Announcement • Jun 12
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 10
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 Norwegian stocks, typically moving 7.6% 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 (7.6% average weekly change). 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 6.3% growth forecast for the Hospitality industry in Europe. 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 31% per year, which means it is significantly lagging earnings. New Risk • Apr 22
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 (kr849.1m market cap, or US$90.8m). Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -kr8.44 to -kr9.50 per share. Revenue forecast of kr2.00b unchanged since last update. Hospitality industry in Norway expected to see average net income growth of 13% next year. Consensus price target down from kr82.50 to kr77.50. Share price was steady at kr55.00 over the past week. Price Target Changed • Mar 02
Price target decreased by 11% to kr77.50 Down from kr87.50, the current price target is an average from 2 analysts. New target price is 38% above last closing price of kr56.00. Stock is up 40% over the past year. The company is forecast to post a net loss per share of kr9.50 next year compared to a net loss per share of kr62.58 last year. 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 6.4% growth forecast for the Hospitality industry in Europe. 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 52% per year, which means it is significantly lagging earnings. New Risk • Jan 27
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 Norwegian stocks, typically moving 7.4% 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 (-kr1.2b). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr45m net loss in 2 years). Share price has been volatile over the past 3 months (7.4% average weekly change). 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 5.7% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Europe. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 69%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from kr1.75b to kr1.83b. Forecast EPS reduced from -kr38.50 to -kr65.24 per share. Hospitality industry in Norway expected to see average net income growth of 10% next year. Consensus price target down from kr87.50 to kr82.50. Share price rose 5.3% to kr60.00 over the past week. Price Target Changed • Nov 20
Price target decreased by 11% to kr82.50 Down from kr92.50, the current price target is an average from 2 analysts. New target price is 32% above last closing price of kr62.36. Stock is up 164% over the past year. The company is forecast to post a net loss per share of kr65.24 next year compared to a net loss per share of kr46.02 last year. 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 Risk Negative equity (-kr661m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr73m net loss in 2 years). 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. Buy Or Sell Opportunity • Nov 10
Now 616% overvalued after recent price rise Over the last 90 days, the stock has risen 4,327% to kr58.00. The fair value is estimated to be kr8.10, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 64% over the last 3 years. Earnings per share has grown by 82%. Revenue is forecast to grow by 16% in a year. Earnings are forecast to grow by 49% in the next year. Breakeven Date Change • Sep 09
Forecast breakeven date pushed back to 2027 The analyst covering Havila Kystruten previously expected the company to break even in 2026. New forecast suggests losses will reduce by 85% per year to 2026. The company is expected to make a profit of kr69.2m in 2027. Average annual earnings growth of 96% is required to achieve expected profit on schedule. New Risk • Sep 04
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 Norwegian stocks, typically moving 6.5% 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 (-kr661m). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • Aug 28
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr416.1m (up 13% from 2Q 2024). Net loss: kr272.2m (loss widened 174% from 2Q 2024). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Europe. Major Estimate Revision • Jul 18
Consensus EPS estimates fall by 83% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -kr0.41 to -kr0.75 per share. Revenue forecast of kr1.81b unchanged since last update. Hospitality industry in Norway expected to see average net income growth of 27% next year. Consensus price target of kr1.75 unchanged from last update. Share price was steady at kr1.34 over the past week. 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. Major Estimate Revision • Jun 05
Consensus EPS estimates upgraded to kr0.41 loss, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from kr1.90b to kr1.81b. 2025 losses expected to reduce from -kr0.565 to -kr0.41 per share. Hospitality industry in Norway expected to see average net income growth of 19% next year. Consensus price target down from kr1.85 to kr1.75. Share price rose 8.4% to kr1.16 over the past week. Reported Earnings • May 30
First quarter 2025 earnings released First quarter 2025 results: Revenue: kr350.0m (up 20% from 1Q 2024). Net loss: kr66.1m (loss narrowed 82% from 1Q 2024). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 16
Consensus EPS estimates fall by 95%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from kr1.87b to kr1.90b. Forecast EPS reduced from -kr0.29 to -kr0.565 per share. Hospitality industry in Norway expected to see average net income growth of 16% next year. Consensus price target up from kr1.75 to kr1.85. Share price was steady at kr0.89 over the past week. Major Estimate Revision • Mar 06
Consensus EPS estimates fall by 16%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from kr1.82b to kr1.87b. Forecast EPS reduced from -kr0.25 to -kr0.29 per share. Hospitality industry in Norway expected to see average net income growth of 16% next year. Consensus price target of kr1.75 unchanged from last update. Share price was steady at kr0.89 over the past week. Reported Earnings • Feb 28
Full year 2024 earnings released: kr0.92 loss per share (vs kr2.18 loss in FY 2023) Full year 2024 results: kr0.92 loss per share (improved from kr2.18 loss in FY 2023). Revenue: kr1.53b (up 100% from FY 2023). Net loss: kr787.9m (loss narrowed 14% from FY 2023). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Hospitality industry in Europe. Breakeven Date Change • Jan 01
Forecast to breakeven in 2027 The 2 analysts covering Havila Kystruten expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr251.0m in 2027. Average annual earnings growth of 83% is required to achieve expected profit on schedule. Major Estimate Revision • Dec 18
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -kr0.68 to -kr0.825 per share. Revenue forecast unchanged at kr1.47b. Hospitality industry in Norway expected to see average net income growth of 23% next year. Consensus price target of kr1.75 unchanged from last update. Share price rose 4.7% to kr0.72 over the past week. Price Target Changed • Dec 17
Price target decreased by 7.9% to kr1.75 Down from kr1.90, the current price target is an average from 2 analysts. New target price is 146% above last closing price of kr0.71. Stock is down 8.8% over the past year. The company is forecast to post a net loss per share of kr0.82 next year compared to a net loss per share of kr2.18 last year. Breakeven Date Change • Dec 17
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. Announcement • Dec 06
Havila Kystruten AS, Annual General Meeting, May 15, 2025 Havila Kystruten AS, Annual General Meeting, May 15, 2025. New Risk • Dec 03
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: kr947m Forecast net loss in 2 years: kr99m 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 (-kr182m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr99m net loss in 2 years). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (kr654.0m market cap, or US$59.1m). New Risk • Nov 28
New major risk - Negative shareholders equity The company has negative equity. Total equity: -kr182m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risk Negative equity (-kr182m). Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (kr547.8m market cap, or US$49.6m). Price Target Changed • Oct 10
Price target decreased by 10.0% to kr1.80 Down from kr2.00, the current price target is an average from 2 analysts. New target price is 157% above last closing price of kr0.70. Stock is down 27% over the past year. The company is forecast to post a net loss per share of kr0.73 next year compared to a net loss per share of kr2.18 last year. Breakeven Date Change • Sep 09
Forecast to breakeven in 2026 The analyst covering Havila Kystruten expects the company to break even for the first time. New forecast suggests losses will reduce by 61% per year to 2025. The company is expected to make a profit of kr78.3m in 2026. Average annual earnings growth of 96% is required to achieve expected profit on schedule. Reported Earnings • Sep 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr369.3m (up 115% from 2Q 2023). Net loss: kr99.3m (loss narrowed 12% from 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Hospitality industry in Europe. Major Estimate Revision • Aug 27
Consensus EPS estimates fall by 42% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr1.61b to kr1.54b. Losses expected to increase from kr0.38 per share to kr0.54. Hospitality industry in Norway expected to see average net income growth of 35% next year. Consensus price target down from kr2.00 to kr1.90. Share price rose 5.3% to kr0.94 over the past week. 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 8.1% growth forecast for the Hospitality industry in Europe. Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr1.65b to kr1.61b. Losses expected to increase from kr0.31 per share to kr0.38. Hospitality industry in Norway expected to see average net income growth of 34% next year. Consensus price target of kr2.00 unchanged from last update. Share price fell 6.4% to kr0.98 over the past week. 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 Risk 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 (kr873.1m market cap, or US$83.4m). 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. 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 8.2% growth forecast for the Hospitality industry in Europe. 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 8.6% growth forecast for the Hospitality industry in Europe. Reported Earnings • Sep 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr172.1m (up 158% from 2Q 2022). Net loss: kr113.2m (loss narrowed 38% from 2Q 2022). 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 Share price has been highly volatile over the past 3 months (29% average weekly change). 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 (kr794.1m market cap, or US$73.3m). New Risk • Jun 21
New major risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr935.3m (US$87.0m) 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 Share price has been highly volatile over the past 3 months (29% average weekly change). Shareholders have been substantially diluted in the past year (over 14x increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr935.3m market cap, or US$87.0m). 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). 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. Reported Earnings • Mar 03
Full year 2022 earnings released: kr7.64 loss per share (vs kr2.22 loss in FY 2021) Full year 2022 results: kr7.64 loss per share (further deteriorated from kr2.22 loss in FY 2021). Revenue: kr332.1m (up kr287.5m from FY 2021). Net loss: kr570.4m (loss widened 418% from FY 2021). Reported Earnings • Dec 02
Third quarter 2022 earnings released: kr2.21 loss per share (vs kr0.98 loss in 3Q 2021) Third quarter 2022 results: kr2.21 loss per share (further deteriorated from kr0.98 loss in 3Q 2021). Revenue: kr134.4m (up kr125.8m from 3Q 2021). Net loss: kr109.5m (loss widened 125% from 3Q 2021). Board Change • Nov 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). 
