Fosnavåg, 28 May 2025: HAV Group ASA (OSE: HAV) reported revenue of NOK 147.9 million in the first quarter of 2025, an increase of 16 percent from the first quarter last year (127.1). EBITDA ended at NOK 0.4 million in the quarter, a significant improvement from the corresponding quarter last year (-18.0).
“On the plus side we deliver a positive EBITDA-result as well growth and solid financial results in our business area for energy design and smart control systems. On the minus side are low activity levels and associated weak results within ship design and water treatment systems. We are working hard to improve the latter, says Gunnar Larsen, CEO of HAV Group.
The order intake was NOK 188 million in the first quarter of 2025. This contributed towards increasing the company’s order backlog to a solid NOK 1,267 million at the end of the quarter. HAV Group’s business areas for energy design and smart control systems and water treatment systems are the main contributors.
“Our water treatment business has doubled its order backlog through several new contracts in the aquaculture segment. We expect to see the effect of these towards the end of the year,” says Gunnar Larsen.
The project LNGameChanger was launched during the quarter. This is a consortium initiative that aims to develop LNG-fuelled solid oxide fuel cell power trains with CO2 capture and storage on board.
HAV Group has subsequent to the end of the quarter secured awards for delivery of energy design and smart control systems for two vessel newbuilds, plus a contract for delivery of three onshore charging stations for ferries.
HAV Group’s business area for hydrogen-based energy systems is exposed to the fact that the maritime industry’s transition to hydrogen-powered ships is taking longer than expected. This has resulted in increased uncertainty related to realization of previously expected projects and the timing of these, including the potential ZEPOD-contracts to the earlier announced Maris Fiducia-project. Considering this and the negative market development in general, a decision has been made to reduce both cost and activity level in HAV Hydrogen, and to put construction of the ZEPOD prototype on hold until a strategy for the company’s future operations has been established.
“The market for hydrogen as vessel fuel remains elusive. We have developed market leading technology and competence which we will bring forward when the market is ready. Until then it is prudent to scale down the spending on this initiative,” says Gunnar Larsen.
HAV Group reported revenue of NOK 147.9 million (127.1) in this year’s first quarter. EBITDA was NOK 0.4 million (-18), and EBIT was NOK -4.2 (-22). Net cash flow was NOK -3.5 million in the quarter (-23.7). HAV Group has a solid balance sheet with NOK 246.9 million in cash and NOK 7.0 million in interest-bearing debt. HAV Group has entered into an agreement with DNB about a new structure for covenants that to a greater extent reflect the company’s growth phase and project-based business.
OUTLOOK
Global megatrends, including the green transition, stricter regulations and increased competition, continue to transform the maritime industry. In this context, investments in lifecycle performance are both a commercial necessity and a regulatory requirement.
“HAV Group is positioned to meet these challenges with technologies that enable shipowners to optimize their vessels’ operational, financial and environmental performance. The global shipbuilding market is predicted to remain at a stable level in the coming years, providing ample opportunities for HAV Group,” says Gunnar Larsen.
Although international trade conflicts create unwanted market uncertainty, the large majority of HAV Group’s market exposure is towards European and Norwegian customers – thereby limiting the group’s exposure to intercontinental tariff regimes.
HAV Group reiterates its previous guidance and expects significant revenue growth in 2025, driven by recent contract wins and robust tender activity, with associated margin improvements.
Q1 2025 PRESENTATION
HAV Group will present its first quarter 2025 financial results via webcast today at 08:00 CET. Presenters are Gunnar Larsen, CEO, and Pål Aurvåg, CFO.
Link to webcast: https://www.youtube.com/live/_wLKbuVzbJ4
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 this URL: https://www.menti.com/alfuvn5rmitd
The presentation material is enclosed to this announcement.
*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.
(ENDS)
For additional information, please contact:
Gunnar Larsen, CEO
gunnar.larsen@havgroup.no
+47 901 05 694
About HAV Group | www.havgroup.no
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.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Daniel Kopperstad, Head of Legal Affairs, on 28 May 2025 at 07:00 CET.
