Havila Kystruten AS: Fourth quarter 2025 accounts

Core Viewpoint - The year 2025 marked significant operational and financial improvements for Havila Kystruten AS, showcasing enhanced stability, commercial performance, and targeted investments for long-term growth [1] Operational Performance - The fleet achieved a remarkable operational uptime of 100% in 2025, an increase from 98% in 2024, reflecting the crew's professionalism and a modern operating model [2] - Average occupancy across the fleet was 72% for 2025, slightly down from 73% in 2024, while the cabin factor increased from 1.84 to 1.87 [6] Financial Performance - Total revenues for 2025 reached MNOK 1,775, a 17% increase from MNOK 1,523 in 2024, driven by solid demand and a 20% rise in average cabin rates [4] - EBITDA for 2025 amounted to MNOK 373, a significant improvement from a negative MNOK 191 in 2023 and MNOK 219 in 2024 [3][12] Cost Structure - Total operating expenses for 2025 were MNOK 1,402, up approximately 7% from MNOK 1,310 in 2024, with costs driven by higher passenger volumes and inflation [9] - Payroll and personnel-related expenses increased by 8%, reflecting organizational adjustments and wage inflation [9] Sustainability Initiatives - CO2 emissions were reduced by 36% compared to the 2017 baseline, and the company achieved its target of reducing food waste to below 75 grams per guest per day, with an actual result of 65 grams [17] - The company completed its first climate-neutral voyage using liquefied biogas, achieving CO2 reductions of about 92% [18] Future Outlook - Approximately 63% of total capacity for 2026 is already booked, indicating strong demand and expectations for continued revenue growth [22] - The company is implementing operational efficiency measures to optimize costs and enhance profitability in 2026 [23]