Havila Kystruten (HKY) investor relations material

Executive summary

• Achieved 100% operational uptime across all four vessels in Q1 2026, with record-high occupancy, strong international demand, and robust revenue generation.

• Revenue grew 15% year-over-year in Q1 2026 to MNOK 288, driven by a 4% increase in average cabin revenue, a 17% rise in passenger nights, and strong direct channel bookings.

• May 2026 occupancy reached 87%, the highest monthly level on record, with Q1 occupancy at 72% (up from 61% in Q1 2025) and Q2 occupancy at 81%.

• Onboard sales per passenger night increased 14% year-over-year, with continued expansion of direct sales channels and digital capabilities.

• Sustainability efforts led to a 37% reduction in CO₂ emissions compared to the 2017 baseline.

Financial highlights

• Q1 2026 EBITDA reached NOK 30 million, up 167% year-over-year, with EBITDA margin rising to 8% from 3% in Q1 2025.

• Total operating revenues increased 12% year-over-year to MNOK 391, with ticket revenue up 16% and onboard revenue up 14%.

• Passenger nights increased 17% year-over-year; average cabin rate up 4% to NOK 4,800.

• Value-adjusted equity stood at NOK 2.3 billion at Q1 2026, with vessels independently valued at MEUR 669.

• Net result for Q1 was NOK 117 million, primarily due to unrealized currency gains.

Outlook and guidance

• 2026 EBITDA target revised to NOK 500–600 million, reflecting higher expected fuel costs; long-term target for 2027+ remains NOK 600–800 million.

• Occupancy target for 2026 and 2027+ is 75–80%, with 69% of 2026 capacity already booked (~90% of target).

• Average Cabin Revenue for 2026 is currently 7% above last year, with a full-year target of +10%.

• Approximately 70% of fuel cost increases are contractually recoverable, but with a time lag of 1–2 years.

• Booking momentum remains strong, with a focus on direct bookings and margin optimization.