Interim report
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2026 Second Quarter & First Half
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Content Key figures Q2 2026 3 W e are Havila Kystruten 5 W e are setting course towards 6 a gr eener coastal voyage Summar y Q2 2026 8 Income st atement 10 B alance sheet 11 C ash flow statement 12 E quity statement 13 Not e 1. Accounting principles 16 Not e 2. Main accounting estimates 16 Not e 3. Revenues 17 Not e 4. Specification of expenses 18 Not e 5. Related parties 19 Not e 6. Fixed assets 21 Not e 7. Leases 23 Not e 8. Borrowings 25 Not e 9. Financial risk management 26 Not e 10. Earnings per share 27 Not e 11. Restricted cash 27 Not e 12. Shares and shareholders 28 Not e 13. Other current liabilities 28 Not e 14. Going concern 29 Havila Kystruten AS Q2 2026 2 QUARTERLY REPORT
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Havila Kystruten AS Q2 2026 3 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern QUARTERLY REPORT Key figures Q2 2026 36% reduction of CO2 emissions1 One of the world’s largest battery packs Up to four hours emission-free operations 87% NOx & 100% SOx emissions reduced1 4 ships in operation 75 partners for coastal excursions 53% of sales through own channels Zero-emission ready 3 6,489 tons of cargo transported Revenue MNOK 479 100% operational up-time 107g food waste 2 52% waste sorting rate EBITDA MNOK 98 1)The reference figures represent emissions from traditional vessels under a similar contract with the Ministry of Transport in 2017, as sourced from the contract. 2Food waste measurement expanded in 2026 to include all waste streams, in line with the revised EU Waste Framework Directive (2025/1892). The g/pax night figure reflects this broader scope and is not directly comparable to prior quarters; new baseline and targets are set for 2026. 3The vessels are hydrogen ready and prepared for zero-emission technology, and can in addition sail climate neutral using liquefied biogas (LBG). Operational Financial Sustainability 483
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Havila Kystruten AS Q2 2026 4 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern QUARTERLY REPORT Key figures H1 2026 37% reduction of CO2 emissions1 One of the world’s largest battery packs Up to four hours emission-free operations 87% NOx & 100% SOx emissions reduced1 4 ships in operation 75 partners for coastal excursions 54% of sales through own channels Zero-emission ready 3 12,487 tons of cargo transported Revenue MNOK 870 100% operational up-time 93g food waste 2 61% waste sorting rate EBITDA MNOK 128 1)The reference figures represent emissions from traditional vessels under a similar contract with the Ministry of Transport in 2017, as sourced from the contract. 2Food waste measurement expanded in 2026 to include all waste streams, in line with the revised EU Waste Framework Directive (2025/1892). The g/pax night figure reflects this broader scope and is not directly comparable to prior quarters; new baseline and targets are set for 2026. 3The vessels are hydrogen ready and prepared for zero-emission technology, and can in addition sail climate neutral using liquefied biogas (LBG). Operational Financial Sustainability 483
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We are Havila Kystruten Ready for the future The voyage in November 2025 showed that climate-neutral operations on the coastal route are possible today—not just on paper. Havila Kystruten’s three strategic climate targets are climate- neutral operations by 2028, zero-emission operations from 2030, and a more circular approach to resource use. The path forward includes the gradual adoption of biogas, improved charging infrastructure along the coast, and, in the longer term, a transition to hydrogen—a fuel the vessels are already designed to use once it becomes commercially available for passenger ships. In addition, we are involved in the LNGameChanger project, which explores the potential for carbon capture from LNG operations—an initiative that could enable us to achieve near-zero emissions using existing fuel solutions. A sustainable journey along Norway’s magnificent coast Havila Kystruten operates the historic coastal route between Bergen and Kirkenes with the four most environmentally friendly ships sailing along the Norwegian coast. The vessels form part of the national coastal preparedness system and serve as ferries and cargo ships for local communities—providing critical infrastructure for coastal populations, particularly north of the Arctic Circle. In addition, the company offers coastal cruises for travelers from around the world who wish to experience Norwegian nature, culture, and coastal life. Havila Kystruten is a privately owned company listed on Euronext Growth under the ticker HKY in Oslo, with Havila Holding as its main shareholder. The Havila Group traces its roots back to the 1950s, when founder Per Sævik purchased his first fishing boat as a teenager. From its origins in fisheries, the group has grown to include ship technology, offshore operations, transport, and tourism—with headquarters in the small coastal town of Fosnavåg in Sunnmøre. Havila Kystruten carries forward this maritime heritage with a clear ambition: to be a pioneer in sustainable shipping. Technology and environmental performance The company’s four vessels operate on a combination of liquefied natural gas (LNG) and large battery packs, enabling up to four hours of emission-free sailing and significantly lower emissions than conventional ships on the same route. Compared to the reference numbers from the 2017 contract with the Norwegian government, we have achieved a 37% reduction in CO 2 in the first half of 2026, and for local emissions, an 87% reduction in NOx, and a 100% reduction in SOx. Two milestones illustrate what the technology already delivers in practice: in June 2022, Havila Castor sailed emission-free into the Geirangerfjord—the first coastal cruise ship ever to do so— and in November 2025, Havila Polaris completed a full round voyage on the coastal route powered by liquefied biogas and batteries. During the 11-day voyage from Bergen to Kirkenes and back, Havila Polaris reduced actual CO 2 emissions by 95.5%. At the same time, local emissions were significantly reduced, with an 87% reduction in NOx and the elimination of SOx emissions. This was achieved without any technical modifications to the vessel. The biogas was bunkered from Norwegian suppliers in Hammerfest and Bergen, demonstrating that the supply chain along the coast has the potential to meet future requirements. Havila Kystruten AS Q2 2026 5 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern QUARTERLY REPORT
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Our Vision To revolutionize coastal travel and contribute to a more sustainable industry for ourselves and future generations. Our Values Lead We always act responsibly, demonstrate leadership and initiative. We trust each other and build trust with others. Share We share knowledge, experience, and passion with each other, our customers, and our business partners. We motivate and inspire each other to be the best at what we do. Care We care about each other, our customers, the coast, and the environment, and show empathy. Our Mission The company’s goal is to create safe, sustainable, and adventurous journeys that provide lifelong memories for people, revenues for owners, and lasting value for the business community and the coastal population. TRONDHEIM BERGEN TROMSØ KIRKENES BODØ We are setting course towards a greener coastal voyage Havila Kystruten AS Q2 2026 6 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern QUARTERLY REPORT
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Havila Kystruten AS Q2 2026 7 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern QUARTERLY REPORT
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Summary Q2 2026 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. See Note 14 for further details. 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. Havila Kystruten AS Q2 2026 8 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern SUMMARY
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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. Havila Kystruten AS Q2 2026 9 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern SUMMARY
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Income statement NOK in 1 000 Note 2nd quarter 2026 2nd quarter 2025 First half 2026 First half 2025 Operating income Governement contract revenues 3 103,159 84,491 206,317 184,228 Operating revenues 3 375,755 331,571 664,024 581,872 Total operating revenues 478,914 416,062 870,341 766,100 Operating expenses Good and services consumed related sale of goods and ancillary services 4 -64,609 -49,561 -116,532 -92,747 Payroll and other personnel expenses -127,348 -112,816 -256,029 -226,779 Other operating expenses 4, 5 -87,910 -82,172 -184,733 -164,416 Bunkers and port fees 4 -100,827 -92,494 -184,917 -192,007 Total operating expenses -380,693 -337,044 -742,210 -675,949 Operating income before depreciation (EBITDA) 98,221 79,018 128,131 90,151 Depreciation 6, 7 -50,487 -55,580 -101,987 -110,576 Operating profit/loss 47,734 23,438 26,144 -20,426 Financial items Interest income 435 205 1,215 481 Other financial income 156 0 156 0 Interest expenses 8, 9 -120,427 -154,023 -244,167 -305,050 Net currency profit/loss 9 -42,392 -141,439 220,064 -12,660 Other financial expenses -341 -365 -891 -705 Net financial items -162,569 -295,623 -23,622 -317,933 Profit before taxes -114,836 -272,185 2,522 -338,359 Taxes - - - - Profit for the period 10 -114,836 -272,185 2,522 -338,359 Havila Kystruten AS Q2 2026 10 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern FINANCIAL STATEMENTS
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Balance sheet NOK in 1 000 Note 30/06/2026 30/06/2025 31/12/2025 ASSETS Tangbile fixed assets Other intangible assets 6 36,275 40,441 39,375 Vessel 6 3,883,293 4,042,278 3,958,615 Property, plant and equipment 6 50,569 21,950 33,403 Right-of-use assets 7 8,052 12,100 10,076 Total fixed assets 3,978,189 4,116,769 4,041,469 Finanial fixed assets Investments in shares 0 25 25 Other long-term receivables 1,060 1,497 1,096 Total financial assets 1,060 1,522 1,121 Total fixed assets 3,979,249 4,118,291 4,042,590 Current assets Trade receivables 169,387 85,882 60,181 Other current receivables 130,241 59,474 125,670 Inventories 16,269 15,208 14,729 Cash and cash equivalents 11 188,565 168,799 213,560 Restricted cash 11 0 123,917 17,409 Total current assets 504,462 453,281 431,549 Total assets 4,483,711 4,571,572 4,474,139 NOK in 1 000 Note 30/06/2026 30/06/2025 31/12/2025 EQUITY AND LIABILITIES Paid in equity Share capital 12 855,986 855,986 855,986 Share premium 1,335,697 1,335,697 1,335,697 Total paid-in equity 2,191,683 2,191,683 2,191,683 Retained earnings Uncovered loss -3,582,865 -2,852,439 -3,585,386 Total reained earnings -3,582,865 -2,852,439 -3,585,386 Total equity 12 -1,391,182 -660,756 -1,393,703 Other non-current liabilities Non-current liabilities to financial institutions 8, 9 0 3,191,298 0 Non-current lease liabilities 7 7,282 10,626 8,954 Non-current liabilities to related parties 5, 8, 9 5,019,502 1,303,449 5,174,143 Deferred income 3 47,487 34,122 40,805 Total non-current liabilities 5,074,272 4,539,495 5,223,902 Current liabillities Trade payables 5 103,618 191,073 94,189 Current liabilities to financial institutions 8, 9 0 63,048 0 Public duties payable 8,387 20,797 24,484 Current liabilities to related parties 5, 8, 9 147,709 0 148,706 Other current liabilities 13 537,236 414,231 372,884 Current lease liabilities 7 3,671 3,684 3,677 Total current liabilities 800,621 692,833 643,940 Total liabilities 5,874,893 5,232,328 5,867,842 Total equity and liabilities 4,483,711 4,571,572 4,474,139 Havila Kystruten AS Q2 2026 11 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern FINANCIAL STATEMENTS
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Cash flow statement Accounting policies: The cash flow statement The cash flow statement has been prepared using the indirect method. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts NOK in 1 000 Note 2nd quarter 2026 2nd quarter 2025 First half 2026 First half 2025 Cash flows from operating activities Profit/(loss) before tax -114,836 -272,184 2,521 -338,296 Depreciation and impairment 6, 7 50,487 55,580 101,987 110,576 Net interest expense 119,992 153,819 242,953 304,568 Inventories -1,585 -2,548 -1,541 -4,130 Trade receivables -108,238 -1,299 -109,205 2,028 Trade payables -2,404 66,410 9,429 47,619 Unrealized currency profit/loss 8, 9 42,392 141,439 -220,064 12,660 Other accruals 83,988 28,045 147,010 146,956 Cash flow from operating activities 69,797 169,260 173,090 281,981 Interest received 435 205 1,215 481 Net cash from operating activities 70,232 169,465 174,304 282,462 Cash flows from investing activities Purchase of vessel 6 -17,922 -14,814 -21,858 -20,038 Purchase of other property, plant and equipment, and intangible assets 6 -3,884 -9,773 -13,480 -27,999 Net cash flows from investing activities -21,806 -24,587 -35,338 -48,037 Cash flow from financing activities Interest paid 8 -92,496 -76,653 -187,632 -155,422 Repayment of leases liabilites 7 839 -3 1,679 -843 Net cash flow from financing activities -91,657 -76,656 -185,954 -156,264 Net change in cash and cash equivalents -43,231 68,222 -46,987 78,162 Cash and cash equivalents at the beginning of the period 233,626 231,630 230,969 214,996 Currency effect on bank deposits -1,831 -7,135 4,583 -442 Cash and cash equivalents at the end of the period 11 188,565 292,716 188,565 292,716 Havila Kystruten AS Q2 2026 12 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern FINANCIAL STATEMENTS
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Equity statement NOK in 1 000 Share capital Share premium Uncovered loss Total Equity per 01/01/26 855,986 1,335,697 -3,585,386 -1,393,703 Profit/Loss for the period - - 2,521 2,521 Equity per 30/06/26 855,986 1,335,697 -3,582,865 -1,391,182 Despite negative book equity, adjusted equity is significantly positive and estimated at NOK 2,219 million as of the end of June 2026. This is attributed to the added value of the group’s assets, where shipbrokers assess the market value of the vessels to be substantially higher than their book value. The increase in value is due to price appreciation since the vessels were contracted and built. Havila Kystruten AS Q2 2026 13 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern FINANCIAL STATEMENTS
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Vegard Sævik Chairman of the Board of Directors Njål Sævik Board member Therese Støle Skogstrand Board member Henriette Thomsen Board member Svein Roger Selle Board member Bent Martini Chief Executive Officer (CEO) Fosnavåg, 27.08.2026 Styret i Havila Kystruten AS Hege Sævik Rabben Board member Havila Kystruten AS Q2 2026 14 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern FINANCIAL STATEMENTS
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Havila Kystruten AS Q2 2026 15 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern FINANCIAL STATEMENTS
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Note 1. Accounting principles Accounting principles and valuation methods for assets and liabilities are the same as for the annual accounts for 2025. The interim report is prepared in accordance with IAS 34. IFRS 9 Financial instruments Loans and other financial liabilities are carried at amortized cost. Amortization of long-term debt due within 12 months is classified as current debt. IFRS 16 Leases Havila Kystruten evaluates whether an arrangement contains a lease according to IFRS 16, and establish principles for calculation, measurement and presentation of leases and for information about these. Refer to note 7. The cash flow statement The cash flow statement has been prepared using the indirect method. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Note 2. Main accounting estimates In preparing the financial statements, management has applied estimates and assumptions that affect reported income and expenses, as well as the carrying amounts of assets and liabilities at the reporting date. Areas involving a high degree of judgement, significant complexity, or where estimates are material to the financial statements are described in the relevant notes. Estimates and judgements are reassessed on an ongoing basis and reflect management’s best assessment given current conditions, drawing on historical experience, expert consultation, trend analyses, and expectations regarding future events. Havila Kystruten AS Q2 2026 16 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 3. Revenues Business area NOK in 1 000 2nd quarter 2026 2nd quarter 2025 First half 2026 First half 2025 Government contract revenues 103,159 84,491 206,317 184,228 Operating revenues 375,670 327,834 663,938 576,880 Ticket revenues 286,800 260,868 515,009 451,960 Operating onboard revenue (F&B, shorex, shop etc.) 85,052 64,197 142,105 119,488 Pre & post revenue (hotel, transport etc.) 1,114 420 1,581 745 Cargo 2,704 2,349 5,244 4,687 Other revenue 85 3,737 85 4,992 Total 478,914 416,062 870,341 766,100 Unearned revenue from agents and individual travelers is recorded as other current liabilities. The contract with the Ministry of Transport The company’s 10-year contract with the Ministry of Transport, which includes an option for a one-year extension, represents a significant revenue stream. According to the agreement, the consideration for the option year is lower than in the fixed contract period. The company has applied the simplification rule in IFRS 15.B43, and the total consideration (excluding expected index adjustments) for both the fixed contract period and the option period is allocated linearly over the entire contract period, including the option year. This implies that a portion of the contractually agreed revenue received during the fixed contract period is recognized as unearned revenue, presented as long-term liabilities in the balance sheet. Accounting policies: Revenue Revenue from the sale of travel and services Sales of services are recognized in the financial period in which the service has been performed and/or delivered to the customer. Advance sales are recognized over the days the passenger is on board. For scheduled voyages on the reporting date, revenue is based on the remaining days in the financial period. Revenue is periodized based on reports from the booking system, with detailed information about the sailings. Tickets, meals and excursions are primarily pre-sold before the start of the journey, but for travelers along the Norwegian coast it is also possible to buy tickets at the port just before the ship sails. Prepaid journeys are recognized as deposits from customers (liabilities). Revenue from the sale of goods The Group’s sales of goods mainly relate to the sale of food, souvenirs and other products onboard the ships. Sales are recognized when the customer has received and paid for the goods. Payment for retail is usually in the form of cash or credit card, from which any credit card fees are booked as a selling cost. The sale is recognized when the goods are delivered to the customer. Public procurement Havila Kystruten AS has a state service obligation to the Ministry of Transport to operate the Bergen-Kirkenes coastal route. Revenue from public procurement is recognized on an ongoing basis throughout the year based on existing contracts. These contracts are primarily based on a public tender, where the company has a fixed contract sum for planned (annual) operation. There are specific terms and calculation methods for index regulation of the contract sum. Any changes beyond the planned production are compensated/deducted using agreed rates set out in the agreements and are recognized in the periods they occur. Havila Kystruten AS Q2 2026 17 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 4. Specification of expenses Goods and services consumed related sale of goods and ancillary services NOK in 1 000 2nd quarter 2026 2nd quarter 2025 First half 2026 First half 2025 Costs of food, beverages and shop 37,588 29,146 65,328 51,108 Other services (excursion etc.) 27,020 20,415 51,203 41,639 Total 64,609 49,561 116,532 92,747 Bunkers and port fees NOK in 1 000 2nd quarter 2026 2nd quarter 2025 First half 2026 First half 2025 Port expenses 27,254 23,468 52,724 45,874 Bunkers and power* 73,573 69,026 132,193 146,133 Total 100,827 92,494 184,917 192,007 Other operating expenses NOK in 1 000 2nd quarter 2026 2nd quarter 2025 First half 2026 First half 2025 Rent of facilities 1,392 1,183 2,940 2,546 IT costs 11,128 9,766 23,802 20,236 Legal fees 713 1,367 933 2,617 Audit and accounting 2,032 1,171 2,431 2,291 Other consultancy fees 11,528 7,634 21,355 15,923 Internal travel expenses 1,855 2,082 4,167 4,003 Irregularity** 41 4 68 23 Marketing and sales 16,469 14,074 41,991 32,970 Insurance 7,515 7,250 15,470 14,186 Maintenance and repair expenses 17,310 18,958 33,221 36,343 Other operating expenses 17,928 18,684 38,355 33,277 Total 87,910 82,172 184,733 164,416 * Includes NOx emission tax and, from March 2026, EU ETS allowances. ** Irregularity expenses are assosiated with costs arising from cancellations, scheduled routes, operational disruptions, and related incidents. Havila Kystruten AS Q2 2026 18 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 5. Related parties All transactions with related parties were conducted in the ordinary course of business and at arm’s length. NOK in 1 000 Related parties Relation Ownership Havila Holding AS Parent company 59,7 % Havila Service AS Subsidiary of Havila Holding AS 0,0 % Havila Shipping ASA Subsidiary of Havila Holding AS 0,0 % Havila Hotels AS Subsidiary of Havila Holding AS 0,0 % Havila Vessel Owning - Capella AS Subsidiary of Havila Holding AS 0,0 % Havila Vessel Owning - Castor AS Subsidiary of Havila Holding AS 0,0 % Havila Vessel Owning - Polaris AS Subsidiary of Havila Holding AS 0,0 % Havila Vessel Owning - Pollux AS Subsidiary of Havila Holding AS 0,0 % Transactions with related parties NOK in 1 000 Related parties Transaction 2nd quarter 2026 2nd quarter 2025 1st half 2026 1st half 2025 Havila Holding AS Interest costs - 39,121 - 77,825 Havila Holding AS Forwarded other operating expenses 787 1,170 1,371 1,789 Havila Service AS Business administration* 5,246 4,485 10,731 9,352 Havila Service AS Forwarded other operating expenses 1,016 978 2,631 1,990 Havila Service AS Forwarded payroll and personnel expenses 158 138 337 271 Havila Shipping ASA Forwarded other operating expenses 40 39 82 78 Havila Shipping ASA Forwarded payroll and personnel expenses - 2 61 2 Havila Hotels AS Forwarded payroll and personnel expenses - - - 56 Havilahuset AS Forwarded other operating expenses 557 599 1,182 1,034 Havila Vessel Owning - Capella AS Bareboat 29,753 - 60,338 - Havila Vessel Owning - Castor AS Bareboat 29,753 - 60,338 - Havila Vessel Owning - Polaris AS Bareboat 29,753 - 60,338 - Havila Vessel Owning - Pollux AS Bareboat 29,753 - 60,338 - * Shared service including accounting, payroll, IT and procurement. Havila Kystruten AS Q2 2026 19 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 5. Related parties cont. Balances with related parties NOK in 1 000 30/06/2026 31/12/2025 Non-current liabilities* Havila Vessel Owning - Capella AS 1,270,166 1,309,356 Havila Vessel Owning - Castor AS 1,270,166 1,309,356 Havila Vessel Owning - Polaris AS 1,270,166 1,309,356 Havila Vessel Owning - Pollux AS 1,270,166 1,309,356 Total 5,080,663 5,237,425 Other current liabilities** Havila Holding AS 285 1,250 Havila Service AS 79 - Havila Hotels AS 28 28 Hotel Ivar Aasen AS 6 Havila AS 5 5 Havilahuset AS - 51 Havila Havyard Design & Solutions AS 22 - Havila Shipping ASA 225 89 Havila Vessel Owning - Capella AS 36,927 36,864 Havila Vessel Owning - Castor AS 36,927 36,864 Havila Vessel Owning - Polaris AS 36,927 36,864 Havila Vessel Owning - Pollux AS 36,927 36,864 Total 148,358 148,878 NOK in 1 000 30/06/2026 31/12/2025 Trade payables Havila Shipping ASA 37 153 Havila Ariel AS 44 44 Havila Service AS 3,585 3,127 Havila Hotels AS 569 - Havilahuset AS 61 - Havila Ships AS 3 3 Total 4,299 3,327 Current receivables Havila Holding AS 569 258 Havila Service AS 770 476 Havila Shipping ASA 57 135 Havila Vessel Owning - Capella AS 1,560 1,326 Havila Vessel Owning - Castor AS 1,560 1,326 Havila Vessel Owning - Polaris AS 1,208 1,326 Havila Vessel Owning - Pollux AS 2,813 1,326 Total 7,637 6,172 * Refer to note 8 for more information regarding the Companys refinancing. ** Bareboat charter hire payable within 12 months is classified as current liabilities due to related parties. Havila Kystruten AS Q2 2026 20 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 6. Fixed assets Property, plant and equipment NOK in 1000 Vessel Periodic maintenance Equipment Art Total Acquisition cost Per 01/01/26 4,310,811 99,146 94,716 3,093 4,507,767 Aquisitions 0 14,014 20,779 0 34,793 Per 30/06/2026 4,310,811 113,160 115,494 3,093 4,542,559 Per 01/01/25 4,310,811 66,538 68,418 3,093 4,448,860 Aquisitions 0 32,608 26,298 0 58,906 Per 31/12/25 4,310,811 99,146 94,716 3,093 4,507,767 Accumulated depreciation and impairment: Per 01/01/26 385,712 73,072 56,964 0 515,748 Depreciation 70,320 13,435 9,195 0 92,949 Per 30/06/2026 456,032 86,507 66,158 0 608,697 Per 01/01/25 245,073 28,791 40,340 0 314,204 Depreciation 140,640 44,281 16,624 0 201,545 Per 31/12/25 385,712 73,072 56,964 0 515,748 Book value per 31/12/2025 3,925,099 26,074 37,752 3,093 3,992,018 Book value per 30/06/2026 3,854,779 26,653 49,336 3,093 3,933,862 Useful economic lifetime 30 years 1-3 years 3-5 years Havila Kystruten AS Q2 2026 21 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 6. Fixed assets cont. Intangible assets NOK in 1000 Total Acquisition cost Per 01/01/26 87,358 Aquisitions 3,914 Per 30/06/2026 91,272 Per 01/01/25 72,890 Aquisitions 14,468 Per 31/12/25 87,358 Accumulated depreciation and impairment Per 01/01/26 47,983 Amortisation 7,014 Per 30/06/2026 54,997 Per 01/01/25 35,487 Amortisation 12,497 Per 31/12/25 47,983 Book value per 31/12/25 39,375 Book value per 30/06/2026 36,275 Useful economic lifetime 2-5 years Accounting policies: Property, plant and equipment Property, plant and equipment consists of vessels, furniture, equipment and office related equipment. Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Property, plant and equipment are depreciated on a straight-line basis. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount When material components of operating assets have different useful lives, these operating assets are recognized as separate components and depreciated over each component’s useful life. Intangible assets Intangible assets consist of a software booking system under development and are measured at cost at initial recognition, if the criteria for recognition in the balance sheet are met. Cost associated with maintaining software systems are recognized as expense as incurred. Development costs that are directly attributable to new functionality and new systems, controlled by the Company, are recognized in the balance sheet as intangible asset when the criteria for doing so are met. Development expenditure that do not meet these criteria are recognized as an expense as incurred. Software systems recognized in the balance sheet are amortized over its estimated useful life. Amortization commences when the asset is available for use. Havila Kystruten AS Q2 2026 22 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 7. Leases IFRS 16 Leases The Group applies IFRS 16 Leases. For all leases, with the exception of short-term leases and leases of low-value assets, a lease liability and a corresponding right-of-use asset are recognised in the balance sheet. Lease liabilities are measured at the present value of the remaining lease payments, discounted at the lessee’s incremental borrowing rate. The associated right-of-use asset is measured at an amount equal to the lease liability, adjusted for any prepaid or accrued lease payments at the commencement date. The Group’s weighted average incremental borrowing rate on lease liabilities as of June 30, 2026 was 5.9% for other leases. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to each component based on relative stand-alone prices. For office lease contracts where the Group is the lessee, the Group has elected to apply the practical expedient not to separate lease and non-lease components, and instead accounts for the entire consideration as a single lease component. The Group’s lease portfolio consists of office premises, apartments and ship equipment. Apartment leases run until cancelled. Office leases have terms of between 6 and 10 years and are automatically renewed for a further 5 years unless terminated within the agreed notice period. Ship equipment is leased for between 5 and 8 years. Critical judgement – lease term When determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise, or not exercise, extension or termination options. Extension options are included in the lease term only if it is reasonably certain that the lease will be extended. Periods following a termination option are included in the lease term unless it is reasonably certain that the contract will be terminated. Total lease liabilities NOK in 1000 Ship equipment Property Total As of 01/01/26 6,160 6,471 12,632 Lease payments -1,070 -609 -1,679 As of 30/06/26 5,090 5,862 10,953 Amounts recognised in the Balance Sheet The Balance Sheet shows the following amounts relating to leases: Right of use assets* NOK in 1000 30/06/26 31/12/25 Pr operty 5,585 6,316 Vessel equipment 2,467 3,760 Total 8,052 10,076 * Included in Tangible fixed assets in the balance sheet. Lease liabilities NOK in 1000 30/06/26 31/12/25 Current 3,671 3,677 Non-Current 7,282 8,954 Total 10,953 12,631 Amounts recognised in the Statement of Profit or Loss The Statement of Profit or Loss shows the following amounts relating to leases: NOK in 1000 30/06/26 30/06/25 Depreciation right of use assets 2,024 2,024 Interest expense 317 633 Total 2,341 2,657 Havila Kystruten AS Q2 2026 23 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 7. Leases cont. Right-of-use assets are measured at cost comprising the following: • the amoun t of the initial measurement of lease liability • an y lease payments made at or before the commencement date less any lease incentives received • an y initial direct costs, and • r estoration costs. Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low- value assets are recognized on a straight-line basis as an expense in profit or loss. Short- term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in several of the lease agreements. These are used to maximize operational flexibility in terms of managing the assets used in the Company’s operations. Some of extension and termination options held are exercisable only by the Company and not by the respective lessor. Some of the termination options are exercisable by both parties in the agreement. In these cases the lease period that can be terminated unilaterally are excluded from the lease period. Accounting policies: Leases Assets and liabilities arising from a lease are initially measured on a present value basis as of the commencement date of the lease. Lease liabilities include the net present value of the following lease payments: • fix ed payments (including in-substance fixed payments), less any lease incentives receivable • v ariable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date • amoun ts expected to be payable by the Company under residual value guarantees • the e xercise price of a purchase option if the Company is reasonably certain to exercise that option, and • paymen ts of penalties for terminating the lease, if the lease term reflects the Company exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate the Company uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by Havila Kystruten AS and makes adjustments specific to the lease, e.g. term, country, currency and security. The Company is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Havila Kystruten AS Q2 2026 24 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Accounting policies: Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Subsequently, borrowings are recognized at amortized cost using the effective interest method. The difference between the proceeds (net of transaction cost) and the redemption value is recognized over the income statement over the period of the borrowings as part of the effective interest. Borrowings that are decomposed are expensed between the old and new borrowings. As well past and future transaction costs. Borrowing costs related to borrowings that are directly related to vessels under construction are according to IAS 23 capitalized as part of the acquisition cost. Borrowings are classified as current liabilities unless there is an unconditional right to defer payment of the liability at least 12 months after the reporting date. Repayments due within one year are therefore classified as current liabilities. Note 8. Borrowings The company’s debt is interest-bearing. NOK in 1000 Nominal value Non-amortised transaction costs Book value Nominal value at 30/06/26 Liabilities to related parties 5,167,211 61,161 5,228,372 Of which long-term 5,019,502 61,161 5,080,663 Of which short-term 147,709 0 147,709 Total 5,167,211 61,161 5,228,372 Nominal value at 31/12/25 Liabilities Liabilities to related parties 5,322,849 63,282 5,386,131 Of which long-term 5,174,143 63,282 5,237,425 Of which short-term 148,706 0 148,706 Total 5,322,849 63,282 5,386,131 The carrying amount of financial instruments measured at amortized cost is not significantly different from fair value. On November 25, 2025, the Group completed a comprehensive refinancing of its outstanding debt totalling EUR 456 million, replacing the existing debt structure with a 15-year financial lease facility. The facility refinances approximately EUR 331 million of senior secured bonds and approximately EUR 116 million of unsecured shareholder loans, and secures long-term funding through the duration of the coastal route contract with the Norwegian government. The financial lease facility is provided by a wholly-owned subsidiary of the majority shareholder, Havila Holding AS, and is structured into three tranches: Senior Tranche 1 (EUR 250 million), Senior Tranche 2 (USD 105 million) and Junior Tranche (EUR 116 million). The total daily hire is equivalent to EUR 150,000. The hire for the senior tranches is fixed and payable in cash. The hire for the junior tranche is variable and may, at the Company’s discretion, be settled in cash or through Payment-in-Kind (PIK). The refinancing reduced the Group’s effective borrowing cost to an estimated all-in cost of approximately 10%. The Group has the option to prepay the facility from year three. The lease agreement contains customary covenants tested quarterly, including a maximum corporate leverage of 65%, a minimum liquidity threshold of EUR 10 million, and a minimum debt service coverage ratio (DSCR) of 1.0x. There have been no changes to the Group’s financing structure since December 31, 2025. Havila Kystruten AS Q2 2026 25 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 9. Financial risk management The Group’s financial risk management policies are established by Management to identify and analyse the risks faced by the Group. The Group is primarily exposed to liquidity risk, credit risk, and market risk (interest rate, bunker price, and currency risk). The Group does not utilize derivative financial instruments to hedge these exposures. Liquidity risk: The Group manages liquidity risk by maintaining sufficient cash and liquid assets to meet its financial obligations as they fall due, supported by rolling cash flow forecasts. Refer to Note 8 for the Group’s debt maturity structure. Credit risk: The Group’s primary credit exposure is to the Norwegian Government through the ten-year coastal concession agreement. Beyond this, the Group has no significant concentration of credit risk. Market risk: Interest rate risk Following the refinancing completed in November 2025, the Group’s long-term debt carries a fixed hire structure for the senior tranches, significantly reducing exposure to interest rate fluctuations compared to the previous floating-rate structure. Refer to Note 8 for further details on the financing structure. Bunker price risk LNG bunker costs represent a significant share of the Group’s operating expenses. Following the renegotiation of LNG procurement terms effective from Q4 2025, the Group sources approximately one-third of its LNG volume through a dual-supplier model, with pricing indexed two-thirds to TTF and one-third to gasoil. The Group has partial long-term protection against fuel price increases through the indexation mechanism in the coastal route contract with the Ministry of Transport. Approximately 70% of increased bunker costs are expected to be recovered through contract indexation, albeit with a time lag of 1–2 years before the adjustment takes effect. No hedging arrangements are currently in place for 2026. Currency risk The Group’s primary currency exposure relates to its EUR and USD-denominated lease liabilities to Havila Vessel Owning AS and its subsidiaries, translated into NOK on the balance sheet. This exposure is partially mitigated by a natural hedge, as a portion of operational revenues is generated in foreign currencies (EUR, USD and GBP), and by the residual value of the fleet, which is typically assessed in EUR or USD. The Norwegian krone strengthened against both EUR and USD during the first half of 2026, resulting in a net currency gain of MNOK 220 (H1 2025: - MNOK 13) on the Group’s foreign currency-denominated liabilities. No hedging arrangements are currently in place. The Group’s net exposure in foreign currencies, presented in NOK, is as follows: EUR/NOK USD/NOK In NOK 1000 30/06/2026 31/12/2025 30/06/2026 31/12/2025 Assets Short-term receivables 39,091 5,829 7,292 1,863 Long-term receivables 18 19 - - Cash and cash equivalents 128,920 93,091 36,829 13,944 Total asset 168,029 98,939 44,121 15,807 Liabilities Current liabilities to related parties 124,801 137,003 22,885 10,453 Non-current liabilities to related parties 4,110,177 4,205,023 931,276 1,032,403 Accounts payables 2,012 5,888 898 1,743 Total liabilities 4,236,991 4,347,914 955,060 1,044,599 Total (gains)/losses recognised in the income statement: Agio 201,782 275,924 19,362 21,333 Disagio -11,430 -283,215 -2,928 -6,407 Net disagio 190,352 -7,291 16,434 14,926 Sensitivity* The Group’s primary currency risk relates to EUR/NOK and USD/NOK fluctuations. The sensitivity analysis below reflects the net exposure of EUR and USD denominated assets and liabilities. Figures are presented on a pre-tax basis, as the Group does not currently recognize deferred tax assets. EUR/NOK USD/NOK In NOK 1000 30/06/2026 31/12/2025 30/06/2026 31/12/2025 Increase of 10% -406,896 -424,898 -91,094 -102,879 Decrease of 10% 406,896 424,898 91,094 102,879 *All other factors held unchanged Havila Kystruten AS Q2 2026 26 CHAPTER Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern
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Earnings per share is calculated by dividing the part of the profit for the period to the company’s shareholders by a weighted average of total shares. Earnings per share NOK in 1000 30/06/26 31/12/25 Profit for the period 2,522 -1,071,305 Number of shares 17,120 17,120 Weighted average of total issued shares 17,120 17,120 Basic earnings per share 0,15 -62,58 Diluted earnings per share 0,15 -62,58 Note 10. Earnings per share Note 11. Restricted cash NOK in 1000 30/06/26 31/12/25 Unrestricted cash 188,565 213,560 Total cash at bank and on hand 188,565 230,969 Of which restricted: Tax withholding funds -0 17,409 Pledged bank deposits - - Guarantee deposit - - Total restricted cash 0 17,409 Accounting policy: Cash and cash equivalents comprise cash on hand and bank deposits with original maturities of three months or less, carried at nominal value. Restricted cash, including tax withholding funds, pledged bank deposits, and guarantee deposits, is included in the balance sheet amount and specified separately in the notes. Havila Kystruten AS Q2 2026 27 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 13. Other current liabilities NOK in 1000 30/06/26 31/12/25 Holiday pay 4,504 6,946 Other accrued expenses* 95,402 62,704 Prepayments customers/agents 437,331 303,234 Other current liabilities 537,236 372,884 * Emission allowances relating to the 2025 fiscal year will be settled in 2026. As of December 31, 2025, the Group has recognized a provision for the accrued but unsettled liability relating to these allowances, amounting to MNOK 29. As of June 30, 2026, this liability had been reduced to MNOK 8, reflecting that allowances relating to 2025 were purchased and paid for during the first half of 2026. In addition, as of June 30, 2026, the Group recognized a provision of MNOK 17 relating to emission allowances for the 2026 fiscal year. The cost of these allowances is expensed on an ongoing basis, while as of the reporting date the allowances have not yet been purchased, or delivered. Delivery of these allowances will take place during 2027. Note 12. Shares and shareholders Per 30/06/26 944 shareholders owns the company, whereof 50 shareholders from outside of Norway. Havila Holding AS owns 59.7 % of the company. The company has no own shares. The share capital amounts to MNOK 856, comprising 17 119 714 shares at par value NOK 50. Havila Kystruten AS has one class of shares, where each share gives one vote at the company’s general meeting. The 20 largest shareholders at 30/06/26: Shareholder Shares Ownership Havila Holding AS 10,218,566 59,69% Glafki Alpha Trading Limited 1,542,750 9,01% Clearstream Banking S.A. 1,527,251 7,40% Basat Shipping Ltd 1,133,707 6,62% Camillo AS 460,330 2,69% Farvatn II AS 339,215 1,98% Eitzen 280,700 1,86% Tvenge 140,000 0,94% MP Pensjon PK 109,657 0,82% UBS Switzerland AG 91,776 Nordnet Livsforsikring AS 71,094 Camaca AS 70,000 0,62% Commerzbank Aktiengesellschaft 47,151 0,41% Interface AS 44,835 0,29% Morgan Stanley & Co. Int. Plc. 39,491 Fremr AS 38,544 0,26% State Street Bank and Trust Comp 37,693 0,23% Cryptic AS 33,999 0,22% Farvatn Private Equity AS 33,333 0,20% Kamato AS 24,115 0,14% 20 largest/20 største 16,284,207 93,39% Other/Øvrig 835,507 5,94% Total 17,119,714 100,00% Havila Kystruten AS Q2 2026 28 Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern NOTES
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Note 14. Going concern The interim financial statements have been prepared on a going concern basis. The Board’s assessment is supported by the Group’s strengthened financial position following the completion of the EUR 456 million refinancing in November 2025. The new financing has a 15-year maturity profile and provides long-term stability together with a significant reduction in interest expenses. The assessment is further supported by the Group’s continued generation of positive cash flow from operations, driven by stable revenue from the coastal route contract. Independent valuations confirm that the fair market value of the Group’s vessels continues to exceed their carrying amounts, representing significant excess values and a substantial buffer in the Group’s equity. In addition, as of August 2026, more than 74% of total capacity for the year has been booked, corresponding to approximately 95% of the annual cabin-nights target and around 11% higher than at the same time last year. This provides increased revenue visibility and supports an improved EBITDA margin for 2026. Based on the secured long-term financing, the solid booking situation and the expected improvement in margins for 2026 and beyond, the Board of Directors has concluded that the going concern assumption is appropriate. Havila Kystruten AS Q2 2026 29 CHAPTER Content Key figures Q2 2026 We are Havila Kystruten We are setting course towards a greener coastal voyage Summary Q2 2026 Income statement Balance sheet Cash flow statement Equity statement Note 1. Accounting principles Note 2. Main accounting estimates Note 3. Revenues Note 4. Specification of expenses Note 5. Related parties Note 6. Fixed assets Note 7. Leases Note 8. Borrowings Note 9. Financial risk management Note 10. Earnings per share Note 11. Restricted cash Note 12. Shares and shareholders Note 13. Other current liabilities Note 14. Going concern
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Besøksadresse Mjølstadnesvegen 24 6092 Fosnavåg Postadresse Postboks 215 6099 Fosnavåg +47 70 00 70 70 kystruten@havila.no havilakystruten.no © Havila Kystruten AS