at the beginning of each accounting year and constitute the basis of the depreciation for the year. Residual values for ships are estimated based on recoverable material reduced by other demobilisation costs related to the unit. Recoverable material for ships is calculated as market steel price multiplied by the recoverable lightweight of the unit. Any changes in residual values are accounted for prospectively as a change in accounting estimate. Decommissioning provisions within the Renewable segment are made for the costs of removing the windfarms from the time at which a commitment arises. The decommissioning provision is calculated on the basis of current technology and regulations. When a removal commitment is expensed as a liability a corresponding amount is capitalised as an operating asset which is depreciated over the useful life of the windfarms. Any changes in the estimates concerning the decommissioning provision are adjusted against book value and is recognised in the Income Statement over the remaining useful life. The decommissioning provision has been calculated using the cost levels, and where applicable this has been adjusted for inflation. The increase in the liability as a consequence of adjustment for inflation is classified as a financial expense. The estimated useful lives, residual values and decommissioning costs are reviewed on yearly basis. Any change is accounted for prospectively as a change in accounting estimate. (iii) Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group of companies and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. (iv) Depreciation Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Financially leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group of companies will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for the current and comparative periods are as follows:
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
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate. (v) Impairment The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For ships and vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. Impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "Accounting policies (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, other costs directly attributable to bringing the asset to a working condition for its intended use and costs related to decommissioning of windfarms, including restoration of the site on which they are located. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Costs for special periodic surveys on ships and vessels required by classification societies, are capitalised and depreciated over the antici\u00acpated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred. Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm. Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS 23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time to be made ready for its intended use, generally items that are subject to major development or construction projects. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised in profit or loss. (ii) Residual values / decommissioning provision Residual values are assessed at the beginning of each accounting year and constitute the basis of the depreciation for the year. Residual values for ships are estimated based on recoverable material reduced by other demobilisation costs related to the unit. Recoverable material for ships is calculated as market steel price multiplied by the recoverable lightweight of the unit. Any changes in residual values are accounted for prospectively as a change in accounting estimate. Decommissioning provisions within the Renewable segment are made for the costs of removing the windfarms from the time at which a commitment arises. The decommissioning provision is calculated on the basis of current technology and regulations. When a removal commitment is expensed as a liability a corresponding amount is capitalised as an operating asset which is depreciated over the useful life of the windfarms. Any changes in the estimates concerning the decommissioning provision are adjusted against book value and is recognised in the Income Statement over the remaining useful life. The decommissioning provision has been calculated using the cost levels, and where applicable this has been adjusted for inflation. The increase in the liability as a consequence of adjustment for inflation is classified as a financial expense. The estimated useful lives, residual values and decommissioning costs are reviewed on yearly basis. Any change is accounted for prospectively as a change in accounting estimate. (iii) Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group of companies and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. (iv) Depreciation Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Financially leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group of companies will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for the current and comparative periods are as follows:
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
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate. (v) Impairment The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For ships and vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. Impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "Accounting policies (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, other costs directly attributable to bringing the asset to a working condition for its intended use and costs related to decommissioning of windfarms, including restoration of the site on which they are located. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Costs for special periodic surveys on ships and vessels required by classification societies, are capitalised and depreciated over the antici\u00acpated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred. Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm. Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS 23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time to be made ready for its intended use, generally items that are subject to major development or construction projects. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised in profit or loss. (ii) Residual values / decommissioning provision Residual values are assessed at the beginning of each accounting year and constitute the basis of the depreciation for the year. Residual values for ships are estimated based on recoverable material reduced by other demobilisation costs related to the unit. Recoverable material for ships is calculated as market steel price multiplied by the recoverable lightweight of the unit. Any changes in residual values are accounted for prospectively as a change in accounting estimate. Decommissioning provisions within the Renewable segment are made for the costs of removing the windfarms from the time at which a commitment arises. The decommissioning provision is calculated on the basis of current technology and regulations. When a removal commitment is expensed as a liability a corresponding amount is capitalised as an operating asset which is depreciated over the useful life of the windfarms. Any changes in the estimates concerning the decommissioning provision are adjusted against book value and is recognised in the Income Statement over the remaining useful life. The decommissioning provision has been calculated using the cost levels, and where applicable this has been adjusted for inflation. The increase in the liability as a consequence of adjustment for inflation is classified as a financial expense. The estimated useful lives, residual values and decommissioning costs are reviewed on yearly basis. Any change is accounted for prospectively as a change in accounting estimate. (iii) Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group of companies and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. (iv) Depreciation Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Financially leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group of companies will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for the current and comparative periods are as follows:
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
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate. (v) Impairment The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For ships and vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. Impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "(v) Impairment The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For ships and vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. Impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (iv) Impairment The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required to determine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGU Mynewsdesk is based on a fair value using a market value approach. The reason for using a market value approach is that the company is set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk multiplied with EV/Revenue multiples from relevant observed M&A transactions. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised Impairment IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2.
Impairment
The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a
forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of
two classifications:
\u2022 12-month ECLs resulting from possible default events within 12 months after the reporting
date.
\u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial
instrument.
For impairment losses on financial assets measured at FVOCI, impairment losses shall be
recognized in other comprehensive income, for other assets in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "(v) Impairment The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For ships and vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. Impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (iv) Impairment The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required to determine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGU Mynewsdesk is based on a fair value using a market value approach. The reason for using a market value approach is that the company is set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk multiplied with EV/Revenue multiples from relevant observed M&A transactions. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
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
Depreciation schedule is linear for all categories. Impairment 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. During the year, carrying amounts of the Group of companies' property, plant and equipment have been reviewed up against potential impairment indicators. Falling power prices in Sweden was identified as indicators and impairment. Based on this, impairment tests have been carried out at the level of the lowest cash generating units (CGUs), corresponding to the individual Swedish Wind farms. The recoverable amounts have been determined based on value in use, calculated using discounted future cash flows. The main assumptions applied are long term power price forecasts, P50 production and discount rates (WACC). Sensitivity analyses have been performed. Based on the assessments, the recoverable amounts exceed the carrying amounts of the CGUs, and no impairment loss has been recognized in the consolidated financial statements as at 31 December 2025.
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
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Holding AS (NHST). 2) Acquisition of development costs, NOK 101 million (NOK 74 million), are mainly expenditures arising from own development of potential onshore wind farms projects. For offshore wind farms development costs are booked in associates and not included in the balance sheet of Bonheur. NOK 29 million (NOK 52 million) relates to various IT development projects within NHST. Impairment Within the Group of companies all intangible assets have been assessed for impairment as per 31 December 2025, resulting in an reversal of impairments of NOK 25 million (NOK -76 million).
2025
2024
Amounts in NOK million
Renewable Energy
0
-10
Other Investments
25
-66
Total Impairment
25
-76
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
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
Depreciation schedule is linear for all categories. Impairment 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. During the year, carrying amounts of the Group of companies' property, plant and equipment have been reviewed up against potential impairment indicators. Falling power prices in Sweden was identified as indicators and impairment. Based on this, impairment tests have been carried out at the level of the lowest cash generating units (CGUs), corresponding to the individual Swedish Wind farms. The recoverable amounts have been determined based on value in use, calculated using discounted future cash flows. The main assumptions applied are long term power price forecasts, P50 production and discount rates (WACC). Sensitivity analyses have been performed. Based on the assessments, the recoverable amounts exceed the carrying amounts of the CGUs, and no impairment loss has been recognized in the consolidated financial statements as at 31 December 2025.
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
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Holding AS (NHST). 2) Acquisition of development costs, NOK 101 million (NOK 74 million), are mainly expenditures arising from own development of potential onshore wind farms projects. For offshore wind farms development costs are booked in associates and not included in the balance sheet of Bonheur. NOK 29 million (NOK 52 million) relates to various IT development projects within NHST. Impairment Within the Group of companies all intangible assets have been assessed for impairment as per 31 December 2025, resulting in an reversal of impairments of NOK 25 million (NOK -76 million).
2025
2024
Amounts in NOK million
Renewable Energy
0
-10
Other Investments
25
-66
Total Impairment
25
-76
Impairment losses
Loss allowances have been measured on the following basis:
\u2022 12-month ECLs that result from possible default events within the 12 months after the reporting date;
and
\u2022 Lifetime ECLs that result from all possible default events over the expected life of a financial instrument.
The aging of trade and other receivables at the reporting date were:
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
Based on historic default rates, the Group of companies believes that limited impairment allowance is
necessary in respect of trade receivables not past due or past due by up to 30 days. Due to conditions
related to specific customers in NHST Media Group AS and Global Wind Service, a provision for losses
have been made to certain receivables past due 31-180 days and 181-360 days. Lifetime expected credit
losses has been assessed and a provision for losses has been made to certain receivables related to specific
customers in Global Wind Service in the Wind Service Segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "NOTE 11 Intangible assets Accounting policies (i) Goodwill Goodwill arises on the acquisition of subsidiaries, associates and joint ventures. In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates. (ii) Research and development Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred. Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment. Capitalised development expenditures are measured at cost less accumulated impairment losses. (iii) Technology and publishing rights Technology is measured at cost less accumulated depreciation and impairment losses. Technology relates to computer software, patented or unpatented technology or databases. The estimated useful lives for the current and comparative periods are as follows:
Technology
5 years
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate. Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis. (iv) Impairment The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required to determine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGU Mynewsdesk is based on a fair value using a market value approach. The reason for using a market value approach is that the company is set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk multiplied with EV/Revenue multiples from relevant observed M&A transactions. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised
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
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Holding AS (NHST). 2) Acquisition of development costs, NOK 101 million (NOK 74 million), are mainly expenditures arising from own development of potential onshore wind farms projects. For offshore wind farms development costs are booked in associates and not included in the balance sheet of Bonheur. NOK 29 million (NOK 52 million) relates to various IT development projects within NHST. Impairment Within the Group of companies all intangible assets have been assessed for impairment as per 31 December 2025, resulting in an reversal of impairments of NOK 25 million (NOK -76 million).
2025
2024
Amounts in NOK million
Renewable Energy
0
-10
Other Investments
25
-66
Total Impairment
25
-76
Renewable Energy Development costs: FOR has intangible assets with a book value of NOK 559 million which are mainly development costs related to onshore wind farms. The projects are evaluated regularly. Some development projects may not come through to fruition, in which case, previously capitalized costs will be impaired. In 2025 NOK 0 (NOK -10 million) was impaired. For FOS, the intangible assets for offshore wind farms are included in cost from associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "NOTE 11 Intangible assets Accounting policies (i) Goodwill Goodwill arises on the acquisition of subsidiaries, associates and joint ventures. In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates. (ii) Research and development Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred. Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment. Capitalised development expenditures are measured at cost less accumulated impairment losses. (iii) Technology and publishing rights Technology is measured at cost less accumulated depreciation and impairment losses. Technology relates to computer software, patented or unpatented technology or databases. The estimated useful lives for the current and comparative periods are as follows:
Technology
5 years
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate. Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis. (iv) Impairment The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required to determine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGU Mynewsdesk is based on a fair value using a market value approach. The reason for using a market value approach is that the company is set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk multiplied with EV/Revenue multiples from relevant observed M&A transactions. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised
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
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Holding AS (NHST). 2) Acquisition of development costs, NOK 101 million (NOK 74 million), are mainly expenditures arising from own development of potential onshore wind farms projects. For offshore wind farms development costs are booked in associates and not included in the balance sheet of Bonheur. NOK 29 million (NOK 52 million) relates to various IT development projects within NHST. Impairment Within the Group of companies all intangible assets have been assessed for impairment as per 31 December 2025, resulting in an reversal of impairments of NOK 25 million (NOK -76 million).
2025
2024
Amounts in NOK million
Renewable Energy
0
-10
Other Investments
25
-66
Total Impairment
25
-76
Renewable Energy Development costs: FOR has intangible assets with a book value of NOK 559 million which are mainly development costs related to onshore wind farms. The projects are evaluated regularly. Some development projects may not come through to fruition, in which case, previously capitalized costs will be impaired. In 2025 NOK 0 (NOK -10 million) was impaired. For FOS, the intangible assets for offshore wind farms are included in cost from associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "NOTE 11 Intangible assets Accounting policies (i) Goodwill Goodwill arises on the acquisition of subsidiaries, associates and joint ventures. In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates. (ii) Research and development Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred. Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment. Capitalised development expenditures are measured at cost less accumulated impairment losses. (iii) Technology and publishing rights Technology is measured at cost less accumulated depreciation and impairment losses. Technology relates to computer software, patented or unpatented technology or databases. The estimated useful lives for the current and comparative periods are as follows:
Technology
5 years
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate. Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis. (iv) Impairment The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required to determine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGU Mynewsdesk is based on a fair value using a market value approach. The reason for using a market value approach is that the company is set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk multiplied with EV/Revenue multiples from relevant observed M&A transactions. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised
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
1)
Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Holding AS (NHST).
2)
Acquisition of development costs, NOK 101 million (NOK 74 million), are mainly expenditures arising from own
development of potential onshore wind farms projects. For offshore wind farms development costs are booked in
associates and not included in the balance sheet of Bonheur. NOK 29 million (NOK 52 million) relates to various IT
development projects within NHST.
Impairment
Within the Group of companies all intangible assets have been assessed for impairment as per 31
December 2025, resulting in an reversal of impairments of NOK 25 million (NOK -76 million).
2025
2024
Amounts in NOK million
Renewable Energy
0
-10
Other Investments
25
-66
Total Impairment
25
-76
Renewable Energy
Development costs:
FOR has intangible assets with a book value of NOK 559 million which are mainly development costs
related to onshore wind farms. The projects are evaluated regularly. Some development projects may not
come through to fruition, in which case, previously capitalized costs will be impaired. In 2025 NOK 0 (NOK
-10 million) was impaired. For FOS, the intangible assets for offshore wind farms are included in cost from
associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Accounting policies (i) Goodwill Goodwill arises on the acquisition of subsidiaries, associates and joint ventures. In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates. (ii) Research and development Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred. Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment. Capitalised development expenditures are measured at cost less accumulated impairment losses. (iii) Technology and publishing rights Technology is measured at cost less accumulated depreciation and impairment losses. Technology relates to computer software, patented or unpatented technology or databases. The estimated useful lives for the current and comparative periods are as follows:
Technology
5 years
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate. Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis. (iv) Impairment The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required to determine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGU Mynewsdesk is based on a fair value using a market value approach. The reason for using a market value approach is that the company is set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk multiplied with EV/Revenue multiples from relevant observed M&A transactions. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "(i) Goodwill Goodwill arises on the acquisition of subsidiaries, associates and joint ventures. In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "(ii) Research and development Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred. Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment. Capitalised development expenditures are measured at cost less accumulated impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "(ii) Research and development Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred. Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment. Capitalised development expenditures are measured at cost less accumulated impairment losses. (iii) Technology and publishing rights Technology is measured at cost less accumulated depreciation and impairment losses. Technology relates to computer software, patented or unpatented technology or databases. The estimated useful lives for the current and comparative periods are as follows:
Technology
5 years
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate. Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis. (iv) Impairment The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required to determine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGU Mynewsdesk is based on a fair value using a market value approach. The reason for using a market value approach is that the company is set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk multiplied with EV/Revenue multiples from relevant observed M&A transactions. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "NOTE 12 Investments in associates and joint ventures Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses, and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate. Consolidated
Codling Muir Other
Holding Ltd
1)
Mh\u00f6r 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
The presentation shows the accounts for the most significant associates as of 31 December 2025. 1) The Codling Project is financed by a shareholder\u2019s loan to Codling Holding Ltd (Codling) from the JV partners. Originally the entire shareholder\u2019s loan was treated as part of the investment in Codling. In December 2020, a new loan agreement was signed between Codling Holdings Ltd and JV partners. Based on the new loan agreement a reassessment of the accounting treatment was performed, and the loan was reclassified from part of the investment to loan granted to associates in the statement of financial position. 2) Mainly New Power Partners ApS. The Group of companies continuously evaluates its assets in associates on an individual basis at each reporting date to determine whether there is objective evidence of impairment. As per 31 December 2025 no indications or need for impairment were found. Summary of financial information for significant equity accounted investees, not adjusted for the percentage ownership held by the Group of companies. Codling Holding Ltd (100%)
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
Fred. Olsen Seawind 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\u2019s 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 August 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. Muir Mh\u00f2r Ltd (100%)
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
Fred. Olsen Seawind was, in the first quarter of 2022, awarded the Muir Mohr project in Scotland together with its JV partner, Vattenfall. The Muir Mh\u00f2r project is an offshore floating wind site northeast of Aberdeen with a capacity of up to 1,000 MW. The consent application for Muir Mh\u00f2r was submitted in the fourth quarter of 2024. Following the submission of the consent application, Muir Mh\u00f2r was awarded the onshore consent in second quarter of 2025 with the final offshore consent expected to come in 2026. In June 2025, Muir Mh\u00f2r secured its grid connection for mid 2030s and the project has subsequently applied for an accelerated connection date.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "NOTE 12 Investments in associates and joint ventures Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses, and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate. Consolidated
Codling Muir Other
Holding Ltd
1)
Mh\u00f6r 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
The presentation shows the accounts for the most significant associates as of 31 December 2025. 1) The Codling Project is financed by a shareholder\u2019s loan to Codling Holding Ltd (Codling) from the JV partners. Originally the entire shareholder\u2019s loan was treated as part of the investment in Codling. In December 2020, a new loan agreement was signed between Codling Holdings Ltd and JV partners. Based on the new loan agreement a reassessment of the accounting treatment was performed, and the loan was reclassified from part of the investment to loan granted to associates in the statement of financial position. 2) Mainly New Power Partners ApS. The Group of companies continuously evaluates its assets in associates on an individual basis at each reporting date to determine whether there is objective evidence of impairment. As per 31 December 2025 no indications or need for impairment were found. Summary of financial information for significant equity accounted investees, not adjusted for the percentage ownership held by the Group of companies. Codling Holding Ltd (100%)
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
Fred. Olsen Seawind 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\u2019s 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 August 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. Muir Mh\u00f2r Ltd (100%)
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
Fred. Olsen Seawind was, in the first quarter of 2022, awarded the Muir Mohr project in Scotland together with its JV partner, Vattenfall. The Muir Mh\u00f2r project is an offshore floating wind site northeast of Aberdeen with a capacity of up to 1,000 MW. The consent application for Muir Mh\u00f2r was submitted in the fourth quarter of 2024. Following the submission of the consent application, Muir Mh\u00f2r was awarded the onshore consent in second quarter of 2025 with the final offshore consent expected to come in 2026. In June 2025, Muir Mh\u00f2r secured its grid connection for mid 2030s and the project has subsequently applied for an accelerated connection date.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "NOTE 12 Investments in associates and joint ventures Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses, and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate. Consolidated
Codling Muir Other
Holding Ltd
1)
Mh\u00f6r 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
The presentation shows the accounts for the most significant associates as of 31 December 2025. 1) The Codling Project is financed by a shareholder\u2019s loan to Codling Holding Ltd (Codling) from the JV partners. Originally the entire shareholder\u2019s loan was treated as part of the investment in Codling. In December 2020, a new loan agreement was signed between Codling Holdings Ltd and JV partners. Based on the new loan agreement a reassessment of the accounting treatment was performed, and the loan was reclassified from part of the investment to loan granted to associates in the statement of financial position. 2) Mainly New Power Partners ApS. The Group of companies continuously evaluates its assets in associates on an individual basis at each reporting date to determine whether there is objective evidence of impairment. As per 31 December 2025 no indications or need for impairment were found. Summary of financial information for significant equity accounted investees, not adjusted for the percentage ownership held by the Group of companies. Codling Holding Ltd (100%)
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
Fred. Olsen Seawind 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\u2019s 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 August 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. Muir Mh\u00f2r Ltd (100%)
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
Fred. Olsen Seawind was, in the first quarter of 2022, awarded the Muir Mohr project in Scotland together with its JV partner, Vattenfall. The Muir Mh\u00f2r project is an offshore floating wind site northeast of Aberdeen with a capacity of up to 1,000 MW. The consent application for Muir Mh\u00f2r was submitted in the fourth quarter of 2024. Following the submission of the consent application, Muir Mh\u00f2r was awarded the onshore consent in second quarter of 2025 with the final offshore consent expected to come in 2026. In June 2025, Muir Mh\u00f2r secured its grid connection for mid 2030s and the project has subsequently applied for an accelerated connection date.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses, and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses, and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses, and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "NOTE 13 Other investments Accounting policies Financial assets The Group of companies' short-term investments in equity securities and certain debt securities are measured at fair value through profit or loss (FVTPL). Long-term investments are measured at fair value through other comprehensive income (FVTOCI). Other Other non-derivative financial instruments, including financial liabilities, are recognized initially at fair value and any directly attributable transaction costs. Subsequent to initial recognition, assets and liabilities are measured at amortised cost when the objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Impairment IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2. Shares classified as financial investments
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
Bonds and other receivables (non-current assets) The fair value of stock listed shares is determined by using the listed prices of the companies at year end. For non-listed companies the latest transactions are assessed used as an approximation of the fair value if the transaction is considered a fair value transaction.
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
Bonds classified as long-term investments 1)
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
1) Fair value is based on quoted market prices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "NOTE 13 Other investments Accounting policies Financial assets The Group of companies' short-term investments in equity securities and certain debt securities are measured at fair value through profit or loss (FVTPL). Long-term investments are measured at fair value through other comprehensive income (FVTOCI). Other Other non-derivative financial instruments, including financial liabilities, are recognized initially at fair value and any directly attributable transaction costs. Subsequent to initial recognition, assets and liabilities are measured at amortised cost when the objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Impairment IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2. Shares classified as financial investments
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
Bonds and other receivables (non-current assets) The fair value of stock listed shares is determined by using the listed prices of the companies at year end. For non-listed companies the latest transactions are assessed used as an approximation of the fair value if the transaction is considered a fair value transaction.
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
Bonds classified as long-term investments 1)
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
1) Fair value is based on quoted market prices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "Accounting policies Financial assets The Group of companies' short-term investments in equity securities and certain debt securities are measured at fair value through profit or loss (FVTPL). Long-term investments are measured at fair value through other comprehensive income (FVTOCI). Other Other non-derivative financial instruments, including financial liabilities, are recognized initially at fair value and any directly attributable transaction costs. Subsequent to initial recognition, assets and liabilities are measured at amortised cost when the objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Impairment IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "Accounting policies Financial assets The Group of companies' short-term investments in equity securities and certain debt securities are measured at fair value through profit or loss (FVTPL). Long-term investments are measured at fair value through other comprehensive income (FVTOCI). Other Other non-derivative financial instruments, including financial liabilities, are recognized initially at fair value and any directly attributable transaction costs. Subsequent to initial recognition, assets and liabilities are measured at amortised cost when the objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Impairment IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "Impairment IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2. Impairment The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications: \u2022 12-month ECLs resulting from possible default events within 12 months after the reporting date. \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "NOTE 14 Inventory Accounting policies Inventories and bunkers are recorded at the lower of cost and net realisable value. The Group of companies categorizes spare parts into two groups, spare parts and spare assets. Spare parts are consumables that are not depreciated but expensed when used against repair and maintenance cost. Consumables are measured at cost less a reserve for overstocked items. Spare assets are larger items that are recorded as components and depreciated.
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
Per year end the Group of companies had inventories and consumable spare parts related to windfarms, installation vessels for offshore wind turbines and cruise ships. In addition, there were bunkers and articles of consumption onboard. The book value of inventories is cost price. In 2025 inventories and consumable spare parts recognised as cost of sales amounted to NOK 1,180 million (NOK 974 million), i.e., expensed. In 2025 there have been no write downs of inventories or reversals of write downs. Work in progress is mainly related to capitalized project costs in the Wind Service segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "Accounting policies Inventories and bunkers are recorded at the lower of cost and net realisable value. The Group of companies categorizes spare parts into two groups, spare parts and spare assets. Spare parts are consumables that are not depreciated but expensed when used against repair and maintenance cost. Consumables are measured at cost less a reserve for overstocked items. Spare assets are larger items that are recorded as components and depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "NOTE 15 Trade and other receivables and contract assets Accounting policies Trade receivables that do not have a significant financing component are measured on initial recognition at their transaction price, which is the amount of consideration to which the entity expects to be entitled for transfer of the promised goods or services to the customer. Trade receivables with a significant financing component are measured on initial recognition at their transaction price if the entity has chosen not to adjust the promised amount of consideration for the effects of a significant financing component. In other cases, the receivables are measured at fair value on initial recognition. The impairment model applicable to financial assets, measured at amortized cost, is based on an \u201cexpected credit loss\u201d (ECL) model, which require forward looking judgements of two classifications: \u2022 12-month ECLs resulting from possible default events within 12 months after the reporting date. \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. Trade and other receivables (current assets)
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
Contract assets relate to consideration for work completed but not yet invoiced at the reporting date. The contract assets are transferred to customer receivables when the right to payment becomes unconditional, which usually occurs when invoices are issued to the customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "Accounting policies Trade receivables that do not have a significant financing component are measured on initial recognition at their transaction price, which is the amount of consideration to which the entity expects to be entitled for transfer of the promised goods or services to the customer. Trade receivables with a significant financing component are measured on initial recognition at their transaction price if the entity has chosen not to adjust the promised amount of consideration for the effects of a significant financing component. In other cases, the receivables are measured at fair value on initial recognition. The impairment model applicable to financial assets, measured at amortized cost, is based on an \u201cexpected credit loss\u201d (ECL) model, which require forward looking judgements of two classifications: \u2022 12-month ECLs resulting from possible default events within 12 months after the reporting date. \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "
Trade and other receivables (current assets)
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "NOTE 16 Cash and cash equivalents Accounting policies Cash and cash equivalents include cash, bank deposits and other short-term highly liquid assets that are readily convertible to known amounts of cash, and which are subject to insignificant changes in value. Cash and cash equivalents
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
1) NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans. NOK 31 million of the restricted cash relates to the windfarms in FORAS, NOK 8 million relates to Cruise. 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, Bonheur established an internal Green Finance Committee who approves eligible green investments in the green investment portfolio.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "NOTE 16 Cash and cash equivalents Accounting policies Cash and cash equivalents include cash, bank deposits and other short-term highly liquid assets that are readily convertible to known amounts of cash, and which are subject to insignificant changes in value. Cash and cash equivalents
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
1) NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans. NOK 31 million of the restricted cash relates to the windfarms in FORAS, NOK 8 million relates to Cruise. 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, Bonheur established an internal Green Finance Committee who approves eligible green investments in the green investment portfolio.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "Accounting policies Cash and cash equivalents include cash, bank deposits and other short-term highly liquid assets that are readily convertible to known amounts of cash, and which are subject to insignificant changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "Accounting policies Cash and cash equivalents include cash, bank deposits and other short-term highly liquid assets that are readily convertible to known amounts of cash, and which are subject to insignificant changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "NOTE 17 Earnings per share Accounting policies The Group of companies presents basic earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of shares outstanding during the period. Average number of outstanding shares during the period is based on number of outstanding shares per year end. Shares outstanding are total shares issued net of treasury shares. Profit attributable to ordinary shareholders
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
Within the Group of companies there are no financial instruments with possible dilutive effects. 1) Weighted average number of ordinary shares
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "Accounting policies The Group of companies presents basic earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of shares outstanding during the period. Average number of outstanding shares during the period is based on number of outstanding shares per year end. Shares outstanding are total shares issued net of treasury shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "NOTE 18 Interest bearing loans and borrowings
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
Fred. Olsen Renewables Ltd. (FORL) had as at 31 December 2025, through its 51% owned subsidiary Fred. Olsen Wind Ltd., drawn a total of GBP 400 million under a bank loan facility and leases, with current loan balance at year end 2025 was GBP 178 million (GBP 217 million). The interest rates of the bank loan facility are fixed 3.17% for 75% and SONIA plus a margin of 1.40% for 25% of the facility. The bank loan facility matures in 2032. FORL had through its 100% owned subsidiary Fred. Olsen CB Ltd. per year end 2024 drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2025 was GBP 45 million (GBP 48 million). The interest rates of the loan are fixed 3.55% for 75% of the loan and SONIA plus a margin of 1.80% for the rest of the loan. The bank loan facility matures in 2036. In addition, Fred. Olsen CB Ltd. had through its 51% owned subsidiary Fred. Olsen CBH Ltd, per year end 2025 drawn GBP 60 million (GBP 63 million) from an unsecured shareholder loan from CK Group, which holds 49% of the shares in the company. The interest rate of this loan is SONIA plus a margin of 6%, and the loan matures in 2036. Fred. Olsen CBH Ltd. has also drawn a shareholder loan with corresponding terms of GBP 70 million from Fred. Olsen CB Ltd., which is eliminated in the consolidated accounts. FOO group, through its subsidiary FOWIC has two long-term non-recourse debt financing arrangements related to the three offshore wind turbine transportation and installation jack-up vessels under its indirect ownership (Brave Tern, Bold Tern and Blue Tern). In conjunction with the financing, a green loan framework was established, supported by an eligibility assessment from DNV, which enables new investments to be financed with green loans. For Brave Tern and Bold Tern, the arrangement is a EUR 75 million 6-years facility with DNB Bank ASA and SpareBank 1 S\u00f8r-Norge ASA. In 2022 FOWIC entered into an agreement for an increase of the available amount under the Fleet Financing Facility Agreement by a EUR 35 million revolving facility tranche (RCF) with a margin of 3.20%. The current balance per 31 December 2025 is EUR 24 million (EUR 31 million), where the drawdown on the EUR 35 mill RCF amounts to zero. GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 40 million, of which approximately EUR 32 million is outstanding as per 31 December 2025.
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
Terms and debt repayment schedule Terms and conditions of outstanding loans were as follows:
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
1) Financing facility for Fred. Olsen Wind 2 Ltd. 2) Financing facility for Fred. Olsen CB Ltd. 3) A total of GBP 59.6 million has been drawn by Fred. Olsen CBH Ltd. on a shareholder loan from CK Group. Remaining balance includes accrued interest. 4) Financing facility for Fred. Olsen Windcarrier of the jack-up vessels Brave Tern, Bold Tern and Blue Tern. 5) As per 31 December 2025 a bank overdraft of EUR 40.6 million regarding GWS, is included. 6) The market value of the four outstanding Bonheur bond loans maturing in 2026, 2028, 2029 and 2030 were per year end 100.74, 102.78 ,101.09 and 100.25 respectively. 7) Financing facility for NHST of NOK 110 million
Lease liabilities
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
Booked value of collateral
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
Guarantees
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
1)
The global credit insurance company Atradius has issued a guarantee of EUR 102 million to Irish authorities on behalf of Codling Wind Park Ltd.
As 50% indirect owner of the company, Fred. Olsen Seawind ASA is obliged to issue a guarantee to Atradius for half of this amount. Fred. Olsen
Renewables AS has issued this guarantee on behalf of Fred. Olsen Seawind ASA. Fred. Olsen Seawind ASA has then provided counter-quarantee to
Fred. Olsen Renewables AS for the same amount.
Reconciliation of movements of liabilities to cash flows arising from financing activities
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
1) According to statement of changes in equity, page 74. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "NOTE 18 Interest bearing loans and borrowings
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
Fred. Olsen Renewables Ltd. (FORL) had as at 31 December 2025, through its 51% owned subsidiary Fred. Olsen Wind Ltd., drawn a total of GBP 400 million under a bank loan facility and leases, with current loan balance at year end 2025 was GBP 178 million (GBP 217 million). The interest rates of the bank loan facility are fixed 3.17% for 75% and SONIA plus a margin of 1.40% for 25% of the facility. The bank loan facility matures in 2032. FORL had through its 100% owned subsidiary Fred. Olsen CB Ltd. per year end 2024 drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2025 was GBP 45 million (GBP 48 million). The interest rates of the loan are fixed 3.55% for 75% of the loan and SONIA plus a margin of 1.80% for the rest of the loan. The bank loan facility matures in 2036. In addition, Fred. Olsen CB Ltd. had through its 51% owned subsidiary Fred. Olsen CBH Ltd, per year end 2025 drawn GBP 60 million (GBP 63 million) from an unsecured shareholder loan from CK Group, which holds 49% of the shares in the company. The interest rate of this loan is SONIA plus a margin of 6%, and the loan matures in 2036. Fred. Olsen CBH Ltd. has also drawn a shareholder loan with corresponding terms of GBP 70 million from Fred. Olsen CB Ltd., which is eliminated in the consolidated accounts. FOO group, through its subsidiary FOWIC has two long-term non-recourse debt financing arrangements related to the three offshore wind turbine transportation and installation jack-up vessels under its indirect ownership (Brave Tern, Bold Tern and Blue Tern). In conjunction with the financing, a green loan framework was established, supported by an eligibility assessment from DNV, which enables new investments to be financed with green loans. For Brave Tern and Bold Tern, the arrangement is a EUR 75 million 6-years facility with DNB Bank ASA and SpareBank 1 S\u00f8r-Norge ASA. In 2022 FOWIC entered into an agreement for an increase of the available amount under the Fleet Financing Facility Agreement by a EUR 35 million revolving facility tranche (RCF) with a margin of 3.20%. The current balance per 31 December 2025 is EUR 24 million (EUR 31 million), where the drawdown on the EUR 35 mill RCF amounts to zero. GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 40 million, of which approximately EUR 32 million is outstanding as per 31 December 2025.
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
Terms and debt repayment schedule
Terms and conditions of outstanding loans were as follows:
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
1)
Financing facility for Fred. Olsen Wind 2 Ltd.
2)
Financing facility for Fred. Olsen CB Ltd.
3)
A total of GBP 59.6 million has been drawn by Fred. Olsen CBH Ltd. on a shareholder loan from CK Group. Remaining balance includes accrued interest.
4)
Financing facility for Fred. Olsen Windcarrier of the jack-up vessels Brave Tern, Bold Tern and Blue Tern.
5)
As per 31 December 2025 a bank overdraft of EUR 40.6 million regarding GWS, is included.
6)
The market value of the four outstanding Bonheur bond loans maturing in 2026, 2028, 2029 and 2030 were per year end 100.74, 102.78 ,101.09 and 100.25 respectively.
7)
Financing facility for NHST of NOK 110 million
Lease liabilities
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
Booked value of collateral
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
Guarantees
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
1) The global credit insurance company Atradius has issued a guarantee of EUR 102 million to Irish authorities on behalf of Codling Wind Park Ltd. As 50% indirect owner of the company, Fred. Olsen Seawind ASA is obliged to issue a guarantee to Atradius for half of this amount. Fred. Olsen Renewables AS has issued this guarantee on behalf of Fred. Olsen Seawind ASA. Fred. Olsen Seawind ASA has then provided counter-quarantee to Fred. Olsen Renewables AS for the same amount. Reconciliation of movements of liabilities to cash flows arising from financing activities
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
1) According to statement of changes in equity, page 74. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "Booked value of collateral
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "Reconciliation of movements of liabilities to cash flows arising from financing activities
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
1) According to statement of changes in equity, page 74. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "NOTE 19 Pension obligations Accounting policies Defined benefit plans The Company and certain of its subsidiaries have pension plans for employees which provide for a defined pension benefit upon retirement (Defined benefit plans). These pension schemes are accounted for in accordance with IAS19 The calculation of the liability is made on a linear basis, taking into account assumptions regarding the number of years of employment, discount rate, future return on plan assets, future changes in salaries and pensions, the size of defined national contributions and actuarial assumptions regarding mortality, voluntary retirement etc. Plan assets are stated at fair values. Net pension liability comprises the gross pension liability less the fair value of plan assets. Net pension liabilities from under-funded pension schemes are included in the balance sheet as long-term interest free debt, while over-funded schemes are included as long-term interest free receivables, if it is likely that the over-funding can be utilized. The effect of retroactive plan amendments without future benefits, are recognized in the income statement with immediate effect. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) are recognized immediately in other comprehensive income. 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 included in the line item \u201coperating expenses\u201d. Pension schemes base the discount rate on the yield of long term covered bonds at the statement of financial position date, adjusted to reflect the terms of the pension obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Group of companies, the recognised asset is limited to the net total of any unrecognised past service costs and the present value of any future refunds from the plan or reductions in future contributions to the plan. When benefits of a plan are improved, the portion of the increased benefit relating to past service is recognised as an expense in the income statement on a straight-line basis until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognised in the income statement. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus if the Group of companies has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Accounting estimate \u2013 pension obligation The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these assumptions will impact the calculated pension obligations. The Group of companies determines the appropriate discount rate at the end of each year. This rate is used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. The rate used for Norwegian subsidiaries is based on 10-year government bonds. Beyond 10 years the rate has been based on an extrapolation of the government bond rate and long-term swap rates for the relevant period. Other key assumptions for pension obligation are based on current market conditions. Pension plans Employees within of the Group of companies have the right to future pension benefits (defined benefit plans) based upon the number of contribution years and the salary level at retirement. The scheme of each entity is administered by individual pension funds or by separate insurance companies. Some subsidiaries have defined contribution schemes for all or some of their employees. In 2025, total costs incurred for defined contribution schemes were NOK 65 million (NOK 63 million) excluding pension cost included in cost of sales. The pension plans in the Norwegian companies meet the Norwegian requirements for a Mandatory Company Pension, \u201cObligatorisk tjenestemannspensjon\u201d (OTP). In total, the number of members in the funded defined benefit plans by the end of 2025 were 306, of which 178 were pensioners (313 of which 180 pensioners). Fred. Olsen & Co AS related individuals are members of Fred. Olsen & Co AS.\u2019s Pension Fund. Individuals employed in Fred. Olsen & Co AS after 1 June 2012 are covered by contribution plans. Other Fred. Olsen & Co AS related individuals have rights to future pension benefits (defined benefit plan) based on the number of contribution years and compensation level at retirement age. The Group of companies has unfunded (unsecured) pension arrangements for some executives with salaries in excess of 12 G. Those executives are also entitled to early retirement upon reaching 65 years of age. The early pension arrangement will represent 66%, in most cases, of the salary at the time of retirement until ordinary retirement. Executives of Fred. Olsen & Co AS have similar arrangements. In total, the number of members in the unfunded defined pension agreements were 34 by the end of 2025, of which 17 were pensioners and 4 former employees, same as previous year.
The status of the defined benefit obligations is as follows:
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
Plan assets
At the balance sheet date, plan assets are valued using market prices. This value is updated yearly in
accordance with statements from the Pension Fund. There are no investments in the Company or in
property occupied by the Group of companies.
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%
Movement in defined benefit obligations:
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
1)
Payment of benefits from the funded defined benefit plans were in 2025 NOK 27.5 million (NOK 26.7 million). Figure
netted out in the table above
2)
The amount of the unfunded obligations increased as the basis on which these are calculated increased in excess of
actuarial assumptions previously made, among them being salary increases. See also note 26.
Principal actuarial assumptions at the balance sheet expressed as weighted averages:
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
Discount rate in Defined Benefit Plans
The discount rate was determined by reference to high quality corporate bonds, where a deep enough
market for such bonds exists. Covered bonds are in this context considered to be corporate bonds. In
Norway the discount rate is determined with reference to covered bonds.
Sensitivity
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%
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
1)
Projected Benefit Obligation (PBO), increase/-decrease.
\u2022 Expected contributions to funded defined benefit plans for 2026 is NOK 10.6 million.
\u2022 Expected payment of benefits in connection with unfunded plans for 2026 estimated to be
NOK 16.0 million.
Risks
The major risks for the defined benefit plans are interest rate risk, investment risks, inflation risk and
longevity risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Accounting policies Defined benefit plans The Company and certain of its subsidiaries have pension plans for employees which provide for a defined pension benefit upon retirement (Defined benefit plans). These pension schemes are accounted for in accordance with IAS19 The calculation of the liability is made on a linear basis, taking into account assumptions regarding the number of years of employment, discount rate, future return on plan assets, future changes in salaries and pensions, the size of defined national contributions and actuarial assumptions regarding mortality, voluntary retirement etc. Plan assets are stated at fair values. Net pension liability comprises the gross pension liability less the fair value of plan assets. Net pension liabilities from under-funded pension schemes are included in the balance sheet as long-term interest free debt, while over-funded schemes are included as long-term interest free receivables, if it is likely that the over-funding can be utilized. The effect of retroactive plan amendments without future benefits, are recognized in the income statement with immediate effect. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) are recognized immediately in other comprehensive income. 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 included in the line item \u201coperating expenses\u201d. Pension schemes base the discount rate on the yield of long term covered bonds at the statement of financial position date, adjusted to reflect the terms of the pension obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Group of companies, the recognised asset is limited to the net total of any unrecognised past service costs and the present value of any future refunds from the plan or reductions in future contributions to the plan. When benefits of a plan are improved, the portion of the increased benefit relating to past service is recognised as an expense in the income statement on a straight-line basis until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "
NOTE 20 Deferred income and other accruals
Current items
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
The Group of companies had short-term contract liabilities of NOK 1,559 million per 31 December 2025
(NOK 1,917 million). NOK 1,202 million is due to prepayments from sales of cruises (NOK 1,040 million),
NOK 3 million (NOK 514 million) is prepayment from customers within Wind Service and NOK 354 million
(NOK 363 million) is prepayment received from subscribers within NHST.
Non-current items
Decommissioning costs related to windfarms of NOK 569 million (NOK 540 million) is included under
\u201cOther non-current liabilities\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Current items
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
The Group of companies had short-term contract liabilities of NOK 1,559 million per 31 December 2025 (NOK 1,917 million). NOK 1,202 million is due to prepayments from sales of cruises (NOK 1,040 million), NOK 3 million (NOK 514 million) is prepayment from customers within Wind Service and NOK 354 million (NOK 363 million) is prepayment received from subscribers within NHST. Non-current items Decommissioning costs related to windfarms of NOK 569 million (NOK 540 million) is included under \u201cOther non-current liabilities\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "Accounting classifications and fair values Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings. The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included. For financial instruments measured at fair value, the levels in the fair value hierarchy are: \u2022 Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities. \u2022 Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models. \u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "Accounting classifications and fair values Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings. The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included. For financial instruments measured at fair value, the levels in the fair value hierarchy are: \u2022 Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities. \u2022 Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models. \u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "Accounting classifications and fair values Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings. The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included. For financial instruments measured at fair value, the levels in the fair value hierarchy are: \u2022 Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities. \u2022 Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models. \u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs. Accounting policies Classification of financial assets and liabilities Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting. All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows: \u2022 Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met: \u00b7 The asset is held within a business model whose objective is to hold assets to collect contractual cash flow; and \u00b7 The contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal outstanding amount. \u2022 Fair value through other comprehensive income (FVOCI) - financial assets are classified and measured at FVTOCI if they are held in a business model whose objective is achieved by both collecting contractual cash flow and selling financial assets. \u2022 Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the two business models mentioned are measured at FVTPL. All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL. Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair value through profit or loss. Impairment The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications: \u2022 12-month ECLs resulting from possible default events within 12 months after the reporting date. \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "The following are the contractual maturities of financial liabilities, including estimated interest payments:: Due in
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
Due in
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
Currency Risk
The Group of companies\u2019 financial statements are presented in Norwegian kroner (NOK). Most of the
subsidiaries use Euro (EUR) or British Pound (GBP) as their functional currencies. The revenues mainly
consist of GBP, EUR and NOK. The operating expenses mainly consist of USD, GBP, EUR and NOK.
The Group of companies is exposed to foreign currency risks related to its operations and debt instruments.
As such, the earnings are exposed to fluctuations in the currency markets. The future foreign currency
exposure depends on the currency denomination of future operating revenues and expenses. In the longer
term, parts of the currency exposures are neutralised due to the majority of the Group of companies\u2019 debt is
denominated in the same currencies as the revenues.
The management monitors the currency markets closely. In order to reduce the impact of currency rate
fluctuations on the net income and the
statement of financial position, currency contracts are entered into when considered appropriate.
The Group of companies\u2019 exposure to foreign currency risk was as follows based on notional amounts:
The figures are not directly comparable to the figures in the statement of financial position, as the
statement of financial position shows the figures in actual currencies, net of intra group eliminations.
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
Currency sensitivity analysis
A 10% increase of the NOK against the following currencies at 31 December would have affected the
measurement of financial instruments denominated in a foreign currency and increased (decreased) equity
and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular
interest rates, remain constant. The analysis is performed on the same basis as the previous year.
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
The following significant exchange rates applied during the year:
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "NOTE 23 Rental and leases Leases as lessee Accounting principles At inception of a contract, the Group of companies assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group of companies uses the definition of a lease in IFRS 16. At commencement or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. Right-of-use assets Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment (see note 10). See also note 18 for information on the lease liabilities.
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.
Leases as lessor Accounting principles At inception or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component based on their relative stand-alone prices. When the Group of companies act as a lessor, it determines at lease inception whether each lease is a lease liability or an operating lease. To classify each lease, the Group of companies makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a lease liability; if not, then it is an operating lease. As part of this assessment, The Group of companies consider certain indicators such as whether the lease is for a major part of the economic life of the asset. If an arrangement contains lease and non-lease components, then the Group of companies applies IFRS 15, Revenue from contracts with customers, to allocate the consideration in the contract. The Group of companies applies the derecognition and impairment requirements in IFRS 9, Financial instruments, to the net investment in the lease. For further details, see note 5. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "Accounting principles At inception of a contract, the Group of companies assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group of companies uses the definition of a lease in IFRS 16. At commencement or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. Right-of-use assets Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment (see note 10). See also note 18 for information on the lease liabilities. Accounting principles At inception or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component based on their relative stand-alone prices. When the Group of companies act as a lessor, it determines at lease inception whether each lease is a lease liability or an operating lease. To classify each lease, the Group of companies makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a lease liability; if not, then it is an operating lease. As part of this assessment, The Group of companies consider certain indicators such as whether the lease is for a major part of the economic life of the asset. If an arrangement contains lease and non-lease components, then the Group of companies applies IFRS 15, Revenue from contracts with customers, to allocate the consideration in the contract. The Group of companies applies the derecognition and impairment requirements in IFRS 9, Financial instruments, to the net investment in the lease. For further details, see note 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "
NOTE 24 Capital commitments
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
NOTE 25 Contingencies
The Group of companies is subject to various legal and tax claims arising in the normal course of business
which the Group of companies assesses on a regular basis.
Outstanding receivables from customers
No significant outstanding issues recognized as per year end 2025.
Outstanding issues from suppliers
No significant outstanding issues recognized as per year end 2025.
Tax disputes
No significant outstanding issues recognized as per year end 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "NOTE 24 Capital commitments
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "NOTE 25 Contingencies The Group of companies is subject to various legal and tax claims arising in the normal course of business which the Group of companies assesses on a regular basis. Outstanding receivables from customers No significant outstanding issues recognized as per year end 2025. Outstanding issues from suppliers No significant outstanding issues recognized as per year end 2025. Tax disputes No significant outstanding issues recognized as per year end 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "
NOTE 26 Related party information
In the ordinary course of business, the Group of companies recognises certain business transactions
with accounting wise related parties. This note addresses the background; the services included the
compensation principles as well as the governance principles applied to such main arrangements.
Fred. Olsen & Co.
The origin of the Fred. Olsen & Co. AS dates back to 1848. The sole shareholder of Fred. Olsen & Co., Anette
Sofie Olsen, identifies the fifth generation Olsen and Fred. Olsen & Co. can draw an uninterrupted line of
business conduct back to 1848. Whilst some Fred. Olsen-related activities are investments by the Company,
others are and 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. At the
time this was far from what the maritime oriented Company were focusing on. However, 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 the operation of the Company. The public sphere of the
Fred. Olsen-related activities were in earlier years centred around five shipping companies, all listed on the
Oslo Stock Exchange, and each engaged in distinct business activities and operated 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 autonomous corporate structures and accordingly with distinct managements.
Over the years Fred. Olsen & Co. has in addition also been engaged in the managemenr of, or provision of
professional services to, other companies and investment funds.
In addition to being in charge of the operation of the Company, Fred. Olsen & Co. today also provides a
variety of professional services on market terms to predominantly subsidiaries of the Company engaged
within 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
management of the Company, which over decades has proved resilient and successful, also today is very
suitable.
The Board is of the view that the business segments within which the Company at any one point in time
is invested 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 the Company 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 is needed. By Fred. Olsen & Co. being in charge of both
the operation of the Company and the provision of a variety of services to subsidiaries of Bonheur, the
Company and Fred. Olsen & Co. achieve cost and competence synergies. Such benefits are realized without
any interests 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 non-related comparable businesses suitably adjusted 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 compensation model is deployed and monitored by the Shareholders\u2019 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\u2019 Committee are all independent of the majority
shareholders of the Company. When dealing with these recommendations, the Board will be constituted by
its, in this regard independent Directors. The Board of the Company consists of six Directors out of which
four Directors are independent of the majority shareholders of the Company and of Fred. Olsen & Co. The
compensation is determined annually in arrear, i.e. for the preceding year. The profit margin determined in
2025 for 2024 was 8%, which is then preliminary applied for 2025 until eventually determined in 2026.
The aforementioned compensation - together with a possible bonus which for 2024 was NOK 2.2 million - is
the only compensation Fred. Olsen & Co. receives for its services to the Company. The profit margin and the
maximum obtainable bonus is subject to regular third-party benchmarking and review, performed every 3
years, last time in 2025, also monitored by the Shareholders\u2019 Committee.
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
1)
Short term outstanding in connection with current operations.
Hvitsten AS, a subsidiary of Fred. Olsen & Co. 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. Hvitsten AS has a management agreement with Wind Fund I AS
which invested EUR 316 million to indirectly acquire 49% of three Scandinavian wind farms. 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.
Renewable Energy
The Natural Power Consultants Ltd. (Natural Power) is an international renewable energy consultancy
providing asset management services, high level analytics and advice across multiple technologies to FOR,
FOS and many unrelated 3rd parties. They operate across all areas of the project life cycle from consenting,
environmental studies, site design, construction management and operations.
Zephir Ltd. (ZX Lidar) provide high technology laser powered wind measurement tools (Wind Lidars) used
in windfarm Development, Site Construction, Project Operations as well as many other wind monitoring
applications.
ZX Measurement Services Ltd. (ZX MS) provide wind measurement services such as Wind Lidar rental,
campaign design and optimisation.
Natural Power, ZX Lidar, ZX MS are owned by Fred. Olsen Ltd. (FOL) which is owned by the private Fred.
Olsen-related companies; AS Quatro and Invento AS; both major shareholders in the Company.
Bonheur and Natural Power own 25.5% each of the Danish consultancy company New Power Partners
(NPP). Transactions between NPP and the Group of companies have therefore been reported as related
party transactions.
Scope of services:
Natural Power and NPP provides both consultancy services and operations-related services for FOR\u2019s wind
farms and FOS projects in the UK and Ireland. FOR has contracted Natural Power to provide site and asset
management services for its wind farms in the UK and also to provide specific consultancy services mainly
related to planning, environmental, technical, construction, and geotechnical services within renewable
energy.
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
FOR hires and shares office locations and other administrative services such as HR and IT support from FOL
in London.
Governance
All contracts between related parties are on terms to reflect the arm\u2019s length principle. The contracts are
regularly, and with advise from independent experts as considered appropriate, benchmarked against
comparable contracts in the market.
Cruise
FOCL has its commercial operation located in Ipswich (UK) while its technical operation is located in Oslo.
The segment is subject to the following related party interests:
Shared Services with Fred. Olsen Ltd.
FOCL has for many years been part of and has benefited from a wide range of shared services, such as HR,
IT and administration, under an office community with FOL in an office building at White House Road,
Ipswich. The rents are at market terms and subject to annual review. The other services from FOL are paid
for at cost.
Together with FOL, FOCL have established a JV company (Fred. Olsen House (JV) Ltd. (FOHJV)) which owns
the office building housing both companies in Ipswich.
Travel agency services from Fred. Olsen Travel Ltd. FOTL is a subsidiary of FOL.
FOTL facilitates relevant flight bookings for the crew employed by FOCL and some passengers and also
acts as an ordinary sales agent for cruise holidays operated by FOCL. These services, however, only amount
to a minor share of FOTL\u2019s total revenues. The crew flights services are based on cost plus a service fee per
booking. The sales agency is paid a commission on similar terms to other commercial agreements in place
between FOCL and independent agents.
Crewing services from Bahia Shipping Services Inc.
FOCL deploy crew partly from the Philippines with Bahia Shipping Services Inc. (Bahia) based in Manila.
Bahia came about in 1987 out of a need for a professional crewing company to provide qualified personnel
and secure fair treatment of the crew. The majority of the crewing companies in the Philippines at that
time did not meet FOCL\u2019s HSEQ requirements in this respect, which was the key reason for Bahia coming
into existence. Fred. Olsen jnr. is the registered owner of 25% of Bahia Shipping Services. Fred. Olsen Jnr.
resigned from the board of FOCL in July 2022, but regardless and precautionary Bahia is considered and
reported as a related party.
Bahia is delivering a complete set of crewing services for crew out of the Philippines, including recruitment,
interviewing, testing, training, regulatory matters, travel arrangements etc. Bahia also facilitates flight
bookings for crew travelling from the Philippines to the cruise ships. Cost of crew flights are based on actual
cost. Recruitment fees are based on market rates and subject to market testing. Bahia\u2019s agency fee is a flat
fee negotiated between FOCL and Bahia and based both on market rate and assessment of hours effort
required. The numbers in the first table below reflect net amounts, pass-through expenses are excluded.
FOCL has also provided a guarantee to Bahia Thailand of Bath 5 million.
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
Other transactions with related parties
The Wind Service segment of the Company was invoiced NOK 48 million (NOK 49 million) for services from
Fred. Olsen & Co. KG Energy provided HSEQ support of NOK 7.4 million (NOK 5.7 million) to GWS, Bahia has
provided certain crewing services to the Wind Service segment of which a commission of NOK 1.5 million
(NOK 1.5 million) was paid. Furthermore, NOK 0.2 million (NOK 1.3 million) was paid to NPP for engineering
and project management services.
In 2025, Fred. Olsen & Co. paid NOK 5.4 million (5.5 million) to the Group of companies for rent of office
space. The rent is market based and on similar terms as for other tenants in the quarter in Fred. Olsens gate
2 in Oslo.
The Company rents an office building in Hvitsten from a private Fred. Olsen-related company. Rent paid in
2025 as well as in 2024 was NOK 0.4 million.
Members of the Board of Directors, the managing director and other related parties hold per year-end 2025
in total NOK 4 million of BON02 ESG bond loan (NOK 4 million).
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/or indirectly, the following number of shares in
the Company:
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 Aab\u00f8-Evensen
0
Nick Emery
325
Synne Homble
0
Kristin Gjertsen
0
Andreas Mellbye
0
Gaute Gjelsten
0
Jannicke Hilland
0
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 21 958 380 shares in the
Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "NOTE 26 Related party information In the ordinary course of business, the Group of companies recognises certain business transactions with accounting wise related parties. This note addresses the background; the services included the compensation principles as well as the governance principles applied to such main arrangements. Fred. Olsen & Co. The origin of the Fred. Olsen & Co. AS dates back to 1848. The sole shareholder of Fred. Olsen & Co., Anette Sofie Olsen, identifies the fifth generation Olsen and Fred. Olsen & Co. can draw an uninterrupted line of business conduct back to 1848. Whilst some Fred. Olsen-related activities are investments by the Company, others are and 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. At the time this was far from what the maritime oriented Company were focusing on. However, 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 the operation of the Company. The public sphere of the Fred. Olsen-related activities were in earlier years centred around five shipping companies, all listed on the Oslo Stock Exchange, and each engaged in distinct business activities and operated 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 autonomous corporate structures and accordingly with distinct managements. Over the years Fred. Olsen & Co. has in addition also been engaged in the managemenr of, or provision of professional services to, other companies and investment funds. In addition to being in charge of the operation of the Company, Fred. Olsen & Co. today also provides a variety of professional services on market terms to predominantly subsidiaries of the Company engaged within 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 management of the Company, which over decades has proved resilient and successful, also today is very suitable. The Board is of the view that the business segments within which the Company at any one point in time is invested 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 the Company 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 is needed. By Fred. Olsen & Co. being in charge of both the operation of the Company and the provision of a variety of services to subsidiaries of Bonheur, the Company and Fred. Olsen & Co. achieve cost and competence synergies. Such benefits are realized without any interests 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 non-related comparable businesses suitably adjusted 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 compensation model is deployed and monitored by the Shareholders\u2019 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\u2019 Committee are all independent of the majority shareholders of the Company. When dealing with these recommendations, the Board will be constituted by its, in this regard independent Directors. The Board of the Company consists of six Directors out of which four Directors are independent of the majority shareholders of the Company and of Fred. Olsen & Co. The compensation is determined annually in arrear, i.e. for the preceding year. The profit margin determined in 2025 for 2024 was 8%, which is then preliminary applied for 2025 until eventually determined in 2026. The aforementioned compensation - together with a possible bonus which for 2024 was NOK 2.2 million - is the only compensation Fred. Olsen & Co. receives for its services to the Company. The profit margin and the maximum obtainable bonus is subject to regular third-party benchmarking and review, performed every 3 years, last time in 2025, also monitored by the Shareholders\u2019 Committee.
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
1) Short term outstanding in connection with current operations. Hvitsten AS, a subsidiary of Fred. Olsen & Co. 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. Hvitsten AS has a management agreement with Wind Fund I AS which invested EUR 316 million to indirectly acquire 49% of three Scandinavian wind farms. 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. Renewable Energy The Natural Power Consultants Ltd. (Natural Power) is an international renewable energy consultancy providing asset management services, high level analytics and advice across multiple technologies to FOR, FOS and many unrelated 3rd parties. They operate across all areas of the project life cycle from consenting, environmental studies, site design, construction management and operations. Zephir Ltd. (ZX Lidar) provide high technology laser powered wind measurement tools (Wind Lidars) used in windfarm Development, Site Construction, Project Operations as well as many other wind monitoring applications. ZX Measurement Services Ltd. (ZX MS) provide wind measurement services such as Wind Lidar rental, campaign design and optimisation. Natural Power, ZX Lidar, ZX MS are owned by Fred. Olsen Ltd. (FOL) which is owned by the private Fred. Olsen-related companies; AS Quatro and Invento AS; both major shareholders in the Company. Bonheur and Natural Power own 25.5% each of the Danish consultancy company New Power Partners (NPP). Transactions between NPP and the Group of companies have therefore been reported as related party transactions. Scope of services: Natural Power and NPP provides both consultancy services and operations-related services for FOR\u2019s wind farms and FOS projects in the UK and Ireland. FOR has contracted Natural Power to provide site and asset management services for its wind farms in the UK and also to provide specific consultancy services mainly related to planning, environmental, technical, construction, and geotechnical services within renewable energy.
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
FOR hires and shares office locations and other administrative services such as HR and IT support from FOL in London. Governance All contracts between related parties are on terms to reflect the arm\u2019s length principle. The contracts are regularly, and with advise from independent experts as considered appropriate, benchmarked against comparable contracts in the market. Cruise FOCL has its commercial operation located in Ipswich (UK) while its technical operation is located in Oslo. The segment is subject to the following related party interests: Shared Services with Fred. Olsen Ltd. FOCL has for many years been part of and has benefited from a wide range of shared services, such as HR, IT and administration, under an office community with FOL in an office building at White House Road, Ipswich. The rents are at market terms and subject to annual review. The other services from FOL are paid for at cost. Together with FOL, FOCL have established a JV company (Fred. Olsen House (JV) Ltd. (FOHJV)) which owns the office building housing both companies in Ipswich. Travel agency services from Fred. Olsen Travel Ltd. FOTL is a subsidiary of FOL. FOTL facilitates relevant flight bookings for the crew employed by FOCL and some passengers and also acts as an ordinary sales agent for cruise holidays operated by FOCL. These services, however, only amount to a minor share of FOTL\u2019s total revenues. The crew flights services are based on cost plus a service fee per booking. The sales agency is paid a commission on similar terms to other commercial agreements in place between FOCL and independent agents. Crewing services from Bahia Shipping Services Inc. FOCL deploy crew partly from the Philippines with Bahia Shipping Services Inc. (Bahia) based in Manila. Bahia came about in 1987 out of a need for a professional crewing company to provide qualified personnel and secure fair treatment of the crew. The majority of the crewing companies in the Philippines at that time did not meet FOCL\u2019s HSEQ requirements in this respect, which was the key reason for Bahia coming into existence. Fred. Olsen jnr. is the registered owner of 25% of Bahia Shipping Services. Fred. Olsen Jnr. resigned from the board of FOCL in July 2022, but regardless and precautionary Bahia is considered and reported as a related party. Bahia is delivering a complete set of crewing services for crew out of the Philippines, including recruitment, interviewing, testing, training, regulatory matters, travel arrangements etc. Bahia also facilitates flight bookings for crew travelling from the Philippines to the cruise ships. Cost of crew flights are based on actual cost. Recruitment fees are based on market rates and subject to market testing. Bahia\u2019s agency fee is a flat fee negotiated between FOCL and Bahia and based both on market rate and assessment of hours effort required. The numbers in the first table below reflect net amounts, pass-through expenses are excluded. FOCL has also provided a guarantee to Bahia Thailand of Bath 5 million.
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
Other transactions with related parties The Wind Service segment of the Company was invoiced NOK 48 million (NOK 49 million) for services from Fred. Olsen & Co. KG Energy provided HSEQ support of NOK 7.4 million (NOK 5.7 million) to GWS, Bahia has provided certain crewing services to the Wind Service segment of which a commission of NOK 1.5 million (NOK 1.5 million) was paid. Furthermore, NOK 0.2 million (NOK 1.3 million) was paid to NPP for engineering and project management services. In 2025, Fred. Olsen & Co. paid NOK 5.4 million (5.5 million) to the Group of companies for rent of office space. The rent is market based and on similar terms as for other tenants in the quarter in Fred. Olsens gate 2 in Oslo. The Company rents an office building in Hvitsten from a private Fred. Olsen-related company. Rent paid in 2025 as well as in 2024 was NOK 0.4 million. Members of the Board of Directors, the managing director and other related parties hold per year-end 2025 in total NOK 4 million of BON02 ESG bond loan (NOK 4 million). 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/or indirectly, the following number of shares in the Company:
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 Aab\u00f8-Evensen
0
Nick Emery
325
Synne Homble
0
Kristin Gjertsen
0
Andreas Mellbye
0
Gaute Gjelsten
0
Jannicke Hilland
0
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 21 958 380 shares in the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "NOTE 27 Group of companies Accounting policies The consolidated financial statements include the Company and its subsidiaries. A company within the Group of companies controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Bonheur ASA is the parent in the group of companies with the following subsidiaries:
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
Voting rights in the companies equal the ownership interest. 1) Based on the Company\u2019s ownership interests the companies are classified as subsidiaries, but due to no or insignificant activity the companies are not consolidated in the Group of companies. 2) Group Company result and equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "NOTE 27 Group of companies Accounting policies The consolidated financial statements include the Company and its subsidiaries. A company within the Group of companies controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Bonheur ASA is the parent in the group of companies with the following subsidiaries:
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
Voting rights in the companies equal the ownership interest. 1) Based on the Company\u2019s ownership interests the companies are classified as subsidiaries, but due to no or insignificant activity the companies are not consolidated in the Group of companies. 2) Group Company result and equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "Accounting policies The consolidated financial statements include the Company and its subsidiaries. A company within the Group of companies controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Bonheur ASA is the parent in the group of companies with the following subsidiaries: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "
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 (\u201cMEAG\u201d), 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\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }