Interim report
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SECOND QUARTER & HALF YEAR FINANCIAL REPORT 2025 A SUSTAINABLE FUTURE AT SEA HAV G roup ASA
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2 HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 HAV Group ASA HAV is the Norwegian word for ocean. The HAV Group is an international provider of technology and services for maritime and marine industries. The Group’s vision is ”A sustainable future at sea”. HAV Group was established in 2021 and comprises four subsidiaries with a leading position in supporting the marine and maritime industries towards the ultimate goal of zero emissions, all based on our Norwegian heritage, experience. quality focus and innovative solutions. Our experience and expertise. as well as the focus on efficiency, safety, and sustainability, lays the foundation for developing and delivering highquality innovative solutions to our customers in the seafood, energy and transport sectors. This insight provides our customers with a head start, increases their competitiveness and enables them to realize the green shift towards a sustainable future at sea. The Group shall create shareholder value by contributing to its subsidiaries and projects through: Extracting synergies through economies of scale and standardization of processes and systems Stimulating intercompany business development and R&D processes Pursuing value accretive growth – organic and through M&A Actively taking part in subsidary companies’ strategic development to implement group strategy A SUSTAINABLE FUTURE AT SEA
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vcx THE HAV GROUP HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 3 Ship Design ENERGY-EFFICIENT. LOW- AND ZERO EMISSION SHIP DESIGNS HAV Group advises customers regarding selection of vessel parameters and technologies that allow shipowners to increase their competitiveness and enable the green transition at sea. It provides pioneering innovations in the design and construction of low and zero-emission vessels and energy-optimized ship designs. This entails developing the most efficient vessels possible, covering every aspect of the vessel’s functionality and performance, including environmental performance, through concept development, detail design, equipment selection, procurement, system engineering and integration. Further, innovative simulation-based ship design enables analysis and documentation of real-life performance of a vessel – before it has been built. In total, HAV Group possesses the competence and tools available to help shipowners design, develop and construct low and zero emission vessels, thereby supporting the global maritime industry in reaching its emission targets. HAV Group’s subsidiary HAV Design has a track record of more than 100 ship designs. Energy Design & Smart Control YOUR EXPERT IN ENERGY DESIGN AND SMART CONTROL SYSTEMS HAV Group supplies low and zero emission energy, propulsion and control systems for the global marine market. Detailed knowledge about vessel operations – from bridge to propeller – and specialist competence in integrating energy sources, including electric propulsion and charging systems, allow design of optimal power and propulsion systems that keep emissions to a minimum. Smart control systems and software platforms for navigation, automation and control ensure even more fuel-efficient operations. These products and systems are key enablers to achieve low and zero emissions, and can be applied to newbuilds or retrofitted on board existing vessels, making it easier for shipowners to reduce emissions from their fleets. HAV Group’s subsidiary Norwegian Electric Systems is a leading supplier of advanced diesel electric, hybrid electric and 100 percent electric propulsion systems, for the global marine market. Hydrogen-based Energy Systems EXPERTS IN ENABLING MARITIME ZERO EMISSION HAV Group is a supplier of complete and scalable zero-emission hydrogen-based energy systems for vessels. The systems are suitable for both vessel newbuilds and retrofits. The group has developed maritime-based energy systems with liquid hydrogen tank below deck and a container-based hydrogen system to be installed on deck – the Zero Emission Pod. Adoption of hydrogen as ship fuel is considered a vital part of the transition to more sustainable shipping. HAV Group is one of the global frontrunners in offering approved hydrogen-based energy systems for ships. Installed effect can be used for the main propulsion systems, or for additional power supply on board the vessel to comply with green operation standards. Quayside, hydrogen systems can ensure sufficient green power supply to the vessel, which does not need to rely on onshore charging infrastructure to achieve zero emission status. HAV Group’s subsidiary HAV Hydrogen develops hydrogen-based energy systems for vessels. Water Treatment Systems YOUR EXPERT IN CLEAN WATER AND BALLAST WATER TREATMENT SYSTEMS HAV Group is a supplier of ballast water treatment systems for ships and other water treatment systems for the aquaculture industry. The spread of invasive species is recognized as one of the greatest threats to the ecological and the economic wellbeing of the planet. Efficient treatment of ballast water prevents the unwanted spread of invasive species. The ballast water treatment system is available for both retrofit and vessel newbuilds. Process water treatment for aquaculture production is key to maintain fish health and avoid detrimental effect on local environment. HAV Group provides water treatment technologies for both land- based aquaculture and live fish carriers. Moreover, HAV Group’s water treatment products are based has a chemical-free system that does not pollute the marine environment. HAV Group’s subsidiary Norwegian Greentech develops and manufactures water treatment systems.
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HIGHLIGHTS in Q2 2025 STATUS AND OUTLOOK HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 HAV Group’s revenue and margin increase versus both the previous quarter and the same quarter last year, was largely driven by the Energy Design & Smart Control segment. Based on the order backlog the turnover is expected to increase the second half of the year. Global megatrends – including the green transition, stricter regulations, and increasing competitive pressure – continue to reshape the maritime industry. In this environment, investing in vessel lifecycle performance is both a commercial necessity and a regulatory demand. HAV Group is well positioned to meet these challenges with technologies that improve the operational, financial and environmental performance of vessels. The global shipbuilding market is predicted to remain at a stable level in the coming years, providing ample opportunities for HAV Group. 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 transcontinental tariff regimes. Looking ahead, HAV Group maintains its previous guidance and expects solid revenue growth in 2025, driven by recent contract awards and active tendering, with corresponding improvements in margins. • Turnover of NOK 193.3 million (193.2) • EBITDA of NOK 4.1 million / 2.1% (0.0 /0.0%) • EBIT of NOK -0.4 million / -0.2% (-3.9. / -2.0%) • Profit before tax in Q2 of NOK 2.0 million/ 1.0% • Significantly strengthened cash position of NOK 293.0 million (124) Key Milestones in Q2 2025 • Order intake of NOK 215 million • Book-to-bill of x 1.11 • Order backlog MNOK 1.288 • Energy design and smart control systems segment: Contracts for delivery of power and automation systems for two ferries, plus charging stations for three ferries • Ship design project for North Salmon Service • Havila Voyages and HAV Group have formalized their collaboration for for the next generation of coastal route ships Subsequent events • Water treatment systems to deliver five container- based water purification systems • Energy design and smart control systems awarded for three integrated navigation systems to Tersan Shipyard 4
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 5 INCOME STATEMENT High activity level in the second quarter . The operating income for HAV Group in the second quarter of 2025 was NOK 193.3 million, compared to NOK 193.2 million in the second quarter of 2024. Improved EBITDA and net profit compared to same quarter last year. For the second quarter of 2025, the Group recorded profit before interest, tax and depreciation / amortisation (EBITDA) of NOK 4.1 million, while the EBITDA for the second quarter of 2024 was NOK 0.0 million. Year-to-date improvement on all main financial KPIs vs H1 2024 . Based on the order backlog, operating income is expected to increase in H2 vs H1. The consoldated figures are presented according NGAAP standard. For more info related to accounting principles, please see Annual Report 2024. (NOK 1 000) Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 Unaudited Unaudited Unaudited Unaudited Audited Revenue 192 912 192 774 340 389 319 110 756 817 Other operating revenues 430 443 864 1 176 2 156 Operating income 193 343 193 217 341 254 320 286 758 973 Materials and consumables 126 894 133 004 200 135 206 819 513 816 Payroll expenses 38 478 38 609 91 225 87 518 201 739 Other operating expenses 23 885 21 578 45 369 43 932 78 505 Operating expenses 189 256 193 191 336 729 338 269 794 060 EBITDA 4 087 26 4 525 -17 983 -35 087 Depreciation 4 520 3 920 9 168 7 910 16 403 Operating profit/loss (EBIT) -433 -3 893 -4 644 -25 893 -51 253 Financial income 9 606 9 364 17 043 14 694 34 859 Financial expenses 7 223 12 441 12 926 17 037 20 422 Profit / loss before tax 1 950 -6 970 -527 -28 236 -37 053 Earnings per share (before tax) 0.06 -0.20 -0.02 -0.81 -1.06 CONSOLIDATED STATEMENT OF PROFIT OR LOSS HAV Group ASA
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 6 (NOK 1 000) YTD 2025 YTD 2024 2024 ASSETS Unaudited Unaudited Audited Non-current assets Licenses, patents and R&D 81 272 87 318 85 058 Property, plant and equipment 11 105 10 113 11 032 Financial fixed assets 126 50 159 Total non-current assets 92 502 97 481 96 251 Current Assets Inventory 34 133 43 844 33 847 Accounts receivable 193 576 157 024 138 097 Accrued revenue 50 687 30 920 14 187 Other current receivables 69 257 83 939 63 050 Current assets 347 654 315 727 249 181 Investments Other financial instruments 1 385 - 5 464 Total Investments 1 385 - 5 464 Cash and bank deposits 292 989 123 980 250 430 Total current assets 642 028 439 707 505 075 TOTAL ASSETS 734 530 537 188 601 326 (NOK 1 000) YTD 2025 YTD 2024 2024 EQUITY AND LIABILITIES Unaudited Unaudited Audited Equity Paid-in Equity 122 202 122 202 122 202 Retained earnings -35 813 -60 130 -35 425 Treasury shares - -3 467 - Non-controlling interests -316 1 758 -280 Total equity 86 074 60 363 86 497 Non-current liabilities Deferred tax liability 1 843 7 452 2 007 Liabilities to Financial institutions 4 010 33 129 10 036 Other long-term liabilities 3 721 4 438 3 721 Total non-current liabilities 9 574 37 567 31 508 Current liabilities Accounts payable 81 476 85 757 89 315 Tax payable - 686 - Public duties payable 29 659 10 844 15 582 Advance payment from customers 488 773 280 902 351 605 Other current liabilities 38 973 53 616 42 564 Total current liabilities 638 881 431 806 499 066 Total liabilities 648 456 476 824 514 829 TOTAL EQUITY AND LIABILITIES 734 530 537 188 601 327 CONSOLIDATED STATEMENT OF FINANCIAL POSITION HAV Group ASA FINANCIAL POSITION The total assets in the Group are NOK 734.5 million per Q2 2025 versus NOK 601.3 million at end of 2024. Current assets increased from NOK 505.1 million year end 2024 to NOK 642.0 million per Q2 2025. Cash and bank deposit increased by NOK 45.6 million and total receivables increased by NOK 98.5 million from year end. The total equity has decreased by NOK 0.5 million to NOK 86.1 million per Q2 2025. This is caused by negative result in 2025. The equity ratio has decreased from 14.4% year end 2024 to 11.7% per Q2 2025. Total liabilities increased from NOK 514.8 million at year end 2024 to NOK 648.5 million per Q2. 2025. Main reason is increase in advance payments from customers. The consoldated figures are presented according NGAAP standard. For more info related to accounting principles, please see Annual Report 2024.
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 7 We hereby in accordance with the Norwegian Securities Trading Act §5-5 confirm, to the best of our knowledge, that the financial statements for the period 1 January to 30 June 2025 have been prepared in accordance with applicable accounting standards, and that the information in the accounts gives a true and fair view of the company’s and group’s assets, liabilities, financial position and profit or loss as a whole. We also confirm that the annual report gives a fair view of the company’s and group’s development, financial position and profit or loss as a whole, as well as a description of the principal risks and uncertainties the company and the group face. Vegard Sævik Chairman of the Board Linda Rudolfsen Myklebust Board member Thor-Lennart Solevåg Board member Gunnar Larsen CEO Helge Simonnes Board member Petter Frøystad Board member Vibeke Fængsrud Board member Hege Sævik Rabben Board member RESPONSBILITY STATEMENT FROM THE BOARD AND CEO
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 8 SEGMENTS Q2 2025 Ship Design • EBITDA of NOK -4.8 million / -11.3 % in the second quarter of 2025 • The Q2 25 is still impacted by low capacity utilisation Energy Design & Smart Control Systems • EBITDA of NOK 13.2 million / 9.6% in the second quarter of 2025 • EBIT level is high due to higher capacity utilisation, contribution from Aftermarket & Services and general high project activity Water Treatment Systems • EBITDA of NOK 1.3 million / 5.0% in the second quarter of 2025 • The Q2 25 is impacted by lower than expected sales in marine segment Hydrogen-based Energy Systems • EBITDA of NOK -2.7 million in the second quarter of 2025 • In light of the general negative market development, it has been decided to reduce both the cost level and activity level in HAV Hydrogen, as well as to put the construction of the ZEPOD prototype on hold until a strategy for the company's further operations is more closely established 2025 Q2 (Unaudited) (NOK million) Ship Design Energy Design & Smart Control Water treatment systems Hydrogen-based energy systems Other / Elimination HAV Group ASA Operating revenues (External) 41.0 127.5 24.4 0.0 -13.0 179.9 Other operating revenues 0.4 0.0 0.1 0.0 0.0 0.4 Total Operating income 42.5 137.8 26.1 0.0 -13.0 193.3 EBITDA -4.8 13.2 1.3 -2.7 -3.0 4.1 Depreciation 1.0 1.7 1.6 0.0 0.2 4.5 Operating profit/loss (EBIT) -5.8 11.6 -0.3 -2.7 -3.2 -0.4 Net financial items 0.6 2.3 0.5 -0.3 -0.7 2.4 Profit/Loss before tax -5.2 13.8 0.2 -3.0 -3.9 1.9 Total assets 144.1 522.9 92.9 2.5 -27.8 734.5 Equity 4.1 54.1 3.6 0.3 23.9 86.1 Liabilities 139.9 468.7 89.3 2.2 -51.7 648.5 2024 Q2 (Unaudited) (NOK million) Ship Design Energy Design & Smart Control Water treatment systems Hydrogen-based energy systems Other / Elimination HAV Group ASA Operating revenues (External) 57.0 113.5 29.3 0.6 -6.9 192.8 Other operating revenues 0.4 0.0 0.0 0.0 0.0 0.4 Operating income 56.6 113.5 29.3 0.6 -6.9 193.2 EBITDA 5.1 -5.8 4.8 -1.2 -2.8 0.0 Depreciation 0.8 1.3 1.6 0.0 0.2 3.9 Operating profit/loss (EBIT) 4.3 -7.2 3.1 -1.2 -3.0 -3.9 Net financial items -0.1 -1.2 -1.0 -0.2 -0.5 -3.1 Profit/Loss before tax 4.2 -8.4 2.2 -1.4 -3.5 -7.0 Total assets 189.0 269.5 91.5 13.3 -26.1 537.2 Equity 23.4 5.6 9.6 10.7 11.1 60.4 Liabilities 165.6 263.9 82.0 2.6 -37.3 476.8 SEGMENT INFORMATION
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 9 SEGMENTS YTD 2025 Ship Design • EBITDA of NOK -9.1 million / -12.4% YTD 2025 • YTD 2025 is still impacted by low capacity utilisation Energy Design & Smart Control Systems • EBITDA of NOK 28.5 million / 11.8% YTD 2025 • YTD 2025 margin level is high due to higher capacity utilisation, contribution from Aftermarket & Services and general high project activity Water Treatment Systems • EBITDA of NOK -3.0 million / -7.4% YTD 2025 • YTD 2025 is impacted by lower than expected sales in marine segment Hydrogen-based Energy Systems • EBITDA of NOK -4.9 million YTD 2025 • In light of the general negative market development, it has been decided to reduce both the cost level and activity level in HAV Hydrogen, as well as to put the construction of the ZEPOD prototype on hold until a strategy for the company's further operations is more closely established 2025 YTD (Unaudited) (NOK million) Ship Design Energy Design & Smart Control Water treatment systems Hydrogen-based energy systems Other / Elimination HAV Group ASA Operating revenues (External) 71.3 230.5 38.6 0.0 -13.0 327.3 Other operating revenues 0.7 0.0 0.1 0.0 0.0 0.9 Total Operating income 73.2 240.9 40.3 0.0 -13.0 341.3 EBITDA -9.1 28.5 -3.0 -4.9 -7.1 4.5 Depreciation 2.0 3.4 3.3 0.0 0.5 9.2 Operating profit/loss (EBIT) -11.1 25.1 -6.2 -4.9 -7.5 -4.6 Net financial items 1.0 4.8 -0.5 -0.5 -0.7 4.1 Profit/Loss before tax -10.0 29.8 -6.7 -5.4 -8.3 -0.5 Total assets 144.1 522.9 92.9 2.5 -27.8 734.5 Equity 4.1 54.1 3.6 0.3 23.9 86.1 Liabilities 139.9 468.7 89.3 2.2 -51.7 648.5 2024 YTD (Unaudited) (NOK million) Ship Design Energy Design & Smart Control Water treatment systems Hydrogen-based energy systems Other / Elimination HAV Group ASA Operating revenues (External) 95.0 173.3 57.6 0.9 -7.7 319.1 Other operating revenues 1.0 0.0 0.2 0.0 0.0 1.2 Operating income 96.0 173.3 57.8 0.9 -7.7 320.3 EBITDA 6.7 -14.8 3.9 -4.6 -9.3 -18.0 Depreciation 1.4 2.9 3.3 0.0 0.4 7.9 Operating profit/loss (EBIT) 5.3 -17.6 0.7 -4.6 -9.6 -25.9 Net financial items 1.9 -1.0 1.1 -0.4 -1.8 -2.3 Profit/Loss before tax 7.2 -18.6 -0.4 -5.0 -11.4 -28.2 Total assets 189.0 269.5 91.5 13.3 -26.1 537.2 Equity 23.4 5.6 9.6 10.7 11.1 60.4 Liabilities 165.3 263.9 82.0 2.6 -37.3 476.8 SEGMENT INFORMATION
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 10 EQUITY (NOK 1,000) Share capital Share premium reserve Treasury shares Retained earnings Total Non- controlling interest Total equity January 1, 2025 35 000 87 202 - -35 425 86 778 -280 86 497 Profit for the Year - - - -327 -327 -36 -363 Currency translation differences - - - -60 -60 - -60 June 30, 2025 35 000 87 202 - -35 813 86 390 -316 86 074 Share capital Share premium reserve Treasury shares Retained earnings Total Non- controlling interest Total equity January 1, 2024 35 000 87 202 -3 341 -29 997 88 864 2 306 91 170 Profit for the Year - - - -27 947 -27 947 -291 -28 237 Currency translation differences - - - -776 -776 -257 -1 033 Purchase of own shares - - -125 -1 410 -1 536 - -1 536 June 30, 2024 35 000 87 202 -3 467 -60 130 58 605 1 758 60 363 - Repurchase of own shares will reduce equity level.
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 11 CASH FLOW Aggregate cash flow from operating activities is positive with NOK 54.0 million YTD 2025, compared to a negativ cash flow of NOK -28.0 million 2024. The main reason for the positive cash flow is increase in advance payment from customers. Aggregate cash flow from investing activities was negative with NOK -5.4 million YTD 2025, compared to a negative cash flow of NOK -4.6 million 2024. The negative cash flow from investments is mainly related to investments in R&D and IT infrastructure. Aggregate cash flow from financing activities is negative with NOK 6.0 million YTD 2025, compared to a positive cash flow of NOK 4.6 million 2024. The negative cash-flow from financing activities is related to repayment of non-current debt. The consoldated figures are presented according NGAAP standard. For more info related to accounting principles, please see Annual Report 2024. (NOK 1 000) YTD 2025 YTD 2024 2024 Unaudited Unaudited Audited CASH FLOW FROM OPERATIONS Profit/(loss) before tax -527 -28 236 -37 053 Tax payed - - -686 Depreciation 9 168 7 910 16 403 Net financial items -4 117 2 343 -14 437 Changes in inventory -286 -7 501 2 495 Changes in accounts receivable -55 479 -101 045 -82 118 Changes in accounts payable -7 838 41 793 45 350 Changes in advance payment from customers 137 168 106 770 177 473 Changes in other current receivables/liabilities -24 088 -49 993 -7 382 Net cash flow from/(to) operating activities 54 001 -27 959 100 046 CASH FLOW FROM INVESTMENTS Investments in property, plant and equipment -3 417 -1 035 -3 911 Investment in intangible assets -2 000 -3 554 -7 866 Purchase of shares in subsidiary - - -925 Net cash flow used in investing activities -5 417 -4 590 -12 702 CASH FLOW FROM FINANCING ACTIVITIES New long term debt - 36 000 36000 Repayment non-current debt -6 026 -29 680 -52 748 Purchase of own shares - -1 768 -1 512 Sales of own shares - - 29 368 Net cash flow from/ (used in) financing activities -6 026 4 552 11 108 Net change in cash and cash equivalentss 42 559 -27 997 98 453 Cash and cash equivalents at start of the period 250 430 151 976 151 976 Cash and cash equiv.recognised in the balance sheet 292 989 123 980 250 430 Restricted cash at end of period 35 447 5 454 20 230 CONSOLIDATED STATEMENT OF CASH FLOW HAV Group ASA
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 12 ORDER STATUS The external order backlog is NOK 1.288 billion as of the end of Q2 2025, a increase of NOK 21 million compared to Q1 2025. Order intake of NOK 215 million in Q2 2025, equivalent to a book-to-bill of x1.11. Subsequent events • Water treatment systems to deliver five container-based water purification systems • Energy design and smart control systems awarded for three integrated navigation systems to Tersan Shipyard 20 1 288 Internal External 514 607 604 1 010 1 387 1 322 1 227 1 267 1 288 0 200 400 600 800 1 000 1 200 1 400 1 600 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 0 0 0 163 1 034 92 0 200 400 600 800 1 000 Ship Design Energy Design and Smart Control Systems Water Treatment Systems ORDER BACKLOG HISTORICAL DEVELOPMENT OF EXTERNAL BACKLOG EXTERNAL ORDER BACKLOG BY DELIVERY YEARAGGREGATED ORDER BACKLOG PER SEGMENT AGGREGATED ORDER BACKLOG 490 668 131 0 200 400 600 800 1 000 2025 2026 2027
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2025 13 SHARES AND SHAREHOLDERS In total 35 000 000 shares with Par value NOK 1 All shares have equal rights In total 3 140 shareholders per Q2 2025 HAV Group ASA had 0 treasury shares per Q2 2025 SHARES AND SHAREHOLDERS Shareholders as of 30.06.2025 Number of shares Ownership HAVILA HOLDING AS * 12 204 656 34.87 % FARVATN CAPITAL AS 2 408 909 6.88 % NORDNET LIVSFORSIKRING AS 1 866 530 5.33 % MP PENSJON PK 1 588 166 4.54 % EMINI INVEST AS 1 127 179 3.22 % HSR INVEST AS ** 1 127 179 3.22 % INNIDIMMAN AS *** 1 127 179 3.22 % JAKOB HATTELAND HOLDING AS 770 500 2.20 % UCVO AS 527 101 1.51 % Nordnet Bank AB 458 310 1.31 % Avanza Bank AB 384 656 1.10 % PISON AS 375 726 1.07 % SPAREBANK 1 MARKETS AS 366 928 1.05 % STRØMME STRØM AS 350 000 1.00 % Other shareholders (<1 %) 10 316 981 29.48 % Number of shares 35 000 000 100 % *Joint controlled by board members Vegard Sævik og Hege Sævik Rabben. ** HSR INVEST AS controlled by board member Hege Sævik Rabben. ***INNIDIMMAN AS controlled by board member Vegard Sævik.
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Design: