Slides
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A sustainable future at sea www.havgroup.no
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A sustainable future at sea www.havgroup.no
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A sustainable future at sea www.havgroup.no
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A sustainable future at sea www.havgroup.no Agenda 1. Q2 2026 highlights 2. HAV Group in brief 3. Business segment update 4. Financials 5. Summary and outlook 6. Q&A
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A sustainable future at sea www.havgroup.no Q2 2026 highlights Key developments • Strong second quarter and a significant improvement on the corresponding quarter last year: • Revenue: +38% vs Q2 2025 • EBITDA-result: x4 higher than Q2 2025 • EBITDA-margin: 6.5% vs 2.1% in Q2 2025 • Energy design and smart control systems business remains driver of positive results • Low order intake in the quarter, but continued healthy tender activity • Initiation of review to explore various strategic opportunities for HAV Group 193,3 193,7 268,1 233,1 267,3 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Revenue per quarter 4,1 1,5 16,3 11,8 17,3 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 EBITDA-result per quarter
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A sustainable future at sea www.havgroup.no A sustainable future at sea www.havgroup.no Order intake & backlog 1288 1266 1143 1058 826 500 600 700 800 900 1000 1100 1200 1300 1400 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 215 171 146 148 35 0 50 100 150 200 250 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Order intake per quarter Order backlog* development Order backlog* per execution year 375 826 451 2026 2027 Total *NB: Order backlog does not include service and aftermarket revenue
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A sustainable future at sea www.havgroup.no A sustainable future at sea www.havgroup.no 341 500 0 100 200 300 400 500 600 H1/25 H1/26 +46% H1 2026: Delivering in line with full-year 2026 guidance 4,5 29,1 0 5 10 15 20 25 30 35 H1/25 H1/26 Revenue EBITDA EBITDA-margin (%) 1,3 5,8 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 H1/25 H1/26 +546% +4.5 p.p.
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A sustainable future at sea www.havgroup.no A sustainable future at sea www.havgroup.no HAV Group in brief
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A sustainable future at sea www.havgroup.no A sustainable future at sea www.havgroup.no A SUSTAINABLE FUTURE AT SEA Enabling optimized vessel performance, safety and operating costs
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FOSNAVÅG, NORWAY CEO: Gunnar Larsen Employees: 163 Market Cap*: NOK 482 Million *PER 26/08 2026
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A sustainable future at sea www.havgroup.no A sustainable future at sea www.havgroup.no Offshore wind Oil and gas Ferries and ropax Short sea cargoFisheryAquaculture Our main industry segments
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A sustainable future at sea www.havgroup.no A sustainable future at sea www.havgroup.no Segment information
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A sustainable future at sea www.havgroup.no Ship design | Q2 2026 highlights Financials • Revenue up from previous quarters but below the same quarter last year • EBITDA on same level as Q2 previous year • New project wins required to bring business segment back to black numbers Operations • Current project portfolio progressing on schedule • Investing available critical competence in technology development, operational improvements and readiness for potential future orders Market and sales • Awaiting tender clarifications on several projects within current core segments during this autumn, with potential initiation of work in 2027 • Healthy tender activity in general, including for both offshore energy and aquaculture industry vessels • Also pursuing concrete opportunities in new vessel segments • Increased interest in aftermarket services, which is a new targeted growth area • Strengthened shipowner support with new VP sales 43 24 25 24 30 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Revenue -5 -8 -4 -9 -5 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 EBITDA 163 142 124 119 94 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Order backlog
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A sustainable future at sea www.havgroup.no Water treatment systems | Q2 2026 highlights Financials • EBITDA-result impacted by low work volume in quarter, higher volumes required to deliver positive results Operations • NOK 0.6 million R&D grant from Møre og Romsdal county to develop closed-loop treatment and reuse of tank wash water from chemical tankers • Certain projects have experienced schedule shifts Market and sales • Contracts to deliver a total of ten new ballast water treatment systems (BWTS) – for both newbuilds and retrofit – to various undisclosed shipyards in Norway, Spain and the Netherlands • Stable tender activity level for BWTS retrofits, while newbuilding market showing signs of improvement • Pursuing multiple opportunities in land-based aquaculture and water treatment systems for wellboats, but timing of awards remain uncertain 26 23 39 27 22 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Revenue 1,3 -0,4 -0,1 -0,2 -2,7 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 EBITDA 92 86 99 97 94 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Order backlog
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A sustainable future at sea www.havgroup.no Energy design and smart control systems | Q2 2026 highlights Financials • A solid quarter from the business segment • Revenue up 58% compared to Q2 last year • EBITDA up 147% versus Q2 2025 • EBITDA-margin of 15% Market and sales • High tender activity, but geopolitical uncertainty causes some investment decisions to be pushed to the right • No major projects lost in the second quarter • Awaiting decisions on multiple tenders in H2 2026 Operations • Continued high activity level and capacity utilization • Witnessing some project delays 138 148 204 182 218 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Revenue 1 034 1 037 920 842 638 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Order backlog 13 15 26 26 33 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 EBITDA
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A sustainable future at sea www.havgroup.no Initiation of strategic review, announced 30 April 2026 Explore strategic opportunities for HAV Group With favourable market trends as backdrop for the strategic review, which intends to assess a number of different possibilities to create shareholder values Process ongoing HAV Group will update the market with any relevant information to the process in due course Open-ended process No guarantee that the process results in a specific strategic outcome
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A sustainable future at sea www.havgroup.no A sustainable future at sea www.havgroup.no Financials
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A sustainable future at sea www.havgroup.no Comments • Solid revenue generation in the quarter, primarily driven by energy design and smart control systems segment • Considerably improved EBITDA and EBITDA- margin compared to Q2 and H1 last year • Net finance of -2.9 is net agio loss • Positive EBIT and net profit development Q2 2026 key financials NOKm Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Unaudited Unaudited Unaudited Unaudited Audited Operating income 267.3 193.3 500.0 341.3 803.0 EBITDA 17.3 4.1 29.1 4.5 21.7 EBIT 11.6 -0.4 17.6 -4.6 2.0 Net finance -2.9 2.4 -4,5 4.1 1.8 Net profit/loss 8.7 1.9 13.2 -0.5 3.8 EBITDA margin 6.5% 0.2% 5.8% 1.3% 2.7 %
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A sustainable future at sea www.havgroup.no Comments Assets: • Total receivables reduced by NOK 31.5 million from start of year, mainly due to reduction in accounts receivables • Cash balance of NOK 237.2 million as of 30 June 2026, increased by NOK 38.0 million from year end. Equity : • Total equity increased by NOK 8.3 million to NOK 101.4 million per Q2 2026, caused by positive result in the quarter. Total liabilities: • Total liabilities reduced from NOK 581.8 million at year end 2025 to NOK 568.8 million per Q2 2026. Main reason is reduction in Accounts payable. Q2 2026 balance sheet NOKm Q2 26 Q2 25 2025 Unaudited Unaudited Audited Non-current assets Total intangible assets 68.9 81.3 76.1 Total tangible fixed assets 14.1 11.1 10.6 Financial fixed assets 0.5 0.1 0.2 Total non -current assets 83.5 92.5 86.9 Current assets Inventory 30.0 34.1 32.3 Total receivables 320.0 313.5 351.5 Cash and bank deposit 237.2 293.0 199.1 Total current assets 586.7 642.0 582.9 Total assets 670.2 734.5 669.9 NOKm Q1 26 Q2 25 2025 Unaudited Unaudited Audited Total equity 101.4 86.1 88.1 Liabilities Total provision for liabilities 4.2 1.8 4.3 Total long-term liabilities 3.6 7.7 3.6 Total non -current liabilities 7.7 9.6 7.9 Total current liabilities 561.1 638.9 573.9 Total liabilities 568.8 648.5 581.8 Total equity and liabilities 670.2 734.5 669.9
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A sustainable future at sea www.havgroup.no Comments Q2 2026 (NOKm) Positive cash flow from operations • Net payable/receivable changes + 130.0 • Advance payment from customers - 47.3 • Others + 13 Negative cash flow from investments • Mainly related to investments in R&D Q2 2026 cash flow statement NOKm Q2 2026 Q2 2025 2025 Unaudited Unaudited Unaudited Net cash flow from Operating activities 104.2 52.0 -30.1 Net cash flow from Investments activities -1.8 -2.9 -11.3 Net cash flow from Financing activities -0 -3.0 -10.0 Net change in cash and cash equivalents 102.4 46.1 -51.3 Sum Cash and cash equivalent 237.2 293.0 199.1
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A sustainable future at sea www.havgroup.no A sustainable future at sea www.havgroup.no Summary and market outlook
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Summary Winning new contracts essential to return water treatment system and ship design businesses to black numbers Both business areas are chasing opportunities in core segments as well as targeting new revenue streams Another quarter with solid results from energy and smart control systems segment Strong 15% EBITDA-margin in Q2 for business segment Low order intake in Q2, but order backlog of NOK 826 million provides good visibility for 2026 Awaiting clarification on numerous tenders in H2 2026 Significantly improved revenue, EBITDA-result and -margin compared to Q2 2025 Q2/H1 results support 2026 guidance A sustainable future at sea www.havgroup.no
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Outlook Global megatrends : 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. Market situation : 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. Outlook : The positive development seen in 2025 is expected to continue throughout 2026, and HAV Group anticipates both revenue growth and improved margins versus last year.
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A sustainable future at sea www.havgroup.no
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A sustainable future at sea www.havgroup.no