Chat with Filing

Ask questions about this document
Please log in or register to use the chat feature. Please register first.
IR - HAV Group ASA: Resultater andre kvartal og første halvår 2025 - Attachment: HAV_rapport_Q2.2025_Final.pdf

Company: HAV Group ASA Date: 2025-08-27 Language: English Register to download
Loading document preview...
Document Preview Not Available

The file type (.pdf) cannot be displayed directly here.
Open Original File
Error loading document preview. Please try the 'Open Original File' link.
You're One Click Away From The Full Filing

Instantly access this document—and 2.8M more—for free. Select your preferred method:
Continue with Google Continue with Microsoft Continue with Facebook Continue with Amazon
SECOND QUARTER & HALF YEAR FINANCIAL REPORT 2025

![](_page_0_Picture_2.jpeg)

A SUSTAINABLE FUTURE AT SEA

![](_page_0_Picture_4.jpeg)

# HAV G roup ASA

2

#### 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

![](_page_1_Picture_15.jpeg)

Actively taking part in subsidary companies' strategic development to implement group strategy

A SUSTAINABLE FUTURE AT SEA

vcx

## THE HAV GROUP

![](_page_2_Picture_2.jpeg)

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.

![](_page_2_Picture_10.jpeg)

Energy Design & Smart Control YOUR EXPERT IN ENERGY DESIGN AND SMART CONTROL SYSTEMS

sources, including electric propulsion and charging systems, allow design of optimal power and propulsion systems that keep emissions to a minimum.

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 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

supplier of advanced diesel electric, hybrid electric and 100 percent electric propulsion systems, for the global marine market.

![](_page_2_Picture_17.jpeg)

## Hydrogen-based Energy Systems EXPERTS IN ENABLING MARITIME ZERO EMISSION

Smart control systems and software platforms for navigation, automation and control ensure even more fuel-efficient operations. transition to more sustainable shipping. HAV Group is one of the global frontrunners in offering approved hydrogen-based energy systems for ships.

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 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.

system to be installed on deck – the Zero Emission Pod. Adoption of hydrogen as ship fuel is considered a vital part of the

> HAV Group's subsidiary HAV Hydrogen develops hydrogen-based energy systems for vessels.

![](_page_2_Picture_23.jpeg)

## 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 landbased 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.

![](_page_2_Picture_31.jpeg)

![](_page_2_Picture_32.jpeg)

![](_page_2_Figure_33.jpeg)

![](_page_2_Figure_34.jpeg)

![](_page_2_Figure_35.jpeg)

## HIGHLIGHTS in Q2 2025 STATUS AND OUTLOOK

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. HAV Group is well positioned to meet these challenges with technologies that improve the operational, financial and environmental performance of vessels.

Based on the order backlog the turnover is expected to increase the second half of the year. The global shipbuilding market is predicted to remain at a stable level in the coming years, providing ample opportunities for HAV Group.

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. 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

![](_page_3_Picture_21.jpeg)

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.

![](_page_3_Figure_23.jpeg)

![](_page_3_Picture_24.jpeg)

- 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 4
	- 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 containerbased water purification systems

• Energy design and smart control systems awarded for three integrated navigation systems to Tersan Shipyard

## 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

| (NOK 1 000)                   | YTD 2025  | YTD 2024  | 2024    | (NOK 1 000)                           | YTD 2025  | YTD 2024  | 2024    |
|-------------------------------|-----------|-----------|---------|---------------------------------------|-----------|-----------|---------|
| ASSETS                        | Unaudited | Unaudited | Audited | EQUITY AND LIABILITIES                | Unaudited | Unaudited | Audited |
| Non-current assets            |           |           |         | Equity                                |           |           |         |
| Licenses, patents and R&D     | 81 272    | 87 318    | 85 058  | Paid-in Equity                        | 122 202   | 122 202   | 122 202 |
| Property, plant and equipment | 11 105    | 10 113    | 11 032  | Retained earnings                     | -35 813   | -60 130   | -35 425 |
| Financial fixed assets        | 126       | 50        | 159     | Treasury shares                       | -         | -3 467    | -       |
| Total non-current assets      | 92 502    | 97 481    | 96 251  | Non-controlling interests             | -316      | 1 758     | -280    |
|                               |           |           |         | Total equity                          | 86 074    | 60 363    | 86 497  |
| Current Assets                |           |           |         |                                       |           |           |         |
| Inventory                     | 34 133    | 43 844    | 33 847  | Non-current liabilities               |           |           |         |
| Accounts receivable           | 193 576   | 157 024   | 138 097 | Deferred tax liability                | 1 843     | 7 452     | 2 007   |
| Accrued revenue               | 50 687    | 30 920    | 14 187  | Liabilities to Financial institutions | 4 010     | 33 129    | 10 036  |
| Other current receivables     | 69 257    | 83 939    | 63 050  | Other long-term liabilities           | 3 721     | 4 438     | 3 721   |
| Current assets                | 347 654   | 315 727   | 249 181 | Total non-current liabilities         | 9 574     | 37 567    | 31 508  |
|                               |           |           |         |                                       |           |           |         |
| Investments                   |           |           |         | Current liabilities                   |           |           |         |
| Other financial instruments   | 1 385     | -         | 5 464   | Accounts payable                      | 81 476    | 85 757    | 89 315  |
| Total Investments             | 1 385     | -         | 5 464   | Tax payable                           | -         | 686       | -       |
|                               |           |           |         | Public duties payable                 | 29 659    | 10 844    | 15 582  |
| Cash and bank deposits        | 292 989   | 123 980   | 250 430 | Advance payment from customers        | 488 773   | 280 902   | 351 605 |
| Total current assets          | 642 028   | 439 707   | 505 075 | Other current liabilities             | 38 973    | 53 616    | 42 564  |
|                               |           |           |         | Total current liabilities             | 638 881   | 431 806   | 499 066 |
| TOTAL ASSETS                  | 734 530   | 537 188   | 601 326 | 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.

![](_page_5_Figure_12.jpeg)

![](_page_5_Figure_13.jpeg)

![](_page_5_Figure_14.jpeg)

![](_page_5_Figure_15.jpeg)

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

| 2025 Q2 (Unaudited)           |                |                                  |                            |                                  |                        |                  |                                                                                              |
|-------------------------------|----------------|----------------------------------|----------------------------|----------------------------------|------------------------|------------------|----------------------------------------------------------------------------------------------|
| (NOK million)                 | Ship<br>Design | Energy Design &<br>Smart Control | Water treatment<br>systems | Hydrogen-based<br>energy systems | Other /<br>Elimination | HAV<br>Group ASA | SEGMENTS Q2 2025                                                                             |
| Operating revenues (External) | 41.0           | 127.5                            | 24.4                       | 0.0                              | -13.0                  | 179.9            | Ship Design                                                                                  |
| Other operating revenues      | 0.4            | 0.0                              | 0.1                        | 0.0                              | 0.0                    | 0.4              | • EBITDA of NOK -4.8 million / -11.3 % in the second quarter of 2025                         |
| Total Operating income        | 42.5           | 137.8                            | 26.1                       | 0.0                              | -13.0                  | 193.3            | • The Q2 25 is still impacted by low capacity utilisation                                    |
| 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              | Energy Design & Smart Control Systems                                                        |
| Operating profit/loss (EBIT)  | -5.8           | 11.6                             | -0.3                       | -2.7                             | -3.2                   | -0.4             | • EBITDA of NOK 13.2 million / 9.6% in the second quarter of 2025                            |
| Net financial items           | 0.6            | 2.3                              | 0.5                        | -0.3                             | -0.7                   | 2.4              | • EBIT level is high due to higher capacity utilisation, contribution from Aftermarket &     |
| Profit/Loss before tax        | -5.2           | 13.8                             | 0.2                        | -3.0                             | -3.9                   | 1.9              | Services and general high project activity                                                   |
| Total assets                  | 144.1          | 522.9                            | 92.9                       | 2.5                              | -27.8                  | 734.5            | Water Treatment Systems                                                                      |
| Equity                        | 4.1            | 54.1                             | 3.6                        | 0.3                              | 23.9                   | 86.1             | • EBITDA of NOK 1.3 million / 5.0% in the second quarter of 2025                             |
| Liabilities                   | 139.9          | 468.7                            | 89.3                       | 2.2                              | -51.7                  | 648.5            | • The Q2 25 is impacted by lower than expected sales in marine segment                       |
| 2024 Q2 (Unaudited)           |                |                                  |                            |                                  |                        |                  |                                                                                              |
| (NOK million)                 | Ship<br>Design | Energy Design &<br>Smart Control | Water treatment<br>systems | Hydrogen-based<br>energy systems | Other /<br>Elimination | HAV<br>Group ASA | Hydrogen-based Energy Systems<br>• EBITDA of NOK -2.7 million in the second quarter of 2025  |
| Operating revenues (External) | 57.0           | 113.5                            | 29.3                       | 0.6                              | -6.9                   | 192.8            | • In light of the general negative market development, it has been decided to reduce both    |
| Other operating revenues      | 0.4            | 0.0                              | 0.0                        | 0.0                              | 0.0                    | 0.4              | the cost level and activity level in HAV Hydrogen, as well as to put the construction of the |
| Operating income              | 56.6           | 113.5                            | 29.3                       | 0.6                              | -6.9                   | 193.2            | ZEPOD prototype on hold until a strategy for the company's further operations is more        |
| EBITDA                        | 5.1            | -5.8                             | 4.8                        | -1.2                             | -2.8                   | 0.0              | closely established                                                                          |
| 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

## 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<br>Design | Energy Design &<br>Smart Control | Water treatment<br>systems | Hydrogen-based<br>energy systems | Other /<br>Elimination | HAV<br>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           | Energy Design &                  | Water treatment            | Hydrogen-based                   | Other /                | HAV              |
|                               | Design         | Smart Control                    | systems                    | energy systems                   | Elimination            | 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                  |                |                                  | 91.5                       | 13.3                             | -26.1                  | 537.2            |
|                               | 189.0          | 269.5                            |                            |                                  |                        |                  |
| Equity                        | 23.4           | 5.6                              | 9.6                        | 10.7                             | 11.1                   | 60.4             |

## SEGMENT INFORMATION

## EQUITY

#### (NOK 1,000)

|                                  | Share capital | Share<br>premium<br>reserve | Treasury<br>shares | Retained<br>earnings | Total  | Non<br>controlling<br>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<br>premium<br>reserve | Treasury<br>shares | Retained<br>earnings | Total   | Non<br>controlling<br>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.

1 1

## 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

## 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

![](_page_11_Figure_15.jpeg)

![](_page_11_Figure_3.jpeg)

![](_page_11_Figure_5.jpeg)

### ORDER BACKLOG

#### HISTORICAL DEVELOPMENT OF EXTERNAL BACKLOG

#### AGGREGATED ORDER BACKLOG PER SEGMENT EXTERNAL ORDER BACKLOG BY DELIVERY YEAR AGGREGATED ORDER BACKLOG

![](_page_11_Figure_16.jpeg)

![](_page_11_Figure_7.jpeg)

## 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.

![](_page_13_Picture_0.jpeg)