Havila Kystruten reports strong Q3 2025 earnings, successful refinancing

Havila Kystruten delivered a strong third quarter in 2025, with EBITDA reaching MNOK 283, a substantial increase from MNOK 128 in Q3 2024. Operational revenues rose by 13% year-over-year to MNOK 416, with a 5% increase in passenger nights and a 17% rise in the average cabin rate, bringing fleet occupancy to 80%. Government contract revenue benefited from a MNOK 146 compensation adjustment, while COGS and bunker costs contributed to a 9% rise in operating expenses.

The company secured a comprehensive refinancing of its outstanding debt totaling €456m, providing stability and flexibility for future growth. Despite a negative book equity of MNOK 1,232, the value-adjusted equity stood positive at MNOK 2,783. Havila Kystruten also maintained its sustainability focus, reducing CO2 emissions by 38% and achieving a food waste reduction to 60 grams per guest.

Looking ahead, 72% of the capacity for 2025 is booked, aligning with 96% of the annual target for cabin nights, and 44% of 2026 capacity is already booked, 5% higher than the same time last year, anticipating continued top-line growth and improved EBITDA margins.