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Havila Kystruten (HKY) investor relations material
Havila Kystruten Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Nov, 2025
Executive summary
Achieved 100% operational uptime in Q3 2025, with all vessels performing well and strong operational performance.
Completed a historic 5,000 km biogas and battery-powered voyage, reducing CO2 emissions by over 90%, and recognized as the first climate-neutral operator on Norway's coastal route.
Awarded multiple industry accolades for sustainability and innovation.
Solidified position in the Norwegian coastal route concession, operating 4 out of 11 vessels.
Government contract revenue increased due to compensation adjustments, with MNOK 146 recognized in Q3.
Financial highlights
Operational revenues grew 13% year-over-year to NOK 422 million (MNOK 416), with total operating revenues at MNOK 648.6 in Q3 2025.
EBITDA reached MNOK 283, up from MNOK 128 in Q3 2024, with a significant year-over-year margin improvement.
Onboard sales increased by 7% year-over-year, though below expectations.
Operating costs rose 9% due to increased activity and inflation.
Comprehensive refinancing of EUR 456 million completed in November 2025, reducing effective interest cost to ~10%.
Outlook and guidance
Targeting EBITDA of NOK/MNOK 600 for 2026 and NOK/MNOK 600–800 for 2027, with 30–40% EBITDA margins from 2027 onwards.
Revised government contract revenue for 2026 to NOK 426 million, up from NOK 365 million.
Over 55% of 2026 capacity already booked, with strong booking trends and a more balanced mix between voyage directions.
Focus on operational efficiency, product development, and new revenue streams.
Occupancy target of 75–80% and average cabin revenue growth of 10–15% for 2026.
Refinancing's impact on future concession bid
Impact of contract adjustment on 2026 outlook
Biogas target's financial implications
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Next Havila Kystruten earnings date
Q4 202527 Feb, 2026
Next Havila Kystruten earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Havila Kystruten AS, marketed internationally as Havila Voyages, is a Norwegian shipping company that plays a significant role in the coastal route between Bergen and Kirkenes, known as Hurtigruten. The company operates several ships on this route, offering a blend of passenger and freight services along Norway's picturesque coastline. Havila Kystruten is part of the broader Havila Group, which has interests in ship technology, offshore, transport, and tourism sectors. The company is headquartered in Fosnavåg, Norway, and its shares are listed on the Oslo Stock Exchange.
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