Solid annual results for Havila Voyages

The company’s second full year of operations with all four ships in regular service along the Norwegian coast marks a clear step forward, with strong revenue growth and a significant improvement in profitability.

In 2025, the company achieved 100% operational uptime, up from 98% in 2024.

“The year behind us shows what we can achieve when we combine modern ships, skilled people, and an operating setup that delivers high predictability. One hundred percent uptime throughout the year along the demanding Norwegian coast is an achievement everyone in the company should be proud of,” says CEO Bent Martini of Havila Voyages.

Havila Voyages has a “power-by-the-hour” agreement with Kongsberg Maritime, which contributes to round-the-clock monitoring and proactive technical follow-up of the company’s coastal route ships. The vessels also continue to deliver improved emissions performance, with the fleet’s CO₂ emissions in the fourth quarter 38% lower than the 2017 reference figures for the coastal route.

“This gives us better control, faster response times, and more preventive maintenance. The result is high stability, better delivery on our public-service mission, and a better experience for our guests,” says Martini.

“Our emissions have also been significantly reduced, and we are proud of that. We have come a long way, and our ambitions going forward are high as we move closer to climate neutrality—meaning a 90% or greater actual reduction in our CO₂ emissions.”

Strong revenue growth and improved earnings
The company’s total revenues in 2025 were NOK 1.775 billion, up from NOK 1.523 billion in 2024. This is an increase of NOK 252 million—equivalent to 17% revenue growth. The growth was driven by solid demand, with passenger nights up 3%, while the average cabin rate (ACR) increased by approximately 20%.

“We are seeing the effects of better management, higher prices, and stable operations. At the same time, we have made targeted investments to support long-term growth,” says Martini.

Operating results before depreciation for 2025 ended at a positive NOK 373 million, up from NOK 218 million in 2024 and negative NOK 191 million in 2023.

“We deliberately chose to invest more in marketing and sales in the fourth quarter to strengthen booking levels going into 2026. That resulted in lower short-term profitability at the end of last year, but we are already seeing clear positive effects in the 2026 booking figures, where more than 63% of total capacity has already been sold,” he says.

Cost development in line with growth and inflation

Total operating expenses in 2025 were NOK 1.402 billion, up from NOK 1.310 billion in 2024—growth of around 7%.

“More guests, general inflation, and strengthening our shore-based organization, in addition to increased sales and marketing costs, are the reasons for the cost increase. With more guests, costs also rise somewhat.”

“Overall, we are pleased with the development of our company. After refinancing the company last year, we strongly believe that 2026 will deliver even better results, both on the top and bottom line,” Martini concludes.

Download the quarterly report below.