Norlys Kystlinjen — Annual Report FY2026

Key figures · FY2026 is our six-month financial year, 1 January to 30 June

At a glance

One number dominates the year; the four beside it explain it. Select any route — on the map, the table or the fleet list — and this panel follows it.

Passengers carried in FY2026, all 34 routes

6,100,000

The sum of the 34 route series in the route table; every derived figure on this page follows from that data.

Revenue

2,538 M

+12.5% vs FY2025 · NOK

EBITDA margin

15.8%

+0.5 pt vs FY2025

CO2 per pax-km

11.6 g

−27% vs FY2025

Network

34 · 21

routes · ships · 6 new from March

Network

The network

Thirty-four routes from Karmøy to Lofoten, in four segments: the long fjord-core trunks, the express coast, the island feeders, and the six routes opened in March 2026. Select any route and the map, the table, the fleet list and the charts all move with it.

Route map — Karmøy to Lofoten

A stylised coastline drawn for this report; positions are approximate and the map is not to scale. Arcs are the 34 routes, weighted by segment and dashed where the route is new. Click an arc, or Tab to it and press Enter, to select a route; click again to clear.

The interactive map needs JavaScript. Nothing is lost without it: the complete route data — every route, every month, both years — is in the table below, and all figures are printed as-is.

Fig. 01 — 34 routes · 26 ports · not to scale positions approximate · distances per route table

Route table — monthly passengers

Passengers by month, FY2026, with total, share of the 6,100,000 network total and year-over-year change against the same months of FY2025. The monthly columns are the raw data; the totals row sums to 6,100,000. Press a route code to select it.

Monthly passenger counts per route, FY2026 versus the same months of FY2025
Route	Ports	km	Jan	Feb	Mar	Apr	May	Jun	Total	Share %	YoY
Fjord core	Stavanger–Eide	74	27,395	31,200	52,507	61,638	98,165	109,579	380,484	6.2	+2.8%
Fjord core	Haugesund–Ålesund	70	25,627	29,187	49,119	57,662	91,831	102,509	355,935	5.8	+2.3%
Fjord core	Kleppe–Molde	92	29,162	33,212	55,894	65,615	104,498	116,649	405,030	6.6	+3.7%
Fjord core	Stavanger–Molde	90	28,278	32,206	54,200	63,627	101,331	113,114	392,756	6.4	+2.7%
Fjord core	Eide–Måløy	58	22,976	26,167	44,038	51,697	82,332	91,905	319,115	5.2	+3.1%
Fjord core	Ålesund–Svolvær	95	30,046	34,219	57,588	67,603	107,664	120,177	417,297	6.8	+2.1%
Fjord core	Ulsteinvik–Måløy	52	21,651	24,658	41,497	48,714	77,582	86,603	300,705	4.9	+3.3%
Fjord core	Svolvær–Harstad	60	18,116	20,632	34,722	40,761	64,915	72,464	251,610	4.1	+2.4%
Express coast	Stavanger–Florø	28	21,062	23,222	38,883	44,283	67,505	75,066	270,021	4.4	+6.5%
Express coast	Haugesund–Stavsjø	40	19,147	21,111	35,348	40,258	61,368	68,241	245,473	4.0	+7.0%
Express coast	Florø–Eide	34	18,190	20,055	33,581	38,245	58,300	64,829	233,200	3.8	+6.4%
Express coast	Kinsvik–Ålesund	44	17,232	19,000	31,813	36,232	55,231	61,417	220,925	3.6	+5.0%
Express coast	Eide–Molde	30	16,754	18,472	30,930	35,225	53,697	59,711	214,789	3.5	+5.6%
Express coast	Ålesund–Måløy	38	16,275	17,944	30,046	34,219	52,163	58,005	208,652	3.4	+6.4%
Express coast	Måløy–Stamsund	46	13,881	15,305	25,627	29,187	44,492	49,475	177,967	2.9	+5.4%
Express coast	Stamsund–Vågan	48	12,924	14,250	23,860	27,174	41,424	46,063	165,695	2.7	+3.4%
Express coast	Vågan–Svolvær	30	11,967	13,194	22,093	25,161	38,355	42,651	153,421	2.5	+3.6%
Express coast	Stamsund–Bodø	32	11,488	12,666	21,209	24,155	36,821	40,945	147,284	2.4	+6.8%
Island feeder	Kleppe–Vågsøy	4	10,850	11,059	16,275	16,901	24,621	24,621	104,327	1.7	+2.8%
Island feeder	Vågsøy–Moen	6	10,212	10,408	15,318	15,907	23,173	23,173	98,191	1.6	+2.8%
Island feeder	Moen–Stavanger	9	9,573	9,758	14,360	14,912	21,724	21,724	92,051	1.5	+2.1%
Island feeder	Stavanger–Haugesund	12	10,212	10,408	15,318	15,907	23,173	23,173	98,191	1.6	+1.4%
Island feeder	Haugesund–Sandavågen	5	8,935	9,107	13,403	13,918	20,276	20,276	85,915	1.4	+2.1%
Island feeder	Sandavågen–Florø	8	8,297	8,457	12,445	12,924	18,828	18,828	79,779	1.3	+1.5%
Island feeder	Florø–Kinsvik	11	8,935	9,107	13,403	13,918	20,276	20,276	85,915	1.4	+2.9%
Island feeder	Kinsvik–Stavsjø	10	7,659	7,806	11,488	11,930	17,379	17,379	73,641	1.2	+2.6%
Island feeder	Ålesund–Giske	4	7,021	7,156	10,531	10,936	15,931	15,931	67,506	1.1	+1.3%
Island feeder	Eide–Ulsteinvik	9	7,021	7,156	10,531	10,936	15,931	15,931	67,506	1.1	+2.7%
New 2026	Bodø–Vågan	40	0	0	8,776	10,261	19,104	29,365	67,506	1.1	new
New 2026	Svolvær–Moskenes	10	0	0	7,978	9,328	17,367	26,695	61,368	1.0	new
New 2026	Harstad–Sortland	18	0	0	7,978	9,328	17,367	26,695	61,368	1.0	new
New 2026	Å–Reine	8	0	0	7,180	8,395	15,630	24,026	55,231	0.9	new
New 2026	Måløy–Bremnes	6	0	0	7,180	8,395	15,630	24,026	55,231	0.9	new
New 2026	Stavanger–Vågsøy	14	0	0	11,169	13,059	24,314	37,373	85,915	1.4	new
Network, all 34 routes		–	450,886	497,122	866,288	988,411	1,548,398	1,748,895	6,100,000	100.0	+10.7%

Assets

The fleet

Twenty-one ships, five of them LNG, two diesel, eight hybrid diesel-electric and six battery-electric. Filter by fuel, sort by any numeric column, and press a route code to see the ships that serve it. Rows marked when you select a route on the map are the ones doing the work.

Fuel 21 of 21 ships

The 21 ships of the Norlys Kystlinjen fleet with year built, length, capacity, fuel type and route assignments
				Fuel
NjordLNG 95 m	2019	95	820	LNG
AegirLNG 95 m	2019	95	820	LNG
FrøyaLNG 76 m	2017	76	540	LNG
TorLNG 76 m	2015	76	520	LNG
SvanhildLNG 50 m	2024	50	300	LNG
FjellDiesel 62 m	2018	62	380	Diesel
RavnHybrid 58 m	2016	58	420	Hybrid
HavnHybrid 58 m	2021	58	430	Hybrid
KattHybrid 58 m	2018	58	420	Hybrid
SolBattery 36 m	2025	36	190	Battery
MåneBattery 36 m	2025	36	190	Battery
DraugenBattery 28 m	2024	28	120	Battery
LysBattery 28 m	2025	28	120	Battery
HavfrueBattery 36 m	2023	36	180	Battery
VindBattery 36 m	2024	36	180	Battery
YlvaHybrid 44 m	2014	44	310	Hybrid
SolveiHybrid 44 m	2013	44	300	Hybrid
BreiHybrid 44 m	2012	44	290	Hybrid
MaritHybrid 44 m	2015	44	305	Hybrid
StjernenHybrid 44 m	2016	44	300	Hybrid
VinterDiesel 47 m	2011	47	260	Diesel

Three ships, one scale

Side profiles drawn by hand from class particulars. All three share one scale — 1.4 px per metre — and the same 50 m bar, so the length comparison between a 95 m express boat and a 36 m feeder is honest.

NSB “Njord”

95 m · 820 pax · LNG · built 2019 · R01, R03

“Katt”

58 m · 420 pax · hybrid diesel-electric · built 2018 · R16, R17

“Havfrue”

36 m · 180 pax · battery-electric · built 2023 · R21, R22

Fig. 02 — hand-drawn profiles, one shared scale 1.4 px/m · the 50 m bar is identical in all three

Financials

The year in numbers

Revenue grew faster than inflation, the margin made its biggest step yet, and the carbon intensity fell for the third running year. The three charts below are drawn from the same data as the tables beside them; selecting a route re-scales the passenger charts to that route.

Financial summary for fiscal years 2024, 2025 and 2026
NOK millions, unless noted	FY2024	FY2025	FY2026	Change
Passengers	5.20 M	5.51 M	6.10 M	+10.7%
Revenue	2,148	2,256	2,538	+12.5%
EBITDA	296	344	402	+16.9%
EBITDA margin	13.8%	15.2%	15.8%	+0.6 pt
CO2 per passenger-km	19.6 g	15.8 g	11.6 g	−27%

NOK = Norwegian kroner. EBITDA = earnings before interest, tax, depreciation and amortisation. CO2 per passenger-km = total fuel CO2 divided by passenger-kilometres (passengers × route distance, from the route table). FY2026 is a six-month financial year; comparisons are like-for-like windows.¹

Passengers per month — FY2025 vs FY2026

The network by month, current year in dark, the same months of the prior year in grey. Selecting a route re-scales the axis to that route’s own traffic. Bars are drawn against an axis with ticks chosen by a nice-number rule; zero is always the baseline.

Fig. 03 — data: route table, monthly columns and totals row network, all 34 routes

EBITDA bridge — FY2025 to FY2026

How 344 NOK M of EBITDA became 402: passenger volume and fare recovery on top, energy prices against us, the LNG-and-hybrid efficiency step doing most of the work, new routes net positive, and the new fleet’s crew and maintenance taking the last bite.

EBITDA bridge from FY2025 to FY2026, NOK millions
Driver	NOK M
EBITDA FY2025	344
Passenger volume	+22
Fare recovery	+11
Energy prices	−15
Fuel efficiency & LNG share	+36
New routes, net	+16
Crew & maintenance, new fleet	−12
EBITDA FY2026	402

Fig. 04 — NOK millions · step labels rounded steps sum exactly: 344 + 58 = 402

Monthly trend — FY2026 with FY2025 band

The FY2026 monthly line with the prior year shaded beneath it, month by month. The band is the difference between the two years: where it widens, growth is outpacing last year’s season. For a selected route the chart shows that route alone — the six new routes start in March.

Fig. 05 — data: route table · band = FY2026 minus FY2025 network, all 34 routes

The financial year runs 1 January to 30 June. FY2024 and FY2025 comparatives are the same six-month windows. CO2 per passenger-km for FY2026 is 3,520 t of fuel CO2 divided by 302.5 M passenger-kilometres; earlier years are measured the same way. ↩

Sustainability

What the year emitted

3,520 tonnes of CO2 for 6.1 million passengers, or 11.6 grams per passenger-kilometre — 27 percent below FY2025. The drop is mostly the fleet: LNG and battery ships replacing diesel, plus a full year of the new routes running on the electric feeders. Here is what the number covers, and what it does not.¹

Emissions by fuel type, FY2026

Total CO2 by the fuel that made it. LNG carries the largest share of emissions but the smallest share per tonne of fuel carried; the battery class is a sliver — the Norwegian grid factor is 0.03 kg CO2 per kWh.²

CO2 emissions by fuel type, FY2026
Fuel	Ships	Tonnes CO2	Share
LNG	5	2,246	63.8%
Hybrid	8	722	20.5%
Diesel	2	538	15.3%
Battery	6	14	0.4%
All fuels	21	3,520	100.0%

Fig. 06 — tonnes CO2 · tank-to-wake factors: LNG 2.75 · diesel 3.10 · hybrid 2.42 · battery 0.03 kg/kg

Monthly emissions by fuel — small multiples

One stacked bar per month, same stack order throughout. June carries the most emissions and the most passengers; the grams-per-passenger-km story lives in the ratio, not the raw tonnes.

Monthly CO2 emissions by fuel type, FY2026, tonnes
Fuel	Jan	Feb	Mar	Apr	May	Jun
LNG	292.0	269.5	348.1	370.6	505.4	460.4
Hybrid	97.5	97.5	115.5	122.7	155.2	133.6
Diesel	75.3	75.3	88.8	94.2	113.0	91.5
Battery	1.7	1.8	2.2	2.3	3.2	2.9
All fuels	466.5	444.1	554.6	589.8	776.8	688.4

Fig. 07 — tonnes, one decimal · allocation follows fuel-class sailing intensity source: table above

CO2 per passenger-km — three years

Intensity, not tonnage: the figure that shows what each passenger’s kilometre cost in carbon.

Fig. 08 — data: financial summary table −42% over two years

Methodology

What the 3,520 tonnes include: main and auxiliary engine fuel for all 21 ships, measured at the tank, converted with the factors shown above, plus grid electricity for battery charging at port. What they do not include: emissions from building the ships, port infrastructure and shore power for the whole terminal network, crew travel, and the upstream extraction and transport of LNG, which we account at the tank-to-wake stage. On a coal-based grid the battery class would be far heavier; on this grid it is almost free, and that is a fact about the grid, not about the boat.³ The 11.6 g per passenger-kilometre is total CO2 divided by passenger-kilometres from the route table — 302.5 M pkm.⁴

Total CO2 = 2,246 t LNG + 538 t diesel + 722 t hybrid (diesel-electric, blended) + 14 t battery (grid). The hybrid figure covers the diesel burned by the eight hybrid ships; their electric share is charged from the grid and included in the battery line. ↩
Emission factors are kg CO2 per kg fuel at the tank: LNG 2.75, diesel 3.10, hybrid fleet blended 2.42 (diesel with grid-charged electric share), battery class charged at the Norwegian grid average of 0.03 kg CO2 per kWh. ↩
Exclusions as listed. A full cradle-to-grave boundary is the work of FY2027, led by the audit committee. ↩
Passenger-kilometres assume each boarding travels the full route distance once; round trips are two boardings. The route table’s distance column is the sailing distance. ↩

Letters

From the CEO

Bergen, 12 July 2026

Dear shareholders, crew and passengers,

The coast was our classroom this year. We carried 6,100,000 of you across it — every crossing logged, every route measured, and for the first time every tonne of carbon accounted at the quay.¹

Growth came from expansion, not from chasing the weather. In March we opened six new routes between Bodø and Lofoten and across Karmøy, and the routes we already ran still grew by nearly four percent. That is deliberate growth: we added crossings where demand was proven, and we said no where the sea would cost more than the journey is worth.

The figures in this report are not decoration. The 2,538 million kroner of revenue, the 402 million of EBITDA, the 11.6 grams of carbon per passenger-kilometre — each one is a decision made by someone on a bridge or in a yard.²

More than half the fleet now runs on LNG or battery power — eleven of our twenty-one ships — where two years ago it was four, and the two oldest diesel ships will not be with us for FY2027.³ This is not a slogan; it is a scrapping schedule and a capital plan, and the twenty-seven percent fall in carbon intensity is only the middle of the road.

We remain a company of the public coast. Fares rose by less than inflation,⁴ island communities kept their guaranteed schedules, and the new Lofoten routes price access to the archipelago rather than a ride across it. The board has asked me to say plainly that the demands on this industry will only rise, and our answer is the one that has built the company: measure everything, publish everything, and keep the crossing the simplest thing in the traveller’s day.

See you across the water.

Karin Moen Røed
CHIEF EXECUTIVE OFFICER

The passenger total is the sum of the 34 route series in the route table; the carbon figure is 3,520 t of CO2 divided by 302.5 M passenger-kilometres. ↩
EBITDA is earnings before interest, tax, depreciation and amortisation. Our financial year is the first half of the calendar year, so FY2026 runs 1 January to 30 June. ↩
Svanhild entered service in spring 2024; the battery class — Sol, Måne, Lys and Draugen — entered through 2024 and 2025. The diesel ships Fjell and Vinter leave the fleet in 2027. ↩
Network fares rose 1.5 percent in FY2026, below consumer inflation of 2.1 percent for the same months. ↩

Statement from the Board

On behalf of the board: the FY2026 result confirms the strategy we set in 2024 — disciplined growth, a measurable step-down in emissions, and a balance sheet that funds the next renewal without stretching. We approved a dividend of 1.40 NOK per share, and we are holding management to the FY2027 targets: 10.5 grams of CO2 per passenger-kilometre and a 16 percent EBITDA margin.

The question for next year is not whether we can afford to take the two diesel ships out of service, but how fast the replacement can be built. The board met nine times in the period; four of those meetings were in a yard.

Helge Vold
CHAIR OF THE BOARD

Governance

Board & governance

Eight members: four independent, two owner representatives and two employee representatives, in line with the Norwegian governance guidelines. The audit committee met quarterly; the finance committee, six times.

Board of directors of Norlys Kystlinjen ASA
Member	Role	Since	Committees
Helge Vold	Chair, independent	2019	A
Karin Moen Røed	Chief Executive Officer	2022	—
Åse Bergan	Independent director	2021	A · R
Jonas Lier	Owner representative, Fjorden Kapital	2020	F
Margrethe Solheim	Independent director	2023	F · R
Erik Dahl	Employee representative	2022	—
Signe Foss	Employee representative	2024	A
Thomas Aune	Independent director	2019	F

A = audit · F = finance · R = remuneration. Committees are composed of non-executive members; the CEO attends by invitation.