Havila Voyages has published its Q4 2025 figures, confirming a strong second full year with all four ships in operation on the Norwegian coastal route.
Key Financials 2025
- Revenue: NOK 1.775 billion (2024: NOK 1.523 billion)
- Increase: NOK 252 million (+17%)
- Operating result before depreciation: NOK 373 million
- 2024: NOK 218 million
- 2023: NOK -191 million
The improvement reflects stronger demand, pricing power, and operational stability.
Operational Performance
- 100% operational uptime in 2025 (2024: 98%)
- Passenger nights up 3%
- Average Cabin Rate (ACR) up approx. 20%
- Q4 CO₂ emissions 38% below 2017 reference levels
CEO Bent Martini highlighted the significance of full-year uptime along the demanding Norwegian coast, calling it “an achievement everyone in the company should be proud of.”
Havila Voyages operates under a “power-by-the-hour” agreement with Kongsberg Maritime, ensuring 24/7 monitoring and proactive technical follow-up. This supports high technical reliability and predictable service delivery under the public-service contract.
Costs And Investments
Total operating expenses reached NOK 1.402 billion (2024: NOK 1.310 billion), an increase of around 7%.
Cost drivers included:
- Higher guest volumes
- General inflation
- Expansion of shore-based organisation
- Increased sales and marketing spend
The company deliberately increased marketing investments in Q4 to strengthen forward bookings. As a result, short-term profitability softened, but early indicators for 2026 are positive.
More than 63% of total 2026 capacity is already sold.
Outlook
Following refinancing in 2024, management expects further improvement in both revenue and profitability in 2026.
The combination of stable operations, higher yields, and continued emissions reductions positions Havila Voyages for stronger financial performance going forward.
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