Havila Kystruten AS: First quarter 2026 accounts
Havila Kystruten (HKY) delivered a robust operational performance in the first quarter of 2026 and a significant increase in earnings. The Group reported a positive EBITDA of MNOK 30, compared to MNOK 11 in Q1 2025, representing a 167% improvement year-over-year. The EBITDA margin improved to 8%, up from 3% in the same period last year. The Q1 2025 comparison figures include a one-off accounting adjustment of MNOK 15 related to provisions for the option year of the coastal route contract, which positively impacted revenues in Q1 2025.
Revenue growth and operational performance
Total operating revenues reached MNOK 391 in Q1 2026, an increase of 12% year-over-year. Ticket revenue grew 16% to MNOK 222, driven by strong demand and a 4% increase in ACR to NOK 4,800. Onboard revenue grew 14% in gross terms to MNOK 63. Onboard revenue per passenger night increased by 3% to NOK 740; the underlying growth in spend per guest is higher, as a significant portion of the passenger growth has come from interior cabins where spend per guest is somewhat lower.
Occupancy across the fleet improved significantly to 72% (up from 61% in Q1 2025), while the cabin factor increased from 1.86 to 1.87, reflecting a 17% increase in passenger nights to 84,300. Operational efficiency across the fleet was very high, with 100% uptime recorded during the quarter.
Contractual revenues for the quarter amounted to MNOK 103, up 3% year-over-year. The annual projected contract revenue for 2026 stands at MNOK 426, reflecting a positive adjustment of MNOK 60 compared to earlier expectations following the completed review of the calculation basis with the Ministry of Transport and Statistics Norway.
Cost structure and expense drivers
Total operating expenses increased by 7% year-over-year to MNOK 362. The largest percentage increase was in Cost of Goods Sold (COGS), which rose by 20% to MNOK 52, as a direct consequence of the growth in passenger volumes. Crew payroll increased by 12%, driven by higher activity levels and general wage growth. Admin payroll rose by 17%, 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 24% and hotel opex by 20%, driven by higher marketing spend, payment processing fees, and onboard product investments. Vessel opex (excluding LNG, NOx and power) increased by 5%. LNG, NOx and power costs decreased by 24% year-over-year to MNOK 59, driven by lower spot prices on energy in Q1 2026 as well as the effect of the improved LNG procurement agreement entered into last year.
Financing and capital structure
Following the refinancing completed in November 2025, the Company’s debt structure consists of long-term facilities totalling MEUR 456 with Havila Vessel Owning AS, a subsidiary of the majority shareholder Havila Holding AS. The financing is intended as a stable long-term platform that can be optimised as operational results allow, with an option for refinancing in 2028. The Company’s reported book equity stood at negative MNOK 1,276 at the end of March 2026. However, when considering the market value of the vessels, the value-adjusted equity is estimated at positive MNOK 2,301.
Sustainability and efficiency
HKY continues to make strides in its sustainability efforts. The Group successfully reduced CO2 emissions by 37% in the quarter compared to the 2017 Coastal Route baseline. Furthermore, the Company continued its work on reducing food waste, with the first-quarter result reaching 77 grams per guest per day.
Employees
Havila Kystruten had a total of 588 permanent employees as of March 31, 2026, of which 519 were seafarers and 69 in the administration.
Subsequent events and trading outlook
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. A refund for January and February 2026 has been proposed, and the Company expects the authorities to also introduce a refund scheme for 2024 and 2025. This is treated as a contingent asset and has not been recognised in the balance sheet. See Note 12 for further details.
Booking momentum entering the second quarter is strong. For 2026, approximately 69% of total capacity is already booked as of May, corresponding to around 90% of the annual target for cabin nights and approximately 15% higher than at the same point last year. The Company targets an ACR increase of more than 10% in 2026, supported by ongoing price adjustments across markets.
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 Q2, 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. A strengthening Norwegian krone reduces the purchasing power of international travellers and, all else equal, makes Norway a more expensive destination for cruise travellers. The Company’s customer base, predominantly upper-middle-class travellers with strong spending capacity, is less sensitive to such effects than the broader market. Prices are continuously adjusted across markets in line with currency developments to protect revenue per available cabin.
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, with sales up over 40% in summer 2025, 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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