# HKY Q2 2026 Result Presentation.pdf

- Press release: Havila Kystruten AS: Second quarter and first half 2026 accounts (2026-08-27)
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**TL;DR —** Havila Kystruten AS (HKY) reported a strong Q2 2026 with a 15% YoY revenue increase to MNOK 479 and a 24% YoY EBITDA increase to MNOK 98, driven by increased passenger nights and average cabin revenue, while maintaining 100% operational uptime across its four vessels.

## Takeaways
- **Revenue Growth:** Total revenue increased by 15% YoY to MNOK 479 in Q2 2026 (vs. MNOK 416 in Q2 2025).
- **EBITDA Improvement:** EBITDA reached MNOK 98 in Q2 2026, up 24% from MNOK 79 in Q2 2025.
- **Operational Efficiency:** The fleet achieved 100% operational uptime in Q2 2026.
- **Passenger Metrics:** Passenger nights increased by 17% YoY, and average cabin revenue (ACR) rose by 4% YoY to NOK 5,900.
- **Booking Strength:** 74% of 2026 capacity is already booked (equivalent to ~95% of target), with 2027 individual bookings 3 percentage points ahead of the prior year.
- **Refinancing & Valuation:** Completed a comprehensive refinancing of EUR 456M debt, reducing effective interest cost to ~10%, and vessels are independently valued at MEUR 663, significantly above book value.

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