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Gunnar Larsen31.5.20243 min read

First quarter 2024 financial results

HAV Group ASA (HAV Group, OSE: HAV) delivered a strong order intake of NOK 533 million in this year’s first quarter (Q1 2023: NOK 240 million) bringing the company’s order backlog at quarter-end up to NOK 1,010 million (614) – the highest since the company was listed on Euronext Growth Oslo early in 2021.

HAV Group delivered revenue of NOK 127.1 million in 2024’ first quarter, up 15 percent from the same quarter last year (110.3). EBITDA ended at NOK -18 million (-11.6). The result is affected low capacity utilisation and that recent contract wins are still in start-up phase and have not started to generate noticeable income/margin contribution.

Subsequent to the end of the first quarter, HAV Group has been awarded a contract to provide equipment deliveries to Havyard Leirvik worth in excess of NOK 200 million, plus a contract from Fjord1 to develop systems for automation of vessel functions and autonomous navigation for the four autonomous, zero-emission ferries that will operate the Lavik-Oppedal crossing.

“After a relatively long period of relatively flat order book development, with postponement of many potential contract awards, we are delighted to finally deliver a substantial uptick in orders, which provide us with good visibility going forward. We are still experiencing high tender activity,” says Gunnar Larsen, CEO of HAV Group.

The first quarter order intake of NOK 533 million represents a book-to-bill of x4.2. Key orders in the quarter included contracts to provider ship design and engineering as well as system deliveries to the four autonomous, zero-emission Lavik-Oppedal ferries, plus a contract to provide ship design and an integrated equipment package for a SOV to ESVAGT.

HAV Group’s business for hydrogen-based energy systems has also seen positive developments lately. In February it received NOK 12.4 million in funding to build, test and certify a full-scale prototype of its ZEPOD – a containerized hydrogen energy system for ships. Further, the company recently announced that it had entered into a cooperation agreement with vessel operator Maris Fiducia with the objective of developing, building and operating hydrogen-powered dry-bulk vessels in Europe. Subject to potential innovation funding, Maris Fiducia’s chosen shipyard will order ZEPODs for use on board the vessels. 

“Hydrogen as vessel fuel is in its infancy, but we are continuously taking small but important steps towards realization of what could be very exciting breakthrough for our hydrogen business,” adds Gunnar Larsen.

HAV Group reported revenue of NOK 127.1 million (110.3) in this year’s first quarter. EBITDA was NOK -18 million (-11.6), and EBIT was NOK -22 million (-15.7). Net cash flow was NOK -23.7 million in the quarter (-16.2). HAV Group has a healthy balance sheet with NOK 128.2 million in cash and NOK 36 million in interest-bearing debt.


Global megatrends, including regulatory changes, provide incentives and requirements for the maritime industry to increase energy efficiency and reduce the environmental footprint short and long term. IMO’s revised GHG reduction strategy for shipping expected to further enhance this development.

HAV Group expects that the company’s capacity utilisation will improve in 2024 on the back of recent contract wins and healthy tender activity. Consequently, HAV Group expects revenue to grow 2024 (vs 2023) and increase further in 2025.

HAV Group targets revenue of NOK 1.3 million in 2026.

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Download presentation and report here

HAV Group will present its first quarter 2024 financial results via webcast today at 08:00 CET. Presenters are Gunnar Larsen, CEO, and Pål Aurvåg, CFO.

Link to webcast:
Questions can be submitted during the webcast. However, questions submitted in advance via the link will have better chance of being answered. Questions can be submitted here:

*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the NGAAP financial statements as a part of the APM section of the annual report.

For additional information, please contact: Gunnar Larsen, CEO +47 901 05 694

About HAV Group 

HAV Group and its subsidiaries (together: “HAV Group”) is an international provider of technology and services for maritime and marine industries. HAV Group has several decades of industry experience, in addition to special expertise in guiding the marine and maritime industries through the green shift and towards the goal of zero emissions. HAV Group ASA is listed on Euronext Growth under the ticker code HAV.