Havila Kystruten AS

Investor Presentation • Feb 27, 2025

Havila Kystruten AS

Preliminary 2024 - Presentation 27 February 2025

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

We walk the talk - Leading the cruise industry to a sustainable future

The first cruise line to sail emission-free through the Norwegian World Heritage fjords

Realistic goal to reach climate neutral vessel operation by 2028 through biogas

Target to limit average food waste per passenger to 75 grams per day

Continuous ambition to create value to local coastal communities

People is our greatest asset and our most important investment

"We are sailing in the world heritage. So should the generations to come".

• Per Sævik, majority owner and founder

2024 key ESG metrics

100% SOx reduction1

34% CO2 reduction1

86% NO , reduction1

68g Food waste per pax night

42 / 58 .

-6.68

employees (%)2

Female / Male Lost Time Injury -- Frequency3

Notes, (4) Against it = 207 + CH learch on and artistic cersione : 222 : (3) cost the internations veried assess on neillion mannouns worked asset of 12 hour roll klass

KYSTRUTEN | 4

Operational performance - 98% uptime in first year of full operation

Havila Capella (2021)

Havila Castor (2022)

Havila Polaris (2023)

Havila Pollux (2023)

Operational uptime of fleet

100%

100%

99%

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Awards and recognitions in 2024

of top 100

Kreuzfahrtinitiative

Kreuzfahrtguide Award 1st place Sustainability category

Food Saver of the Year 2024 By Q-Meieriene

Träveler

Reader's Choice Awards

10 of 24 in "Medium Ships" category

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

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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

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Contents

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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 by quarter (NOK million)

Opex share by category in 2024 (% of total)

Q4 23 Q1 24 Q2 24 Q3 24 Q4 24

Total opex

Outlook - target EBITDA of NOK 4-500m in 2025

Operational targets, 2025 and 2026 2025 2026+ •Focus on product ·Focus on price and margin improvement development •FY EBITDA target of abt. · Develop additional MNOK 400-500 revenue streams · Occupancy target of 75-· EBITDA target of abt. 80% MNOK 600-800 · Average Cabin Revenue • Occupancy target of growth target of 20-30% ~80% vs. last year · Average Cabin Revenue •FY EBITDA margin growth target of 10-15% target of 20-30% vs. last year •EBITDA margin target of 30-40%

Drivers to reach target

+10-15% +20-30% ACR (NOK) 3,300 2023 2024 2025 2026+

• · Proven strong occupancy through 2024
• · Positive development in sales for next year, for which 53% of the capacity already is booked (~69% 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.
• 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	MFUR 76	MNOK 200
Undrawn (overdraft)
Outstanding loan at Q424 (incl capitalized interest)	MEUR 264	MEUR 83	MNOK 211
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 + PK	PIK	PIK
Next 12 mth. cash interest	Abt. MNOK 325*	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 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.

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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