Havila Kystruten AS

Q1 2024 - Presentation 31 May 2024

· 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

The World's Most Environmentally Friendly Cruise Fleet

LNG+ operations cuts CO2 by 35-40% 0 网
- With biogas, carbon neutral (90% reduction)
- One of the world's largest battery packs Four hours sailing with zero emissions
100 NOx & SOx emissions reduced by 90%

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ರ್ಶ್ವ

· The company has overcome significant challenges since startup, marking 2024 as "year zero" and a fresh start.
· We are methodically building the organization, with the aim of providing working environment where employees can thrive and succeed.
· Focus has been on occupancy, enhancing the brand and achieving exceptional customer satisfaction.
· Financial results reflect the challenging start-up and ongoing investments in operational growth.

4 Ships in full operation	99.5% operational ship uptime	507 permanent employees, high work satisfaction
70 Net Promotor Score	36% reduction of CO2 emission	68g food waste per passenger night
56% sales through own channels	293 MNOK revenues (+17% vs 4Q23)	-17.5 MNOK EBITDA (+53% vs 4Q23)

Q1 24 revenues increased by 17% from Q4 23 (4 vessels in operation). 2.5x increase from Q1 23 (2 vessels in operation).
Revenue growth driven by occupancy rate rising to 68% (up from 60%) and ACR increasing to NOK 3,900 (from NOK 3,100) from Q4 23 .
Future focus on enhancing operational profitability and cash flow generation:
- High potential for further ACR increases as current prices still reflect past ticket sales and cancellations.
- Emphasis on cost optimization through cost measures and efficiency improvements as growth stabilizes.
- Implementation of fuel (LNG) cost hedging strategy to protect margins on future sales. -150 000

Secured bond debt Unsecured shareholder loan Vessel values Unsecured RCF

	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024
Vessels	2,0	2,0	2,8	4,0	4,0
Occupancy (%)	67 %	62 %	70 %	60 %	68%
Cabin nights (#)	19 700	19 500	35 650	38 750	42 650
Cabin Factor (#)	1,7	1,8	1,8	1,8	1,8
Passenger nights (#)	32 700	34 150	62 850	67 750	75 650
Average cabin rate (NOK)	3 000	4 500	4 450	3 050	3 900

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