Fosnavåg, 13 March 2025: The fourth quarter was 2025’s strongest quarter for HAV Group ASA (OSE: HAV). Revenue ended at NOK 268.1 million (303.9), while the EBITDA* result improved to NOK 16.3 million (7.7). HAV Group expects that the financial results will continue to improve in 2026 versus 2025.
“We are pleased to deliver a strong fourth quarter, in line with our guidance. It concludes a year with positive EBITDA results in all four quarters, the fourth being by far the strongest. We expect that the positive development seen in 2025 will continue in 2026,” says Gunnar Larsen, CEO of HAV Group.
HAV Group’s order intake in the fourth quarter was NOK 146 million (214). The group’s order backlog stood at NOK 1,143 million (1,227) at year-end 2025, with a substantial amount scheduled for execution in 2026.
HAV Group’s energy design and smart control business is the main driver of HAV Group’s strengthened financial performance, while there is still room for improvement in the business areas for ship design and water treatment systems.
“We have implemented measures to enhance performance in the ship design and water treatment businesses. These include intensified marketing efforts, which have already started to show results, and strategies to boost aftermarket sales. We remain optimistic about improving these business areas’ financial performance,” adds Gunnar Larsen.
HAV Group reported revenue of NOK 268.1 million (303.9) in this year’s fourth quarter. EBITDA was NOK 16.3 million (7.7), equivalent to a margin of 6.1 percent (2.5%). Net profit was NOK 9.2 million (10.2). HAV Group has no interest-bearing debt.
For the full-year 2025, HAV Group delivered revenue of NOK 803.1 million, up 6 percent from the prior year (759). The full-year EBITDA was NOK 22.4 million (-35.1), equivalent to a margin of 2.8 percent (-4.6%).
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.
Q4 2025 PRESENTATION HAV
Group will present its fourth quarter and interim full-year 2025 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 here
The presentation material and fourth quarter 2025 report are 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.
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.
