Havila Kystruten (HKY) investor relations material

Executive summary

• Achieved 22–23% year-over-year revenue growth in Q2 2025, driven by a 20% increase in average cabin revenue and higher occupancy rates.

• EBITDA for Q2 2025 reached MNOK 79, up 35% from Q2 2024, with five consecutive quarters of positive EBITDA.

• Occupancy improved to 74% in Q2 2025 (up from 69%), with a more balanced international mix and higher direct bookings.

• 100% operational uptime achieved, with Net Promoter Scores above 70 and strong customer satisfaction.

• Sustainability achievements include a 38% reduction in CO2 emissions versus 2017 and food waste reduced to 57g per guest night.

Financial highlights

• Q2 2025 revenue: MNOK 332–416 (up 22–23% YoY); EBITDA: MNOK 79 (up 35% YoY); EBITDA margin improved to 19%.

• Average cabin revenue increased to NOK 5,630–5,650 in Q2 2025 (up from NOK 4,700 YoY); onboard spend per passenger night stable at NOK 739–740.

• Occupancy rose to 74% in Q2 2025, with a Q2 peak at 74% and annual average at 67%.

• Operating expenses increased 8% YoY, mainly due to higher activity and inflation.

• Book equity at end of June 2025 was negative MNOK 661, but value-adjusted equity is positive at MNOK 3,132.

Outlook and guidance

• FY 2025 EBITDA target of MNOK 400, with a margin of 20–30% and occupancy target of 75%.

• 2026+ targets include EBITDA of MNOK 600–800 and occupancy of 75–80%, leveraging bundled trip offerings and higher pricing for short voyages.

• Bookings for 2025 are robust, with 66–90% of target capacity already secured and 2026 bookings at higher average prices.

• LNG procurement renegotiated to a dual-supplier model, expected to reduce annual fuel costs by over 10% from Q4 2025.

• Continued focus on direct bookings, digital sales, and shorter trip offerings to optimize revenue and attract a broader customer base.