Havila Kystruten (HKY) Q4 2025 earnings summary

Executive summary

• Achieved 17% year-over-year revenue growth in 2025, reaching MNOK 1,775, with EBITDA rising to MNOK 400 and operational uptime at 100% across all four vessels.

• Sustainability milestones included a 36–40% reduction in CO2 emissions and the first climate-neutral voyage using biogas, earning industry recognition.

• Customer satisfaction remained high, with an NPS score of 68 and food waste per passenger night at 65g, one-third of industry standards.

• 2025 marked the second full year of operation for all vessels, with significant investments for long-term growth.

Financial highlights

• Revenue increased by MNOK 252–260 (17% YoY), with passenger nights up 3% and average cabin revenue up nearly 20%.

• EBITDA improved to MNOK 373–400 in 2025, up from MNOK 200–219 in 2024 and negative in 2023.

• Q4 2025 EBITDA was NOK 0 million, impacted by prior period adjustments and delayed sales campaigns.

• Operating expenses for 2025 were MNOK 1,402, reflecting growth initiatives.

• Net loss for 2025 was MNOK -1,071, with value-adjusted equity at MNOK 2,677.

Outlook and guidance

• Targeting EBITDA of MNOK 600 in 2026, with occupancy close to 80% and ACR growth of 10–15%.

• 63–63.5% of 2026 capacity is already booked, about 20% ahead of last year, and 2027 bookings are also ahead.

• Onboard sales expected to grow over 20% in 2026, with January already showing 35% growth.

• Cost savings anticipated from renegotiated fuel contracts, operational efficiencies, and LNG purchasing agreements.