Havila Kystruten's Impressive Q3 2025 Financial Performance
Havila Kystruten (HKY) has demonstrated remarkable growth in its operational performance during the third quarter of 2025. The company reported a positive EBITDA of MNOK 283, a marked increase from MNOK 128 in Q3 2024 and an impressive rise from MNOK 79 in Q2 2025.
Revenue Growth and Operational Highlights
The overall top-line growth for Havila Kystruten has been robust, with operational revenues climbing to MNOK 416, indicating a 13% year-over-year increase. Adjusted figures suggest an operational revenue growth of approximately 20% compared to the same quarter last year. This steady growth is attributed to solid demand, showcasing a 5% rise in passenger nights and a significant 17% increase in the average cabin rate (ACR).
The occupancy rate across Havila's fleet improved to 80%, up from 78%, alongside an increase in the cabin factor from 1.86 to 1.89. The fleet's operational efficiency remained exceptional, achieving 100% uptime. Notably, the southbound route exhibited outstanding performance thanks to targeted operational initiatives. Furthermore, onboard sales rose by 7% compared to the previous year.
Strategic Government Contracts and Revenue Adjustments
The revenue derived from government contracts saw a considerable boost this quarter, primarily due to the recognition of a compensation adjustment totaling MNOK 146, out of which MNOK 161 was recognized. Of this, MNOK 103 pertains to prior years, while MNOK 43 relates to the record for the first three quarters of 2025. This positive adjustment followed a comprehensive review of the coastal route contract calculations with the Ministry of Transport and Statistics Norway. Looking ahead, the projected contract revenue for 2026 has been revised to MNOK 426, reflecting an upward revision of MNOK 60 from earlier projections.
Cost Management and Expense Trends
Total operating expenses for Havila Kystruten increased by 9% compared to Q3 2024. The most significant rise was observed in the Cost of Goods Sold (COGS), which surged by 20% due to the increasing number of passengers. Payroll and personnel expenses also saw a 5% hike, driven by seasonal staffing needs and wage growth. Additional operating expenses rose by 9%, mainly attributed to advisory and legal fees associated with the refinancing process and heightened maintenance costs. Moreover, bunker and port fees increased by 8%, influenced by logistical costs stemming from the shutdown of the LNG production facility and an uptick in CO? tax on LNG fuel.
Financing and Capital Adjustments
A major development in July 2025 was the execution of an amendment agreement regarding Havila's secured bond. This adjustment brought the new principal amount to MEUR 326, inclusive of fees and accrued interest. The company reported a book equity of negative MNOK 1,232 by the end of September 2025. However, when factoring in the market value of its vessels, the estimated value-adjusted equity surged to a positive MNOK 2,783.
Commitment to Sustainability
Havila Kystruten is committed to sustainability, achieving a notable 38% reduction in CO? emissions during the quarter compared to the 2017 baseline. The company successfully met its ambitious target of reducing food waste, with the actual figure declining to just 60 grams per guest per day.
Workforce Overview
As of September 30, 2025, Havila Kystruten employed a total of 575 permanent staff, including 518 seafarers and 57 administrative personnel.
Recent Events and Future Outlook
On November 7, 2025, the company completed a reverse stock split that consolidated 50 shares into one, enhancing share price formation and stability. On November 18, 2025, Havila entered a substantial refinancing for its outstanding debt, amounting to MEUR 456, which was finalized on November 24. This refinancing provides comprehensive 15-year financing and is structured to match the company’s revenue streams and vessel values.
Looking ahead, 72% of Havila's 2025 capacity is already booked, representing 96% of the annual target for cabin nights, with occupancy for the fourth quarter currently standing at 69%. The company has successfully booked 44% of its capacity for 2026, marking an increase from the same period in the prior year, thanks to a successful sales campaign.
The travel market in Norway remains vibrant, with Havila Kystruten's eco-friendly fleet receiving numerous accolades. This strong commitment to sustainability not only enhances its market position but supports potential price increases and improved occupancy rates.
Moving forward, Havila Kystruten aims to boost direct booking channels, which typically result in higher prices. Efforts will be made to improve onboard sales through targeted pricing and promotions. The company has also observed significant interest in shorter trips, with sales increasing over 40% during the summer, indicating a strong market demand for such offerings.
Contacts:
Chief Executive Officer: Bent Martini, +47 905 99 650
Chief Financial Officer: Aleksander Røynesdal, +47 413 18 114
Frequently Asked Questions
What were Havila Kystruten's earnings for Q3 2025?
Havila Kystruten reported a positive EBITDA of MNOK 283 in Q3 2025, showing significant growth from previous quarters.
How did operational revenues change compared to last year?
Operational revenues reached MNOK 416, reflecting a year-over-year increase of 13%, with adjusted growth around 20%.
What sustainability achievements did the company reach?
The company successfully reduced CO? emissions by 38% compared to the 2017 baseline, exceeding its sustainability goals.
What is the current occupancy rate for Havila Kystruten?
The current occupancy rate stands at 80%, up from 78% in the previous year, indicating strong demand.
How has Havila Kystruten positioned itself for future growth?
With 72% of capacity booked for 2025 and successful early sales for 2026, Havila Kystruten is anticipating continued top-line growth and increased occupancy.
