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]

Core Viewpoint - Havila Kystruten AS is set to release its Q4 2025 financial report on February 26, 2026, with a subsequent earnings call scheduled for February 27, 2026, at 10:00 CET [1] Financial Reporting - The financial report will be presented by CEO Bent Martini and CFO Aleksander Røynesdal during the earnings call [1] - A recording of the earnings call will be made available on the Company's website [1] Contact Information - CEO Bent Martini can be reached at +47 905 99 650 [1] - CFO Aleksander Røynesdal can be contacted at +47 413 18 114 [1]

Core Insights - The company has shown a solid booking trajectory with 61% of 2026 capacity booked, which is approximately 10 percentage points ahead of the same time last year [2] - Occupancy rates have improved significantly, reaching 66%, up from 51% in January of the previous year [2] - Total ticket revenue has increased by about 25% compared to January last year, indicating strong demand [2] Booking Position - For 2027, 10% of the capacity is already booked, which is about 3 percentage points ahead of the same time last year [1] - The company aims for 10–15% growth in Average Cabin Revenue (ACR) across cabin categories for 2026, which is expected to support continued revenue growth and EBITDA margin expansion [2] Revenue Performance - Average Cabin Revenue (ACR) remained stable compared to last year, attributed to high occupancy in lower-priced interior cabins [2] - Onboard sales have seen a significant increase of 35% compared to January last year, contributing positively to overall revenue [2]

Booking Position - 51% of 2026 capacity is booked, which is approximately 10% ahead of the same time last year, with a target of 10–15% ACR growth across cabin categories for 2026 [2] - 8% of 2027 capacity is booked, about 4 percentage points ahead of the same time last year [3] Operational Performance - Occupancy reached 71% in December, leading to a full-year occupancy of 72% for 2025 [4] - Average Cabin Revenue (ACR) increased by 10% compared to December 2024, resulting in a 20% increase for the full year 2025 versus 2024 [4] - Total ticket revenue for December was 15% higher than December 2024, with a total increase for 2025 versus 2024 of 22% [4]

Core Insights - The company has achieved a booking position of 72% for 2025 capacity, which is approximately 96% of the full-year targeted occupancy [2] - For 2026, 47% of capacity is booked, which is about 8% ahead of the same time last year, with a target of 10-15% growth in Average Cabin Revenue (ACR) across cabin categories [1] - The occupancy rate reached 68%, and ACR increased by more than 15% compared to November 2024 [2] - Total ticket revenue remained consistent with November of the previous year, while ACR is currently 20% above the same time last year for the full year [2] Booking Position - As of now, 72% of the 2025 capacity is booked, indicating strong demand and effective sales strategies [2] - For 2026, the company is targeting a 10-15% growth in ACR, which supports continued revenue growth and EBITDA margin expansion [1] Revenue Performance - ACR has shown significant improvement, increasing by over 15% compared to the previous year [2] - The total ticket revenue aligns with the previous year's performance, indicating stability in revenue generation [2]

Core Insights - Havila Kystruten AS published its Q3 2025 financial report on November 27, 2025, indicating the company's ongoing financial performance and strategic direction [1] - The earnings call was conducted by CEO Bent Martini and CFO Aleksander Røynesdal on November 28, 2025, providing insights into the results and future outlook [1] Financial Performance - The Q3 2025 financial report details the company's performance metrics, which are expected to be discussed in the attached presentation [2] - A recording of the earnings call will be made available on the company's website for further analysis and review [1]

Core Insights - Havila Kystruten (HKY) demonstrated strong operational performance in Q3 2025, with a significant increase in earnings and a positive EBITDA of MNOK 283, up from MNOK 128 in Q3 2024 and MNOK 79 in Q2 2025 [1] Revenue Growth and Operational Performance - Operational revenues reached MNOK 416, reflecting a 13% year-over-year increase, and approximately 20% when adjusted for accounting effects [2] - The growth was driven by a 5% increase in passenger nights and a 17% rise in the average cabin rate (ACR) [2] - Fleet occupancy improved to 80%, up from 78%, with the cabin factor increasing from 1.86 to 1.89 [3] Government Contract Revenue - Government contract revenue increased due to a compensation adjustment of MNOK 146, with MNOK 103 related to prior years and MNOK 43 for the first three quarters of 2025 [4] - Projected contract revenue for 2026 has been revised to MNOK 426, reflecting a positive adjustment of MNOK 60 compared to earlier expectations [4] Cost Structure and Expense Drivers - Total operating expenses rose by 9% compared to Q3 2024, with the largest increase in Cost of Goods Sold (COGS) at 20% due to higher passenger numbers [5] - Payroll and personnel expenses increased by 5%, while other operating expenses also rose by 9% due to advisory fees and higher maintenance costs [6] Financing and Capital Structure - The Company amended its secured bond in July 2025, resulting in a new principal amount of MEUR 326, leading to a reported book equity of negative MNOK 1,232 [7] - The value-adjusted equity, considering the market value of vessels, is estimated at positive MNOK 2,783 [7] Sustainability and Efficiency - HKY reduced CO₂ emissions by 38% compared to the 2017 Coastal Route baseline and achieved a food waste reduction to 60 grams per guest per day [8] Employee Overview - As of September 30, 2025, HKY employed a total of 575 permanent employees, including 518 seafarers [9] Subsequent Events and Trading Outlook - A reverse stock split was completed on November 7, 2025, consolidating 50 shares into one share with a nominal value of NOK 50.00 [11] - The Company entered a comprehensive refinancing of its outstanding debt totaling MEUR 456, providing a 15-year financing structure [12] - As of now, 72% of the capacity for 2025 is booked, with 44% of capacity for 2026 already booked, indicating strong demand [13] Market Position and Strategy - The market for travel to Norway is growing, with HKY's modern fleet receiving multiple international awards, enhancing its competitive advantage [14] - The Company aims to increase direct bookings and optimize margins through targeted pricing strategies and product promotions [15][16] - Sales of shorter voyages increased by over 40% during the summer season, indicating strong market interest and potential for attracting a broader customer base [17]

Core Viewpoint - Havila Kystruten AS has successfully completed a EUR 456 million refinancing, enhancing its financial stability and structure [1][3] Financing Details - The refinancing was executed through a 15-year financial lease facility from a subsidiary of Havila Holding AS, with all outstanding bond debt and shareholder loans fully repaid at closing [1] - The total hire under the facility is EUR 150,000 per day, with a fixed hire structure increasing from EUR 93,000 in year 1 to EUR 125,000 in year 4, and then EUR 123,500 from year 6 onwards [2] Future Outlook - The completion of the refinancing provides the company with a stable and predictable financing structure, which may be optimized or refinanced in the future [3]

Reference is made to the stock exchange announcement dated 22 September 2025. Statistics Norway (SSB) and the Ministry of Transport has completed the review of the calculation basis for compensation adjustments under the coastal route contract. Following the review, SSB has published a revised time series forming the basis for further adjustments to contract revenues, as previously indicated. The total effect of the review amounts to NOK 161 million, covering 2025 and prior years. Revised upwards from the i ...

Core Points - Havila Kystruten AS will release its Q3 2025 financial report on November 27, 2025 [1] - The earnings call will take place on November 28, 2025, at 10:00 CET, featuring CEO Bent Martini and CFO Aleksander Røynesdal [1] - A recording of the earnings call will be available on the company's website [1] Contact Information - CEO Bent Martini can be reached at +47 905 99 650 [1] - CFO Aleksander Røynesdal can be contacted at +47 413 18 114 [1]