Interim report
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THIRD QUARTER FINANCIAL REPORT 2025 A SUSTAINABLE FUTURE AT SEA HAV G roup ASA
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2 HAV Group ASA – Q3 - Quarterly 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 – Q3 - Quarterly 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 Q3 2025 STATUS AND OUTLOOK HAV Group ASA – Q3 - Quarterly 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 expects that Q4 will be the strongest quarter in 2025. The positive development seen in 2025 is expected to continue in 2026, driven by contract wins with corresponding margin improvements. • Turnover of NOK 193.7 million (134.8) • EBITDA of NOK 1.5 million / 0.8% (-24.8 /-18.4%) • EBIT of NOK -2.5 million / -1.3% (-28.9. / -21.5%) • Profit before tax in Q3 of NOK -4.2 million/ -2.2% • Significantly strengthened cash position of NOK 271.4 million (148.8) Key Milestones in Q3 2025 • Order intake of NOK 171 million • Book-to-bill of x 0.88 • Order backlog MNOK 1.266 • Water treatment systems to deliver five container-based water purification systems to Greenland. • Energy design and smart control systems awarded to supply three complete “Raven” integrated navigation systems, to be installed on three ferries under construction at Tersan. • Energy design and smart control systems awarded a contract to act as s system integrator and deliver power and automation system for to newbuild ferry that the Tersan is constructing. Subsequent events • Energy design and smart control systems awarded contract to act as system integrator and deliver power and automation system to a live fish carrier that Fitjar Mekaniske Verksted is building for North Salmon Service. • Water treatment systems awarded a contract to supply complete water treatment system to Nordic Halibut. 4
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HAV Group ASA – Q3 - Quarterly Report 2025 5 INCOME STATEMENT High activity level in the third quarter . The operating income for HAV Group in the third quarter of 2025 was NOK 193.7 million, compared to NOK 134.8 million in the third quarter of 2024. Improved EBITDA and net profit compared to same quarter last year. For the third quarter of 2025, the Group recorded profit before interest, tax and depreciation / amortisation (EBITDA) of NOK 1.5 million, while the EBITDA for the third quarter of 2024 was NOK -24.8 million. Year-to-date improvement on all main financial KPIs vs H2 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) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Unaudited Unaudited Unaudited Unaudited Audited Revenue 192 784 134 373 533 173 453 483 756 817 Other operating revenues 916 418 1 780 1 594 2 156 Operating income 193 700 134 791 534 953 455 077 758 973 Materials and consumables 115 419 81 196 315 553 288 015 513 816 Payroll expenses 53 370 59 402 144 595 146 921 201 739 Other operating expenses 23 368 18 988 68 737 62 920 78 505 Operating expenses 192 156 159 596 528 885 497 855 794 060 EBITDA 1 543 -24 795 6 068 -42 779 -35 087 Depreciation 4 005 4 135 13 173 12 045 16 403 Operating profit/loss (EBIT) - 2 462 -28 930 -7 105 -54 824 -51 253 Financial income 2 092 14 642 19 135 29 336 34 859 Financial expenses 3 796 4 726 16 723 21 763 20 422 Profit / loss before tax -4 166 -19 015 4 693 -47 251 -37 053 Earnings per share (before tax) -0.12 -0.54 -0.13 -1.35 -1.06 CONSOLIDATED STATEMENT OF PROFIT OR LOSS HAV Group ASA
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HAV Group ASA – Q3 - Quarterly Report 2025 6 (NOK 1 000) YTD 2025 YTD 2024 2024 ASSETS Unaudited Unaudited Audited Non-current assets Licenses, patents and R&D 80 034 85 023 85 058 Property, plant and equipment 10 947 11 181 11 032 Financial fixed assets 149 56 159 Total non-current assets 91 121 96 260 96 251 Current Assets Inventory 32 962 33 130 33 847 Accounts receivable 162 145 253 572 138 097 Accrued revenue 35 435 18 898 14 187 Other current receivables 85 618 114 457 63 050 Current assets 316 160 420 056 249 181 Investments Other financial instruments 597 - 5 464 Total Investments 597 - 5 464 Cash and bank deposits 271 377 148 816 250 430 Total current assets 588 134 568 873 505 075 TOTAL ASSETS 679 255 665 132 601 327 (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 -40 182 -77 777 -35 425 Treasury shares - -3 467 - Non-controlling interests 30 1 342 -280 Total equity 82 051 42 300 86 497 Non-current liabilities Deferred tax liability 1 772 7 452 2 007 Liabilities to Financial institutions 997 30 117 10 036 Other long-term liabilities 3 721 4 338 3 721 Total non-current liabilities 6 490 41 907 15 764 Current liabilities Accounts payable 87 089 46 737 89 315 Tax payable - 686 - Public duties payable 14 367 9 523 15 582 Advance payment from customers 429 953 485 759 351 605 Other current liabilities 59 324 38 221 42 564 Total current liabilities 590 714 580 926 499 066 Total liabilities 597 204 622 832 514 829 TOTAL EQUITY AND LIABILITIES 679 255 665 132 601 327 CONSOLIDATED STATEMENT OF FINANCIAL POSITION HAV Group ASA FINANCIAL POSITION The total assets in the Group are NOK 679.3 million per Q3 2025 versus NOK 601.3 million at end of 2024. Current assets increased from NOK 505.1 million year end 2024 to NOK 588.1 million per Q3 2025. Cash and bank deposit increased by NOK 21.0 million and total receivables increased by NOK 67.0 million from year end. The total equity has decreased by NOK 4.4 million to NOK 82.1 million per Q3 2025. This is caused by a negative result in 2025. The equity ratio has decreased from 14.4% year end 2024 to 12.1% per Q3 2025. Total liabilities increased from NOK 514.8 million at year end 2024 to NOK 597.2 million per Q3 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 – Q3 - Quarterly Report 2025 7 SEGMENTS Q3 2025 Ship Design • EBITDA of NOK -8.1 million / -33.3 % in the third quarter of 2025 • The Q3 25 is still impacted by low capacity utilisation Energy Design & Smart Control Systems • EBITDA of NOK 15.4 million / 10.4% in the third quarter of 2025 • EBITDA level is high due to higher capacity utilisation, contribution from Aftermarket & Services and general high project activity Water Treatment Systems • EBITDA of NOK -0.4 million / -1.7% in the third quarter of 2025 • The Q3 25 is impacted by lower than expected sales in marine segment Hydrogen-based Energy Systems • EBITDA of NOK -1.7 million in the third 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 Q3 (Unaudited) (NOK million) Ship Design Energy Design & Smart Control Water treatment systems Hydrogen-based energy systems Other / Elimination HAV Group ASA Operating revenues (External) 23.6 145.5 23.0 - -1.7 190.5 Other operating revenues 0.3 0.6 0.1 - - 0.9 Total Operating income 24.3 147.6 23.4 - -1.7 193.7 EBITDA -8.1 15.4 -0.4 -1.7 -3.7 1.5 Depreciation 0.6 1.6 1.6 - 0.2 4.0 Operating profit/loss (EBIT) -8.7 13.9 -2.0 -1.7 -3.9 -2.5 Net financial items 0.1 0.5 -1.9 -0.3 -0.1 -1.7 Profit/Loss before tax -8.6 14.5 -3.9 -2.0 -4.0 -4.1 Total assets 182.0 466.0 90.3 0.2 -59.2 679.3 Equity -4.4 68.6 -0.2 -1.5 19.6 82.1 Liabilities 186.4 397.4 90.5 1.7 -78.8 597.2 2024 Q3 (Unaudited) (NOK million) Ship Design Energy Design & Smart Control Water treatment systems Hydrogen-based energy systems Other / Elimination HAV Group ASA Operating revenues (External) 55.4 69.0 22.9 - -12.9 134.4 Other operating revenues 0.4 - 0.1 - - 0.4 Operating income 55.7 69.0 22.9 - -12.9 134.8 EBITDA -1.6 -12.3 -2.2 -3.1 -5.5 -24.8 Depreciation 1.0 1.4 1.6 - 0.2 4.1 Operating profit/loss (EBIT) -2.6 -13.7 -3.8 -3.1 -5.7 -28.9 Net financial items 2.2 8.4 0.1 -0.3 -0.5 9.9 Profit/Loss before tax -0.4 -5.3 -3.7 -3.4 -6.2 -19.0 Total assets 253.5 347.1 88.5 10.3 -34.3 665.1 Equity 23.5 0.1 5.8 7.5 5.3 42.3 Liabilities 230.0 347.0 82.7 2.8 -39.7 622.8 SEGMENT INFORMATION
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HAV Group ASA – Q3 - Quarterly Report 2025 8 SEGMENTS YTD 2025 Ship Design • EBITDA of NOK -17.2 million / -17.6% YTD 2025 • YTD 2025 is still impacted by low capacity utilisation Energy Design & Smart Control Systems • EBITDA of NOK 43.9.5 million / 11.3% 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 -3.4 million / -5.3% YTD 2025 • YTD 2025 is impacted by lower than expected sales in marine segment Hydrogen-based Energy Systems • EBITDA of NOK -6.6 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) 94.9 376.0 61.6 - -14.8 517.8 Other operating revenues 1.0 0.6 0.2 - - 1.8 Total Operating income 97.5 388.5 63.7 - -14.8 534.9 EBITDA -17.2 43.9 -3.4 -6.6 -10.8 6.1 Depreciation 2.6 5.0 4.9 - 0.7 13.2 Operating profit/loss (EBIT) -19.8 38.9 -8.3 -6.6 -11.4 -7.1 Net financial items 1.1 5.3 -2.4 -0.8 -0.8 2.4 Profit/Loss before tax -18.6 44.5 -10.6 -7.4 -12.3 -4.5 Total assets 182.0 466.0 90.3 0.2 -59.2 679.3 Equity -4.4 68.6 -0.2 -1.5 19.6 82.1 Liabilities 186.4 397.4 90.5 1.7 -78.8 597.2 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) 150.4 242.3 80.4 0.9 -20.6 453.5 Other operating revenues 1.3 - 0.2 - - 1.6 Operating income 151.7 242.3 80.7 0.9 -20.6 455.1 EBITDA 5.1 -27.1 1.7 -7.7 -14.8 -42.8 Depreciation 2.4 4.2 4.9 - 0.5 12.0 Operating profit/loss (EBIT) 2.7 -31.3 -3.2 -7.7 -15.3 -54.8 Net financial items 4.0 7.5 -1.0 -0.6 -2.3 7.6 Profit/Loss before tax 6.8 -23.9 -4.2 -8.4 -17.6 -47.3 Total assets 253.5 347.1 88.5 10.3 -34.3 665.1 Equity 23.5 0.1 5.8 7.5 5.3 42.3 Liabilities 230.0 347.0 82.7 2.8 -39.7 622.8 SEGMENT INFORMATION
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HAV Group ASA – Q3 - Quarterly Report 2025 9 CASH FLOW Aggregate cash flow from operating activities is positive with NOK 38.0 million YTD 2025, compared to a postive cash flow of NOK 2.5 million 2024. The main reason for the positive cash flow is better profit before tax. Aggregate cash flow from investing activities was negative with NOK -8.0 million YTD 2025, compared to a negative cash flow of NOK -7.5 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 -9.0 million YTD 2025, compared to a positive cash flow of NOK 1.8 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 - 4 693 -47 251 -37 053 Tax payed - - -686 Depreciation 13 173 12 045 16 403 Net financial items -2 412 -7 583 -14 437 Changes in inventory 885 3 213 2 495 Changes in accounts receivable -24 048 -197 593 -82 118 Changes in accounts payable -2 245 2 772 45 350 Changes in advance payment from customers 78 348 295 128 177 473 Changes in other current receivables/liabilities -21 007 -58 240 -7 382 Net cash flow from/(to) operating activities 38 000 2 501 100 046 CASH FLOW FROM INVESTMENTS Investments in property, plant and equipment -2 451 -2 925 -3 911 Investment in intangible assets - 5 563 -4 544 -7 866 Purchase of shares in subsidiary - - -925 Net cash flow used in investing activities -8 014 -7 469 -12 702 CASH FLOW FROM FINANCING ACTIVITIES New long term debt - 36 000 36 000 Repayment non-current debt -9 039 -26 680 -52 748 Purchase of own shares - - 1 768 -1 512 Sales of own shares - - 29 368 Net cash flow from/ (used in) financing activities -9 039 1 808 11 108 Net change in cash and cash equivalentss 20 948 -3 160 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 271 377 148 816 250 430 Restricted cash at end of period 34 684 4 904 20 230 CONSOLIDATED STATEMENT OF CASH FLOW HAV Group ASA
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HAV Group ASA – Q3 - Quarterly Report 2025 10 ORDER STATUS The external order backlog is NOK 1.266 billion as of the end of Q3 2025, a decrease of NOK 22million compared to Q2 2025. Order intake of NOK 171 million in Q3 2025, equivalent to a book-to-bill of x0.88. Subsequent events • Energy design and smart control systems awarded contract to act as system integrator and deliver power and automation system to a live fish carrier that Fitjar Mekaniske Verksted is building for North Salmon Service. • Water treatment systems awarded a contract to supply complete water treatment system to Nordic Halibut. 18 1 266 Internal External 607 604 1 010 1 387 1 322 1 227 1 267 1 288 1 266 0 200 400 600 800 1 000 1 200 1 400 1 600 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 000 142 1 037 86 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 273 836 156 0 200 400 600 800 1 000 2025 2026 2027
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HAV Group ASA – Q3 - Quarterly Report 2025 11 SHARES AND SHAREHOLDERS In total 35 000 000 shares with Par value NOK 1 All shares have equal rights In total 3 038 shareholders per Q3 2025 HAV Group ASA had 0 treasury shares per Q3 2025 SHARES AND SHAREHOLDERS Shareholders as of 30.09.2025 Number of shares Ownership HAVILA HOLDING AS * 12 204 656 34.87 % FARVATN CAPITAL AS 2 408 909 6.88 % NORDNET LIVSFORSIKRING AS 1 900 122 5.43 % 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 % SB1 MARKETS AS 472 752 1.35 % Nordnet Bank AB 392 902 1.12 % PISON AS 375 726 1.07 % STRØMME STRØM AS 350 000 1.00 % Other shareholders (<1 %) 10 627 629 30.36 % 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: