Havila Voyages reported significant earnings growth, paired with a solid operational development, in the second quarter of 2026
As per a stock exchange notice, the group achieved a positive EBITDA of NOK 98 million, an increase of 24 percent compared with the same period last year. Its EBITDA margin rose to 21 percent, up from 19 percent in the second quarter of 2025.
“We are very pleased with the development in the second quarter. The strong earnings growth shows that our investment in commercial capacity, sales and marketing is now paying off,” said CEO Bent Martini.
Total operating revenue came to NOK 479 million in the second quarter, an increase of 15 percent from the same quarter last year.
Furthermore, ticket revenue rose by 10 percent to NOK 287 million, which the cruise line attributed to higher occupancy, and contract revenue increased by 22 percent, reaching NOK 103 million.
Onboard revenue increased by 32 percent, to NOK 85 million, complemented by an increase in onboard revenue per passenger night by 6 percent.
Reported growth in ticket revenue is somewhat lower than the KPIs alone would suggest, which the company explained is mainly due to accrual effects, a stronger Norwegian krone reducing the value of bookings made in foreign currency and classification differences between KPI reporting and accounting.
Adjusted for these effects, underlying growth in ticket revenue is in line with the development in passenger nights and average cabin price.
Average occupancy across the fleet rose to 83 percent, compared to 74 percent in the second quarter of 2025, while the cabin factor fell slightly, from 1.88 to 1.86.
The number of passenger nights increased by 17 percent to 99,800. Operational uptime across the fleet was 100 percent.
“With good occupancy and 100 percent operational uptime across the fleet, we are delivering profitability as well as predictability for the coastal communities we serve. Bookings into the third quarter are strong, and we’re seeing steadily increasing demand for our product,” noted Martini.
“Norway continues to stand out as an attractive and safe travel destination, and our modern, environmentally friendly fleet is being well received — something confirmed by several international awards and rankings. We’re heading into autumn in a record-strong position for 2026, with a good starting point for 2027. We will continue to prioritize direct bookings and actively optimize margins going forward, to ensure good predictability and continued financial growth.”
As for sustainability, the group reduced CO2 emissions by 36 percent in the quarter compared with the 2017 baseline level for the coastal route.
Work to reduce food waste also continued, ending the quarter at 107 grams per guest per day. The measurement of food waste was expanded in 2026 to cover all waste streams, so the figure is not directly comparable with previous reporting periods, Havila added.
