Havila Kystruten (HKY) investor relations material

Executive summary

• Achieved 100% operational uptime in Q2 2026, with record occupancy of 83% and all-time high revenues and bookings, especially in May and June.

• Total Q2 revenues reached MNOK 479, a 15% year-over-year increase, with strong growth in ticket and onboard revenues and improved average cabin revenue.

• Onboard sales rose 32% YoY, and strategic focus on direct and digital sales channels enhanced profitability and booking quality.

• Bookings from higher-paying international markets, especially English-speaking regions, increased, improving revenue mix and spend per passenger.

• Achieved first-ever positive half-year net profit of MNOK 3, supported by currency gains.

Financial highlights

• Q2 2026 EBITDA reached MNOK 98, up from MNOK 79 in Q2 2025, with EBITDA margin rising to 21% from 19%.

• Operating costs rose 13% YoY to MNOK 381, mainly due to increased activity and inflation; cost of goods sold up 30% and payroll crew costs up 13%.

• Passenger nights rose 17% year-over-year to 99,800; onboard spend per passenger night increased to NOK 790.

• Interest costs in Q2 fell to MNOK 120 from MNOK 154 year-over-year, reflecting lower rates and currency effects.

• Value-adjusted equity at NOK 2.2 billion in Q2, with vessel market value at EUR 663 million, substantially above book value.

Outlook and guidance

• Revised 2026 full-year revenue target to approximately NOK 500 million, reflecting higher energy costs and geopolitical uncertainty.

• Occupancy for 2026 is 11% ahead of last year, with 74% of capacity booked (~95% of target); ACR growth targeted above 10%.

• Long-term revenue outlook maintained at NOK 600–800 million from 2027 onwards, supported by government contract indexation and strong booking trends.

• Q3 expected to deliver the majority of annual EBITDA, with Q4 also firming up well.

• Elevated bunker costs expected in Q3, with 70% of increases recoverable via contract indexation (1–2 year lag).