Havila Kystruten Posts Strong 2025 Results Amid Fleet Expansion
Event summary
- Havila Kystruten achieved 100% operational uptime in 2025, up from 98% in 2024, across its four-vessel fleet.
- EBITDA rose to MNOK 373 in 2025 from a negative MNOK 191 in 2023, driven by 17% revenue growth and higher pricing.
- Fourth-quarter revenues declined 10% YoY to MNOK 361 due to lower occupancy and delayed sales campaigns.
- Completed MEUR 456 refinancing in November 2025, reducing interest costs from high double-digits to ~10%.
- 63% of 2026 capacity already booked as of February, up 20% YoY, with Q1 2026 occupancy at ~70%.
The big picture
Havila Kystruten's strong 2025 performance reflects the maturation of its fleet expansion strategy, with operational stability and revenue growth driven by modern, environmentally friendly vessels. The company's refinancing and focus on sustainability position it favorably in the maritime transportation sector, where demand for eco-friendly coastal travel remains robust. The strategic shift toward shorter voyages and higher-priced direct bookings could further differentiate Havila Kystruten in a competitive market.
What we're watching
- Revenue Growth
- Whether Havila Kystruten can sustain its 17% revenue growth trajectory in 2026 amid strong early bookings and higher pricing strategies.
- Cost Control
- The pace at which operational efficiency measures and revised LNG purchasing agreements reduce cost growth in 2026.
- Sustainability Initiatives
- How the company's transition to liquefied biogas (LBG) and other zero-emission energy sources will impact long-term operational costs and market positioning.
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