Havila Kystruten AS: Second quarter and first half 2026 accounts
Havila Kystruten (HKY) delivered a solid operational performance in the second quarter of 2026 and a significant increase in earnings. The Group reported a positive EBITDA of MNOK 98, compared to MNOK 79 in Q2 2025, representing a 24% improvement year-over-year. The EBITDA margin improved to 21%, up from 19% in the same period last year.
The Group also reported a positive net profit of MNOK 3 for the first half of 2026, the first positive half-year result in the company history, driven in part by currency gains.
Revenue growth and operational performance
Total operating revenues reached MNOK 479 in Q2 2026, an increase of 15% year-over-year. Ticket revenue grew by 10% to MNOK 287, driven by high occupancy levels. Onboard revenue grew by 32% to MNOK 85. Onboard revenue per passenger night increased by 6% to NOK 790.
Contractual revenues were up 22% to MNOK 103. Reported ticket revenue growth is lower than indicated by the KPIs, primarily reflecting periodization differences, a stronger NOK reducing the value of foreign-currency bookings, and classification differences between the KPI and accounting treatment. Adjusted for these effects, underlying ticket revenue growth is consistent with the reported development in passenger nights and ACR.
Occupancy across the fleet improved significantly to 83% (up from 74% in Q2 2025), while the cabin factor fell from 1.88 to 1.86, reflecting a 17% increase in passenger nights to 99,800. Operational efficiency across the fleet was very high, with 100% uptime recorded during the quarter.
Cost structure and expense drivers
Total operating expenses increased by 13% year-over-year to MNOK 381. The largest percentage increase was in Cost of Goods Sold (COGS), which rose by 30% to MNOK 65, as a direct consequence of the growth in passenger volumes and higher onboard sales. Crew payroll increased by 13%, driven by higher activity levels and general wage growth. Admin payroll rose by 13%, reflecting normal wage growth and the scaling of the organisation during 2025, where the Company invested particularly in sales, marketing and hotel operations to build the commercial capabilities that are now delivering results.
Admin opex increased by 18% and hotel opex by 9%, driven by higher marketing spend, payment processing fees, and onboard product investments. Vessel opex (excluding LNG, NOx and power) increased by 1%. LNG, NOx and power costs increased by 7% year-over-year to MNOK 74, driven by higher spot prices on energy in Q2 2026, partly offset by the improved LNG procurement agreement entered into last year.
From 1 March 2026, the Norwegian Government implemented a reduced CO2 tax rate on fuel for ships covered by the EU ETS, eliminating the double burden of both CO2 tax and quota costs for domestic shipping.
Financing and capital structure
Interest cost in Q2 was MNOK 120, down from MNOK 154 in Q2 2025. The lower interest cost reflects a reduced effective interest rate as well as positive currency effects from a stronger NOK. The Company’s reported book equity stood at negative MNOK 1,391 at the end of June 2026. However, when considering the market value of the vessels, the value-adjusted equity is estimated at positive MNOK 2,219.
Sustainability and efficiency
HKY continues to make strides in its sustainability efforts. The Group successfully reduced CO2 emissions by 36% in the quarter compared to the 2017 Coastal Route baseline. Furthermore, the Company continued its work on reducing food waste, with the second-quarter result reaching 107 grams per guest per day. Food waste measurement expanded in 2026 to include all waste streams, and therefore not directly comparable to prior years.
Employees
Havila Kystruten had a total of 580 permanent employees as of June 30, 2026, of which 508 were seafarers and 72 in the administration.
Subsequent events and trading outlook
Booking momentum entering the third quarter is strong. For 2026, approximately 74% of total capacity is already booked as of August, corresponding to around 95% of the annual target for cabin nights and approximately 11% higher than at the same point last year.
The development in bookings for 2027 is very positive, with FIT (individual) bookings 3 percentage points ahead of the same time last year. Overall, 28% of capacity is booked as of August, 1 percentage points behind last year, with the difference primarily relating to group allotments, which are less certain. The higher share of FIT bookings represents a firmer, higher quality booking base. With 2026 set to be a record year for occupancy, entering the autumn with an even stronger underlying position for 2027 supports continued positive momentum in demand for our product and for Havila Kystruten as a brand.
With occupancy significantly ahead of the same period last year and a strong booking position into 2027, the focus is now on driving further growth in onboard spend per guest. Targeted initiatives are already showing results, with onboard revenue per passenger night up 6% in Q2. Management expects the positive impact of these initiatives to continue through the remainder of 2026 and into 2027.
The Company targets an ACR increase of more than 10% in 2026, supported by ongoing price adjustments across markets. The underlying price formation in local currencies (EUR, USD, GBP, NOK, etc.) remains on track. However, as the Company does not hedge its foreign currency revenues financially, a stronger NOK reduces the reported NOK value of advance bookings made in foreign currency. This effect is largely offset by the Company’s financing structure, which provides a natural hedge: the same NOK strengthening that reduces revenues correspondingly lowers interest costs on the EUR- and USD-denominated debt, as reflected in the reduced interest cost this quarter.
The operating environment is shaped by several external factors. Geopolitical tensions, particularly in the Middle East, are contributing to higher energy costs. The Company expects elevated bunker costs in Q3, with an estimated 70% of increased costs expected to be recovered through indexation of the government contract, albeit with a 1–2 year time lag. Norway is expected to remain an attractive and safe travel destination, and Havila Kystruten’s modern, environmentally friendly fleet continues to be well received—evidenced by multiple international awards. The Company will continue to prioritise direct bookings and actively balance occupancy and pricing to optimise margins. The shorter-trips segment continues to show significant potential, attracting a younger customer base with high willingness to pay.
Contacts:
Chief Executive Officer: Bent Martini, +47 905 99 650
Chief Financial Officer: Aleksander Røynesdal, +47 413 18 114
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