Havila Kystruten (HKY) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue increased 20% year-over-year to MNOK 350, driven by a 35% rise in average cabin revenue and strong operational performance, with 100% operational uptime and a Net Promoter Score above 70.

• EBITDA turned positive at MNOK 11, up from negative MNOK 18 in Q1 2024, marking the fourth consecutive quarter of positive EBITDA.

• Customer base is broadening, with a younger demographic, higher willingness to pay, and 61% of 2025 capacity already sold; 81% of annual cabin night target booked as of May 27, 2025.

• CO2 emissions reduced by 35% versus 2017 baseline; food waste per guest night down to 68g.

• Company is preparing for long-term debt refinancing to strengthen its capital structure.

Financial highlights

• Revenue for Q1 2025: MNOK 350 (up 20% YoY); EBITDA: MNOK 11 (Q1 2025) vs. negative MNOK 18 (Q1 2024); operating costs: MNOK 339, up from MNOK 310 YoY.

• Average cabin revenue (ACR) rose to NOK 4,600 in Q1 2025 from NOK 3,350 in Q1 2024, a 35% increase.

• Occupancy rate: 61% in Q1 2025 (down from 68% in Q1 2024); Q2 2025 occupancy at 73% with one month left.

• Onboard spend per passenger night stable at NOK 715, though Q1 was impacted by weather.

• Net loss: NOK -66.1 million (Q1 2025) vs. NOK -358.3 million (Q1 2024).

Outlook and guidance

• FY 2025 EBITDA guidance set at above NOK 400 million (approx. MNOK 400), with a margin target of 20–30%.

• Occupancy target for 2025 is 75%; price growth target for 2025 is 20–30%, and 2026 bookings are already at higher prices.

• Medium to long-term EBITDA target remains NOK 600–800 million, with occupancy of ~80%.

• Positive booking trends expected to continue, with balanced northbound/southbound bookings.

• Focus on increasing direct bookings and onboard sales to maximize margins.