Havila Kystruten AS

Q2 2024 - Presentation 29 August 2024

OPERATES THE HISTORIC NORWEGIAN COSTAL ROUTE

· Havila Kystruten AS listed on Euronext Growth under ticker HKY
· Operates the Coastal Route between Bergen and Kirkenes that has over 130 years of history
- 34 ports and 6 nights north
- 33 ports and 5 nights south
· The route is operated under a concession for personnel and goods transportation with the Norwegian government
· Contract duration from 2021 to end of 2030 (option from government to extend to 2031)
· Havila Kystruten has four (4) out of eleven (11) vessels operating on the route
· HKY is part of Havila Group, a family-owned enterprise founded by Per Sævik in Fosnavåg

KYSTRUTEN

LNG+ operations cuts CO2 by 35-40% 0 | 利

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With biogas, carbon neutral (90% reduction) One of the world's largest battery packs
Four hours sailing with zero emissions
NOx & SOx emissions reduced by 90%
Energy-efficient hull design
Hydrogen 'ready'
Locally sourced food
Heat recovery from the sea and engines

Q2 marks the first quarter with a positive operating (EBITDA) result.
Selected on Times Magazine list of 100 places to visit in 2024.
Havila Pollux temporarily out of service for two round trips in May due to technical issues. Revenue loss primarily covered through loss of hire insurance.
Focus going forward on . enhancing the brand and achieving exceptional customer satisfaction.

4 Ships in full operation	94% operational ship uptime	533 permanent employees, high work satisfaction
76 Net Promotor Score	36% reduction of CO2 emission	70g food waste per passenger night
53% sales through own channels	369 MNOK revenues (+2.1x vs Q223)	58.4 MNOK EBITDA (-MNOK 15 Q223)

Q2 24 revenues increased by 2.1x from Q2 23 and 1H 24 vs 1H 23 increased by 2.3x. Adjusted for number of vessels the growth is 7% and 15% respectively.
Revenue growth driven by occupancy rate rising to 69% (up from 62%) and ACR increasing to NOK 5,200 (from NOK 4,500) from Q2 23.
Future focus on enhancing operational profitability and cash flow generation:
- High potential for further price increases as current prices still reflect past ticket sales and cancellations.
- The strategy of offering shorter trips opens new and exciting commercial opportunities aimed at travellers with higher willingness to pay.
- Potential to increase occupancy and passenger numbers on the southbound route from Kirkenes to Bergen.
- Emphasis on cost optimization through cost measures and efficiency improvements as growth stabilizes. -200 000

	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024
Vessels	2,0	2,0	2,8	4,0	4,0	4.0
Occupancy (%)	67 %	62 %	70 %	60 %	68%	69%
Cabin nights (#)	19 700	19 500	35 650	38 750	42 650	40 650
Cabin Factor (#)	1,66	1,75	1,76	1,75	1,77	1,78
Passenger nights (#)	32 700	34 150	62 850	67 750	75 650	72 300
Average cabin revenue (NOK)	3 000	4 500	4 450	3 050	3 900	5 200

Proving the operating model with up to 80% overall occupancy, while achieving revenue and margin targets.
Continue to deliver on sustainability goals and support stricter environmental requirements on the Costal Route.
· Facilitate a refinancing and reduce interest rate levels and cost within 2025.
Position the company for growth opportunities in the Costal Route.

HAVILA VOYAGES havilavoyages.com

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