Arctic: Havila Kystruten - ACR target tracking behind and equity story pushed out in time (correction)

Research evidence excerpt

Arctic: Havila Kystruten - ACR target tracking behind and equity story pushed out in time (correction)

Havila Kystruten Buy Hold

HKY NO | Transport | Equity Company Update | 20 May 2026 | 21:56 Sell

ACR target tracking behind and equity story pushed out in time (correction) Financials and estimates changes Target NOK 49.00

Earlier tonight, we sent out an update mistakenly stating the target price was unchanged, Key Figures (NOKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

when in fact the TP was lowered to NOK 49/sh from NOK 50/sh. We reiterate our Hold Recommendation Hold

Revenue 1,528.9 1,775.2 1,942.9 2,053.3 2,068.0 Target Price NOK 49.00

recommendation with a TP of NOK 49/sh. YTD trading updates have been mixed; occupancy

EBITDA 218.7 372.8 427.9 555.1 594.1 Share Price NOK 50

figures have shown a promising development as historical seasonality suggests that the EBIT 4.8 154.7 210.9 338.0 377.0 Upside (%) (2.0)

company will reach its 2026 target (target: 75-80%, ARCe: 76%). In contrast, the ACR EPS (0.92) (1.66) (7.36) 0.80 4.91 Market cap (NOKm) 856

development is so far tracking below the company’s 2026 target (target: 10-15%, ARCe: Adj. EBITDA 218.7 372.8 427.9 555.1 594.1 Enterprise Value (NOKm) 5,982

9%), seeing as the unweighted monthly y-o-y growth currently sits at 4%. In addition, we Adj. EBITDA margin (%) 14.3 21.0 22.0 27.0 28.7 Number of shares (NOKm) 17

argue that rising jet fuel costs and an overall elevated level of economic uncertainty could Adj. EPS (0.92) (1.66) (7.36) 0.80 4.91

12 months share price performance:

inflict negative pressure on the cruise industry, as the majority of HKY travelers are foreign Revenue growth (%) 100.1 16.1 9.4 5.7 0.7

(%) 3M 6M 1Y 100.00 Performanceand rely on air travel as part of their logistics costs.