Fosnavåg, 27 August 2026: HAV Group ASA (OSE: HAV) delivered a solid second quarter with revenue of NOK 267.3 million, an increase of 38 percent from the same quarter last year (Q2 2025: NOK 193.3 million). The quarterly EBITDA*-result improved to NOK 17.3 million (4,1 million), equivalent to a margin of 6.5% (2.1%).
“We are pleased to deliver a solid quarter, both compared to previous periods and the same quarter last year. We therefore reiterate our positive guidance for 2026,” says Gunnar Larsen, CEO of HAV Group.
HAV Group’s order intake in the second quarter was NOK 35 million (215). The group’s order backlog stood at NOK 826 million (1,288) at the end of June, with the majority scheduled for execution in 2026.
“Order intake in the period was low, but all our business segments are experiencing healthy tender activity and are awaiting clarifications on multiple tenders during the second half of the year. I therefore remain optimistic about increasing our order intake going forward,” adds Gunnar Larsen.
Similar to previous quarters, it is HAV Group’s business segment for energy design and smart control systems that is the main driver for the group’s improved financial results. This business segment enhanced revenue by 58% and EBITDA by 147% compared to the second quarter last year.
The business segments for ship design and water treatment systems both had another quarter with negative EBITDA-results.
“Higher volumes of work are required to return to positive EBITDA for our ship design and water treatment systems businesses. Winning new projects is therefore their top priority. We are targeting both our traditional core segments as well as opportunities in new segments to expand our total addressable market,” adds Gunnar Larsen.
HAV Group reported revenue of NOK 267.3 million (193.3) in this year’s second quarter. EBITDA was NOK 17.3 million (4.1), equivalent to a margin of 6.5% (2.1%). Net profit was NOK 8.8 million (2.0). Net cash flow was 102.4 million (46.1), mainly because of significant decrease in accounts receivables, of which some were deferred from the first quarter. HAV Group has no interest-bearing debt.
For the first half of the year, HAV Group delivered revenue of NOK 500 million, up 46% from 341.3 million the prior year. EBITDA was NOK 29.1 million, compared to NOK 4.5 million in the first half of 2025. The EBITDA-margin improved by 4.5 percentage points to 5.8% in the first half of 2026. Net profit was NOK 13.1 million in the first half of 2026, versus NOK -0.5 million in the same period last year.
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 throughout 2026, and HAV Group anticipates both revenue growth and improved EBITDA margin versus last year.
On 30 April 2026, HAV Group announced that it has initiated a review that involves exploring strategic opportunities for the group. The process is proceeding as planned. HAV Group will update the market with any relevant information on the process in due course, but would like to emphasize that there is no guarantee that the process results in a specific strategic outcome.
HAV Group will present its second quarter and half-year 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 this URL: https://www.menti.com/alhob5e89wd2
The presentation material and half-year 2026 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
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.