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 initiatives led to the first climate-neutral voyage and a 36% reduction in CO₂ emissions, earning industry recognition.

• Customer satisfaction remained high, with a Net Promoter Score of 68 and food waste per passenger night reduced to 65g, well below industry standards.

• 2025 marked the second full year of operation for the fleet, with significant investments for long-term growth and improved commercial performance.

Financial highlights

• Revenue increased by MNOK 252 (17% YoY) in 2025, with passenger nights up 3% and average cabin revenue up nearly 20%.

• EBITDA improved to MNOK 400 in 2025, up from MNOK 200 in 2024, with Q4 2025 EBITDA at NOK 0 due to adjustments and delayed sales campaigns.

• Total operating expenses for 2025 were MNOK 1,402, reflecting growth initiatives and organizational strengthening.

• Net loss for 2025 was MNOK -1,071, impacted by currency effects and prior period adjustments.

Outlook and guidance

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

• 63% of 2026 capacity is already booked, 20% ahead of the same time last year, supporting a strong outlook.

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

• Focus remains on operational efficiency, cost control, and expanding new revenue streams.