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Havila Kystruten (HKY) investor relations material

Havila Kystruten Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Aug, 2025

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.

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Q3 202528 Nov, 2025
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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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