Havila Kystruten Q2 2026 slides: record occupancy amid outlook cut

Havila Kystruten AS, a Norwegian coastal cruise operator, reported record Q2 2026 results on August 27, 2026, despite a revised full-year outlook due to rising fuel costs. The company achieved an impressive 83% occupancy rate, the highest on record, and a 24% increase in EBITDA. However, stock prices fell nearly 24% as investors weighed near-term cost pressures.

Havila Kystruten operates four vessels on the Bergen-Kirkenes coastal route under a government concession, holding roughly one-third of the 11-vessel capacity in a regulated duopoly market. The company reported NOK 479 million in total revenue, a 15% year-over-year increase, and NOK 98 million in EBITDA, a 24% increase. Occupancy rose from 74% in the prior-year quarter, reflecting strong demand across the fleet.

Passenger nights increased 17% year-over-year, and average cabin revenue rose 4% to NOK 5,900. Onboard spending per passenger night reached NOK 790, a 32% surge. The company maintained 100% operational uptime for the eighth consecutive quarter. Management highlighted progress in sales channel optimization and market diversification, noting that internal channels accounted for 51% of passenger nights in Q2 2026, up from 49% through travel agencies.

English-speaking markets now represent more than one-third of Q2 2026 guests. The company has already booked 74% of its 2026 capacity, with 28% booked for 2027, ahead of the prior year despite lower group allotments.