Business
Havila Kystruten AS: Third quarter 2025 accounts
Summary Q3 2025 Havila Kystruten (HKY) continued its strong trajectory into the third quarter of 2025, delivering robust operational performance and a significant increase in earnings. The Group reported a positive EBITDA of MNOK 283, compared to MNOK 128 in Q3 2024 and a substantial sequential improvement from MNOK 79 recorded in Q2 2025. Revenue Growth and Operational Performance Operational top-line growth continued its positive trajectory, with operational revenues reaching MNOK 416, an incr
About this update from Havila Kystruten As
[{"type":"text","content":"Summary Q3 2025","length":15,"tagName":"p"},{"type":"text","content":"Havila Kystruten (HKY) continued its strong trajectory into the third quarter of 2025, delivering robust operational performance and a significant increase in earnings. The Group reported a positive EBITDA of MNOK 283, compared to MNOK 128 in Q3 2024 and a substantial sequential improvement from MNOK 79 recorded in Q2 2025.","length":325,"tagName":"p"},{"type":"text","content":"Revenue Growth and Operational Performance","length":42,"tagName":"p"},{"type":"text","content":"Operational top-line growth continued its positive trajectory, with operational revenues reaching MNOK 416, an increase of 13% year-over-year. Adjusted for accounting effects, the operational revenue growth was about 20% year-over-year. The growth in operating revenues was driven by solid demand, with a 5% increase in passenger nights and a 17% rise in the average cabin rate (ACR).","length":384,"tagName":"p"},{"type":"text","content":"Occupancy across the fleet improved to 80% (up from 78%), while the cabin factor increased from 1.86 to 1.89. Operational efficiency across the fleet was very high, with 100% uptime recorded during the quarter, and the southbound route demonstrated particularly strong performance following targeted initiatives. Onboard sales increased by 7% year-over-year.","length":358,"tagName":"p"},{"type":"text","content":"Government contract revenue increased during the quarter, due to recognition of a compensation adjustment of MNOK 146 out of a total of MNOK 161. Of this amount, MNOK 103 relates to prior years, while MNOK 43 pertains to the first three quarters of 2025. The adjustment follows a completed review of the calculation basis for the coastal route contract with the Ministry of Transport and Statistics Norway. The remaining MNOK 15 of the announced adjustment will be recorded in Q4 2025. Following the review, projected contract revenue for 2026 has been revised to MNOK 426, reflecting a positive adjustment of MNOK 60 compared to earlier expectations.","length":651,"tagName":"p"},{"type":"text","content":"Cost Structure and Expense Drivers","length":34,"tagName":"p"},{"type":"text","content":"Total operating expenses increased by 9% compared to Q3 2024. The largest percentage increase was in Cost of Goods Sold (COGS), which rose by 20% as a direct consequence of...