Slides
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Havila Kystruten AS Q2 2026 – Result Presentation 27 August 2026
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2 General update 2 Financial highlights 1 Contents
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• Havila Kystruten AS – listed on Euronext Growth under ticker HKY • Operates the Coastal Route between Bergen and Kirkenes that has over 130 years of history – 34 ports and 6 nights north – 33 ports and 5 nights south • The route is operated under a concession for personnel and goods transportation with the Norwegian government • Contract duration from 2021 to end of 2030 (option from government to extend to 2031) • HKY has four (4) out of eleven (11) vessels operating on the route • HKY is part of Havila Group, a family - owned enterprise founded by Per Sævik in Fosnavåg OPERATES THE HISTORIC NORWEGIAN COSTAL ROUTE
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Havila Capella (2021) Havila Pollux (2023) Havila Polaris (2023) Havila Castor (2022) 4 Exceptional operational uptime – 100% in Q2 2026 Notes: (1) Downtime due to technical issues on Havila Pollux (2Q24) and Havila Polaris (3Q24) – warranty claims with revenue los s primarily covered through loss of hire insurance 97% 100% 100% 100% 100% 100% 100% 100% 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 Operational uptime of fleet
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5 • 100% operational uptime across all four vessels. • Q2 2026 total revenue up 15% YoY to MNOK 479 , driven increased contract revenue, a 4% increase in average cabin revenue (ACR) and 17% increase in passenger nights. • EBITDA reached MNOK 98, up from MNOK 79 in Q2 2025. • Onboard sales increased by 32 % compared to last year. • Operating costs increased by 13% due to growth in activity and general inflation. • Geopolitical uncertainty, with higher fuel costs in Q2 and onwards expected to impact full - year results; see slide 14 for outlook. Q2 2026 – business highlights ACR = Average Cabin Revenue / OBS = On Board Spend *Food waste measurement expanded in Q1 2026 to include all waste streams, in line with the revised EU Waste Framework Directi ve (2025/1892). The 107 g /pax night figure reflects this broader scope and is not directly comparable to prior quarters; new baseline and targets are set for 2026. 83% Occupancy (74% in Q22025) 5,900 ACR* (NOK) (5,650 in Q22025 ) 790 OBS* / pax night (NOK) (740 in Q22025 ) 68 Net Promoter Score (> 70 is world class) 36% reduction of CO2 emission 107g* food waste per passenger night (vs. goal of < 75g) 381 MNOK costs (337 in Q22025 ) 479 MNOK revenues ( 416 in Q22025 ) 98 MNOK EBITDA ( 79 in Q22025 )
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High share of sales via internal channels helps drive profitability 6 Increasing the share of sales acquired through internal channels remains a priority. These entail no commissions, have lower cancellation rates and deliver higher onboard spend per passenger. • The Company continues to strengthen its own sales platform, with further improvements to the digital experience and booking options in development. • New CRM system rolled out and being expanded to support marketing, sales and customer service. • Recent campaigns has translated into a strong booked position with continued growth through own channels. Marketing spend concentrated on digital platforms Sales channel distribution (pax nights) Source: Company information 10% 13% 36% 44% 41% 46% 36% 20% 13% 13% 11% 12% 9% 15% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2021 2022 2023 2024 2025 26Q1 26Q2 Agencies Call center Web
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Increasing share of cruise passengers from higher - paying regions 7 • English - speaking markets (Northern America, UK, Oceania) represent more than 1/3 of Q2 2026 guests. • Northern America up 45%, UK up 36%, and Oceania 14% increasing YoY. • This continued shift in nationalities and a more balanced mix is improving both our channel mix, and the total spend per passenger night Bookings from outside Norway and DACH is increasing Pax night distribution per country Source: Company information 56% 36% 29% 25% 28% 23% 3% 8% 12% 13% 12% 12% 12% 10% 10% 9% 9% 8% 2% 7% 9% 10% 15% 12% 12% 12% 9% 6% 1% 10% 15% 27% 31% 37% 35% 35% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2022 2023 2024 2025 26Q1 26Q2 Other NO UK CH US DE
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Positive momentum ~95% of target capacity for 2026 already booked 8 • Occupancy for Q2 2026 ended at 83% compared to 74% in 2025 • For 2026, 74% of the capacity is booked in total (equivalent to ~95% of the target). About 11% ahead of same time last year. • 28% of 2027 capacity is booked, one percentage point behind the same time last year mainly due to lower group allotments (individual bookings are three percentage points higher than same time last year ). • With occupancy well ahead of last year and a strong 2027 booking position, targeted initiatives lifted onboard revenue per passenger night 6% in Q2, expected to continue through 2026 and into 2027. Booking curve (CN – days to end of year)* Comments Source: Company information, * CN = Cabin Nights as per August 2026, Source: FIT bookings 0 20 000 40 000 60 000 80 000 100 000 120 000 140 000 160 000 180 000 200 000 -800 -778 -756 -734 -712 -690 -668 -646 -624 -602 -580 -558 -536 -514 -492 -470 -448 -426 -404 -382 -360 -338 -316 -294 -272 -250 -228 -206 -184 -162 -140 -118 -96 -74 -52 -30 -8 2024 2025 2026 2027
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Contents 9 General update 1 Financial highlights 2
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Positive development in financial performance 10 Revenue, historical Comments Source: Company information EBITDA, historical • Total revenues MNOK 479, up from MNOK 416 in Q2 2025, +15% YoY. Growth driven by solid demand: – Increased contract revenue – 17% increase in passenger nights – 4% increase in average cabin revenue (ACR) – 32 % growth in onboard sales • Q2 EBITDA MNOK 98 (vs. 79 in Q2 2025), reflecting strong underlying revenue growth, partly offset by: – Higher crew and admin payroll driven by wage growth and organizational scaling – Increased marketing and onboard operating costs supporting growth – Higher fuel costs vs. Q2 2025 from an increase in spot prices partly offset by new supply agreement – Effect of efficiency initiatives in onboard operations, expected to yield results onwards NOK million NOK million - 33 - 18 58 128 50 11 79 283 - 0 30 98 - 13% - 6% 16% 28% 12% 3% 19% 44% 0% 8% 21% -20% -10% 0% 10% 20% 30% 40% 50% - 50 - 50 100 150 200 250 300 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 EBITDA EBITDA Margin (%) 97 97 97 100 84 227 97 103 103 272 367 306 250 332 422 264 288 376 - 100 200 300 400 500 600 700 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Contract revenue Operational revenue
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3 350 4 700 5 200 3 800 4 600 5 650 6 100 4 300 4 800 5 900 4 300 5 200 5 700 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 2024 2025 2026 Key revenue indicators support further topline growth 11 Occupancy: Occupancy for 2026 is about 11% higher than STLY (Same Time Last Year). Cabin factor: Quite stable just below 1.9 Average Cabin Revenue (ACR): ACR for 2026 is currently 8% vs STLY (based on full - year bookings vs. 4 % in Q2 actuals) OBS/Pax night Total onboard revenue up 32 % YoY for Q2 2026. OBS/Pax is up 6 % at headline, however underlying spend per guest is up 10 – 30% in core segments. The average is pulled down by mix shift from filling previously underutilized cabins and sailings, adding incremental volume at naturally lower onboard spend. Key performance indicators 1 , Q1’24 - Q2’26 Comments Notes: (1)The KPIs provided are sourced from the Company’s (unaudited) booking system. Consequently, there may be variations or minor discrepancies in absolute figures and periodization compared to the reported financial statements. Revenue in currency (for both ACR and Presold OBS/Pax night) is based on the booking system currency rate; (2) The Company has updated the ACR measurement to reflect ticket revenue (cabin, distance fare and included meals). Previously included presold onboard spending (shorex, addons and activities) has been removed and will now be combined with sales made during guests' onboard experience; (3) Onboard spend per passenger night. Includes both presold and sold onboard. Occupancy (%) Cabin Factor (#) OBS/Pax Night (NOK) 3 Average cabin revenue (ACR) NOK 2 68 % 69 % 78 % 78 % 61 % 74 % 80 % 71 % 72 % 83 % 73 % 72 % 74 % 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 2024 2025 2026 1,77 1,78 1,86 1,85 1,87 1,87 1,89 1,86 1,87 1,86 1,82 1,87 1,88 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 2024 2025 2026 710 760 740 640 720 740 760 660 740 790 710 720 760 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 2024 2025 2026
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17% 29% 18% 19% 17% COGS Payroll Crew Opex Vessel & Hotel (ex LNG) LNG/Nox/Power Admin opex / payroll Cost breakdown by quarter and category share 12 Opex by quarter (NOK million) Opex share by category in Q2 2026 (% of total) Source: Company information Q2 2026 opex NOK 381m 0% 10% 20% 30% 40% 50% 60% 70% 80% - 50 100 150 200 250 300 350 400 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 COGS Payroll Crew Opex Vessel & Hotel (ex LNG) LNG/Nox/Power Admin opex / payroll Occupancy
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200 220 240 260 280 300 320 340 360 380 400 60% 65% 70% 75% 80% 85% Cost breakdown by category and correlation with occupancy 13 Opex by category per quarter (NOK million) Opex Q423 - Q226 correlated with occupancy* * Not inflation adjusted Higher dependency on occupancy Variable w/fuel price Less dependent on occupancy Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25* Q2’25 Q3’25 Q4’25 Q1’26 50 105 63 66 51 49 101 66 69 67 43 93 62 77 63 50 96 67 69 55 61 105 70 71 59 49 107 63 62 79 65 109 69 74 65 - 20 40 60 80 100 120 COGS Payroll Crew Opex Vessel & Hotel (ex LNG) LNG/Nox/Power Admin opex / payroll Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q2 26 Q2’26
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3300 4300 5200 2023 2024 2025 2026 2027+ Operational outlook – target EBITDA of NOK ~500m in 2026 14 Operational targets, 2026 and 2027+ Drivers to reach target 2026 • EBITDA target ~MNOK 500 • On track for 75 – 80% occupancy target • Target ACR +10% vs. last year • Geopolitical uncertainty and h igher fuel costs impact 2026, but results in increased future contract revenue • Expect increased effect from onboard sales and efficiency initiatives going forward 2027+ → • EBITDA target of abt. MNOK 600 - 800 maintained • Occupancy target of ~75 - 80% • Average Cabin Revenue growth target of 5 - 10% vs. last year • EBITDA margin target of 30 - 40% • Focus on product development • Develop additional revenue streams +5 - 10% +10% Occupancy ACR (NOK) EBITDA (NOK m) • Occupancy for 2026 - 11 % ahead of same time last year, with 74 % of capacity booked — equivalent to ~95% of annual target • Third quarter occupancy currently at 83%. • Individual bookings in 2027, three percentage points ahead of same time last year. • ACR for 2026 currently 8% above same time last year with target of +10% for the year, building on 20% growth achieved in 2025 • Pricing strategy reflects an increasingly established brand and superior product positioning • Shorter trips segment showing significant potential , attracting younger, higher - spending travelers • Geopolitical uncertainty and higher energy costs primary driver of the revised 2026 EBITDA range – a timing effect with ~70% expected fuel cost increase recovered through contractual indexation within 1 – 2 years. • Onboard sales and efficiency initiatives showing effect, with full impact expected from H2 2026 • Long - term EBITDA target of MNOK 600 – 800 maintained 66 % 73 % 72 % ~ 78 % 2023 2024 2025 2026 2027+ - 191 219 373 2023 2024 2025 2026 2027+ ~500 ~6 - 800
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15 Overview of financing • Comprehensive refinancing of EUR 456m debt, closed on 24 November 2025. • Reduces effective interest cost to ~10% (from high double digits) with call options from year 3. • 15 - year financial lease facility from Havila Vessel Owning AS, ensuring long - term stability, flexibility and commitment from the largest shareholder. • Fully finances operations through current government contract period, securing liquidity and strategic positioning for future renewal. • Call option to refinance from 2028, with the structure providing flexibility to optimize the financing over time. Financial lease senior Financial lease junior Loan facility MEUR 340 MEUR 116 Maturity 2040 2040 Call options 3,4,5,6… - >15 years 3,4,5,6… - >15 years Charter hire (EUR/DAY) Year 1: 93,000 Year 2: 107,500 Year 3: 114,750 Year 4: 125,000 Year 5: 127,000 Year 6 - >: 123,500 Year 1: 57,000 Year 2: 42,500 Year 3: 35,250 Year 4: 25,000 Year 5: 23,000 Year 6 - >: 26,500 Annual amortization Included in charter hire Included in charter hire IRR calculation including redemption Blended cost of abt. 10% from call options year 3 onwards Charter payment method Cash Cash or PIK 12 mth . Min Debt service Abt. MNOK 400* MNOK 0 Covenants DSCR > 1.0, Available liquidity > MEUR 10, Value adjusted leverage of 65% Security package 1 st priority mortgage and other customary security. None *Based on the present EURNOK / EURUSD exchange rate.
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16 Book Value - Balance sheet at 30/06* (MNOK) Value adjusted - Balance sheet** (MNOK) Value - adjusted equity of NOK 2.2bn – vessels independently valued at MEUR 663 • Four vessels independently valued at MEUR 663by shipbrokers at end of Q2 2026 – substantially above book value, reflecting price appreciation since vessels were contracted and built • Value - adjusted equity of NOK 2.2bn as of Q 2 2026 • Negative book equity partially reflects unrealized currency losses from NOK depreciation against EUR, as vessels are recorded in NOK while debt is denominated in EUR and USD -2 000 -1 000 - 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Assets Equity / Debt Fixed assets Current assets Equity Debt 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 Assets Equity / Debt Value adjusted fixed assets Current assets Value adjusted equity Debt
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HKY Share update 17 • Very strong booking momentum for 2026, with early 2027 bookings showing a firmer, higher-quality mix, running ~3 percentage points ahead • High occupancy creates the platform for higher onboard spend – targeted initiatives already showing results, up 6% in Q2 • Developing additional revenue streams – shorter trips segment attracting younger, higher-spending travellers • Refinancing completed November 2025 reduced effective borrowing cost to ~10%, with a call option from 2028 and a platform for optimization • Significant underlying asset value – four vessels independently valued at MEUR 663, substantially above book value • Well positioned for contract renewal and growth opportunities on the Coastal Route Highlights HKY share price development (NOK) 0 10 20 30 40 50 60 70 80 NOK / Share
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18 Key Performance Indicators Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Vessels 4 4 4 4 4 4 4 4 4 4 Occupancy (%) 68% 69% 78% 78% 61% 74% 80% 71% 72% 83% Cabin nights (#) 42 650 40 650 50 450 47 900 38 650 45 310 52 250 46 100 45 050 53 650 Cabin Factor (#) 1,77 1,78 1,86 1,85 1,86 1,88 1,89 1,83 1,87 1,86 Passenger nights (#) 75 650 72 300 93 900 88 850 72 000 85 100 98 900 84 150 84 300 99 800 Average cabin revenue (NOK)* 3 350 4 700 5 200 3 800 4 600 5 650 6 100 4 300 4 800 5 900 OBS/ Pax Night (NOK)** 710 760 740 640 720 740 760 660 740 790 *The company has updated the ACR measurement to reflect ticket revenue (cabin, distance fare and included meals). Previously included presold onboard spending (shorex, addons and activities) has been removed and will now be combined with sales made during guests' onboard experience. (OBS/ Pax Night) **Onboard Spend per Passenger night. Includes both presold and sold onboard The Key Performance Indicators (KPIs) provided are sourced from the company's booking system and are unaudited. Consequently, there may exist variations or minor discrepancies in absolute figures and periodization compared to the officially reported financial statements. Revenue in currency (for both ACR and Presold OBS/Pax night) is based on the booking system currency rate.
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19 Forward - looking statements This Presentation contains several forward - looking statements relating to the business, future financial performance and results of the Company and the industry in which it operates. In particular, this Presentation contains forward - looking statements such as with respect to the Group's potential future costs, capex and cash flows, the potential future demand and market for the Group's s erv ices, the Company’s equity and debt financing requirements and its ability to obtain financing in a timely manner and at favourable te rms. Forward - looking statements concern future circumstances and results and other statements that are not historical facts, sometime s identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", " ant icipates", "targets", and similar expressions. The forward - looking statements contained in this Presentation, including assumptions, opinio ns and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, unc ert ainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company, th e Managers, or any of their respective Representatives assumes any obligation to update any forward - looking statements or to confo rm these forward - looking statements to our actual results. Furthermore, information about past performance given in this Presentati on is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. Actua l performance and results may differ, and those differences can be material. None of the Company or the Managers, or any of their respective Representatives provides any assurance that the assumptions underlying such forward - looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the ac tual occurrence of forecasted developments.
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HAVILA VOYAGEShavilavoyages.com HAVILA VOYAGES havilavoyages.com