HKY reported Q4 figures above our and consensus expectations, seeing EBITDA coming in at NOK 50.2m (ARCe: NOK 32.5m), bringing the full year EBITDA to NOK 218.7m, surpassing its target of NOK 200m. We find the beat on its own 2024 target to provide some comfort towards its 2025-2026 targets. The company disclosed it has sold 53% of its 2025 capacity, which should create some visibility on revenues and de-risk the company’s 2025 guiding. Looking towards Q1/25, we are -2% below consensus on EBITDA ....
