Havila Kystruten As · OSL:HKY
Havila Kystruten As — Q2 2026 Earnings Presentation
20 slides from Havila Kystruten As's earnings presentation, Aug 27, 2026
Slide 1: Havila Kystruten AS Q2 2026 Result Presentation
Havila Kystruten AS Q2 2026 – Result Presentation 27 August 2026
Slide 2: Contents
Contents 1 General update 2 Financial highlights 2
Slide 3: Operates the Historic Norwegian Coastal Route
OPERATES THE HISTORIC NORWEGIAN COSTAL ROUTE • Havila Kystruten AS – listed on Euronext Growth under ticker HKY • Operates the Coastal Route between Bergen and Kirkenes that has over 130 years of history – 34 ports and 6 nights north – 33 ports and 5 nights south • The route is operated under a conc
Slide 4: Exceptional operational uptime – 100% in Q2 2026
Exceptional operational uptime – 100% in Q2 2026 Operational uptime of fleet Havila Capella (2021) 100% 100% 100% 100% 100% 100% 100% 97% Havila Castor (2022) Havila Polaris (2023) Havila Pollux (2023) 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 Notes: (1) Downtime due to technical issues on Havila Poll
Slide 5: Q2 2026 – business highlights
Q2 2026 – business highlights • 100% operational uptime across all four vessels. • Q2 2026 total revenue up 15% YoY to MNOK 479 , driven 790 increased contract revenue, a 4% increase in average 83% 5,900 cabin revenue (ACR) and 17% increase in passenger Occupancy OBS* / pax night (NOK) ACR* (NOK) ni
Slide 6: High share of sales via internal channels helps drive profitability
High share of sales via internal channels helps drive profitability Marketing spend concentrated on digital platforms Sales channel distribution (pax nights) Increasing the share of sales acquired through internal channels 100% remains a priority. These entail no commissions, have lower cancellation
Slide 7: Increasing share of cruise passengers from higher-paying regions
Increasing share of cruise passengers from higher -paying regions Bookings from outside Norway and DACH is increasing Pax night distribution per country • English -speaking markets (Northern America, UK, Oceania) 100% represent more than 1/3 of Q2 2026 guests. 15% 90% • Northern America up 45%, UK u
Slide 8: Positive momentum ~95% of target capacity for 2026 already booked
Positive momentum ~95% of target capacity for 2026 already booked Booking curve (CN – days to end of year)* Comments 200 000 • Occupancy for Q2 2026 ended at 83% compared to 74% in 2025 180 000 • For 2026, 74% of the capacity is booked in total (equivalent to ~95% of the target). About 11% ahead of
Slide 9: Contents
Contents 1 General update 2 Financial highlights 9
Slide 10: Positive development in financial performance
Positive development in financial performance Revenue, historical Comments 700 • Total revenues MNOK 479, up from MNOK 416 in Q2 2025, 600 +15% YoY. Growth driven by solid demand: NOK million 500 422 – Increased contract revenue 400 300 – 17% increase in passenger nights 367 376 200 272 306 250 332
Slide 11: Key revenue indicators support further topline growth
Key revenue indicators support further topline growth Key performance indicators 1, Q1’24 - Q2’26 Comments Occupancy (%) Cabin Factor (#) Occupancy: 83 % 1,86 1,85 1,87 1,87 1,89 1,86 1,87 1,86 1,82 1,87 1,88 78 % 78 % 80 % 1,77 1,78 Occupancy for 2026 is about 11% higher 74 % 71 % 72 % 73 % 72 % 74
Slide 12: Cost breakdown by quarter and category share
Cost breakdown by quarter and category share Opex by quarter (NOK million) Opex share by category in Q2 2026 (% of total) 400 80% 350 70% 300 60% 17% 17% COGS 250 50% Payroll Crew 200 40% Q2 2026 150 30% opex Opex Vessel & Hotel 19% NOK 381m (ex LNG) 100 20% LNG/Nox/Power 29% 50 10% Admin opex / pay
Slide 13: Cost breakdown by category and correlation with occupancy
Cost breakdown by category and correlation with occupancy Opex by category per quarter (NOK million) Opex Q423 - Q226 correlated with occupancy* Higher dependency on occupancy Less dependent on occupancy 400 120 Q2’26 109 380 105 107 Q3’25 105 Q4’25 101 100 96 360 93 Variable w/fuel price Q1’26 Q1’2
Slide 14: Operational outlook – target EBITDA of NOK ~500m in 2026
Operational outlook – target EBITDA of NOK ~500m in 2026 Operational targets, 2026 and 2027+ Drivers to reach target • Occupancy for 2026 - 11% ahead of same time last year, with 74% of capacity booked — equivalent to ~95% of annual target 2026 2027+ Occupancy ~ 78 73 % 72 % • Third quarter occupanc
Slide 15: Overview of financing
Overview of financing • Comprehensive refinancing of EUR 456m debt, Financial lease senior Financial lease junior closed on 24 November 2025. Loan facility MEUR 340 MEUR 116 • Reduces effective interest cost to ~10% (from Maturity 2040 2040 high double digits) with call options from year 3. Call opt
Slide 16: Value-adjusted equity of NOK 2.2bn – vessels independently valued at MEUR 663
Value -adjusted equity of NOK 2.2bn – vessels independently valued at MEUR 663 Book Value - Balance sheet at 30/06* (MNOK) Value adjusted - Balance sheet** (MNOK) 7 000 9000 6 000 8000 5 000 7000 4 000 6000 5000 3 000 4000 2 000 3000 1 000 2000 - Assets Equity / Debt 1000 -1 000 0 -2 000 Assets Equi
Slide 17: HKY Share update
HKY Share update Highlights HKY share price development (NOK) 80 • Very strong booking momentum for 2026, with early 2027 bookings showing a firmer, higher-quality mix, running ~3 70 percentage points ahead 60 • High occupancy creates the platform for higher onboard spend – targeted initiatives alre
Slide 18: Key Performance Indicators
Key Performance Indicators Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Vessels 4 4 4 4 4 4 4 4 4 4 Occupancy (%) 68% 69% 78% 78% 61% 74% 80% 71% 72% 83% Cabin nights (#) 42 650 40 650 50 450 47 900 38 650 45 310 52 250 46 100 45 050 53 650 Cabin Factor (#) 1,77 1,
Slide 19: Forward-looking statements
Forward -looking statements This Presentation contains several forward -looking statements relating to the business, future financial performance and results of the Company and the industry in which it operates. In particular, this Presentation contains forward -looking statements such as with respe
Slide 20: Havila Voyages
HAVILA VOYAGES havilavoyages.com HAVILA VOYAGES havilavoyages.com