Fosnavåg, 27 August 2025: HAV Group ASA (OSE: HAV) reported revenue of NOK 193.3 million in this year’s second quarter, which was on the same level as the same quarter last year (193.2). EBITDA* improved to NOK 4.1 million (0.0), while net cash flow was strong at NOK 42.6 million.
“We deliver a quarter with good activity level and can look back at three quarters in a row with positive EBITDA-result. This is in line with our guidance, but there is still room for improvements in some of our business units,” says Gunnar Larsen, CEO of HAV Group.
HAV Group’s order intake was NOK 215 million in the second quarter (570), driven by new contracts in the energy design and smart control systems business. At the end of June, HAV Group’s order backlog stood at NOK 1,288 million, up from NOK 1,227 million at the beginning of the year.
“Our energy design and smart control systems business continues to deliver solid and improved financial results and continues to win new contracts. We are very pleased with the improved performance and the win rate this business is demonstrating,” adds Gunnar Larsen.
HAV Group’s water treatment business returned to positive EBITDA figures in the second quarter of 2025. New disinfection requirements for land-based aquaculture, and reopening of license applications announced on 1 July, is expected to create new market opportunities for the water treatment system business.
HAV Group’s ship design business is still delivering unsatisfactory financial results because of low workforce utilisation. However, in late June the business was awarded a contract to provide the design for a new live fish carrier for Norwegian aquaculture logistics operator North Salmon Service, with the majority of design and engineering work to be executed in 2025.
“The contract with North Salmon Service improves the situation short term, but we will need to win more contracts in order to reach the profitability we expect from our ship design business,” adds Larsen, who has taken on the role as interim managing director of HAV Design.
As communicated in the Q1 2025 report and presentation, HAV Group has scaled down its business unit for hydrogen-based energy systems. The intellectual property rights are being safeguarded to be positioned to capitalize on future market opportunities for the technology. HAV Group expects operational cost savings of approximately NOK 10 million annually at the current low activity level.
HAV Group reported revenue of NOK 193.3 million (193.2) in this year’s second quarter. EBITDA was NOK 4.1 million (0.0), with a net profit of NOK 1.9 million (-7.0). Net cash flow was NOK 42.6 million in the quarter (-28), growing the group’s cash balance to NOK 293.0 million, which is more than double the cash balance at the same time last year (124).
OUTLOOK
The green transition, stricter regulations, and increasing competition continue to shape the maritime industry. HAV Group is well positioned to address these challenges with technology that enhances 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. HAV Group’s main market presence in the European and Norwegian markets reduces exposure to transcontinental trade conflicts.
HAV Group reiterates its previous guidance and expects significant revenue growth in 2025, driven by recent contract wins and robust tender activity, with corresponding margin improvements.
Q2/H1 2025 PRESENTATION
HAV Group will present its second quarter and half-year 2025 financial results via webcast today at 08:00 CET. Presenters are Gunnar Larsen, CEO, and Pål Aurvåg, CFO.
Link to webcast: https://youtube.com/live/TgkGJtelcgg
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/almapfnz81fn
The presentation material and half-year 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.
(ENDS)
For additional information, please contact:
Gunnar Larsen, CEO
gunnar.larsen@havgroup.no
+47 901 05 694
