Summary
Havila Kystruten continues its positive trajectory, delivering strong
operational performance and positive EBITDA in Q2 2025, driven primarily by top-
line growth. The Company reported total revenues of MNOK 416, with operational
revenue up 22% year-over year.
This growth was fuelled by an 18% increase in passenger nights and a 20% rise in
average cabin rate (ACR). Occupancy improved to 74% (from 69%), and the cabin
factor rose from 1.78 to 1.88. The southbound route showed particularly strong
performance due to targeted initiatives. Onboard sales increased by 12% year-
over-year. Q2 2024 results was partly impacted by Havila Pollux being out of
service for two roundtrips due to maintenance/dry-docking.
Operating expenses remained stable compared to Q1 2025 but increased 8% versus
Q2 2024, mainly due to higher activity and general cost inflation. The largest
increase (17%) was in cost of goods sold, directly linked to passenger growth.
Administrative costs rose due to the ongoing refinancing process and related
advisory fees.
EBITDA reached MNOK 79, up 35% from Q2 2024 and significantly higher than MNOK
11 in Q1 2025.
The Company's profit and balance sheet have been significantly impacted by
currency fluctuations, especially between the NOK and the EUR. In the second
quarter, this resulted in a net foreign exchange loss of MNOK 141, compared to a
net gain of MNOK 129 in the previous quarter and MNOK 78 in the same period last
year. This affects the book equity, which stood at a negative MNOK 661 at the
end of June 2025. When accounting for the ships' market value, the value-
adjusted equity is positive MNOK 3,132.
Operational efficiency across the fleet was very high during the quarter, with
100% uptime. At the same time, Havila Kystruten continued its focused
sustainability efforts. CO2 emissions were reduced by 38% compared to the 2017
Coastal Route baseline. The Company also achieved its ambitious target of
reducing food waste to less than 75 grams per guest per day, with an actual
result of 57 grams in the second quarter.
Employees
Havila Kystruten had a total of 560 permanent employees as of June 30, 2025, of
which 498 were seafarers and 62 in the administration.
Subsequent events and trading outlook
In July, the Company amended its secured bond, extending maturity to January
2027 and reducing the interest rate to 6.5% for the first five months. The new
terms enhance financial flexibility, with a revised principal of MEUR 326. HKY
is actively pursuing longer-term financing options to support growth and prepare
for the upcoming government tender (see Note 11 for details).
In August, the Company renegotiated its LNG procurement agreement, introducing a
dual-supplier model with one-third of volumes sourced from Northern Norway
through 2030. The new structure is expected to reduce annual fuel costs by over
10% from Q4 2025 and improve supply flexibility.
As of today, 66% of the capacity for 2025 has been booked, which corresponds to
88% of the annual target for cabin nights. Occupancy for the third quarter is
currently at 80%, with more than one month remaining in the quarter. The balance
between the northbound and southbound routes continues to improve, which
increases flexibility and enables more sales closer to the departure date.
For 2026, 28% of capacity is already booked at significantly higher average
prices (ACR) than for 2025. Early bookings provide a basis for expectations of
continued top-line growth and improved EBITDA margins.
The market for travel to Norway continues to grow, and Havila Kystruten's
modern, environmentally friendly fleet has been well received-evidenced by
multiple international awards. The Company's strong sustainability profile
provides a clear competitive advantage, supporting both price increases and
higher occupancy.
With a more experienced organization and ongoing improvements to digital sales
channels, the focus remains on increasing direct bookings, which historically
yield higher prices closer to departure. The Company will continue to actively
balance occupancy and pricing to optimize margins throughout the year.
Efforts to increase onboard sales are ongoing, with targeted pricing strategies
and product promotions aimed at increasing revenue from ancillary services and
guest experiences. The strategy of offering shorter trips is now established and
under further development. During the summer season, sales of shorter voyages
increased by over 40%, confirming strong market interest. This segment shows
significant potential for optimized revenues and attracting a broader customer
base with a lower average age-particularly among travellers with high
willingness to pay. Targeted marketing and commercial initiatives have been
implemented to capitalize on this opportunity.
Contacts:
Chief Executive Officer: Bent Martini, +47 905 99 650
Chief Financial Officer: Aleksander Røynesdal, +47 413 18 114
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act