Havila Kystruten AS

Earnings Release • Nov 27, 2024

Havila Kystruten AS

Q3 2024 - Presentation 27 November 2024

«We are sailing in the world heritage. So should the generations to come.» Per Sævik, majority owner and founder

Our

Mission

LNG+ operations cuts CO2 by 35-40%* With biogas (LBG), potential for carbon neutral operations (90% reduction)

One of the world's largest battery packs Up to four hours with zero-emission operations

NOx & SOx emissions reduced by 90%*

Energy-efficient hull design

Hydrogen 'ready'

Locally sourced food

Heat recovery from the sea and engines

*Compared to reference numbers from 2017 on the coastal route (diesel operated ships)

Q3 2024 Business highlights

• · Positive development in all core KPIs vs same quarter last year.
• Improved occupancy, higher average cabin rate and higher onboard spend per passenger night.
• Cost increase reflective of higher activity and general KPI increases.
• · Second quarter in company history with positive EBITDA.

KYSTRUTEN

HAVILA

• High customer satisfaction among guests and environmental targets met.

78%	5,200	770
Оссирапсу	ACR (NOK)	OBS / pax night (NOK)
(70% in Q323)	(4 000 in Q323)	(690 in Q323)
464	336	128
MNOK revenues	MNOK costs	MNOK EBITDA
(226 in Q323)	(262 in Q323)	(-36 in Q323)
72 Net Promoter Score (> 70 is world class)	30% reduction of CO2 emission	66g food waste per passenger night (vs. goal of < 75g)

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Havila Food Stories

Havila Kystruten was nominated in several categories at the prestigious Wave Awards 2024 in London, where we ultimately received the "Best Cuisine" award for our food concept. The award acknowledges the company's efforts to provide a unique and sustainable dining experience inspired by Norway's rich nature and traditions, and the company sets the standard for quality in food and service within the travel and cruise industry.

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Q423 Q124 Q224 Q324

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Debt overview and refinancing update

• High average interest rate on secured loan reflects sanctions situation in 2023 where a 3-year bridge financing was established.
• The company has a goal to refinance debt 12 months prior to maturity.
• · Preliminary refinancing discussions initiated supported by:
  • · Solid underlying asset values.
  • · Contract with the Norwegian government providing stable cashflow.
  • · An improved operational track record.
  • · Very positive feedback on vessel quality and product.

	Secured bond loan	Shareholder loan	Shareholder Overdraft
Loan facility	MEUR 255	MEUR 76	MNOK 200
Undrawn (overdraft)			MNOK 50
Outstanding loan at Q324 (incl capitalized interest)	MEUR 263	MEUR 80	MNOK 155
Amortization	N/A	N/A	N/A
Maturity	26.07.2026	26.07.2028	26.01.2027
Call protection	Jan 2026	N/A	N/A
Redemption premium	6-8%
Interest rate	3 MTH EURIBOR + 7% cash +1,75% PIK	3 MTH EURIBOR + 9,5%	Fixed 13,0%+0,5%
Interest payment method	Cash + PIK	PK	PIK
Next 12 mth. cash interest	Abt. MNOK 325*	N/A	N/A
Security package	1st priority mortgage and other customary security.	None	None

*Based on the interest fixing for interest payment in Q4 2024 and in 1Q2025, the 3 MTH EURIBOR FWD curve and the present EURNOK exchange rate.

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HKY - Share

• · Substantial asset values (the four cruise vessels) supporting the long-term investment case.
• · Facilitate a refinancing in 2025.
• Continue to deliver on sustainability goals and support stricter environmental requirements on the Costal Route.
• The company is well positioned for growth . opportunities in the Costal Route.

Committed to delivering value to stakeholders and sustainable travel experiences to guests

2025 2024 2026 -> • Focus on product · First year of full · Focus on price and operations with all 4 margin improvement development vessels · Target refinancing in · Develop additional · Occupancy levels of 2025 revenue streams ~75% FY EBITDA target of abt. • EBITDA target of abt. · ACR growth vs. last year MNOK 600-800* MNOK 400-500 close to 30% • Occupancy target of 75-• Occupancy target of · FY EBITDA target of abt. 80% ~80% MNOK 200 · ACR growth target of · ACR growth target of 10-· EBITDA margin of 10-20-30% vs. last year 15% vs. last year 15% FY EBITDA margin • EBITDA margin target of target of 20-30% 30-40%

* This excludes potential additional revenue streams from pre- or post-voyage activities, such as hotels, filights, trains, and other experiences.

Key Performance Indicators

	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024
Vessels	2,8	4,0	4,0	4.0	4.0
Occupancy (%)	70 %	63 %	68%	69%	78%
Cabin nights (#)	35 650	38 450	42 650	40 650	50 450
Cabin Factor (#)	1,76	1,75	1,77	1,78	1,86
Passenger nights (#)	62 850	67 250	75 650	72 300	93 900
Average cabin revenue (NOK)*	4 000	2 650	3 350	4 700	5 200
OBS/ Pax Night (NOK)**	690	630	670	760	770

The company has updated the ACR neasurement to relective (sizenes free and included presold onbard spending (shorex, addons and artivities) has been removed and will now be combined with sales made during guests' onboard experience. (OBS/ Pax Night)

**Onboard Spend per Passenger night. Includes both presold and sold onboard

The Key Performance Indication the company's booking system and are unautied. Consequently, there nay exist writting or minor discrepansion in aboolute if a doolute figures and periodization compared to the officially reported for currency (for both ACR and Presold OBS/Pax night) is based on the booking system currency rate.

HAVILA VOYAGES

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