Havila Kystruten (HKY) Q2 2025 earnings summary

Executive summary

• Achieved 22% year-over-year revenue growth in Q2 2025, with average cabin revenue up 20% and occupancy rising to 74%, driven by higher international passenger mix and direct bookings.

• EBITDA for Q2 2025 reached MNOK 79, up 35% from Q2 2024, marking the fifth consecutive quarter of positive EBITDA.

• 100% operational uptime for the quarter, with strong customer satisfaction and NPS exceeding 70%.

• Sustainability achievements include a 38% reduction in CO2 emissions versus 2017 and food waste reduced to 57g per guest night, surpassing targets.

• 66% of 2025 capacity and 28% of 2026 capacity already booked at higher prices, supporting continued growth.

Financial highlights

• Q2 2025 revenue: MNOK 416 (up from MNOK 369 YoY); EBITDA: MNOK 79 (up 35% YoY); EBITDA margin: 19%.

• Average cabin revenue increased to NOK 5,650 in Q2 2025 (from NOK 4,700 YoY); onboard spend per passenger night stable at NOK 740.

• Operating expenses increased 8% YoY, mainly due to higher activity and inflation, with a 17% rise in cost of goods sold.

• LNG costs expected to decrease by over 10% annually from Q4 2025 due to a new dual-supplier agreement.

• Cash and cash equivalents: NOK 293 million as of June 30, 2025.

Outlook and guidance

• Targeting MNOK 400 EBITDA for 2025 and MNOK 600–800 in subsequent years, with occupancy targets of 75–80%.

• 2025 occupancy at 66% booked, Q3 occupancy at 80%, and 2026 bookings at higher average prices.

• Focus on direct bookings, digital sales, and shorter trip offerings to optimize revenue and attract higher-paying travelers.

• Strategy includes price increases, new onboard activities, and bundled travel packages.