# HKY Q1 2026 Report.pdf

- Press release: Havila Kystruten AS: First quarter 2026 accounts (2026-05-28)
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**TL;DR —** Havila Kystruten reported a strong Q1 2026 with a 167% increase in EBITDA to MNOK 30, driven by a 12% revenue growth to MNOK 391 and improved occupancy, while continuing to reduce CO2 emissions by 37%.

## Takeaways
- **EBITDA:** Increased by 167% to MNOK 30 in Q1 2026 from MNOK 11 in Q1 2025, with the EBITDA margin improving to 8% from 3%.
- **Revenue Growth:** Total operating revenues rose by 12% year-over-year to MNOK 391, with ticket revenue up 16% to MNOK 222 and onboard revenue up 14% to MNOK 63.
- **Operational Performance:** Occupancy across the fleet significantly improved to 72% (from 61% in Q1 2025), with 100% operational uptime for its 4 ships.
- **Sustainability:** Achieved a 37% reduction in CO2 emissions and an 87% reduction in NOx emissions compared to the 2017 baseline.
- **Bookings & Outlook:** 69% of total capacity for 2026 is already booked as of May, 15% higher than last year, with an expected average cabin revenue (ACR) increase of over 10%.
- **Financial Structure:** Refinanced debt in November 2025 with a 15-year financial lease facility totaling MEUR 456, reducing effective borrowing cost to an estimated 10%.

*Generated 2026-09-25 via google/gemini-2.5-flash*