Bonheur ASA — Investor Presentation 2021

Nov 4, 2021

3Q Presentation

4th November 2021

Highlights 3Q 2021

Bonheur ASA Group of companies

Figures in paranthesis (3Q20)

Fred. Olsen Renewables AS 100%

• EBITDA NOK 174 mill. (NOK 131 mill.)
• Higher and increasing power prices in 3Q
• Low wind speeds in 3Q, 44% reduced like for like generation vs. 3Q20
• Högaliden project completed in October adding 19% expected production going forward
• Both high wind speeds and strong power prices so far in 4Q
• Offshore wind established as a separate business unit

• Fred. Olsen Ocean Ltd. 100%
• EBITDA NOK 264 mill. (NOK 151 mill.)
• T&I utilisation of 89% (75%) in 3Q
• Record setting installation performance of Blue Tern at Morray East
• Bold Tern arrived at yard in Singapore
• Blue Tern arrived at yard in Denmark for class renewal work
• Fleet upgrade program continued as planned in the quarter

• 100% Fred. Olsen Cruise Lines Ltd.
• EBITDA NOK -138 mill. (NOK -141 mill.)
• Resumed cruising successfully in the quarter with two cruise ships
• Remaining cruise ships planned to be phased into operations through to 2Q 2022
• UK cruise industry characterised by discounting in the coming winter season
• Substantial demand for cruises in 2022 and 2023

• EBITDA NOK -21 mill. (NOK 3 mill.)
• EBITDA for NHST NOK 28 mill. (NOK 29 mill.). NHST improved digital subscription vs. 3Q20 and continued the reorganisation of the NHST group

Consolidated:

• Operating revenues were NOK 1 880 million (NOK 1 371 million)
• EBITDA was NOK 279 million (NOK 144 million)
• EBIT was NOK 14 million (NOK -306 million)
• Net result after tax was NOK -157 million (NOK -398 million)

Parent company:

• Equity in parent company NOK 6 871 million (NOK 7 368 million)
• Equity ratio of 68.2% (67.4%)
• Cash in parent company NOK 2 179 million (NOK 3 619 million)

Consolidated summary

Bonheur ASA Group of companies

(NOK million)	3Q 21	3Q 20	Change
Revenues	1 880	1 371	509
EBITDA	279	144	135
Depreciation	-265	-263	-2
Impairment	0	-187	187
EBIT	14	-306	320
Net finance	-71	-89	18
EBT	-59	-393	335	Tax:
Net result	-157	-398	242	UK tax authorities has announced increase in the tax rate for company 
Shareholders of the parent company *)	-228	-378	151	income tax (CIT) from 19% to 25% in 2023. This is estimated to negatively impact the deferred tax expenses in the Renewable Energy
				segment by NOK 89 mill.
Earnings per share (NOK)	-5,4	-8,9	3,5
Net interest bearing debt (NIBD)	6 662	6 387	275

*) The non-controlling interests consist of 43.28% of NHST Media Group AS and 49% in Fred. Olsen Wind Limited (FOWL) (UK), 49% of Fred. Olsen CBH Limited (FOCBH) (UK), 49% of Blue Tern Limited and 7.84 % of Global Wind Services AS

Segment analysis – Revenues

Bonheur ASA Group of companies

(NOK million)	3Q 21	3Q 20	Change
Renewable Energy	316	276	40
Wind Service	1 068	839	229
Cruise	233	0	233
Other	262	255	7
Total Revenues	1 880	1 371	509
NOK / EUR (average)	10,33	10,67	-3,2 %
NOK / GBP (average)	12,08	11,79	2,4 %
GBP / USD (average)	1,32	1,18	12,4 %

Segment analysis – EBITDA

Bonheur ASA Group of companies

(NOK million)	3Q 21	3Q 20	Change
Renewable energy	174	131	43
Wind Service	264	151	113
Cruise	-138	-141	3
Other	-21	3	-24
Total EBITDA	279	144	135

Group capitalization per 3Q 21

• Group financial objectives targeted to secure long-term visibility and flexibility through business cycles Strong parent financial position built on conservative leverage and solid liquidity position With the aim to accelerate growth, subsidiaries within the Company's high growth and capital-intensive business segments, are actively investigating and considering various means of sourcing external capital, hereunder a broad set of equity options Subsidiaries to optimize its own non-recourse financing taking into account underlying fundamentals for the respective business and relative cost of capital www.bonheur.no www.bonheur.no debt Whereof guaranteed by Bonheur
• 6

Green financing framework in place for Bonheur and its subsidiaries 
(NOK million)	Cash	External debt	Whereof guaranteed by Bonheur
Renewable Energy (FOR) (Joint Ventures and associated holding companies)	261	5 717
Wind Service (FOO) (Joint Venture, associated holding companies and other)	461	990
Sum (Joint Ventures and associated holding companies)	722	6 707	0
Renewable Energy (FOR) (excl. Joint Ventures and associated holding companies)	379	0
Wind Service (FOO) (excl. Joint Ventures, associated holding companies and other)	315	617
Cruise (FOCL)	124	264
Bonheur ASA (parent company) + Other	2 202	2 685
Sum (excl. Joint Ventures and associated holding companies)	3 020	3 566	0

including listing

Renewable Energy

Introduction to Fred. Olsen Renewables

Full set of in-house capabilities developed to the highest standards over 25 years

• One of the largest independent power producers in Northern Europe
• Early mover in renewables with first park being built in 1996
• 13 wind farms (805 MW) incl. two under construction in Scandinavia and UK
• Track record of in-budget execution of projects
• Onshore wind development pipeline in Europe of ~3.5 GW
• Offshore wind development pipeline in Ireland, Norway, Scotland and USA

Development 3 580

Entering new technologies like floating solar

In brief Full integrated in-house business model

Renewable energy per 3Q 2021

Market backdrop

Hydrologic balance in Scandinavia 0 20 40 60 80 100 120 01.10.20 16.10.20 31.10.20 15.11.20 30.11.20 15.12.20 30.12.20 14.01.21 29.01.21 13.02.21 28.02.21 15.03.21 30.03.21 14.04.21 29.04.21 14.05.21 29.05.21 13.06.21 28.06.21 13.07.21 28.07.21 12.08.21 27.08.21 11.09.21 26.09.21 Gas and CO2 Pricing last 12 months TTF Gas next month (€/MWh) CO2 EUAs €/Ton

Construction update

Högaliden wind park (107.5 MW)

• Wind park project completed in October
• 16 turbines in production in third quarter 2021 with full production from all 25 wind turbines expected from November
• FORAS does not expect any negative financial consequences to arise from this delay
• First wind farm in World with turbine mounted lidar wind measurement censors

Fäboliden II (17.2 MW)

• Preparation for construction commenced
• Installation of the four turbines planned completed in 2023

Business Model and Project Portfolio for onshore wind

Fred. Olsen Renewables Offshore Wind

Q3 presentation November 2021

Offshore Wind at a glance

Solidifying and accelerating offshore wind activities

Leading pure-play offshore wind IPP1 built on Fred. Olsen Renewables' market presence and portfolio

Unrivalled access to supplementary renewable and offshore competence through related enterprises

Update on the Codling project

Codling is one of the largest mature offshore wind development projects in Europe

32%

Competitiveness solidified by location

Highly attractive location 13 km from shore with shallow waters of 10-25 meters depth

1) The final capacity is subject to optimization of the site. The project has submitted grid application allowing a range of capacity from 900-1500 MW.

2) The capacity of Phase One projects excluding Codling is based on maximum grid applications, which does not necessarily reflect what will be the eventually installed capacity

4.4 GW2

Source: Ireland National Energy & Climate Plan, EirGrid, 4C Offshore

Update on ScotWind

ScotWind leasing round awards due in Q1 2022

ScotWind in brief 10 GW Total capacity 50/50 JV with Vattenfall 15 Lease areas offered 8,600 km2 Total area offered AR 6 Expectation that AR6 will have a separate "pot" for floating wind 2027 Expected FID Jan 2022 Expected announcement of successful applicants 2025 CfD auction

Partners building on strong local presence

• Both Partners are building on long track records in Scotland both having significant operational wind assets in Scotland today and further in development 1.
• Development of offshore wind in Scotland will have a local focus with a strong commitment to investing locally and creating local jobs and local value in Scotland.
• Fred. Olsen Renewable has developed a unique concept for Scotland, which increase possibilities of local job creation, local assembly and O&M jobs in Scotland.

1 2 3 5 4 Scotland Example: Scapa Flow in the with Orkney Islands is ideally suited for MPS to service ScotWind projects

Unique floating hub / mobile port solution

• Suitable port facilities for offshore wind installation for floating wind is a scarce resource in Scotland.
• The Mobile Port is a offshore port solution using "ready to go" technology undertaking the integration of turbine and floating foundation in sheltered areas close to shore.
• The solution is quick to mobilize and demobilize and allows for flexibility and can be used on several locations in Scotland and across the world.
• It is an industry enabler allowing areas and ports without large port infrastructure to develop floating offshore wind.

¹ Fred. Olsen Renewables has developed wind assets in Scotland for over 25 years. As of today the company has 530 MW onshore wind in operation in addition to 544 MW in development.

Expanding opportunities underpinning long-term growth

New markets with high value potential

Norway:

• Long term partnership with Ørsted and Hafslund
• Intention to bid for a project on Utsira Nord and Sørlige Nordsjø II in upcoming lease round

Scotland:

• Partnership with Vattenfall for ScotWind
• Bid submitted for ScotWind in July 2021

Ireland:

• Partnership with EDF around Codling
• Preparing for CfD auction in Q4 2022 or Q1 2023.

Core markets with high potential Several attractive new markets identified, based on clear investment screening criteria

Wind Service

Q3 Presentation

November 2021

FRED. OLSEN WINDCARRIER – A MARKET LEADER IN A GROWING MARKET

19

1) Excluding China 2) MOU in place with Shimizu Corporation in Japan

Investing to reinforce leading position in a growing market

• >1,600mt @ 30+m LEC

• Maximize jacking capacity

• 400mt auxiliary hook

• >160m lifting height above deck

Diversified, highly competitive and industry leading fleet size

• Blue Tern

• Blue Tern

• Blue Tern

• Not applicable

3 existing vessels will be upgraded to efficiently install next generation turbine sizes

Main Crane replacement

• Bold Tern / Brave Tern

• 1,600mt @ 31m LEC
• 157.5m lifting height above deck
• 400mt auxiliary hook

Jacking System upgrade

• Bold Tern / Brave Tern

• Increased jacking and preload capacity
• Sponsons

• Bold Tern / Brave Tern

• Improved floating stability
• Increased deck area

Other

• Mooring system upgrades, Accommodation expansion and hull reinforcements (internal)

Bold Tern upgrade status

• Bold entered yard 31 August for the upgrade program. Progressing as planned.
• Total budget of EUR ~60m of which ~80% is based on fixed price contracts

Planned newbuild secures FOWIC's position in a growing market t

Crane capacity ~2,600mt @ 44m

Variable load capacity 17,000t+

Lifting height ~190m above deck

Minimized energy consumption and emissions

• Design built on long operational experience and wind turbine manufacturer input

• Balancing capital employed on vessel with:

1. Specifications making vessel highly competitive especially on mega projects far from load-out port

2. Lifetime of vessel

Financial performance and activity indicators

Revenues and EBITDA vs # of turbines installed globally*

The T&I industry's has to date been affected by high volatility in activity

• Annual turbines installed between 400-500 with stable T&I vessel supply at 16-17 (~30 turbines per vessel year)
• From 2025 to 2027 this ratio is expected to be +/- 1400 turbines per year or ~90 turbines per vessel year

Improved T&I utilization on back of higher and more stable activity a key to improved industry earnings

Positive trend in dayrates

• Improving supply and demand
• New vessel supply into the market has approx. 2x historical vessel capex

Upgraded Tern proves its premium

The 3 contracts post upgrade ~40% above average non upgraded contracts in backlog

O&M rates currently generally +/- 50% of T&I rate related to turbine type and scope

Segment however important to fill gaps in schedule and maximize earnings

Backlog and vessel utilization

Firm Option Yard

• Total gross backlog of EUR 309m***
  • Backlog relates to 8 T&I projects with blue chip customers
  • Contract on predominantly charterparty basis with a defined start date and contract length
• Historically, about ~80% of options are exercised,
  • In addition, approx. 1/3 projects since 2016 have been extended beyond option period (due to reasons outside of FOWIC's control)
• Historically, the majority of main T&I contracts are usually secured 2-3 years in advance
• Currently in advanced discussions for at least three small/medium term 2022 contracts
  • Ongoing delays in several offshore wind projects in execution likely to impact short term timing of turbine installation vessel demand
• Gaps between T&I projects are normally filled with O&M projects and/or T&I project amendments which are firmed up with lead time of weeks/months

22 *** One contract pending final agreement, reservation agreement in place. Not including O&M work

Global Wind Service

Leading global project partner for complete wind turbine services

• Installation and pre-assembly, high voltage, O&M, blade inspection and repair
• Statutory Inspection & Repair
• Repowering & life extension
• 1 300 employees per 3Q 2021

Global track record

United Wind Logistics – Fleet Status

• One stop logistic solutions services for wind turbines
  • Analysis of transportation requirements
  • Sourcing of suitable tonnage
  • Project coordination and management
• Owns three vessels
  • VestVind 1 working in the Spot Market
  • BoldWind commenced its 3-year contract with MHI Vestas July 2020
  • BraveWind commenced its 3-year contract with MHI Vestas January 2021
• The outlook for the spot market is positive

Cruise

Introduction to Cruise

pause in a stronger and more resilient

position with a higher yielding cabin

mix

• Fred. Olsen Cruise Lines has a leading position in the UK small-medium ship segment Leveraging on high customer service and proprietary itineraries An award-winning cruise product Fleet optimization during 2020, positioned to emerge from the cruise Borealis Bolette Balmoral Braemar ~1350 pax ~1350 pax ~1325 pax ~900 pax Gross revenue/pax day NOK 2 263 in 2019 Long term market growth 5% CAGR pre-Covid 19* ~60% repeat rate, best in UK market**
  • * UK and Ireland cruise market CAGR 2004-2018, source CLIA ** Source:: YouGov Oct-2019

Cruise

Events in the quarter

• Mobilized the new cruise ship Borealis in order to resume sailing on 5 July from Liverpool and Bolette commenced sailing from mid August 2021
• Mobilisation cost, increased vessel opex and sales & marketing due to commencement of operations
• Balmoral and Braemar are planned to be gradually phased into operations through to 2Q 2022
• Experiencing substantial demand for cruises in 2022 and 2023
• Due to the new and negative development of Covid-19 in the UK, early autumn 2021, the UK cruise industry is now experiencing discounting ticket prices for the coming winter season. From Spring/Summer 2022, and going forward, FOCL is experiencing substantial demand at normal prices for its cruises.

FOCL was first cruise line to complete an international voyage since the resumption of cruising, with cruise to Iceland in August

Highlights 3Q 2021

Bonheur ASA Group of companies

Figures in paranthesis (3Q20)

Fred. Olsen Renewables AS 100%

• EBITDA NOK 174 mill. (NOK 131 mill.)
• Higher and increasing power prices in 3Q
• Low wind speeds in 3Q, 44% reduced like for like generation vs. 3Q20
• Högaliden project completed in October adding 19% expected production going forward
• Both high wind speeds and strong power prices so far in 4Q
• Offshore wind established as a separate business unit

• Fred. Olsen Ocean Ltd. 100%
• EBITDA NOK 264 mill. (NOK 151 mill.)
• T&I utilisation of 89% (75%) in 3Q
• Record setting installation performance of Blue Tern at Morray East
• Bold Tern arrived at yard in Singapore
• Blue Tern arrived at yard in Denmark for class renewal work
• Fleet upgrade program continued as planned in the quarter

• 100% Fred. Olsen Cruise Lines Ltd.
• EBITDA NOK -138 mill. (NOK -141 mill.)
• Resumed cruising successfully in the quarter with two cruise ships
• Remaining cruise ships planned to be phased into operations through to 2Q 2022
• UK cruise industry characterised by discounting in the coming winter season
• Substantial demand for cruises in 2022 and 2023

• EBITDA NOK -21 mill. (NOK 3 mill.)
• EBITDA for NHST NOK 28 mill. (NOK 29 mill.). NHST improved digital subscription vs. 3Q20 and continued the reorganisation of the NHST group

Consolidated:

• Operating revenues were NOK 1 880 million (NOK 1 371 million)
• EBITDA was NOK 279 million (NOK 144 million)
• EBIT was NOK 14 million (NOK -306 million)
• Net result after tax was NOK -157 million (NOK -398 million)

Parent company:

• Equity in parent company NOK 6 871 million (NOK 7 368 million)
• Equity ratio of 68.2% (67.4%)
• Cash in parent company NOK 2 179 million (NOK 3 619 million)