Fosnavåg, 28 May 2026: HAV Group ASA (OSE: HAV) delivered revenue of NOK 233.1 million in the first quarter of 2026, an increase of 58 percent from the same quarter last year. The EBITDA*-result improved to NOK 11.8 million (0.4 million).
“We deliver a solid quarter, which is also a considerable improvement on the corresponding period last year. Overall, the first quarter performance underlines our positive guidance for 2026,” says Gunnar Larsen, CEO of HAV Group.
HAV Group’s order intake in the first quarter was NOK 148 million (189). The group’s order backlog stood at NOK 1,058 million (1,267) as of 31 March 2026, with the majority scheduled for execution in 2026.
The main contributor to HAV Group’s improved financial results is the business area for energy design and smart control systems. This business, which is an enabler of maritime electrification, enhanced its revenue and EBITDA-result by more than 60 percent compared to the first quarter of 2025, achieving an EBITDA-margin of 14%. It also secured the majority of HAV Group’s order intake in the period.
“Not only does our business for energy design and smart control systems continue to win more work, but it also delivers successfully on its current project portfolio,” adds Gunnar Larsen.
The business areas for water treatment systems and ship design delivered revenue on par with previous quarters. However, both require higher activity levels to be able to deliver positive EBITDA numbers. Winning new contracts is therefore top priority for both businesses. They are both pursuing a number of interesting opportunities in the aquaculture industry, but the exact timing of potential awards remains uncertain.
HAV Group reported revenue of NOK 233.1 million (147.9) in the first quarter. EBITDA was NOK 11.8 million (0.4), equivalent to a margin of 5.1 percent (0.3%). Net profit was NOK 4.4 million (-2.5). Net cash flow from operating activities was -58.3 million (2) in the quarter due to a sizeable increase in accounts receivables, of which a considerable amount has been settled in April and May. HAV Group has no interest-bearing debt.
OUTLOOK
The green transition, stricter regulations, and increasing competition continue to shape the maritime industry. In Europe, EU-regulations reward shipowners who invest in emission-reducing technologies and penalise those who don’t. HAV Group is well positioned to capitalise on this trend with technologies that enhance vessel operations, profitability, and environmental performance.
While geopolitical uncertainty and tariff issues create headwinds, the global shipbuilding market is predicted to remain at a stable level in the coming years. Electrification is a key driver for making vessels more energy efficient and for reducing emissions while the industry awaits large-scale adoption of alternative fuels. This electrification trend is expected to grow significantly in the years ahead, across vessel segments. This will create substantial market opportunities for HAV Group.
The positive development seen in 2025 is expected to continue in 2026, and HAV Group anticipates both revenue growth and improved EBITDA margin versus last year.
STRATEGIC REVIEW
On 30 April 2026, subsequent to the end of the first quarter, HAV Group announced that it has initiated a review that involves exploring strategic opportunities for the group. HAV Group will update the market with any relevant information in due course, but would like to emphasize that there is no guarantee that the process results in a specific strategic outcome.
Q1 2026 PRESENTATION
HAV Group will present its first quarter 2026 financial results via webcast today at 08:00 CET. The presenters are CEO Gunnar Larsen and CFO Pål Aurvåg.
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 through 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.
Download presentation and report here
Stock Exchange Notice in Norwegian
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 industries. The Group applies its specialist competence, technologies and solutions to improve vessel performance, safety, environmental footprint and lifetime value for shipowners. HAV Group ASA is listed on Euronext Growth under the ticker code HAV.
