Havila Kystruten (HKY) Q4 2024 earnings summary

Executive summary

• Achieved full fleet deployment in 2024, operating four vessels on the Bergen-Kirkenes route under a government concession through 2030, with 98% uptime and 100% in Q4.

• Revenue and EBITDA saw significant increases, with revenue doubling to NOK 1,529 million and EBITDA improving to NOK 219 million, driven by higher occupancy and operational efficiency.

• Sustainability initiatives exceeded targets, including a 34% CO2 reduction and food waste below 75g per guest night, with a goal of climate neutrality by 2028 using biogas.

• Guest satisfaction remains high, with a Net Promoter Score of +70, multiple industry awards, and recognition from Time magazine.

• The average age of guests dropped to 54, with strong growth from US and Asia-Pacific markets.

Financial highlights

• 2024 revenue reached NOK 1,529 million, up from NOK 764 million in 2023; EBITDA improved to NOK 219 million from negative NOK 180 million.

• Occupancy rose to 73% in 2024 from 65% in 2023, and average cabin rate (ACR) grew by 30% year-over-year to NOK 4,300.

• Onboard spend per guest night increased to NOK 710, and EBITDA margin for the year was 14%.

• Q4 2024 revenue was NOK 403 million, with EBITDA of NOK 50 million and occupancy at 78%.

• Cash and cash equivalents at year-end: NOK 215 million; net interest-bearing debt: NOK 4,416 million.

Outlook and guidance

• Targeting occupancy above 75% in 2025, with 53-54% of capacity already booked and average ACR expected to increase by 20–30%.

• 2025 EBITDA target is NOK 400-500 million, supported by price increases and digital sales focus.

• For 2026 and beyond, aims for further ACR growth and EBITDA in the NOK 600-800 million range, with occupancy around 80%.

• Company aims for climate-neutral operations by 2028 and is exploring biogas integration.