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Gunnar Larsen24.11.20232 min read

HAV Group ASA: Third quarter 2023 financial results

(Fosnavåg, Norway, 24 November 2023) HAV Group ASA (HAV Group, OSE: HAV) reported revenue of NOK 193 million in the third quarter of 2023, an increase from NOK 136.6 million in the same quarter last year. As guided in the second quarter presentation, HAV Group expected weaker operating result in the second half 2023. EBITDA* for the third quarter ended at NOK -17.0 million (5.3). Order intake in the quarter was strong at NOK 288 million (61).

“Revenues are up, but differences in project mix and maintained capacity levels result in weaker margins during the second half of the year, which is in line with our guidance. We are optimistic about the future, though, and the quarterly order intake and subsequent events has helped to reinforce this view. Further, we are experiencing growth in tender pipeline for both our ship design and energy design & smart control businesses, which both have available capacity that we can capitalise on,” says Gunnar Larsen, CEO of HAV Group.

Order intake in the third quarter 2023 was NOK 288 million, significantly up from NOK 61 million in the same period last year. At quarter-end, HAV Group’s order backlog stood at NOK 607 million (481).

Subsequent to the end of third quarter, on 18 October 2023, HAV Group announced that Fjord1 has committed to utilise HAV Group as technology partner and key supplier to the four newbuild, autonomous zero-emission ferries that will operate the Lavik-Oppedal route. This project can, contingent on a final contract, become one of HAV Group’s largest contracts ever, with substantial delivers from HAV Group’s ship design and energy design and smart control system businesses.
“Perhaps just as importantly, such a project will elevate HAV Group’s market position and competitive edge within vessel autonomy and automation, plus emphasize our leading competence within zero emission ferry operations. The dialogue with Fjord1 is constructive and ongoing,” says Gunnar Larsen.
HAV Group reported revenue of NOK 193 million (136.6) in this year’s third quarter, and EBIT was NOK -21.4 (0.8). Net cash flow was NOK -26.7 million in the quarter (-42.2). The group’s cash balance at the end of the third quarter was NOK 232.7 million (257.5).


Global megatrends with ambitious goals and increasingly stringent environmental requirements provide incentives and requirements for the maritime industry to reduce its environmental footprint considerably. IMO’s recently announced GHG reduction strategy for shipping has emphasized this further and is expected to strengthen energy efficiency design requirements for ships.

Certain delayed investment decisions in combination with differences in project mix, is expected to result in weaker margins in H2 2023 compared to H1 2023. HAV Group is currently utilizing excess capacity in projects aimed at improving the group’s competitive position to be able to fully capitalise on the forthcoming growth opportunities.

HAV Group is experiencing growth in tender pipeline for its ship design and energy design and smart control businesses.
HAV Group reiterates 2025 revenue outlook of NOK 1.3 billion, with periodic fluctuations reflecting the project-driven business.

Download Q3 2023 presentation and report here

Read Norwegian stock exchange here

HAV Group will present its third quarter 2023 results via webcast today, Friday 24 November, 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