Havila Kystruten (HKY) Q3 2025 earnings summary

Executive summary

• Achieved 100% operational uptime in Q3 2025, with all vessels performing well and strong operational performance.

• Completed a historic 5,000 km biogas and battery-powered voyage, reducing CO2 emissions by over 90%, and recognized as the first climate-neutral operator on Norway's coastal route.

• Awarded multiple industry accolades for sustainability and innovation.

• Solidified position in the Norwegian coastal route concession, operating 4 out of 11 vessels.

• Government contract revenue increased due to compensation adjustments, with MNOK 146 recognized in Q3.

Financial highlights

• Operational revenues grew 13% year-over-year to NOK 422 million (MNOK 416), with total operating revenues at MNOK 648.6 in Q3 2025.

• EBITDA reached MNOK 283, up from MNOK 128 in Q3 2024, with a significant year-over-year margin improvement.

• Onboard sales increased by 7% year-over-year, though below expectations.

• Operating costs rose 9% due to increased activity and inflation.

• Comprehensive refinancing of EUR 456 million completed in November 2025, reducing effective interest cost to ~10%.

Outlook and guidance

• Targeting EBITDA of NOK/MNOK 600 for 2026 and NOK/MNOK 600–800 for 2027, with 30–40% EBITDA margins from 2027 onwards.

• Revised government contract revenue for 2026 to NOK 426 million, up from NOK 365 million.

• Over 55% of 2026 capacity already booked, with strong booking trends and a more balanced mix between voyage directions.

• Focus on operational efficiency, product development, and new revenue streams.

• Occupancy target of 75–80% and average cabin revenue growth of 10–15% for 2026.