Announcement • Jun 11
Havila Kystruten AS Approves Board Appointments Havila Kystruten AS at its AGM held on June 11, 2026, appointed Hege Sævik Rabben as Board Member and Per Sævik as Deputy Member. New Risk • Jun 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-kr1.3b). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr18m net loss in 2 years). Share price has been volatile over the past 3 months (8.5% average weekly change). New Risk • May 29
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr888m Forecast net loss in 2 years: kr18m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Negative equity (-kr1.3b). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr18m net loss in 2 years). Reported Earnings • May 29
First quarter 2026 earnings released First quarter 2026 results: Revenue: kr391.4m (up 12% from 1Q 2025). Net income: kr117.4m (up kr183.5m from 1Q 2025). Profit margin: 30% (up from net loss in 1Q 2025). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. New Risk • Apr 21
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-kr1.4b). Earnings have declined by 28% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€77.4m market cap, or US$91.0m). Reported Earnings • Mar 02
Full year 2025 earnings released: kr62.58 loss per share (vs kr46.03 loss in FY 2024) Full year 2025 results: kr62.58 loss per share (further deteriorated from kr46.03 loss in FY 2024). Revenue: kr1.78b (up 16% from FY 2024). Net loss: kr1.07b (loss widened 36% from FY 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Board Change • Dec 10
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 2 experienced directors. No highly experienced directors. Director Henriette Thomsen is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 28
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr648.6m (up 40% from 3Q 2024). Net loss: kr571.8m (loss widened 202% from 3Q 2024). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Hospitality industry in Germany. New Risk • Nov 20
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr669m Forecast net loss in 2 years: kr73m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-kr661m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr73m net loss in 2 years). Board Change • Nov 20
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 2 experienced directors. No highly experienced directors. Director Henriette Thomsen is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Nov 12
Havila Kystruten AS Provides Earnings Guidance for the Year 2026 Havila Kystruten AS provided earnings guidance for the year 2026. For the year, the company expects 10%–15% average cabin revenue growth across cabin categories for 2026, supporting continued revenue growth. Announcement • Jun 12
Havila Kystruten AS Approves Board Elections Havila Kystruten AS at its AGM held on June 12, 2025, approved the election of Vegard Sævik as Chairman of the BOD and Njål Sævik as deputy chairman. Therese Støle Skogstrand and Henriette Thomsen as new board members. Per Sævik is elected as deputy member for board members Vegard Sævik, Hege Sævik Rabben and Njål Sævik. Board Change • May 13
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Feb 03
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Breakeven Date Change • Dec 18
Forecast to breakeven in 2026 The 2 analysts covering Havila Kystruten expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 54% per year to 2025. The company is expected to make a profit of kr74.3m in 2026. Average annual earnings growth of 87% is required to achieve expected profit on schedule. Board Change • Dec 07
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Dec 06
Havila Kystruten AS, Annual General Meeting, May 15, 2025 Havila Kystruten AS, Annual General Meeting, May 15, 2025. Reported Earnings • Jun 05
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr292.9m (up 151% from 1Q 2023). Net loss: kr358.3m (loss widened 77% from 1Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Hospitality industry in Germany. New Risk • Jun 03
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: kr913m Forecast net loss in 3 years: kr149m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (over 10x increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr1.5b). Currently unprofitable and not forecast to become profitable over next 3 years (kr149m net loss in 3 years). Market cap is less than US$100m (€76.6m market cap, or US$83.5m). Breakeven Date Change • Jun 03
No longer forecast to breakeven The 2 analysts covering Havila Kystruten no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr88.5m in 2025. New consensus forecast suggests the company will make a loss of kr1.00m in 2025. Board Change • May 10
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Mar 03
Havila Kystruten AS Announces Aleksander Røynesdal Takes Up Position as Chief Financial Officer Havila Kystruten AS announced Aleksander Røynesdal on March 1, 2024 takes up the position as Chief Financial Officer. He is 44 years old and comes from the position as COO in Norgas Carriers AS. He has a diverse background from the finance area, including from I.M. Skaugen in Norway and Singapore. Arne Johan Dale continues as Chief Financial Officer of Havila Group. Reported Earnings • Mar 01
Full year 2023 earnings released: kr1.08 loss per share (vs kr13.58 loss in FY 2022) Full year 2023 results: kr1.08 loss per share. Revenue: kr764.2m (up 130% from FY 2022). Net loss: kr901.7m (loss widened 34% from FY 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Hospitality industry in Germany. Board Change • Jan 18
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Dec 03
Third quarter 2023 earnings released: kr3.98 loss per share (vs kr2.21 loss in 3Q 2022) Third quarter 2023 results: kr3.98 loss per share (further deteriorated from kr2.21 loss in 3Q 2022). Revenue: kr226.1m (up 68% from 3Q 2022). Net loss: kr297.1m (loss widened 171% from 3Q 2022). Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Hospitality industry in Germany. Board Change • Nov 21
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jul 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings have declined by 68% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 68% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 14x increase in shares outstanding). Minor Risk Market cap is less than US$100m (€67.3m market cap, or US$73.3m). New Risk • Jun 22
New major risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €75.7m (US$83.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (over 14x increase in shares outstanding). Minor Risk Market cap is less than US$100m (€75.7m market cap, or US$83.2m). Announcement • Jun 20
Havila Kystruten AS announced that it expects to receive NOK 757.790597 million in funding from Havila Holding AS Havila Kystruten AS announced a private placement of 688,900,543 shares at an issue price of NOK 1.10 per share for proceeds of NOK 757,790,597 on June 19, 2023. The transaction will include participation from returning investor Havila Holding AS for 423,036,363 shares. The placement was oversubscribed by existing shareholders and new investors. The transaction was approved by the board of directors of the company. The transaction is subject to shareholder in an extraordinary general meeting expected to be held on June 27, 2023. Reported Earnings • Jun 19
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr116.5m (up 151% from 1Q 2022). Net loss: kr202.7m (loss widened 386% from 1Q 2022). Board Change • May 24
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • May 19
Havila Kystruten AS Announces That Both American and British Authorities Have Granted the Licenses Havila Kystruten AS announced that the company has now received the license from the American authorities (OFAC) which, together with the license from the British authorities (OFSI), are the ones the company has been waiting for to caryy out the refinancing. All licenses have now been received, and the financing can be carried out. The coastal cruise ship Havila Pollux has completed its sea trials in Turkey, and only final finishing touchesremain before the ship is ready for delivery. Havila Polaris has already been completed at the Tersan shipyard, as previously reported. Obtaining the necessary licenses has taken longer than anticipated, and there is not enough time to complete the financing that ensures the ships can be put into operation as scheduled. Therefore, Havila Kystruten finds it necessary to postpone the planned start-up in route June 23rd for Havila Polaris and June 29th for Havila Pollux. The company apologizes for the delays to all affected parties. Board Change • Apr 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 10
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Dec 23
Havila Kystruten AS announced that it expects to receive NOK 300 million in funding from Havila Holding AS Havila Kystruten AS announced a private placement of new ordinary shares of minimum gross proceeds of NOK 250 million and maximum gross proceeds of NOK 300 million. The transaction is expected to close on December 22, 2022. Board Change • Dec 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Sep 22
Second quarter 2022 earnings released Second quarter 2022 results: kr2.80 loss per share. Net loss: kr139.2m (flat on 2Q 2021). Announcement • Jul 05
Havila Kystruten AS Announces Monica Gjerde Sperre Resigned from the Board of Directors Havila Kystruten AS announced that Board Member Monica Gjerde Sperre resigned from the board of directors caused by personal reasons. Announcement • May 12
Havila Kystruten AS Announces The Ministry of Foreign Affairs Has Rejected an Application for Exemption in Order to Insure Havila Capella Havila Kystruten AS announced that the Ministry of Foreign Affairs had granted the company an exemption from the "Sanctions" to operate Havila Capella for 6 months. The exemption did not entail insurances for the ship, and the Ministry of Foreign Affairs has rejected the company's application to take out insurances on the grounds that being able to take out insurances for the ship, in itself would entail assets to be made available to a sanctioned registered owner. The company deeply regrets the situation that has arisen, and the consequences for tourists and other passengers, employees, the coastal population and the company's suppliers. Breakeven Date Change • Mar 28
Forecast to breakeven in 2023 The analyst covering Havila Kystruten expects the company to break even for the first time. New forecast suggests the company will make a profit of kr78.0m in 2023. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Breakeven Date Change • Mar 08
Forecast to breakeven in 2023 The analyst covering Havila Kystruten expects the company to break even for the first time. New forecast suggests the company will make a profit of kr78.0m in 2023. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Breakeven Date Change • Feb 08
Forecast to breakeven in 2023 The analyst covering Havila Kystruten expects the company to break even for the first time. New forecast suggests the company will make a profit of kr78.0m in 2023. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Breakeven Date Change • Jan 21
Forecast to breakeven in 2023 The analyst covering Havila Kystruten expects the company to break even for the first time. New forecast suggests the company will make a profit of kr78.0m in 2023. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Breakeven Date Change • Dec 11
Forecast to breakeven in 2023 The analyst covering Havila Kystruten expects the company to break even for the first time. New forecast suggests the company will make a profit of kr78.0m in 2023. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Breakeven Date Change • Nov 12
Forecast to breakeven in 2023 The analyst covering Havila Kystruten expects the company to break even for the first time. New forecast suggests the company will make a profit of kr78.0m in 2023. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Breakeven Date Change • Oct 04
Forecast to breakeven in 2023 The analyst covering Havila Kystruten expects the company to break even for the first time. New forecast suggests the company will make a profit of kr78.0m in 2023. Average annual earnings growth of 57% is required to achieve expected profit on schedule. 
