Interim report
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SECOND QUARTER &HALF YEAR FINANCIAL REPORT 2026 A SUSTAINABLE FUTURE AT SEA HAV G roup ASA
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2 HAV Group ASA – Q2- Quarterly Report/Half year Report 2026 HAV Group ASA HAV is the Norwegian word for ocean. HAV Group and its subsidiaries (together: “HAV Group”) is an international provider of technology and services for the 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 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
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vcx THE HAV GROUP HAV Group ASA – Q2-Quarterly Report/Half Year Report 2026 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. 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 2026 STATUS AND OUTLOOK HAV Group ASA –Q2-Quarterly Report/Half Year Report 2026 Q2 financial figures support previous 2026 guidance. 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 in 2026, and HAV Group anticipates both revenue growth and improved margins versus last year. • Turnover of NOK 267.2 million (193.3) • EBITDA of NOK 17.3 million / 6.5% (4.1 /2.1%) • EBIT of NOK 11.6 million / 4.4% (-.4 / -0.2%) • Profit before tax in Q2 2026 of NOK 8.7 million/ 3.3% Key Milestones in Q2 2026 • Order intake of NOK 35 million • Book-to-bill of x 0.13 • Order backlog MNOK 826 • Water treatment systems awarded a contract to supply ten new ballast water treatment systems to various s hipyards in Norway and internationally. • Initiation of review to explore various strategic opportunities for HAV Group. 4
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HAV Group ASA – Q2-Quarterly Report/Half Year Report 2026 5 INCOME STATEMENT Solid revenue generation in the quarter, primarily driven by energy design and smart control systems segment. The operating income for HAV Group in the second quarter of 2026 was NOK 267.3 million, compared to NOK 193.3 million in the second quarter of 2025. The operating income for HAV Group in YTD 2026 was NOK 500.4 million, compared to NOK 341.3 million in YTD 2025. Considerably improved EBITDA compared to last year. For the second quarter of 2026, the Groups profit before interest, tax and depreciation / amortisation (EBITDA) of NOK 17.3 million, while the EBITDA for the second quarter of 2025 was NOK 4.1 million. For YTD 2026, the Groups profit before interest, tax and depreciation /amortisation (EBITDA) of NOK 29.1 million, while the EBITDA for the YTD 2025 was NOK 4.5 million. The consoldated figures are presented according NGAAP standard. For more info related to accounting principles, please see Annual Report 2025. (NOK 1 000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Unaudited Unaudited Unaudited Unaudited Audited Revenue 267 225 192 912 499 990 340 389 801 811 Other operating revenues 51 430 412 864 1 229 Operating income 267 276 193 343 500 402 341 254 803 040 Materials and consumables 172 122 126 894 309 369 200 135 487 726 Payroll expenses 43 429 38 478 100 688 91 225 203 196 Other operating expenses 34 388 23 885 61 217 45 369 90 424 Operating expenses 249 940 189 256 471 274 336 729 781 347 EBITDA 17 336 4 087 29 128 4 525 21 693 Depreciation 5 707 4 520 11 532 9 168 19 714 Operating profit/loss (EBIT) 11 629 -433 17 596 -4 644 1 979 Financial income 15 200 9 606 22 781 17 043 30 473 Financial expenses 18 121 7 223 27 253 12 926 28 625 Profit / loss before tax 8 786 1 950 13 123 -527 3 827 Earnings per share (before tax) 0.25 0.06 0.37 -0.02 0.11 CONSOLIDATED STATEMENT OF PROFIT OR LOSS HAV Group ASA
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HAV Group ASA – Q2-Quarterly Report/Half Year Report 2026 6 (NOK 1 000) YTD 2026 YTD 2025 2025 ASSETS Unaudited Uadited Audit Non-current assets Licenses, patents and R&D 68 860 81 272 76 084 Property, plant and equipment 14 088 11 105 10 641 Financial fixed assets 529 126 226 Total non-current assets 83 477 92 502 86 851 Current Assets Inventory 29 982 34 133 32 302 Accounts receivable 150 546 193 576 264 515 Accrued revenue 48 815 50 687 14 167 Other current receivables 120 251 70 642 72 836 Current assets 349 594 349 039 383 819 Cash and bank deposits 237 153 292 989 199 112 Total current assets 586 747 642 028 598 219 TOTAL ASSETS 670 224 734 530 669 882 (NOK 1 000) YTD 2026 YTD 2025 2025 EQUITY AND LIABILITIES Unaudited Uadited Audited Equity Paid-in Equity 122 202 122 202 122 202 Retained earnings -21 141 -35 813 -34 054 Non-controlling interests 351 -316 -87 Total equity 101 413 86 074 88 602 Non-current liabilities Deferred tax liability 4 158 1 843 4 315 Liabilities to Financial institutions 24 4 010 52 Other long-term liabilities 3 537 3 721 3 537 Total non-current liabilities 7 719 9 574 7 903 Current liabilities Accounts payable 75 439 81 476 99 532 Public duties payable 34 298 29 659 15 262 Advance payment from customers 391 000 488 773 394 785 Other current liabilities 60 356 38 973 64 339 Total current liabilities 561 092 431 806 573 917 Total liabilities 568 811 648 456 581 820 TOTAL EQUITY AND LIABILITIES 670 224 734 530 669 882 CONSOLIDATED STATEMENT OF FINANCIAL POSITION HAV Group ASA FINANCIAL POSITION The total assets in the Group are NOK 670.2 million per YTD 2026 versus NOK 699.3 million at end of 2025. Current assets decreased from NOK 598.2 million year end 2025 to NOK 586.7 million per YTD 2026. Accounts receivables decreased by NOK 114.0 million, accrued revenue increased by 35.7 million and other current receviables increased by 45.4 million mainly related to prepayments to suppliers. Cash and bank deposit increased by NOK 38.0 million The total equity has increased by NOK 13.4 million to NOK 101.4 million per YTD 2026 due to a positive result in YTD 2026. The equity ratio has increased from 13.1% year end 2025 to 15.1% per YTD 2026. Total liabilities decreased from NOK 581.8 million at year end 2025 to NOK 568.8 million per YTD 2026. Main reason is decrease in accounts payable. The consoldated figures are presented according NGAAP standard. For more info related to accounting principles, please see Annual Report 2025.
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2026 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 2026 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 Øystein Barmen Board member Maria Sandsmark Board member RESPONSBILITY STATEMENT FROM THE BOARD AND CEO
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HAV Group ASA – Q2-Quarterly Report/Half Year Report 2026 8 SEGMENTS Q2 2026 Ship Design • The Ship design segment has been consolidated with Hydrogen-based energy systems segment, and comparative figures for Q2 2026 and Q2 2025 have been restated accordingly. • EBITDA of NOK -4.6 million / -15.4 % in the second quarter of 2026. • The Q2 2026 is still impacted by low capacity utilisation. Energy Design & Smart Control Systems • EBITDA of NOK 32.6 million / 15.0% in the second quarter of 2026. • EBITDA level is high due to higher capacity utilisation, contribution from Aftermarket & Services and general high project activity. Water Treatment Systems • EBITDA of NOK -2.7 million / -12.2% in the second quarter of 2026. • The Q2 2026 is impacted by lower than expected sales in marine segment. 2026 Q2 (Unaudited) (NOK million) Ship Design Energy Design & Smart Control Water treatment systems Other / Elimination HAV Group ASA Operating revenues (External) 28.6 217.2 21.6 -1.6 265.9 Other operating revenues 1.0 0.0 0.1 -1.0 0.1 Total Operating income 29.9 218.0 21.9 -2.5 267.3 EBITDA -4.6 32.6 -2.7 -8.0 17.3 Depreciation 1.7 2.2 1.6 0.2 5.7 Operating profit/loss (EBIT) -6.3 30.4 -4.3 -8.2 11.6 Net financial items 0.1 -2.4 -0.3 -0.2 -2.9 Profit/Loss before tax -6.2 28.0 -4.6 -8.4 8.8 Total assets 165.2 486.6 90.4 -72.0 670.2 Equity 5.5 85.9 2.9 7.2 101.4 Liabilities 159.7 400.8 87.5 -79.2 568.8 2025 Q2(Unaudited) (NOK million) Ship Design Energy Design & Smart Control Water treatment systems Other / Elimination HAV Group ASA Operating revenues (External) 42,1 137,8 26,0 -13,0 192,9 Other operating revenues 0,4 0,0 0,1 0,0 0,4 Operating income 42,5 137,8 26,1 -13,0 193,3 EBITDA -7,5 13,2 1,3 -3,0 4,1 Depreciation 1,0 1,7 1,6 0,2 4,5 Operating profit/loss (EBIT) 10,7 -11,6 0,3 3,2 0,4 Net financial items 0,4 2,3 0,5 -0,7 2,4 Profit/Loss before tax 8,1 -13,8 -0,2 3,9 -2,0 Total assets 146.6 522.9 92.9 -27.8 734.5 Equity 4.4 54.1 3.6 23.9 86.1 Liabilities 142.2 468.7 89.3 -669.9 30.3 SEGMENT INFORMATION
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HAV Group ASA – Q2-Quarterly Report/Half Year Report 2026 9 SEGMENTS YTD 2026 Ship Design • The Ship design segment has been consolidated with Hydrogen-based energy systems segment, and comparative figures for YTD 2026 and YTD 2025 have been restated accordingly. • EBITDA of NOK -13.2 million / -24.5 % YTD 2026. • The YTD 2026 is still impacted by low capacity utilisation. Energy Design & Smart Control Systems • EBITDA of NOK 58.3 million / 14.6% YTD 2026. • EBITDA level is high due to higher capacity utilisation, contribution from Aftermarket & Services and general high project activity. Water Treatment Systems • EBITDA of NOK -2.9 million / -5.9% in the second quarter of 2026. • YTD 2026 is impacted by lower than expected sales in marine segment. 2026 YTD (Unaudited) (NOK million) Ship Design Energy Design & Smart Control Water treatment systems Other / Elimination HAV Group ASA Operating revenues (External) 51.7 399.1 47.6 -0.6 497.8 Other operating revenues 1.3 0.0 0.1 -1.0 0.4 Total Operating income 53.9 399.6 48.5 -1.6 500.4 EBITDA -13.2 58.3 -2.9 -13.1 29.1 Depreciation 3.3 4.5 3.3 0.4 11.5 Operating profit/loss (EBIT) -16.5 53.7 -6.1 -13.5 17.6 Net financial items 0.1 -3.0 -1.0 -0.6 -4.5 Profit/Loss before tax -16.4 50.8 -7.1 -14.0 13.1 Total assets 165.2 486.6 90.4 -72.0 670.2 Equity 5.5 85.9 2.9 7.2 101.4 Liabilities 159.7 400.8 87.5 -79.2 568.8 2025 YTD (Unaudited) (NOK million) Ship Design Energy Design & Smart Control Water treatment systems Other / Elimination HAV Group ASA Operating revenues (External) 72.4 240.8 40.2 -13.0 340.4 Other operating revenues 0.7 0.0 0.1 0.0 0.9 Operating income 73.2 240.9 40.3 -13.0 341.3 EBITDA -14.0 28.5 -3.0 -7.1 4.5 Depreciation 2.0 3.4 3.3 0.5 9.2 Operating profit/loss (EBIT) -16.0 25.1 -6.2 -7.5 -4.6 Net financial items 0.6 4.8 -0.5 -0.7 4.1 Profit/Loss before tax -15.4 29.8 -6.7 -8.3 -0.5 Total assets 146.6 522.9 92.9 -27.8 734.5 Equity 4.4 54.1 3.6 23.9 86.1 Liabilities 142.2 468.7 89.3 -51.7 648.5 SEGMENT INFORMATION
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HAV Group ASA – Q2 - Quarterly Report / Half Year report 2026 10 EQUITY (NOK 1,000) Share capital Share premium reserve Retained earnings Total Non- controlling interest Total equity January 1, 2026 35 000 87 202 -34 054 88 149 -87 88 062 Profit for the Year - - 12 935 12 935 345 13 280 Currency translation differences - - -22 -22 93 71 June 30, 2026 35 000 87 202 -21 141 101 062 351 101 413 Share capital Share premium reserve 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
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HAV Group ASA – Q2-Quarterly Report/Half Year Report 2026 11 CASH FLOW Aggregate cash flow from operating activities is positive with NOK 45.9 million in YTD 2026 compared to a positive cash flow of NOK 54.0 million in YTD 2025. The main reason for the positive cash flow is change in accounts receivable. Aggregate cash flow from investing activities was negative with NOK -7.8 million in YTD 2026, compared to a negative cash flow of NOK -5.5 million in YTD 2025. 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 -0.0 million in YTD 2026, compared to a negative cash flow of NOK -6.0 million in YTD 2025. The negative cash-flow from financing activities is related to repayment of non-current debt. HAV Group has no interest- bearing debt. The consoldated figures are presented according NGAAP standard. For more info related to accounting principles, please see Annual Report 2025. (NOK 1 000) YTD 2026 YTD 2025 2025 Unaudited Audited Audited CASH FLOW FROM OPERATIONS Profit/(loss) before tax 13 123 -527 3 827 Depreciation 11 532 9 168 19 714 Net financial items 4 473 -4 117 -1 848 Changes in inventory 2 320 -286 1 545 Changes in accounts receivable 113 968 -55 479 -126 418 Changes in accounts payable -24 093 -7 838 10 217 Changes in advance payment from customers -3 785 137 168 43 179 Changes in other current receivables/liabilities -71 644 -24 088 19 722 Net cash flow from/(to) operating activities 45 896 54 001 -30 060 CASH FLOW FROM INVESTMENTS Investments in property, plant and equipment -1 799 -3 417 -3 199 Investment in intangible assets -6 028 -2 000 -7 150 Purchase of shares in subsidiary 0 -925 Net cash flow used in investing activities -7 828 -5 417 -11 274 CASH FLOW FROM FINANCING ACTIVITIES Repayment non-current debt -28 -6 026 -9 984 Net cash flow from/ (used in) financing activities -28 -6 026 -9 984 Net change in cash and cash equivalentss 38 041 42 559 -51 318 Cash and cash equivalents at start of the period 199 112 250 430 250 430 Cash and cash equiv.recognised in the balance sheet 237 153 292 989 199 112 Restricted cash at end of period 0 35 447 7 889 CONSOLIDATED STATEMENT OF CASH FLOW HAV Group ASA
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HAV Group ASA – Q2-Quarterly Report/Half Year Report 2026 12 ORDER STATUS The external order backlog is NOK 826 million as of the end of Q2 2026, a decrease of NOK 317 million compared to Q4 2025. Order intake of NOK 35.2 million in Q2 2026, equivalent to a book-to-bill of x0.13. 17 826 Internal External 1 387 1 322 1 227 1 267 1 288 1 266 1 143 1 058 826 0 200 400 600 800 1 000 1 200 1 400 1 600 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 000 94 638 94 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 451 337 37 0 200 400 600 800 1 000 2026 2027 2028
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HAV Group ASA – Q2-Quarterly Report/Half Year Report 2026 13 SHARES AND SHAREHOLDERS In total 35 000 000 shares with Par value NOK 1 All shares have equal rights In total 2 812 shareholders per Q2 2026 HAV Group ASA had 0 treasury shares per Q2 2026 SHARES AND SHAREHOLDERS Shareholders as of 30.06.2026 Number of shares Ownership HAVILA HOLDING AS * 12 204 656 34.87% NORDNET LIVSFORSIKRING AS 1 925 546 5.50% MP PENSJON PK 1 543 621 4.41% FARVATN CAPITAL AS 1 477 998 4.22% EMINI INVEST AS 1 127 179 3.22% HSR INVEST AS ** 1 127 179 3.22% INNIDIMMAN AS *** 1,127,179 3.22% SPLINETAIL AS 536 432 1.53% HAWKEYE INVEST AS 500 000 1.43% KAMATO AS 420 000 1.20% PISON AS 375 726 1.07% STRØMME STRØM AS 350 000 1.00% Other shareholders (<1 %) 12 284 484 35.10 % 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:Cann