Havila Kystruten AS: Potential Implications of Proposed Framework for the Next Coastal Route Contract

On 7 October, the Norwegian Government presented its proposal for the 2027
National Budget, Prop. 1 S (2026-2027). The proposal addresses the coastal route
services on the Bergen-Kirkenes route after 2030.

In the budget proposal, the Government proposes a contract period of 4-5 years,
compared with ten years under the current agreements. The Norwegian Parliament
will consider the proposal and is expected to adopt its decision in December
2026. If the proposed framework is retained, it will form the basis for the
tender process for the next contract, which is expected to take place in 2027.
Havila Kystruten is therefore already reassessing investments related to the
next contract period.

The proposal maintains daily calls at 34 ports, currently served by 11 vessels,
and aims to improve capacity for cargo and the transportation of private cars.
Climate requirements beyond those stipulated by law will only be imposed where
the cost of implementing the measures is justified.

The current contract runs through 2030 and will not be affected by the proposal.
However, decisions the company must make during the current contract period will
be affected:

  * Adaptations for the next contract period, including modifications to enable
    the transportation of cars at all ports, are planned to be carried out in
    conjunction with scheduled maintenance. For vessels where work has not yet
    commenced, investments in these adaptations are now being put on hold.
  * The company's target of achieving climate-neutral operations by 2028 and
    zero emissions from 2030 is contingent on long-term agreements, investments
    and predictable framework conditions. A contract period of 4-5 years
    provides a significantly weaker basis for investments on this scale. These
    targets will be reassessed once the final framework conditions have been
    established.
  * The company has previously stated that it is well positioned for growth on
    the coastal route, subject to the framework established for the next tender.
    With a contract period of 4-5 years, growth will increasingly need to come
    from commercial markets outside the coastal route, where the company sees
    attractive opportunities. The vessels have been designed for use outside the
    coastal route as well, and the final terms for the coastal route contract
    will determine the direction the company takes after 2030.

Havila Kystruten is well positioned regardless of the outcome of the tender
process, with a modern fleet, an efficient operational platform and a strong
tourism market. The company will actively participate in dialogue with the
authorities regarding the structure of the next contract, including the contract
period and climate requirements.

Contacts:

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

Chief Financial Officer: Aleksander Røynesdal, +47 413 18 114
99 650\
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Chief Financial Officer: Aleksander Røynesdal\, +47 413 18 114\