Havila Kystruten: 100% operational uptime, strong Q3 growth, and refinancing success

Havila Kystruten AS reported Q3 2025 results on November 28, 2025, highlighting exceptional operational performance with 100% fleet uptime. Operational revenue increased by 13% year-over-year to 416 mNOK, fueled by a 17% rise in average cabin revenue and a 5% increase in passenger nights. EBITDA soared to 283 mNOK, up from 128 mNOK in Q3 2024, reflecting improved margins.

The company achieved a significant milestone with a comprehensive refinancing of €456m debt in November 2025, providing long-term stability and reducing effective interest costs to approximately 10% from previous high double digits. This refinancing repays all existing bonds and shareholder loans without new equity issuance. Havila Kystruten targets an EBITDA of approximately 600 mNOK in 2026, driven by continued occupancy growth, increased average cabin revenue, and enhanced onboard sales.

Bookings for 2026 are already strong, with about 57% of target capacity booked, 5% ahead of the same period last year. The company is also making strides in sustainability, reducing CO2 emissions by 38% compared to the 2017 baseline and cutting food waste to 60g per guest night.