Havila Kystruten AS

Investor Presentation • May 27, 2025

Havila Kystruten AS

Q1 2025 - Result Presentation 27 May 2025

Recent awards and recognitions

of top 100

Kreuzfahrtinitiative

Kreuzfahrtguide Award 1st place Sustainability category

Food Saver of the Year 2024 By Q-Meieriene

Traveler

Ferry company of the year Voted by employees in Norwegian travel agencies

General update 1

2 Financial highlights

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

KYSTRUTEN

• · 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

Exceptional operational uptime -100% in Q1 2025

Havila Capella (2021)

Havila Castor (2022)

Havila Polaris (2023)

Havila Pollux (2023)

Operational uptime of fleet

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Increasing share of cruise passengers come from higher-paying regions

Bookings from outside Norway and DACH is increasing

• DACH tourists remain the core clients on the Norwegian Coastal Route, representing approx. 42% of cruise nights in 2024
• · American and Asia Pacific regions are on the rise, and the higher-paying US passengers contributed to 16% of pre-booked cruise revenues in 2024 despite only contributing 12% of the corresponding pax nights
• In line with increasing web bookings, the average passenger age has reduced to 54 in 2024
  • Attracting younger audiences is key for higher occupancy and higher margins

81% of target capacity for 2025 already booked

Comments

• Positive development in sales for 2025, where 61% of the capacity is booked in total (equivalent to ~81% of the target)
• Occupancy for Q2 2025 currently stands at 73% with one month remaining in the quarter, compared to 69% in the same period last year
• The positive trend in bookings is expected to continue, largely driven as the summer months are approached, and campaigns for the fall is launched
• In 2024, the difference in occupancy between northbound and southbound voyage was about 10%. As of now, bookings for northbound and southbound voyage is balanced which also will contribute positively to the occupancy
• Majority of bookings are from Free Independent Travelers (FIT) which normally contributes with higher margins and neglectable cancellation rates compared to Group reservations
  • Cancellation options for group booking have been tightened vs. same time last year → volume is more secure

Contents

KYSTRUTEN | 10

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23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 2023 2024 2025 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 2023 2024 2025 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 2023 2024 2025 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 2023 2024 2025

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Notes: (1)The KPIs provided are sourced from the Company's (unaudited) booking system. Consequently, there may be variations or minor discrepancies in absolute figures and periodization compared to the reported financial statements. Revenue in currency (for both ACR and Presold OBS/Pax night) is based on the booking system currency rate; (2) The Company has updated the ACR measurement to reflect ticket revenue (cabin, distance fare and included meals). Previously included presold onboard spending (shorex, addons and activities) has been removed and will now be combined with sales made during guests' onboard experience; (3) Onboard spend per passenger night. Includes both presold and sold onboard.

Cost breakdown by quarter and category share

Opex share by category in Q1 2025 (% of total)

Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Total opex

Outlook - target EBITDA of NOK >400m in 2025

Drivers to reach target

EBITDA (NOK m) 600-800 < 400 219 -191 2023 2024 2025 2026+

• · Proven strong occupancy through 2024
• · Positive development in sales for 2025, for which 61% of the capacity already is booked (~81% of budgeted occupancy)
• · More balanced bookings between northbound and southbound voyage positive for total occupancy
• Positive impact from the runoff of rebooked trips from previous years, combined with an increase in list prices for 2025
• · Pricing will reflect a more established brand, a superior product, and the most environmentally friendly cruise available
• · Other onboard sales growth initiatives under implementation:
  • General price increase to align with market trends, expanding onboard activities to enchase the guest experience and optimizing excursion offerings
• · Strategy to offer shorter trips and open new commercial opportunities in the coming years - aimed at travelers with higher willingness to pay
• Additional revenue streams from pre- or post-voyage activities, such as hotels, flights, trains, and other experiences.

• High average interest rate on secured loan reflects sanctions situation in 2023 where a 3-year bridge financing was established.
• Preparatory work initiated for refinancing of mortgage debt in 2025.
• 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)
Outstanding loan at Q125 (incl capitalized interest)	MEUR 265	MEUR 86	MNOK 217
Amortization	N/A	N/A	N/A
Maturity	26.07.2026	26.07.2028	26.01.2027
Call protection	lan 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 + PK	PK	PIK
Next 12 mth. interest	Abt. MNOK 350*	N/A	N/A
Security package	1st priority mortgage and other customary security.	None	None

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• Substantial asset values (the four cruise vessels) supporting the long-term investment case.

• Facilitate a long-term 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.

Vessels	4	4	4	4	4	4
Occupancy (%)	63 %	68%	69%	78%	78%	61%
Cabin nights (#)	38 450	42 650	40 650	50 450	47 900	38 650
Cabin Factor (#)	1,75	1,77	1,78	1,86	1,85	1,86
Passenger nights (#)	67 250	75 650	72 300	93 900	88 850	72 000
Average cabin revenue (NOK)*	2 650	3 350	4 700	5 200	3 800	4 600
OBS/ Pax Night (NOK)**	650	710	760	740	640	715

*The company has updated the ACR measurement to reflect ticket revenue (cabin, distance fare and included meals). Previously included presold onboard spending (shorex, addons and activities) 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 Indicators (KPIs) provided are sourced from the company's booking system and are unaudited. Consequently, there may exist variations or minor discrepancies in absolute figures and periodization compared to the officially reported financial statements. Revenue in currency (for both ACR and Presold OBS/Pax night) is based on the booking system currency rate.

Forward-looking statements

This Presentation contains several forward-looking to the business, future financial performance and results of the Company and the industry in which it operates. In particular, this Presentation ontains forward-looking statements such as with respect to the Group's potential future costs, capex and cash flows, the potential future demand and market for the Group's services, the Company's equity and debt financing requirements and its ability to obtain financing in a timely manner and at favourable terms. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Managers, or any of their respective Representatives assumes any forward-looking statements or to conform these forward-looking statements. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. Actual performance and results may differences can be material. None of the Company or the Managers, or any of their respective Representatives provides any assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expresentation or the actual occurrence of forecasted developments.

HAVILA VOYAGES

HAVILA VOYAGES havilavoyages.com

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