Havila Kystruten (OB:HKY): Q3 Net Loss Deepens to 572 Million NOK, Underscoring Ongoing Profitability Concerns

Havila Kystruten (OB:HKY) has just posted its Q3 2025 results, reporting total revenue of 648.6 million NOK and a net loss of 571.8 million NOK. Over recent quarters, the company has seen revenue move from 464.1 million NOK in Q3 2024 to 402.6 million NOK in Q4 2024, then up to 416.1 million NOK in Q2 2025 ahead of the latest quarter’s figure. Meanwhile, EPS has consistently tracked in negative territory across this period. Margins remain under clear pressure, with profitability still a major concern for investors looking into the latest earnings.

See our full analysis for Havila Kystruten.

The next section takes these results and weighs them against the prevailing narratives among investors and the Simply Wall St community, setting expectations and challenging assumptions where the data demands.

Curious how numbers become stories that shape markets? Explore Community Narratives

Valuation at Deep Discount to DCF Fair Value

• The current share price of 57.52 NOK is trading at an 85.7% discount to the 401.06 NOK DCF fair value, according to the latest data.
• The prevailing market view points out that even as revenue for the trailing twelve months stands at 1.82 billion NOK, material operating losses of 1.05 billion NOK continue to weigh on the company.
  • While the price-to-sales multiple of 0.5x is far below the industry average, bulls face the tension that the substantial valuation discount is being driven by persistent unprofitability.
  • Critics note that losses have grown at a 29% annual rate for five years, overshadowing optimism around discounted pricing and revenue growth forecasts.
• For a full breakdown of how valuation and risks balance out for HKY, get the market’s balanced view and see how sentiment has evolved with the results.
  📊 Read the full Havila Kystruten Consensus Narrative.

Losses Expand Despite Rising Sales

• Trailing 12-month net loss reached 1.05 billion NOK, worse than the prior year, while sales rose to 1.82 billion NOK, outpacing Norway’s travel sector with a 5.7% annualized growth rate compared to 2.7% for the market.
• The prevailing analysis points to a business model heavily pressured by high fixed costs, as higher revenue volumes have not translated to improvement in net profit margins.
  • Even as topline growth remains above sector trends, continued negative shareholders’ equity and accelerating losses keep profitability elusive.
  • Earnings have declined in the trailing year, demonstrating that efficiency gains or cost controls have yet to counterbalance core challenges.

Persistent Negative Equity Flags Fundamental Risk

• The company continues to be flagged for negative shareholders’ equity, a key financial red flag that persists alongside losses deepening by 29% annually over the past five years.
• The input risk analysis is clear: ongoing capital weakness may eventually limit strategic flexibility, regardless of improvements in sector demand or higher revenue.
  • Analysts point to the lack of margin improvement and growing loss trajectory as signals that discounted valuation alone does not mitigate core balance sheet risk.
  • This trend keeps the focus on underlying fundamentals, not just near-term revenue momentum or market multiples.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Havila Kystruten's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Despite impressive revenue growth, Havila Kystruten continues to face deepening losses and persistent negative equity. This situation puts its financial health in question.

If you want to focus on companies with stronger balance sheets and more stable fundamentals, check out solid balance sheet and fundamentals stocks screener (1937 results) for alternatives that are built to handle volatility.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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