Havila Kystruten AS

Havila Kystruten AS: Q3 EBITDA Estimate and Compensation Adjustment

Havila Kystruten expects an EBITDA result of approximately NOK 225 million for

the third quarter of 2025. The estimate includes a partial compensation

adjustment of contract revenues of NOK 76 million, based on a completed review

of the calculation basis for the coastal route contract with The Ministry of

Transport. Payment is expected in the fourth quarter of 2025.

The coastal route contract is adjusted annually according to an index from

Statistics Norway (SSB), adapted for LNG operations since 2022. In collaboration

with the Ministry of Transport and SSB, a review of historical compensation

adjustments has been carried out. The preliminary result of the review is

included in the Q3 estimate. A process is ongoing with SSB regarding two

methodological clarifications that could have a further positive effect. These

are expected to be resolved in the near future, with financial settlement in

2026. The review has been conducted in close cooperation with public authorities

over a period of time and ensures a correct basis for future compensation.

The effect of the review is estimated at NOK 50 million for the period prior to

2025 and NOK 26 million for 2025. The adjustment will also result in a

corresponding increase in future compensation. The figures are subject to final

approval in the balancing of the state budget.

The compensation adjustment strengthens Havila Kystruten's operational results,

is in line with, and supports previously communicated EBITDA targets of around

NOK 400 million in 2025 and over NOK 600 million in 2026.

Contacts:

Chief Executive Officer: Bent Martini, +47 905 99 650

Chief Financial Officer: Aleksander Røynesdal, +47 413 18 114

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