Growth and Improved Profitability for Voyages in 2025

Havila Kystruten AS (HKY), internationally known as Havila Voyages, achieved a notable increase in revenue during the year, with growth of 17 percent compared to the previous year. Revenue was driven by higher average cabin prices and growth in the number of passenger nights. The company delivered a strong operating result, reporting EBITDA of NOK 373 million, up from NOK 219 million in 2024.

Passenger and cargo traffic also increased, with port-to-port travel (distance passengers) rising by 14 percent and cargo volumes going up 11 percent compared to 2024.

“In our second year with all ships in full operation, we have experienced growth and solid progress. Demand continues to increase, and we are proud of the results we are delivering. This confirms that our strategy is working and that more guests are seeking sustainable travel experiences along the Norwegian coast,” said CEO Bent Martini of Havila Voyages.

The company also highlights a successful refinancing completed in the fall of 2025, providing a robust financial platform for future operations.

“We have secured long-term, predictable financing with a 15-year structure covering the entire concession period. This reduces interest costs and provides the stability we need to further develop the company,” Martini said.

New Travel Patterns
Travel behavior is evolving, and Havila Voyages is seeing a particularly strong increase in demand for shorter and more flexible journeys. This trend is reflected in the company’s ongoing development of its offerings, aimed at reaching new customer segments.

“We clearly see trends toward shorter and more flexible travel experiences. That is why we are actively adapting our products, while maintaining what makes us unique: high quality, modern solutions, and spectacular nature experiences,” said Martini.

The report also notes that strong demand is reflected in high customer satisfaction and increasing guest loyalty.

Sustainability at the Core
Sustainability remains central to Havila Voyages’ operations. In 2025, the company further reduced CO₂ emissions and exceeded regulatory requirements by a wide margin. One of the year’s highlights came in the fall of 2025, when Havila Polaris completed a historic climate-neutral round trip powered by biogas, achieving an actual emissions reduction of 95.5 percent.

“This voyage demonstrated that it is entirely possible to meet stricter environmental requirements on the coastal route in the next contract period—without compromising safety or operational performance,” Martini said.

The company continues to work on new solutions, including alternative fuels and carbon capture. Efforts to reduce food waste have also yielded strong results, with levels well below the company’s ambitious targets.

“Sustainability is not just a prerequisite for the future—it is also a driver of trust, loyalty, and value creation. We see that more customers choose us specifically because we make clear and responsible choices in this area,” Martini added.

Strong Operations and High Safety Standards

Havila Kystruten reports 100 percent operational uptime throughout the year—a strong result for daily operations along one of the world’s most demanding coastlines. The company also recorded no serious incidents involving injury to people, the environment, or vessels.

Safety remains the top priority, supported by continuous investments in training, technology, and improvement initiatives.

“Our people are our most important resource. We are proud of the strong working environment, high levels of expertise, and low employee turnover. Together, we ensure safe and stable operations every single day,” said Martini.

Value Creation Along the Coast
Through its operations, Havila Voyages contributes to value creation and employment in coastal communities along its route. The company emphasizes local economic impact and collaboration with suppliers and partners throughout the coastline.

“The backbone of our operations is being there for coastal communities—contributing to increased activity and value creation in the ports we serve. This is an important part of our social responsibility,” Martini said.

Positive Outlook
With a solid foundation built in 2025, Havila Voyages looks ahead with optimism. The company will continue to develop its offerings and strengthen its position as a sustainable and attractive player in the travel industry.

“With a clear strategy, strong values, and a dedicated team, we are well positioned for the future. We look forward to an exciting 2026 and many strong years ahead,” Martini concluded.

Download the integrated annual report below. 

At the same time Havila Voyages for the first quarter of 2026, and could report a EBITDA of NOK 30 million, up from NOK 11 million in the same period last year—an improvement of 167%. The EBITDA margin increased to 8%, compared with 3% in the first quarter of 2025.

Total operating revenue reached NOK 391 million, representing a 12% increase year over year. Ticket revenue rose 16% to NOK 222 million, driven by strong demand and higher prices, while onboard revenue increased 14% to NOK 64 million.

“We are very pleased with the strong start to 2026. The combination of higher demand, improved pricing, and solid operational performance is clearly reflected in our results,” said CEO Bent Martini.

“Our strategy to strengthen our commercial growth is delivering results.”

The company reported capacity utilization of 72%, up from 61% the previous year, and passenger nights increased 17% to 84,301. The company maintained 100% operational uptime during the quarter.

Contract revenue totaled NOK 103 million, and full-year expectations have been revised upward following a positive adjustment to the contract framework with the Ministry of Transport.

Cost growth remained under control relative to revenue, with total operating expenses increasing by 7%. While activity-driven costs such as cost of goods sold and crew expenses rose due to higher volumes, energy-related costs fell by 24% compared with the previous year, supported by lower prices and improved LNG procurement.

Download the Q1 report below.